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: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Registrant is making a filing for 13 of its series:

Wells Fargo C&B Large Cap Value Portfolio, Wells Fargo Emerging Growth Portfolio, Wells Fargo Index Portfolio, Wells Fargo International Value Portfolio, Wells Fargo Small Company Growth Portfolio, Wells Fargo Small Company Value Portfolio, Wells Fargo Core Bond Portfolio, Wells Fargo Real Return Portfolio, Wells Fargo Diversified Large Cap Growth Portfolio, Wells Fargo Disciplined Large Cap Portfolio, Wells Fargo International Growth Portfolio, Wells Fargo Large Company Value Portfolio, and Wells Fargo Managed Fixed Income Portfolio.

Date of reporting period: November 30, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2018

Diversified Large Cap Growth Portfolio

Contents

Fund information	2
Portfolio of investments	3
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	14
Other information	18

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

2 Wells Fargo Diversified Large Cap Growth Portfolio Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

Joseph M. Eberhardy, CFA^®‡, CPA

Jeff C. Moser, CFA^®‡

Thomas C. Ognar, CFA^®‡

Ten largest holdings (%) as of November 30, 20181
Amazon.com Incorporated	5.09
Microsoft Corporation	4.62
Alphabet Incorporated Class A	3.39
Visa Incorporated Class A	2.66
MasterCard Incorporated Class A	2.38
Microchip Technology Incorporated	2.07
Alphabet Incorporated Class C	1.85
PayPal Holdings Incorporated	1.83
Apple Incorporated	1.83
Texas Instruments Incorporated	1.68

Sector distribution as of November 30, 2018²

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

¹  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

²  Amounts are calculated based on the total long-term investments of the Portfolio. These amounts are subject to change and may have changed since the date specified.

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 3

Security name	Shares		Value
Common Stocks: 98.27%
Communication Services: 8.11%
Entertainment: 1.90%
Activision Blizzard Incorporated		43,914	$	2,190,430
Electronic Arts Incorporated †		9,533		801,439
Live Nation Incorporated †		19,230		1,070,726
Netflix Incorporated †		7,471		2,137,677
Take-Two Interactive Software Incorporated †		9,858		1,081,127
				7,281,399
Interactive Media & Services: 6.21%
Alphabet Incorporated Class A †		11,685		12,966,260
Alphabet Incorporated Class C †		6,483		7,095,190
Facebook Incorporated Class A †		20,841		2,930,453
Match Group Incorporated «		19,535		786,674
				23,778,577
Consumer Discretionary: 13.48%
Auto Components: 0.53%
Lear Corporation		14,832		2,020,860
Hotels, Restaurants & Leisure: 2.38%
Carnival Corporation		15,470		932,686
Domino’s Pizza Incorporated		4,585		1,271,512
Marriott International Incorporated Class A		7,080		814,412
Norwegian Cruise Line Holdings Limited †		33,881		1,738,773
Planet Fitness Incorporated Class A †		17,040		940,949
Royal Caribbean Cruises Limited		22,354		2,527,567
Vail Resorts Incorporated		3,200		893,376
				9,119,275
Household Durables: 0.18%
Roku Incorporated †«		17,035		694,176
Internet & Direct Marketing Retail: 5.35%
Amazon.com Incorporated †		11,526		19,480,901
Farfetch Limited Class A †		26,703		607,493
MercadoLibre Incorporated		1,054		370,976
				20,459,370
Multiline Retail: 1.43%
Dollar Tree Incorporated †		3,232		280,441
Macy’s Incorporated		75,534		2,584,773
Target Corporation		36,761		2,608,561
				5,473,775
Specialty Retail: 3.61%
Burlington Stores Incorporated †		25,125		4,164,720
O’Reilly Automotive Incorporated †		2,930		1,016,065

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

4 Wells Fargo Diversified Large Cap Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Specialty Retail (continued)
The Home Depot Incorporated		28,396	$	5,120,367
The TJX Companies Incorporated		45,766		2,235,669
ULTA Beauty Incorporated †		4,359		1,298,067
				13,834,888
Consumer Staples: 4.78%
Beverages: 1.64%
Constellation Brands Incorporated Class A		11,221		2,196,623
The Coca-Cola Company		80,887		4,076,705
				6,273,328
Food & Staples Retailing: 2.49%
Costco Wholesale Corporation		20,315		4,698,453
Sysco Corporation		34,960		2,356,304
Wal-Mart Stores Incorporated		25,426		2,482,849
				9,537,606
Personal Products: 0.65%
The Estee Lauder Companies Incorporated Class A		17,465		2,491,557
Energy: 2.71%
Oil, Gas & Consumable Fuels: 2.71%
Chevron Corporation		16,739		1,990,937
Concho Resources Incorporated †		20,517		2,674,186
Exxon Mobil Corporation		21,188		1,684,446
Marathon Petroleum Corporation		30,617		1,995,004
Valero Energy Corporation		25,426		2,031,537
				10,376,110
Financials: 7.89%
Banks: 1.94%
Bank of America Corporation		85,068		2,415,931
Citizens Financial Group Incorporated		53,711		1,952,932
JPMorgan Chase & Company		27,544		3,062,617
				7,431,480
Capital Markets: 4.55%
BlackRock Incorporated		780		333,848
CME Group Incorporated		14,719		2,797,788
E*TRADE Financial Corporation		3,925		205,238
Evercore Partners Incorporated Class A		22,460		1,854,298
MarketAxess Holdings Incorporated		8,807		1,917,548
Morgan Stanley		9,260		411,051
Northern Trust Corporation		23,095		2,291,717
Raymond James Financial Incorporated		41,121		3,278,577
The Charles Schwab Corporation		96,398		4,318,630
				17,408,695

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 5

Security name	Shares		Value
Insurance: 1.40%
Prudential Financial Incorporated		19,387	$	1,817,725
The Progressive Corporation		53,693		3,559,309
				5,377,034
Health Care: 14.22%
Biotechnology: 3.43%
AbbVie Incorporated		21,294		2,007,385
Agios Pharmaceuticals Incorporated †		951		62,576
Alexion Pharmaceuticals Incorporated †		5,721		704,541
Amgen Incorporated		10,701		2,228,483
BioMarin Pharmaceutical Incorporated †		6,114		587,127
Ligand Pharmaceuticals Incorporated †		3,150		496,976
Neurocrine Biosciences Incorporated †		10,134		894,528
Sage Therapeutics Incorporated †		4,033		464,965
Sarepta Therapeutics Incorporated †		5,595		724,385
Vertex Pharmaceuticals Incorporated †		27,383		4,950,573
				13,121,539
Health Care Equipment & Supplies: 4.03%
Abbott Laboratories		79,887		5,915,632
Baxter International Incorporated		49,339		3,382,189
Boston Scientific Corporation †		110,332		4,156,206
Intuitive Surgical Incorporated †		1,513		803,206
Stryker Corporation		6,743		1,183,127
				15,440,360
Health Care Providers & Services: 2.69%
Centene Corporation †		31,658		4,503,351
Encompass Health Corporation		33,371		2,509,833
Humana Incorporated		940		309,702
UnitedHealth Group Incorporated		10,595		2,981,009
				10,303,895
Health Care Technology: 0.26%
Veeva Systems Incorporated Class A †		10,307		991,121
Life Sciences Tools & Services: 1.83%
Agilent Technologies Incorporated		76,922		5,565,306
PRA Health Sciences Incorporated †		12,276		1,433,100
				6,998,406
Pharmaceuticals: 1.98%
Elanco Animal Health Incorporated †«		14,117		471,649
Johnson & Johnson		16,209		2,381,102
Zoetis Incorporated		50,299		4,721,567
				7,574,318

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

6 Wells Fargo Diversified Large Cap Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Industrials: 12.41%
Aerospace & Defense: 2.03%
HEICO Corporation		11,815	$	998,604
Northrop Grumman Corporation		7,311		1,899,983
The Boeing Company		13,989		4,850,826
				7,749,413
Air Freight & Logistics: 0.71%
FedEx Corporation		1,784		408,536
XPO Logistics Incorporated †		30,496		2,313,427
				2,721,963
Airlines: 0.51%
Southwest Airlines Company		35,860		1,958,315
Commercial Services & Supplies: 1.96%
KAR Auction Services Incorporated		30,689		1,753,569
Rollins Incorporated		22,020		1,399,591
Waste Connections Incorporated		55,390		4,347,007
				7,500,167
Construction & Engineering: 0.53%
EMCOR Group Incorporated		27,862		2,030,025
Industrial Conglomerates: 0.79%
3M Company		1,662		345,563
Roper Industries Incorporated		9,017		2,683,369
				3,028,932
Machinery: 1.73%
Allison Transmission Holdings Incorporated		50,957		2,400,584
Cummins Incorporated		13,349		2,016,500
Fortive Corporation		28,806		2,191,272
				6,608,356
Professional Services: 0.70%
CoStar Group Incorporated †		4,913		1,814,813
TransUnion		13,639		880,670
				2,695,483
Road & Rail: 2.86%
CSX Corporation		46,103		3,348,461
Norfolk Southern Corporation		21,081		3,599,370
Union Pacific Corporation		25,988		3,996,435
				10,944,266
Trading Companies & Distributors: 0.59%
Applied Industrial Technologies Incorporated		34,642		2,259,698

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 7

Security name	Shares		Value
Information Technology: 30.64%
Communications Equipment: 0.67%
Cisco Systems Incorporated		53,817	$	2,576,220
Electronic Equipment, Instruments & Components: 1.34%
Jabil Circuit Incorporated		72,461		1,809,351
Zebra Technologies Corporation Class A †		18,328		3,295,374
				5,104,725
IT Services: 8.72%
Euronet Worldwide Incorporated †		987		116,081
Global Payments Incorporated		8,892		994,215
MasterCard Incorporated Class A		45,268		9,102,037
PayPal Holdings Incorporated †		81,838		7,022,519
Shopify Incorporated Class A †		11,692		1,784,901
Square Incorporated Class A †		35,998		2,514,100
Visa Incorporated Class A		71,812		10,176,479
Worldpay Incorporated Class A †		19,605		1,682,305
				33,392,637
Semiconductors & Semiconductor Equipment: 6.30%
Intel Corporation		46,295		2,282,806
Microchip Technology Incorporated «		105,892		7,941,900
Monolithic Power Systems Incorporated		5,900		779,213
NVIDIA Corporation		28,440		4,647,949
ON Semiconductor Corporation †		104,666		2,007,494
Texas Instruments Incorporated		64,515		6,441,823
				24,101,185
Software: 10.36%
Adobe Systems Incorporated †		16,135		4,048,110
Dropbox Incorporated Class A †«		46,680		1,091,845
Microsoft Corporation		159,622		17,700,484
Pivotal Software Incorporated Class A †		28,446		509,468
Proofpoint Incorporated †		11,822		1,146,852
RealPage Incorporated †		13,645		703,809
Salesforce.com Incorporated †		29,735		4,244,969
ServiceNow Incorporated †		14,760		2,734,585
Splunk Incorporated †		11,909		1,330,593
The Ultimate Software Group Incorporated †		8,287		2,187,105
VMware Incorporated Class A †		23,753		3,974,827
				39,672,647
Technology Hardware, Storage & Peripherals: 3.25%
Apple Incorporated		39,149		6,991,228
HP Incorporated		107,421		2,470,683
NetApp Incorporated		44,494		2,975,314
				12,437,225

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

8 Wells Fargo Diversified Large Cap Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name				Shares		Value
Materials: 2.00%
Chemicals: 1.38%
Air Products & Chemicals Incorporated					3,188	$	512,854
Huntsman Corporation					77,864		1,574,410
Linde plc					20,077		3,193,247
							5,280,511
Containers & Packaging: 0.62%
Avery Dennison Corporation					24,790		2,389,756
Real Estate: 1.51%
Equity REITs: 1.24%
American Tower Corporation					15,574		2,561,767
Prologis Incorporated					32,524		2,190,166
							4,751,933
Real Estate Management & Development: 0.27%
CBRE Group Incorporated Class A †					23,655		1,033,250
Utilities: 0.52%
Multi-Utilities: 0.52%
CenterPoint Energy Incorporated					71,296		1,997,001
Total Common Stocks (Cost $341,046,397)							376,221,477
	Yield
Short-Term Investments: 4.00%
Investment Companies: 4.00%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%		9,710,512		9,711,483
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13			5,601,857		5,601,857
Total Short-Term Investments (Cost $15,313,340)							15,313,340

Total investments in securities (Cost $356,359,737)	102.27	%		391,534,817
Other assets and liabilities, net	(2.27	)		(8,696,510	)
Total net assets	100.00	%	$	382,838,307

† 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.

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 9

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		2,198,826		45,016,007		37,504,321		9,710,512	$	(322	)	$	(10	)	$	12,899	$	9,711,483
Wells Fargo Government Money Market Fund Select Class		417,874		84,104,456		78,920,473		5,601,857		0			0			35,452		5,601,857
									$	(322	)	$	(10	)	$	48,351	$	15,313,340		4.00	%

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

10 Wells Fargo Diversified Large Cap Growth Portfolio Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $9,511,777 of securities loaned), at value (cost $341,046,397)	$	376,221,477
Investments in affiliated securities, at value (cost $15,313,340)		15,313,340
Receivable for investments sold		982,817
Receivable for dividends		577,286
Receivable for securities lending income		3,063
Total assets		393,097,983
Liabilities
Payable upon receipt of securities loaned		9,711,727
Payable for investments purchased		241,557
Advisory fee payable		193,157
Accrued expenses and other liabilities		113,235
Total liabilities		10,259,676
Total net assets	$	382,838,307

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 11

Investment income
Dividends (net of foreign withholding taxes of $2,695)	$	1,951,739
Income from affiliated securities		48,351
Total investment income		2,000,090
Expenses
Advisory fee		1,105,290
Custody and accounting fees		27,618
Professional fees		24,352
Shareholder report expenses		1,036
Trustees’ fees and expenses		11,014
Other fees and expenses		6,774
Total expenses		1,176,084
Less: Fee waivers and/or expense reimbursements		(118,237	)
Net expenses		1,057,847
Net investment income		942,243
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		944,196
Affiliated securities		(322	)
Net realized gains on investments		943,874
Net change in unrealized gains (losses) on:
Unaffiliated securities		(214,619	)
Affiliated securities		(10	)
Net change in unrealized gains (losses) on investments		(214,629	)
Net realized and unrealized gains (losses) on investments		729,245
Net increase in net assets resulting from operations	$	1,671,488

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

12 Wells Fargo Diversified Large Cap Growth Portfolio Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	942,243		$	504,456
Net realized gains on investments		943,874			19,836,626
Net change in unrealized gains (losses) on investments		(214,629	)		566,404
Net increase in net assets resulting from operations		1,671,488			20,907,486
Capital transactions
Transactions in investors’ beneficial interests
Contributions		363,610,503			831,948
Withdrawals		(68,562,517	)		(41,873,014	)
Net increase (decrease) in net assets resulting from capital transactions		295,047,986			(41,041,066	)
Total increase (decrease) in net assets		296,719,474			(20,133,580	)
Net assets
Beginning of period		86,118,833			106,252,413
End of period	$	382,838,307		$	86,118,833

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

Financial highlights Wells Fargo Diversified Large Cap Growth Portfolio 13

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(0.92	)%		24.12	%		15.36	%		(2.28	)%		13.11	%		21.70	%
Ratios to average net assets (annualized)
Gross expenses		0.69	%		0.80	%		0.78	%		0.74	%		0.72	%		0.72	%
Net expenses		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Net investment income		0.55	%		0.53	%		0.51	%		0.29	%		0.28	%		0.15	%
Supplemental data
Portfolio turnover rate		33	%		37	%		98	%		59	%		46	%		54	%

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

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

14 Wells Fargo Diversified Large Cap 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 Diversified Large Cap 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.

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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value

Notes to financial statements (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 15

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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Portfolio”). The Securities Lending Portfolio is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Portfolios Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Portfolios Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Portfolios Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Portfolio increase. All of the fees received by Portfolios Management are paid to WellsCap for its services as subadviser. The Securities Lending Portfolio seeks to provide a positive return compared to the daily Fed Portfolios Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Portfolio investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Portfolio, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All 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, 2018, the aggregate cost of all investments for federal income tax purposes was $356,568,633 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	45,099,363
Gross unrealized losses		(10,133,179	)
Net unrealized gains	$	34,966,184

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)

16 Wells Fargo Diversified Large Cap Growth Portfolio Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	31,059,976	$	0	$	0	$	31,059,976
Consumer discretionary		51,602,344		0		0		51,602,344
Consumer staples		18,302,491		0		0		18,302,491
Energy		10,376,110		0		0		10,376,110
Financials		30,217,209		0		0		30,217,209
Health care		54,429,639		0		0		54,429,639
Industrials		47,496,618		0		0		47,496,618
Information technology		117,284,639		0		0		117,284,639
Materials		7,670,267		0		0		7,670,267
Real estate		5,785,183		0		0		5,785,183
Utilities		1,997,001		0		0		1,997,001
Short-term investments
Investment companies		5,601,857		9,711,483		0		15,313,340
Total assets	$	381,823,334	$	9,711,483	$	0	$	391,534,817

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

At November 30, 2018, 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. 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 starting at 0.65% and declining to 0.475% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, 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. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain 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, 2018 were $400,710,700 and $110,695,655, respectively.

Notes to financial statements (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 17

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A portfolio that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

18 Wells Fargo Diversified Large Cap 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 without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.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 wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Portfolio’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 19

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

20 Wells Fargo Diversified Large Cap Growth Portfolio 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio 21

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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

Semi-Annual Report

November 30, 2018

Disciplined Large Cap Portfolio

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Contents

Performance highlights	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	17
Other information	20

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Disciplined Large Cap Portfolio Performance highlights (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Justin P. Carr, CFA^®‡

Greg W. Golden, CFA^®‡

Ten largest holdings (%) as of November 30, 20181
Apple Incorporated	3.76
Microsoft Corporation	3.57
Amazon.com Incorporated	2.62
Exxon Mobil Corporation	1.67
Berkshire Hathaway Incorporated Class B	1.65
Johnson & Johnson	1.64
Facebook Incorporated Class A	1.51
JPMorgan Chase & Company	1.48
Alphabet Incorporated Class A	1.46
Bank of America Corporation	1.44

Sector distribution as of November 30, 2018²

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

¹  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the portfolio. Holdings are subject to change and may have changed since the date specified.

²  Amounts are calculated based on the total long-term investments of the Portfolio. These amounts are subject to change and may have changed since the date specified.

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Disciplined Large Cap Portfolio 3

Security name	Shares		Value
Common Stocks: 99.25%
Communication Services: 10.00%
Diversified Telecommunication Services: 1.88%
AT&T Incorporated		134,067	$	4,188,253
Verizon Communications Incorporated		52,940		3,192,282
				7,380,535
Entertainment: 1.91%
Netflix Incorporated †		3,294		942,512
The Walt Disney Company		30,209		3,488,837
Twenty-First Century Fox Incorporated Class A		28,121		1,391,146
Twenty-First Century Fox Incorporated Class B		9,165		449,360
Viacom Incorporated Class B		40,292		1,243,411
				7,515,266
Interactive Media & Services: 4.59%
Alphabet Incorporated Class A †		5,167		5,733,562
Alphabet Incorporated Class C †		5,182		5,671,336
Facebook Incorporated Class A †		42,259		5,942,038
IAC Corporation †		3,871		688,883
				18,035,819
Media: 1.54%
Comcast Corporation Class A		106,534		4,155,891
John Wiley & Sons Incorporated Class A		11,908		658,393
Sirius XM Holdings Incorporated		197,089		1,227,864
				6,042,148
Wireless Telecommunication Services: 0.08%
Sprint Corporation †		49,959		313,743
Consumer Discretionary: 9.63%
Auto Components: 0.33%
Gentex Corporation		56,849		1,280,239
Automobiles: 0.65%
Ford Motor Company		172,359		1,621,898
General Motors Company		24,187		917,897
				2,539,795
Diversified Consumer Services: 0.16%
H&R Block Incorporated		15,670		423,247
Service Corporation International		4,397		203,141
				626,388
Hotels, Restaurants & Leisure: 0.54%
Carnival Corporation		6,881		414,855
Chipotle Mexican Grill Incorporated †		800		378,568

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

4 Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Hotels, Restaurants & Leisure (continued)
Domino’s Pizza Incorporated		1,324	$	367,172
Las Vegas Sands Corporation		8,218		451,497
McDonald’s Corporation		2,821		531,787
				2,143,879
Household Durables: 0.33%
NVR Incorporated †		182		445,900
Pulte Group Incorporated		32,848		871,129
				1,317,029
Internet & Direct Marketing Retail: 2.71%
Amazon.com Incorporated †		6,093		10,298,206
GrubHub Incorporated †		4,479		350,661
				10,648,867
Multiline Retail: 0.72%
Kohl’s Corporation		12,776		858,164
Macy’s Incorporated		38,369		1,312,987
Target Corporation		9,198		652,690
				2,823,841
Specialty Retail: 3.78%
Best Buy Company Incorporated		24,621		1,590,270
Burlington Stores Incorporated †		2,535		420,202
Dick’s Sporting Goods Incorporated		35,919		1,292,366
Foot Locker Incorporated		16,537		932,687
Lowe’s Companies Incorporated		22,655		2,137,952
Penske Auto Group Incorporated		4,434		193,322
Ross Stores Incorporated		12,317		1,078,969
The Gap Incorporated		31,037		847,000
The Home Depot Incorporated		24,642		4,443,445
The TJX Companies Incorporated		22,764		1,112,021
Urban Outfitters Incorporated †		20,704		788,615
				14,836,849
Textiles, Apparel & Luxury Goods: 0.41%
Michael Kors Holdings Limited †		4,021		175,919
Nike Incorporated Class B		10,614		797,324
Ralph Lauren Corporation		5,726		637,876
				1,611,119
Consumer Staples: 6.40%
Beverages: 1.22%
Molson Coors Brewing Company Class B		6,574		432,372
PepsiCo Incorporated		13,786		1,681,065
The Coca-Cola Company		53,550		2,698,920
				4,812,357

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Disciplined Large Cap Portfolio 5

Security name	Shares		Value
Food & Staples Retailing: 2.36%
Costco Wholesale Corporation		8,575	$	1,983,226
Sysco Corporation		2,900		195,460
The Kroger Company		54,478		1,615,817
US Foods Holding Corporation †		12,830		425,699
Wal-Mart Stores Incorporated		36,920		3,605,238
Walgreens Boots Alliance Incorporated		17,310		1,465,638
				9,291,078
Food Products: 1.02%
Archer Daniels Midland Company		12,257		564,067
Ingredion Incorporated		3,838		400,917
Kellogg Company		6,115		389,220
Lamb Weston Holdings Incorporated		5,144		394,545
Pilgrim’s Pride Corporation †		20,368		404,101
Tyson Foods Incorporated Class A		31,334		1,847,139
				3,999,989
Household Products: 0.99%
Energizer Holdings Incorporated		6,772		303,589
Kimberly-Clark Corporation		3,526		406,795
Spectrum Brands Holdings Incorporated		12,098		597,399
The Procter & Gamble Company		27,515		2,600,443
				3,908,226
Personal Products: 0.20%
NU Skin Enterprises Incorporated Class A		11,734		774,092
Tobacco: 0.61%
Altria Group Incorporated		13,959		765,372
Philip Morris International Incorporated		18,619		1,611,102
				2,376,474
Energy: 5.59%
Energy Equipment & Services: 0.61%
Schlumberger Limited		53,247		2,401,440
Oil, Gas & Consumable Fuels: 4.98%
Chevron Corporation		41,116		4,890,337
ConocoPhillips		16,150		1,068,807
Exxon Mobil Corporation		82,637		6,569,642
Kinder Morgan Incorporated		101,076		1,725,367
Marathon Petroleum Corporation		10,654		694,215
Occidental Petroleum Corporation		5,479		385,009
ONEOK Incorporated		30,511		1,874,291
PBF Energy Incorporated Class A		19,258		744,899
Valero Energy Corporation		20,377		1,628,122
				19,580,689

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

6 Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Financials: 13.33%
Banks: 5.04%
Bank of America Corporation		199,769	$	5,673,440
BB&T Corporation		15,002		766,602
Citigroup Incorporated		57,304		3,712,726
Citizens Financial Group Incorporated		17,999		654,444
First Hawaiian Incorporated		30,317		788,848
JPMorgan Chase & Company		52,383		5,824,466
KeyCorp		21,053		386,112
Popular Incorporated		18,028		1,016,779
SunTrust Banks Incorporated		9,158		574,115
Umpqua Holdings Corporation		22,089		424,992
				19,822,524
Capital Markets: 1.73%
Affiliated Managers Group Incorporated		6,067		674,165
BGC Partners Incorporated Class A		18,502		195,011
CBOE Holdings Incorporated		7,438		800,478
Evercore Partners Incorporated Class A		19,700		1,626,432
Intercontinental Exchange Incorporated		4,914		401,572
Legg Mason Incorporated		23,291		674,740
LPL Financial Holdings Incorporated		13,318		854,616
MSCI Incorporated		2,625		412,361
S&P Global Incorporated		4,311		788,309
The Goldman Sachs Group Incorporated		1,891		360,595
				6,788,279
Consumer Finance: 0.70%
Capital One Financial Corporation		15,529		1,392,641
Synchrony Financial		51,887		1,348,024
				2,740,665
Diversified Financial Services: 1.65%
Berkshire Hathaway Incorporated Class B †		29,665		6,474,090
Insurance: 4.21%
AFLAC Incorporated		46,211		2,113,691
American International Group Incorporated		4,599		198,907
Assured Guaranty Limited		9,601		391,913
Brown & Brown Incorporated		15,015		435,735
Everest Reinsurance Group Limited		7,473		1,659,604
Fidelity National Financial Incorporated		21,518		723,005
Mercury General Corporation		6,540		370,491
MetLife Incorporated		45,979		2,052,043
Old Republic International Corporation		26,710		602,311
Prudential Financial Incorporated		12,095		1,134,027
Reinsurance Group of America Incorporated		7,838		1,170,840
RenaissanceRe Holdings Limited		3,210		425,678
The Allstate Corporation		11,725		1,045,753
The Hartford Financial Services Group Incorporated		17,687		781,589

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Disciplined Large Cap Portfolio 7

Security name	Shares		Value
Insurance (continued)
The Progressive Corporation		5,581	$	369,964
The Travelers Companies Incorporated		8,101		1,056,127
Torchmark Corporation		8,815		761,704
Unum Group		11,361		407,974
W.R. Berkley Corporation		10,653		839,243
				16,540,599
Health Care: 15.45%
Biotechnology: 2.76%
AbbVie Incorporated		39,120		3,687,842
Amgen Incorporated		13,435		2,797,839
Exelixis Incorporated †		43,567		884,846
Gilead Sciences Incorporated		37,897		2,726,310
United Therapeutics Corporation †		6,406		756,549
				10,853,386
Health Care Equipment & Supplies: 2.43%
Abbott Laboratories		37,288		2,761,176
ABIOMED Incorporated †		4,082		1,358,000
Baxter International Incorporated		24,379		1,671,180
Danaher Corporation		3,918		429,178
ICU Medical Incorporated †		5,087		1,223,373
Medtronic plc		21,714		2,117,766
				9,560,673
Health Care Providers & Services: 4.42%
AmerisourceBergen Corporation		9,255		822,770
Anthem Incorporated		7,693		2,231,509
Cardinal Health Incorporated		13,075		716,902
Cigna Corporation		2,548		569,172
CVS Health Corporation		37,345		2,995,092
Express Scripts Holding Company †		14,463		1,467,561
Humana Incorporated		6,607		2,176,808
McKesson Corporation		6,439		801,656
UnitedHealth Group Incorporated		19,864		5,588,935
				17,370,405
Health Care Technology: 0.19%
Veeva Systems Incorporated Class A †		7,657		736,297
Life Sciences Tools & Services: 0.32%
Agilent Technologies Incorporated		6,445		466,296
Bio-Rad Laboratories Incorporated Class A †		2,803		769,311
				1,235,607
Pharmaceuticals: 5.33%
Allergan plc		7,604		1,190,786
Bristol-Myers Squibb Company		26,021		1,391,083

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

8 Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Company		20,358	$	2,415,273
Johnson & Johnson		43,897		6,448,469
Merck & Company Incorporated		53,017		4,206,369
Nektar Therapeutics †		13,498		545,184
Pfizer Incorporated		102,653		4,745,648
				20,942,812
Industrials: 9.65%
Aerospace & Defense: 1.47%
Arconic Incorporated		19,284		414,220
Raytheon Company		7,923		1,389,219
The Boeing Company		5,988		2,076,399
United Technologies Corporation		15,542		1,893,637
				5,773,475
Air Freight & Logistics: 1.63%
C.H. Robinson Worldwide Incorporated		13,632		1,258,643
Expeditors International of Washington Incorporated		11,291		859,132
FedEx Corporation		6,503		1,489,187
United Parcel Service Incorporated Class B		18,433		2,125,141
XPO Logistics Incorporated †		8,834		670,147
				6,402,250
Airlines: 0.48%
Delta Air Lines Incorporated		24,050		1,460,076
United Continental Holdings Incorporated †		4,504		435,537
				1,895,613
Commercial Services & Supplies: 0.17%
Waste Management Incorporated		7,296		684,000
Construction & Engineering: 0.42%
Fluor Corporation		20,044		820,401
Quanta Services Incorporated †		23,187		813,864
				1,634,265
Electrical Equipment: 0.74%
Eaton Corporation plc		24,670		1,898,110
Emerson Electric Company		5,411		365,351
Regal-Beloit Corporation		8,485		663,357
				2,926,818
Industrial Conglomerates: 0.67%
3M Company		1,895		394,008
General Electric Company		13,512		101,340
Honeywell International Incorporated		14,455		2,121,271
				2,616,619

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Disciplined Large Cap Portfolio 9

Security name	Shares		Value
Machinery: 1.06%
Allison Transmission Holdings Incorporated		27,607	$	1,300,566
Caterpillar Incorporated		3,119		423,155
Cummins Incorporated		4,654		703,033
Oshkosh Corporation		13,889		990,702
The Timken Company		18,488		742,293
				4,159,749
Professional Services: 0.79%
Dun & Bradstreet Corporation		2,766		397,032
Manpower Incorporated		19,327		1,568,966
Robert Half International Incorporated		18,449		1,140,702
				3,106,700
Road & Rail: 1.39%
Landstar System Incorporated		13,079		1,426,657
Old Dominion Freight Line Incorporated		8,256		1,128,843
Ryder System Incorporated		10,301		582,728
Schneider National Incorporated Class B		66,402		1,482,757
Union Pacific Corporation		5,582		858,400
				5,479,385
Trading Companies & Distributors: 0.83%
HD Supply Holdings Incorporated †		31,233		1,246,197
W.W. Grainger Incorporated		2,708		850,420
WESCO International Incorporated †		21,508		1,148,742
				3,245,359
Information Technology: 20.20%
Communications Equipment: 1.52%
Arista Networks Incorporated †		3,618		862,821
Cisco Systems Incorporated		107,016		5,122,856
				5,985,677
Electronic Equipment, Instruments & Components: 0.37%
CDW Corporation of Delaware		15,440		1,430,979
IT Services: 3.99%
Accenture plc Class A		10,881		1,790,142
Alliance Data Systems Corporation		3,589		719,092
FleetCor Technologies Incorporated †		3,788		732,599
International Business Machines Corporation		14,980		1,861,565
MasterCard Incorporated Class A		17,410		3,500,629
Paychex Incorporated		7,159		506,571
Total System Services Incorporated		8,478		740,723
Twilio Incorporated Class A †		4,557		430,591
Visa Incorporated Class A		38,124		5,402,552
				15,684,464

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

10 Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment: 3.81%
Analog Devices Incorporated		8,729	$	802,370
Broadcom Incorporated		11,558		2,743,985
Intel Corporation		98,724		4,868,080
Lam Research Corporation		8,738		1,371,516
Micron Technology Incorporated †		53,939		2,079,888
NVIDIA Corporation		4,366		713,535
Texas Instruments Incorporated		23,823		2,378,727
				14,958,101
Software: 5.88%
Adobe Systems Incorporated †		1,782		447,086
Cadence Design Systems Incorporated †		18,377		827,700
Citrix Systems Incorporated		7,316		797,225
Dell Technologies Incorporated Class V †		4,262		449,556
Intuit Incorporated		8,192		1,757,430
Microsoft Corporation		126,483		14,025,700
Oracle Corporation		58,746		2,864,455
Proofpoint Incorporated †		7,016		680,622
Synopsys Incorporated †		4,487		412,535
The Ultimate Software Group Incorporated †		1,549		408,812
VMware Incorporated Class A †		2,577		431,235
				23,102,356
Technology Hardware, Storage & Peripherals: 4.63%
Apple Incorporated		82,839		14,793,386
HP Incorporated		79,585		1,830,455
NetApp Incorporated		10,985		734,567
Western Digital Corporation		18,564		842,620
				18,201,028
Materials: 2.74%
Chemicals: 1.21%
DowDuPont Incorporated		20,521		1,187,140
Huntsman Corporation		51,810		1,047,598
LyondellBasell Industries NV Class A		19,355		1,806,015
The Chemours Company		24,939		710,263
				4,751,016
Containers & Packaging: 0.58%
Avery Dennison Corporation		7,395		712,878
Packaging Corporation of America		8,510		832,448
Sonoco Products Company		12,951		745,201
				2,290,527
Metals & Mining: 0.95%
Freeport-McMoRan Incorporated		146,247		1,746,189
Nucor Corporation		6,745		407,465
Reliance Steel & Aluminum Company		6,384		513,593
Steel Dynamics Incorporated		29,754		1,047,341
				3,714,588

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Disciplined Large Cap Portfolio 11

Security name				Shares		Value
Real Estate: 3.81%
Equity REITs: 3.41%
American Tower Corporation					16,348	$	2,689,083
Crown Castle International Corporation					17,416		2,001,098
Digital Realty Trust Incorporated					6,995		804,705
Equinix Incorporated					4,657		1,794,249
Hospitality Properties Trust					26,401		708,603
Kimco Realty Corporation					46,817		765,458
Prologis Incorporated					20,093		1,353,063
SBA Communications Corporation †					6,171		1,054,069
Simon Property Group Incorporated					5,955		1,105,784
Weyerhaeuser Company					43,346		1,144,768
							13,420,880
Real Estate Management & Development: 0.40%
CBRE Group Incorporated Class A †					36,019		1,573,310
Utilities: 2.45%
Electric Utilities: 1.02%
Exelon Corporation					48,148		2,233,586
The Southern Company					37,931		1,795,274
							4,028,860
Gas Utilities: 0.43%
UGI Corporation					29,450		1,691,903
Multi-Utilities: 1.00%
Ameren Corporation					6,277		430,728
CenterPoint Energy Incorporated					53,216		1,490,580
Dominion Energy Incorporated					5,239		390,306
DTE Energy Company					7,264		869,791
MDU Resources Group Incorporated					28,111		744,098
							3,925,503
Total Common Stocks (Cost $397,417,254)							390,008,624
	Yield
Short-Term Investments: 0.55%
Investment Companies: 0.55%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%		2,154,144		2,154,144
Total Short-Term Investments (Cost $2,154,144)							2,154,144

Total investments in securities (Cost $399,571,398)	99.80	%		392,162,768
Other assets and liabilities, net	0.20			776,815
Total net assets	100.00	%	$	392,939,583

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

12 Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments—November 30, 2018 (unaudited)

† 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:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		0		340,374,293		338,220,149		2,154,144	$	0	$	0	$	46,286	$	2,154,144		0.55	%

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

Statement of assets and liabilities—November 30, 2018 (unaudited) Wells Fargo Disciplined Large Cap Portfolio 13

Assets
Investments in unaffiliated securities, at value (cost $397,417,254)	$	390,008,624
Investments in affiliated securities, at value (cost $2,154,144)		2,154,144
Receivable for dividends		886,623
Prepaid expenses and other assets		2,965
Total assets		393,052,356
Liabilities
Advisory fee payable		85,550
Accrued expenses and other liabilities		27,223
Total liabilities		112,773
Total net assets	$	392,939,583

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

14 Wells Fargo Disciplined Large Cap Portfolio Statement of operations—Period ended November 30, 2018¹ (unaudited)

Investment income
Dividends (net of foreign dividend withholding taxes of $15,810)	$	4,989,935
Income from affiliated securities		46,286
Total investment income		5,036,221
Expenses
Advisory fee		508,577
Custody and accounting fees		8,221
Professional fees		23,225
Shareholder report expenses		2,661
Trustees’ fees and expenses		11,743
Other fees and expenses		4,266
Total expenses		558,693
Net investment income		4,477,528
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(2,335,836	)
Net change in unrealized gains (losses) on investments		(7,408,630	)
Net realized and unrealized gains (losses) on investments		(9,744,466	)
Net decrease in net assets resulting from operations	$	(5,266,938	)

¹  For the period from June 12, 2018 (commencement of operations) to November 30, 2018.

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

Statement of changes in net assets Wells Fargo Disciplined Large Cap Portfolio 15

	Period ended November 30, 2018 (unaudited)1
Operations
Net investment income	$	4,477,528
Net realized losses on investments		(2,335,836	)
Net change in unrealized gains (losses) on investments		(7,408,630	)
Net decrease in net assets resulting from operations		(5,266,938	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		454,169,423
Withdrawals		(55,962,902	)
Net increase in net assets resulting from capital transactions		398,206,521
Total increase in net assets		392,939,583
Net assets
Beginning of period		0
End of period	$	392,939,583

¹  For the period from June 12, 2018 (commencement of operations) to November 30, 2018.

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

16 Wells Fargo Disciplined Large Cap Portfolio Financial highlights

	Period ended November 30, 20181 (unaudited)
Total return2		(1.45	)%
Ratios to average net assets (annualized)
Gross expenses		0.27	%
Net expenses		0.27	%
Net investment income		2.16	%
Supplemental data
Portfolio turnover rate		42	%

¹  For the period from June 12, 2018 (commencement of operations) to November 30, 2018.

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

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

Notes to financial statements (unaudited) Wells Fargo Disciplined Large Cap Portfolio 17

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 Disciplined Large Cap 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.

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.

Security transactions and income recognition

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

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

Federal and other taxes

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

18 Wells Fargo Disciplined Large Cap Portfolio Notes to financial statements (unaudited)

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $399,571,398 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	17,564,467
Gross unrealized losses		(24,973,097	)
Net unrealized loss	$	(7,408,630	)

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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	39,287,511	$	0	$	0	$	39,287,511
Consumer discretionary		37,828,006		0		0		37,828,006
Consumer staples		25,162,216		0		0		25,162,216
Energy		21,982,129		0		0		21,982,129
Financials		52,366,157		0		0		52,366,157
Health care		60,699,180		0		0		60,699,180
Industrials		37,924,233		0		0		37,924,233
Information technology		79,362,605		0		0		79,362,605
Materials		10,756,131		0		0		10,756,131
Real estate		14,994,190		0		0		14,994,190
Utilities		9,646,266		0		0		9,646,266
Short-term investments
Investment companies		2,154,144		0		0		2,154,144
Total assets	$	392,162,768	$	0	$	0	$	392,162,768

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Notes to financial statements (unaudited) Wells Fargo Disciplined Large Cap Portfolio 19

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 starting at 0.25% and declining to 0.20% as the average daily net assets of the Portfolio increase. For the period ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.25% 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, 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 0.15% 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 period ended November 30, 2018 were $577,291,691 and $174,451,911, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the period ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENT

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

20 Wells Fargo Disciplined Large Cap 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 without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.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 wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Portfolio’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Disciplined Large Cap Portfolio 21

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

22 Wells Fargo Disciplined Large Cap Portfolio 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Disciplined Large Cap Portfolio 23

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴ Mr. Scofield is expected to retire on December 31, 2018.

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

Semi-Annual Report

November 30, 2018

Wells Fargo International Growth Portfolio

Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	7
Statement of operations	8
Statement of changes in net assets	9
Financial highlights	10
Notes to financial statements	11
Other information	16

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

2 Wells Fargo International Growth Portfolio Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Artisan Partners, Limited Partnership

Portfolio manager

Mark L. Yockey, CFA^®‡

Ten largest holdings (%) as of November 30, 20181
Linde plc	6.24
Deutsche Boerse AG	6.01
Wirecard AG	4.53
Medtronic plc	4.22
Nestle SA	3.85
Airbus SE	3.71
Deutsche Post AG	3.46
ING Groep NV	3.15
Aon plc	3.05
AIA Group Limited	2.95

Sector distribution as of November 30, 2018²

Country allocation as of November 30, 2018²

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

¹  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

²  Amounts are calculated based on the total long-term investments of the Portfolio. These amounts are subject to change and may have changed since the date specified.

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo International Growth Portfolio 3

Security name	Shares		Value
Common Stocks: 92.24%
Belgium: 2.26%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		76,259	$	5,839,553
Brazil: 2.48%
B3 SA (Financials, Capital Markets)		115,505		842,317
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		382,469		5,568,749
				6,411,066
Canada: 2.09%
Canadian National Railway Company (Industrials, Road & Rail)		26,774		2,297,745
Canadian Pacific Railway Limited (Industrials, Road & Rail)		14,644		3,097,792
				5,395,537
Denmark: 1.76%
Genmab AS (Health Care, Biotechnology) †		29,894		4,548,185
Finland: 1.00%
Fortum Oyj (Utilities, Electric Utilities)		124,379		2,592,303
France: 8.81%
Air Liquide SA (Materials, Chemicals)		51,714		6,249,725
BNP Paribas SA (Financials, Banks)		74,504		3,742,854
Eiffage SA (Industrials, Construction & Engineering)		34,347		3,267,054
Groupe Danone SA (Consumer Staples, Food Products)		26,717		1,998,072
Safran SA (Industrials, Aerospace & Defense)		20,904		2,611,480
Schneider Electric SE (Industrials, Electrical Equipment)		17,837		1,298,024
Vinci SA (Industrials, Construction & Engineering)		41,020		3,580,428
				22,747,637
Germany: 19.59%
Allianz AG (Financials, Insurance)		31,056		6,557,061
Beiersdorf AG (Consumer Staples, Personal Products)		44,763		4,790,928
Deutsche Boerse AG (Financials, Capital Markets)		121,537		15,520,385
Deutsche Post AG (Industrials, Air Freight & Logistics)		280,667		8,934,938
Symrise AG (Materials, Chemicals)		38,390		3,098,793
Wirecard AG (Information Technology, IT Services)		77,504		11,709,210
				50,611,315
Hong Kong: 2.95%
AIA Group Limited (Financials, Insurance)		933,400		7,617,279
India: 2.39%
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		216,431		6,176,645
Indonesia: 0.78%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		7,926,800		2,006,294
Ireland: 12.05%
Linde plc (Materials, Chemicals)		101,335		16,118,354

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

4 Wells Fargo International Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Ireland (continued)
Medtronic plc (Health Care, Health Care Equipment & Supplies)		111,730	$	10,897,027
Willis Towers Watson plc (Financials, Insurance)		25,716		4,100,412
				31,115,793
Italy: 3.46%
Assicurazioni Generali SpA (Financials, Insurance)		306,947		5,174,197
Intesa Sanpaolo SpA (Financials, Banks)		1,628,238		3,775,137
				8,949,334
Japan: 3.74%
CALBEE Incorporated (Consumer Staples, Food Products) «		101,800		3,371,960
Japan Exchange Group Incorporated (Financials, Capital Markets)		118,400		2,133,004
Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals)		41,900		2,864,326
Taiyo Nippon Sanso Corporation (Materials, Chemicals)		77,400		1,303,694
				9,672,984
Luxembourg: 0.35%
Spotify Technology SA (Communication Services, Entertainment) †		6,720		916,474
Netherlands: 9.27%
Airbus SE (Industrials, Aerospace & Defense)		89,541		9,591,572
Akzo Nobel NV (Materials, Chemicals)		19,253		1,615,108
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		7,646		1,290,615
ING Groep NV (Financials, Banks)		672,035		8,128,505
Koninklijke DSM NV (Materials, Chemicals)		37,366		3,309,713
				23,935,513
Russia: 1.35%
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)		184,561		3,477,129
Switzerland: 6.45%
Idorsia Limited (Health Care, Biotechnology) †		26,529		504,265
Lonza Group AG (Health Care, Life Sciences Tools & Services)		13,345		4,313,198
Nestle SA (Consumer Staples, Food Products)		116,685		9,944,008
Sonova Holding AG (Health Care, Health Care Equipment & Supplies)		11,733		1,894,920
				16,656,391
United Kingdom: 11.13%
Aon plc (Financials, Insurance)		47,647		7,866,996
British American Tobacco plc (Consumer Staples, Tobacco)		39,379		1,379,915
ConvaTec Limited (Health Care, Health Care Equipment & Supplies) 144A		1,285,254		2,488,539
Experian Group Limited plc (Industrials, Professional Services)		123,076		2,989,958
Ferguson plc (Industrials, Trading Companies & Distributors)		74,880		4,789,877
Glencore International plc (Materials, Metals & Mining)		252,196		932,429
HSBC Holdings plc (Financials, Banks)		333,923		2,826,607
London Stock Exchange Group plc (Financials, Capital Markets)		54,113		2,780,896
Rentokil Initial plc (Industrials, Commercial Services & Supplies)		639,883		2,690,725
				28,745,942

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo International Growth Portfolio 5

Security name						Shares		Value
United States: 0.33%
WABCO Holdings Incorporated (Industrials, Machinery) †							7,116	$	864,238
Total Common Stocks (Cost $237,836,587)									238,279,612
				Expiration date
Participation Notes: 1.57%
Ireland: 1.57%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines) †(a)					10-29-2019		305,715		4,051,610
Total Participation Notes (Cost $4,318,284)									4,051,610
	Dividend yield
Preferred Stocks: 3.84%
Brazil: 2.23%
Petroleo Brasileiro SA (Energy, Oil, Gas & Consumable Fuels)		0.80	%				874,091		5,754,941
Germany: 1.61%
Henkel AG & Company KGaA (Consumer Staples, Household Products)		1.91					36,112		4,165,917
Total Preferred Stocks (Cost $8,262,253)									9,920,858
	Yield
Short-Term Investments: 2.23%
Investment Companies: 2.23%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					1,361		1,361
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					5,754,309		5,754,309
Total Short-Term Investments (Cost $5,755,670)									5,755,670

Total investments in securities (Cost $256,172,794)	99.88	%		258,007,750
Other assets and liabilities, net	0.12			320,186
Total net assets	100.00	%	$	258,327,936

† 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

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

6 Wells Fargo International Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		427,749		31,370,112		31,796,500		1,361	$	(33	)	$	0	$	12,093	$	1,361
Wells Fargo Government Money Market Fund Select Class		1,633,072		108,672,190		104,550,953		5,754,309		0			0		136,548		5,754,309
									$	(33	)	$	0	$	148,641	$	5,755,670		2.23	%

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

Statement of assets and liabilities—November 30, 2018 (unaudited) Wells Fargo International Growth Portfolio 7

Assets
Investments in unaffiliated securities (including $1,327 of securities loaned), at value (cost $250,417,124)	$	252,252,080
Investments in affiliated securities, at value (cost $5,755,670)		5,755,670
Foreign currency, at value (cost $48,357)		48,346
Receivable for investments sold		411,826
Receivable for dividends		565,104
Receivable for securities lending income		6,087
Total assets		259,039,113
Liabilities
Payable for investments purchased		379,550
Advisory fee payable		182,807
Custodian and accounting fees payable		47,008
Professional fees payable		45,787
Payable upon receipt of securities loaned		1,394
Trustees’ fees and expenses payable		236
Accrued expenses and other liabilities		54,395
Total liabilities		711,177
Total net assets	$	258,327,936

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

8 Wells Fargo International Growth Portfolio Statement of operations—six months ended November 30, 2018 (unaudited)

Investment income
Dividends (net of foreign interest withholding tax of $113,804)	$	1,578,693
Income from affiliated securities		148,641
Total investment income		1,727,334
Expenses
Advisory fee		1,107,464
Custody and accounting fees		38,447
Professional fees		35,156
Shareholder report expenses		302
Trustees’ fees and expenses		12,480
Other fees and expenses		27,484
Total expenses		1,221,333
Less: Fee waivers and/or expense reimbursements		(2,338	)
Net expenses		1,218,995
Net investment income		508,339
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(5,966,768	)
Affiliated securities		(33	)
Net realized losses on investments		(5,966,801	)
Net change in unrealized gains (losses) on investments		(5,122,260	)
Net realized and unrealized gains (losses) on investments		(11,089,061	)
Net decrease in net assets resulting from operations	$	(10,580,722	)

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

Statement of changes in net assets Wells Fargo International Growth Portfolio 9

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	508,339		$	534,471
Net realized gains (losses) on investments		(5,966,801	)		29,192,956
Net change in unrealized gains (losses) on investments		(5,122,260	)		(18,628,392	)
Net increase (decrease) in net assets resulting from operations		(10,580,722	)		11,099,035
Capital transactions
Transactions in investors’ beneficial interests
Contributions		290,427,526			18,015,755
Withdrawals		(66,093,537	)		(122,031,151	)
Net increase (decrease) in net assets resulting from capital transactions		224,333,989			(104,015,396	)
Total increase (decrease) in net assets		213,753,267			(92,916,361	)
Net assets
Beginning of period		44,574,669			137,491,030
End of period	$	258,327,936		$	44,574,669

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

10 Wells Fargo International Growth Portfolio Financial highlights

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(5.83	)%		9.46	%		10.31	%		(12.40	)%		5.13	%		16.45	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		1.10	%		0.98	%		0.99	%		1.00	%		1.00	%
Net expenses		0.88	%		1.06	%		0.98	%		0.99	%		1.00	%		1.00	%
Net investment income		0.37	%		0.70	%		1.25	%		1.16	%		0.76	%		1.13	%
Supplemental data
Portfolio turnover rate		51	%		71	%		121	%		62	%		51	%		46	%

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

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

Notes to financial statements (unaudited) Wells Fargo International Growth Portfolio 11

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 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.

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, 2018, 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 the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

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

12 Wells Fargo International Growth Portfolio Notes to financial statements (unaudited)

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

Participation notes

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

Forward foreign currency contracts

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

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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Notes to financial statements (unaudited) Wells Fargo International Growth Portfolio 13

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 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, 2018, the aggregate cost of all investments for federal income tax purposes was $256,348,241 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	14,739,622
Gross unrealized losses		(13,080,113	)
Net unrealized gains	$	1,659,509

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.

14 Wells Fargo International Growth 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Belgium	$	5,839,553	$	0	$	0	$	5,839,553
Brazil		6,411,066		0		0		6,411,066
Canada		5,395,537		0		0		5,395,537
Denmark		4,548,185		0		0		4,548,185
Finland		2,592,303		0		0		2,592,303
France		22,747,637		0		0		22,747,637
Germany		50,611,315		0		0		50,611,315
Hong Kong		7,617,279		0		0		7,617,279
India		6,176,645		0		0		6,176,645
Indonesia		2,006,294		0		0		2,006,294
Ireland		31,115,793		0		0		31,115,793
Italy		8,949,334		0		0		8,949,334
Japan		9,672,984		0		0		9,672,984
Luxembourg		916,474		0		0		916,474
Netherlands		23,935,513		0		0		23,935,513
Russia		3,477,129		0		0		3,477,129
Switzerland		16,656,391		0		0		16,656,391
United Kingdom		28,745,942		0		0		28,745,942
United States		864,238		0		0		864,238
Participation notes
Ireland		0		4,051,610		0		4,051,610
Preferred stocks
Brazil		5,754,941		0		0		5,754,941
Germany		4,165,917		0		0		4,165,917
Short-term investments
Investment companies		5,754,309		1,361		0		5,755,670
Total assets	$	253,954,779	$	4,052,971	$	0	$	258,007,750

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

At November 30, 2018, 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. 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 starting at 0.80% and declining to 0.65% as the average daily net assets of the Portfolio increase. For the six months end November 30, 2018, 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. Artisan Partners, Limited Partnership, which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.80% and declining to 0.50% as the average daily net assets of the Portfolio increase.

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

Notes to financial statements (unaudited) Wells Fargo International Growth Portfolio 15

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, 2018 were $352,222,605 and $131,433,917, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risk result from exposure to a limited number of sectors. A portfolio that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

16 Wells Fargo International 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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Portfolio’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Portfolio are publicly available monthly on the Portfolio’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Portfolio is publicly available on the Portfolio’s website on a monthly, seven-day or more delayed basis. The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Portfolio’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo International Growth Portfolio 17

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

18 Wells Fargo International Growth Portfolio 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo International Growth Portfolio 19

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴ Mr. Scofield is expected to retire on December 31, 2018.

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

Semi-Annual Report

November 30, 2018

Wells Fargo Large Company Value Portfolio

Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	12
Other information	16

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

2 Wells Fargo Large Company Value Portfolio Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

Ten largest holdings (%) as of November 30, 20181
JPMorgan Chase & Company	4.60
Bank of America Corporation	3.96
Exxon Mobil Corporation	3.94
The Procter & Gamble Company	3.73
AT&T Incorporated	3.68
Merck & Company Incorporated	3.49
Pfizer Incorporated	3.35
Chevron Corporation	3.26
Berkshire Hathaway Incorporated Class B	3.01
Cisco Systems Incorporated	2.87

Sector distribution as of November 30, 2018²

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

¹  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

²  Amounts are calculated based on the total long-term investments of the Portfolio. These amounts are subject to change and may have changed since the date specified.

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Large Company Value Portfolio 3

Security name	Shares		Value
Common Stocks: 98.26%
Communication Services: 7.91%
Diversified Telecommunication Services: 4.80%
AT&T Incorporated		340,721	$	10,644,124
Verizon Communications Incorporated		53,562		3,229,789
				13,873,913
Entertainment: 1.29%
Viacom Incorporated Class B		120,956		3,732,702
Interactive Media & Services: 1.82%
Alphabet Incorporated Class A †		1,863		2,067,278
Cars.com Incorporated †		123,704		3,200,222
				5,267,500
Consumer Discretionary: 5.54%
Hotels, Restaurants & Leisure: 3.12%
Darden Restaurants Incorporated		6,215		687,006
Las Vegas Sands Corporation		44,144		2,425,271
Royal Caribbean Cruises Limited		12,547		1,418,686
Texas Roadhouse Incorporated		1,788		118,062
The Cheesecake Factory Incorporated		1,322		62,385
Yum China Holdings Incorporated		120,472		4,316,512
				9,027,922
Leisure Products: 0.28%
Callaway Golf Company		47,118		807,131
Multiline Retail: 0.90%
Target Corporation		36,614		2,598,129
Textiles, Apparel & Luxury Goods: 1.24%
Nike Incorporated Class B		47,508		3,568,801
Consumer Staples: 8.78%
Beverages: 1.82%
Keurig Dr Pepper Incorporated		72,088		1,946,376
PepsiCo Incorporated		27,123		3,307,379
				5,253,755
Food & Staples Retailing: 0.33%
Wal-Mart Stores Incorporated		9,675		944,764
Food Products: 2.91%
Archer Daniels Midland Company		39,720		1,827,914
Cal-Maine Foods Incorporated		25,531		1,192,808
Ingredion Incorporated		35,575		3,716,165
Tyson Foods Incorporated Class A		28,530		1,681,844
				8,418,731

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

4 Wells Fargo Large Company Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Household Products: 3.72%
The Procter & Gamble Company		113,980	$	10,772,250
Energy: 10.34%
Energy Equipment & Services: 0.81%
Baker Hughes Incorporated		24,367		556,055
McDermott International Incorporated †		206,133		1,795,418
				2,351,473
Oil, Gas & Consumable Fuels: 9.53%
Chevron Corporation		79,221		9,422,546
ConocoPhillips		95,679		6,332,036
Exxon Mobil Corporation		143,099		11,376,371
PBF Energy Incorporated Class A		10,325		399,371
				27,530,324
Financials: 19.57%
Banks: 11.59%
Bank of America Corporation		403,534		11,460,366
FNB Corporation		6,374		78,145
Huntington Bancshares Incorporated		282,027		4,114,774
JPMorgan Chase & Company		119,576		13,295,655
PNC Financial Services Group Incorporated		13,029		1,769,078
US Bancorp		51,389		2,798,645
				33,516,663
Capital Markets: 2.12%
Affiliated Managers Group Incorporated		2,242		249,131
Ameriprise Financial Incorporated		11,969		1,552,978
State Street Corporation		26,190		1,912,394
T. Rowe Price Group Incorporated		24,187		2,403,220
				6,117,723
Consumer Finance: 0.35%
Discover Financial Services		14,015		999,270
Diversified Financial Services: 3.01%
Berkshire Hathaway Incorporated Class B †		39,809		8,687,916
Insurance: 2.50%
CNO Financial Group Incorporated		30,136		551,489
Kemper Corporation		9,736		740,910
Old Republic International Corporation		41,761		941,711
The Progressive Corporation		75,388		4,997,471
				7,231,581
Health Care: 17.19%
Biotechnology: 1.62%
AbbVie Incorporated		20,192		1,903,500

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Large Company Value Portfolio 5

Security name	Shares		Value
Biotechnology (continued)
Alexion Pharmaceuticals Incorporated †		11,336	$	1,396,028
Gilead Sciences Incorporated		19,101		1,374,126
				4,673,654
Health Care Equipment & Supplies: 2.10%
Baxter International Incorporated		1,883		129,080
Cantel Medical Corporation		3,395		291,563
CONMED Corporation		5,403		367,188
Medtronic plc		13,547		1,321,239
Varian Medical Systems Incorporated †		14,302		1,764,724
West Pharmaceutical Services Incorporated		20,121		2,204,457
				6,078,251
Health Care Providers & Services: 2.13%
Humana Incorporated		16,244		5,351,911
McKesson Corporation		6,459		804,146
				6,156,057
Life Sciences Tools & Services: 2.52%
Agilent Technologies Incorporated		95,367		6,899,802
Bruker Corporation		11,802		391,118
				7,290,920
Pharmaceuticals: 8.82%
Johnson & Johnson		7,939		1,166,239
Mallinckrodt plc †		10,649		253,340
Merck & Company Incorporated		127,199		10,091,969
Mylan NV †		126,770		4,292,432
Pfizer Incorporated		209,747		9,696,604
				25,500,584
Industrials: 5.93%
Aerospace & Defense: 1.92%
Raytheon Company		31,734		5,564,240
Airlines: 1.91%
SkyWest Incorporated		1,181		68,120
Southwest Airlines Company		99,721		5,445,764
				5,513,884
Commercial Services & Supplies: 0.05%
Republic Services Incorporated		1,907		147,487
Machinery: 0.18%
Paccar Incorporated		8,391		522,088
Professional Services: 0.09%
Robert Half International Incorporated		4,305		266,178

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

6 Wells Fargo Large Company Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Road & Rail: 1.78%
Norfolk Southern Corporation		30,093	$	5,138,079
Information Technology: 8.30%
Communications Equipment: 2.87%
Cisco Systems Incorporated		173,256		8,293,765
Electronic Equipment, Instruments & Components: 0.12%
SYNNEX Corporation		4,435		358,082
IT Services: 0.35%
Akamai Technologies Incorporated †		14,820		1,018,875
Semiconductors & Semiconductor Equipment: 1.17%
Intel Corporation		68,291		3,367,429
Software: 3.79%
Intuit Incorporated		20,712		4,443,345
Microsoft Corporation		58,597		6,497,821
				10,941,166
Materials: 2.03%
Chemicals: 0.33%
LyondellBasell Industries NV Class A		10,096		942,058
Metals & Mining: 1.04%
Freeport-McMoRan Incorporated		12,997		155,184
Newmont Mining Corporation		42,558		1,376,326
Nucor Corporation		15,827		956,109
Southern Copper Corporation		15,628		523,225
				3,010,844
Paper & Forest Products: 0.66%
Louisiana-Pacific Corporation		83,865		1,917,154
Real Estate: 6.66%
Equity REITs: 6.66%
CoreCivic Incorporated		100,098		2,197,151
Outfront Media Incorporated		22,805		473,888
Park Hotels & Resorts Incorporated		129,460		3,989,957
Public Storage Incorporated		4,284		913,606
Senior Housing Properties Trust		23,220		319,507
The Geo Group Incorporated		86,667		2,014,141
VICI Properties Incorporated		201,479		4,386,198
Weyerhaeuser Company		52,252		1,379,975
Xenia Hotels & Resorts Incorporated		176,266		3,581,725
				19,256,148
Utilities: 6.01%
Electric Utilities: 2.19%
Avangrid Incorporated		63,392		3,193,689

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Large Company Value Portfolio 7

Security name				Shares		Value
Electric Utilities (continued)
Duke Energy Corporation					35,550	$	3,148,664
Evergy Incorporated					1		59
							6,342,412
Gas Utilities: 2.04%
UGI Corporation					102,549		5,891,440
Multi-Utilities: 1.78%
MDU Resources Group Incorporated					194,427		5,146,483
Total Common Stocks (Cost $277,637,755)							284,037,826
	Yield
Short-Term Investments: 1.18%
Investment Companies: 1.18%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%		3,413,510		3,413,510
Total Short-Term Investments (Cost $3,413,510)							3,413,510

Total investments in securities (Cost $281,051,265)	99.44	%		287,451,336
Other assets and liabilities, net	0.56			1,625,197
Total net assets	100.00	%	$	289,076,533

† 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.

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		48		12-21-2018	$	6,690,022	$	6,619,920	$	0	$	(70,102	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,158,700		71,309,560		69,054,750		3,413,510	$	0	$	0	$	46,696	$	3,413,510		1.18	%

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

8 Wells Fargo Large Company Value Portfolio Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $277,637,755)	$	284,037,826
Investments in affiliated securities, at value (cost $3,413,510)		3,413,510
Segregated cash for futures contracts		1,150,000
Receivable for dividends		558,520
Receivable for daily variation margin on open futures contracts		33,840
Total assets		289,193,696
Liabilities
Advisory fee payable		88,502
Professional fees payable		24,106
Accrued expenses and other liabilities		4,555
Total liabilities		117,163
Total net assets	$	289,076,533

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Large Company Value Portfolio 9

Investment income
Dividends (net of foreign withholding taxes of $377)	$	3,138,092
Income from affiliated securities		46,696
Total investment income		3,184,788
Expenses
Advisory fee		452,155
Custody and accounting fees		5,141
Professional fees		24,770
Shareholder report expenses		320
Trustees’ fees and expenses		10,860
Other fees and expenses		6,808
Total expenses		500,054
Less: Fee waivers and/or expense reimbursements		(4,675	)
Net expenses		495,379
Net investment income		2,689,409
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		4,325,178
Futures contracts		298,653
Net realized gains on investments		4,623,831
Net change in unrealized gains (losses) on:
Unaffiliated securities		1,752,148
Futures contracts		(68,229	)
Net change in unrealized gains (losses) on investments		1,683,919
Net realized and unrealized gains (losses) on investments		6,307,750
Net increase in net assets resulting from operations	$	8,997,159

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

10 Wells Fargo Large Company Value Portfolio Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	2,689,409		$	1,053,337
Net realized gains on investments		4,623,831			4,549,013
Net change in unrealized gains (losses) on investments		1,683,919			811,722
Net increase in net assets resulting from operations		8,997,159			6,414,072
Capital transactions
Transactions in investors’ beneficial interests
Contributions		251,851,752			965,354
Withdrawals		(33,608,516	)		(16,762,097	)
Net increase (decrease) in net assets resulting from capital transactions		218,243,236			(15,796,743	)
Total increase (decrease) in net assets		227,240,395			(9,382,671	)
Net assets
Beginning of period		61,836,138			71,218,809
End of period	$	289,076,533		$	61,836,138

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

Financial highlights Wells Fargo Large Company Value Portfolio 11

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		2.09	%		9.80	%		13.22	%		(3.92	)%		7.90	%		20.26	%
Ratios to average net assets (annualized)
Gross expenses		0.39	%		0.49	%		0.68	%		0.76	%		0.74	%		0.73	%
Net expenses		0.38	%		0.42	%		0.66	%		0.74	%		0.74	%		0.73	%
Net investment income		2.08	%		1.56	%		1.45	%		1.54	%		1.09	%		0.99	%
Supplemental data
Portfolio turnover rate		128	%		244	%		203	%		50	%		72	%		62	%

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

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

12 Wells Fargo Large Company Value Portfolio Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

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 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.

Futures contracts

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objectives. 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 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 security values. 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 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.

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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Portfolio 13

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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All 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, 2018, the aggregate cost of all investments for federal income tax purposes was $281,481,575 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	14,480,745
Gross unrealized losses		(8,581,086	)
Net unrealized gains	$	5,899,659

14 Wells Fargo Large Company Value Portfolio Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	22,874,115	$	0	$	0	$	22,874,115
Consumer discretionary		16,001,983		0		0		16,001,983
Consumer staples		25,389,500		0		0		25,389,500
Energy		29,881,797		0		0		29,881,797
Financials		56,553,153		0		0		56,553,153
Health care		49,699,466		0		0		49,699,466
Industrials		17,151,956		0		0		17,151,956
Information technology		23,979,317		0		0		23,979,317
Materials		5,870,056		0		0		5,870,056
Real estate		19,256,148		0		0		19,256,148
Utilities		17,380,335		0		0		17,380,335
Short-term investments
Investment companies		3,413,510		0		0		3,413,510
Total assets	$	287,451,336	$	0	$	0	$	287,451,336
Liabilities
Futures contracts	$	70,102	$	0	$	0	$	70,102
Total liabilities	$	70,102	$	0	$	0	$	70,102

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.

At November 30, 2018, 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. 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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Portfolio 15

receive an annual advisory fee starting at 0.35% and declining to 0.30% as the average daily net assets of the Portfolio increase. For the six months end November 30, 2018, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Portfolio increase. Prior to November 1, 2018, Analytic Investors, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, was the subadviser for the Portfolio. On November 1, 2018, Analytic Investors, LLC was consolidated into WellsCap and WellsCap became the subadviser to the Portfolio. The consolidation did not result in any changes to the services provided to the Portfolio or to its strategy or fees and expenses.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain 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, 2018 were $ 539,970,759 and $ 322,473,140, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Portfolio entered into futures contracts for to gain market exposure. The Portfolio had an average notional amount of $5,444,024 in long futures contracts during the six months ended November 30, 2018.

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

7. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

16 Wells Fargo Large Company 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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Portfolio’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Portfolio’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Large Company Value Portfolio 17

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

18 Wells Fargo Large Company Value Portfolio 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Large Company Value Portfolio 19

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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

This page is intentionally left blank.

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

Semi-Annual Report

November 30, 2018

Wells Fargo
Managed Fixed Income Portfolio

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Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	22
Statement of operations	23
Statement of changes in net assets	24
Financial highlights	25
Notes to financial statements	26
Other information	30

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Managed Fixed Income Portfolio Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Galliard Capital Management, Inc.

Portfolio managers

Andrea Johnson, CFA^®‡

Brandon Kanz, CFA^®‡*

Ten largest holdings (%) as of November 30, 20181
FNMA, 4.50%, 1-1-2051	3.08
U.S. Treasury Bond, 4.50%, 5-15-2038	2.92
FNMA, 4.00%, 8-1-2051	2.57
SBA Series 2018-20G Class 1, 3.54%, 7-1-2038	1.70
SBA Series 2018-20E Class 1, 3.50%, 5-1-2038	1.58
U.S. Treasury Note, 1.00%, 6-30-2019	1.36
U.S. Treasury Bond, 3.13%, 5-1-2048	1.32
Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5, 3.98%, 5-10-2047	1.20
FNMA, 4.50%, 11-1-2048	1.18
FNMA, 3.97%, 6-1-2025	1.10

Portfolio allocation as of November 30, 2018²

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

* Mr. Kanz became a portfolio manager of the Fund on September 28, 2018.

¹  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

²  Amounts are calculated based on the total long-term investments of the Portfolio. These amounts are subject to change and may have changed since the date specified.

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 3

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 21.74%
FHLMC		3.00	%		7-1-2046	$	629,713	$	602,045
FHLMC		3.00			7-1-2046		860,516		821,906
FHLMC		3.50			4-1-2043		1,116,765		1,104,060
FHLMC		3.50			5-1-2044		518,016		512,591
FHLMC		3.50			6-1-2046		447,381		440,430
FHLMC		3.50			4-1-2047		455,887		448,517
FHLMC		4.00			4-1-2044		669,585		679,356
FHLMC		4.00			8-1-2044		444,039		449,607
FHLMC		4.50			8-1-2048		3,805,177		3,915,968
FHLMC		4.50			11-1-2048		4,066,461		4,205,585
FHLMC		4.50			11-1-2048		6,880,000		7,136,622
FHLMC Series 2018-3 Class MA		3.50			8-25-2057		3,337,265		3,300,609
FHLMC Structured Pass-Through Securities Series T-20 Class A6		6.92			9-25-2029		25,859		26,286
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		797,472		905,466
FNMA		2.50			8-1-2031		404,327		390,213
FNMA		2.51			9-1-2024		937,127		896,544
FNMA		2.69			5-1-2023		348,743		339,912
FNMA		2.73			1-1-2023		549,857		539,003
FNMA		2.73			9-1-2023		567,302		554,672
FNMA		2.85			12-1-2023		590,000		576,767
FNMA		3.00			12-1-2032		47,410		46,428
FNMA		3.00			7-1-2046		501,026		479,127
FNMA		3.05			11-1-2022		294,282		292,524
FNMA		3.07			2-1-2026		360,000		351,996
FNMA		3.08			1-1-2026		480,000		470,293
FNMA		3.35			1-1-2028		280,000		276,353
FNMA		3.47			12-1-2024		2,625,000		2,618,337
FNMA		3.50			10-1-2032		669,102		666,969
FNMA		3.50			11-1-2042		266,599		263,846
FNMA		3.50			11-1-2042		346,641		343,061
FNMA		3.50			2-1-2043		175,217		173,408
FNMA		3.50			4-1-2046		228,041		224,554
FNMA		3.51			1-1-2025		2,770,000		2,769,157
FNMA (a)		3.62			12-31-2049		3,720,000		3,721,162
FNMA		3.86			10-1-2025		1,954,337		1,987,597
FNMA		3.97			6-1-2025		6,994,978		7,153,482
FNMA		4.00			11-1-2040		339,479		344,230
FNMA		4.00			4-1-2041		445,771		452,017
FNMA		4.00			8-1-2046		482,496		490,316
FNMA		4.00			8-1-2051		16,533,472		16,683,767
FNMA		4.00			7-1-2056		578,795		584,603
FNMA		4.50			8-1-2048		2,736,295		2,816,228
FNMA		4.50			11-1-2048		7,400,000		7,651,593
FNMA		4.50			1-1-2051		19,357,495		19,975,391
FNMA		4.50			6-1-2056		490,669		506,964
FNMA		4.50			6-1-2056		740,986		764,460
FNMA		4.50			6-1-2056		518,546		534,976
FNMA		5.00			9-1-2033		142,349		150,979
FNMA		5.50			2-1-2036		107,573		111,241

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

4 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2002-90 Class A2		6.50	%		11-25-2042	$	324,488	$	357,566
FNMA Series 2002-T4 Class A2		7.00			12-25-2041		144,599		160,150
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		1,371,565		1,494,542
FNMA Series 2003-W4 Class 3A ±±		7.00			10-25-2042		220,099		236,445
FNMA Series 2004-T2 Class 1A1		6.00			11-25-2043		518,476		561,561
FNMA Series 2004-T3 Class A1		6.00			2-25-2044		777,321		848,383
FNMA Series 2004-W01 Class 2A2		7.00			12-25-2033		130,918		148,005
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		809,337		930,588
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		232,261		261,414
GNMA		6.50			10-15-2023		10,618		11,527
GNMA		6.50			11-15-2023		6,576		7,139
GNMA		6.50			11-15-2023		2,501		2,715
GNMA		6.50			12-15-2023		9,861		10,705
GNMA		6.50			1-15-2024		22,033		23,919
GNMA		7.00			8-15-2027		56,615		62,018
SBA Series 2006-20B Class 1		5.35			2-1-2026		246,522		253,660
SBA Series 2006-20H Class 1		5.70			8-1-2026		113,843		117,852
SBA Series 2007-20J Class 1		5.57			10-1-2027		303,084		314,199
SBA Series 2013-20A Class 1		2.13			1-1-2033		322,083		306,048
SBA Series 2013-20J Class 1		3.37			10-1-2033		360,544		361,747
SBA Series 2014-10A Class 1		3.19			3-10-2024		337,236		336,753
SBA Series 2014-10B Class 1		3.02			9-10-2024		721,270		714,376
SBA Series 2014-20A Class 1		3.46			1-1-2034		311,986		314,029
SBA Series 2015-10B Class 1		2.83			9-10-2025		470,187		461,328
SBA Series 2015-20C Class 1		2.72			3-1-2035		441,535		431,842
SBA Series 2015-20E Class 1		2.77			5-1-2035		638,702		624,159
SBA Series 2015-20F Class 1		2.98			6-1-2035		446,459		437,222
SBA Series 2017-10A Class 1		2.85			3-10-2027		547,849		535,802
SBA Series 2017-20F Class1		2.81			6-1-2037		279,362		269,613
SBA Series 2018-20E Class 1		3.50			5-1-2038		10,246,672		10,244,692
SBA Series 2018-20F Class 1		3.60			6-1-2038		1,770,000		1,780,492
SBA Series 2018-20G Class 1		3.54			7-1-2038		11,000,000		11,026,367
SBA Series 2018-20H Class 1		3.58			8-1-2038		4,000,000		4,004,055
SBA Series 2018-20K Class 1		3.87			11-1-2038		2,725,000		2,782,913
Total Agency Securities (Cost $141,671,035)									141,185,044
Asset-Backed Securities: 3.31%
Ally Auto Receivables Trust Series 2018-3 Class A3		3.00			1-17-2023		3,715,000		3,708,023
American Express Credit Account Master Trust Series 2018-6 Class A		3.06			2-15-2024		2,650,000		2,648,735
Barclays Dryrock Issuance Trust Series 2014-3 Class A		2.41			7-15-2022		570,000		566,848
Discover Card Execution Note Trust Series 2018-A4 Class A4		3.11			1-16-2024		2,500,000		2,497,607
ECMC Group Student Loan Trust Series 2018-2A Class A (1 Month LIBOR +0.80%) 144A±		3.12			9-25-2068		3,047,012		3,044,386
Ford Credit Auto Owner Trust Series 2015-2 Class A 144A		2.44			1-15-2027		600,000		592,516
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		3,200,000		3,186,728
GM Financial Automobile Leasing Trust Series 2018-2 Class A3		3.06			6-21-2021		1,825,000		1,822,934
MMAF Equipment Finance LLC Series 2015-AA Class A4 144A		1.93			7-16-2021		135,552		134,946
MMAF Equipment Finance LLC Series 2017-AA Class A5 144A		2.68			7-16-2027		695,000		672,063
South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ±		3.80			8-1-2035		500,000		508,311

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 5

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Verizon Owner Trust Series 2018-A Class A1A		3.23	%		4-20-2023	$	2,140,000	$	2,140,656
Total Asset-Backed Securities (Cost $21,548,477)									21,523,753
Corporate Bonds and Notes: 44.29%
Communication Services: 1.55%
Diversified Telecommunication Services: 0.29%
AT&T Incorporated		4.75			5-15-2046		280,000		241,582
AT&T Incorporated		5.25			3-1-2037		60,000		57,119
Verizon Communications Incorporated		4.50			8-10-2033		40,000		39,002
Verizon Communications Incorporated		4.81			3-15-2039		1,500,000		1,450,091
Verizon Communications Incorporated		5.25			3-16-2037		110,000		113,069
									1,900,863
Entertainment: 0.25%
Activision Blizzard Incorporated		2.60			6-15-2022		1,655,000		1,586,228
Media: 1.01%
Charter Communications Operating LLC		4.91			7-23-2025		1,500,000		1,493,319
Comcast Corporation		3.00			2-1-2024		170,000		163,754
Comcast Corporation		3.55			5-1-2028		1,500,000		1,418,504
Comcast Corporation		4.15			10-15-2028		1,190,000		1,180,012
Lamar Media Corporation		5.75			2-1-2026		1,895,000		1,928,163
Time Warner Entertainment Company LP		3.40			6-15-2022		140,000		137,826
Time Warner Incorporated		3.60			7-15-2025		260,000		243,831
									6,565,409
Consumer Discretionary: 3.14%
Auto Components: 0.25%
Allison Transmission Incorporated 144A		5.00			10-1-2024		1,655,000		1,590,869
Automobiles: 0.06%
General Motors Company		4.88			10-2-2023		400,000		400,370
Diversified Consumer Services: 1.86%
Duke University		3.20			10-1-2038		1,175,000		1,034,292
Massachusetts Institute of Technology		3.96			7-1-2038		2,200,000		2,176,366
Massachusetts Institute of Technology		4.68			7-1-2114		120,000		125,357
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		753,373
Northwestern University		3.66			12-1-2057		105,000		93,517
Northwestern University		3.69			12-1-2038		1,915,000		1,803,966
President and Fellows of Harvard College		3.15			7-15-2046		1,000,000		868,495
President and Fellows of Harvard College		3.62			10-1-2037		275,000		262,359
President and Fellows of Harvard College		4.88			10-15-2040		33,000		37,243
President and Fellows of Harvard College		5.63			10-1-2038		400,000		482,410
Princeton University		5.70			3-1-2039		1,740,000		2,128,309
Service Corporation International		5.38			1-15-2022		750,000		753,750
Service Corporation International		5.38			5-15-2024		750,000		753,750
Service Corporation International		7.50			4-1-2027		535,000		581,813

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

6 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Consumer Services (continued)
University of Southern California		3.03	%		10-1-2039	$	275,000	$	241,973
									12,096,973
Hotels, Restaurants & Leisure: 0.40%
Cedar Fair Entertainment Company		5.38			4-15-2027		300,000		291,000
Cedar Fair LP		5.38			6-1-2024		1,480,000		1,472,600
McDonalds Corporation		3.35			4-1-2023		860,000		846,548
									2,610,148
Textiles, Apparel & Luxury Goods: 0.57%
HanesBrands Incorporated 144A		4.63			5-15-2024		200,000		192,500
HanesBrands Incorporated 144A		4.88			5-15-2026		1,750,000		1,645,000
The William Carter Company		5.25			8-15-2021		250,000		250,313
Wolverine World Wide Incorporated 144A		5.00			9-1-2026		1,700,000		1,589,500
									3,677,313
Consumer Staples: 1.85%
Beverages: 0.25%
Anheuser-Busch InBev SA/NV 144A		3.65			2-1-2026		1,640,000		1,550,488
Brown Forman Corporation		3.50			4-15-2025		50,000		49,283
									1,599,771
Food Products: 1.36%
Cargill Incorporated 144A		3.25			3-1-2023		1,130,000		1,111,270
General Mills Incorporated		2.60			10-12-2022		120,000		114,679
General Mills Incorporated		4.20			4-17-2028		1,600,000		1,542,740
Ingredion Incorporated		3.20			10-1-2026		150,000		138,054
Kellogg Company		4.30			5-15-2028		1,005,000		982,635
Kraft Heinz Foods Company		3.00			6-1-2026		1,500,000		1,327,007
Kraft Heinz Foods Company		3.50			6-6-2022		300,000		295,017
Kraft Heinz Foods Company		4.63			1-30-2029		120,000		116,836
McCormick & Company Incorporated		3.40			8-15-2027		1,500,000		1,415,724
Mondelez International Incorporated		3.63			5-7-2023		1,500,000		1,482,205
Unilever Capital Corporation		2.60			5-5-2024		310,000		294,890
									8,821,057
Household Products: 0.24%
Unilever Capital Corporation		3.25			3-7-2024		1,590,000		1,562,403
Energy: 6.76%
Energy Equipment & Services: 0.43%
Baker Hughes LLC		3.34			12-15-2027		1,500,000		1,354,122
Halliburton Company		3.80			11-15-2025		1,500,000		1,444,628
									2,798,750
Oil, Gas & Consumable Fuels: 6.33%
Anadarko Petroleum Corporation		5.55			3-15-2026		150,000		155,624
Antero Resources Corporation		5.00			3-1-2025		2,000,000		1,900,000

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 7

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Apache Corporation «		4.38	%		10-15-2028	$	1,740,000	$	1,636,283
BP Capital Markets America Incorporated		3.80			9-21-2025		610,000		603,779
Chevron Corporation		2.90			3-3-2024		1,820,000		1,753,258
Cimarex Energy Company		3.90			5-15-2027		1,500,000		1,378,984
Concho Resources Incorporated		3.75			10-1-2027		1,500,000		1,393,595
Continental Resources Incorporated		3.80			6-1-2024		1,000,000		944,280
Continental Resources Incorporated		5.00			9-15-2022		192,000		192,022
Enable Midstream Partners		4.95			5-15-2028		1,500,000		1,412,738
Energen Corporation		4.63			9-1-2021		550,000		550,000
EnLink Midstream Partners LP		4.85			7-15-2026		1,325,000		1,210,958
Enterprise Products Operating LLC		3.75			2-15-2025		1,500,000		1,463,163
Enterprise Products Operating LLC		4.15			10-16-2028		260,000		253,759
EQT Corporation		3.90			10-1-2027		1,350,000		1,183,714
EQT Corporation		8.13			6-1-2019		400,000		409,374
Florida Gas Transmission Company 144A		4.35			7-15-2025		1,521,000		1,531,393
Gulfstream Natural Gas System LLC 144A		6.19			11-1-2025		210,000		230,911
Hess Corporpation		4.30			4-1-2027		1,500,000		1,371,739
Kerr-McGee Corporation		6.95			7-1-2024		1,485,000		1,647,544
Magellan Midstream Partners LP		5.00			3-1-2026		170,000		176,094
Marathon Oil Corporation		3.85			6-1-2025		1,030,000		964,554
Marathon Oil Corporation 144A		5.13			12-15-2026		1,500,000		1,510,665
MPLX LP		4.13			3-1-2027		1,500,000		1,406,358
Newfield Exploration Company		5.38			1-1-2026		1,650,000		1,643,813
Newfield Exploration Company		5.63			7-1-2024		249,000		254,603
NuStar Logistics LP		4.75			2-1-2022		1,500,000		1,432,500
Phillips 66		4.30			4-1-2022		1,570,000		1,594,896
Pioneer Natural Resource Company		4.45			1-15-2026		190,000		189,767
Plains All American Pipeline LP		4.65			10-15-2025		1,500,000		1,452,405
PSEG		3.65			9-1-2028		960,000		951,241
Range Resources Corporation		5.00			3-15-2023		2,300,000		2,169,188
Southwestern Energy Company		6.20			1-23-2025		1,600,000		1,534,000
Transcontinental Gas Pipe Line Company LLC		7.85			2-1-2026		1,200,000		1,439,615
Western Gas Partners LP		4.65			7-1-2026		1,625,000		1,549,590
Whiting Petroleum Corporation		6.25			4-1-2023		713,000		700,594
Whiting Petroleum Corporation		6.63			1-15-2026		950,000		914,375
									41,107,376
Financials: 9.92%
Banks: 4.46%
Bank of America Corporation		3.50			4-19-2026		1,500,000		1,422,727
Bank of America Corporation (3 Month LIBOR +1.51%) ±		3.71			4-24-2028		1,500,000		1,416,268
Bank of America Corporation		3.88			8-1-2025		1,470,000		1,451,259
Bank of America Corporation		3.95			4-21-2025		120,000		115,975
Bank of America Corporation		4.00			4-1-2024		1,500,000		1,495,038
BB&T Corporation		3.70			6-5-2025		1,160,000		1,147,392
Citigroup Incorporated		2.75			4-25-2022		210,000		201,976
Citigroup Incorporated		3.30			4-27-2025		1,630,000		1,536,319
Citigroup Incorporated		3.40			5-1-2026		1,750,000		1,629,869
Citigroup Incorporated (3 Month LIBOR +1.02%) ±		4.04			6-1-2024		1,500,000		1,490,232
Citigroup Incorporated		4.40			6-10-2025		65,000		63,883

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

8 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Citigroup Incorporated		4.65	%		7-23-2048	$	360,000	$	344,509
Citizens Bank NA		3.70			3-29-2023		1,500,000		1,489,181
Fifth Third Bank		3.95			7-28-2025		710,000		709,637
Huntington National Bank		3.55			10-6-2023		900,000		888,331
JPMorgan Chase & Company (3 Month LIBOR +1.33%) ±%%		1.00			12-5-2029		470,000		470,277
JPMorgan Chase & Company (3 Month LIBOR +0.94%) ±		2.78			4-25-2023		1,740,000		1,677,598
JPMorgan Chase & Company		2.97			1-15-2023		150,000		145,185
JPMorgan Chase & Company		3.20			6-15-2026		1,500,000		1,396,202
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78			2-1-2028		1,675,000		1,608,017
JPMorgan Chase & Company (3 Month LIBOR +1.26%) ±		4.20			7-23-2029		600,000		588,511
M&T Bank Corporation		3.55			7-26-2023		950,000		947,039
National Capital Commerce Incorporated (3 Month LIBOR +0.98%) ±		3.38			4-1-2027		400,000		368,000
NTC Capital Trust Series A (3 Month LIBOR +0.52%) ±		2.96			1-15-2027		450,000		409,500
PNC Bank		4.05			7-26-2028		1,000,000		985,281
PNC Bank		3.25			6-1-2025		1,500,000		1,440,156
Regions Financial Corporation		3.80			8-14-2023		1,020,000		1,010,786
SunTrust Banks Incorporated		4.00			5-1-2025		80,000		79,178
SunTrust Banks Incorporated		4.05			11-3-2025		270,000		271,811
US Bank NA		3.40			7-24-2023		2,200,000		2,171,791
									28,971,928
Capital Markets: 2.47%
Bank of New York Mellon Corporation		3.25			9-11-2024		1,500,000		1,454,755
Bank of New York Mellon Corporation		3.45			8-11-2023		1,370,000		1,358,661
Charles Schwab Corporation		3.85			5-21-2025		230,000		230,692
Goldman Sachs Capital II (3 Month LIBOR +0.77%) ±		4.00			12-29-2049		6,000		4,496
Goldman Sachs Group Incorporated		3.50			1-23-2025		1,765,000		1,670,503
Goldman Sachs Group Incorporated		3.75			2-25-2026		1,500,000		1,419,953
Goldman Sachs Group Incorporated		3.85			1-26-2027		1,690,000		1,590,393
Goldman Sachs Group Incorporated		4.25			10-21-2025		120,000		115,781
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		209,806
Morgan Stanley		3.70			10-23-2024		1,600,000		1,556,346
Morgan Stanley		3.88			1-27-2026		1,500,000		1,446,136
Morgan Stanley		3.95			4-23-2027		1,680,000		1,577,005
MSCI Incorporated 144A		5.75			8-15-2025		1,600,000		1,620,000
Nuveen LLC 144A		4.00			11-1-2028		940,000		944,238
State Street Corporation (3 Month LIBOR +1.03%) ±%%		4.14			12-3-2029		820,000		824,403
									16,023,168
Consumer Finance: 1.86%
American Express Company		3.40			2-27-2023		1,500,000		1,466,547
American Express Company		3.70			8-3-2023		540,000		533,967
American Express Company		4.20			11-6-2025		320,000		321,044
American Honda Finance Corporation		3.45			7-14-2023		820,000		815,847
American Honda Finance Corporation		3.63			10-10-2023		2,260,000		2,256,710
BMW US Capital LLC 144A«		3.95			8-14-2028		1,180,000		1,139,599
Capital One Financial Corporation		3.20			1-30-2023		160,000		154,605
Capital One Financial Corporation		3.30			10-30-2024		1,500,000		1,400,511
Daimler Finance North America LLC 144A		3.35			2-22-2023		1,490,000		1,457,871
Ford Motor Credit Company LLC		3.20			1-15-2021		1,500,000		1,452,381

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 9

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
John Deere Capital Corporation		3.65	%		10-12-2023	$	1,060,000	$	1,061,608
									12,060,690
Diversified Financial Services: 0.23%
CNH Industrial Capital LLC		4.20			1-15-2024		1,480,000		1,464,231
Insurance: 0.90%
Marsh & McLennan Companies Incorporated		3.30			3-14-2023		1,500,000		1,476,630
MassMutual Global Funding 144A		2.75			6-22-2024		1,600,000		1,519,352
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		748,538
New York Life Global Funding 144A		2.90			1-17-2024		1,500,000		1,446,867
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		686,485
									5,877,872
Health Care: 3.81%
Health Care Equipment & Supplies: 0.64%
Becton Dickinson & Company		3.73			12-15-2024		134,000		129,378
Hill-Rom Holdings Incorporated 144A		5.00			2-15-2025		1,910,000		1,862,250
Hologic Incorporated 144A		4.38			10-15-2025		1,000,000		950,000
Hologic Incorporated 144A		4.63			2-1-2028		170,000		159,055
Teleflex Incorporated		4.88			6-1-2026		1,100,000		1,065,306
									4,165,989
Health Care Providers & Services: 2.22%
Advocate Health Corporation		4.27			8-15-2048		920,000		898,134
Ascension Health		3.95			11-15-2046		1,875,000		1,739,619
Cleveland Clinic Foundation		4.86			1-1-2114		894,000		875,993
CVS Health Corporation		3.50			7-20-2022		120,000		118,380
CVS Health Corporation		4.30			3-25-2028		1,300,000		1,266,299
CVS Health Corporation		5.05			3-25-2048		130,000		125,928
Duke University Health System Incorporated		3.92			6-1-2047		165,000		155,754
Halfmoon Parent Incorporated 144A		3.75			7-15-2023		610,000		601,806
Mayo Clinic		4.13			11-15-2052		810,000		791,447
Mednax Incorporated 144A		5.25			12-1-2023		1,630,000		1,609,625
Memorial Sloan Kettering Cancer Center		4.20			7-1-2055		538,000		517,988
Peacehealth Obligated Group		4.79			11-15-2048		975,000		982,333
Providence St. Joseph Health Obligated Group		3.93			10-1-2048		350,000		316,325
Southern Baptist Hospital		4.86			7-15-2045		175,000		186,075
Stanford Health Care		3.80			11-15-2048		275,000		253,975
Texas Health Resources		4.33			11-15-2055		1,115,000		1,074,146
The New York-Presbyterian Hospital		3.56			8-1-2036		275,000		250,141
The New York-Presbyterian Hospital		4.06			8-1-2056		570,000		536,257
UnitedHealth Group Incorporated		3.50			6-15-2023		600,000		599,030
UnitedHealth Group Incorporated		3.75			7-15-2025		1,500,000		1,493,151
									14,392,406
Health Care Technology: 0.28%
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		1,865,000		1,795,063

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

10 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Life Sciences Tools & Services: 0.24%
Thermo Fisher Scientific Incorporated		3.00	%		4-15-2023	$	1,500,000	$	1,442,539
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		150,000		148,026
									1,590,565
Pharmaceuticals: 0.43%
Bayer US Finance LLC 144A		3.38			10-8-2024		240,000		225,404
Bayer US Finance LLC 144A		4.38			12-15-2028		1,170,000		1,122,421
EMD Finance LLC 144A		2.95			3-19-2022		1,500,000		1,462,895
									2,810,720
Industrials: 4.37%
Aerospace & Defense: 1.01%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		1,345,000		1,325,075
Hexcel Corporation		3.95			2-15-2027		1,302,000		1,259,156
Northrop Grumman Corporation		3.25			1-15-2028		1,500,000		1,395,051
United Technologies Corporation		3.95			8-16-2025		1,700,000		1,679,977
United Technologies Corporation		4.13			11-16-2028		930,000		913,422
									6,572,681
Air Freight & Logistics: 0.22%
Fedex Corporation		4.20			10-17-2028		1,430,000		1,420,192
Building Products: 0.06%
Fortune Brands Home & Security Incorporated		4.00			9-21-2023		240,000		238,492
Masco Corporation		6.50			8-15-2032		150,000		161,138
									399,630
Commercial Services & Supplies: 0.61%
Acco Brands Corporation 144A		5.25			12-15-2024		1,800,000		1,660,500
Cintas Corporation No. 2		2.90			4-1-2022		1,600,000		1,564,617
Clean Harbors Incorporated		5.13			6-1-2021		750,000		751,395
									3,976,512
Construction & Engineering: 0.01%
Valmont Industries Incorporated		5.00			10-1-2044		110,000		96,190
Electrical Equipment: 0.03%
Eaton Corporation		3.10			9-15-2027		250,000		232,422
Industrial Conglomerates: 0.16%
General Electric Capital Corporation		4.65			10-17-2021		130,000		127,709
Roper Technologies Incorporated		3.65			9-15-2023		910,000		896,681
									1,024,390
Machinery: 1.41%
Actuant Corporation		5.63			6-15-2022		1,910,000		1,912,377
Briggs & Stratton Corporation		6.88			12-15-2020		850,000		884,000
Fortive Corporation		2.35			6-15-2021		215,000		208,025
Mueller Water Products Incorporated 144A		5.50			6-15-2026		1,825,000		1,806,750

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 11

Security name	Interest rate			Maturity date		Principal		Value
Machinery (continued)
Oshkosh Corporation		4.60	%		5-15-2028	$	1,035,000	$	1,013,006
Oshkosh Corporation		5.38			3-1-2025		350,000		353,500
Parker Hannifin Corporation		3.30			11-21-2024		1,400,000		1,369,413
Stanley Black & Decker Incorporated		4.25			11-15-2028		1,290,000		1,294,948
Vessel Management Services Incorporated		3.43			8-15-2036		306,000		290,377
									9,132,396
Professional Services: 0.28%
Equifax Incorporated		3.95			6-15-2023		1,700,000		1,684,406
Relx Capital Incorporated		3.50			3-16-2023		110,000		107,750
									1,792,156
Road & Rail: 0.34%
Norfolk Southern Corporation		5.10			12-31-2049		760,000		724,956
Union Pacific Corporation		3.95			9-10-2028		1,500,000		1,480,304
									2,205,260
Transportation Infrastructure: 0.24%
Crowley Conro LLC		4.18			8-15-2043		1,530,000		1,543,512
Information Technology: 2.72%
Electronic Equipment, Instruments & Components: 0.48%
Amphenol Corporation		3.20			4-1-2024		1,531,000		1,463,092
Jabil Incorporated		3.95			1-12-2028		1,875,000		1,691,438
									3,154,530
IT Services: 0.50%
Fiserv Incorporated		4.20			10-1-2028		1,470,000		1,453,286
Fiserv Incorporated		4.75			6-15-2021		100,000		102,299
Verisign Incorporated		4.75			7-15-2027		1,745,000		1,664,294
									3,219,879
Semiconductors & Semiconductor Equipment: 0.67%
Maxim Integrated Products Incorporated		3.45			6-15-2027		1,550,000		1,430,266
Microchip Technology Incorporated 144A		4.33			6-1-2023		1,500,000		1,460,217
Versum Materials Incorporated 144A		5.50			9-30-2024		1,500,000		1,481,250
									4,371,733
Software: 1.01%
CDK Global Incorporated		4.88			6-1-2027		1,125,000		1,049,063
CDK Global Incorporated		5.88			6-15-2026		400,000		398,000
Fair Isaac Corporation 144A		5.25			5-15-2026		1,750,000		1,725,938
Oracle Corporation		2.95			11-15-2024		3,467,000		3,316,156
Oracle Corporation		3.40			7-8-2024		70,000		68,907
									6,558,064

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

12 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Technology Hardware, Storage & Peripherals: 0.06%
Hewlett Packard Enterprise Company		4.90	%		10-15-2025	$	375,000	$	376,454
Materials: 3.96%
Chemicals: 2.25%
Albemarle Corporation		4.15			12-1-2024		1,390,000		1,383,511
Axalta Coating Systems Limited 144A		4.88			8-15-2024		1,675,000		1,621,735
DowDuPont Incorporated		4.73			11-15-2028		1,930,000		1,957,052
Dowdupont Incorporated		4.49			11-15-2025		430,000		434,637
Ecolab Incorporated		3.25			12-1-2027		75,000		71,043
Ingevity Corporation 144A		4.50			2-1-2026		2,475,000		2,283,188
Mosaic Company		4.05			11-15-2027		1,500,000		1,424,416
Scotts Miracle-Gro Company		5.25			12-15-2026		1,410,000		1,318,350
Scotts Miracle-Gro Company		6.00			10-15-2023		390,000		394,875
The Sherwin-Williams Company		3.30			2-1-2025		100,000		94,153
The Sherwin-Williams Company		3.45			6-1-2027		1,500,000		1,373,631
Valvoline Incorporated		5.50			7-15-2024		1,750,000		1,736,875
W.R. Grace & Company 144A		5.63			10-1-2024		500,000		506,100
									14,599,566
Construction Materials: 0.03%
CRH America Finance Incorporated 144A		3.40			5-9-2027		200,000		183,195
Containers & Packaging: 1.55%
Ball Corporation		4.88			3-15-2026		1,075,000		1,056,188
Ball Corporation		5.25			7-1-2025		350,000		355,250
Graphic Packaging International Company		4.13			8-15-2024		1,700,000		1,602,250
International Paper Company «		3.00			2-15-2027		1,600,000		1,440,170
Packaging Corporation of America		4.50			11-1-2023		1,500,000		1,531,808
Sealed Air Corporation 144A		5.50			9-15-2025		200,000		197,500
Sealed Air Corporation 144A		6.88			7-15-2033		515,000		524,013
Silgan Holdings Incorporated		4.75			3-15-2025		1,875,000		1,762,500
Westrock Company 144A		3.00			9-15-2024		1,680,000		1,548,874
									10,018,553
Metals & Mining: 0.08%
Freeport-McMoRan Copper & Gold Incorporated «		4.55			11-14-2024		575,000		534,031
Paper & Forest Products: 0.05%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		339,838
Real Estate: 3.50%
Equity REITs: 3.50%
Alexandria Real Estate Equities Incorporated		3.95			1-15-2027		240,000		229,768
Alexandria Real Estate Equities Incorporated		4.30			1-15-2026		1,500,000		1,481,264
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		185,718
Boston Properties LP		2.75			10-1-2026		1,500,000		1,342,535
Boston Properties LP		3.20			1-15-2025		250,000		235,857
Boston Properties LP		3.85			2-1-2023		410,000		405,558
Boston Properties LP		4.50			12-1-2028		310,000		310,219

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 13

Security name	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
Digital Realty Trust LP		4.45	%		7-15-2028	$	510,000	$	505,780
Duke Realty LP		3.25			6-30-2026		1,500,000		1,410,544
Duke Realty LP		3.88			10-15-2022		150,000		150,499
Duke Realty LP		4.00			9-15-2028		230,000		225,310
Federal Realty Investment Trust		2.75			6-1-2023		1,895,000		1,812,436
Host Hotels & Resorts Incorporated		3.88			4-1-2024		265,000		258,393
Kimco Realty Corporation		3.30			2-1-2025		1,500,000		1,406,228
Liberty Property LP		3.75			4-1-2025		1,600,000		1,543,959
Mid America Apartment Communities		4.20			6-15-2028		160,000		157,449
National Retail Properties Incorporated		4.30			10-15-2028		370,000		363,440
Potlatch Corporation		7.50			11-1-2019		310,000		319,853
ProLogis LP		3.75			11-1-2025		1,535,000		1,521,455
Realty Income Corporation		4.65			8-1-2023		1,870,000		1,938,254
Simon Property Group LP		3.38			10-1-2024		1,800,000		1,749,499
UDR Incorporated		3.75			7-1-2024		1,500,000		1,469,303
UDR Incorporated		4.63			1-10-2022		260,000		265,291
Ventas Realty LP		3.50			2-1-2025		150,000		142,665
Ventas Realty LP		3.85			4-1-2027		1,500,000		1,427,187
Vornado Realty Trust		3.50			1-15-2025		1,500,000		1,427,209
Welltower Incorporated		3.95			9-1-2023		470,000		467,028
									22,752,701
Utilities: 2.71%
Electric Utilities: 2.16%
AEP Texas Incorporated		2.40			10-1-2022		90,000		86,346
Alliant Energy Finance LLC 144A		3.75			6-15-2023		1,510,000		1,495,267
DPL Incorporated		7.25			10-15-2021		870,000		924,375
Duke Energy Carolinas LLC		6.05			4-15-2038		830,000		984,593
Duke Energy Progress LLC		3.70			9-1-2028		940,000		925,762
Entergy Arkansas Incorporated		3.05			6-1-2023		1,196,000		1,175,346
Entergy Arkansas Incorporated		4.00			6-1-2028		80,000		79,647
Florida Power & Light Company		4.95			6-1-2035		1,000,000		1,067,066
Interstate Power & Light Company		4.10			9-26-2028		1,070,000		1,065,227
ITC Holdings Corporation		3.65			6-15-2024		120,000		117,039
MidAmerican Energy Holdings Company		5.80			10-15-2036		900,000		1,056,305
Monongahela Power Company 144A		4.10			4-15-2024		1,660,000		1,687,227
Northern States Power Company of Minnesota		5.35			11-1-2039		1,580,000		1,781,979
Pacific Gas & Electric Company		3.95			12-1-2047		500,000		376,006
PacifiCorp		3.35			7-1-2025		130,000		126,132
Public Service Electric & Gas Company		5.70			12-1-2036		590,000		679,935
Southern California Edison Company		6.00			1-15-2034		188,000		199,453
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		200,000		197,308
									14,025,013
Gas Utilities: 0.44%
AmeriGas Partners LP		5.50			5-20-2025		950,000		879,938
AmeriGas Partners LP		5.88			8-20-2026		500,000		466,250
Boardwalk Pipelines Company		5.95			6-1-2026		1,500,000		1,528,070
									2,874,258

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

14 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Multi-Utilities: 0.11%
Black Hills Corporation		4.35	%		5-1-2033	$	710,000	$	696,921
Total Corporate Bonds and Notes (Cost $293,330,919)									287,570,239
Municipal Obligations: 6.57%
California: 0.07%
GO Revenue: 0.04%
Alameda County CA Series A		3.70			8-1-2031		275,000		271,428
Tax Revenue: 0.03%
San Jose CA RDA Senior Taxable Refunding Bonds Series A-T		3.38			8-1-2034		220,000		202,869
									474,297
Delaware: 0.20%
Miscellaneous Revenue: 0.20%
Delaware Build America Bonds		4.45			7-1-2028		1,250,000		1,317,050
Georgia: 0.09%
GO Revenue: 0.09%
Cherokee County GA School System Build America Bonds		5.87			8-1-2028		500,000		567,755
Hawaii: 0.17%
GO Revenue: 0.17%
Honolulu HI Series F		3.75			9-1-2030		1,110,000		1,099,644
Idaho: 0.02%
Miscellaneous Revenue: 0.02%
Idaho Building Authority State Office Campus Project Series B		3.28			9-1-2028		170,000		161,235
Illinois: 0.02%
GO Revenue: 0.02%
Lake County IL Community Consolidated School District Series A		3.40			11-1-2027		150,000		145,851
Indiana: 0.08%
Miscellaneous Revenue: 0.08%
Indiana Finance Authority Taxable Facilities Series A		2.37			7-1-2024		225,000		212,994
Indianapolis IN Local Public Improvement Bonds Series A-2		6.00			1-15-2040		235,000		283,535
									496,529
Massachusetts: 0.46%
GO Revenue: 0.23%
Boston MA Series C Qualified School Construction Bonds		4.40			4-1-2026		400,000		411,396
Massachusetts Build America Bonds Series D		4.50			8-1-2031		1,000,000		1,052,810
									1,464,206

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 15

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.23%
Massachusetts Build America Bonds Series E		5.46	%		12-1-2039	$	1,275,000	$	1,495,409
									2,959,615
Mississippi: 0.06%
Education Revenue: 0.06%
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ±		3.00			10-25-2035		418,915		419,359
Missouri: 0.50%
Education Revenue: 0.50%
Missouri HEFA Washington University Series A		3.65			8-15-2057		1,000,000		904,820
Missouri Higher Education Loan Authority Notes Class A-1 (1 Month LIBOR +0.83%) ±		3.11			1-26-2026		2,121,796		2,121,393
Missouri Higher Education Loan Authority Notes Class A-1 (3 Month LIBOR +0.85%) ±		3.53			8-27-2029		213,844		214,420
									3,240,633
New Jersey: 0.15%
Miscellaneous Revenue: 0.15%
Hudson County NJ Improvement Authority Hudson County Lease Project (AGM Insured)		7.40			12-1-2025		855,000		943,039
New York: 0.34%
Tax Revenue: 0.34%
New York City Transitional Finance Authority		3.43			8-1-2026		1,750,000		1,719,883
New York City Transitional Finance Authority Series A2		2.00			5-1-2024		250,000		232,490
New York City Transitional Finance Authority Series F2		2.75			5-1-2024		170,000		164,337
New York Urban Development Corporation Series B		2.86			3-15-2024		105,000		102,447
									2,219,157
North Carolina: 0.86%
Education Revenue: 0.86%
Duke University Series A		5.85			4-1-2037		880,000		1,077,410
North Carolina Education Assistance Authority Student Loan (3 Month LIBOR +0.90%) ±		3.39			7-25-2041		1,955,114		1,987,119
North Carolina Education Assistance Authority Student Loan Series A-3 (3 Month LIBOR +0.90%)		3.39			10-25-2041		587,393		595,810
University of North Carolina Chapel Hill		3.85			12-1-2034		375,000		377,820
University of North Carolina Chapel Hill Refunding Bonds Series C		3.33			12-1-2036		1,710,000		1,571,695
									5,609,854
Ohio: 0.13%
GO Revenue: 0.06%
Cuyahoga County OH Build America Bonds Series B		6.03			12-1-2034		325,000		387,722
Tax Revenue: 0.07%
Ohio County WV Special District Excise Tax Series A		8.25			3-1-2035		450,000		482,990
									870,712

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

16 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oregon: 0.37%
Education Revenue: 0.28%
Oregon		5.90	%		8-1-2038	$	1,500,000	$	1,787,790
GO Revenue: 0.09%
Oregon Board of Higher Education Build America Bonds Series C		5.38			8-1-2039		500,000		586,205
									2,373,995
Pennsylvania: 0.21%
Education Revenue: 0.21%
Pennsylvania Higher Education Authority Class A (1 Month LIBOR +1.15%) 144A±		3.43			9-25-2065		1,338,843		1,351,059
Rhode Island: 0.54%
Education Revenue: 0.54%
Rhode Island Student Loan Authority Class A-1 (1 Month LIBOR +0.90%) ±		3.20			7-1-2031		3,469,157		3,475,644
Tennessee: 0.02%
GO Revenue: 0.02%
Metropolitan Government of Nashville		5.71			7-1-2034		100,000		116,439
Texas: 0.92%
Education Revenue: 0.16%
University of Texas Build America Bonds Series A		5.26			7-1-2039		550,000		641,487
University of Texas Build America Bonds Series C		4.79			8-15-2046		120,000		130,352
University of Texas Build America Bonds Series D		5.13			8-15-2042		215,000		242,739
									1,014,578
GO Revenue: 0.21%
Hidalgo County TX		4.04			8-15-2030		1,270,000		1,284,491
Houston TX Pension Obligation Bonds Series 2017		3.73			3-1-2030		110,000		109,049
									1,393,540
Miscellaneous Revenue: 0.41%
Texas		3.45			10-1-2028		285,000		286,228
Texas Transportation Commission Highway Improvement Taxable Series A		4.63			4-1-2033		2,215,000		2,370,006
									2,656,234
Tax Revenue: 0.04%
Texas Transportation Commission Series B		5.18			4-1-2030		250,000		280,425
Water & Sewer Revenue: 0.10%
Houston TX Combined Utility System Series E		3.97			11-15-2031		655,000		655,177
									5,999,954
Utah: 0.80%
Education Revenue: 0.56%
State Board of Regents of Utah Series 1-A (1 Month LIBOR +0.75%) ±		3.07			9-25-2056		3,610,375		3,612,289

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 17

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue: 0.24%
Utah Build America Bonds Series B		3.54	%		7-1-2025	$	1,545,000	$	1,551,118
									5,163,407
Vermont: 0.00%
Housing Revenue: 0.00%
Vermont Housing Finance Agency		3.80			11-1-2037		30,000		29,081
Virginia: 0.10%
Education Revenue: 0.07%
University of Virginia Build America Bonds		6.20			9-1-2039		315,000		409,818
University of Virginia Revenue Bond Series C		4.18			9-1-2117		70,000		64,952
									474,770
Housing Revenue: 0.03%
Virginia Housing Development Authority		3.10			6-25-2041		168,606		159,449
									634,219
Washington: 0.46%
GO Revenue: 0.43%
King County WA Economic Development Taxable Bond Series C		5.03			12-1-2023		230,000		249,309
King County WA School District #210 (AGM Insured)		4.90			12-1-2022		400,000		407,896
Washington Series T		3.45			8-1-2029		1,000,000		979,370
Washington Build America Bonds Series D		5.48			8-1-2039		1,000,000		1,163,960
									2,800,535
Tax Revenue: 0.03%
Washington Build America Bonds		5.09			8-1-2033		175,000		194,511
									2,995,046
Total Municipal Obligations (Cost $42,713,676)									42,663,574
Non-Agency Mortgage-Backed Securities: 8.93%
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21			7-10-2046		636,837		643,539
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15			8-15-2045		550,000		543,951
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		607,731		593,130
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		630,000		631,351
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62			10-10-2046		549,997		552,503
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±±		4.19			11-10-2046		600,000		616,390
Commercial Mortgage Pass-Through Certificate Series 2013-CR7 Class A4		3.21			3-10-2046		593,569		586,242
Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5		3.98			5-10-2047		7,660,000		7,785,912
Commercial Mortgage Pass-Through Certificate Series 2014-CR21 Class A3		3.53			12-10-2047		2,900,000		2,872,477
Commercial Mortgage Pass-Through Certificate Series 2014-UBS5 Class A4		3.84			9-10-2047		620,000		622,878
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		421,446		431,496
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71			8-10-2044		545,000		548,358
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38			5-10-2045		513,310		512,218
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		615,000		632,681
GS Mortgage Securities Trust Series 2013-GC16 Class A4		4.27			11-10-2046		350,000		360,974

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

18 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust Series 2014-GC20 Class A5		4.00	%		4-10-2047	$	4,693,000	$	4,765,894
GS Mortgage Securities Trust Series 2014-GC26 Class A5		3.63			11-10-2047		2,565,000		2,555,605
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A5		3.80			7-15-2047		4,065,000		4,092,116
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07			11-15-2043		347,084		350,235
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C13 Class A4 ±±		3.99			1-15-2046		5,000,000		5,085,148
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C19 Class A4		4.00			4-15-2047		450,000		457,177
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-GC26 Class A4		3.49			1-15-2048		1,338,000		1,327,698
Morgan Stanley Bank of America Merril Lynch Trust Series 2014-C19 ClassA4		3.53			12-15-2047		1,790,000		1,772,832
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65			4-15-2047		550,000		552,592
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		500,000		513,331
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12			7-15-2049		530,000		538,325
SBA Series 2018-10B Class 1		3.55			9-11-2028		5,700,000		5,725,939
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±±		2.75			8-25-2055		243,142		237,461
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±		2.25			4-25-2056		326,509		318,219
Towd Point Mortgage Trust Series 2018-3 Class A1 144A±±		3.75			5-25-2058		2,743,304		2,735,830
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4		4.02			12-15-2046		4,370,000		4,448,261
WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5		4.00			5-15-2047		4,531,047		4,607,134
Total Non-Agency Mortgage-Backed Securities (Cost $58,555,703)									58,017,897
U.S. Treasury Securities: 6.17%
U.S. Treasury Bond		3.13			5-15-2048		8,910,000		8,601,282
U.S. Treasury Bond		4.50			5-15-2038		15,900,000		18,979,383
U.S. Treasury Note		1.00			6-30-2019		8,900,000		8,820,039
U.S. Treasury Note		2.50			5-31-2020		3,675,000		3,658,922
Total U.S. Treasury Securities (Cost $40,980,365)									40,059,626
Yankee Corporate Bonds and Notes: 6.98%
Communication Services: 0.32%
Wireless Telecommunication Services: 0.32%
Rogers Communications Incorporated		3.63			12-15-2025		250,000		240,482
Rogers Communications Incorporated		4.10			10-1-2023		370,000		374,713
Vodafone Group plc		4.13			5-30-2025		1,500,000		1,462,958
									2,078,153
Consumer Discretionary: 0.47%
Automobiles: 0.47%
Jaguar Land Rover Automotive plc 144A«		4.50			10-1-2027		620,000		457,250
Toyota Motor Corporation		3.42			7-20-2023		2,610,000		2,594,332
									3,051,582
Consumer Staples: 0.12%
Household Products: 0.12%
Reckitt Benckiser Treasury Services plc 144A		2.75			6-26-2024		855,000		804,530

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 19

Security name	Interest rate			Maturity date		Principal		Value
Energy: 0.82%
Oil, Gas & Consumable Fuels: 0.82%
BP Capital Markets plc		3.28	%		9-19-2027	$	155,000	$	144,639
BP Capital Markets plc		3.81			2-10-2024		1,500,000		1,494,223
Canadian National Resources Limited		2.95			1-15-2023		50,000		47,763
Cenovus Energy Incorporated		4.25			4-15-2027		1,500,000		1,337,888
Petroleos Mexicanos		2.29			2-15-2024		151,250		148,092
Petroleos Mexicanos		2.83			2-15-2024		316,250		314,040
Petroleos Mexicanos		6.38			1-23-2045		1,600,000		1,280,000
Schlumberger Investment SA 144A		2.40			8-1-2022		357,000		341,351
Total Capital International SA		3.70			1-15-2024		200,000		201,092
									5,309,088
Financials: 3.27%
Banks: 2.05%
Bank of Nova Scotia		4.50			12-16-2025		80,000		79,114
BNP Paribas SA 144A		4.40			8-14-2028		1,430,000		1,374,992
Cooperatieve Rabobank U.A. 144A		3.88			9-26-2023		300,000		298,150
Cooperatieve Rabobank U.A.		2.75			1-10-2023		1,500,000		1,437,177
Credit Suisse New York		3.63			9-9-2024		250,000		243,125
HSBC Holdings plc (3 Month LIBOR +1.06%) ±		3.26			3-13-2023		220,000		213,965
HSBC Holdings plc		3.60			5-25-2023		250,000		244,967
HSBC Holdings plc (3 Month LIBOR +1.35%) ±		4.29			9-12-2026		950,000		927,214
HSBC Holdings plc (3 Month LIBOR +1.53%) ±		4.58			6-19-2029		1,500,000		1,468,711
Mitsubishi UFJ Financial Group Incorporated		2.67			7-25-2022		80,000		77,183
Mitsubishi UFJ Financial Group Incorporated		3.46			3-2-2023		1,500,000		1,483,507
Mitsubishi UFJ Financial Group Incorporated		3.76			7-26-2023		350,000		349,147
Royal Bank of Canada		3.70			10-5-2023		2,620,000		2,609,424
Royal Bank of Canada		4.65			1-27-2026		120,000		121,534
Sumitomo Mitsui Financial Group		3.94			10-16-2023		780,000		786,947
Toronto Dominion Bank		3.50			7-19-2023		1,610,000		1,604,434
									13,319,591
Capital Markets: 0.28%
Credit Suisse Group AG (3 Month LIBOR +1.41%) 144A±		3.87			1-12-2029		1,500,000		1,383,247
Credit Suisse Group AG (3 Month LIBOR +1.24%) 144A±		4.21			6-12-2024		450,000		444,533
									1,827,780
Consumer Finance: 0.23%
UBS Group Funding Switzerland 144A		4.25			3-23-2028		1,500,000		1,465,639
Diversified Financial Services: 0.71%
Air Liquide Finance Company 144A		2.25			9-27-2023		1,500,000		1,409,781
Diageo Capital plc		3.50			9-18-2023		200,000		199,247
Shell International Finance BV		3.25			5-11-2025		200,000		193,912
Shell International Finance BV		3.40			8-12-2023		1,070,000		1,064,228
Siemens Financieringsmaatschappij NV 144A		3.13			3-16-2024		1,810,000		1,755,352
									4,622,520

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

20 Wells Fargo Managed Fixed Income Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 0.60%
Health Care Equipment & Supplies: 0.23%
Covidien International Finance SA		3.20	%		6-15-2022	$	1,500,000	$	1,480,339
Pharmaceuticals: 0.37%
Actavis Funding SCS		4.55			3-15-2035		1,200,000		1,116,428
Teva Pharmaceutical Finance BV		2.20			7-21-2021		150,000		139,277
Teva Pharmaceutical Finance BV		2.80			7-21-2023		1,000,000		876,648
Teva Pharmaceutical Finance BV		3.15			10-1-2026		350,000		285,293
									2,417,646
Industrials: 0.39%
Aerospace & Defense: 0.19%
Embraer Netherlands Finance BV		5.05			6-15-2025		1,200,000		1,213,500
Electrical Equipment: 0.04%
Sensata Technologies BV 144A		5.63			11-1-2024		265,000		265,663
Machinery: 0.09%
CNH Industrial NV		4.50			8-15-2023		600,000		600,000
Road & Rail: 0.07%
Canadian Pacific Railway Company		2.90			2-1-2025		450,000		427,153
Information Technology: 0.28%
Technology Hardware, Storage & Peripherals: 0.28%
Seagate HDD		4.75			6-1-2023		1,925,000		1,829,746
Materials: 0.71%
Metals & Mining: 0.71%
Anglo American Capital plc 144A		4.75			4-10-2027		1,500,000		1,439,295
ArcelorMittal SA		6.13			6-1-2025		1,500,000		1,576,290
Vale Overseas Limited		6.25			8-10-2026		1,500,000		1,601,250
									4,616,835
Total Yankee Corporate Bonds and Notes (Cost $46,344,566)									45,329,765
	Yield					Shares
Short-Term Investments: 4.01%
Investment Companies: 4.01%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					3,437,806		3,438,149
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.13					22,572,741		22,572,741
Total Short-Term Investments (Cost $26,010,890)									26,010,890

Total investments in securities (Cost $671,155,631)	102.00	%		662,360,788
Other assets and liabilities, net	(2.00	)		(13,003,883	)
Total net assets	100.00	%	$	649,356,905

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 21

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

±± 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.

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

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

%% The security is issued on a when-issued basis.

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

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

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

## All or a portion of this security is segregated for when-issued securities.

Abbreviations:

AGM Assured Guaranty Municipal

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HEFA Health & Educational Facilities Authority

LIBOR London Interbank Offered Rate

RDA Redevelopment Authority

REIT Real estate investment trust

SBA Small Business Administration

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		418,594		48,511,863		45,492,651		3,437,806	$	(11	)	$	0	$	10,117	$	3,438,149
Wells Fargo Government Money Market Fund Fund Select Class		417,223		828,546,299		806,390,781		22,572,741		0			0		917,982		22,572,741
									$	(11	)	$	0	$	928,099	$	26,010,890		4.01	%

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

22 Wells Fargo Managed Fixed Income Portfolio Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $3,368,690 of securities loaned), at value (cost $645,144,741)	$	636,349,898
Investments in affiliated securities, at value (cost $26,010,890)		26,010,890
Receivable for investments sold		32,627,830
Principal paydown receivable		42,845
Receivable for interest		5,496,268
Receivable for securities lending income		1,460
Prepaid expenses and other assets		5,686
Total assets		700,534,877
Liabilities
Payable for investments purchased		47,497,649
Payable upon receipt of securities loaned		3,438,091
Advisory fee payable		215,331
Accrued expenses and other liabilities		26,901
Total liabilities		51,177,972
Total net assets	$	649,356,905

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Managed Fixed Income Portfolio 23

Investment income
Interest (net of foreign interest withholding taxes of $2,448)	$	10,507,013
Income from affiliated securities		928,099
Total investment income		11,435,112
Expenses
Advisory fee		1,304,131
Custody and accounting fees		8,691
Professional fees		28,838
Shareholder report expenses		1,312
Trustees’ fees and expenses		7,929
Other fees and expenses		3,724
Total expenses		1,354,625
Less: Fee waivers and/or expense reimbursements		(63,442	)
Net expenses		1,291,183
Net investment income		10,143,929
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,715,949	)
Affiliated securities		(11	)
Futures contracts		14,951
Net realized losses on investments		(1,701,009	)
Net change in unrealized gains (losses) on investments		(8,363,508	)
Net realized and unrealized gains (losses) on investments		(10,064,517	)
Net increase in net assets resulting from operations	$	79,412

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

24 Wells Fargo Managed Fixed Income Portfolio Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	10,143,929		$	3,360,611
Net realized gains (losses) on investments		(1,701,009	)		366,933
Net change in unrealized gains (losses) on investments		(8,363,508	)		(3,657,037	)
Net increase in net assets resulting from operations		79,412			70,507
Capital transactions
Transactions in investors’ beneficial interests
Contributions		649,177,165			8,441,165
Withdrawals		(106,611,508	)		(13,757,809	)
Net increase (decrease) in net assets resulting from capital transactions		542,565,657			(5,316,644	)
Total increase (decrease) in net assets		542,645,069			(5,246,137	)
Net assets
Beginning of period		106,711,836			111,957,973
End of period	$	649,356,905		$	106,711,836

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

Financial highlights Wells Fargo Managed Fixed Income Portfolio 25

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(0.21	)%		0.05	%		3.13	%		3.95	%		4.23	%		3.07	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%		0.49	%		0.48	%		0.48	%		0.48	%		0.48	%
Net expenses		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		3.05	%		3.09	%		2.99	%		3.12	%		3.20	%		3.33	%
Supplemental data
Portfolio turnover rate		188	%		23	%		47	%		25	%		31	%		35	%

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

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

26 Wells Fargo Managed Fixed Income 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 Managed Fixed Income 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 service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management

Notes to financial statements (unaudited) Wells Fargo Managed Fixed Income Portfolio 27

receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

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.

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Security transactions and income recognition

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

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

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

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All 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 Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

28 Wells Fargo Managed Fixed Income Portfolio Notes to financial statements (unaudited)

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $671,151,800 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,745,827
Gross unrealized losses		(10,536,839	)
Net unrealized losses	$	(8,791,012	)

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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	141,185,044	$	0	$	141,185,044
Asset-backed securities		0		21,523,753		0		21,523,753
Corporate bonds and notes		0		287,570,239		0		287,570,239
Municipal obligations		0		42,663,574		0		42,663,574
Non-agency mortgage-backed securities		0		58,017,897		0		58,017,897
U.S. Treasury securities		40,059,626		0		0		40,059,626
Yankee corporate bonds and notes		0		45,329,765		0		45,329,765
Short-term investments
Investment companies		22,572,741		3,438,149		0		26,010,890
Total assets	$	62,632,367	$	599,728,421	$	0	$	662,360,788

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

At November 30, 2018, 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. 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 starting at 0.40% and declining to 0.29% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Notes to financial statements (unaudited) Wells Fargo Managed Fixed Income Portfolio 29

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. Galliard Capital Management, Inc., 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.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain 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 short-term securities, for the six months ended November 30, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,241,784,375	$449,216,032	$1,125,383,663	$19,223,731

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Fund entered into futures contracts for speculative purposes. The Fund had an average notional amount of $103,116 in long futures contracts during the six months ended November 30, 2018.

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

7. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

30 Wells Fargo Managed Fixed Income 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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Portfolio’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Managed Fixed Income Portfolio 31

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

32 Wells Fargo Managed Fixed Income Portfolio Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Managed Fixed Income Portfolio 33

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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

Semi-Annual Report

November 30, 2018

Wells Fargo C&B Large Cap Value Fund

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

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

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

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	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	26
Statement of operations	27
Statement of changes in net assets	28
Financial highlights	29
Notes to financial statements	30
Other information	34
Appendix A	38

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo C&B Large Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo C&B Large Cap Value Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo C&B Large Cap Value Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo C&B Large Cap Value Fund¹ 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 portfolio

Cooke & Bieler, L.P.

Portfolio managers

Andrew Armstrong, 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, 2018

		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		(6.11	)		7.03		11.91		(0.38	)		8.30		12.57		1.21		1.08
Class C (CBECX)	7-26-2004		(2.10	)		7.50		11.74		(1.10	)		7.50		11.74		1.96		1.83
Class R6 (CBEJX)4	10-31-2016		–			–		–		0.10			8.69		12.95		0.78		0.65
Administrator Class (CBLLX)	7-26-2004		–			–		–		(0.23	)		8.46		12.76		1.13		1.00
Institutional Class (CBLSX)	7-26-2004		–			–		–		(0.04	)		8.71		13.03		0.88		0.75
Russell 1000® Value Index5	–		–			–		–		2.96			8.65		12.46		–		–

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

Performance highlights (unaudited) Wells Fargo C&B Large Cap Value Fund 7

Ten largest holdings (%) as of November 30, 20186
Arrow Electronics Incorporated	3.20
State Street Corporation	3.20
Gildan Activewear Incorporated	2.99
AerCap Holdings NV	2.98
Chubb Limited	2.77
JPMorgan Chase & Company	2.77
Intercontinental Exchange Incorporated	2.75
Johnson & Johnson	2.69
Omnicom Group Incorporated	2.68
PNC Financial Services Group Incorporated	2.63

Sector distribution as of November 30, 2018⁷

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

¹  The Fund is a gateway feeder fund 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, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any) from funds in which the underlying master portfolio invests, and extraordinary expenses are excluded from the expense cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Net expenses from the underlying affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

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

8 Wells Fargo C&B Large Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,023.01	$	5.48		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class C
Actual	$	1,000.00	$	1,019.64	$	9.27		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Class R6
Actual	$	1,000.00	$	1,025.05	$	3.30		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,023.71	$	5.07		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,024.36	$	3.81		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).

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo C&B Large Cap Value Fund 9

Security name	Value
Investment Companies: 100.01%
Affiliated Master Portfolio: 100.01%
Wells Fargo C&B Large Cap Value Portfolio	$	332,646,637
Total Investment Companies (Cost $268,890,306)		332,646,637

Total investments in securities (Cost $268,890,306)	100.01	%		332,646,637
Other assets and liabilities, net	(0.01	)		(43,227	)
Total net assets	100.00	%	$	332,603,410

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		93	%		78	%	$	10,026,125	$	(3,233,984	)	$	3,345,618	$	80,173	$	332,646,637		100.01	%

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

10 Wells Fargo C&B Large Cap Value Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $268,890,306)	$	332,646,637
Receivable for Fund shares sold		328,669
Receivable from manager		23,019
Prepaid expenses and other assets		146,181
Total assets		333,144,506
Liabilities
Payable for Fund shares redeemed		492,275
Administration fees payable		34,326
Distribution fee payable		6,526
Trustees’ fees and expenses payable		2,684
Accrued expenses and other liabilities		5,285
Total liabilities		541,096
Total net assets	$	332,603,410
NET ASSETS CONSIST OF
Paid-in capital	$	246,014,826
Total distributable earnings		86,588,584
Total net assets	$	332,603,410
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	80,521,129
Shares outstanding – Class A1		5,658,072
Net asset value per share – Class A		$14.23
Maximum offering price per share – Class A2		$15.10
Net assets – Class C	$	10,151,507
Shares outstanding – Class C1		724,185
Net asset value per share – Class C		$14.02
Net assets – Class R6	$	109,826,284
Shares outstanding – Class R61		7,669,024
Net asset value per share – Class R6		$14.32
Net assets – Administrator Class	$	10,146,993
Shares outstanding – Administrator Class1		712,183
Net asset value per share – Administrator Class		$14.25
Net assets – Institutional Class	$	121,957,497
Shares outstanding – Institutional Class1		8,526,553
Net asset value per share – Institutional Class		$14.30

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo C&B Large Cap Value Fund 11

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $24,938)	$	3,345,618
Affiliated income allocated from affiliated Master Portfolio		80,173
Expenses allocated from affiliated Master Portfolio		(1,196,633	)
Waivers allocated from affiliated Master Portfolio		37,850
Total investment income		2,267,008
Expenses
Management fee		89,180
Administration fees
Class A		89,223
Class C		11,380
Class R6		17,202
Administrator Class		7,809
Institutional Class		87,237
Shareholder servicing fees
Class A		106,218
Class C		13,548
Administrator Class		15,017
Distribution fee
Class C		40,643
Custody and accounting fees		6,925
Professional fees		11,642
Registration fees		33,461
Shareholder report expenses		13,790
Trustees’ fees and expenses		11,196
Other fees and expenses		6,283
Total expenses		560,754
Less: Fee waivers and/or expense reimbursements		(225,540	)
Net expenses		335,214
Net investment income		1,931,794
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		10,026,125
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(3,233,984	)
Net realized and unrealized gains (losses) on investments		6,792,141
Net increase in net assets resulting from operations	$	8,723,935

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

12 Wells Fargo C&B Large Cap Value Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 20181
Operations
Net investment income				$	1,931,794					$	3,023,151
Net realized gains on investments					10,026,125						30,034,249
Net change in unrealized gains (losses) on investments					(3,233,984	)					(11,845,354	)
Net increase in net assets resulting from operations					8,723,935						21,212,046
Distributions to shareholders from net investment income and net realized gains
Class A					0						(9,243,548	)
Class C					0						(1,063,860	)
Class R6					0						(453,208	)
Administrator Class					0						(1,533,377	)
Institutional Class					0						(27,982,031	)
Total distributions to shareholders					0						(40,276,024	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		151,159			2,180,129			919,384			13,795,201
Class C		64,539			908,136			281,614			4,187,818
Class R6		421,840			6,115,192			7,863,006			110,525,989
Administrator Class		45,861			664,800			297,700			4,486,264
Institutional Class		919,138			13,245,520			6,201,334			92,921,657
					23,113,777						225,916,929
Reinvestment of distributions
Class A		0			0			629,729			9,080,968
Class C		0			0			73,825			1,051,272
Class R6		0			0			31,033			449,875
Administrator Class		0			0			87,651			1,265,630
Institutional Class		0			0			1,065,954			15,442,909
					0						27,290,654
Payment for shares redeemed
Class A		(655,183	)		(9,373,276	)		(1,094,969	)		(16,239,579	)
Class C		(142,490	)		(2,039,097	)		(110,207	)		(1,620,229	)
Class R6		(676,849	)		(9,827,587	)		(212,138	)		(3,029,866	)
Administrator Class		(249,141	)		(3,576,108	)		(257,513	)		(3,725,510	)
Institutional Class		(2,071,822	)		(29,645,834	)		(12,692,000	)		(180,616,185	)
					(54,461,902	)					(205,231,369	)
Net increase (decrease) in net assets resulting from capital share transactions					(31,348,125	)					47,976,214
Total increase (decrease) in net assets					(22,624,190	)					28,912,236
Net assets
Beginning of period					355,227,600						326,315,364
End of period				$	332,603,410					$	355,227,600

¹ Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $1,304,663. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo C&B Large Cap Value Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.91			$14.54			$12.55			$13.07			$11.99			$10.32
Net investment income		0.06			0.09	1		0.08			0.11	1		0.10			0.09
Net realized and unrealized gains (losses) on investments		0.26			0.87			2.23			(0.14	)		1.07			1.68
Total from investment operations		0.32			0.96			2.31			0.03			1.17			1.77
Distributions to shareholders from
Net investment income		0.00			(0.06	)		(0.08	)		(0.10	)		(0.09	)		(0.10	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00
Total distributions to shareholders		0.00			(1.59	)		(0.32	)		(0.49	)		(0.09	)		(0.10	)
Net asset value, end of period		$14.23			$13.91			$14.54			$12.55			$13.07			$11.99
Total return2		2.30	%		6.29	%		18.62	%		(0.08	)%		9.78	%		17.25	%
Ratios to average net assets (annualized)
Gross expenses3		1.21	%		1.21	%		1.24	%		1.25	%		1.29	%		1.31	%
Net expenses3		1.08	%		1.10	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income3		0.84	%		0.58	%		0.62	%		0.89	%		0.73	%		0.86	%
Supplemental data
Portfolio turnover rate4		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$80,521			$85,707			$83,016			$88,387			$27,085			$29,537

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, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	0.68	%

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

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

14 Wells Fargo C&B Large Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.75			$14.44			$12.48			$13.01			$11.95			$10.29
Net investment income (loss)		0.00	1		(0.02	)2		(0.02	)		0.01			(0.00	)3		0.01
Net realized and unrealized gains (losses) on investments		0.27			0.86			2.22			(0.14	)		1.07			1.67
Total from investment operations		0.27			0.84			2.20			(0.13	)		1.07			1.68
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.01	)		(0.01	)		(0.02	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00
Total distributions to shareholders		0.00			(1.53	)		(0.24	)		(0.40	)		(0.01	)		(0.02	)
Net asset value, end of period		$14.02			$13.75			$14.44			$12.48			$13.01			$11.95
Total return4		1.96	%		5.46	%		17.73	%		(0.82	)%		8.93	%		16.39	%
Ratios to average net assets (annualized)
Gross expenses5		1.96	%		1.96	%		1.99	%		2.00	%		2.04	%		2.06	%
Net expenses5		1.83	%		1.85	%		1.90	%		1.90	%		1.90	%		1.90	%
Net investment income (loss)5		0.09	%		(0.16	)%		(0.13	)%		0.11	%		(0.02	)%		0.11	%
Supplemental data
Portfolio turnover rate6		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$10,152			$11,031			$8,043			$7,282			$7,654			$7,262

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

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

Six months ended November 30, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	0.68	%

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

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

Financial highlights Wells Fargo C&B Large Cap Value Fund 15

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6				2018			20171
Net asset value, beginning of period		$13.97			$14.59			$12.73
Net investment income		0.10			0.18	2		0.16
Net realized and unrealized gains (losses) on investments		0.25			0.85			2.06
Total from investment operations		0.35			1.03			2.22
Distributions to shareholders from
Net investment income		0.00			(0.12	)		(0.12	)
Net realized gains		0.00			(1.53	)		(0.24	)
Total distributions to shareholders		0.00			(1.65	)		(0.36	)
Net asset value, end of period		$14.32			$13.97			$14.59
Total return3		2.51	%		6.76	%		17.65	%
Ratios to average net assets (annualized)
Gross expenses4		0.78	%		0.77	%		0.81	%
Net expenses4		0.65	%		0.65	%		0.70	%
Net investment income4		1.27	%		1.28	%		1.04	%
Supplemental data
Portfolio turnover rate5		23	%		42	%		89	%
Net assets, end of period (000s omitted)		$109,826			$110,665			$3,532

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

²  Calculated based upon average shares outstanding

³  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, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.65	%
Year ended May 31, 20171	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.

16 Wells Fargo C&B Large Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.92			$14.56			$12.54			$13.07			$12.00			$10.32
Net investment income		0.07	1		0.10	1		0.10	1		0.13	1		0.13			0.12	1
Net realized and unrealized gains (losses) on investments		0.26			0.87			2.24			(0.15	)		1.06			1.68
Total from investment operations		0.33			0.97			2.34			(0.02	)		1.19			1.80
Distributions to shareholders from
Net investment income		0.00			(0.08	)		(0.08	)		(0.12	)		(0.12	)		(0.12	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00
Total distributions to shareholders		0.00			(1.61	)		(0.32	)		(0.51	)		(0.12	)		(0.12	)
Net asset value, end of period		$14.25			$13.92			$14.56			$12.54			$13.07			$12.00
Total return2		2.37	%		6.36	%		18.82	%		0.11	%		9.93	%		17.49	%
Ratios to average net assets (annualized)
Gross expenses3		1.13	%		1.13	%		1.16	%		1.16	%		1.13	%		1.14	%
Net expenses3		1.00	%		1.00	%		1.00	%		0.98	%		0.95	%		0.95	%
Net investment income3		0.90	%		0.69	%		0.77	%		1.03	%		0.92	%		1.08	%
Supplemental data
Portfolio turnover rate4		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$10,147			$12,742			$11,467			$23,210			$55,705			$53,884

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, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	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.

Financial highlights Wells Fargo C&B Large Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.96			$14.58			$12.58			$13.11			$12.03			$10.35
Net investment income		0.09			0.13	1		0.14			0.16			0.15			0.14
Net realized and unrealized gains (losses) on investments		0.25			0.89			2.22			(0.14	)		1.08			1.69
Total from investment operations		0.34			1.02			2.36			0.02			1.23			1.83
Distributions to shareholders from
Net investment income		0.00			(0.11	)		(0.12	)		(0.16	)		(0.15	)		(0.15	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00
Total distributions to shareholders		0.00			(1.64	)		(0.36	)		(0.55	)		(0.15	)		(0.15	)
Net asset value, end of period		$14.30			$13.96			$14.58			$12.58			$13.11			$12.03
Total return2		2.44	%		6.68	%		19.05	%		0.33	%		10.15	%		17.86	%
Ratios to average net assets (annualized)
Gross expenses3		0.88	%		0.88	%		0.91	%		0.92	%		0.86	%		0.88	%
Net expenses3		0.75	%		0.77	%		0.80	%		0.77	%		0.70	%		0.70	%
Net investment income3		1.17	%		0.87	%		0.96	%		1.25	%		1.18	%		1.34	%
Supplemental data
Portfolio turnover rate4		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$121,957			$135,082			$220,257			$133,632			$132,768			$104,758

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, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	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.

18 Wells Fargo C&B Large Cap Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 78% of Wells Fargo C&B Large Cap Value Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and 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.

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

Notes to financial statements (unaudited) Wells Fargo C&B Large Cap Value Fund 19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $271,105,087 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	61,541,550
Gross unrealized losses		0
Net unrealized gains	$	61,541,550

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2018, 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		$332,646,637

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

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

20 Wells Fargo C&B Large Cap Value Fund Notes to financial statements (unaudited)

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; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each 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 Class Administrator Class shares and 0.75% for Institutional Class shares. After this time, 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, 2018, Funds Distributor received $854 from the sale of Class A shares and $29 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2018.

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, 2018 were $103,695,875 and $75,798,561, respectively.

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	403,349	$	8,840,199
Class C		0		1,063,860
Class R6		36,739		416,469
Administrator Class		86,666		1,446,711
Institutional Class		2,028,817		25,953,214

Notes to financial statements (unaudited) Wells Fargo C&B Large Cap Value Fund 21

8. CONCENTRATION RISK

Concentration risk 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.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

11. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018, the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018, were as follows:

	Short-term capital gains		Long-term capital gains
Class A		$0.20176		$0.71046
Class C		0.20176		0.71046
Class R6		0.20176		0.71046
Administrator Class		0.20176		0.71046
Institutional Class		0.20176		0.71046

On December 18, 2018, the Fund declared distributions from net investment income to shareholders of record on December 17, 2018. The per share amounts payable on December 19, 2018 were as follows:

	Net investment income
Class A	$	0.11518
Class C		0.00789
Class R6		0.17502
Administrator Class		0.11958
Institutional Class		0.16218

These distributions are not reflected in the accompanying financial statements.

22 Wells Fargo C&B Large Cap Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks: 97.50%
Communication Services: 5.15%
Diversified Telecommunication Services: 2.47%
Verizon Communications Incorporated		174,500	$	10,522,350
Media: 2.68%
Omnicom Group Incorporated		148,600		11,437,742
Consumer Discretionary: 8.60%
Hotels, Restaurants & Leisure: 2.11%
Carnival Corporation		149,500		9,013,355
Household Durables: 1.80%
Whirlpool Corporation		60,900		7,681,317
Textiles, Apparel & Luxury Goods: 4.69%
Gildan Activewear Incorporated		387,904		12,738,767
HanesBrands Incorporated		455,400		7,245,414
				19,984,181
Consumer Staples: 3.20%
Beverages: 1.16%
Diageo plc ADR		34,200		4,936,770
Tobacco: 2.04%
Philip Morris International Incorporated		100,600		8,704,918
Energy: 5.21%
Energy Equipment & Services: 1.61%
Schlumberger Limited		153,000		6,900,300
Oil, Gas & Consumable Fuels: 3.60%
Exxon Mobil Corporation		125,500		9,977,250
World Fuel Services Corporation		208,300		5,372,057
				15,349,307
Financials: 27.79%
Banks: 5.40%
JPMorgan Chase & Company		106,200		11,808,378
PNC Financial Services Group Incorporated		82,750		11,235,795
				23,044,173
Capital Markets: 8.53%
Brookfield Asset Management Incorporated Class A		251,500		11,035,820
Intercontinental Exchange Incorporated		143,700		11,743,164
State Street Corporation		186,700		13,632,834
				36,411,818

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo C&B Large Cap Value Portfolio 23

Security name	Shares		Value
Consumer Finance: 2.09%
Synchrony Financial		344,000	$	8,937,120
Diversified Financial Services: 1.54%
Berkshire Hathaway Incorporated Class B †		30,100		6,569,024
Insurance: 10.23%
Arch Capital Group Limited †		302,644		8,661,671
Chubb Limited		88,500		11,835,990
Fidelity National Financial Incorporated		329,300		11,064,480
RenaissanceRe Holdings Limited		54,000		7,160,940
The Progressive Corporation		74,000		4,905,460
				43,628,541
Health Care: 11.58%
Health Care Equipment & Supplies: 2.78%
Abbott Laboratories		59,600		4,413,380
Becton Dickinson & Company		29,400		7,430,850
				11,844,230
Health Care Providers & Services: 3.92%
Cardinal Health Incorporated		104,900		5,751,667
Laboratory Corporation of America Holdings †		39,700		5,781,908
UnitedHealth Group Incorporated		18,400		5,177,024
				16,710,599
Pharmaceuticals: 4.88%
Allergan plc		59,900		9,380,340
Johnson & Johnson		78,000		11,458,200
				20,838,540
Industrials: 16.26%
Air Freight & Logistics: 2.45%
United Parcel Service Incorporated Class B		90,800		10,468,332
Building Products: 2.39%
Johnson Controls International plc		292,600		10,176,628
Electrical Equipment: 3.73%
AMETEK Incorporated		77,500		5,690,825
Eaton Corporation plc		132,900		10,225,326
				15,916,151
Machinery: 4.71%
Colfax Corporation †		377,200		9,407,368
Snap-on Incorporated		64,300		10,689,232
				20,096,600
Trading Companies & Distributors: 2.98%
AerCap Holdings NV †		240,700		12,725,809

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

24 Wells Fargo C&B Large Cap Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name				Shares		Value
Information Technology: 11.90%
Electronic Equipment, Instruments & Components: 4.82%
Arrow Electronics Incorporated †					177,300	$	13,646,781
TE Connectivity Limited					90,100		6,931,393
							20,578,174
IT Services: 3.70%
Alliance Data Systems Corporation					30,500		6,110,980
Amdocs Limited					148,800		9,658,608
							15,769,588
Semiconductors & Semiconductor Equipment: 3.38%
Analog Devices Incorporated					47,301		4,347,908
Applied Materials Incorporated					269,800		10,058,144
							14,406,052
Materials: 6.31%
Chemicals: 1.73%
Axalta Coating Systems Limited †					295,700		7,401,371
Containers & Packaging: 3.57%
Ball Corporation					87,400		4,292,214
Crown Holdings Incorporated †					213,600		10,953,408
							15,245,622
Metals & Mining: 1.01%
Reliance Steel & Aluminum Company					53,300		4,287,985
Real Estate: 1.50%
Real Estate Management & Development: 1.50%
CBRE Group Incorporated Class A †					146,700		6,407,856
Total Common Stocks (Cost $342,985,403)							415,994,453
	Yield
Short-Term Investments: 1.94%
Investment Companies: 1.94%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%		8,272,722		8,272,722
Total Short-Term Investments (Cost $8,272,722)							8,272,722

Total investments in securities (Cost $351,258,125)	99.44	%		424,267,175
Other assets and liabilities, net	0.56			2,397,128
Total net assets	100.00	%	$	426,664,303

† 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.

Abbreviations:

ADR American depositary receipt

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo C&B Large Cap Value Portfolio 25

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		10,765,440		41,129,061		51,894,501		0	$	2,788	$	(49	)	$	9,452	$	0
Wells Fargo Government Money Market Fund Select Class		11,494,258		70,046,036		73,267,572		8,272,722		0		0			89,422		8,272,722
									$	2,788	$	(49	)	$	98,874	$	8,272,722		1.94	%

* No longer held at the end of the period.

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

26 Wells Fargo C&B Large Cap Value Portfolio Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $342,985,403)	$	415,994,453
Investments in affiliated securities, at value (cost $8,272,722)		8,272,722
Receivable for investments sold		1,425,998
Receivable for dividends		1,219,591
Receivable for securities lending income		2,954
Prepaid expenses and other assets		20,755
Total assets		426,936,473
Liabilities
Advisory fee payable		233,233
Custodian and accounting fees payable		25,368
Professional fees payable		13,569
Total liabilities		272,170
Total net assets	$	426,664,303

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo C&B Large Cap Value Portfolio 27

Investment income
Dividends (net of foreign withholding taxes of $31,807)	$	4,150,571
Income from affiliated securities		98,874
Total investment income		4,249,445
Expenses
Advisory fee		1,438,482
Custody and accounting fees		10,981
Professional fees		19,372
Shareholder report expenses		537
Trustees’ fees and expenses		11,370
Other fees and expenses		4,601
Total expenses		1,485,343
Less: Fee waivers and/or expense reimbursements		(46,861	)
Net expenses		1,438,482
Net investment income		2,810,963
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		12,254,730
Affiliated securities		2,788
Net realized gains on investments		12,257,518
Net change in unrealized gains (losses) on:
Unaffiliated securities		(3,051,819	)
Affiliated securities		(49	)
Net change in unrealized gains (losses) on investments		(3,051,868	)
Net realized and unrealized gains (losses) on investments		9,205,650
Net increase in net assets resulting from operations	$	12,016,613

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

28 Wells Fargo C&B Large Cap Value Portfolio Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	2,810,963		$	4,162,366
Net realized gains on investments		12,257,518			34,247,156
Net change in unrealized gains (losses) on investments		(3,051,868	)		(13,968,164	)
Net increase in net assets resulting from operations		12,016,613			24,441,358
Capital transactions
Transactions in investors’ beneficial interests
Contributions		88,281,269			67,670,834
Withdrawals		(55,836,696	)		(73,762,455	)
Net increase (decrease) in net assets resulting from capital transactions		32,444,573			(6,091,621	)
Total increase in net assets		44,461,186			18,349,737
Net assets
Beginning of period		382,203,117			363,853,380
End of period	$	426,664,303		$	382,203,117

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

Financial highlights Wells Fargo C&B Large Cap Value Portfolio 29

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		2.55	%		6.65	%		19.17	%		0.35	%		10.29	%		17.80	%
Ratios to average net assets (annualized)
Gross expenses		0.67	%		0.67	%		0.68	%		0.68	%		0.68	%		0.68	%
Net expenses		0.65	%		0.66	%		0.68	%		0.68	%		0.68	%		0.68	%
Net investment income		1.27	%		1.02	%		1.09	%		1.33	%		1.20	%		1.35	%
Supplemental data
Portfolio turnover rate		23	%		42	%		89	%		29	%		35	%		22	%

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 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 (“C&B Large Cap Value 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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The

Notes to financial statements (unaudited) Wells Fargo C&B Large Cap Value Portfolio 31

Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All 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 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, 2018, the aggregate cost of all investments for federal income tax purposes was $354,702,026 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	87,654,641
Gross unrealized losses		(18,089,492	)
Net unrealized gains	$	69,565,149

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

32 Wells Fargo C&B Large Cap 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	21,960,092	$	0	$	0	$	21,960,092
Consumer discretionary		36,678,853		0		0		36,678,853
Consumer staples		13,641,688		0		0		13,641,688
Energy		22,249,607		0		0		22,249,607
Financials		118,590,676		0		0		118,590,676
Health care		49,393,369		0		0		49,393,369
Industrials		69,383,520		0		0		69,383,520
Information technology		50,753,814		0		0		50,753,814
Materials		26,934,978		0		0		26,934,978
Real estate		6,407,856		0		0		6,407,856
Short-term investments
Investment companies		8,272,722		0		0		8,272,722
Total assets	$	424,267,175	$	0	$	0	$	424,267,175

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

At November 30, 2018, 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. 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 Portfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

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

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain 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, 2018 were $133,003,984 and $97,221,906, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use

Notes to financial statements (unaudited) Wells Fargo C&B Large Cap Value Portfolio 33

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, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A portfolio that invests a substantial portion of its assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

34 Wells Fargo C&B Large Cap Value Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.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 wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo C&B Large Cap Value Fund 35

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo C&B Large Cap Value Fund 37

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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

38 Wells Fargo C&B Large Cap Value Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318974 01-19 SA280/SAR280 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Emerging Growth Fund

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

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

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

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	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	28
Statement of operations	29
Statement of changes in net assets	30
Financial highlights	31
Notes to financial statements	32
Other information	36
Appendix A	40

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Emerging Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Emerging Growth Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo Emerging Growth Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Emerging Growth Fund¹ Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of November 30, 2018²

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WEMAX)	3-31-2008		8.40		7.05		15.73		15.01		8.32		16.41		1.36		1.28
Class C (WEMCX)	3-31-2008		13.10		7.50		15.54		14.10		7.50		15.54		2.11		2.03
Class R6 (WEGRX)	7-31-2018		–		–		–		15.53		8.80		16.97		0.93		0.85
Administrator Class (WFGDX)	1-31-2007		–		–		–		15.19		8.48		16.63		1.28		1.20
Institutional Class (WEMIX)	3-31-2008		–		–		–		15.53		8.80		16.97		1.03		0.90
Russell 2000® Growth Index5	–		–		–		–		2.81		8.22		15.55		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Emerging Growth Fund 7

Ten largest holdings (%) as of November 30, 20186
InterXion Holding NV	3.00
ASGN Incorporated	2.91
Ligand Pharmaceuticals Incorporated	2.71
Q2 Holdings Incorporated	2.66
Proofpoint Incorporated	2.23
HealthEquity Incorporated	2.10
Axogen Incorporated	2.07
Inogen Incorporated	2.00
Integra LifeSciences Holdings Corporation	1.98
RealPage Incorporated	1.92

Sector distribution as of November 30, 2018⁷

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

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

²  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

⁴  The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

8 Wells Fargo Emerging Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	987.68	$	6.48		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.58		1.30	%
Class C
Actual	$	1,000.00	$	984.20	$	10.20		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.79	$	10.35		2.05	%
Class R6
Actual	$	1,000.00	$	991.15	$	4.24		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	4.31		0.85	%
Administrator Class
Actual	$	1,000.00	$	988.60	$	5.98		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	990.16	$	4.49		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).

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Emerging Growth Fund 9

Security name	Value
Investment Companies: 99.87%
Affiliated Master Portfolio: 99.87%
Wells Fargo Emerging Growth Portfolio	$	788,361,884
Total Investment Companies (Cost $551,734,102)		788,361,884

Total investments in securities (Cost $551,734,102)	99.87	%		788,361,884
Other assets and liabilities, net	0.13			998,967
Total net assets	100.00	%	$	789,360,851

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		93	%		89	%	$	73,407,063	$	(78,617,604	)	$	866,015	$	361,869	$	191,622	$	788,361,884		99.87	%

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

10 Wells Fargo Emerging Growth Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $551,734,102)	$	788,361,884
Receivable for Fund shares sold		1,699,091
Receivable from manager		40,333
Prepaid expenses and other assets		49,436
Total assets		790,150,744
Liabilities
Payable for Fund shares redeemed		528,895
Administration fees payable		101,012
Shareholder report expenses payable		50,742
Shareholder servicing fees payable		43,728
Custodian and accounting fees payable		42,106
Distribution fee payable		2,735
Trustees’ fees and expenses payable		2,294
Accrued expenses and other liabilities		18,381
Total liabilities		789,893
Total net assets	$	789,360,851
NET ASSETS CONSIST OF
Paid-in capital	$	420,797,901
Total distributable earnings		368,562,950
Total net assets	$	789,360,851
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	149,435,129
Shares outstanding – Class A1		8,878,355
Net asset value per share – Class A		$16.83
Maximum offering price per share – Class A2		$17.86
Net assets – Class C	$	4,260,549
Shares outstanding – Class C1		284,913
Net asset value per share – Class C		$14.95
Net assets – Class R6	$	252,046
Shares outstanding – Class R61		13,910
Net asset value per share – R6		$18.12
Net assets – Administrator Class	$	48,341,046
Shares outstanding – Administrator Class1		2,788,150
Net asset value per share – Administrator Class		$17.34
Net assets – Institutional Class	$	587,072,081
Shares outstanding – Institutional Class1		32,406,964
Net asset value per share – Institutional Class		$18.12

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Emerging Growth Fund 11

Investment income
Dividends allocated from affiliated Master Portfolio	$	866,015
Securities lending income allocated from affiliated Master Portfolio		361,869
Affiliated income allocated from affiliated Master Portfolio		191,622
Expenses allocated from affiliated Master Portfolio		(3,458,913	)
Total investment income		(2,039,407	)
Expenses
Management fee		215,253
Administration fees
Class A		168,535
Class C		4,757
Class R6		18	1
Administrator Class		35,174
Institutional Class		417,130
Shareholder servicing fees
Class A		200,636
Class C		5,664
Administrator Class		67,639
Distribution fee
Class C		16,990
Custody and accounting fees		9,206
Professional fees		16,646
Registration fees		35,972
Shareholder report expenses		56,975
Trustees’ fees and expenses		11,038
Other fees and expenses		11,740
Total expenses		1,273,373
Less: Fee waivers and/or expense reimbursements		(427,980	)
Net expenses		845,393
Net investment loss		(2,884,800	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		73,407,063
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(78,617,604	)
Net realized and unrealized gains (losses) on investments		(5,210,541	)
Net decrease in net assets resulting from operations	$	(8,095,341	)

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

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

12 Wells Fargo Emerging Growth Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 20181
Operations
Net investment loss				$	(2,884,800	)				$	(5,006,023	)
Net realized gains on investments					73,407,063						111,281,986
Net change in unrealized gains (losses) on investments					(78,617,604	)					111,090,852
Net increase (decrease) in net assets resulting from operations					(8,095,341	)					217,366,815
Distributions to shareholders from net investment income and net realized gains
Class A					0						(16,172,743	)
Class C					0						(446,164	)
Administrator Class					0						(5,883,416	)
Institutional Class					0						(62,422,402	)
Total distributions to shareholders					0						(84,924,725	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		386,521			6,888,941			304,935			4,820,337
Class C		34,593			552,953			26,206			364,560
Class R6		14,133	2		288,882	2		N/A			N/A
Administrator Class		252,731			4,631,682			418,055			6,747,014
Institutional Class		4,492,488			85,035,911			5,505,435			91,822,139
					97,398,369						103,754,050
Reinvestment of distributions
Class A		0			0			1,097,179			15,689,654
Class C		0			0			34,857			446,164
Administrator Class		0			0			398,600			5,863,399
Institutional Class		0			0			3,940,125			60,402,110
					0						82,401,327
Payment for shares redeemed
Class A		(519,476	)		(9,242,158	)		(1,293,442	)		(20,049,449	)
Class C		(25,428	)		(395,695	)		(35,973	)		(509,745	)
Class R6		(223	)2		(4,051	)2		N/A			N/A
Administrator Class		(448,183	)		(8,009,266	)		(1,240,005	)		(19,665,862	)
Institutional Class		(5,240,880	)		(99,070,126	)		(10,895,635	)		(180,356,163	)
					(116,721,296	)					(220,581,219	)
Net decrease in net assets resulting from capital share transactions					(19,322,927	)					(34,425,842	)
Total increase (decrease) in net assets					(27,418,268	)					98,016,248
Net assets
Beginning of period					816,779,119						718,762,871
End of period				$	789,360,851					$	816,779,119

¹ Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Accumulated net investment loss at May 31, 2018 was $1,472,576. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

² For the period from July 31, 2018 (commencement of operations) to November 30, 2018

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

Financial highlights Wells Fargo Emerging Growth Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.04			$14.57			$12.55			$16.70			$14.61			$14.10
Net investment loss		(0.09	)		(0.15	)		(0.10	)1		(0.13	)1		(0.22	)		(0.19	)
Net realized and unrealized gains (losses) on investments		(0.12	)		4.57			2.96			(2.28	)		3.51			1.88
Total from investment operations		(0.21	)		4.42			2.86			(2.41	)		3.29			1.69
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$16.83			$17.04			$14.57			$12.55			$16.70			$14.61
Total return2		(1.23	)%		32.91	%		23.39	%		(14.94	)%		23.32	%		11.30	%
Ratios to average net assets (annualized)
Gross expenses3		1.35	%		1.36	%		1.36	%		1.35	%		1.39	%		1.39	%
Net expenses3		1.30	%		1.35	%		1.35	%		1.35	%		1.37	%		1.37	%
Net investment loss3		(0.97	)%		(1.01	)%		(0.72	)%		(0.92	)%		(1.20	)%		(1.20	)%
Supplemental data
Portfolio turnover rate4		39	%		47	%		115	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$149,435			$153,526			$129,724			$127,154			$131,638			$130,403

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, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	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, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.19			$13.28			$11.58			$15.67			$13.88			$13.55
Net investment loss		(0.14	)1		(0.25	)1		(0.19	)1		(0.21	)		(0.33	)		(0.32	)
Net realized and unrealized gains (losses) on investments		(0.10	)		4.11			2.73			(2.14	)		3.32			1.83
Total from investment operations		(0.24	)		3.86			2.54			(2.35	)		2.99			1.51
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$14.95			$15.19			$13.28			$11.58			$15.67			$13.88
Total return2		(1.58	)%		31.82	%		22.56	%		(15.59	)%		22.35	%		10.40	%
Ratios to average net assets (annualized)
Gross expenses3		2.10	%		2.11	%		2.11	%		2.10	%		2.14	%		2.14	%
Net expenses3		2.05	%		2.10	%		2.10	%		2.10	%		2.12	%		2.12	%
Net investment loss3		(1.72	)%		(1.76	)%		(1.46	)%		(1.70	)%		(1.95	)%		(1.95	)%
Supplemental data
Portfolio turnover rate4		39	%		47	%		115	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$4,261			$4,190			$3,328			$3,815			$5,101			$4,816

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, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	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.

Financial highlights Wells Fargo Emerging Growth Fund 15

(For a share outstanding throughout the period)

CLASS R6	Period ended November 30, 20181 (unaudited)
Net asset value, beginning of period		$18.70
Net investment loss		(0.02	)
Net realized and unrealized gains (losses) on investments		(0.56	)
Total from investment operations		(0.58	)
Net asset value, end of period		$18.12
Total return2		(3.10	)%
Ratios to average net assets (annualized)
Gross expenses3		0.92	%
Net expenses3		0.85	%
Net investment loss3		(0.39	)%
Supplemental data
Portfolio turnover rate4		39	%
Net assets, end of period (000s omitted)		$252

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

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

³  Ratio includes net expenses allocated from the affiliated Master Portfolio in the amount of 0.81%.

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

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

16 Wells Fargo Emerging Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.54			$14.93			$12.82			$17.00			$14.83			$14.28
Net investment loss		(0.08	)1		(0.14	)1		(0.07	)1		(0.12	)1		(0.16	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		(0.12	)		4.70			3.02			(2.32	)		3.53			1.90
Total from investment operations		(0.20	)		4.56			2.95			(2.44	)		3.37			1.73
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$17.34			$17.54			$14.93			$12.82			$17.00			$14.83
Total return2		(1.14	)%		33.06	%		23.60	%		(14.80	)%		23.45	%		11.45	%
Ratios to average net assets (annualized)
Gross expenses3		1.27	%		1.28	%		1.26	%		1.23	%		1.21	%		1.22	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.87	)%		(0.86	)%		(0.48	)%		(0.80	)%		(1.03	)%		(1.03	)%
Supplemental data
Portfolio turnover rate4		39	%		47	%		47	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$48,341			$52,335			$52,335			$99,792			$159,813			$190,126

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, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	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.

Financial highlights Wells Fargo Emerging Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.30			$15.46			$13.20			$17.40			$15.11			$14.49
Net investment loss		(0.05	)		(0.09	)		(0.04	)1		(0.07	)		(0.12	)		(0.11	)
Net realized and unrealized gains (losses) on investments		(0.13	)		4.88			3.14			(2.39	)		3.61			1.91
Total from investment operations		(0.18	)		4.79			3.10			2.46			3.49			1.80
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$18.12			$18.30			$15.46			$13.20			$17.40			$15.11
Total return2		(0.98	)%		33.44	%		24.08	%		(14.62	)%		23.89	%		11.77	%
Ratios to average net assets (annualized)
Gross expenses3		1.02	%		1.03	%		1.03	%		1.01	%		0.96	%		0.96	%
Net expenses3		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment loss3		(0.57	)%		(0.56	)%		(0.24	)%		(0.50	)%		(0.73	)%		(0.73	)%
Supplemental data
Portfolio turnover rate4		39	%		47	%		115	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$587,072			$606,729			$534,846			$583,843			$723,946			$650,650

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, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	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.

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 89% of Wells Fargo Emerging Growth Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and 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.

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

Notes to financial statements (unaudited) Wells Fargo Emerging Growth Fund 19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $549,635,880 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	238,726,004
Gross unrealized losses		0
Net unrealized gains	$	238,726,004

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2018, 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		$788,361,884

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

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

20 Wells Fargo Emerging Growth Fund Notes to financial statements (unaudited)

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; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 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 Class Administrator Class shares, and 0.90% for Institutional Class shares. After this time, 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 August 1, 2018, the Fund’s expenses were capped at 1.35% for Class A shares and 2.10% for Class C shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $1,852 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, 2018.

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, 2018 were $325,877,495 and $322,249,252, respectively.

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:

	Net realized gains
Class A		$16,172,743
Class C		446,164
Administrator Class		5,883,416
Institutional Class		62,422,402

Notes to financial statements (unaudited) Wells Fargo Emerging Growth Fund 21

8. CONCENTRATION RISK

Concentration risk 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.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

11. SUBSEQUENT DISTRIBUTION

On December 12, 2018, the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018 were as follows:

	Short-term capital gains		Long-term capital gains
Class A		$0.33298		$2.84278
Class C		0. 33298		2.84278
Class R6		0. 33298		2.84278
Administrator Class		0. 33298		2.84278
Institutional Class		0. 33298		2.84278

These distributions are not reflected in the accompanying financial statements.

22 Wells Fargo Emerging Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks: 98.68%
Communication Services: 1.36%
Interactive Media & Services: 0.23%
Eventbrite Incorporated Class A †		67,105	$	1,993,690
Media: 1.13%
Nexstar Media Group Incorporated Class A		120,500		9,958,120
Consumer Discretionary: 12.50%
Auto Components: 0.44%
Cooper-Standard Holdings Incorporated †		52,360		3,828,563
Diversified Consumer Services: 2.74%
Chegg Incorporated †		486,614		13,600,861
Grand Canyon Education Incorporated †		86,360		10,567,010
				24,167,871
Hotels, Restaurants & Leisure: 3.37%
Golden Entertainment Incorporated †		23,460		424,391
Planet Fitness Incorporated Class A †		283,960		15,680,271
Playa Hotels & Resorts NV †		536,680		4,068,034
Wingstop Incorporated		144,718		9,496,395
				29,669,091
Internet & Direct Marketing Retail: 0.28%
Farfetch Limited Class A †		110,022		2,503,001
Leisure Products: 1.01%
Mastercraft Boat Holdings Incorporated †		190,716		4,941,452
Yeti Holdings Incorporated †		234,648		3,951,472
				8,892,924
Multiline Retail: 1.64%
Ollie’s Bargain Outlet Holdings Incorporated †		163,260		14,481,162
Specialty Retail: 3.02%
At Home Group Incorporated †		239,000		6,811,500
Five Below Incorporated †		56,097		5,878,405
Lithia Motors Incorporated Class A		117,980		9,775,823
National Vision Holdings Incorporated †		112,066		4,120,667
				26,586,395
Consumer Staples: 1.18%
Food & Staples Retailing: 0.76%
The Chef’s Warehouse Incorporated †		176,100		6,711,171
Food Products: 0.42%
Freshpet Incorporated †		112,300		3,705,900

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Emerging Growth Portfolio 23

Security name	Shares		Value
Energy: 1.39%
Energy Equipment & Services: 0.68%
Cactus Incorporated Class A †		121,729	$	3,515,534
FTS International Incorporated †		252,133		2,491,074
				6,006,608
Oil, Gas & Consumable Fuels: 0.71%
Matador Resources Company †		171,736		3,915,581
PDC Energy Incorporated †		67,790		2,300,793
				6,216,374
Financials: 5.38%
Capital Markets: 1.39%
Stifel Financial Corporation		254,200		12,270,234
Insurance: 3.07%
Kinsale Capital Group Incorporated		325,084		20,223,476
Trupanion Incorporated Ǡ		227,400		6,806,082
				27,029,558
Thrifts & Mortgage Finance: 0.92%
LendingTree Incorporated †		31,332		8,156,973
Health Care: 28.40%
Biotechnology: 7.84%
Audentes Therapeutics Incorporated †		77,042		1,883,677
CareDx Incorporated †		221,984		6,497,472
Heron Therapeutics Incorporated †		198,450		5,701,469
Ligand Pharmaceuticals Incorporated †		143,501		22,640,153
Repligen Corporation †		360,240		23,296,721
Translate Bio Incorporated †		27,538		199,100
Vanda Pharmaceuticals Incorporated †		355,000		8,889,200
				69,107,792
Health Care Equipment & Supplies: 9.74%
Axogen Incorporated †		437,777		14,656,774
Glaukos Corporation †		89,339		5,885,653
Inogen Incorporated †		58,550		8,627,928
iRhythm Technologies Incorporated †		178,762		13,242,689
Merit Medical Systems Incorporated †		250,800		15,812,940
Neogen Corporation †		56,100		3,638,646
Neuronetics Incorporated †		188,118		3,356,025
Nevro Corporation †		33,645		1,396,604
NxStage Medical Incorporated †		200,540		5,663,250
SI-BONE Incorporated †		242,597		4,357,042
Tactile Systems Technology Class I †		92,273		5,189,434
Vapotherm Incorporated †		217,308		3,996,294
				85,823,279

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

24 Wells Fargo Emerging Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 3.28%
Amedisys Incorporated †		77,200	$	10,518,500
HealthEquity Incorporated †		207,012		18,359,894
				28,878,394
Health Care Technology: 4.16%
Tabula Rasa Healthcare Incorporated †		117,500		8,868,900
Teladoc Incorporated Ǡ		242,679		15,155,304
Vocera Communications Incorporated †		317,000		12,597,580
				36,621,784
Life Sciences Tools & Services: 2.11%
Codexis Incorporated †		850,438		18,641,601
Pharmaceuticals: 1.27%
Dova Pharmaceuticals Incorporated Ǡ		115,559		1,721,829
Optinose Incorporated Ǡ		123,187		969,482
Supernus Pharmaceuticals Incorporated †		178,500		8,464,470
				11,155,781
Industrials: 16.84%
Aerospace & Defense: 1.84%
AAR Corporation		49,000		2,140,810
Mercury Computer Systems Incorporated †		272,345		14,110,194
				16,251,004
Airlines: 1.61%
SkyWest Incorporated		245,730		14,173,706
Commercial Services & Supplies: 1.05%
Advanced Disposal Services Incorporated †		342,902		9,241,209
Construction & Engineering: 2.81%
Dycom Industries Incorporated †		62,230		4,123,360
Granite Construction Incorporated		118,950		6,022,439
MasTec Incorporated †		323,900		14,604,651
				24,750,450
Electrical Equipment: 0.27%
Bloom Energy Corporation Class A Ǡ		144,401		2,375,396
Machinery: 4.56%
John Bean Technologies Corporation		59,990		4,951,575
Milacron Holdings Corporation †		565,758		8,062,052
Mueller Water Products Incorporated Class A		304,980		3,211,439
RBC Bearings Incorporated †		45,900		7,023,618
Rexnord Corporation †		598,110		16,932,494
				40,181,178

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Emerging Growth Portfolio 25

Security name	Shares		Value
Professional Services: 3.75%
ASGN Incorporated †		404,343	$	28,000,753
Korn/Ferry International		103,000		5,043,910
				33,044,663
Trading Companies & Distributors: 0.95%
BMC Stock Holdings Incorporated †		101,390		1,724,644
SiteOne Landscape Supply Incorporated †		108,200		6,669,448
				8,394,092
Information Technology: 30.90%
Electronic Equipment, Instruments & Components: 2.67%
Littelfuse Incorporated		25,540		4,887,079
nLight Incorporated Ǡ		185,561		3,544,215
Novanta Incorporated †		232,720		15,110,505
				23,541,799
IT Services: 4.73%
Carbonite Incorporated †		66,400		1,881,112
Endava plc Sponsored ADR †		114,914		2,838,376
EVO Payments Incorporated Class A †		256,677		6,722,371
InterXion Holding NV †		431,720		26,883,204
Wix.com Limited †		35,810		3,372,586
				41,697,649
Semiconductors & Semiconductor Equipment: 2.86%
Diodes Incorporated †		291,331		10,147,059
Monolithic Power Systems Incorporated		44,980		5,940,509
Semtech Corporation †		170,700		9,105,138
				25,192,706
Software: 20.64%
2U Incorporated †		70,950		4,142,771
Alarm.com Holdings Incorporated †		28,000		1,423,800
Altair Engineering Incorporated Class A †		274,253		8,861,114
Anaplan Incorporated †		184,656		5,170,368
BlackLine Incorporated †		209,423		8,977,964
Bottomline Technologies (DE) Incorporated †		226,650		12,481,616
Cision Limited †		605,250		7,577,730
Envestnet Incorporated †		326,692		17,850,451
Five9 Incorporated †		463,560		19,877,453
Globant SA †		59,000		3,460,350
Instructure Incorporated †		167,270		6,317,788
Proofpoint Incorporated †		76,230		7,395,072
Q2 Holdings Incorporated †		411,543		22,342,669
Rapid7 Incorporated †		414,836		13,191,785
RealPage Incorporated †		149,600		7,716,368
SailPoint Technologies Holdings Incorporated †		313,447		8,159,025
SendGrid Incorporated †		187,779		8,564,600

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

26 Wells Fargo Emerging Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name				Shares		Value
Software (continued)
SPS Commerce Incorporated †					102,448	$	8,731,643
Talend SA ADR †					211,018		7,330,765
Tenable Holdings Incorporated †					81,498		2,321,063
							181,894,395
Materials: 0.73%
Chemicals: 0.73%
PQ Group Holdings Incorporated †					416,720		6,396,652
Total Common Stocks (Cost $602,947,827)							869,541,165
Exchange-Traded Funds: 0.30%
iShares Russell 2000 Growth Index ETF «					13,800		2,632,488
Total Exchange-Traded Funds (Cost $2,725,086)							2,632,488
	Yield
Short-Term Investments: 3.76%
Investment Companies: 3.76%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%		30,605,024		30,608,085
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13			2,494,626		2,494,626
Total Short-Term Investments (Cost $33,100,419)							33,102,711

Total investments in securities (Cost $638,773,332)	102.74	%		905,276,364
Other assets and liabilities, net	(2.74	)		(24,107,001	)
Total net assets	100.00	%	$	881,169,363

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Emerging Growth Portfolio 27

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		46,370,791		214,715,099		230,480,866		30,605,024	$	11,640	$	0	$	401,413	$	30,608,085
Wells Fargo Government Money Market Fund Select Class		2,952,741		252,573,192		253,031,307		2,494,626		0		0		212,973		2,494,626
									$	11,640	$	0	$	614,386	$	33,102,711		3.76	%

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

28 Wells Fargo Emerging Growth Portfolio Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $29,881,154 of securities loaned), at value (cost $605,672,913)	$	872,173,653
Investments in affiliated securities, at value (cost $33,100,419)		33,102,711
Receivable for investments sold		7,983,837
Receivable for dividends		546,613
Receivable for securities lending income		54,860
Prepaid expenses and other assets		1,443
Total assets		913,863,117
Liabilities
Payable upon receipt of securities loaned		30,585,946
Payable for investments purchased		1,376,170
Advisory fee payable		611,579
Accrued expenses and other liabilities		120,059
Total liabilities		32,693,754
Total net assets	$	881,169,363

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Emerging Growth Portfolio 29

Investment income
Dividends	$	963,437
Securities lending income from affiliates, net		401,413
Income from affiliated securities		212,973
Total investment income		1,577,823
Expenses
Advisory fee		3,761,484
Custody and accounting fees		21,218
Professional fees		23,751
Shareholder report expenses		2,287
Trustees’ fees and expenses		11,192
Other fees and expenses		17,203
Net expenses		3,837,135
Net investment loss		(2,259,312	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		81,569,363
Affiliated securities		11,640
Net realized gains on investments		81,581,003
Net change in unrealized gains (losses) on investments		(87,983,668	)
Net realized and unrealized gains (losses) on investments		(6,402,665	)
Net decrease in net assets resulting from operations	$	(8,661,977	)

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

30 Wells Fargo Emerging Growth Portfolio Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment loss	$	(2,259,312	)	$	(3,833,027	)
Net realized gains on investments		81,581,003			122,582,157
Net change in unrealized gains (losses) on investments		(87,983,668	)		120,331,062
Net increase (decrease) in net assets resulting from operations		(8,661,977	)		239,080,192
Capital transactions
Transactions in investors’ beneficial interests
Contributions		81,155,703			20,933,192
Withdrawals		(70,827,606	)		(175,150,153	)
Net increase (decrease) in net assets resulting from capital transactions		10,328,097			(154,216,961	)
Total increase in net assets		1,666,120			84,863,231
Net assets
Beginning of period		879,503,243			794,640,012
End of period	$	881,169,363		$	879,503,243

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

Financial highlights Wells Fargo Emerging Growth Portfolio 31

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(0.92	)%		33.60	%		23.97	%		(14.47	)%		24.02	%		11.92	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%		0.81	%		0.80	%		0.80	%		0.80	%
Net expenses		0.80	%		0.81	%		0.81	%		0.80	%		0.80	%		0.80	%
Net investment loss		(0.47	)%		(0.47	)%		(0.15	)%		(0.40	)%		(0.63	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		39	%		47	%		115	%		66	%		56	%		63	%

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 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 (“Emerging Growth 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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The

Notes to financial statements (unaudited) Wells Fargo Emerging Growth Portfolio 33

Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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, 2018, the aggregate cost of all investments for federal income tax purposes was $639,205,435 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	295,531,370
Gross unrealized losses		(29,460,441	)
Net unrealized gains	$	266,070,929

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 Emerging Growth 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	11,951,810	$	0	$	0	$	11,951,810
Consumer discretionary		110,129,007		0		0		110,129,007
Consumer staples		10,417,071		0		0		10,417,071
Energy		12,222,982		0		0		12,222,982
Financials		47,456,765		0		0		47,456,765
Health care		250,228,631		0		0		250,228,631
Industrials		148,411,698		0		0		148,411,698
Information technology		272,326,549		0		0		272,326,549
Materials		6,396,652		0		0		6,396,652
Exchange-traded funds		2,632,488		0		0		2,632,488
Short-term investments
Investment companies		2,494,626		30,608,085		0		33,102,711
Total assets	$	874,668,279	$	30,608,085	$	0	$	905,276,364

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

At November 30, 2018, 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. 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 starting at 0.80% and declining to 0.68% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.79% of the Portfolio’s average daily net assets.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $364,240,421 and $360,185,055, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

Notes to financial statements (unaudited) Wells Fargo Emerging Growth Portfolio 35

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A portfolios that invest a substantial portion of its assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

36 Wells Fargo Emerging Growth 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 without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.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 wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Emerging Growth Fund 37

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Emerging Growth Fund 39

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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

40 Wells Fargo Emerging Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318976 01-19 SA282/SAR282 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Index Fund

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

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

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

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	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	36
Statement of operations	37
Statement of changes in net assets	38
Financial highlights	39
Notes to financial statements	40
Other information	44
Appendix A	48

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Index Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Index Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo Index Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.

6 Wells Fargo Index Fund 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 portfolio

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, 2018²

		Including sales charge							Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFILX)	11-4-1998		(0.31	)		9.28		13.08		5.77		10.58		13.75		0.63		0.45
Class C (WFINX)	4-30-1999		3.97			9.76		12.90		4.97		9.76		12.90		1.38		1.20
Administrator Class (WFIOX)	2-14-1985		–			–		–		5.98		10.85		14.06		0.40		0.25
S&P 500 Index5	–		–			–		–		6.27		11.12		14.32		–		–

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

Performance highlights (unaudited) Wells Fargo Index Fund 7

Ten largest holdings (%) as of November 30, 20186
Microsoft Corporation	3.56
Apple Incorporated	3.43
Amazon.com Incorporated	2.90
Berkshire Hathaway Incorporated Class B	1.78
Johnson & Johnson	1.65
JPMorgan Chase & Company	1.57
Facebook Incorporated Class A	1.42
Alphabet Incorporated Class C	1.41
Exxon Mobil Corporation	1.41
Alphabet Incorporated Class A	1.39

Sector distribution as of November 30, 2018⁷

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

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

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

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

⁴  The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

8 Wells Fargo Index Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio2
Class A
Actual	$	1,000.00	$	1,027.78	$	2.29		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%
Class C
Actual	$	1,000.00	$	1,023.87	$	6.09		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Administrator Class
Actual	$	1,000.00	$	1,028.89	$	1.27		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).

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Fund 9

Security name	Value
Investment Companies: 100.04%
Affiliated Master Portfolio: 100.04%
Wells Fargo Index Portfolio	$	1,491,002,810
Total Investment Companies (Cost $342,861,618)		1,491,002,810

Total investments in securities (Cost $342,861,618)	100.04	%		1,491,002,810
Other assets and liabilities, net	(0.04	)		(589,832	)
Total net assets	100.00	%	$	1,490,412,978

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Index Portfolio		97	%		97	%	$	116,637,394	$	(83,307,615	)	$	15,833,099	$	309,037	$	23,778	$	1,491,002,810		100.04	%

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

10 Wells Fargo Index Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $342,861,618)	$	1,491,002,810
Receivable for Fund shares sold		678,746
Receivable from manager		160,456
Prepaid expenses and other assets		264,613
Total assets		1,492,106,625
Liabilities
Payable for Fund shares redeemed		1,058,706
Shareholder servicing fees payable		226,231
Administration fees payable		220,663
Distribution fee payable		41,637
Trustees’ fees and expense payable		2,505
Accrued expenses and other liabilities		143,905
Total liabilities		1,693,647
Total net assets	$	1,490,412,978
NET ASSETS CONSIST OF
Paid-in capital	$	(21,849,880	)
Total distributable earnings		1,512,262,858
Total net assets	$	1,490,412,978
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	692,599,355
Shares outstanding – Class A¹		10,637,768
Net asset value per share – Class A		$65.11
Maximum offering price per share – Class A²		$69.08
Net assets – Class C	$	63,162,487
Shares outstanding – Class C¹		968,900
Net asset value per share – Class C		$65.19
Net assets – Administrator Class	$	734,651,136
Shares outstanding – Administrator Class¹		11,150,053
Net asset value per share – Administrator Class		$65.89

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Index Fund 11

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $149)	$	15,833,099
Affiliated income allocated from affiliated Master Portfolio		309,037
Interest allocated from affiliated Master Portfolio		23,778
Expenses allocated from affiliated Master Portfolio		(842,614	)
Total investment income		15,323,300
Expenses
Management fee		400,386
Administration fees
Class A		761,301
Class C		70,995
Administrator Class		525,772
Shareholder servicing fees
Class A		906,311
Class C		84,518
Administrator Class		394,930
Distribution fee
Class C		253,553
Custody and accounting fees		37,821
Professional fees		16,138
Registration fees		39,268
Shareholder report expenses		56,839
Trustees’ fees and expenses		11,297
Other fees and expenses		7,682
Total expenses		3,566,811
Less: Fee waivers and/or expense reimbursements		(1,361,281	)
Net expenses		2,205,530
Net investment income		13,117,770
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		116,637,394
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(83,307,615	)
Net realized and unrealized gains (losses) on investments		33,329,779
Net increase in net assets resulting from operations	$	46,447,549

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

12 Wells Fargo Index Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018
Operations
Net investment income				$	13,117,770					$	28,480,595
Net realized gains on investments					116,637,394						342,171,321
Net change in unrealized gains (losses) on investments					(83,307,615	)					(126,133,995	)
Net increase in net assets resulting from operations					46,447,549						244,517,921
Distributions to shareholders from net investment income and net realized gains
Class A					0						(123,045,671	)
Class C					0						(11,221,352	)
Administrator Class					0						(188,746,345	)
Total distributions to shareholders					0						(323,013,368	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		234,921			15,355,148			473,086			31,179,127
Class C		32,854			2,174,652			87,293			5,748,674
Administrator Class		532,963			35,531,393			1,710,651			115,109,719
					53,061,193						152,037,520
Reinvestment of distributions
Class A		0			0			1,867,730			117,353,642
Class C		0			0			157,810			9,921,751
Administrator Class		0			0			1,928,218			122,530,422
					0						249,805,815
Payment for shares redeemed
Class A		(692,146	)		(45,837,880	)		(1,478,098	)		(97,820,940	)
Class C		(102,351	)		(6,706,603	)		(215,384	)		(14,322,037	)
Administrator Class		(2,327,074	)		(154,538,231	)		(7,771,521	)		(516,434,208	)
					(207,082,714	)					(628,577,185	)
Net decrease in net assets resulting from capital share transactions					(154,021,521	)					(226,733,850	)
Total decrease in net assets					(107,573,972	)					(305,229,297	)
Net assets
Beginning of period					1,597,986,950						1,903,216,247
End of period1				$	1,490,412,978					$	1,597,986,950

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $10,188,054. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Index Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$63.35			$66.85			$62.85			$62.32			$62.14			$54.00
Net investment income		0.53			0.99	1		1.05			0.81			1.00			0.90
Net realized and unrealized gains (losses) on investments		1.23			7.99			9.09			(0.17	)		5.91			9.59
Total from investment operations		1.76			8.98			10.14			0.64			6.91			10.49
Distributions to shareholders from
Net investment income		0.00			(1.02	)		(1.16	)		(1.08	)		(0.96	)		(0.85	)
Net realized gains		0.00			(11.46	)		(4.98	)		(4.03	)		(0.77	)		(1.50	)
Total distributions to shareholders		0.00			(12.48	)		(6.14	)		(5.11	)		(1.73	)		(2.35	)
Net asset value, end of period		$65.11			$63.35			$66.85			$62.85			$67.32			$62.14
Total return2		2.78	%		13.87	%		16.94	%		1.24	%		11.21	%		19.77	%
Ratios to average net assets (annualized)
Gross expenses3		0.64	%		0.63	%		0.62	%		0.63	%		0.68	%		0.67	%
Net expenses3		0.45	%		0.45	%		0.45	%		0.48	%		0.56	%		0.56	%
Net investment income3		1.57	%		1.49	%		1.68	%		1.78	%		1.50	%		1.53	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		9	%		4	%		4	%		5	%
Net assets, end of period (000s omitted)		$692,599			$702,866			$684,004			$639,496			$445,088			$432,448

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, 2018 (unaudited)	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%
Year ended May 31, 2014	0.10	%

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 Index Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$63.67			$67.11			$62.12			$67.55			$62.37			$54.22
Net investment income		0.32			0.50	1		0.66			0.62	1		0.50			0.47
Net realized and unrealized gains (losses) on investments		1.20			8.00			9.02			(0.45	)		5.94			9.62
Total from investment operations		1.52			8.50			9.68			0.17			6.44			10.09
Distributions to shareholders from
Net investment income		0.00			(0.48	)		(0.71	)		(0.57	)		(0.49	)		(0.44	)
Net realized gains		0.00			(11.46	)		(4.98	)		(4.03	)		(0.77	)		(1.50	)
Total distributions to shareholders		0.00			(11.94	)		(5.69	)		(4.60	)		(1.26	)		(1.94	)
Net asset value, end of period		$65.19			$63.67			$67.11			$63.12			$67.55			$62.37
Total return2		2.39	%		13.02	%		16.07	%		0.48	%		10.38	%		18.89	%
Ratios to average net assets (annualized)
Gross expenses3		1.39	%		1.38	%		1.37	%		1.38	%		1.43	%		1.42	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.24	%		1.31	%		1.31	%
Net investment income3		0.82	%		0.72	%		0.93	%		0.99	%		0.75	%		0.78	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		9	%		4	%		4	%		5	%
Net assets, end of period (000s omitted)		$63,162			$66,117			$67,691			$79,858			$83,718			$78,118

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, 2018 (unaudited)	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%
Year ended May 31, 2014	0.10	%

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.

Financial highlights Wells Fargo Index Fund 15

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$64.04			$67.43			$63.33			$67.80			$62.56			$54.34
Net investment income		0.59	1		1.26			1.41			1.31			1.27			1.08
Net realized and unrealized gains (losses) on investments		1.26			7.94			8.94			(0.51	)		5.90			9.66
Total from investment operations		1.85			9.20			10.35			0.80			7.17			10.74
Distributions to shareholders from
Net investment income		0.00			(1.13	)		(1.27	)		(1.24	)		(1.16	)		(1.02	)
Net realized gains		0.00			(11.46	)		(4.98	)		(4.03	)		(0.77	)		(1.50	)
Total distributions to shareholders		0.00			(12.59	)		(6.25	)		(5.27	)		(1.93	)		(2.52	)
Net asset value, end of period		$65.89			$64.04			$67.43			$63.33			$67.80			$62.56
Total return2		2.89	%		14.10	%		17.18	%		1.49	%		11.56	%		20.13	%
Ratios to average net assets (annualized)
Gross expenses3		0.40	%		0.40	%		0.39	%		0.40	%		0.37	%		0.36	%
Net expenses3		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income3		1.76	%		1.70	%		1.88	%		1.97	%		1.81	%		1.84	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		9	%		4	%		4	%		5	%
Net assets, end of period (000s omitted)		$734,651			$829,004			$1,151,522			$1,502,276			$1,832,814			$1,984,845

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, 2018 (unaudited)	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%
Year ended May 31, 2014	0.10	%

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 Index Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Index 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 all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 97% of Wells Fargo Index Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and 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.

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

Notes to financial statements (unaudited) Wells Fargo Index Fund 17

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $356,664,227 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,134,338,583
Gross unrealized losses		0
Net unrealized gains	$	1,134,338,583

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2018, 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		$1,491,002,810

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

unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

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

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

18 Wells Fargo Index Fund Notes to financial statements (unaudited)

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; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.45% for Class A shares, 1.20% for Class C shares, and 0.25% for Administrator Class shares. After this time, 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, 2018, Funds Distributor received $6,085 from the sale of Class A shares and $12 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2018.

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 investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were $35,698,731 and $176,960,427, respectively.

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$11,646,335		$111,399,336
Class C		516,619		10,704,733
Administrator Class		18,709,88		170,036,456

Notes to financial statements (unaudited) Wells Fargo Index Fund 19

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

10. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018 the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018 were as follows:

	Short-term capital gains		Long-term capital gains
Class A		$0.06533		$14.26560
Class C		0.06533		14.26560
Administrator Class		0.06533		14.26560

On December 14, 2018 the Fund declared distributions from net investment income to shareholders of record on December 13, 2018. The per share amounts payable on December 17, 2018 were as follows:

	Net investment income
Class A		$0.03751
Class C		0.00000
Administrator Class		0.05500
Institutional Class		0.06929

These distributions are not reflected in the accompanying financial statements.

20 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks: 97.59%
Communication Services: 9.64%
Diversified Telecommunication Services: 2.07%
AT&T Incorporated		466,098	$	14,560,902
CenturyLink Incorporated		61,007		1,146,932
Verizon Communications Incorporated		265,201		15,991,620
				31,699,454
Entertainment: 1.93%
Activision Blizzard Incorporated		48,934		2,440,828
Electronic Arts Incorporated †		19,564		1,644,745
Netflix Incorporated †		27,949		7,997,047
Take-Two Interactive Software Incorporated †		7,306		801,249
The Walt Disney Company		95,456		11,024,213
Twenty-First Century Fox Incorporated Class A		67,653		3,346,794
Twenty-First Century Fox Incorporated Class B		31,264		1,532,874
Viacom Incorporated Class B		22,684		700,028
				29,487,778
Interactive Media & Services: 4.34%
Alphabet Incorporated Class A †		19,185		21,288,635
Alphabet Incorporated Class C †		19,762		21,628,126
Facebook Incorporated Class A †		154,789		21,764,881
TripAdvisor Incorporated †		6,565		420,554
Twitter Incorporated †		46,209		1,453,273
				66,555,469
Media: 1.30%
CBS Corporation Class B		21,728		1,177,223
Charter Communications Incorporated Class A †		11,459		3,772,303
Comcast Corporation Class A		293,477		11,448,538
Discovery Communications Incorporated Class A †«		10,028		308,060
Discovery Communications Incorporated Class C †		23,085		644,764
DISH Network Corporation Class A †		14,703		481,670
Interpublic Group of Companies Incorporated		24,633		578,876
News Corporation Class A		24,607		319,399
News Corporation Class B		7,944		106,450
Omnicom Group Incorporated		14,401		1,108,445
				19,945,728
Consumer Discretionary: 9.62%
Auto Components: 0.14%
Aptiv plc		16,992		1,221,725
BorgWarner Incorporated		13,406		530,609
The Goodyear Tire & Rubber Company		15,212		352,310
				2,104,644
Automobiles: 0.39%
Ford Motor Company		251,269		2,364,441

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 21

Security name	Shares		Value
Automobiles (continued)
General Motors Company		84,216	$	3,195,997
Harley-Davidson Incorporated		10,690		452,080
				6,012,518
Distributors: 0.10%
Genuine Parts Company		9,419		976,844
LKQ Corporation †		20,416		568,381
				1,545,225
Diversified Consumer Services: 0.02%
H&R Block Incorporated		13,191		356,289
Hotels, Restaurants & Leisure: 1.75%
Carnival Corporation		25,883		1,560,486
Chipotle Mexican Grill Incorporated †		1,570		742,940
Darden Restaurants Incorporated		7,963		880,230
Hilton Worldwide Holdings Incorporated		19,139		1,445,760
Marriott International Incorporated Class A		18,485		2,126,330
McDonald’s Corporation		49,793		9,386,478
MGM Resorts International		32,798		884,234
Norwegian Cruise Line Holdings Limited †		14,108		724,023
Royal Caribbean Cruises Limited		10,998		1,243,544
Starbucks Corporation		79,626		5,312,647
Wynn Resorts Limited		6,276		686,594
Yum! Brands Incorporated		20,369		1,878,429
				26,871,695
Household Durables: 0.30%
D.R. Horton Incorporated		22,023		819,696
Garmin Limited		7,755		516,948
Leggett & Platt Incorporated		8,354		323,634
Lennar Corporation Class A		18,724		800,077
Mohawk Industries Incorporated †		4,070		521,204
Newell Rubbermaid Incorporated		27,900		652,860
Pulte Group Incorporated		16,771		444,767
Whirlpool Corporation		4,144		522,683
				4,601,869
Internet & Direct Marketing Retail: 3.46%
Amazon.com Incorporated †		26,296		44,444,710
Booking Holdings Incorporated †		3,047		5,764,558
eBay Incorporated †		59,702		1,782,105
Expedia Incorporated		7,631		921,748
				52,913,121
Leisure Products: 0.07%
Hasbro Incorporated		7,496		682,136
Mattel Incorporated †«		22,089		307,037
				989,173

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

22 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Multiline Retail: 0.48%
Dollar General Corporation		17,043	$	1,891,603
Dollar Tree Incorporated †		15,268		1,324,804
Kohl’s Corporation		10,700		718,719
Macy’s Incorporated		19,703		674,237
Nordstrom Incorporated		7,357		388,965
Target Corporation		33,783		2,397,242
				7,395,570
Specialty Retail: 2.20%
Advance Auto Parts Incorporated		4,755		845,011
AutoZone Incorporated †		1,697		1,372,992
Best Buy Company Incorporated		15,601		1,007,669
CarMax Incorporated †		11,332		748,705
Foot Locker Incorporated		7,504		423,226
L Brands Incorporated		14,653		485,161
Lowe’s Companies Incorporated		52,053		4,912,242
O’Reilly Automotive Incorporated †		5,171		1,793,199
Ross Stores Incorporated		24,168		2,117,117
The Gap Incorporated		13,927		380,068
The Home Depot Incorporated		73,434		13,241,619
The TJX Companies Incorporated		80,494		3,932,132
Tiffany & Company		6,992		636,272
Tractor Supply Company		7,818		743,726
ULTA Beauty Incorporated †		3,644		1,085,147
				33,724,286
Textiles, Apparel & Luxury Goods: 0.71%
HanesBrands Incorporated		23,138		368,126
Michael Kors Holdings Limited †		9,584		419,300
Nike Incorporated Class B		82,186		6,173,812
PVH Corporation		4,924		544,151
Ralph Lauren Corporation		3,546		395,024
Tapestry Incorporated		18,487		719,699
Under Armour Incorporated Class A †«		11,942		285,175
Under Armour Incorporated Class C †		12,244		273,409
VF Corporation		20,866		1,696,197
				10,874,893
Consumer Staples: 7.23%
Beverages: 1.85%
Brown-Forman Corporation Class B		10,817		516,187
Constellation Brands Incorporated Class A		10,774		2,109,118
Molson Coors Brewing Company Class B		12,013		790,095
Monster Beverage Corporation †		25,533		1,523,809
PepsiCo Incorporated		90,776		11,069,225
The Coca-Cola Company		245,670		12,381,768
				28,390,202

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 23

Security name	Shares		Value
Food & Staples Retailing: 1.54%
Costco Wholesale Corporation		28,147	$	6,509,838
Sysco Corporation		30,692		2,068,641
The Kroger Company		51,133		1,516,605
Wal-Mart Stores Incorporated		92,108		8,994,346
Walgreens Boots Alliance Incorporated		54,142		4,584,203
				23,673,633
Food Products: 1.15%
Archer Daniels Midland Company		35,926		1,653,315
Campbell Soup Company «		12,350		484,120
ConAgra Foods Incorporated		30,104		973,563
General Mills Incorporated		38,251		1,618,400
Hormel Foods Corporation «		17,451		786,866
Kellogg Company		16,243		1,033,867
Lamb Weston Holdings Incorporated		9,398		720,827
McCormick & Company Incorporated		7,784		1,167,600
Mondelez International Incorporated Class A		94,129		4,233,922
The Hershey Company		8,971		971,559
The J.M. Smucker Company		7,300		762,923
The Kraft Heinz Company		39,910		2,040,199
Tyson Foods Incorporated Class A		18,993		1,119,637
				17,566,798
Household Products: 1.54%
Church & Dwight Company Incorporated		15,751		1,042,559
Colgate-Palmolive Company		55,694		3,537,683
Kimberly-Clark Corporation		22,314		2,574,366
The Clorox Company		8,221		1,361,562
The Procter & Gamble Company		159,762		15,099,107
				23,615,277
Personal Products: 0.15%
Coty Incorporated Class A		28,913		241,134
The Estee Lauder Companies Incorporated Class A		14,386		2,052,307
				2,293,441
Tobacco: 1.00%
Altria Group Incorporated		120,997		6,634,266
Philip Morris International Incorporated		99,773		8,633,358
				15,267,624
Energy: 5.38%
Energy Equipment & Services: 0.55%
Baker Hughes Incorporated		32,632		744,662
Halliburton Company		56,475		1,775,009
Helmerich & Payne Incorporated		6,992		423,715
National Oilwell Varco Incorporated		24,558		788,557

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

24 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Energy Equipment & Services (continued)
Schlumberger Limited		88,837	$	4,006,549
TechnipFMC plc		27,421		633,151
				8,371,643
Oil, Gas & Consumable Fuels: 4.83%
Anadarko Petroleum Corporation		32,867		1,738,664
Apache Corporation		24,549		862,406
Cabot Oil & Gas Corporation		28,316		712,431
Chevron Corporation		122,984		14,627,717
Cimarex Energy Company		6,120		501,718
Concho Resources Incorporated †		12,854		1,675,390
ConocoPhillips		74,587		4,936,168
Devon Energy Corporation		30,051		812,279
Diamondback Energy Incorporated		9,741		1,075,212
EOG Resources Incorporated		37,175		3,840,549
Exxon Mobil Corporation		271,740		21,603,330
Hess Corporation		16,157		870,701
HollyFrontier Corporation		10,403		649,875
Kinder Morgan Incorporated		121,812		2,079,331
Marathon Oil Corporation		54,822		914,979
Marathon Petroleum Corporation		43,034		2,804,095
Newfield Exploration Company †		12,827		217,418
Noble Energy Incorporated		31,008		736,130
Occidental Petroleum Corporation		49,082		3,448,992
ONEOK Incorporated		26,395		1,621,445
Phillips 66 Company		27,414		2,563,757
Pioneer Natural Resources Company		10,937		1,615,942
The Williams Companies Incorporated		77,621		1,965,364
Valero Energy Corporation		27,432		2,191,817
				74,065,710
Financials: 13.38%
Banks: 5.89%
Bank of America Corporation		596,203		16,932,165
BB&T Corporation		49,706		2,539,977
Citigroup Incorporated		161,524		10,465,140
Citizens Financial Group Incorporated		30,548		1,110,725
Comerica Incorporated		10,378		821,730
Fifth Third Bancorp		42,768		1,194,510
Huntington Bancshares Incorporated		70,873		1,034,037
JPMorgan Chase & Company		215,712		23,985,017
KeyCorp		67,523		1,238,372
M&T Bank Corporation		9,229		1,559,793
People’s United Financial Incorporated		23,923		403,342
PNC Financial Services Group Incorporated		29,800		4,046,244
Regions Financial Corporation		66,357		1,091,573
SunTrust Banks Incorporated		29,571		1,853,806
SVB Financial Group †		3,415		870,176
US Bancorp		98,284		5,352,547

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 25

Security name	Shares		Value
Banks (continued)
Wells Fargo & Company (l)		278,204	$	15,100,913
Zions Bancorporation		12,477		607,131
				90,207,198
Capital Markets: 2.70%
Affiliated Managers Group Incorporated		3,429		381,030
Ameriprise Financial Incorporated		9,105		1,181,374
Bank of New York Mellon Corporation		59,045		3,029,599
BlackRock Incorporated		7,887		3,375,715
CBOE Holdings Incorporated		7,177		772,389
CME Group Incorporated		22,713		4,317,287
E*TRADE Financial Corporation		16,667		871,517
Franklin Resources Incorporated		19,620		664,922
Intercontinental Exchange Incorporated		36,805		3,007,705
Invesco Limited		26,370		536,630
Moody’s Corporation		10,716		1,704,594
Morgan Stanley		85,110		3,778,033
MSCI Incorporated		5,702		895,727
Northern Trust Corporation		14,331		1,422,065
Raymond James Financial Incorporated		8,427		671,885
S&P Global Incorporated		16,142		2,951,726
State Street Corporation		24,352		1,778,183
T. Rowe Price Group Incorporated		15,609		1,550,910
The Charles Schwab Corporation		77,177		3,457,530
The Goldman Sachs Group Incorporated		22,536		4,297,390
The NASDAQ OMX Group Incorporated		7,391		674,946
				41,321,157
Consumer Finance: 0.69%
American Express Company		45,317		5,087,740
Capital One Financial Corporation		30,707		2,753,804
Discover Financial Services		21,993		1,568,101
Synchrony Financial		43,736		1,136,261
				10,545,906
Diversified Financial Services: 1.81%
Berkshire Hathaway Incorporated Class B †		125,121		27,306,407
Jefferies Financial Group Incorporated		18,613		406,694
				27,713,101
Insurance: 2.29%
AFLAC Incorporated		49,280		2,254,067
American International Group Incorporated		57,023		2,466,245
Aon plc		15,574		2,571,423
Arthur J. Gallagher & Company		11,721		903,337
Assurant Incorporated		3,388		329,449
Brighthouse Financial Incorporated †		7,688		309,519
Chubb Limited		29,733		3,976,491
Cincinnati Financial Corporation		9,709		793,517

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

26 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Insurance (continued)
Everest Reinsurance Group Limited		2,622	$	582,294
Lincoln National Corporation		13,907		875,724
Loews Corporation		17,847		857,727
Marsh & McLennan Companies Incorporated		32,411		2,874,856
MetLife Incorporated		63,852		2,849,715
Principal Financial Group Incorporated		16,997		838,292
Prudential Financial Incorporated		26,764		2,509,393
The Allstate Corporation		22,222		1,981,980
The Hartford Financial Services Group Incorporated		23,004		1,016,547
The Progressive Corporation		37,425		2,480,903
The Travelers Companies Incorporated		17,181		2,239,887
Torchmark Corporation		6,654		574,972
Unum Group		14,037		504,069
Willis Towers Watson plc		8,393		1,338,264
				35,128,671
Health Care: 15.21%
Biotechnology: 2.52%
AbbVie Incorporated		97,191		9,162,196
Alexion Pharmaceuticals Incorporated †		14,304		1,761,538
Amgen Incorporated		41,544		8,651,538
Biogen Idec Incorporated †		12,929		4,314,666
Celgene Corporation †		45,144		3,260,300
Gilead Sciences Incorporated		83,203		5,985,624
Incyte Corporation †		11,324		727,567
Regeneron Pharmaceuticals Incorporated †		4,973		1,818,377
Vertex Pharmaceuticals Incorporated †		16,403		2,965,498
				38,647,304
Health Care Equipment & Supplies: 3.21%
Abbott Laboratories		112,598		8,337,882
ABIOMED Incorporated †		2,880		958,118
Align Technology Incorporated †		4,691		1,078,414
Baxter International Incorporated		31,891		2,186,128
Becton Dickinson & Company		17,173		4,340,476
Boston Scientific Corporation †		88,761		3,343,627
Danaher Corporation		39,523		4,329,349
Dentsply Sirona Incorporated		14,271		539,158
Edwards Lifesciences Corporation †		13,439		2,177,252
Hologic Incorporated †		17,466		775,665
IDEXX Laboratories Incorporated †		5,558		1,132,498
Intuitive Surgical Incorporated †		7,301		3,875,882
Medtronic plc		86,680		8,453,900
ResMed Incorporated		9,161		1,024,108
Stryker Corporation		19,923		3,495,690
The Cooper Companies Incorporated		3,154		879,430
Varian Medical Systems Incorporated †		5,876		725,040
Zimmer Biomet Holdings Incorporated		13,060		1,528,281
				49,180,898

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 27

Security name	Shares		Value
Health Care Providers & Services: 3.37%
AmerisourceBergen Corporation		10,276	$	913,536
Anthem Incorporated		16,685		4,839,818
Cardinal Health Incorporated		19,822		1,086,840
Centene Corporation †		13,174		1,874,002
CIGNA Corporation		15,620		3,489,196
CVS Health Corporation		82,932		6,651,128
DaVita HealthCare Partners Incorporated †		8,141		537,794
Express Scripts Holding Company †		36,086		3,661,646
HCA Holdings Incorporated		17,324		2,494,483
Henry Schein Incorporated †		9,827		876,568
Humana Incorporated		8,842		2,913,174
Laboratory Corporation of America Holdings †		6,540		952,486
McKesson Corporation		12,822		1,596,339
Quest Diagnostics Incorporated		8,772		776,936
UnitedHealth Group Incorporated		61,775		17,381,014
Universal Health Services Incorporated Class B		5,525		762,395
WellCare Health Plans Incorporated †		3,208		817,655
				51,625,010
Health Care Technology: 0.08%
Cerner Corporation †		21,117		1,222,885
Life Sciences Tools & Services: 0.98%
Agilent Technologies Incorporated		20,460		1,480,281
Illumina Incorporated †		9,435		3,184,313
IQVIA Holdings Incorporated †		10,402		1,300,978
Mettler-Toledo International Incorporated †		1,618		1,030,116
PerkinElmer Incorporated		7,107		618,735
Thermo Fisher Scientific Incorporated		25,853		6,451,616
Waters Corporation †		4,946		982,177
				15,048,216
Pharmaceuticals: 5.05%
Allergan plc		20,479		3,207,011
Bristol-Myers Squibb Company		104,739		5,599,347
Eli Lilly & Company		61,349		7,278,445
Johnson & Johnson		172,188		25,294,417
Merck & Company Incorporated		170,697		13,543,100
Mylan NV †		33,091		1,120,461
Nektar Therapeutics †		11,070		447,117
Perrigo Company plc		8,080		503,222
Pfizer Incorporated		376,249		17,393,991
Zoetis Incorporated		30,925		2,902,930
				77,290,041
Industrials: 9.14%
Aerospace & Defense: 2.45%
Arconic Incorporated		27,588		592,590
General Dynamics Corporation		17,875		3,304,909

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

28 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Aerospace & Defense (continued)
Harris Corporation		7,542	$	1,078,129
Huntington Ingalls Industries Incorporated		2,780		599,090
L-3 Technologies Incorporated		5,027		921,399
Lockheed Martin Corporation		15,902		4,777,438
Northrop Grumman Corporation		11,176		2,904,419
Raytheon Company		18,309		3,210,300
Textron Incorporated		15,944		895,096
The Boeing Company		34,293		11,891,441
TransDigm Group Incorporated †		3,108		1,124,070
United Technologies Corporation		51,994		6,334,935
				37,633,816
Air Freight & Logistics: 0.68%
C.H. Robinson Worldwide Incorporated		8,892		820,998
Expeditors International of Washington Incorporated		11,189		851,371
FedEx Corporation		15,615		3,575,835
United Parcel Service Incorporated Class B		44,504		5,130,866
				10,379,070
Airlines: 0.48%
Alaska Air Group Incorporated		7,904		579,047
American Airlines Group Incorporated		26,306		1,056,449
Delta Air Lines Incorporated		40,378		2,451,348
Southwest Airlines Company		33,100		1,807,591
United Continental Holdings Incorporated †		14,697		1,421,200
				7,315,635
Building Products: 0.27%
A.O. Smith Corporation		9,277		439,544
Allegion plc		6,098		558,516
Fortune Brands Home & Security Incorporated		9,141		400,376
Johnson Controls International plc		59,364		2,064,680
Masco Corporation		19,735		625,402
				4,088,518
Commercial Services & Supplies: 0.36%
Cintas Corporation		5,525		1,035,275
Copart Incorporated †		13,119		671,430
Republic Services Incorporated		13,991		1,082,064
Rollins Incorporated		6,301		400,492
Waste Management Incorporated		25,315		2,373,281
				5,562,542
Construction & Engineering: 0.08%
Fluor Corporation		9,025		369,393
Jacobs Engineering Group Incorporated		7,651		502,441
Quanta Services Incorporated †		9,551		335,240
				1,207,074

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 29

Security name	Shares		Value
Electrical Equipment: 0.48%
AMETEK Incorporated		14,884	$	1,092,932
Eaton Corporation plc		27,811		2,139,778
Emerson Electric Company		40,337		2,723,554
Rockwell Automation Incorporated		7,905		1,378,158
				7,334,422
Industrial Conglomerates: 1.37%
3M Company		37,651		7,828,396
General Electric Company		557,822		4,183,665
Honeywell International Incorporated		47,663		6,994,545
Roper Industries Incorporated		6,633		1,973,914
				20,980,520
Machinery: 1.50%
Caterpillar Incorporated		38,146		5,175,268
Cummins Incorporated		9,643		1,456,672
Deere & Company		20,646		3,197,652
Dover Corporation		9,480		804,757
Flowserve Corporation		8,399		407,435
Fortive Corporation		19,741		1,501,698
Illinois Tool Works Incorporated		19,802		2,753,468
Ingersoll-Rand plc		15,745		1,629,922
Paccar Incorporated		22,499		1,399,888
Parker-Hannifin Corporation		8,495		1,461,480
Pentair plc		10,357		442,244
Snap-on Incorporated		3,620		601,789
Stanley Black & Decker Incorporated		9,821		1,285,078
Xylem Incorporated		11,528		841,313
				22,958,664
Professional Services: 0.29%
Equifax Incorporated		7,728		793,434
IHS Markit Limited †		22,896		1,221,960
Nielsen Holdings plc		22,864		621,215
Robert Half International Incorporated		7,859		485,922
Verisk Analytics Incorporated †		10,571		1,303,616
				4,426,147
Road & Rail: 1.01%
CSX Corporation		52,365		3,803,270
J.B. Hunt Transport Services Incorporated		5,614		597,105
Kansas City Southern		6,557		675,699
Norfolk Southern Corporation		17,973		3,068,710
Union Pacific Corporation		47,463		7,298,860
				15,443,644
Trading Companies & Distributors: 0.17%
Fastenal Company		18,417		1,091,391
United Rentals Incorporated †		5,311		622,077

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

30 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Trading Companies & Distributors (continued)
W.W. Grainger Incorporated		2,918	$	916,369
				2,629,837
Information Technology: 19.55%
Communications Equipment: 1.14%
Arista Networks Incorporated †		3,314		790,323
Cisco Systems Incorporated		293,403		14,045,202
F5 Networks Incorporated †		3,903		671,199
Juniper Networks Incorporated		22,130		635,352
Motorola Solutions Incorporated		10,415		1,366,969
				17,509,045
Electronic Equipment, Instruments & Components: 0.43%
Amphenol Corporation Class A		19,278		1,695,307
Corning Incorporated		51,989		1,675,086
FLIR Systems Incorporated		8,859		406,274
IPG Photonics Corporation †		2,312		328,651
Keysight Technologies Incorporated †		12,030		743,695
TE Connectivity Limited		22,365		1,720,539
				6,569,552
IT Services: 4.62%
Accenture plc Class A		41,125		6,765,885
Akamai Technologies Incorporated †		10,879		747,931
Alliance Data Systems Corporation		3,033		607,692
Automatic Data Processing Incorporated		28,118		4,145,156
Broadridge Financial Solutions Incorporated		7,466		790,425
Cognizant Technology Solutions Corporation Class A		37,241		2,652,676
DXC Technology Company		18,046		1,137,620
Fidelity National Information Services Incorporated		21,105		2,278,285
Fiserv Incorporated †		25,990		2,056,589
FleetCor Technologies Incorporated †		5,673		1,097,158
Gartner Incorporated †		5,829		892,945
Global Payments Incorporated		10,153		1,135,207
International Business Machines Corporation		58,584		7,280,234
Jack Henry & Associates Incorporated		4,954		692,074
MasterCard Incorporated Class A		58,554		11,773,453
Paychex Incorporated		20,547		1,453,906
PayPal Holdings Incorporated †		75,972		6,519,157
Total System Services Incorporated		10,772		941,150
VeriSign Incorporated †		6,886		1,074,629
Visa Incorporated Class A		114,032		16,159,475
Western Union Company		28,706		537,663
				70,739,310
Semiconductors & Semiconductor Equipment: 3.55%
Advanced Micro Devices Incorporated †		55,062		1,172,821
Analog Devices Incorporated		23,855		2,192,752
Applied Materials Incorporated		63,092		2,352,070

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 31

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom Incorporated		27,707	$	6,577,919
Intel Corporation		295,949		14,593,245
KLA-Tencor Corporation		10,021		987,670
Lam Research Corporation		10,114		1,587,493
Maxim Integrated Products Incorporated		17,844		997,836
Microchip Technology Incorporated «		15,119		1,133,925
Micron Technology Incorporated †		74,440		2,870,406
NVIDIA Corporation		39,023		6,377,529
Qorvo Incorporated †		8,064		530,692
QUALCOMM Incorporated		77,801		4,532,686
Skyworks Solutions Incorporated		11,488		835,982
Texas Instruments Incorporated		62,399		6,230,540
Xilinx Incorporated		16,233		1,501,228
				54,474,794
Software: 5.93%
Adobe Systems Incorporated †		31,428		7,884,971
Ansys Incorporated †		5,411		876,690
Autodesk Incorporated †		14,032		2,027,624
Cadence Design Systems Incorporated †		18,152		817,566
Citrix Systems Incorporated		8,272		901,400
Fortinet Incorporated †		9,227		681,322
Intuit Incorporated		16,602		3,561,627
Microsoft Corporation		492,171		54,576,842
Oracle Corporation		181,422		8,846,137
Red Hat Incorporated †		11,384		2,032,727
Salesforce.com Incorporated †		48,567		6,933,425
Symantec Corporation		39,892		882,012
Synopsys Incorporated †		9,537		876,832
				90,899,175
Technology Hardware, Storage & Peripherals: 3.88%
Apple Incorporated		294,500		52,591,810
Hewlett Packard Enterprise Company		94,455		1,416,825
HP Incorporated		101,564		2,335,972
NetApp Incorporated		16,641		1,112,784
Seagate Technology plc		16,774		722,792
Western Digital Corporation		18,700		848,793
Xerox Corporation		13,306		358,198
				59,387,174
Materials: 2.55%
Chemicals: 1.92%
Air Products & Chemicals Incorporated		14,074		2,264,084
Albemarle Corporation «		6,961		670,484
CF Industries Holdings Incorporated		14,985		632,217
DowDuPont Incorporated		148,095		8,567,296
Eastman Chemical Company		9,068		714,740
Ecolab Incorporated		16,318		2,618,876

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

32 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Chemicals (continued)
FMC Corporation		8,641	$	714,956
International Flavors & Fragrances Incorporated		6,496		920,028
Linde plc		35,347		5,621,940
LyondellBasell Industries NV Class A		20,490		1,911,922
PPG Industries Incorporated		15,533		1,698,223
The Mosaic Company		22,761		819,396
The Sherwin-Williams Company		5,274		2,236,545
				29,390,707
Construction Materials: 0.11%
Martin Marietta Materials Incorporated		4,044		771,150
Vulcan Materials Company		8,489		897,372
				1,668,522
Containers & Packaging: 0.30%
Avery Dennison Corporation		5,611		540,900
Ball Corporation		22,073		1,084,005
International Paper Company		26,243		1,212,164
Packaging Corporation of America		6,065		593,278
Sealed Air Corporation		10,193		372,350
WestRock Company		16,374		771,379
				4,574,076
Metals & Mining: 0.22%
Freeport-McMoRan Incorporated		93,002		1,110,444
Newmont Mining Corporation		34,235		1,107,160
Nucor Corporation		20,304		1,226,565
				3,444,169
Real Estate: 2.83%
Equity REITs: 2.77%
Alexandria Real Estate Equities Incorporated		6,788		845,106
American Tower Corporation		28,294		4,654,080
Apartment Investment & Management Company Class A		10,099		475,562
AvalonBay Communities Incorporated		8,871		1,690,546
Boston Properties Incorporated		9,911		1,300,323
Crown Castle International Corporation		26,626		3,059,327
Digital Realty Trust Incorporated		13,228		1,521,749
Duke Realty Corporation		22,931		652,616
Equinix Incorporated		5,103		1,966,084
Equity Residential Company Limited		23,638		1,684,208
Essex Property Trust Incorporated		4,239		1,112,780
Extra Space Storage Incorporated		8,119		779,262
Federal Realty Investment Trust		4,717		623,069
HCP Incorporated		30,155		882,335
Host Hotels & Resorts Incorporated		47,603		904,457
Iron Mountain Incorporated		18,366		623,893
Kimco Realty Corporation		27,046		442,202
Mid-America Apartment Communities Incorporated		7,305		756,506

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 33

Security name	Shares		Value
Equity REITs (continued)
Prologis Incorporated		40,405	$	2,720,873
Public Storage Incorporated		9,618		2,051,135
Realty Income Corporation		18,616		1,193,099
Regency Centers Corporation		10,875		692,303
SBA Communications Corporation †		7,371		1,259,041
Simon Property Group Incorporated		19,846		3,685,204
SL Green Realty Corporation		5,556		535,710
The Macerich Company		6,790		341,469
UDR Incorporated		17,180		732,212
Ventas Incorporated		22,877		1,452,461
Vornado Realty Trust		11,111		799,548
Welltower Incorporated		23,878		1,727,096
Weyerhaeuser Company		48,630		1,284,318
				42,448,574
Real Estate Management & Development: 0.06%
CBRE Group Incorporated Class A †		20,283		885,961
Utilities: 3.06%
Electric Utilities: 1.90%
Alliant Energy Corporation		15,004		681,032
American Electric Power Company Incorporated		31,638		2,459,538
Duke Energy Corporation		45,721		4,049,509
Edison International		20,912		1,156,852
Entergy Corporation		11,608		1,010,592
Evergy Incorporated		17,438		1,035,294
Eversource Energy		20,339		1,389,967
Exelon Corporation		61,995		2,875,948
FirstEnergy Corporation		31,185		1,179,729
NextEra Energy Incorporated		30,269		5,500,180
PG&E Corporation †		33,192		875,605
Pinnacle West Capital Corporation		7,187		642,230
PPL Corporation		44,901		1,373,522
The Southern Company		65,091		3,080,757
Xcel Energy Incorporated		32,675		1,713,804
				29,024,559
Independent Power & Renewable Electricity Producers: 0.09%
AES Corporation		42,469		657,845
NRG Energy Incorporated		19,475		748,424
				1,406,269
Multi-Utilities: 1.00%
Ameren Corporation		15,663		1,074,795
CenterPoint Energy Incorporated		31,585		884,696
CMS Energy Corporation		18,181		947,048
Consolidated Edison Incorporated		19,968		1,604,429
Dominion Energy Incorporated		41,961		3,126,095
DTE Energy Company		11,667		1,397,007

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

34 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name						Shares		Value
Multi-Utilities (continued)
NiSource Incorporated							23,301	$	615,612
Public Service Enterprise Group Incorporated							32,433		1,813,005
SCANA Corporation							9,154		427,126
Sempra Energy							17,551		2,022,226
WEC Energy Group Incorporated							20,252		1,467,865
									15,379,904
Water Utilities: 0.07%
American Water Works Company Incorporated							11,585		1,105,320
Total Common Stocks (Cost $505,943,754)									1,495,119,427
	Yield
Short-Term Investments: 2.53%
Investment Companies: 2.39%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%				3,737,121		3,737,495
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					32,948,855		32,948,855
									36,686,350
				Maturity date		Principal
U.S. Treasury Securities: 0.14%
U.S. Treasury Bill (z)#		1.61			12-13-2018	$	2,140,000		2,138,720
Total Short-Term Investments (Cost $38,824,866)									38,825,070

Total investments in securities (Cost $544,768,620)	100.12	%		1,533,944,497
Other assets and liabilities, net	(0.12	)		(1,845,625	)
Total net assets	100.00	%	$	1,532,098,872

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 Index		52		12-20-2018	$	36,372,075	$	35,857,900	$	0	$	(514,175	)

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Index Portfolio 35

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company		308,208		890		30,894		278,204	$	830,021	$	(720,382	)	$	245,725	$	15,100,913		0.99	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		6,535,529		31,725,054		34,523,462		3,737,121		47		(115	)		11,011		3,737,495
Wells Fargo Government Money Market Fund Select Class		17,497,109		173,688,226		158,236,480		32,948,855		0		0			306,486		32,948,855
																	36,686,350		2.39
									$	830,068	$	(720,497	)	$	563,222	$	51,787,263		3.38	%

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

36 Wells Fargo Index Portfolio Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $3,654,221 of securities loaned), at value (cost $501,300,603)	$	1,482,157,234
Investments in affiliated securities, at value (cost $43,468,017)		51,787,263
Receivable for dividends		3,792,038
Receivable for investments sold		759,747
Receivable for daily variation margin on open futures		261,080
Receivable for securities lending income		1,081
Prepaid expenses and other assets		187,948
Total assets		1,538,946,391
Liabilities
Payable upon receipt of securities loaned		3,735,462
Payable for investments purchased		2,847,037
Advisory fee payable		121,668
Due to custodian bank		87,385
Accrued expenses and other liabilities		55,967
Total liabilities		6,847,519
Total net assets	$	1,532,098,872

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Index Portfolio 37

Investment income
Dividends (net of foreign dividend withholding taxes of $153)	$	16,021,489
Income from affiliated securities		563,222
Interest		23,827
Total investment income		16,608,538
Expenses
Advisory fee		743,792
Custody and accounting fees		60,044
Professional fees		30,693
Shareholder report expenses		3,600
Trustees’ fees and expenses		11,825
Other fees and expenses		15,734
Total expenses		865,688
Net investment income		15,742,850
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		118,178,593
Affiliated securities		830,068
Futures contracts		803,960
Net realized gains on investments		119,812,621
Net change in unrealized gains (losses) on:
Unaffiliated securities		(83,919,810	)
Affiliated securities		(720,497	)
Futures contracts		(981,535	)
Net change in unrealized gains (losses) on investments		(85,621,842	)
Net realized and unrealized gains (losses) on investments		34,190,779
Net increase in net assets resulting from operations	$	49,933,629

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

38 Wells Fargo Index Portfolio Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	15,742,850		$	34,477,982
Net realized gains on investments		119,812,621			356,446,608
Net change in unrealized gains (losses) on investments		(85,621,842	)		(130,957,468	)
Net increase in net assets resulting from operations		49,933,629			259,967,123
Capital transactions
Transactions in investors’ beneficial interests
Contributions		3,401,559			15,647,891
Withdrawals		(175,204,231	)		(637,181,697	)
Net decrease in net assets resulting from capital transactions		(171,802,672	)		(621,533,806	)
Total decrease in net assets		(121,869,043	)		(361,566,683	)
Net assets
Beginning of period		1,653,967,915			2,015,534,598
End of period	$	1,532,098,872		$	1,653,967,915

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

Financial highlights Wells Fargo Index Portfolio 39

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return¹		2.95	%		14.27	%		17.36	%		1.62	%		11.69	%		20.33	%
Ratios to average net assets (annualized)
Gross expenses		0.11	%		0.10	%		0.10	%		0.11	%		0.11	%		0.10	%
Net expenses		0.11	%		0.10	%		0.10	%		0.10	%		0.11	%		0.10	%
Net investment income		1.91	%		1.84	%		2.03	%		2.12	%		1.96	%		1.99	%
Supplemental data
Portfolio turnover rate		2	%		3	%		9	%		4	%		4	%		5	%

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

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

40 Wells Fargo Index Portfolio Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service 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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management

Notes to financial statements (unaudited) Wells Fargo Index Portfolio 41

receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Futures contracts

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objectives. 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 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 security values. 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 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 from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

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, 2018, the aggregate cost of all investments for federal income tax purposes was $544,019,950 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,007,430,653
Gross unrealized losses		(18,020,281	)
Net unrealized gains	$	989,410,372

42 Wells Fargo Index Portfolio Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	147,688,429	$	0	$	0	$	147,688,429
Consumer discretionary		147,389,283		0		0		147,389,283
Consumer staples		110,806,975		0		0		110,806,975
Energy		82,437,353		0		0		82,437,353
Financials		204,916,033		0		0		204,916,033
Health care		233,014,354		0		0		233,014,354
Industrials		139,959,889		0		0		139,959,889
Information technology		299,579,050		0		0		299,579,050
Materials		39,077,474		0		0		39,077,474
Real estate		43,334,535		0		0		43,334,535
Utilities		46,916,052		0		0		46,916,052
Short-term investments
Investment companies		32,948,855		3,737,495		0		36,686,350
U.S. Treasury securities		2,138,720		0		0		2,138,720
Total assets	$	1,530,207,002	$	3,737,495	$	0	$	1,533,944,497
Liabilities
Futures contracts	$	514,175	$	0	$	0	$	514,175
Total liabilities	$	514,175	$	0	$	0	$	514,175

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.

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Notes to financial statements (unaudited) Wells Fargo Index Portfolio 43

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. 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 starting at 0.10% and declining to 0.05% as the average daily net assets of the Portfolio increase. For six month ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.09% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% 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, 2018 were $36,682,684 and $181,837,933, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $38,705,971 in long futures contracts during the six months ended November 30, 2018.

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

7. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

44 Wells Fargo Index 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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Index Fund 45

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

46 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. N/A Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Index Fund 47

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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

48 Wells Fargo Index Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318977 01-19 SA283/SAR283 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo International Value Fund

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

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

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

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	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	31
Statement of operations	32
Statement of changes in net assets	33
Financial highlights	34
Notes to financial statements	35
Other information	39
Appendix A	43

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo International Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo International Value Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo International Value Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.

6 Wells Fargo International Value Fund¹ Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

LSV Asset Management

Portfolio managers

Josef Lakonishok, Ph.D.

Puneet Mansharamani, CFA^®‡

Menno Vermeulen, CFA^®‡

Average annual total returns (%) as of November 30, 2018²

		Including sales charge								Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year			10 year		1 year			5 year		10 year		Gross		Net4
Class A (WFFAX)	10-31-2003		(15.03	)		(0.33	)		6.08		(9.84	)		0.86		6.72		1.35		1.35
Class C (WFVCX)	4-8-2005		(11.48	)		0.11			5.90		(10.48	)		0.11		5.90		2.10		2.10
Class R6 (WFRVX)	7-31-2018		–			–			–		(9.52	)		1.25		7.14		0.92		0.90
Administrator Class (WFVDX)	4-8-2005		–			–			–		(9.79	)		0.96		6.87		1.27		1.25
Institutional Class (WFVIX)	8-31-2006		–			–			–		(9.58	)		1.23		7.13		1.02		1.00
MSCI EAFE Value Index (Net)5	–		–			–			–		(9.02	)		0.66		6.61		–		–

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

Performance highlights (unaudited) Wells Fargo International Value Fund 7

Ten largest holdings (%) as of November 30, 20186
Roche Holding AG	2.27
Royal Dutch Shell plc Class B	2.14
Sanofi SA	1.92
GlaxoSmithKline plc	1.78
Total SA	1.63
Orange SA	1.29
Nippon Telegraph & Telephone Corporation	1.19
BP plc	1.19
KDDI Corporation	1.14
Swiss Life Holding AG	1.03

Sector distribution as of November 30, 2018⁷

Country allocation as of November 30, 2018⁷

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

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

²  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 shares would be higher.

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

⁴  The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any) from funds in which the underlying master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the underlying affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵  The 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. The MSCI EAFE Value Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

8 Wells Fargo International Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	910.08	$	6.32		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.68		1.32	%
Class C
Actual	$	1,000.00	$	906.82	$	9.89		2.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.69	$	10.45		2.07	%
Class R6
Actual	$	1,000.00	$	912.14	$	4.12		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Administrator Class
Actual	$	1,000.00	$	910.53	$	5.94		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.28		1.24	%
Institutional Class
Actual	$	1,000.00	$	911.50	$	4.74		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	5.01		0.99	%

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).

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo International Value Fund 9

Security name	Value
Investment Companies: 99.62%
Affiliated Master Portfolio: 99.62%
Wells Fargo International Value Portfolio	$	860,731,443
Total Investment Companies (Cost $887,284,289)		860,731,443

Total investments in securities (Cost $887,284,289)	99.62	%		860,731,443
Other assets and liabilities, net	0.38			3,276,714
Total net assets	100.00	%	$	864,008,157

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		95	%		77	%	$	(779,078	)	$	(89,484,820	)	$	13,834,503	$	545,811	$	860,731,443		99.62	%

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

10 Wells Fargo International Value Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $887,284,289)	$	860,731,443
Receivable for Fund shares sold		4,558,433
Prepaid expenses and other assets		350,557
Total assets		865,640,433
Liabilities
Payable for Fund shares redeemed		1,559,237
Management fee payable		37,563
Administration fees payable		32,217
Trustees’ fees and expenses payable		2,548
Distribution fee payable		711
Total liabilities		1,632,276
Total net assets	$	864,008,157
NET ASSETS CONSIST OF
Paid-in capital	$	879,576,273
Total distributable loss		(15,568,116	)
Total net assets	$	864,008,157
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	58,269,098
Shares outstanding – Class A1		4,083,184
Net asset value per share – Class A		$14.27
Maximum offering price per share – Class A2		$15.14
Net assets – Class C	$	1,057,401
Shares outstanding – Class C1		76,538
Net asset value per share – Class C		$13.82
Net assets – Class R6	$	22,864
Shares outstanding – Class R61		1,619
Net asset value per share – Class R6		$14.12
Net assets – Administrator Class	$	3,725,413
Shares outstanding – Administrator Class1		259,589
Net asset value per share – Administrator Class		$14.35
Net assets – Institutional Class	$	800,933,381
Shares outstanding – Institutional Class1		56,750,902
Net asset value per share – Institutional Class		$14.11

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo International Value Fund 11

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,387,837)	$	13,834,503
Affiliated income allocated from affiliated Master Portfolio		545,811
Expenses allocated from affiliated Master Portfolio		(3,510,713	)
Total investment income		10,869,601
Expenses
Management fee		221,531
Administration fees
Class A		52,937
Class C		1,204
Class R6		2	1
Administrator Class		2,996
Institutional Class		539,459
Shareholder servicing fees
Class A		63,021
Class C		1,433
Administrator Class		5,762
Distribution fee
Class C		4,300
Custody and accounting fees		8,142
Professional fees		17,113
Registration fees		26,971
Shareholder report expenses		16,885
Trustees’ fees and expenses		11,090
Other fees and expenses		5,187
Total expenses		978,033
Less: Fee waivers and/or expense reimbursements		(5,533	)
Net expenses		972,500
Net investment income		9,897,101
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(779,078	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(89,484,820	)
Net realized and unrealized gains (losses) on investments		(90,263,898	)
Net decrease in net assets resulting from operations	$	(80,366,797	)

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

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

12 Wells Fargo International Value Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 20181
Operations
Net investment income				$	9,897,101					$	19,745,024
Net realized gains (losses) on investments					(779,078	)					14,310,484
Net change in unrealized gains (losses) on investments					(89,484,820	)					21,273,653
Net increase (decrease) in net assets resulting from operations					(80,366,797	)					55,329,161
Distributions to shareholders from net investment income and net realized gains
Class A					0						(53,028	)
Class C					0						(19,938	)
Administrator Class					0						(104,265	)
Institutional Class					0						(22,325,915	)
Total distributions to shareholders					0						(22,503,146	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,376,271			35,309,929			2,633,442			42,441,930
Class C		11,758			176,464			31,890			496,381
Class R6		1,619	2		25,000	2		N/A			N/A
Administrator Class		19,508			290,258			150,614			2,424,464
Institutional Class		8,930,766			132,814,828			18,051,179			284,422,225
					168,616,479						329,785,000
Reinvestment of distributions
Class A		0			0			3,299			52,993
Class C		0			0			1,271			19,890
Administrator Class		0			0			6,369			102,738
Institutional Class		0			0			1,408,571			22,297,672
					0						22,473,293
Payment for shares redeemed
Class A		(760,130	)		(11,198,328	)		(342,547	)		(5,580,817	)
Class C		(9,734	)		(141,985	)		(15,622	)		(244,651	)
Administrator Class		(138,157	)		(2,124,890	)		(138,280	)		(2,200,897	)
Institutional Class		(5,495,962	)		(81,797,283	)		(14,341,542	)		(228,026,971	)
					(95,262,486	)					(236,053,336	)
Net increase in net assets resulting from capital share transactions					73,353,993						116,204,957
Total increase (decrease) in net assets					(7,012,804	)					149,030,972
Net assets
Beginning of period					871,020,961						721,989,989
End of period				$	864,008,157					$	871,020,961

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $9,444,288. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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

Financial highlights Wells Fargo International Value Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.68			$14.88			$12.83			$14.85			$15.45			$13.40
Net investment income		0.15	1		0.72	1		0.09	1		0.26			0.26	1		0.36
Net realized and unrealized gains (losses) on investments		(1.56	)		0.35			2.26			(2.08	)		(0.53	)		1.97
Total from investment operations		(1.41	)		1.07			2.35			(1.82	)		(0.27	)		2.33
Distributions to shareholders from
Net investment income		0.00			(0.27	)		(0.30	)		(0.20	)		(0.33	)		(0.28	)
Net asset value, end of period		$14.27			$15.68			$14.88			$12.83			$14.85			$15.45
Total return2		(8.99	)%		7.12	%		18.65	%		(12.31	)%		(1.55	)%		17.48	%
Ratios to average net assets (annualized)
Gross expenses3		1.32	%		1.34	%		1.39	%		1.46	%		1.50	%		1.51	%
Net expenses3		1.32	%		1.34	%		1.35	%		1.39	%		1.49	%		1.50	%
Net investment income3		1.91	%		4.48	%		0.69	%		1.98	%		1.80	%		2.45	%
Supplemental data
Portfolio turnover rate4		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$58,269			$38,677			$2,571			$4,981			$5,768			$6,725

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, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.85	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

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 International Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.24			$14.60			$12.56			$14.54			$15.16			$13.18
Net investment income		0.04			0.21			0.23			0.17			0.13			0.19
Net realized and unrealized gains (losses) on investments		(1.46	)		0.73			1.97			(2.05	)		(0.51	)		2.00
Total from investment operations		(1.42	)		0.94			2.20			(1.88	)		(0.38	)		2.19
Distributions to shareholders from
Net investment income		0.00			(0.30	)		(0.16	)		(0.10	)		(0.24	)		(0.21	)
Net asset value, end of period		$13.82			$15.24			$14.60			$12.56			$14.54			$15.16
Total return1		(9.32	)%		6.36	%		17.69	%		(12.95	)%		(2.37	)%		16.64	%
Ratios to average net assets (annualized)
Gross expenses2		2.07	%		2.10	%		2.16	%		2.21	%		2.25	%		2.26	%
Net expenses2		2.07	%		2.10	%		2.10	%		2.14	%		2.24	%		2.25	%
Net investment income2		1.17	%		1.40	%		1.57	%		1.25	%		1.07	%		1.88	%
Supplemental data
Portfolio turnover rate3		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$1,057			$1,135			$832			$783			$920			$920

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, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

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.

Financial highlights Wells Fargo International Value Fund 15

(For a share outstanding throughout the period)

	Period ended November 30, 20181 (unaudited)
CLASS R6
Net asset value, beginning of period		$15.44
Net investment income		0.13	2
Net realized and unrealized gains (losses) on investments		(1.45	)
Total from investment operations		(1.32	)
Distributions to shareholders from
Net investment income		0.00
Net asset value, end of period		$14.12
Total return3		(8.55	)%
Ratios to average net assets (annualized)
Gross expenses4		0.87	%
Net expenses4		0.86	%
Net investment income4		2.63	%
Supplemental data
Portfolio turnover rate5		6	%
Net assets, end of period (000s omitted)		$23

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

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 in the amount of 0.78%.

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.

16 Wells Fargo International Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.76			$15.04			$12.91			$14.73			$15.35			$13.31
Net investment income		0.15	1		0.37	1		0.33	1		0.14	1		0.28			0.38
Net realized and unrealized gains (losses) on investments		(1.56	)		0.73			2.05			(1.96	)		(0.52	)		1.98
Total from investment operations		(1.41	)		1.10			2.38			(1.82	)		(0.24	)		2.36
Distributions to shareholders from
Net investment income		0.00			(0.38	)		(0.25	)		0.00			(0.38	)		(0.32	)
Net asset value, end of period		$14.35			$15.76			$15.04			$12.91			$14.73			$15.35
Total return2		(8.95	)%		7.25	%		18.66	%		(12.36	)%		(1.35	)%		17.81	%
Ratios to average net assets (annualized)
Gross expenses3		1.24	%		1.27	%		1.33	%		1.36	%		1.34	%		1.34	%
Net expenses3		1.24	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income3		1.97	%		2.30	%		2.46	%		0.99	%		2.12	%		2.76	%
Supplemental data
Portfolio turnover rate4		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$3,725			$5,961			$5,407			$11,873			$487,582			$459,415

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, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

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.

Financial highlights Wells Fargo International Value Fund 17

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.48			$14.80			$12.73			$14.75			$15.38			$13.34
Net investment income		0.17	1		0.41			0.39			0.36			0.29			0.41
Net realized and unrealized gains (losses) on investments		(1.54	)		0.71			1.99			(2.12	)		(0.51	)		1.98
Total from investment operations		(1.37	)		1.12			2.38			(1.76	)		(0.22	)		2.39
Distributions to shareholders from
Net investment income		0.00			(0.44	)		(0.31	)		(0.26	)		(0.41	)		(0.35	)
Net asset value, end of period		$14.11			$15.48			$14.80			$12.73			$14.75			$15.38
Total return2		(8.85	)%		7.51	%		19.04	%		(11.98	)%		(1.19	)%		18.07	%
Ratios to average net assets (annualized)
Gross expenses3		0.99	%		1.02	%		1.07	%		1.13	%		1.07	%		1.08	%
Net expenses3		0.99	%		1.00	%		1.00	%		1.01	%		1.05	%		1.05	%
Net investment income3		2.26	%		2.43	%		2.95	%		2.81	%		2.42	%		2.91	%
Supplemental data
Portfolio turnover rate4		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$800,933			$825,247			$713,180			$456,239			$3,793			$2,359

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, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.86	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

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.

18 Wells Fargo International Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo 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 all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 77% of Wells Fargo International Value Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and 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.

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

Notes to financial statements (unaudited) Wells Fargo International Value Fund 19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $887,284,289 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		(26,552,846	)
Net unrealized losses	$	(26,552,846	)

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized 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, 2018, 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:

Affilated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo International Value Portfolio	Seeks long-term capital appreciation		$860,731,443

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

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

20 Wells Fargo International Value Fund Notes to financial statements (unaudited)

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; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, 0.90% for Class R6 shares, 1.25% for Administrator Class shares, and 1.00% for Institutional Class shares. After this time, 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, 2018, Funds Distributor received $218 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, 2018.

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 each applicable 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, 2018 were $300,265,180 and $54,850,096, respectively.

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:

	Net investment income
Class A	$	53,028
Class C		19,938
Administrator Class		104,265
Institutional Class		22,325,915

Notes to financial statements (unaudited) Wells Fargo International Value Fund 21

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

11. SUBSEQUENT DISTRIBUTIONS

On December 27, 2018, the Fund declared distributions from net investment income to shareholders of record on December 26, 2018. The per share amounts payable on December 28, 2018 were as follows:

	Net investment income
Class A		$0.32558
Class C		0.18817
Class R6		0.36845
Administrator Class		0.30162
Institutional Class		0.35227

These distributions are not reflected in the accompanying financial statements.

22 Wells Fargo International Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks: 95.48%
Australia: 4.82%
Asaleo Care Limited (Consumer Staples, Personal Products)		1,262,800	$	604,540
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail)		410,016		488,480
Bendigo Bank Limited (Financials, Banks)		272,500		2,127,139
BlueScope Steel Limited (Materials, Metals & Mining)		266,242		2,185,317
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		960,600		6,066,167
CSR Limited (Materials, Construction Materials)		897,866		1,968,751
Fortescue Metals Group Limited (Materials, Metals & Mining)		927,200		2,710,762
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,226,186		2,832,054
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		407,700		3,772,528
Macquarie Group Limited (Financials, Capital Markets)		67,700		5,661,723
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,164,200		2,357,032
Mineral Resources Limited (Materials, Metals & Mining)		300,500		3,349,441
Mirvac Group (Real Estate, Equity REITs)		2,065,070		3,305,498
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) Ǡ		1,702,400		566,149
Qantas Airways Limited (Industrials, Airlines)		1,142,785		4,978,160
Retail Food Group Limited (Consumer Discretionary, Food Products) Ǡ		269,500		73,867
Rio Tinto Limited (Materials, Metals & Mining)		134,687		7,213,884
South32 Limited (Materials, Metals & Mining)		1,583,900		3,588,785
				53,850,277
Austria: 0.91%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		89,986		4,545,581
Raiffeisen Bank International AG (Financials, Banks)		111,330		3,281,996
Voestalpine AG (Materials, Metals & Mining)		69,168		2,298,255
				10,125,832
Belgium: 0.66%
Bpost SA (Industrials, Air Freight & Logistics)		68,200		880,957
UCB SA (Health Care, Pharmaceuticals)		77,200		6,488,438
				7,369,395
Brazil: 0.83%
Banco de Brasil SA (Financials, Banks)		268,900		3,103,441
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		282,500		3,742,559
JBS SA (Consumer Staples, Food Products)		805,600		2,452,007
				9,298,007
Canada: 1.13%
George Weston Limited (Consumer Staples, Food & Staples Retailing)		14,998		1,084,453
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		111,100		5,124,991
Magna International Incorporated (Consumer Discretionary, Auto Components) «		90,400		4,511,665
WestJet Airlines Limited (Industrials, Airlines)		120,000		1,861,438
				12,582,547

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo International Value Portfolio 23

Security name	Shares		Value
China: 3.40%
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development)		1,900,000	$	2,578,988
China Communications Services Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		2,836,000		2,366,958
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		6,634,000		5,638,561
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		3,201,500		4,100,081
China Resources Cement Holdings Limited (Materials, Construction Materials)		4,106,000		4,009,438
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		10,590,000		5,698,351
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		3,154,000		3,043,546
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		4,298,000		4,411,163
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		1,061,600		2,618,722
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		1,777,300		3,566,412
				38,032,220
Denmark: 0.69%
Danske Bank AS (Financials, Banks)		150,300		2,995,763
DFDS AS (Industrials, Marine)		59,227		2,224,455
Sydbank AS (Financials, Banks)		102,782		2,535,075
				7,755,293
Finland: 0.45%
Outokumpu Oyj (Materials, Metals & Mining)		447,093		1,859,610
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		118,000		3,143,322
				5,002,932
France: 9.66%
Air France-KLM (Industrials, Airlines) †		288,100		3,320,289
Arkema SA (Materials, Chemicals)		42,992		4,078,651
AXA SA (Financials, Insurance)		233,600		5,689,827
BNP Paribas SA (Financials, Banks)		123,579		6,208,232
Compagnie de Saint-Gobain SA (Industrials, Building Products)		152,637		5,656,621
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		32,700		3,421,359
Credit Agricole SA (Financials, Banks)		219,328		2,723,368
Engie SA (Utilities, Multi-Utilities)		171,900		2,417,032
Natixis SA (Financials, Capital Markets)		1,548,200		8,553,262
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals)		66,600		1,844,232
Orange SA (Communication Services, Diversified Telecommunication Services) «		844,700		14,497,282
Renault SA (Consumer Discretionary, Automobiles)		55,900		3,926,797
Sanofi SA (Health Care, Pharmaceuticals)		238,389		21,539,142
SCOR SE (Financials, Insurance)		70,800		3,401,680
Societe Generale SA (Financials, Banks)		63,400		2,329,822
Total SA (Energy, Oil, Gas & Consumable Fuels) «		329,000		18,312,044
				107,919,640
Germany: 7.37%
Allianz AG (Financials, Insurance)		44,428		9,380,381
Aurubis AG (Materials, Metals & Mining)		43,296		2,356,661
BASF SE (Materials, Chemicals)		130,090		9,480,087
Bayer AG (Health Care, Pharmaceuticals)		11,900		870,021
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		91,500		7,480,030

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

24 Wells Fargo International Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Germany (continued)
Covestro AG (Materials, Chemicals) 144A		132,837	$	7,648,571
Daimler AG (Consumer Discretionary, Automobiles)		106,990		6,019,228
Deutsche Lufthansa AG (Industrials, Airlines)		223,600		5,442,459
Deutsche Post AG (Industrials, Air Freight & Logistics)		85,100		2,709,129
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		32,790		2,334,947
Kloeckner & Company SE (Industrials, Trading Companies & Distributors)		344,100		2,767,793
Leoni AG (Consumer Discretionary, Auto Components) «		72,900		2,328,174
Metro AG (Consumer Staples, Food & Staples Retailing) «		269,900		4,141,783
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		28,119		6,108,854
Siemens AG (Industrials, Industrial Conglomerates)		34,200		3,964,706
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		27,422		2,477,347
Volkswagen AG (Consumer Discretionary, Automobiles)		41,837		6,910,361
				82,420,532
Hong Kong: 2.97%
China Water Affairs Group Limited (Utilities, Water Utilities)		1,965,000		2,210,123
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,948,000		3,759,279
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		3,155,000		2,859,017
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		3,216,000		3,259,571
Sinotruk Hong Kong Limited (Industrials, Machinery)		3,571,500		5,861,204
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		8,404,000		2,062,331
WH Group Limited (Consumer Staples, Food Products) 144A		5,899,000		4,305,124
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		379,000		2,174,987
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,816,000		3,026,912
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,257,000		3,655,004
				33,173,552
India: 0.29%
Tech Mahindra Limited (Information Technology, IT Services)		321,500		3,256,517
Ireland: 0.59%
C&C Group plc (Consumer Staples, Beverages)		240,000		828,697
Grafton Group plc (Industrials, Trading Companies & Distributors)		248,800		2,244,598
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,514,003
				6,587,298
Israel: 0.46%
Bank Hapoalim Limited (Financials, Banks) (a)		320,800		2,203,869
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) (a)		136,844		2,942,894
				5,146,763
Italy: 2.19%
A2A SpA (Utilities, Multi-Utilities)		2,121,107		3,568,340
Enel SpA (Utilities, Electric Utilities)		1,706,600		9,254,483
Leonardo SpA (Industrials, Aerospace & Defense)		342,737		3,378,038
Mediobanca SpA (Financials, Banks)		371,363		3,281,800
UnipolSai Assicurazioni SpA (Financials, Insurance) «		2,160,500		5,028,776
				24,511,437

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo International Value Portfolio 25

Security name	Shares		Value
Japan: 22.11%
Adeka Corporation (Materials, Chemicals)		203,500	$	3,225,094
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		119,800		4,738,598
Aozora Bank Limited (Financials, Banks)		64,900		2,132,555
Asahi Glass Company Limited (Industrials, Building Products)		121,800		4,136,361
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		200,800		3,355,659
Central Glass Company Limited (Industrials, Building Products)		88,800		2,188,807
Credit Saison Company Limited (Financials, Consumer Finance)		329,900		4,234,368
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail)		243,900		2,419,340
Denka Company Limited (Materials, Chemicals)		99,700		3,214,571
DIC Incorporated (Materials, Chemicals)		124,900		3,966,564
Dowa Mining Company Limited (Materials, Metals & Mining)		56,900		1,874,695
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		2,648,769
Fujikura Limited (Industrials, Electrical Equipment)		435,200		1,890,090
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		133,700		2,250,810
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		165,800		4,802,453
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		263,900		3,756,881
Itochu Corporation (Industrials, Trading Companies & Distributors)		356,200		6,326,029
Japan Airlines Company Limited (Industrials, Airlines)		108,600		3,916,737
JFE Holdings Incorporated (Materials, Metals & Mining)		263,600		4,647,803
JTEKT Corporation (Industrials, Machinery)		322,100		4,097,365
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		754,900		4,564,048
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		44,700		2,287,865
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		544,200		12,771,429
Keihin Corporation (Consumer Discretionary, Auto Components)		180,400		3,121,223
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,907,457
Makino Milling Machine Company Limited (Industrials, Machinery)		79,400		3,221,046
Marubeni Corporation (Industrials, Trading Companies & Distributors)		812,100		6,063,117
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		283,200		3,018,738
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		431,500		5,694,287
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		195,500		3,210,254
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		921,500		5,069,610
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		699,300		3,813,300
Mitsui Chemicals Incorporated (Materials, Chemicals)		177,100		4,494,781
Mixi Incorporated (Communication Services, Interactive Media & Services)		54,400		1,282,424
Mizuho Financial Group Incorporated (Financials, Banks)		3,425,200		5,681,762
Morinaga Milk Industry Company Limited (Consumer Staples, Food Products)		134,500		3,939,678
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		324,200		13,366,128
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		587,500		5,146,027
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		226,100		2,057,537
Nomura Holdings Incorporated (Financials, Capital Markets)		1,144,100		5,154,321
NTN Corporation (Industrials, Machinery)		1,133,600		3,804,798
NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services)		98,600		2,283,135
ORIX Corporation (Financials, Diversified Financial Services)		469,600		7,609,824
Resona Holdings Incorporated (Financials, Banks)		1,348,600		7,150,794
Ryobi Limited (Industrials, Machinery)		117,400		3,200,925
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		42,000		2,219,971
SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		50,100		2,506,876
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		145,400		2,253,082
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,855,500		6,571,035
Sompo Holdings Incorporated (Financials, Insurance)		25,100		969,815

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

26 Wells Fargo International Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Japan (continued)
Sumitomo Heavy Industries Limited (Industrials, Machinery)		140,900	$	4,673,290
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		173,200		6,382,378
Sumitomo Osaka Cement Company (Materials, Construction Materials)		34,900		1,567,987
Teijin Limited (Materials, Chemicals)		279,600		4,827,697
The Keiyo Bank Limited (Financials, Banks)		224,300		1,580,760
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		172,900		3,618,997
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		63,000		1,673,303
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		21,000		2,936,837
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		75,000		1,854,601
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		165,400		2,612,538
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		180,900		2,787,245
UBE Industries Limited (Materials, Chemicals)		149,300		3,402,538
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		107,300		3,941,691
				247,118,698
Liechtenstein: 0.09%
VP Bank AG (Financials, Capital Markets)		6,558		1,025,334
Malaysia: 0.32%
Tenaga Nasional Bhd (Utilities, Electric Utilities)		1,062,400		3,615,384
Netherlands: 2.98%
ABN AMRO Group NV (Financials, Banks) 144A		233,218		5,945,869
Aegon NV (Financials, Insurance)		566,623		3,154,128
ASR Nederland NV (Financials, Insurance)		83,831		3,615,884
ING Groep NV (Financials, Banks)		282,500		3,416,939
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		437,386		11,242,717
Philips Lighting NV (Industrials, Electrical Equipment) 144A		97,200		2,584,843
RHI Magnesita NV (Materials, Construction Materials) «		64,721		2,986,512
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing)		14,352		365,976
				33,312,868
Norway: 1.41%
Den Norske Bank ASA (Financials, Banks)		221,600		3,802,975
Grieg Seafood ASA (Consumer Staples, Food Products)		336,787		4,427,876
Leroy Seafood Group ASA (Consumer Staples, Food Products)		558,599		4,752,236
Marine Harvest ASA (Consumer Staples, Food Products)		117,900		2,758,593
				15,741,680
Poland: 0.12%
Asseco Poland SA (Information Technology, Software)		101,400		1,284,953
Russia: 1.30%
Gazprom PAO ADR (Energy, Oil, Gas & Consumable Fuels)		781,547		3,720,164
Gazprom Neft ADR - London Exchange (Energy, Oil, Gas & Consumable Fuels)		136,114		3,722,718
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		886		24,201
Lukoil OAO ADR (Energy, Oil, Gas & Consumable Fuels) «		46,800		3,425,760
Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		50,101		3,682,424
				14,575,267

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo International Value Portfolio 27

Security name	Shares		Value
Singapore: 0.60%
DBS Group Holdings Limited (Financials, Banks)		185,700	$	3,300,070
United Overseas Bank Limited (Financials, Banks)		184,100		3,374,965
				6,675,035
South Africa: 0.31%
Absa Group Limited (Financials, Banks)		274,900		3,054,720
Petra Diamonds Limited (Materials, Metals & Mining) «†		842,600		452,450
				3,507,170
South Korea: 2.56%
BNK Financial Group Incorporated (Financials, Banks)		440,300		3,012,713
E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		8,500		1,478,657
Industrial Bank of Korea (Financials, Banks)		264,500		3,492,216
JB Financial Group Company Limited (Financials, Banks)		25,418		129,250
KB Financial Group Incorporated (Financials, Banks)		79,300		3,339,096
KT&G Corporation (Consumer Staples, Tobacco)		38,400		3,562,692
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		351,800		5,554,985
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		17,400		4,493,778
Woori Bank (Financials, Banks)		254,400		3,551,773
				28,615,160
Spain: 1.93%
Banco Santander Central Hispano SA (Financials, Banks)		731,000		3,463,361
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing) «		483,500		362,250
Iberdrola SA (Utilities, Electric Utilities)		543,200		4,052,566
International Consolidated Airlines Group SA (Industrials, Airlines)		548,044		4,368,849
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		542,137		9,359,740
				21,606,766
Sweden: 1.94%
Boliden AB (Materials, Metals & Mining)		102,400		2,293,515
Electrolux AB Class B (Consumer Discretionary, Household Durables)		162,100		3,682,290
Nordea Bank AB (Financials, Banks)		365,491		3,243,536
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		272,700		2,839,736
Volvo AB Class B (Industrials, Machinery)		689,107		9,583,073
				21,642,150
Switzerland: 6.63%
Baloise Holding AG (Financials, Insurance)		39,946		5,869,649
Credit Suisse Group AG (Financials, Capital Markets)		168,600		1,987,997
Helvetia Holding AG (Financials, Insurance)		6,293		3,892,772
Roche Holding AG (Health Care, Pharmaceuticals)		98,077		25,435,915
Swiss Life Holding AG (Financials, Insurance)		29,400		11,532,816
Swiss Reinsurance AG (Financials, Insurance)		91,400		8,349,096
UBS Group AG (Financials, Capital Markets)		424,002		5,727,348
Valiant Holding AG (Financials, Banks)		22,700		2,508,463
Zurich Insurance Group AG (Financials, Insurance)		27,970		8,776,933
				74,080,989

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

28 Wells Fargo International Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Taiwan: 0.68%
Catcher Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		328,000	$	2,816,616
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		1,757,398
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,283,000		3,011,571
				7,585,585
Thailand: 0.98%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		2,367,100		2,429,179
Krung Thai Bank PCL ADR (Financials, Banks)		5,181,900		3,182,801
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		1,286,500		2,972,984
Thanachart Capital PCL (Financials, Banks)		1,481,500		2,387,518
				10,972,482
Turkey: 0.52%
Koç Holding AS (Industrials, Industrial Conglomerates)		1,184,300		3,493,390
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)		522,900		2,350,743
				5,844,133
United Kingdom: 14.58%
3i Group plc (Financials, Capital Markets)		456,100		4,844,764
Anglo American plc (Materials, Metals & Mining)		267,586		5,340,297
Aviva plc (Financials, Insurance)		704,391		3,653,113
BAE Systems plc (Industrials, Aerospace & Defense)		1,220,400		7,640,184
Barclays plc (Financials, Banks)		715,000		1,483,982
Barratt Developments plc (Consumer Discretionary, Household Durables)		480,975		2,832,744
Bellway plc (Consumer Discretionary, Household Durables)		80,100		2,594,555
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		244,800		2,680,783
BP plc (Energy, Oil, Gas & Consumable Fuels)		2,015,036		13,351,836
BT Group plc (Communication Services, Diversified Telecommunication Services)		1,099,700		3,671,389
Centrica plc (Utilities, Multi-Utilities)		898,500		1,577,119
Chemring Group plc (Industrials, Aerospace & Defense)		294,466		628,875
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		345,400		1,506,112
Debenhams plc (Consumer Discretionary, Multiline Retail) «		1,238,200		103,660
Firstgroup plc (Industrials, Road & Rail) †		952,400		1,082,528
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		965,207		19,944,311
Highland Gold Mining Limited (Materials, Metals & Mining)		1,280,734		2,426,748
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		202,991		6,233,740
Inchcape plc (Consumer Discretionary, Distributors)		423,425		3,137,481
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,270,500		4,937,753
Kingfisher plc (Consumer Discretionary, Specialty Retail)		1,323,253		4,215,390
Legal & General Group plc (Financials, Insurance)		2,314,194		7,221,766
Lloyds Banking Group plc (Financials, Banks)		8,916,700		6,290,064
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		705,000		2,629,461
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		893,000		1,160,664
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		367,200		1,286,738
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)		501,100		2,683,090
Petrofac Limited (Energy, Energy Equipment & Services)		522,047		3,384,633
Premier Foods plc (Consumer Staples, Food Products) †		73,926		33,677
QinetiQ Group plc (Industrials, Aerospace & Defense)		773,800		2,927,479
Quilter plc (Financials, Capital Markets) 144A		687,346		1,016,863

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo International Value Portfolio 29

Security name						Shares		Value
United Kingdom (continued)
Redrow plc (Consumer Discretionary, Household Durables)							441,068	$	2,637,050
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							786,300		24,001,550
Royal Mail plc (Industrials, Air Freight & Logistics)							539,626		2,199,005
SSE plc (Utilities, Electric Utilities)							259,800		3,626,656
Tate & Lyle plc (Consumer Staples, Food Products)							497,300		4,549,857
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)							75,800		3,115,935
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							138,516		254,166
									162,906,018
Total Common Stocks (Cost $1,114,472,456)									1,067,141,914
	Dividend yield
Preferred Stocks: 1.52%
Brazil: 1.52%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		1.53	%				957,800		5,406,975
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		4.30					2,031,400		6,676,776
Itausa Investimentos Itau SA (Financials, Banks)		0.32					1,524,600		4,865,157
Total Preferred Stocks (Cost $13,937,411)									16,948,908
				Expiration date
Rights: 0.01%
United Kingdom: 0.01%
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †(a)					12-13-2018		200,079		96,881
Total Rights (Cost $160,017)									96,881
	Yield
Short-Term Investments: 5.37%
Investment Companies: 5.37%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					48,831,268		48,836,152
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					11,223,222		11,223,222
Total Short-Term Investments (Cost $60,059,079)									60,059,374

Total investments in securities (Cost $1,188,628,963)	102.38	%		1,144,247,077
Other assets and liabilities, net	(2.38	)		(26,582,607	)
Total net assets	100.00	%	$	1,117,664,470

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

† 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.

(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.

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

30 Wells Fargo International Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Abbreviations:

ADR American depositary receipt

GDR Global depositary receipt

REIT Real estate investment trust

The following table shows the percent of total long-term investments by sector as of November 30, 2018:

Financials	25.29	%
Industrials	13.89
Consumer Discretionary	10.68
Materials	10.64
Energy	9.72
Health Care	8.15
Consumer Staples	6.97
Communication Services	6.08
Utilities	3.76
Information Technology	3.73
Real Estate	1.09
	100.00	%

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		25,301,762		210,581,079		187,051,573		48,831,268	$	1,929	$	0	$	557,714	$	48,836,152
Wells Fargo Government Money Market Fund Select Class		22,685,533		98,384,278		109,846,589		11,223,222		0		0		132,004		11,223,222
									$	1,929	$	0	$	689,718	$	60,059,374		5.37	%

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

Statement of assets and liabilities—November 30, 2018 (unaudited) Wells Fargo International Value Portfolio 31

Assets
Investments in unaffiliated securities (including $48,512,666 securities on loan), at value (cost $1,128,569,884)	$	1,084,187,703
Investments in affiliated securities, at value (cost $60,059,079)		60,059,374
Foreign currency, at value (cost $18,182,302)		18,142,177
Receivable for dividends		5,445,819
Receivable for investments sold		2,790,201
Receivable for securities lending income		49,534
Total assets		1,170,674,808
Liabilities
Payable upon receipt of securities loaned		48,831,866
Payable for investments purchased		3,261,730
Advisory fee payable		749,861
Accrued expenses and other liabilities		166,881
Total liabilities		53,010,338
Total net assets	$	1,117,664,470

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

32 Wells Fargo International Value Portfolio Statement of operations—six months ended November 30, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $1,783,247)	$	18,109,414
Income from affiliated securities		689,718
Total investment income		18,799,132
Expenses
Advisory fee		4,438,087
Custody and accounting fees		99,012
Professional fees		30,749
Shareholder report expenses		1,338
Trustees’ fees and expenses		11,048
Other fees and expenses		22,263
Total expenses		4,602,497
Net investment income		14,196,635
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(3,100,819	)
Affiliated securities		1,929
Net realized losses on investments		(3,098,890	)
Net change in unrealized gains (losses) on investments		(107,647,600	)
Net realized and unrealized gains (losses) on investments		(110,746,490	)
Net decrease in net assets resulting from operations	$	(96,549,855	)

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

Statement of changes in net assets Wells Fargo International Value Portfolio 33

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	14,196,635		$	22,286,555
Net realized gains (losses) on investments		(3,098,890	)		15,107,292
Net change in unrealized gains (losses) on investments		(107,647,600	)		21,851,248
Net increase (decrease) in net assets resulting from operations		(96,549,855	)		59,245,095
Capital transactions
Transactions in investors’ beneficial interests
Contributions		442,181,431			197,415,479
Withdrawals		(127,897,174	)		(109,368,233	)
Net increase in net assets resulting from capital transactions		314,284,257			88,047,246
Total increase in net assets		217,734,402			147,292,341
Net assets
Beginning of period		899,930,068			752,637,727
End of period	$	1,117,664,470		$	899,930,068

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

34 Wells Fargo International Value Portfolio Financial highlights

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(8.74	)%		7.74	%		19.16	%		(11.85	)%		(1.04	)%		18.22	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.82	%		0.87	%		0.91	%		0.91	%		0.91	%
Net expenses		0.79	%		0.82	%		0.87	%		0.91	%		0.91	%		0.91	%
Net investment income		2.45	%		2.65	%		3.03	%		2.50	%		2.45	%		3.09	%
Supplemental data
Portfolio turnover rate		6	%		15	%		41	%		14	%		18	%		11	%

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

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

Notes to financial statements (unaudited) Wells Fargo International Value Portfolio 35

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 ( “International Value 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 Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2018, such fair value pricing was 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. 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.

36 Wells Fargo International Value Portfolio 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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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, 2018, the aggregate cost of all investments for federal income tax purposes was $1,188,628,963 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	86,712,123
Gross unrealized losses		(131,094,009	)
Net unrealized losses	$	(44,381,886	)

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:

Notes to financial statements (unaudited) Wells Fargo International Value Portfolio 37

∎ 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	53,850,277	$	0	$	0	$	53,850,277
Austria		10,125,832		0		0		10,125,832
Belgium		7,369,395		0		0		7,369,395
Brazil		9,298,007		0		0		9,298,007
Canada		12,582,547		0		0		12,582,547
China		38,032,220		0		0		38,032,220
Denmark		7,755,293		0		0		7,755,293
Finland		5,002,932		0		0		5,002,932
France		107,919,640		0		0		107,919,640
Germany		82,420,532		0		0		82,420,532
Hong Kong		33,173,552		0		0		33,173,552
India		3,256,517		0		0		3,256,517
Ireland		6,587,298		0		0		6,587,298
Israel		0		5,146,763		0		5,146,763
Italy		24,511,437		0		0		24,511,437
Japan		247,118,698		0		0		247,118,698
Liechtenstein		1,025,334		0		0		1,025,334
Malaysia		3,615,384		0		0		3,615,384
Netherlands		33,312,868		0		0		33,312,868
Norway		15,741,680		0		0		15,741,680
Poland		1,284,953		0		0		1,284,953
Russia		14,575,267		0		0		14,575,267
Singapore		6,675,035		0		0		6,675,035
South Africa		3,507,170		0		0		3,507,170
South Korea		28,615,160		0		0		28,615,160
Spain		21,606,766		0		0		21,606,766
Sweden		21,642,150		0		0		21,642,150
Switzerland		74,080,989		0		0		74,080,989
Taiwan		7,585,585		0		0		7,585,585
Thailand		10,972,482		0		0		10,972,482
Turkey		5,844,133		0		0		5,844,133
United Kingdom		162,906,018		0		0		162,906,018
Preferred stocks
Brazil		16,948,908		0		0		16,948,908
Rights
United Kingdom		0		96,881		0		96,881
Short-term investments
Investment companies		11,223,222		48,836,152		0		60,059,374
Total assets	$	1,090,167,281	$	54,079,796	$	0	$	1,144,247,077

38 Wells Fargo International Value Portfolio Notes to financial statements (unaudited)

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

At November 30, 2018, 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. 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 starting at 0.80% and declining to 0.65% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.76% 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 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 of 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, 2018 were $389,895,973 and $70,938,544, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A portfolio that invests a substantial portion of its assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo International Value Fund 39

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

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$2,550,505	$0.04535	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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

40 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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

Other information (unaudited) Wells Fargo International Value Fund 41

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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

42 Wells Fargo 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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴ Mr. Scofield is expected to retire on December 31, 2018.

Appendix A (unaudited) Wells Fargo International Value Fund 43

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318978 01-19 SA284/SAR284 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Small Company Growth Fund

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

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

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

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	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	36
Appendix A	40

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Small Company Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Small Company Growth Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo Small Company Growth Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Small Company Growth Fund¹ Performance highlights (unaudited)

The Fund is currently closed to most new investors.²

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Peregrine Capital Management, LLC

Portfolio managers

William A. Grierson, CFA^®‡

Daniel J. Hagen, CFA^®‡

James P. Ross, CFA^®‡

Paul E. von Kuster, CFA^®‡

Average annual total returns (%) as of November 30, 2018³

		Including sales charge						Excluding sales charge						Expense ratios4 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net5
Class A (WFSAX)	1-30-2004		3.83		7.14		16.65		10.16		8.41		17.34		1.33		1.33
Class C (WSMCX)	1-30-2004		8.34		7.60		16.48		9.34		7.60		16.48		2.08		2.08
Class R6 (WSCRX)	10-31-2014		–		–		–		10.64		8.90		17.89		0.90		0.90
Administrator Class (NVSCX)	11-11-1994		–		–		–		10.29		8.59		17.59		1.25		1.20
Institutional Class (WSCGX)	3-31-2008		–		–		–		10.56		8.85		17.87		1.00		0.95
Russell 2000® Growth Index6	–		–		–		–		2.81		8.22		15.55		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Small Company Growth Fund 7

Ten largest holdings (%) as of November 30, 20187
Eldorado Resorts Incorporated	1.53
Copart Incorporated	1.42
LiveRamp Holdings Incorporated	1.39
PTC Incorporated	1.36
SS&C Technologies Holdings Incorporated	1.33
Evercore Partners Incorporated Class A	1.33
ICON plc ADR	1.31
RealPage Incorporated	1.31
ASGN Incorporated	1.31
Syneos Health Incorporated	1.28

Sector distribution as of November 30, 2018⁸

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

¹  The Fund is a gateway feeder fund 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  Please see the Fund’s current Statement of Additional Information for further details.

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

⁴  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.

⁵  The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.35% for Class A, 2.10% for Class C, 0.90% for Class R6, 1.20% for Administrator Class, and 0.95% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁶  The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

⁸  Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Small Company Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	968.23	$	6.46		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%
Class C
Actual	$	1,000.00	$	964.67	$	10.15		2.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.74	$	10.40		2.06	%
Class R6
Actual	$	1,000.00	$	970.32	$	4.35		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.46		0.88	%
Administrator Class
Actual	$	1,000.00	$	968.73	$	5.92		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	970.10	$	4.69		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%

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

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Growth Fund 9

Security name	Value
Investment Companies: 99.99%
Affiliated Master Portfolio: 99.99%
Wells Fargo Small Company Growth Portfolio	$	1,940,297,388
Total Investment Companies (Cost $1,492,235,770)		1,940,297,388

Total investments in securities (Cost $1,492,235,770)	99.99	%		1,940,297,388
Other assets and liabilities, net	0.01			107,193
Total net assets	100.00	%	$	1,940,404,581

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		Securities lending income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Growth Portfolio		99	%		98	%	$	129,622,159	$	(185,190,642	)	$	5,957,460	$	792,156	$	376,362	$	1,940,297,388		99.99	%

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

10 Wells Fargo Small Company Growth Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $1,492,235,770)	$	1,940,297,388
Receivable for Fund shares sold		2,277,707
Prepaid expenses and other assets		79,193
Total assets		1,942,654,288
Liabilities
Payable for Fund shares redeemed		1,834,865
Administration fees payable		170,385
Management fee payable		43,842
Distribution fee payable		11,461
Trustees’ fees and expenses payable		2,743
Accrued expenses and other liabilities		186,411
Total liabilities		2,249,707
Total net assets	$	1,940,404,581
NET ASSETS CONSIST OF
Paid-in capital	$	1,374,480,400
Total distributable earnings		565,924,181
Total net assets	$	1,940,404,581
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	64,897,754
Shares outstanding – Class A1		1,182,888
Net asset value per share – Class A		$54.86
Maximum offering price per share – Class A2		$58.21
Net assets – Class C	$	17,531,269
Shares outstanding – Class C1		360,741
Net asset value per share – Class C		$48.60
Net assets – Class R6	$	617,247,844
Shares outstanding – Class R61		10,546,282
Net asset value per share – Class R6		$58.53
Net assets – Administrator Class	$	108,876,120
Shares outstanding – Administrator Class1		1,909,640
Net asset value per share – Administrator Class		$57.01
Net assets – Institutional Class	$	1,131,851,594
Shares outstanding – Institutional Class1		19,381,006
Net asset value per share – Institutional Class		$58.40

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Small Company Growth Fund 11

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $49,519)	$	5,957,460
Affiliated income allocated from affiliated Master Portfolio		792,156
Securities lending income allocated from affiliated Master Portfolio		376,362
Expenses allocated from affiliated Master Portfolio		(8,106,179	)
Total investment income		(980,201	)
Expenses
Management fee		523,269
Administration fees
Class A		79,143
Class C		20,684
Class R6		101,235
Administrator Class		77,092
Institutional Class		782,925
Shareholder servicing fees
Class A		94,218
Class C		24,623
Administrator Class		148,254
Distribution fee
Class C		73,870
Custody and accounting fees		28,553
Professional fees		15,176
Registration fees		87,694
Shareholder report expenses		124,022
Trustees’ fees and expenses		11,724
Other fees and expenses		11,901
Total expenses		2,204,383
Less: Fee waivers and/or expense reimbursements		(207,417	)
Net expenses		1,996,966
Net investment loss		(2,977,167	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		129,622,159
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(185,190,642	)
Net realized and unrealized gains (losses) on investments		(55,568,483	)
Net decrease in net assets resulting from operations	$	(58,545,650	)

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

12 Wells Fargo Small Company Growth Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹
Operations
Net investment loss				$	(2,977,167	)				$	(6,731,559	)
Net realized gains on investments					129,622,159						118,893,213
Net change in unrealized gains (losses) on investments					(185,190,642	)					342,601,168
Net increase (decrease) in net assets resulting from operations					(58,545,650	)					454,762,822
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		203,013			11,810,907			418,324			20,519,628
Class C		4,503			232,818			16,011			676,399
Class R6		1,943,279			121,150,949			3,523,131			188,048,494
Administrator Class		287,391			17,332,747			359,239			18,697,115
Institutional Class		3,112,756			191,235,820			5,366,558			285,015,561
					341,763,241						512,957,197
Payment for shares redeemed
Class A		(362,517	)		(21,080,175	)		(795,177	)		(39,090,958	)
Class C		(40,306	)		(2,057,557	)		(184,692	)		(8,044,725	)
Class R6		(1,652,011	)		(103,405,519	)		(2,181,955	)		(117,000,267	)
Administrator Class		(322,229	)		(19,382,166	)		(1,253,278	)		(62,203,048	)
Institutional Class		(3,158,280	)		(195,439,195	)		(7,602,523	)		(404,594,261	)
					(341,364,612	)					(630,933,259	)
Net increase (decrease) in net assets resulting from capital share transactions					398,629						(117,976,062	)
Total increase (decrease) in net assets					(58,147,021	)					336,786,760
Net assets
Beginning of period					1,998,551,602						1,661,764,842
End of period				$	1,940,404,581					$	1,998,551,602

¹ Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Accumulated net investment loss at May 31, 2018 was $3,054,501.

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

Financial highlights Wells Fargo Small Company Growth Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$56.66			$44.26			$37.69			$44.23			$39.44			$34.23
Net investment loss		(0.19	)1		(0.35	)1		(0.28	)1		(0.22	)1		(0.37	)1		(0.37	)1
Net realized and unrealized gains (losses) on investments		(1.61	)		12.75			6.85			(6.05	)		7.08			7.98
Total from investment operations		(1.80	)		12.40			6.57			(6.27	)		6.71			7.61
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$54.86			$56.66			$44.26			$37.69			$44.23			$39.44
Total return2		(3.18	)%		28.02	%		17.43	%		(14.20	)%		17.51	%		22.63	%
Ratios to average net assets (annualized)
Gross expenses3		1.31	%		1.32	%		1.33	%		1.34	%		1.41	%		1.45	%
Net expenses3		1.31	%		1.32	%		1.33	%		1.34	%		1.40	%		1.41	%
Net investment loss3		(0.64	)%		(0.71	)%		(0.68	)%		(0.57	)%		(0.90	)%		(0.96	)%
Supplemental data
Portfolio turnover rate4		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$64,898			$76,065			$76,087			$128,675			$85,588			$30,364

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, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

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, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$50.38			$39.65			$34.02			$40.25			$36.32			$31.91
Net investment loss		(0.36	)1		(0.64	)1		(0.54	)1		(0.46	)1		(0.63	)1		(0.62	)1
Net realized and unrealized gains (losses) on investments		(1.42	)		11.37			6.17			(5.50	)		6.48			7.43
Total from investment operations		(1.78	)		10.73			5.63			(5.96	)		5.85			6.81
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$48.60			$50.38			$39.65			$34.02			$40.25			$36.32
Total return2		(3.53	)%		27.06	%		16.55	%		(14.84	)%		16.62	%		21.75	%
Ratios to average net assets (annualized)
Gross expenses3		2.06	%		2.07	%		2.08	%		2.09	%		2.16	%		2.20	%
Net expenses3		2.06	%		2.07	%		2.08	%		2.09	%		2.15	%		2.16	%
Net investment loss3		(1.38	)%		(1.47	)%		(1.43	)%		(1.32	)%		(1.64	)%		(1.71	)%
Supplemental data
Portfolio turnover rate4		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$17,531			$19,979			$22,410			$26,946			$17,334			$6,546

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, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

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.

Financial highlights Wells Fargo Small Company Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6				2018			2017			2016			20151
Net asset value, beginning of period		$60.31			$46.91			$39.77			$46.45			$42.98
Net investment loss		(0.06	)		(0.14	)		(0.11	)		(0.03	)		(0.09	)2
Net realized and unrealized gains (losses) on investments		(1.72	)		13.54			7.25			(6.38	)		5.48
Total from investment operations		(1.78	)		13.40			7.14			(6.41	)		5.39
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)
Net asset value, end of period		$58.53			$60.31			$46.91			$39.77			$46.45
Total return3		(2.97	)%		28.59	%		17.95	%		(13.83	)%		13.00	%
Ratios to average net assets (annualized)
Gross expenses4		0.88	%		0.89	%		0.90	%		0.91	%		0.91	%
Net expenses4		0.88	%		0.89	%		0.90	%		0.90	%		0.90	%
Net investment loss4		(0.20	)%		(0.29	)%		(0.25	)%		(0.09	)%		(0.34	)%
Supplemental data
Portfolio turnover rate5		30	%		37	%		82	%		49	%		58	%
Net assets, end of period (000s omitted)		$617,248			$618,523			$418,111			$229,391			$644

¹  For the period from October 31, 2014 (commencement of class operations) to May 31, 2015

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 20151	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.

16 Wells Fargo Small Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$58.85			$45.91			$39.05			$45.73			$40.64			$35.13
Net investment loss		(0.18	)		(0.30	)1		(0.24	)1		(0.19	)1		(0.30	)1		(0.26	)1
Net realized and unrealized gains (losses) on investments		(1.66	)		13.24			7.10			(6.22	)		7.31			8.17
Total from investment operations		(1.84	)		12.94			6.86			(6.41	)		7.01			7.91
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$57.01			$58.85			$45.91			$39.05			$45.73			$40.64
Total return2		(3.13	)%		28.19	%		17.57	%		(14.04	)%		17.73	%		22.92	%
Ratios to average net assets (annualized)
Gross expenses3		1.23	%		1.24	%		1.25	%		1.25	%		1.24	%		1.29	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.52	)%		(0.60	)%		(0.55	)%		(0.46	)%		(0.70	)%		(0.74	)%
Supplemental data
Portfolio turnover rate4		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$108,876			$114,429			$130,311			$130,104			$185,267			$118,456

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, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

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.

Financial highlights Wells Fargo Small Company Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$60.20			$46.85			$39.75			$46.44			$41.14			$35.46
Net investment loss		(0.08	)		(0.19	)		(0.15	)		(0.09	)		(0.20	)1		(0.20	)1
Net realized and unrealized gains (losses) on investments		(1.72	)		13.54			7.25			(6.33	)		7.42			8.28
Total from investment operations		(1.80	)		13.35			7.10			(6.42	)		7.22			8.08
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$58.40			$60.20			$46.85			$39.75			$46.44			$41.14
Total return2		(2.99	)%		28.50	%		17.86	%		(13.85	)%		18.03	%		23.19	%
Ratios to average net assets (annualized)
Gross expenses3		0.98	%		0.99	%		1.00	%		1.01	%		0.98	%		1.02	%
Net expenses3		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment loss3		(0.27	)%		(0.35	)%		(0.31	)%		(0.18	)%		(0.45	)%		(0.49	)%
Supplemental data
Portfolio turnover rate4		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$1,131,852			$1,169,555			$1,014,847			$678,699			$457,542			$186,581

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, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

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.

18 Wells Fargo Small Company Growth 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 Small Company Growth Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 98% of Wells Fargo Small Company Growth Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and 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.

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

Notes to financial statements (unaudited) Wells Fargo Small Company Growth Fund 19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $1,508,464,441 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	431,832,947
Gross unrealized losses		0
Net unrealized gains	$	431,832,947

As of May 31, 2018, the Fund had a qualified late-year ordinary loss of $3,158,480 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 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, 2018, 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		$1,940,297,388

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

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

20 Wells Fargo Small Company Growth Fund Notes to financial statements (unaudited)

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; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, 0.90% for Class R6 shares, 1.20% for Administrator Class shares, and 0.95% for Institutional Class shares. After this time, 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, 2018, Funds Distributor received $928 from the sale of Class A shares and $11 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2018.

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, 2018 were $648,806,803 and $598,073,839, respectively.

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

Notes to financial statements (unaudited) Wells Fargo Small Company Growth Fund 21

9. NEW ACCOUNTING PRONOUNCEMENT

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

10. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018, the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018 were as follows:

	Short-term capital gains		Long-term capital gains
Class A		$0.96615		$3.13850
Class C		0.96615		3.13850
Class R6		0.96615		3.13850
Administrator Class		0.96615		3.13850
Institutional Class		0.96615		3.13850

These distributions are not reflected in the accompanying financial statements.

22 Wells Fargo Small Company Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks: 95.97%
Communication Services: 0.78%
Entertainment: 0.78%
Lions Gate Entertainment Class A «		220,943	$	4,288,504
Lions Gate Entertainment Class B		625,131		11,271,108
				15,559,612
Consumer Discretionary: 10.24%
Auto Components: 0.81%
Fox Factory Holding Corporation †		252,595		16,092,827
Diversified Consumer Services: 1.45%
Houghton Mifflin Harcourt Company †		1,185,804		11,798,750
Strategic Education Incorporated		125,366		17,111,205
				28,909,955
Hotels, Restaurants & Leisure: 4.66%
Dave & Buster’s Entertainment Incorporated		302,658		17,209,134
Eldorado Resorts Incorporated †		691,750		30,423,165
Extended Stay America Incorporated		1,390,010		25,298,182
International Game Technology «		1,138,045		19,585,754
				92,516,235
Specialty Retail: 2.54%
At Home Group Incorporated †		546,990		15,589,215
Burlington Stores Incorporated †		120,802		20,024,140
Monro Muffler Brake Incorporated		181,704		14,776,169
				50,389,524
Textiles, Apparel & Luxury Goods: 0.78%
G-III Apparel Group Limited †		388,967		15,589,797
Consumer Staples: 2.23%
Food & Staples Retailing: 1.26%
Performance Food Group Company †		726,749		25,043,771
Household Products: 0.97%
Central Garden & Pet Company Class A †		621,308		19,322,679
Energy: 1.96%
Oil, Gas & Consumable Fuels: 1.96%
Berry Petroleum Corporation		528,221		6,544,658
Diamondback Energy Incorporated «		52,888		5,837,777
GasLog Limited		676,288		14,039,739
Parsley Energy Incorporated Class A †		620,416		12,488,974
				38,911,148

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Growth Portfolio 23

Security name	Shares		Value
Financials: 8.26%
Banks: 1.40%
ServisFirst Bancshares Incorporated		383,691	$	15,105,915
Triumph Bancorp Incorporated †		330,617		12,656,019
				27,761,934
Capital Markets: 3.77%
Evercore Partners Incorporated Class A		319,055		26,341,181
Focus Financial Partners Class A †		145,447		4,497,221
Stifel Financial Corporation		390,803		18,864,061
Virtu Financial Incorporated Class A		519,566		13,077,476
Virtus Investment Partners Incorporated		127,020		12,066,900
				74,846,839
Consumer Finance: 0.75%
FirstCash Financial Services Incorporated		165,860		14,769,833
Insurance: 1.23%
Argo Group International Holdings Limited		353,036		24,472,456
Thrifts & Mortgage Finance: 1.11%
Essent Group Limited †		573,620		22,118,787
Health Care: 25.97%
Biotechnology: 6.15%
ACADIA Pharmaceuticals Incorporated Ǡ		509,830		9,717,360
Alnylam Pharmaceuticals Incorporated †		149,068		12,098,359
Array BioPharma Incorporated †		833,745		13,281,558
CareDx Incorporated †		421,470		12,336,427
Emergent BioSolutions Incorporated †		182,790		13,314,424
Flexion Therapeutics Incorporated Ǡ		580,141		9,462,100
Galapagos NV †		66,089		6,656,484
Intercept Pharmaceuticals Incorporated Ǡ		80,509		8,929,253
Intrexon Corporation Ǡ		479,975		4,703,755
Ionis Pharmaceuticals Incorporated †		200,971		11,714,600
Natera Incorporated †		399,827		6,925,004
Portola Pharmaceuticals Incorporated Ǡ		340,606		7,442,241
Sangamo Biosciences Incorporated Ǡ		456,301		5,644,443
				122,226,008
Health Care Equipment & Supplies: 9.41%
Atricure Incorporated †		500,465		16,760,573
Axogen Incorporated †		281,727		9,432,220
Cerus Corporation †		1,467,085		7,702,196
DexCom Incorporated †		170,041		22,035,613
Glaukos Corporation †		202,464		13,338,328
Inogen Incorporated †		121,572		17,914,850
Merit Medical Systems Incorporated †		305,452		19,258,749
Novocure Limited †		378,607		12,993,792
Nuvectra Corporation †		497,704		9,939,149

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

24 Wells Fargo Small Company Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
OraSure Technologies Incorporated †		800,567	$	10,167,201
SI-BONE Incorporated †		257,699		4,628,274
Tactile Systems Technology Class I †		404,047		22,723,603
Wright Medical Group NV Ǡ		718,547		20,090,574
				186,985,122
Health Care Providers & Services: 2.62%
AMN Healthcare Services Incorporated †		297,397		18,944,189
HealthEquity Incorporated †		210,851		18,700,375
PetIQ Incorporated Ǡ		463,699		14,467,409
				52,111,973
Health Care Technology: 4.82%
Allscripts Healthcare Solutions Incorporated †		932,344		9,519,232
athenahealth Incorporated †		97,523		12,980,311
Evolent Health Incorporated Class A «†		641,487		16,486,216
Medidata Solutions Incorporated †		229,240		17,699,620
Tabula Rasa Healthcare Incorporated †		179,975		13,584,513
Teladoc Incorporated Ǡ		246,318		15,382,559
Vocera Communications Incorporated †		253,145		10,059,982
				95,712,433
Life Sciences Tools & Services: 2.60%
ICON plc ADR †		180,191		26,077,242
Syneos Health Incorporated †		492,660		25,480,375
				51,557,617
Pharmaceuticals: 0.37%
Pacira Pharmaceuticals Incorporated †		150,978		7,296,767
Industrials: 18.86%
Aerospace & Defense: 1.29%
AAR Corporation		260,688		11,389,459
Kratos Defense & Security Solutions Incorporated †		1,064,071		14,152,144
				25,541,603
Air Freight & Logistics: 0.63%
Hub Group Incorporated Class A †		282,319		12,546,256
Building Products: 2.93%
A.O. Smith Corporation		428,901		20,321,329
JELD-WEN Holding Incorporated †		435,177		8,294,474
Masonite International Corporation †		197,029		10,574,546
NCI Building Systems Incorporated †		495,287		5,621,507
PGT Incorporated †		696,997		13,431,132
				58,242,988

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Growth Portfolio 25

Security name	Shares		Value
Commercial Services & Supplies: 2.43%
Copart Incorporated †		550,542	$	28,176,740
KAR Auction Services Incorporated		352,923		20,166,020
				48,342,760
Construction & Engineering: 1.56%
Dycom Industries Incorporated †		132,817		8,800,454
Granite Construction Incorporated		438,270		22,189,610
				30,990,064
Electrical Equipment: 0.78%
GrafTech International Limited		981,817		15,522,527
Machinery: 4.71%
AGCO Corporation		275,107		16,418,386
Circor International Incorporated		426,144		14,105,366
Gardner Denver Holdings Incorporated †		778,945		19,278,889
Gates Industrial Corporation plc †		909,134		13,391,544
SPX Corporation †		640,610		18,949,244
Wabash National Corporation		736,405		11,443,734
				93,587,163
Professional Services: 1.86%
ASGN Incorporated †		375,130		25,977,753
ICF International Incorporated		155,000		10,854,650
				36,832,403
Road & Rail: 2.67%
Genesee & Wyoming Incorporated Class A †		265,911		22,145,068
Knight-Swift Transportation Holdings Incorporated «		390,442		13,532,720
Schneider National Incorporated Class B		776,605		17,341,590
				53,019,378
Information Technology: 23.30%
Communications Equipment: 1.90%
Ciena Corporation †		595,130		19,413,141
Lumentum Holdings Incorporated †		411,808		18,313,102
				37,726,243
Electronic Equipment, Instruments & Components: 0.70%
Tech Data Corporation †		155,175		13,957,991
IT Services: 1.39%
LiveRamp Holdings incorporated †		582,466		27,550,642
Semiconductors & Semiconductor Equipment: 4.25%
Axcelis Technologies Incorporated †		622,577		12,401,734
Cypress Semiconductor Corporation		1,604,817		22,306,956
FormFactor Incorporated †		849,007		14,000,125

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

26 Wells Fargo Small Company Growth Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Nanometrics Incorporated †		230,720	$	7,410,726
Silicon Motion Technology Corporation ADR		287,295		10,305,272
Teradyne Incorporated		507,440		18,110,534
				84,535,347
Software: 15.06%
2U Incorporated †		273,473		15,968,088
Benefitfocus Incorporated Ǡ		284,255		14,241,176
Box Incorporated Class A †		949,878		17,848,208
Cadence Design Systems Incorporated †		513,817		23,142,318
Cloudera Incorporated Ǡ		541,404		6,680,925
Cornerstone OnDemand Incorporated †		401,905		21,952,051
CyberArk Software Limited †		244,869		18,154,588
Hortonworks Incorporated †		515,977		8,307,230
Mimecast Limited †		336,245		12,518,401
New Relic Incorporated †		166,057		14,478,510
Nuance Communications Incorporated †		1,050,477		16,797,127
PTC Incorporated †		311,553		26,946,219
RealPage Incorporated †		504,512		26,022,729
SS&C Technologies Holdings Incorporated		548,287		26,400,019
Talend SA ADR †		166,575		5,786,816
The Ultimate Software Group Incorporated †		58,642		15,476,797
Zendesk Incorporated †		317,025		18,840,796
Zuora Incorporated †		503,332		9,578,408
				299,140,406
Materials: 3.55%
Chemicals: 1.64%
Orion Engineered Carbons SA		587,687		15,350,384
Platform Specialty Products Corporation †		1,457,436		17,154,022
				32,504,406
Construction Materials: 0.57%
US Concrete Incorporated Ǡ		289,129		11,371,444
Metals & Mining: 0.68%
Steel Dynamics Incorporated		382,553		13,465,866
Paper & Forest Products: 0.66%
Boise Cascade Company		493,778		13,124,619
Real Estate: 0.82%
Equity REITs: 0.82%
QTS Realty Trust Incorporated Class A		402,225		16,326,313
Total Common Stocks (Cost $1,415,576,158)				1,906,523,736

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Growth Portfolio 27

Security name				Expiration date		Shares		Value
Rights: 0.00%
Consumer Discretionary: 0.00%
Media: 0.00%
Media General Incorporated †(a)					12-31-2018		347,897	$	0
Total Rights (Cost $0)									0
	Yield
Short-Term Investments: 9.12%
Investment Companies: 9.12%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%				103,665,092		103,675,459
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					77,472,520		77,472,520
Total Short-Term Investments (Cost $181,139,512)									181,147,979

Total investments in securities (Cost $1,596,715,670)	105.09	%		2,087,671,715
Other assets and liabilities, net	(5.09	)		(101,115,828	)
Total net assets	100.00	%	$	1,986,555,887

« 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:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		217,573,353		363,958,132		477,866,393		103,665,092	$	3,725	$	(4,399	)	$	384,087	$	103,675,459
Wells Fargo Government Money Market Fund Select Class		48,273,067		451,113,402		421,913,949		77,472,520		0		0			809,041		77,472,520
									$	3,725	$	(4,399	)	$	1,193,128	$	181,147,979		9.12	%

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

28 Wells Fargo Small Company Growth Portfolio Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $101,132,649 of securities loaned), at value (cost $1,415,576,158)	$	1,906,523,736
Investments in affiliated securities, at value (cost $181,139,512)		181,147,979
Receivable for investments sold		11,888,851
Receivable for dividends		986,814
Receivable for securities lending income		32,421
Prepaid expenses and other assets		14,232
Total assets		2,100,594,033
Liabilities
Payable upon receipt of securities loaned		103,658,299
Payable for investments purchased		8,986,856
Advisory fee payable		1,317,939
Accrued expenses and other liabilities		75,052
Total liabilities		114,038,146
Total net assets	$	1,986,555,887

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Small Company Growth Portfolio 29

Investment income
Dividends (net of foreign dividend withholding taxes of $50,627)	$	6,087,195
Income from affiliated securities		809,041
Securities lending income from affiliates, net		384,087
Total investment income		7,280,323
Expenses
Advisory fee		8,181,488
Custody and accounting fees		43,093
Professional fees		24,562
Shareholder report expenses		1,003
Trustees’ fees and expenses		11,037
Other fees and expenses		12,652
Net expenses		8,273,835
Net investment loss		(993,512	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		132,393,856
Affiliated securities		3,725
Net realized gains on investments		132,397,581
Net change in unrealized gains (losses) on:
Unaffiliated securities		(190,112,536	)
Affiliated securities		(4,399	)
Net change in unrealized gains (losses) on investments		(190,116,935	)
Net realized and unrealized gains (losses) on investments		(57,719,354	)
Net decrease in net assets resulting from operations	$	(58,712,866	)

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

30 Wells Fargo Small Company Growth Portfolio Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment loss	$	(993,512	)	$	(3,185,500	)
Net realized gains on investments		132,397,581			120,175,795
Net change in unrealized gains (losses) on investments		(190,116,935	)		344,244,383
Net increase (decrease) in net assets resulting from operations		(58,712,866	)		461,234,678
Capital transactions
Transactions in investors’ beneficial interests
Contributions		147,344,346			105,533,154
Withdrawals		(110,569,303	)		(231,798,568	)
Net increase (decrease) in net assets resulting from capital transactions		36,775,043			(126,265,414	)
Total increase (decrease) in net assets		(21,937,823	)		334,969,264
Net assets
Beginning of period		2,008,493,710			1,673,524,446
End of period	$	1,986,555,887		$	2,008,493,710

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

Financial highlights Wells Fargo Small Company Growth Portfolio 31

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return¹		(2.93	)%		28.74	%		18.15	%		(13.86	)%		18.07	%		23.47	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%		0.83	%
Net expenses		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%		0.83	%
Net investment loss		(0.09	)%		(0.18	)%		(0.14	)%		(0.03	)%		(0.32	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		30	%		37	%		82	%		49	%		58	%		77	%

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 Small Company 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 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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The

Notes to financial statements (unaudited) Wells Fargo Small Company Growth Portfolio 33

Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All 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, 2018, the aggregate cost of all investments for federal income tax purposes was $1,615,904,005 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	570,893,431
Gross unrealized losses		(99,125,721	)
Net unrealized gains	$	471,767,710

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 Small Company Growth 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	15,559,612	$	0	$	0	$	15,559,612
Consumer discretionary		203,498,338		0		0		203,498,338
Consumer staples		44,366,450		0		0		44,366,450
Energy		38,911,148		0		0		38,911,148
Financials		163,969,849		0		0		163,969,849
Health care		515,889,920		0		0		515,889,920
Industrials		374,625,142		0		0		374,625,142
Information technology		462,910,629		0		0		462,910,629
Materials		70,466,335		0		0		70,466,335
Real estate		16,326,313		0		0		16,326,313
Rights
Consumer discretionary		0		0		0		0
Short-term investments
Investment companies		77,472,520		103,675,459		0		181,147,979
Total assets	$	1,983,996,256	$	103,675,459	$	0	$	2,087,671,715

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

At November 30, 2018, 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. 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 starting at 0.80% and declining to 0.68% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.77% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.50% and declining to 0.45% as the average daily net assets of the of 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, 2018 were $664,274,962 and $612,332,477, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under

Notes to financial statements (unaudited) Wells Fargo Small Company Growth Portfolio 35

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, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

36 Wells Fargo Small Company Growth 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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Small Company Growth Fund 37

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Small Company Growth Fund 39

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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

40 Wells Fargo Small Company Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318979 01-19 SA285/SAR285 11-18

Semi-Annual Report

November 30, 2018

Small Company Value Fund

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

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

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

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	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	29
Statement of operations	30
Statement of changes in net assets	31
Financial highlights	32
Notes to financial statements	33
Other information	37
Appendix A	41

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Small Company Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Small Company Value Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo Small Company Value Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Small Company Value Fund¹ Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Jeff Goverman

Garth R. Nisbet, CFA^®‡

Craig Pieringer, CFA^®‡

Average annual total returns (%) as of November 30, 2018²

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (SCVAX)	1-31-2002		(8.24	)		4.92		14.32		(2.64	)		6.17		15.00		1.46		1.15
Class C (SCVFX)	8-30-2002		(4.39	)		5.37		14.15		(3.39	)		5.37		14.15		2.21		1.90
Class R6 (SCVJX)	10-31-2016		–			–		–		(2.24	)		6.50		15.35		1.03		0.75
Administrator Class (SCVIX)	1-31-2002		–			–		–		(2.53	)		6.34		15.25		1.38		1.05
Institutional Class (SCVNX)	7-30-2010		–			–		–		(2.29	)		6.55		15.44		1.13		0.85
Russell 2000® Value Index5	–		–			–		–		(1.83	)		6.71		12.50		–		–

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

Performance highlights (unaudited) Wells Fargo Small Company Value Fund 7

Ten largest holdings (%) as of November 30, 20186
Hawaiian Electric Industries Incorporated	1.34
CareTrust REIT Incorporated	1.24
Armada Hoffler Properties Incorporated	1.19
Independence Realty Trust Incorporated	1.19
CBIZ Incorporated	1.17
EnerSys	1.13
Potlatch Corporation	1.12
State Auto Financial Corporation	1.07
Agree Realty Corporation	1.05
Royal Gold Incorporated	1.05

Sector distribution as of November 30, 2018⁷

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

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

²  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had been included, returns for Class R6 shares would be higher. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher.

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

⁴  The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from funds in which the affiliated master portfolio invests (if any), and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵  The 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.

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

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

8 Wells Fargo Small Company Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	925.17	$	5.55		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class C
Actual	$	1,000.00	$	921.20	$	9.15		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class R6
Actual	$	1,000.00	$	926.63	$	3.62		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Administrator Class
Actual	$	1,000.00	$	925.42	$	5.07		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Institutional Class
Actual	$	1,000.00	$	926.53	$	4.11		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).

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Value Fund 9

Security name	Value
Investment Companies: 99.11%
Affiliated Master Portfolio: 99.11%
Wells Fargo Small Company Value Portfolio	$	82,862,034
Total Investment Companies (Cost $88,928,679)		82,862,034

Total investments in securities (Cost $88,928,679)	99.11	%		82,862,034
Other assets and liabilities, net	0.89			740,493
Total net assets	100.00	%	$	83,602,527

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 Small Company Value Portfolio		87	%		48	%	$	(5,181,839	)	$	(3,772,725	)	$	909,176	$	49,609	$	11,827	$	82,862,034		99.11	%

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

10 Wells Fargo Small Company Value Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $88,928,679)	$	82,862,034
Receivable for Fund shares sold		641,133
Receivable from manager		17,224
Prepaid expenses and other assets		146,563
Total assets		83,666,954
Liabilities
Payable for Fund shares redeemed		33,454
Administration fees payable		11,721
Shareholder servicing fees payable		9,077
Custodian and accounting fees payable		6,893
Trustees’ fees and expenses payable		2,070
Distribution fee payable		1,212
Total liabilities		64,427
Total net assets	$	83,602,527
NET ASSETS CONSIST OF
Paid-in capital	$	98,760,807
Total distributable loss		(15,158,280	)
Total net assets	$	83,602,527
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	13,196,997
Shares outstanding – Class A1		498,827
Net asset value per share – Class A		$26.46
Maximum offering price per share – Class A2		$28.07
Net assets – Class C	$	1,834,019
Shares outstanding – Class C1		78,429
Net asset value per share – Class C		$23.38
Net assets – Class R6	$	463,673
Shares outstanding – Class R61		16,996
Net asset value per share – Class R6		$27.28
Net assets – Administrator Class	$	15,225,471
Shares outstanding – Administrator Class1		562,953
Net asset value per share – Administrator Class		$27.05
Net assets – Institutional Class	$	52,882,367
Shares outstanding – Institutional Class1		1,941,584
Net asset value per share – Institutional Class		$27.24

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Small Company Value Fund 11

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $891)	$	909,176
Securities lending income allocated from affiliated Master Portfolio		49,609
Affiliated income allocated from affiliated Master Portfolio		11,827
Expenses allocated from affiliated Master Portfolio		(523,645	)
Waivers allocated from affiliated Master Portfolio		59,005
Total investment income		505,972
Expenses
Management fee		30,974
Administration fees
Class A		15,490
Class C		2,080
Class R6		66
Administrator Class		30,298
Institutional Class		39,073
Shareholder servicing fees
Class A		18,440
Class C		2,476
Administrator Class		58,060
Distribution fee
Class C		7,427
Custody and accounting fees		6,104
Professional fees		13,746
Registration fees		36,097
Shareholder report expenses		5,613
Trustees’ fees and expenses		11,201
Other fees and expenses		4,539
Total expenses		281,684
Less: Fee waivers and/or expense reimbursements		(139,786	)
Net expenses		141,898
Net investment income		364,074
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(5,181,839	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(3,772,725	)
Net realized and unrealized gains (losses) on investments		(8,954,564	)
Net decrease in net assets resulting from operations	$	(8,590,490	)

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

12 Wells Fargo Small Company Value Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 20181
Operations
Net investment income				$	364,074					$	872,024
Net realized gains (losses) on investments					(5,181,839	)					41,508,619
Net change in unrealized gains (losses) on investments					(3,772,725	)					(18,058,560	)
Net increase (decrease) in net assets resulting from operations					(8,590,490	)					24,322,083
Distributions to shareholders from net investment income and net realized gains
Class A					0						(52,718	)
Class R6					0						(2,568	)
Administrator Class					0						(283,478	)
Institutional Class					0						(383,137	)
Total distributions to shareholders					0						(721,901	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		44,620			1,284,047			60,419			1,605,930
Class C		5,317			137,283			14,660			329,415
Class R6		10,495			307,465			15,174			412,649
Administrator Class		100,747			2,997,805			100,581			2,701,458
Institutional Class		624,291			18,319,092			431,742			11,786,334
					23,045,692						16,835,786
Reinvestment of distributions
Class A		0			0			1,785			48,755
Class R6		0			0			84			2,350
Administrator Class		0			0			10,156			283,362
Institutional Class		0			0			13,529			379,367
					0						713,834
Payment for shares redeemed
Class A		(93,449	)		(2,675,508	)		(192,694	)		(5,099,087	)
Class C		(4,923	)		(123,732	)		(28,318	)		(663,810	)
Class R6		(4,430	)		(125,350	)		(5,501	)		(154,810	)
Administrator Class		(1,603,499	)		(45,312,886	)		(392,453	)		(10,624,027	)
Institutional Class		(756,487	)		(21,935,144	)		(481,774	)		(13,221,590	)
					(70,172,620	)					(29,763,324	)
Net decrease in net assets resulting from capital share transactions					(47,126,928	)					(12,213,704	)
Total increase (decrease) in net assets					(55,717,418	)					11,386,478
Net assets
Beginning of period					139,319,945						127,933,467
End of period				$	83,602,527					$	139,319,945

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $358,050. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements

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

Financial highlights Wells Fargo Small Company Value Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$28.60			$24.01			$20.22			$21.42			$20.08			$17.10
Net investment income		0.05			0.09			0.05			0.08			0.07			0.06
Net realized and unrealized gains (losses) on investments		(2.19	)		4.58			3.75			(1.25	)		1.27			2.92
Total from investment operations		(2.14	)		4.67			3.80			(1.17	)		1.34			2.98
Distributions to shareholders from
Net investment income		0.00			(0.08	)		(0.01	)		(0.03	)		0.00			0.00
Net asset value, end of period		$26.46			$28.60			$24.01			$20.22			$21.42			$20.08
Total return1		(7.48	)%		19.48	%		18.86	%		(5.48	)%		6.62	%		17.43	%
Ratios to average net assets (annualized)
Gross expenses2		1.39	%		1.47	%		1.47	%		1.48	%		1.50	%		1.56	%
Net expenses2		1.15	%		1.33	%		1.35	%		1.37	%		1.40	%		1.42	%
Net investment income2		0.42	%		0.46	%		0.20	%		0.11	%		0.33	%		0.33	%
Supplemental data
Portfolio turnover rate3		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$13,197			$15,665			$16,280			$23,151			$26,339			$26,517

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, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

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.

14 Wells Fargo Small Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$25.38			$21.40			$18.15			$19.34			$18.27			$15.68
Net investment loss		(0.02	)		(0.07	)1		(0.11	)1		(0.11	)1		(0.08	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		(1.98	)		4.05			3.36			(1.08	)		1.15			2.66
Total from investment operations		(2.00	)		3.98			3.25			(1.19	)		1.07			2.59
Net asset value, end of period		$23.38			$25.38			$21.40			$18.15			$19.34			$18.27
Total return2		(7.88	)%		18.60	%		17.97	%		(6.20	)%		5.86	%		16.52	%
Ratios to average net assets (annualized)
Gross expenses3		2.14	%		2.21	%		2.22	%		2.23	%		2.26	%		2.31	%
Net expenses3		1.90	%		2.08	%		2.10	%		2.12	%		2.15	%		2.17	%
Net investment loss3		(0.32	)%		(0.29	)%		(0.54	)%		(0.62	)%		(0.42	)%		(0.42	)%
Supplemental data
Portfolio turnover rate4		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$1,834			$1,980			$1,962			$2,004			$2,602			$2,192

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, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

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.

Financial highlights Wells Fargo Small Company Value Fund 15

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6				2018			20171
Net asset value, beginning of period		$29.44			$24.69			$21.37
Net investment income		0.13	2		0.29	2		0.08
Net realized and unrealized gains (losses) on investments		(2.29	)		4.65			3.33
Total from investment operations		(2.16	)		4.94			3.41
Distributions to shareholders from
Net investment income		0.00			(0.19	)		(0.09	)
Net asset value, end of period		$27.28			$29.44			$24.69
Total return3		(7.34	)%		20.03	%		15.95	%
Ratios to average net assets (annualized)
Gross expenses4		0.96	%		1.03	%		1.02	%
Net expenses4		0.75	%		0.88	%		0.90	%
Net investment income4		0.87	%		1.04	%		0.58	%
Supplemental data
Portfolio turnover rate5		86	%		144	%		110	%
Net assets, end of period (000s omitted)		$464			$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, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

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.

16 Wells Fargo Small Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$29.23			$24.53			$20.66			$21.90			$20.49			$17.42
Net investment income		0.08	1		0.20			0.08	1		0.13			0.11			0.12
Net realized and unrealized gains (losses) on investments		(2.26	)		4.63			3.83			(1.30	)		1.30			2.95
Total from investment operations		(2.18	)		4.83			3.91			(1.17	)		1.41			3.07
Distributions to shareholders from
Net investment income		0.00			(0.13	)		(0.04	)		(0.07	)		0.00			0.00
Net asset value, end of period		$27.05			$29.23			$24.53			$20.66			$21.90			$20.49
Total return2		(7.46	)%		19.71	%		19.00	%		(5.36	)%		6.88	%		17.62	%
Ratios to average net assets (annualized)
Gross expenses3		1.30	%		1.38	%		1.39	%		1.39	%		1.34	%		1.39	%
Net expenses3		1.05	%		1.19	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income3		0.51	%		0.59	%		0.36	%		0.28	%		0.52	%		0.55	%
Supplemental data
Portfolio turnover rate4		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$15,225			$60,379			$57,591			$64,023			$71,034			$68,358

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, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

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.

Financial highlights Wells Fargo Small Company Value Fund 17

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$29.40			$24.68			$20.77			$22.02			$20.57			$17.45
Net investment income		0.11			0.21			0.11			0.08	1		0.14			0.13
Net realized and unrealized gains (losses) on investments		(2.27	)		4.69			3.89			(1.22	)		1.31			2.99
Total from investment operations		(2.16	)		4.90			4.00			(1.14	)		1.45			3.12
Distributions to shareholders from
Net investment income		0.00			(0.18	)		(0.09	)		(0.11	)		0.00			0.00
Net asset value, end of period		$27.24			$29.40			$24.68			$20.77			$22.02			$20.57
Total return2		(7.35	)%		19.90	%		13.70	%		(5.13	)%		7.05	%		17.88	%
Ratios to average net assets (annualized)
Gross expenses3		1.06	%		1.14	%		1.14	%		1.14	%		1.07	%		1.13	%
Net expenses3		0.85	%		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income3		0.71	%		0.78	%		0.55	%		0.40	%		0.75	%		0.75	%
Supplemental data
Portfolio turnover rate4		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$52,882			$60,973			$52,072			$31,768			$16,850			$11,967

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, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

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.

18 Wells Fargo Small Company Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 48% of Wells Fargo Small Company Value Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and 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.

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

Notes to financial statements (unaudited) Wells Fargo Small Company Value Fund 19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $88,793,050 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		(5,931,016	)
Net unrealized losses	$	(5,931,016	)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2018, 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		$82,862,034

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

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

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; otherwise, waivers and/or reimbursements are applied against

20 Wells Fargo Small Company Value Fund Notes to financial statements (unaudited)

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, 2019 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. After this time, 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, 2018, Funds Distributor received $786 from the sale of Class A shares. Funds Distributor did not receive any contingent deferred sales charges from Class A or Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

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

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were $98,127,722 and $82,681,488, respectively.

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:

	Net investment income
Class A		$  52,718
Class R6		2,568
Administrator Class,		283,478
Institutional Class		383,137

8. INDEMNIFICATION

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

Notes to financial statements (unaudited) Wells Fargo Small Company Value Fund 21

9. NEW ACCOUNTING PRONOUNCEMENT

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

10. SUBSEQUENT DISTRIBUTIONS

On December 18, 2018, the Fund declared distributions from net investment income to shareholders of record on December 17, 2018. The per share amounts payable on December 19, 2018 were as follows:

	Net investment income
Class A		$0.16455
Class R6		0.27926
Administrator Class		0.14485
Institutional Class		0.28004

These distributions are not reflected in the accompanying financial statements.

22 Wells Fargo Small Company Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks: 99.51%
Communication Services: 0.11%
Media: 0.11%
Entercom Communications Corporation		29,462	$	192,387
Consumer Discretionary: 10.98%
Auto Components: 0.40%
Cooper-Standard Holdings Incorporated †		9,632		704,292
Diversified Consumer Services: 0.25%
Collectors Universe Incorporated		32,065		427,747
Hotels, Restaurants & Leisure: 2.06%
Cracker Barrel Old Country Store Incorporated «		6,368		1,151,398
El Pollo Loco Holdings Incorporated †		70,821		1,081,437
Noodles & Company †		122,630		970,003
Red Lion Hotels Corporation †		43,229		389,926
				3,592,764
Household Durables: 0.69%
Hooker Furniture Corporation		39,780		1,198,571
Internet & Direct Marketing Retail: 0.37%
Nutrisystem Incorporated		17,442		648,668
Leisure Products: 1.90%
Johnson Outdoors Incorporated Class A		22,608		1,611,950
Malibu Boats Incorporated Class A †		31,699		1,534,866
Nautilus Group Incorporated †		12,564		162,201
				3,309,017
Specialty Retail: 3.53%
Barnes & Noble Incorporated		35,993		272,467
Children’s Place Retail Stores Incorporated		7,283		944,168
Destination Maternity Corporation †		144,964		636,392
Dick’s Sporting Goods Incorporated		27,633		994,235
Sally Beauty Holdings Incorporated †		46,825		988,476
Shoe Carnival Incorporated «		32,162		1,219,905
Tailored Brands Incorporated		47,720		1,092,788
				6,148,431
Textiles, Apparel & Luxury Goods: 1.78%
Carter’s Incorporated		11,501		1,063,843
Charles & Colvard Limited †		80,363		73,669
Lakeland Industries Incorporated †		55,539		735,892
Rocky Brands Incorporated		47,761		1,236,532
				3,109,936

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Value Portfolio 23

Security name	Shares		Value
Consumer Staples: 2.87%
Food & Staples Retailing: 1.27%
Ingles Markets Incorporated Class A		54,357	$	1,581,245
Village Super Market Class A		16,900		461,201
Weis Markets Incorporated		4,020		184,116
				2,226,562
Food Products: 1.60%
Hostess Brands Incorporated †		88,884		1,035,499
Pilgrim’s Pride Corporation †		88,269		1,751,257
				2,786,756
Energy: 4.21%
Energy Equipment & Services: 1.68%
Newpark Resources Incorporated †		202,777		1,559,355
Patterson-UTI Energy Incorporated		66,525		923,367
Tetra Technologies Incorporated †		187,885		435,893
				2,918,615
Oil, Gas & Consumable Fuels: 2.53%
Carrizo Oil & Gas Incorporated †		95,241		1,629,574
Southwestern Energy Company †		272,264		1,312,312
Teekay Tankers Limited Class A		369,345		417,360
W&T Offshore Incorporated †		181,772		1,056,095
				4,415,341
Financials: 23.01%
Banks: 15.15%
Banc of California Incorporated		49,883		857,988
Bank of the Ozarks Incorporated		45,096		1,222,102
Banner Corporation		28,226		1,693,560
Customers Bancorp Incorporated †		43,679		852,177
FB Financial Corporation		43,792		1,692,561
Fidelity Southern Corporation		72,679		1,724,673
First Foundation Incorporated †		70,427		1,127,536
First Interstate BancSystem Class A		40,271		1,748,970
Great Southern Bancorp Incorporated		30,837		1,673,832
Heritage Financial Corporation		51,432		1,798,577
Independent Bank Corporation		67,416		1,549,220
Midland States Bancorp Incorporated		58,793		1,525,678
OFG Bancorp		53,790		977,902
Orrstown Financial Services Incorporated		19,574		403,616
Popular Incorporated		17,982		1,014,185
Triumph Bancorp Incorporated †		41,012		1,569,939
Umpqua Holdings Corporation		61,274		1,178,912
Union Bankshares Corporation		19,929		705,487
Univest Corporation of Pennsylvania		69,825		1,780,538
Western Alliance Bancorp †		28,189		1,321,218
				26,418,671

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

24 Wells Fargo Small Company Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Capital Markets: 1.61%
Blucora Incorporated †		35,136	$	1,087,811
Piper Jaffray Companies Incorporated		24,125		1,721,801
				2,809,612
Consumer Finance: 0.30%
Enova International Incorporated †		23,561		521,641
Insurance: 3.05%
American Equity Investment Life Holding Company		49,189		1,678,821
FBL Financial Group Incorporated		24,979		1,756,773
State Auto Financial Corporation		53,786		1,882,510
				5,318,104
Thrifts & Mortgage Finance: 2.90%
Homestreet Incorporated †		32,687		870,128
NMI Holdings Incorporated Class A †		64,090		1,252,319
OceanFirst Financial Corporation		66,981		1,726,100
Walker & Dunlop Incorporated		25,492		1,203,987
				5,052,534
Health Care: 5.70%
Health Care Equipment & Supplies: 0.35%
Fonar Corporation †		28,147		620,078
Health Care Providers & Services: 5.35%
Amedisys Incorporated †		9,612		1,309,635
AMN Healthcare Services Incorporated †		25,681		1,635,880
BioScrip Incorporated †		79,959		315,838
Encompass Health Corporation		11,220		843,856
Ensign Group Incorporated		36,491		1,655,597
Hanger Incorporated †		36,420		729,493
LHC Group Incorporated †		12,907		1,353,557
Molina Healthcare Incorporated †		5,956		832,113
Premier Incorporated Class A †		16,406		650,662
				9,326,631
Industrials: 21.26%
Building Products: 0.28%
Patrick Industries Incorporated †		12,265		487,166
Commercial Services & Supplies: 2.80%
ACCO Brands Corporation		99,835		810,660
Casella Waste Systems Incorporated Class A †		43,278		1,413,027
Ennis Incorporated		87,080		1,700,672
Hudson Technologies Incorporated Ǡ		33,920		36,973
TEAM Incorporated Ǡ		55,449		926,553
				4,887,885

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Value Portfolio 25

Security name	Shares		Value
Construction & Engineering: 2.36%
MYR Group Incorporated †		48,420	$	1,515,546
Sterling Construction Company Incorporated †		120,861		1,555,481
Tutor Perini Corporation †		56,321		1,048,134
				4,119,161
Electrical Equipment: 3.12%
Encore Wire Corporation		35,243		1,760,740
EnerSys		22,842		1,995,706
Generac Holdings Incorporated †		29,573		1,683,295
				5,439,741
Machinery: 5.79%
Columbus McKinnon Corporation		21,927		763,060
Hyster Yale Materials Handeling Incorporated		8,293		542,943
Kadant Incorporated		18,532		1,687,895
Kennametal Incorporated		37,875		1,583,933
Manitex International Incorporated †		8,184		59,661
Miller Industries Incorporated		39,742		1,115,161
Mueller Industries Incorporated		32,138		765,527
Spartan Motors Incorporated		82,193		661,654
Standex International Corporation		16,813		1,339,996
The Greenbrier Companies Incorporated		32,403		1,584,831
				10,104,661
Professional Services: 3.62%
Barrett Business Services Incorporated		7,806		549,152
CBIZ Incorporated †		97,298		2,052,015
Kelly Services Incorporated Class A		73,960		1,695,163
Korn/Ferry International		34,200		1,674,774
WageWorks Incorporated †		10,293		343,066
				6,314,170
Road & Rail: 1.51%
Avis Budget Group Incorporated †		32,341		947,268
Genesee & Wyoming Incorporated Class A †		20,256		1,686,920
				2,634,188
Trading Companies & Distributors: 1.78%
CAI International Incorporated †		61,351		1,503,713
DXP Enterprises Incorporated †		36,917		1,337,503
Fly Leasing Limited ADR †		20,939		254,618
				3,095,834
Information Technology: 10.33%
Communications Equipment: 0.64%
Silicom Limited Ǡ		29,986		1,120,277

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

26 Wells Fargo Small Company Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 3.78%
Belden Incorporated		6,302	$	351,526
Eplus Incorporated †		14,668		1,199,109
Insight Enterprises Incorporated †		26,818		1,195,546
Kemet Corporation		55,112		1,128,694
Methode Electronics Incorporated		7,546		228,644
Napco Security Technologies Incorporated †		70,789		1,170,850
PC Connection Incorporated		41,966		1,315,214
				6,589,583
IT Services: 1.84%
EVERTEC Incorporated		31,688		866,033
Hackett Group Incorporated		70,042		1,236,241
TTEC Holdings Incorporated		26,601		778,079
Unisys Corporation Ǡ		24,234		327,644
				3,207,997
Semiconductors & Semiconductor Equipment: 2.64%
Entegris Incorporated		11,998		352,741
FormFactor Incorporated †		108,437		1,788,126
Rudolph Technologies Incorporated †		75,768		1,607,797
Synaptics Incorporated †		22,374		860,504
				4,609,168
Software: 1.13%
American Software Incorporated Class A		32,559		338,614
LogMeIn Incorporated		17,638		1,626,753
				1,965,367
Technology Hardware, Storage & Peripherals: 0.30%
Immersion Corporation †		55,311		524,901
Materials: 6.24%
Chemicals: 1.74%
Advansix Incorporated †		14,639		420,286
Stepan Company		20,782		1,679,601
Trinseo SA		18,562		937,938
				3,037,825
Construction Materials: 0.60%
Eagle Materials Incorporated		14,461		1,055,653
Metals & Mining: 2.95%
Kaiser Aluminum Corporation		15,812		1,545,307
Royal Gold Incorporated		25,167		1,840,966
Schnitzer Steel Industries Incorporated Class A		62,721		1,756,815
				5,143,088

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Small Company Value Portfolio 27

Security name				Shares		Value
Paper & Forest Products: 0.95%
Boise Cascade Company					26,210	$	696,662
Verso Corporation Class A †					37,816		953,720
							1,650,382
Real Estate: 9.82%
Equity REITs: 8.82%
Agree Realty Corporation					31,038		1,848,934
Armada Hoffler Properties Incorporated					137,895		2,097,383
CareTrust REIT Incorporated					109,224		2,186,664
Independence Realty Trust Incorporated					207,450		2,095,245
Monmouth Real Estate Investment Corporation					130,020		1,811,179
National Storage Affiliates Trust					54,858		1,534,378
One Liberty Properties Incorporated					69,626		1,839,519
Potlatch Corporation					53,256		1,975,792
							15,389,094
Real Estate Management & Development: 1.00%
Marcus & Millichap Incorporated †					47,571		1,735,866
Utilities: 4.98%
Electric Utilities: 1.36%
Hawaiian Electric Industries Incorporated					61,713		2,364,842
Gas Utilities: 1.95%
National Fuel Gas Company					31,991		1,722,715
Northwest Natural Holding Company					25,389		1,684,052
							3,406,767
Multi-Utilities: 0.94%
MDU Resources Group Incorporated					61,830		1,636,640
Water Utilities: 0.73%
Artesian Resources Corporation Class A					34,992		1,272,309
Total Common Stocks (Cost $174,260,441)							173,538,923
	Yield
Short-Term Investments: 2.65%
Investment Companies: 2.65%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%		3,662,272		3,662,638
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13			968,194		968,194
Total Short-Term Investments (Cost $4,630,483)							4,630,832

Total investments in securities (Cost $178,890,924)	102.16	%		178,169,755
Other assets and liabilities, net	(2.16	)		(3,774,455	)
Total net assets	100.00	%	$	174,395,300

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

28 Wells Fargo Small Company Value Portfolio Portfolio of investments—November 30, 2018 (unaudited)

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		5,546,867		59,278,399		61,162,994		3,662,272	$	(497	)	$	(3	)	$	83,602	$	3,662,638
Wells Fargo Government Money Market Fund Select Class		851,216		117,515,182		117,398,204		968,194		0			0			20,040		968,194
									$	(497	)	$	(3	)	$	103,642	$	4,630,832		2.65	%

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

Statement of assets and liabilities—November 30, 2018 (unaudited) Wells Fargo Small Company Value Portfolio 29

Assets
Investments in unaffiliated securities (including $3,574,560 of securities loaned), at value (cost $174,260,441)	$	173,538,923
Investments in affiliated securities, at value (cost 4,630,483)		4,630,832
Receivable for investments sold		1,693,824
Receivable for dividends		132,888
Receivable for securities lending income		5,187
Prepaid expenses and other assets		11,385
Total assets		180,013,039
Liabilities
Payable upon receipt of securities loaned		3,662,421
Payable for investments purchased		1,810,362
Advisory fee payable		113,751
Accrued expenses and other liabilities		31,205
Total liabilities		5,617,739
Total net assets	$	174,395,300

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

30 Wells Fargo Small Company Value Portfolio Statement of operations—six months ended November 30, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $1,538)	$	1,558,946
Securities lending income from affiliates, net		83,602
Income from affiliated securities		20,040
Total investment income		1,662,588
Expenses
Advisory fee		842,896
Custody and accounting fees		8,736
Professional fees		23,584
Shareholder report expenses		1,410
Trustees’ fees and expenses		11,088
Other fees and expenses		5,025
Total expenses		892,739
Less: Fee waivers and/or expense reimbursements		(100,272	)
Net expenses		792,467
Net investment income		870,121
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(9,489,316	)
Affiliated securities		(497	)
Net realized losses on investments		(9,489,813	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(7,948,439	)
Affiliated securities		(3	)
Net change in unrealized gains (losses) on investments		(7,948,442	)
Net realized and unrealized gains (losses) on investments		(17,438,255	)
Net decrease in net assets resulting from operations	$	(16,568,134	)

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

Statement of changes in net assets Wells Fargo Small Company Value Portfolio 31

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	870,121		$	1,619,419
Net realized gains (losses) on investments		(9,489,813	)		35,399,955
Net change in unrealized gains (losses) on investments		(7,948,442	)		(24,205,675	)
Net increase (decrease) in net assets resulting from operations		(16,568,134	)		33,813,699
Capital transactions
Transactions in investors’ beneficial interests
Contributions		101,491,419			10,857,996
Withdrawals		(69,926,430	)		(99,498,049	)
Net increase (decrease) in net assets resulting from capital transactions		31,564,989			(88,640,053	)
Total increase (decrease) in net assets		14,996,855			(54,826,354	)
Net assets
Beginning of period		159,398,445			214,224,799
End of period	$	174,395,300		$	159,398,445

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

32 Wells Fargo Small Company Value Portfolio Financial highlights

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(7.42	)%		20.10	%		19.44	%		(4.96	)%		7.29	%		18.09	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.84	%		0.85	%		0.84	%		0.85	%
Net expenses		0.75	%		0.84	%		0.84	%		0.85	%		0.84	%		0.85	%
Net investment income		0.83	%		0.87	%		0.72	%		0.62	%		0.89	%		0.89	%
Supplemental data
Portfolio turnover rate		86	%		144	%		110	%		72	%		54	%		47	%

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

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

Notes to financial statements (unaudited) Wells Fargo Small Company Value Portfolio 33

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 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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in

34 Wells Fargo Small Company Value Portfolio Notes to financial statements (unaudited)

high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All 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, 2018, the aggregate cost of all investments for federal income tax purposes was $179,231,246 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		(1,061,491	)
Net unrealized losses	$	(1,061,491	)

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.

Notes to financial statements (unaudited) Wells Fargo Small Company Value Portfolio 35

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	192,387	$	0	$	0	$	192,387
Consumer discretionary		19,139,426		0		0		19,139,426
Consumer staples		5,013,318		0		0		5,013,318
Energy		7,333,956		0		0		7,333,956
Financials		40,120,562		0		0		40,120,562
Health care		9,946,709		0		0		9,946,709
Industrials		37,082,806		0		0		37,082,806
Information technology		18,017,293		0		0		18,017,293
Materials		10,886,948		0		0		10,886,948
Real estate		17,124,960		0		0		17,124,960
Utilities		8,680,558		0		0		8,680,558
Short-term investments
Investment companies		968,194		3,662,638		0		4,630,832
Total assets	$	174,507,117	$	3,662,638	$	0	$	178,169,755

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

At November 30, 2018, 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. 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 starting at 0.80% and declining to 0.68% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, 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. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain 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, 2018 were $206.524,178 and $174,015,314, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use

36 Wells Fargo Small Company Value Portfolio Notes to financial statements (unaudited)

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, 2018, there were no borrowings by the Portfolio under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo Small Company Value Fund 37

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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

38 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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

Other information (unaudited) Wells Fargo Small Company Value Fund 39

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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the 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 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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

Appendix A (unaudited) Wells Fargo Small Company Value Fund 41

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318980 01-19 SA286/SAR286 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Core Bond Fund

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

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

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

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	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	55
Appendix A	59

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Core Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Core Bond Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo Core Bond Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Core Bond Fund¹ 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 portfolio

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®‡

Thomas O’Connor, CFA^®‡

Jarad Vasquez

Average annual total returns (%) as of November 30, 2018²

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (MBFAX)	10-31-2001		(6.31	)		0.77		3.80		(1.90	)		1.70		4.28		0.83		0.78
Class C (MBFCX)	10-31-2001		(3.60	)		0.94		3.46		(2.60	)		0.94		3.46		1.58		1.53
Class R (WTRRX)	7-9-2010		–			–		–		(2.09	)		1.45		3.98		1.08		1.03
Class R4 (MBFRX)	11-30-2012		–			–		–		(1.59	)		1.97		4.53		0.60		0.52
Class R6 (WTRIX)	11-30-2012		–			–		–		(1.52	)		2.10		4.65		0.45		0.37
Administrator Class (MNTRX)	6-30-1997		–			–		–		(1.77	)		1.78		4.35		0.77		0.70
Institutional Class (MBFIX)	10-31-2001		–			–		–		(1.57	)		2.07		4.62		0.50		0.42
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–			–		–		(1.34	)		2.03		3.67		–		–

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

Performance highlights (unaudited) Wells Fargo Core Bond Fund 7

Ten largest holdings (%) as of November 30, 20186
U.S. Treasury Bond, 3.13%, 11-15-2028	2.28
U.S. Treasury Note, 2.88%, 9-30-2023	2.10
U.S. Treasury Note, 2.88%, 10-31-2023	2.09
FHLMC, 4.00%, 11-1-2048	1.75
GNMA, 5.00%, 1-23-2049	1.67
U.S. Treasury Note, 2.88%, 10-15-2021	1.48
GNMA, 4.50%, 10-20-2048	1.42
U.S. Treasury Note, 2.75%, 2-15-2028	1.38
U.S. Treasury Note, 1.88%, 1-31-2022	1.24
U.S. Treasury Bond, 3.13%, 5-15-2048	1.20

Portfolio allocation as of November 30, 2018⁷

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

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

²  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

⁴  The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

8 Wells Fargo Core Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	995.79	$	3.90		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	991.90	$	7.64		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R
Actual	$	1,000.00	$	994.94	$	5.15		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class R4
Actual	$	1,000.00	$	996.67	$	2.60		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	997.41	$	1.85		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	995.79	$	3.50		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%
Institutional Class
Actual	$	1,000.00	$	997.16	$	2.10		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).

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Fund 9

Security name	Value
Investment Companies: 100.11%
Affiliated Master Portfolios: 100.11%
Wells Fargo Core Bond Portfolio	$	5,152,746,583
Total Investment Companies (Cost $5,223,381,132)		5,152,746,583

Total investments in securities (Cost $5,223,381,132)	100.11	%		5,152,746,583
Other assets and liabilities, net	(0.11	)		(5,744,529	)
Total net assets	100.00	%	$	5,147,002,054

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	%		92	%	$	(83,336,439	)	$	(5,082,443	)	$	85,418,390	$	882,546	$	5,152,746,583		100.11	%

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

10 Wells Fargo Core Bond Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio (cost $5,223,381,132)	$	5,152,746,583
Receivable for Fund shares sold		7,587,425
Receivable from manager		122,625
Prepaid expenses and other assets		204,031
Total assets		5,160,660,664
Liabilities
Payable for Fund shares redeemed		10,851,296
Dividends payable		1,785,112
Administration fees payable		294,424
Distribution fees payable		31,320
Trustees’ fees and expenses payable		2,460
Accrued expenses and other liabilities		693,998
Total liabilities		13,658,610
Total net assets	$	5,147,002,054
NET ASSETS CONSIST OF
Paid-in capital	$	5,417,315,592
Total distributable loss		(270,313,538	)
Total net assets	$	5,147,002,054
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	296,976,226
Shares outstanding – Class A1		23,479,180
Net asset value per share – Class A		$12.65
Maximum offering price per share – Class A2		$13.24
Net assets – Class C	$	43,177,243
Shares outstanding – Class C1		3,446,644
Net asset value per share – Class C		$12.53
Net assets – Class R	$	12,028,357
Shares outstanding – Class R1		974,179
Net asset value per share – Class R		$12.35
Net assets – Class R4	$	11,242,263
Shares outstanding – Class R41		910,918
Net asset value per share – Class R4		$12.34
Net assets – Class R6	$	2,184,335,876
Shares outstanding – Class R61		177,096,376
Net asset value per share – Class R6		$12.33
Net assets – Administrator Class	$	242,063,045
Shares outstanding – Administrator Class1		19,603,274
Net asset value per share – Administrator Class		$12.35
Net assets – Institutional Class	$	2,357,179,044
Shares outstanding – Institutional Class1		191,169,811
Net asset value per share – Institutional Class		$12.33

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.

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Core Bond Fund 11

Investment income
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $14,043)	$	85,418,390
Affiliated income allocated from affiliated Master Portfolio		882,546
Expenses allocated from affiliated Master Portfolio		(9,325,083	)
Total investment income		76,975,853
Expenses
Management fee		1,323,887
Administration fees
Class A		251,074
Class C		37,040
Class R		9,895
Class R4		4,681
Class R6		331,935
Administrator Class		132,991
Institutional Class		995,687
Shareholder servicing fees
Class A		392,304
Class C		57,875
Class R		15,220
Class R4		5,852
Administrator Class		325,560
Distribution fees
Class C		173,624
Class R		15,461
Custody and accounting fees		93,586
Professional fees		13,224
Registration fees		120,587
Shareholder report expenses		165,462
Trustees’ fees and expenses		110,427
Other fees and expenses		23,113
Total expenses		4,599,485
Less: Fee waivers and/or expense reimbursements		(2,000,111	)
Net expenses		2,599,374
Net investment income		74,376,479
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(83,336,439	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(5,082,443	)
Net realized and unrealized gains (losses) on investments		(88,418,882	)
Net decrease in net assets resulting from operations	$	(14,042,403	)

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

12 Wells Fargo Core Bond Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 20181
Operations
Net investment income				$	74,376,479					$	109,290,228
Net realized losses on investments					(83,336,439	)					(51,477,064	)
Net change in unrealized gains (losses) on investments					(5,082,443	)					(93,493,410	)
Net decrease in net assets resulting from operations					(14,042,403	)					(35,680,246	)
Distributions to shareholders from net investment income and net realized gains
Class A					(3,830,253	)					(6,146,453	)
Class C					(391,332	)					(561,310	)
Class R					(135,754	)					(203,058	)
Class R4					(158,202	)					(706,139	)
Class R6					(31,643,162	)					(24,689,238	)
Administrator Class					(3,348,333	)					(6,023,458	)
Institutional Class					(34,846,053	)					(70,984,919	)
Total distributions to shareholders					(74,353,089	)					(109,314,575	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,325,324			29,622,480			5,948,905			78,111,325
Class C		165,552			2,092,760			660,100			8,585,693
Class R		121,656			1,517,591			314,720			4,024,861
Class R4		130,448			1,623,597			636,388			8,152,388
Class R6		89,845,786			1,122,140,411			65,439,055			837,238,882
Administrator Class		2,156,188			26,895,925			6,358,669			81,613,591
Institutional Class		24,204,858			301,105,302			109,824,335			1,402,149,298
					1,484,998,066						2,419,876,038
Reinvestment of distributions
Class A		260,467			3,319,731			406,222			5,315,016
Class C		15,827			199,780			23,283			301,658
Class R		1,347			16,760			2,181			27,892
Class R4		12,709			158,058			51,321			658,202
Class R6		2,355,513			29,269,348			1,705,109			21,706,594
Administrator Class		258,711			3,219,319			457,541			5,851,867
Institutional Class		2,267,447			28,175,508			4,338,888			55,292,897
					64,358,504						89,154,126
Payment for shares redeemed
Class A		(4,004,263	)		(51,001,075	)		(8,713,141	)		(114,094,388	)
Class C		(490,722	)		(6,194,053	)		(1,437,868	)		(18,650,713	)
Class R		(122,963	)		(1,530,518	)		(414,247	)		(5,296,848	)
Class R4		(162,981	)		(2,023,698	)		(3,109,817	)		(39,224,105	)
Class R6		(23,623,691	)		(293,537,076	)		(20,533,471	)		(261,667,805	)
Administrator Class		(4,240,970	)		(52,729,832	)		(14,295,796	)		(183,753,304	)
Institutional Class		(99,993,456	)		(1,247,096,858	)		(95,212,522	)		(1,214,837,005	)
					(1,654,113,110	)					(1,837,524,168	)
Net increase (decrease) in net assets resulting from capital share transactions					(104,756,540	)					671,505,996
Total increase (decrease) in net assets					(193,152,032	)					526,511,175
Net assets
Beginning of period					5,340,154,086						4,813,642,911
End of period				$	5,147,002,054					$	5,340,154,086

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at May 31, 2018 was $140,624. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements

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

Financial highlights Wells Fargo Core Bond Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.86			$13.22			$13.28			$13.16			$12.98			$13.02
Net investment income		0.16			0.24			0.19	1		0.19	1		0.18			0.19
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.36	)		0.00			0.12			0.19			0.12
Total from investment operations		(0.05	)		(0.12	)		0.19			0.31			0.37			0.31
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.19	)		(0.19	)		(0.19	)		(0.20	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)
Total distributions to shareholders		(0.16	)		(0.24	)		(0.25	)		(0.19	)		(0.19	)		(0.35	)
Net asset value, end of period		$12.65			$12.86			$13.22			$13.28			$13.16			$12.98
Total return2		(0.42	)%		(0.96	)%		1.48	%		2.36	%		2.85	%		2.46	%
Ratios to average net assets (annualized)
Gross expenses3		0.83	%		0.83	%		0.83	%		0.83	%		0.85	%		0.83	%
Net expenses3		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income3		2.44	%		1.79	%		1.40	%		1.43	%		1.39	%		1.52	%
Supplemental data
Portfolio turnover rate4		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$296,976			$320,208			$360,276			$699,273			$506,043			$397,780

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, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

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 Core Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.74			$13.09			$13.15			$13.03			$12.86			$12.90
Net investment income		0.11			0.14			0.09			0.09			0.09			0.10
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.35	)		0.00			0.12			0.17			0.12
Total from investment operations		(0.10	)		(0.21	)		0.09			0.21			0.26			0.22
Distributions to shareholders from
Net investment income		(0.11	)		(0.14	)		(0.09	)		(0.09	)		(0.09	)		(0.11	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)
Total distributions to shareholders		(0.11	)		(0.14	)		(0.15	)		(0.09	)		(0.09	)		(0.26	)
Net asset value, end of period		$12.53			$12.74			$13.09			$13.15			$13.03			$12.86
Total return1		(0.81	)%		(1.65	)%		0.72	%		1.61	%		2.02	%		1.71	%
Ratios to average net assets (annualized)
Gross expenses2		1.58	%		1.58	%		1.58	%		1.58	%		1.58	%		1.58	%
Net expenses2		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Net investment income2		1.69	%		1.04	%		0.68	%		0.68	%		0.65	%		0.77	%
Supplemental data
Portfolio turnover rate3		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$43,177			$47,843			$59,049			$66,612			$72,798			$81,187

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, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

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.

Financial highlights Wells Fargo Core Bond Fund 15

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.55			$12.90			$12.97			$12.85			$12.67			$12.71
Net investment income		0.14			0.20	1		0.15	1		0.15	1		0.15	1		0.16	1
Net realized and unrealized gains (losses) on investments		(0.20	)		(0.35	)		(0.01	)		0.12			0.18			0.12
Total from investment operations		(0.06	)		(0.15	)		0.14			0.27			0.33			0.28
Distributions to shareholders from
Net investment income		(0.14	)		(0.20	)		(0.15	)		(0.15	)		(0.15	)		(0.17	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)
Total distributions to shareholders		(0.14	)		(0.20	)		(0.21	)		(0.15	)		(0.15	)		(0.32	)
Net asset value, end of period		$12.35			$12.55			$12.90			$12.97			$12.85			$12.67
Total return2		(0.51	)%		(1.19	)%		1.15	%		2.13	%		2.63	%		2.23	%
Ratios to average net assets (annualized)
Gross expenses3		1.07	%		1.08	%		1.08	%		1.08	%		1.08	%		1.08	%
Net expenses3		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income3		2.20	%		1.54	%		1.18	%		1.18	%		1.15	%		1.27	%
Supplemental data
Portfolio turnover rate4		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$12,028			$12,230			$13,826			$17,985			$16,411			$17,077

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, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

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 Core Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R4				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.55			$12.89			$12.95			$12.83			$12.66			$12.70
Net investment income		0.17			0.26	1		0.22			0.22			0.21			0.22
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.34	)		0.00			0.12			0.18			0.12
Total from investment operations		(0.04	)		(0.08	)		0.22			0.34			0.39			0.34
Distributions to shareholders from
Net investment income		(0.17	)		(0.26	)		(0.22	)		(0.22	)		(0.22	)		(0.23	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)
Total distributions to shareholders		(0.17	)		(0.26	)		(0.28	)		(0.22	)		(0.22	)		(0.38	)
Net asset value, end of period		$12.34			$12.55			$12.89			$12.95			$12.83			$12.66
Total return2		(0.33	)%		(0.61	)%		1.74	%		2.65	%		3.07	%		2.75	%
Ratios to average net assets (annualized)
Gross expenses3		0.60	%		0.60	%		0.60	%		0.60	%		0.59	%		0.58	%
Net expenses3		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net investment income3		2.70	%		2.01	%		1.70	%		1.69	%		1.53	%		1.78	%
Supplemental data
Portfolio turnover rate4		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$11,242			$11,680			$43,205			$41,272			$49,261			$17

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, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

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.

Financial highlights Wells Fargo Core Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.54			$12.89			$12.95			$12.83			$12.66			$12.70
Net investment income		0.18			0.28			0.24			0.24			0.23			0.24
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.35	)		0.00			0.12			0.17			0.12
Total from investment operations		(0.03	)		(0.07	)		0.24			0.36			0.40			0.36
Distributions to shareholders from
Net investment income		(0.18	)		(0.28	)		(0.24	)		(0.24	)		(0.23	)		(0.25	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)
Total distributions to shareholders		(0.18	)		(0.28	)		(0.30	)		(0.24	)		(0.23	)		(0.40	)
Net asset value, end of period		$12.33			$12.54			$12.89			$12.95			$12.83			$12.66
Total return1		(0.26	)%		(0.54	)%		1.90	%		2.81	%		3.23	%		2.91	%
Ratios to average net assets (annualized)
Gross expenses2		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net expenses2		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income2		2.86	%		2.24	%		1.87	%		1.84	%		1.76	%		1.94	%
Supplemental data
Portfolio turnover rate3		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$2,184,336			$1,360,847			$797,896			$450,791			$726,165			$290,977

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, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

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.

18 Wells Fargo Core Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.56			$12.90			$12.97			$12.85			$12.67			$12.71
Net investment income		0.16			0.24	1		0.21			0.19			0.19	1		0.21
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.34	)		(0.02	)		0.12			0.18			0.11
Total from investment operations		(0.05	)		(0.10	)		0.19			0.31			0.37			0.32
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.20	)		(0.19	)		(0.19	)		(0.21	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)
Total distributions to shareholders		(0.16	)		(0.24	)		(0.26	)		(0.19	)		(0.19	)		(0.36	)
Net asset value, end of period		$12.35			$12.56			$12.90			$12.97			$12.85			$12.67
Total return2		(0.42	)%		(0.79	)%		1.48	%		2.47	%		2.96	%		2.57	%
Ratios to average net assets (annualized)
Gross expenses3		0.76	%		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Net expenses3		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income3		2.52	%		1.86	%		1.50	%		1.51	%		1.47	%		1.60	%
Supplemental data
Portfolio turnover rate4		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$242,063			$269,057			$373,042			$529,530			$487,981			$412,419

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, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

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.

Financial highlights Wells Fargo Core Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.54			$12.88			$12.95			$12.83			$12.66			$12.70
Net investment income		0.18			0.28			0.23			0.23			0.22			0.23
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.34	)		(0.01	)		0.12			0.18			0.12
Total from investment operations		(0.03	)		(0.06	)		0.22			0.35			0.40			0.35
Distributions to shareholders from
Net investment income		(0.18	)		(0.28	)		(0.23	)		(0.23	)		(0.23	)		(0.24	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)
Total distributions to shareholders		(0.18	)		(0.28	)		(0.29	)		(0.23	)		(0.23	)		(0.39	)
Net asset value, end of period		$12.33			$12.54			$12.88			$12.95			$12.83			$12.66
Total return1		(0.28	)%		(0.51	)%		1.77	%		2.76	%		3.17	%		2.85	%
Ratios to average net assets (annualized)
Gross expenses2		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses2		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income2		2.80	%		2.16	%		1.82	%		1.79	%		1.75	%		1.88	%
Supplemental data
Portfolio turnover rate3		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$2,357,179			$3,318,290			$3,166,348			$2,102,073			$1,360,398			$1,208,745

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, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

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.

20 Wells Fargo Core Bond 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 Core Bond Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 92% of Wells Fargo Core Bond Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

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

Notes to financial statements (unaudited) Wells Fargo Core Bond Fund 21

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $5,246,291,065 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		(93,544,482	)
Net unrealized losses	$	(93,544,482	)

As of May 31, 2018, the Fund had capital loss carryforwards which consist of $38,917,295 in short-term capital losses.

As of May 31, 2018, the Fund had current year deferred post-October capital losses consisting of $55,203,707 which were recognized on the first day of the current fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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, 2018, 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	$	5,152,746,583

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10

22 Wells Fargo Core Bond Fund Notes to financial statements (unaudited)

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; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 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 Class shares, and 0.42% for Institutional Class shares. After this time, 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, 2018, Funds Distributor received $2,381 from the sale of Class A shares. Funds Distributor did not receive any contingent deferred sales charges from Class A or Class C shares for the six months ended November 30, 2018.

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 investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$13,620,244,376	$1,963,048,100	$13,708,500,058	$1,991,449,077

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

Notes to financial statements (unaudited) Wells Fargo Core Bond Fund 23

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:

	Net investment income
Class A	$	6,146,453
Class C		561,310
Class R		203,058
Class R4		706,139
Class R6		24,689,238
Administrator Class		6,023,458
Institutional Class		70,984,919

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

24 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 36.90%
FHLMC (12 Month LIBOR +1.64%) ±		2.80	%		1-1-2047	$	4,968,798	$	4,919,291
FHLMC		3.00			10-15-2047		34,535,212		33,502,716
FHLMC		3.00			11-15-2047		11,482,354		11,089,364
FHLMC		3.00			6-15-2048		18,722,167		17,973,888
FHLMC		3.50			12-1-2047		2,328,847		2,285,412
FHLMC		3.50			2-1-2048		3,491,358		3,425,775
FHLMC		3.50			3-1-2048		20,624,189		20,257,500
FHLMC (12 Month LIBOR +1.64%) ±		3.86			7-1-2048		3,173,685		3,213,886
FHLMC		4.00			4-1-2034		3,146,209		3,189,441
FHLMC		4.00			6-1-2034		185,758		188,320
FHLMC		4.00			1-1-2035		227,586		233,119
FHLMC		4.00			1-1-2036		359,755		366,496
FHLMC		4.00			10-1-2036		2,357,849		2,400,574
FHLMC		4.00			3-1-2037		298,070		303,943
FHLMC		4.00			3-1-2037		358,138		365,528
FHLMC		4.00			3-1-2037		577,429		588,272
FHLMC		4.00			4-1-2037		2,413,829		2,459,158
FHLMC		4.00			4-1-2037		3,022,029		3,095,549
FHLMC		4.00			8-1-2044		1,002,828		1,012,818
FHLMC		4.00			12-1-2045		1,022,865		1,031,571
FHLMC		4.00			2-1-2046		1,248,924		1,259,556
FHLMC		4.00			6-1-2046		2,161,018		2,179,415
FHLMC		4.00			4-1-2048		3,494,987		3,526,577
FHLMC		4.00			6-1-2048		4,924,399		4,968,910
FHLMC		4.00			6-1-2048		4,152,759		4,190,296
FHLMC		4.00			8-1-2048		23,351,967		23,502,547
FHLMC		4.00			9-1-2048		4,576,772		4,606,285
FHLMC		4.00			10-1-2048		51,587,414		51,918,743
FHLMC		4.00			11-1-2048		97,039,474		97,662,731
FHLMC		4.50			6-1-2039		259,509		271,455
FHLMC		4.50			7-1-2039		282,336		295,324
FHLMC		4.50			11-1-2048		43,171,570		44,428,590
FHLMC		5.00			6-1-2044		3,380,058		3,623,422
FHLMC		5.00			5-1-2048		12,517,733		13,336,582
FHLMC		5.00			6-1-2048		728,696		770,956
FHLMC		5.00			11-1-2048		17,099,000		17,937,275
FHLMC		6.50			4-1-2021		368		373
FHLMC Series 1590 Class IA (1 Month LIBOR +1.05%) ±		3.36			10-15-2023		15,360		15,660
FHLMC Series 1897 Class K		7.00			9-15-2026		567		611
FHLMC Series 1935 Class FL (1 Month LIBOR +0.70%) ±		2.98			2-15-2027		1,765		1,794
FHLMC Series 2423 Class MC		7.00			3-15-2032		10,495		11,636
FHLMC Series 264 Class 30		3.00			7-15-2042		19,147,384		18,499,741
FHLMC Series 326 Class 300		3.00			3-15-2044		15,395,942		14,881,062
FHLMC Series 356 Class 300		3.00			9-15-2047		5,000,004		4,806,167
FHLMC Series 3838 Class QE		3.50			1-15-2029		65,908		65,836
FHLMC Series 4640 Class LD		4.00			9-15-2043		15,632,376		16,024,494
FHLMC Series 4700 Class QJ		4.00			7-15-2044		10,775,646		11,058,928
FHLMC Series 4705 Class A		4.50			9-15-2042		7,324,389		7,626,480
FHLMC Series 4763 Class CA		3.00			9-15-2038		2,056,611		2,030,796
FHLMC Series 4767 Class KA		3.00			3-15-2048		10,316,572		10,179,129

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 25

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC Series 4786 Class DP		4.50	%		7-15-2042	$	5,782,456	$	5,972,506
FHLMC Series 4787 Class AK		3.00			5-15-2048		15,909,702		15,256,863
FHLMC Series 4796 Class AK		3.00			5-15-2048		19,800,202		18,987,721
FNMA		1.50			4-25-2043		1,923,146		1,762,045
FNMA (12 Month LIBOR +1.60%) ±		2.95			8-1-2047		4,183,473		4,158,314
FNMA		3.00			11-1-2046		8,443,176		8,160,162
FNMA (12 Month LIBOR +1.62%) ±		3.14			3-1-2047		6,446,702		6,447,302
FNMA		3.50			9-1-2033		863,233		869,545
FNMA		3.50			8-1-2034		2,512,371		2,530,748
FNMA		3.50			5-1-2036		7,776,794		7,833,737
FNMA		3.50			9-1-2036		1,307,090		1,316,650
FNMA		3.50			12-1-2036		8,524,392		8,526,877
FNMA		3.50			2-1-2041		28,362,921		28,176,722
FNMA		3.50			2-1-2042		25,655,799		25,487,283
FNMA		3.50			5-1-2042		20,129,693		20,069,223
FNMA		3.50			5-1-2042		20,564,757		20,429,816
FNMA		3.50			6-1-2042		36,901,982		36,659,781
FNMA		3.50			11-1-2046		7,658,698		7,620,050
FNMA		3.50			11-1-2047		2,809,964		2,759,650
FNMA		3.50			12-1-2047		7,571,137		7,444,774
FNMA		3.50			1-1-2048		23,311,445		22,898,769
FNMA		3.50			2-1-2048		9,807,669		9,636,314
FNMA %%		3.50			12-13-2048		7,000,000		6,865,340
FNMA		3.50			9-1-2052		31,134,593		30,601,592
FNMA (12 Month LIBOR +1.62%) ±		3.73			8-1-2048		5,915,781		6,004,545
FNMA (12 Month LIBOR +1.62%) ±		3.74			7-1-2048		5,520,633		5,601,964
FNMA (12 Month LIBOR +1.62%) ±		3.75			8-1-2048		3,066,658		3,114,636
FNMA (12 Month LIBOR +1.62%) ±		3.85			10-1-2048		5,147,014		5,240,871
FNMA		4.00			7-1-2033		3,916,444		4,001,342
FNMA		4.00			9-1-2033		6,822,307		6,969,999
FNMA		4.00			12-1-2033		534,223		547,164
FNMA		4.00			4-1-2034		5,027,718		5,149,505
FNMA		4.00			7-1-2035		8,491,553		8,697,231
FNMA		4.00			11-1-2035		855,235		875,957
FNMA		4.00			11-1-2035		3,809,904		3,902,202
FNMA		4.00			1-1-2036		7,386,007		7,564,959
FNMA		4.00			1-1-2036		497,252		507,458
FNMA		4.00			7-1-2036		6,157,427		6,276,190
FNMA		4.00			9-1-2036		2,460,342		2,505,369
FNMA		4.00			11-1-2036		1,863,322		1,908,469
FNMA		4.00			12-1-2036		6,517,332		6,643,035
FNMA		4.00			12-1-2036		206,113		209,963
FNMA		4.00			12-1-2036		395,731		403,122
FNMA		4.00			1-1-2037		309,955		315,743
FNMA		4.00			2-1-2037		550,615		560,902
FNMA		4.00			2-1-2037		459,147		467,724
FNMA		4.00			3-1-2037		947,805		965,805
FNMA		4.00			3-1-2037		1,808,611		1,842,398
FNMA		4.00			3-1-2037		1,276,588		1,299,649
FNMA		4.00			3-1-2037		685,112		698,111

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

26 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		3-1-2037	$	1,010,923	$	1,029,810
FNMA		4.00			3-1-2037		871,690		887,436
FNMA		4.00			3-1-2037		241,727		246,243
FNMA		4.00			3-1-2037		514,124		523,730
FNMA		4.00			3-1-2037		198,445		202,214
FNMA		4.00			4-1-2037		882,250		898,734
FNMA		4.00			4-1-2037		1,817,751		1,851,711
FNMA		4.00			5-1-2037		552,528		563,022
FNMA		4.00			5-1-2037		906,869		923,812
FNMA		4.00			5-1-2037		972,643		990,816
FNMA		4.00			5-1-2037		1,138,001		1,159,261
FNMA		4.00			6-1-2037		2,195,145		2,236,837
FNMA		4.00			7-1-2037		1,142,416		1,161,041
FNMA		4.00			7-1-2037		554,815		563,859
FNMA		4.00			7-1-2037		7,310,569		7,444,859
FNMA		4.00			9-1-2037		1,143,616		1,165,336
FNMA		4.00			9-1-2037		2,248,527		2,290,541
FNMA		4.00			9-1-2037		1,976,878		2,012,593
FNMA		4.00			10-1-2037		1,214,088		1,237,148
FNMA		4.00			10-1-2037		3,246,585		3,325,150
FNMA		4.00			11-1-2037		1,798,119		1,830,605
FNMA		4.00			12-1-2037		1,096,949		1,117,785
FNMA		4.00			12-1-2037		1,978,949		2,015,926
FNMA		4.00			1-1-2038		966,433		984,791
FNMA		4.00			1-1-2038		2,345,534		2,389,363
FNMA		4.00			1-1-2038		1,567,662		1,599,864
FNMA		4.00			9-1-2038		2,465,870		2,512,708
FNMA		4.00			5-1-2041		15,548,976		15,924,943
FNMA		4.00			5-1-2045		8,034,745		8,105,433
FNMA		4.00			5-1-2045		1,302,842		1,319,362
FNMA		4.00			9-1-2045		1,525,680		1,553,130
FNMA		4.00			10-1-2045		976,086		984,556
FNMA		4.00			12-1-2045		535,676		539,516
FNMA		4.00			12-1-2045		165,230		167,174
FNMA		4.00			12-1-2045		343,170		346,838
FNMA		4.00			5-1-2046		5,007,489		5,059,049
FNMA		4.00			7-1-2046		321,845		325,515
FNMA		4.00			4-1-2047		889,073		902,282
FNMA		4.00			4-1-2047		1,015,332		1,024,806
FNMA		4.00			4-1-2047		994,387		1,007,547
FNMA		4.00			5-1-2047		3,971,781		4,006,988
FNMA		4.00			10-1-2047		815,986		828,111
FNMA		4.00			10-1-2047		769,449		779,750
FNMA		4.00			11-1-2047		33,800,371		34,176,152
FNMA		4.00			2-1-2048		7,422,003		7,475,863
FNMA		4.00			3-1-2048		4,795,000		4,837,873
FNMA		4.00			3-1-2048		4,656,070		4,697,700
FNMA		4.00			3-1-2048		27,257,948		27,430,344
FNMA		4.00			4-1-2048		17,996,685		18,121,556
FNMA		4.00			5-1-2048		7,819,258		7,889,175

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 27

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		5-1-2048	$	2,111,468	$	2,133,324
FNMA		4.00			6-1-2048		4,123,858		4,160,735
FNMA		4.00			7-1-2048		4,549,963		4,590,649
FNMA		4.00			8-1-2048		53,895,419		54,269,712
FNMA		4.00			9-1-2048		40,660,227		40,917,411
FNMA		4.00			9-1-2048		5,375,956		5,448,054
FNMA		4.00			10-1-2048		5,672,669		5,723,395
FNMA %%		4.00			12-13-2048		21,200,000		21,323,390
FNMA		4.50			5-1-2034		1,896,182		1,969,097
FNMA		4.50			6-1-2041		319,676		330,935
FNMA		4.50			3-1-2043		3,626,799		3,773,217
FNMA		4.50			3-1-2044		1,129,539		1,171,109
FNMA		4.50			10-1-2045		6,019,142		6,214,414
FNMA		4.50			2-1-2046		145,348		149,944
FNMA		4.50			8-1-2048		46,211,595		47,547,722
FNMA ##		4.50			11-1-2048		49,987,364		51,478,504
FNMA %%		4.50			12-13-2048		1,700,000		1,747,928
FNMA		5.00			7-1-2044		640,105		674,560
FNMA		5.00			5-1-2048		6,306,677		6,653,105
FNMA		5.00			6-1-2048		1,798,208		1,897,110
FNMA		5.00			6-1-2048		1,597,100		1,689,884
FNMA		5.00			6-1-2048		13,175,470		14,063,101
FNMA		5.00			11-1-2048		16,599,073		17,707,915
FNMA		5.00			8-1-2056		21,946,164		23,202,414
FNMA		6.00			4-1-2022		5,793		6,234
FNMA		6.00			2-1-2029		5,601		6,091
FNMA		6.00			3-1-2033		40,055		43,804
FNMA		6.00			11-1-2033		14,495		15,854
FNMA Series 1998-38 Class PL		6.00			11-25-2028		265,452		285,324
FNMA Series 1999-54 Class LH		6.50			11-25-2029		9,654		10,406
FNMA Series 2005-31 Class PB		5.50			4-25-2035		70,000		75,713
FNMA Series 2014-40 Class EP		3.50			10-25-2042		3,298,402		3,322,337
FNMA Series 2017-13 Class PA		3.00			8-25-2046		6,048,797		5,942,060
FNMA Series 2017-M7 Class A2 ±±		2.96			2-25-2027		2,108,000		2,006,437
FNMA Series 2018-12 Class P		3.00			3-25-2046		7,253,031		7,084,311
FNMA Series 2018-14 Class KC		3.00			3-25-2048		6,543,878		6,527,518
FNMA Series 2018-15 Class AB		3.00			3-25-2048		2,283,484		2,253,776
FNMA Series 2018-15 Class CA		3.00			3-25-2048		2,437,529		2,396,965
FNMA Series 2018-38 Class LA		3.00			6-25-2048		19,645,449		18,636,997
FNMA Series 2018-4 Class HC		2.50			12-25-2047		6,120,506		5,818,291
FNMA Series 2018-43 Class CT		3.00			6-25-2048		18,725,710		18,042,918
FNMA Series 2018-45 Class GA		3.00			6-25-2048		40,647,812		39,165,679
FNMA Series 2018-50 Class BA		3.00			7-25-2048		39,991,090		38,250,957
FNMA Series 2018-56 Class CH		3.00			8-25-2048		9,284,237		8,954,836
FNMA Series 2018-57 Class PT		3.00			8-25-2048		7,396,876		7,097,549
FNMA Series 2018-59 Class DA		3.00			8-25-2048		20,807,622		19,962,052
FNMA Series 2018-63 Class DA		3.50			9-25-2048		5,785,280		5,758,756
FNMA Series 2018-8 Class KL		2.50			3-25-2047		7,502,000		7,130,171
FNMA Series 414 Class A35		3.50			10-25-2042		17,256,763		17,144,764
GNMA		3.50			9-20-2045		34,604,826		34,299,502

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

28 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		3.50	%		5-20-2046	$	4,042,647	$	4,010,554
GNMA		3.50			7-20-2046		16,904,576		16,808,088
GNMA		3.50			1-20-2047		3,478,298		3,446,207
GNMA		3.50			1-20-2048		12,095,587		11,976,057
GNMA		3.50			1-20-2048		6,730,626		6,664,791
GNMA		3.50			1-20-2048		2,181,388		2,163,537
GNMA		3.50			1-20-2048		6,167,614		6,101,824
GNMA		4.00			3-20-2048		2,602,466		2,640,358
GNMA		4.00			4-20-2048		3,949,616		4,007,124
GNMA		4.00			4-20-2048		2,987,593		3,035,376
GNMA		4.00			4-20-2048		1,978,568		2,011,767
GNMA		4.50			10-20-2048		76,761,115		79,234,688
GNMA		4.50			11-20-2048		5,731,553		5,917,824
GNMA %%		4.50			12-20-2048		6,175,253		6,377,154
GNMA %%		4.50			1-23-2049		400,000		412,012
GNMA		5.00			12-20-2039		251,406		272,102
GNMA		5.00			11-20-2045		408,220		443,520
GNMA		5.00			4-20-2048		1,453,644		1,544,985
GNMA		5.00			8-20-2048		41,556,316		43,456,171
GNMA		5.00			9-20-2048		28,845,223		30,173,996
GNMA		5.00			11-20-2048		21,879,558		22,887,471
GNMA %%		5.00			12-19-2048		6,300,000		6,572,542
GNMA %%		5.00			12-20-2048		17,892,998		18,706,825
GNMA %%		5.00			1-23-2049		89,300,000		93,027,137
GNMA %%		5.00			2-21-2049		57,000,000		59,299,433
GNMA Series 2012-141 Class WA ±±		4.53			11-16-2041		1,858,865		1,956,149
GNMA Series 2017-167 Class BQ		2.50			8-20-2044		9,714,861		9,350,112
Total Agency Securities (Cost $2,069,752,173)									2,056,573,682
Asset-Backed Securities: 10.91%
Ally Auto Receivables Trust Series 2015-1 Class A4		1.75			5-15-2020		1,456,050		1,454,335
Ally Auto Receivables Trust Series 2015-2 Class A4		1.84			6-15-2020		1,637,129		1,633,263
Ally Master Owner Trust Series 2017-1 Class A (1 Month LIBOR +0.40%) ±		2.71			2-15-2021		2,468,000		2,468,815
American Express Credit Account Master Trust 2018-9 Class A (1 Month LIBOR +0.38%) ±		2.69			4-15-2026		2,909,000		2,910,253
Americredit Automobile Receivables Series 2018-1 Class A3		3.07			12-19-2022		2,541,000		2,534,197
Avis Budget Rental Car Funding LLC Series 2017-1a Class A 144A		3.07			9-20-2023		3,164,000		3,090,985
Barclays Dryrock Issuance Trust Series 2018-1 Class A (1 Month LIBOR +0.33%) ±		2.64			7-15-2024		6,116,000		6,126,721
Capital Auto Receivables Asset Trust Series 2015-3 Class A4		2.13			5-20-2020		881,317		880,542
Capital Auto Receivables Asset Trust Series 2015-4 Class A4		2.01			7-20-2020		3,406,270		3,399,375
Capital Auto Receivables Asset Trust Series 2016-1 Class A4		1.98			10-20-2020		2,455,000		2,447,692
Capital Auto Receivables Asset Trust Series 2016-2 Class A4		1.63			1-20-2021		964,000		957,516
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A ±		3.97			11-26-2046		4,424,963		4,514,125
College Avenue Student Loan Trust Series 2018-A Class A2 144A		4.13			12-26-2047		3,093,621		3,100,985
Discover Card Execution Note Trust Series 2014 Class A4		2.12			12-15-2021		4,440,000		4,419,568
Ford Credit Auto Owner Trust Series 2015-A Class A4		1.64			6-15-2020		994,520		993,168
Ford Credit Auto Owner Trust Series 2017-1 Class A 144A		2.62			8-15-2028		2,218,000		2,163,873
Ford Credit Auto Owner Trust Series 2017-2 Class A 144A		2.36			3-15-2029		5,889,000		5,659,072
Ford Credit Auto Owner Trust Series 2017-A Class A4		1.92			4-15-2022		3,576,000		3,507,406

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 29

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A		3.19	%		7-15-2031	$	8,597,000	$	8,346,661
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		6,074,000		6,048,809
Hertz Vehicle Financing LLC Series 2015-1A Class A 144A		2.73			3-25-2021		17,213,000		17,072,717
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67			9-25-2021		9,811,000		9,649,291
Hertz Vehicle Financing LLC Series 2016-2A Class A2 144A		2.95			3-25-2022		3,863,000		3,813,875
Hertz Vehicle Financing LLC Series 2016-3A Class B 144A		3.11			7-25-2020		2,186,000		2,178,279
Hertz Vehicle Financing LLC Series 2016-4A Class A 144A		2.65			7-25-2022		10,270,000		9,982,797
Hertz Vehicle Financing LLC Series 2017-1A Class A 144A		2.96			10-25-2021		4,777,000		4,707,739
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29			10-25-2023		7,635,000		7,441,797
Hertz Vehicle Financing LLC Series 2018-2A Class A 144A		3.65			6-27-2022		5,490,000		5,488,584
Hertz Vehicle Financing LLC Series 2018-3A Class A 144A		4.03			7-25-2024		8,575,000		8,574,989
Navient Student Loan Trust Series 2014-1 Class A3 (1 Month LIBOR +0.51%) ±		2.79			6-25-2031		4,771,688		4,780,906
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A±		3.91			10-15-2031		6,169,000		6,365,704
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) 144A±		3.01			9-16-2024		1,525,692		1,528,601
Navient Student Loan Trust Series 2015-1 Class A2 (1 Month LIBOR +0.60%) ±		2.91			4-25-2040		5,044,244		5,039,720
Navient Student Loan Trust Series 2015-CA Class B 144A		3.25			5-15-2040		2,766,000		2,764,142
Navient Student Loan Trust Series 2016-3A Class A2 (1 Month LIBOR +0.85%) 144A±		3.17			6-25-2065		2,867,782		2,882,074
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A±		4.46			12-15-2045		3,047,823		3,179,788
Navient Student Loan Trust Series 2017-2A Class A (1 Month LIBOR +0.77%) 144A±		3.08			9-25-2065		8,793,948		8,846,924
Navient Student Loan Trust Series 2017-3A Class A (1 Month LIBOR +0.85%) 144A±		3.16			2-25-2066		9,189,978		9,271,847
Navient Student Loan Trust Series 2017-4A Class A2 (1 Month LIBOR +0.50%) 144A±		2.82			9-27-2066		8,147,000		8,171,787
Navient Student Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A±		3.21			12-16-2058		8,966,000		8,959,175
Navient Student Loan Trust Series 2018-BA Class A2B (1 Month LIBOR +0.72%) 144A±		3.03			12-15-2059		3,840,000		3,826,056
Navient Student Loan Trust Series 2018-A Class A2 144A		3.19			2-18-2042		2,233,000		2,186,913
Navient Student Loan Trust Series 2018-CA Class A2 144A		3.52			6-16-2042		2,507,000		2,499,287
Navient Student Loan Trust Series 2018-DA Class A2A 144A		4.00			12-15-2059		13,496,000		13,595,036
Navient Student Loan Trust Series 2018-EA Class A2 144A		4.00			12-15-2059		6,822,000		6,890,414
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		2.65			1-25-2037		4,414,426		4,387,732
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		2.67			10-27-2036		3,083,203		3,048,804
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		2.60			10-25-2033		17,128,377		17,021,104
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		2.47			3-23-2037		21,561,131		21,349,314
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		2.49			12-24-2035		19,346,326		19,201,820
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		2.55			3-22-2032		4,392,772		4,294,066
Nelnet Student Loan Trust Series 2010-4A Class A (1 Month LIBOR +0.80%) 144A±		3.12			4-25-2046		1,639,089		1,651,158
Nelnet Student Loan Trust Class 2010-2A Class A (3 Month LIBOR +0.85%) 144A±		3.22			9-25-2048		18,698,941		18,938,285
Nelnet Student Loan Trust Series 2012-4A Class A (1 Month LIBOR +0.70%) 144A±		3.02			9-27-2038		16,433,486		16,552,887
Nelnet Student Loan Trust Series 2014-1A Class A (1 Month LIBOR +0.57%) 144A±		2.88			9-25-2041		2,449,603		2,453,684
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) 144A±		3.12			9-25-2065		8,561,276		8,637,266
Nelnet Student Loan Trust Series 2018-3A Class A2 (1 Month LIBOR +0.44%) 144A±		2.76			9-27-2066		2,846,000		2,849,614
SLM Student Loan Trust Series 2006-10 Class A6 (3 Month LIBOR +0.15%) ±		2.64			3-25-2044		20,830,000		20,159,614
SLM Student Loan Trust Series 2013-4 Class A (1 Month LIBOR +0.55%) ±		2.87			6-25-2043		1,921,658		1,924,585
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A±		3.08			12-15-2032		3,910,775		3,831,947
SLM Student Loan Trust Series 2004-10 Class A7A (3 Month LIBOR +0.60%) 144A±		3.09			10-25-2029		12,249,000		12,293,008
SLM Student Loan Trust Series 2005-10 Class A5 (3 Month LIBOR +0.13%) ±		2.62			7-26-2021		2,833,553		2,806,003
SLM Student Loan Trust Series 2006-1 Class A5 (3 Month LIBOR +0.11%) ±		2.60			7-26-2021		13,093,374		12,905,300
SLM Student Loan Trust Series 2006-3 Class A5 (3 Month LIBOR +0.10%) ±		2.59			1-25-2021		7,478,107		7,404,982
SLM Student Loan Trust Series 2007-1 Class A5 (3 Month LIBOR +0.09%) ±		2.58			1-26-2026		1,440,006		1,436,755
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		2.55			7-25-2022		11,939,000		11,664,408
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		2.72			3-25-2025		1,954,706		1,911,095

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

30 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		3.26	%		9-25-2028	$	13,790,819	$	13,812,940
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		3.02			1-25-2029		11,856,848		11,783,544
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		3.07			5-26-2026		3,178,447		3,178,444
SLM Student Loan Trust Series 2013-B Class A2B (1 Month LIBOR +1.10%) 144A±		3.41			6-17-2030		406,153		407,447
SMB Private Education Loan Trust Series 2015-A Class A2B (1 Month LIBOR +1.00%) 144A±		3.31			6-15-2027		4,531,370		4,571,247
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98			7-15-2027		2,558,098		2,539,138
SMB Private Education Loan Trust Series 2015-C Class A2B (1 Month LIBOR +1.40%) 144A±		3.71			7-15-2027		2,450,306		2,485,035
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		10,077,111		9,926,111
SMB Private Education Loan Trust Series 2016-A Class A2B (1 Month LIBOR +1.50%) 144A±		3.81			5-15-2031		13,250,703		13,548,458
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		8,056,154		7,815,791
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A±		3.76			2-17-2032		13,186,880		13,462,900
SMB Private Education Loan Trust Series 2016-C Class A2A 144A		2.34			9-15-2034		11,556,402		11,234,414
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A±		3.41			9-15-2034		10,266,076		10,389,703
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A±		3.21			9-15-2034		3,756,000		3,776,894
SMB Private Education Loan Trust Series 2017-B Class A2B (1 Month LIBOR +0.75%) 144A±		3.06			10-15-2035		7,998,000		7,997,987
SMB Private Education Loan Trust Series 2018-C Class A2A 144A		3.63			11-15-2035		6,580,000		6,580,442
SMB Private Education Loan Trust Series 2018-C Class A2B (1 Month LIBOR +0.75%) 144A±		3.06			11-15-2035		7,851,000		7,863,284
SMB Private Education Loan Trust Series 2018-A Class A2B (1 Month LIBOR +0.80%) 144A±		3.11			2-15-2036		4,315,000		4,327,464
SMB Private Education Loan Trust Series 2018-B Class A2B (1 Month LIBOR +0.72%) 144A±		3.03			1-15-2037		7,041,000		7,024,414
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		2.84			2-25-2028		12,224		12,142
Synchrony Credit Card Master Note Trust Series 2018-2 Class A		3.47			5-15-2026		2,324,000		2,326,946
World Financial Network Credit Card Master Trust Series 2014-B Class A4		1.68			12-15-2020		1,459,810		1,459,343
World Financial Network Credit Card Master Trust Series 2015-B Class A		2.55			6-17-2024		444,000		437,654
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		8,931,000		8,643,098
World Financial Network Credit Card Master Trust Series 2016-C Class A		1.72			8-15-2023		3,854,000		3,807,162
World Financial Network Credit Card Master Trust Series 2017-A Class A		2.12			3-15-2024		7,015,000		6,903,617
World Financial Network Credit Card Master Trust Series 2017-C Class A		2.31			8-15-2024		12,914,000		12,678,309
World Omni Auto Receivables Trust Series 2016-A Class A4		1.95			5-16-2022		6,143,000		6,061,027
Total Asset-Backed Securities (Cost $607,613,026)									608,134,189
Corporate Bonds and Notes: 19.76%
Communication Services: 2.05%
Diversified Telecommunication Services: 0.79%
AT&T Incorporated		3.40			5-15-2025		4,226,000		3,933,734
AT&T Incorporated 144A		5.15			2-15-2050		6,594,000		5,919,713
AT&T Incorporated		4.75			5-15-2046		2,074,000		1,789,431
AT&T Incorporated		5.25			3-1-2037		3,950,000		3,760,343
AT&T Incorporated		5.45			3-1-2047		5,713,000		5,412,456

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 31

Security name	Interest rate			Maturity date		Principal		Value
Diversified Telecommunication Services (continued)
Verizon Communications Incorporated		4.13	%		8-15-2046	$	6,119,000	$	5,277,203
Verizon Communications Incorporated		4.15			3-15-2024		2,074,000		2,095,402
Verizon Communications Incorporated		4.27			1-15-2036		1,988,000		1,823,957
Verizon Communications Incorporated		4.33			9-21-2028		5,618,000		5,583,779
Verizon Communications Incorporated		4.40			11-1-2034		4,503,000		4,272,178
Verizon Communications Incorporated		4.67			3-15-2055		1,054,000		948,197
Verizon Communications Incorporated		5.50			3-16-2047		3,068,000		3,204,281
									44,020,674
Media: 1.26%
21st Century Fox America Incorporated		4.95			10-15-2045		2,048,000		2,170,464
Charter Communications Operating LLC		4.46			7-23-2022		2,031,000		2,034,246
Charter Communications Operating LLC		5.38			5-1-2047		1,409,000		1,257,243
Charter Communications Operating LLC		5.38			4-1-2038		1,812,000		1,651,972
Charter Communications Operating LLC		5.75			4-1-2048		5,419,000		5,051,479
Comcast Corporation		3.30			10-1-2020		11,789,000		11,788,219
Comcast Corporation		3.45			10-1-2021		9,472,000		9,482,687
Comcast Corporation		3.70			4-15-2024		8,211,000		8,185,385
Comcast Corporation		3.95			10-15-2025		5,791,000		5,770,810
Comcast Corporation		4.00			3-1-2048		3,155,000		2,774,972
Comcast Corporation		4.15			10-15-2028		4,736,000		4,696,248
Comcast Corporation		4.60			10-15-2038		4,416,000		4,325,208
Comcast Corporation		4.95			10-15-2058		4,641,000		4,558,159
Time Warner Cable Incorporated		3.80			2-15-2027		1,685,000		1,570,234
Time Warner Cable Incorporated		6.55			5-1-2037		1,469,000		1,490,939
Walt Disney Company «		4.13			6-1-2044		1,054,000		1,021,802
Warner Media LLC		5.35			12-15-2043		1,037,000		972,752
Warner Media LLC		5.38			10-15-2041		1,659,000		1,576,416
									70,379,235
Consumer Discretionary: 0.74%
Automobiles: 0.31%
General Motors Company		5.00			10-1-2028		1,054,000		989,044
General Motors Company		5.95			4-1-2049		6,554,000		5,913,362
Volkswagen Group America Company 144A		4.75			11-13-2028		10,905,000		10,413,486
									17,315,892
Hotels, Restaurants & Leisure: 0.36%
GLP Capital LP / GLP FInancing II Incorporated		5.30			1-15-2029		4,148,000		4,002,820
Starbucks Corporation		3.80			8-15-2025		11,443,000		11,257,448
Starbucks Corporation		4.00			11-15-2028		4,827,000		4,732,645
									19,992,913
Internet & Direct Marketing Retail: 0.07%
Amazon.com Incorporated		2.80			8-22-2024		3,929,000		3,757,591

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

32 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 2.22%
Beverages: 0.59%
Anheuser Busch InBev Worldwide Incorporated		3.50	%		1-12-2024	$	7,297,000	$	7,037,406
Constellation Brands Incorporated		3.20			2-15-2023		7,372,000		7,127,476
Constellation Brands Incorporated		3.60			2-15-2028		5,972,000		5,501,859
Constellation Brands Incorporated		3.70			12-6-2026		1,685,000		1,583,316
Constellation Brands Incorporated		4.40			11-15-2025		2,429,000		2,419,836
Constellation Brands Incorporated		4.50			5-9-2047		907,000		804,425
Constellation Brands Incorporated		4.65			11-15-2028		5,704,000		5,700,376
Constellation Brands Incorporated		5.25			11-15-2048		2,532,000		2,517,989
									32,692,683
Food & Staples Retailing: 0.60%
Costco Wholesale Corporation		2.75			5-18-2024		4,563,000		4,410,623
Costco Wholesale Corporation		3.00			5-18-2027		7,113,000		6,724,122
CVS Caremark Corporation		4.00			12-5-2023		3,129,000		3,106,218
Walmart Incorporated		3.40			6-26-2023		5,600,000		5,589,521
Walmart Incorporated		3.70			6-26-2028		13,028,000		12,896,751
Walmart Incorporated		4.05			6-29-2048		1,059,000		1,017,195
									33,744,430
Food Products: 0.71%
Kraft Heinz Foods Company		2.80			7-2-2020		6,292,000		6,214,129
Kraft Heinz Foods Company		4.38			6-1-2046		3,340,000		2,715,704
Nestle Holdings Incorporated 144A		3.10			9-24-2021		6,978,000		6,968,867
Nestle Holdings Incorporated 144A		3.35			9-24-2023		8,492,000		8,434,565
Nestle Holdings Incorporated 144A		3.50			9-24-2025		3,399,000		3,372,203
Nestle Holdings Incorporated 144A		3.63			9-24-2028		6,638,000		6,550,863
Nestle Holdings Incorporated 144A		3.90			9-24-2038		2,404,000		2,292,366
Nestle Holdings Incorporated 144A		4.00			9-24-2048		3,104,000		2,932,588
									39,481,285
Household Products: 0.08%
Church & Dwight Company Incorporated		2.45			8-1-2022		1,599,000		1,525,175
Church & Dwight Company Incorporated		3.15			8-1-2027		2,636,000		2,428,381
Church & Dwight Company Incorporated		3.95			8-1-2047		786,000		685,196
									4,638,752
Tobacco: 0.24%
Bat Capital Corporation		2.30			8-14-2020		3,189,000		3,102,255
Bat Capital Corporation		2.76			8-15-2022		1,904,000		1,803,392
Bat Capital Corporation		3.56			8-15-2027		2,022,000		1,801,221
Bat Capital Corporation		4.54			8-15-2047		3,211,000		2,607,710
Reynolds American Incorporated		5.85			8-15-2045		4,053,000		3,921,175
									13,235,753
Energy: 2.14%
Electric Utilities: 0.04%
Emera US Finance LP		4.75			6-15-2046		2,558,000		2,386,665

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 33

Security name	Interest rate			Maturity date		Principal		Value
Energy Equipment & Services: 0.10%
Schlumberger Holdings Corporation 144A		4.00	%		12-21-2025	$	5,722,000	$	5,610,520
Oil, Gas & Consumable Fuels: 2.00%
Anadarko Petroleum Corporation		3.45			7-15-2024		3,414,000		3,254,574
Anadarko Petroleum Corporation		4.85			3-15-2021		2,359,000		2,407,796
Andeavor Logistics LP		3.50			12-1-2022		2,403,000		2,322,197
BP Capital Markets America Incorporated		3.80			9-21-2025		6,309,000		6,244,657
BP Capital Markets America Incorporated		3.94			9-21-2028		15,521,000		15,264,907
Cimarex Energy Company		4.38			6-1-2024		7,243,000		7,077,000
Dominion Gas Holdings LLC		4.80			11-1-2043		294,000		286,978
Enbridge Energy Partners LP		7.38			10-15-2045		1,167,000		1,426,796
Energy Transfer Partners LP		5.50			6-1-2027		4,926,000		4,913,685
Energy Transfer Partners LP		6.00			6-15-2048		2,947,000		2,837,594
Energy Transfer Partners LP		6.13			12-15-2045		3,587,000		3,442,741
Energy Transfer Partners LP		6.50			2-1-2042		1,132,000		1,141,099
Enterprise Products Operating LLC		3.50			2-1-2022		6,949,000		6,898,838
Enterprise Products Operating LLC		4.15			10-16-2028		4,632,000		4,520,814
Hess Corporation		5.60			2-15-2041		838,000		742,909
Hess Corporation		5.80			4-1-2047		2,904,000		2,598,739
HollyFrontier Corporation		5.88			4-1-2026		2,731,000		2,799,578
Kinder Morgan Energy Partners LP		4.25			9-1-2024		1,599,000		1,578,609
Kinder Morgan Incorporated 144A		5.00			2-15-2021		6,413,000		6,532,389
Kinder Morgan Incorporated		5.55			6-1-2045		2,532,000		2,472,194
Marathon Petroleum Corporation		4.75			9-15-2044		2,273,000		2,023,236
MPLX LP		4.13			3-1-2027		2,069,000		1,943,536
MPLX LP		4.70			4-15-2048		968,000		826,244
MPLX LP		4.80			2-15-2029		1,136,000		1,117,857
MPLX LP		5.20			3-1-2047		2,074,000		1,870,743
MPLX LP		5.50			2-15-2049		2,778,000		2,654,318
Newfield Exploration Company		5.63			7-1-2024		7,844,000		8,020,490
Newfield Exploration Company		5.75			1-30-2022		1,435,000		1,463,700
Northwest Pipeline LLC 144A		4.00			4-1-2027		5,505,000		5,284,716
Western Gas Partners LP		5.50			8-15-2048		296,000		262,643
Williams Companies Incorporated		4.55			6-24-2024		2,576,000		2,579,114
Williams Companies Incorporated		5.40			3-4-2044		2,092,000		1,969,024
Williams Companies Incorporated		5.75			6-24-2044		2,740,000		2,696,149
									111,475,864
Financials: 3.63%
Banks: 2.20%
Bank of America Corporation		3.25			10-21-2027		4,969,000		4,566,890
Bank of America Corporation		3.30			1-11-2023		5,782,000		5,638,540
Bank of America Corporation (3 Month LIBOR +1.37%) ±		3.59			7-21-2028		2,022,000		1,905,361
Bank of America Corporation (3 Month LIBOR +1.51%) ±		3.71			4-24-2028		7,713,000		7,282,448
Bank of America Corporation (3 Month LIBOR +0.94%) ±		3.86			7-23-2024		18,677,000		18,497,565
Bank of America Corporation		4.00			4-1-2024		5,237,000		5,219,675
Bank of America Corporation (3 Month LIBOR +1.81%) ±		4.24			4-24-2038		312,000		291,221
Bank of America Corporation		4.45			3-3-2026		3,258,000		3,200,185
Capital One NA		2.65			8-8-2022		3,432,000		3,275,500

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

34 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Citigroup Incorporated		3.20	%		10-21-2026	$	6,767,000	$	6,182,287
Citigroup Incorporated (3 Month LIBOR +1.39%) ±		3.67			7-24-2028		2,277,000		2,132,114
Citigroup Incorporated (3 Month LIBOR +1.02%) ±		4.04			6-1-2024		7,415,000		7,366,715
Citigroup Incorporated (3 Month LIBOR +1.19%) ±		4.08			4-23-2029		2,040,000		1,960,250
Citigroup Incorporated		4.45			9-29-2027		8,608,000		8,313,918
Comerica Incorporated		3.70			7-31-2023		9,639,000		9,551,434
JPMorgan Chase & Company (3 Month LIBOR +0.61%) ±		3.51			6-18-2022		2,109,000		2,100,989
JPMorgan Chase & Company (3 Month LIBOR +1.36%) ±		3.88			7-24-2038		5,353,000		4,773,124
JPMorgan Chase & Company (3 Month LIBOR +1.00%) ±%%		4.02			12-5-2024		6,215,000		6,200,657
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		2,152,000		1,959,316
JPMorgan Chase & Company (3 Month LIBOR +1.33%) ±%%		4.45			12-5-2029		4,147,000		4,149,443
KeyCorp		4.15			10-29-2025		2,141,000		2,147,867
PNC Bank		4.05			7-26-2028		2,040,000		2,009,973
Santander Holdings USA %%		4.45			12-3-2021		13,639,000		13,664,049
									122,389,521
Capital Markets: 0.52%
Goldman Sachs Group Incorporated		3.50			11-16-2026		2,982,000		2,748,229
Goldman Sachs Group Incorporated (3 Month LIBOR +1.37%) ±		4.02			10-31-2038		2,083,000		1,820,877
Goldman Sachs Group Incorporated (3 Month LIBOR +1.30%) ±		4.22			5-1-2029		6,180,000		5,910,307
Goldman Sachs Group Incorporated (3 Month LIBOR +1.43%) ±		4.41			4-23-2039		5,661,000		5,199,686
Lazard Group LLC		4.50			9-19-2028		5,013,000		4,893,796
Morgan Stanley		2.63			11-17-2021		5,730,000		5,539,865
Morgan Stanley		2.75			5-19-2022		24,000		23,119
PPL Capital Funding Incorporated		3.10			5-15-2026		3,111,000		2,874,968
									29,010,847
Consumer Finance: 0.32%
Capital One Financial Corporation		2.40			10-30-2020		3,870,000		3,779,052
Capital One Financial Corporation		3.20			1-30-2023		2,930,000		2,831,198
Capital One Financial Corporation		4.25			4-30-2025		4,874,000		4,800,925
ERAC USA Finance LLC 144A		4.50			2-15-2045		382,000		349,685
Ford Motor Credit Company LLC «		3.82			11-2-2027		1,034,000		871,736
Ford Motor Credit Company LLC		4.14			2-15-2023		1,178,000		1,116,467
Ford Motor Credit Company LLC		5.29			12-8-2046		2,828,000		2,274,374
General Motors Financial Company Incorporated		5.15			4-1-2038		1,996,000		1,699,229
									17,722,666
Diversified Financial Services: 0.12%
Voya Financial Incorporated		3.13			7-15-2024		6,050,000		5,695,738
Voya Financial Incorporated		4.80			6-15-2046		994,000		930,989
									6,626,727
Insurance: 0.47%
American International Group Incorporated		4.20			4-1-2028		3,224,000		3,075,168
American International Group Incorporated		4.38			1-15-2055		1,616,000		1,309,689
American International Group Incorporated		6.25			5-1-2036		1,546,000		1,645,520

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 35

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
Brighthouse Financial		3.70	%		6-22-2027	$	2,161,000	$	1,840,544
Liberty Mutual Group Incorporated 144A		4.25			6-15-2023		2,092,000		2,107,013
MetLife Incorporated		4.60			5-13-2046		2,593,000		2,546,407
Prudential Financial Incorporated		4.60			5-15-2044		1,037,000		996,938
Torchmark Corporation		4.55			9-15-2028		6,309,000		6,309,725
Willis North America Incorporated		4.50			9-15-2028		6,534,000		6,406,828
									26,237,832
Health Care: 2.60%
Biotechnology: 0.72%
AbbVie Incorporated		2.50			5-14-2020		7,994,000		7,876,377
AbbVie Incorporated		3.75			11-14-2023		4,581,000		4,508,057
AbbVie Incorporated		4.25			11-14-2028		9,896,000		9,488,667
AbbVie Incorporated		4.88			11-14-2048		4,849,000		4,421,176
Celgene Corporation		2.75			2-15-2023		7,485,000		7,101,078
Celgene Corporation		2.88			2-19-2021		2,074,000		2,035,950
Celgene Corporation		4.35			11-15-2047		1,305,000		1,091,651
Celgene Corporation		4.55			2-20-2048		4,352,000		3,773,277
									40,296,233
Health Care Equipment & Supplies: 0.65%
Abbott Laboratories		3.75			11-30-2026		3,811,000		3,727,833
Abbott Laboratories		4.90			11-30-2046		3,112,000		3,214,403
Becton Dickinson & Company		2.40			6-5-2020		7,001,000		6,871,420
Becton Dickinson & Company		3.70			6-6-2027		3,463,000		3,228,414
Becton Dickinson & Company		3.73			12-15-2024		5,575,000		5,382,717
Becton Dickinson & Company		4.67			6-6-2047		1,438,000		1,336,718
Becton Dickinson & Company		4.69			12-15-2044		5,073,000		4,658,450
Boston Scientific Corporation		4.00			3-1-2028		1,043,000		994,254
Edwards Lifesciences Corporation		4.30			6-15-2028		6,892,000		6,867,050
									36,281,259
Health Care Providers & Services: 1.02%
Anthem Incorporated		2.95			12-1-2022		2,316,000		2,234,431
CVS Health Corporation		3.70			3-9-2023		10,518,000		10,350,577
CVS Health Corporation		4.30			3-25-2028		12,579,000		12,252,908
CVS Health Corporation		4.78			3-25-2038		6,404,000		6,118,765
CVS Health Corporation		5.05			3-25-2048		4,321,000		4,185,661
Halfmoon Parent Incorporated 144A		4.90			12-15-2048		3,917,000		3,740,345
Halfmoon Parent Incorporated 144A		3.40			9-17-2021		4,728,000		4,687,505
Halfmoon Parent Incorporated 144A		3.75			7-15-2023		7,959,000		7,852,084
Halfmoon Parent Incorporated 144A		4.38			10-15-2028		4,876,000		4,787,935
Halfmoon Parent Incorporated 144A		4.80			8-15-2038		458,000		443,356
									56,653,567
Pharmaceuticals: 0.21%
GlaxoSmithKline Capital Incorporated		3.38			5-15-2023		10,345,000		10,240,001
Pfizer Incorporated		4.20			9-15-2048		1,673,000		1,631,600
									11,871,601

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

36 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 1.70%
Aerospace & Defense: 0.80%
Northrop Grumman Corporation		2.08	%		10-15-2020	$	4,840,000	$	4,728,519
Northrop Grumman Corporation		2.55			10-15-2022		6,793,000		6,492,869
Northrop Grumman Corporation		2.93			1-15-2025		302,000		285,033
Northrop Grumman Corporation		3.25			8-1-2023		6,266,000		6,105,420
Northrop Grumman Corporation		3.25			1-15-2028		2,878,000		2,676,638
Northrop Grumman Corporation		4.03			10-15-2047		1,971,000		1,764,124
The Boeing Company		3.55			3-1-2038		888,000		815,584
United Technologies Corporation		3.65			8-16-2023		8,046,000		7,930,277
United Technologies Corporation		4.13			11-16-2028		8,159,000		8,013,560
United Technologies Corporation		4.45			11-16-2038		3,882,000		3,748,997
United Technologies Corporation		4.63			11-16-2048		2,326,000		2,230,262
									44,791,283
Air Freight & Logistics: 0.14%
FedEx Corporation		4.40			1-15-2047		1,253,000		1,112,133
FedEx Corporation		4.55			4-1-2046		3,371,000		3,067,078
FedEx Corporation		4.95			10-17-2048		3,932,000		3,824,859
									8,004,070
Airlines: 0.09%
Delta Air Lines Incorporated		3.80			4-19-2023		3,785,000		3,696,249
Delta Air Lines Incorporated		4.38			4-19-2028		1,428,000		1,363,500
									5,059,749
Construction & Engineering: 0.06%
Valmont Industries Incorporated		5.00			10-1-2044		2,031,000		1,776,017
Valmont Industries Incorporated		5.25			10-1-2054		2,014,000		1,750,961
									3,526,978
Industrial Conglomerates: 0.04%
General Electric Capital Corporation		5.88			1-14-2038		2,564,000		2,382,044
Machinery: 0.14%
Wabtec Corporation		4.15			3-15-2024		3,457,000		3,337,469
Wabtec Corporation		4.70			9-15-2028		4,581,000		4,336,564
									7,674,033
Road & Rail: 0.14%
Burlington Northern Santa Fe LLC		4.05			6-15-2048		3,155,000		2,906,037
CSX Corporation		4.25			3-15-2029		2,107,000		2,107,356
CSX Corporation		4.75			11-15-2048		2,530,000		2,494,797
									7,508,190
Trading Companies & Distributors: 0.23%
Air Lease Corporation		3.50			1-15-2022		2,669,000		2,624,089
Air Lease Corporation		3.63			4-1-2027		5,618,000		5,023,645
Air Lease Corporation		3.63			12-1-2027		5,488,000		4,780,970

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 37

Security name	Interest rate			Maturity date		Principal		Value
Trading Companies & Distributors (continued)
Air Lease Corporation		4.63	%		10-1-2028	$	305,000	$	292,629
									12,721,333
Transportation Infrastructure: 0.06%
Crowley Conro LLC		4.18			8-15-2043		2,968,000		2,994,212
Information Technology: 1.15%
IT Services: 0.17%
Fiserv Incorporated		3.80			10-1-2023		3,469,000		3,463,763
Fiserv Incorporated		4.20			10-1-2028		5,929,000		5,861,587
									9,325,350
Software: 0.48%
Microsoft Corporation		2.00			8-8-2023		5,229,000		4,917,903
Microsoft Corporation		3.30			2-6-2027		4,170,000		4,059,110
Microsoft Corporation		4.00			2-12-2055		1,661,000		1,565,024
Microsoft Corporation		4.10			2-6-2037		3,448,000		3,457,313
Microsoft Corporation		4.25			2-6-2047		4,676,000		4,730,246
Microsoft Corporation		4.50			2-6-2057		2,504,000		2,575,157
Oracle Corporation		2.63			2-15-2023		2,843,000		2,745,203
Oracle Corporation		2.95			11-15-2024		1,521,000		1,454,824
Oracle Corporation		3.80			11-15-2037		1,556,000		1,425,358
									26,930,138
Technology Hardware, Storage & Peripherals: 0.50%
Apple Incorporated		2.85			5-11-2024		3,941,000		3,797,526
Apple Incorporated		3.20			5-13-2025		1,269,000		1,228,362
Apple Incorporated		3.20			5-11-2027		10,924,000		10,390,300
Apple Incorporated		3.75			11-13-2047		735,000		656,493
Apple Incorporated		4.25			2-9-2047		4,123,000		4,007,018
Apple Incorporated		4.38			5-13-2045		1,945,000		1,923,134
Apple Incorporated		4.50			2-23-2036		2,082,000		2,156,158
Hewlett Packard Enterprise Company		6.35			10-15-2045		4,174,000		3,870,387
									28,029,378
Materials: 0.82%
Chemicals: 0.39%
CF Industries Incorporated 144A		3.40			12-1-2021		6,370,000		6,260,969
CF Industries Incorporated 144A		4.50			12-1-2026		4,287,000		4,204,300
Dow Chemical Company 144A		4.80			11-30-2028		2,729,000		2,736,272
Dow Chemical Company 144A		5.55			11-30-2048		1,658,000		1,678,096
Eastman Chemical Company		4.65			10-15-2044		2,377,000		2,082,642
The Sherwin-Williams Company		2.75			6-1-2022		2,967,000		2,845,531
Westlake Chemical Corporation		3.60			8-15-2026		2,107,000		1,928,827
									21,736,637

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

38 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Construction Materials: 0.01%
Vulcan Materials Company		4.50	%		6-15-2047	$	732,000	$	597,683
Containers & Packaging: 0.27%
Avery Dennison Corporation %%		4.88			12-6-2028		4,428,000		4,414,145
International Paper Company		4.35			8-15-2048		1,819,000		1,513,409
International Paper Company		4.40			8-15-2047		631,000		532,457
International Paper Company		5.15			5-15-2046		5,471,000		5,086,097
Westrock Company 144A		4.00			3-15-2028		1,905,000		1,801,046
Westrock Company 144A%%		4.90			3-15-2029		1,450,000		1,457,822
									14,804,976
Metals & Mining: 0.15%
Barrick Gold Finance Company LLC		5.70			5-30-2041		2,494,000		2,596,376
Nucor Corporation		3.95			5-1-2028		1,357,000		1,334,286
Nucor Corporation		4.40			5-1-2048		1,043,000		968,708
Southern Copper Corporation		5.88			4-23-2045		2,550,000		2,518,618
Southern Copper Corporation		7.50			7-27-2035		995,000		1,134,300
									8,552,288
Real Estate: 0.93%
Equity REITs: 0.93%
Boston Properties LP		4.50			12-1-2028		3,843,000		3,845,719
DDR Corporation «		4.25			2-1-2026		926,000		893,543
DDR Corporation		4.63			7-15-2022		5,834,000		5,976,436
ERP Operating LP		4.15			12/1/2028		1,592,000		1,591,622
Mid-America Apartments LP		3.60			6-1-2027		2,066,000		1,945,440
Mid-America Apartments LP		3.75			6-15-2024		5,142,000		5,017,735
Mid-America Apartments LP		4.00			11-15-2025		2,636,000		2,580,137
Mid-America Apartments LP		4.30			10-15-2023		2,204,000		2,221,937
Public Storage		2.37			9-15-2022		5,721,000		5,491,191
Public Storage		3.09			9-15-2027		4,537,000		4,216,895
Regency Centers LP		3.60			2-1-2027		2,092,000		1,971,033
Regency Centers LP		4.13			3-15-2028		1,413,000		1,367,196
Store Capital Corporation		4.50			3-15-2028		8,098,000		7,847,161
Tanger Properties LP		3.75			12-1-2024		2,550,000		2,444,745
Tanger Properties LP		3.88			12-1-2023		2,769,000		2,698,960
Washington Prime Group Incorporated «		5.95			8-15-2024		1,988,000		1,846,043
									51,955,793
Utilities: 1.78%
Electric Utilities: 1.35%
Alliant Energy Finance LLC 144A		4.25			6-15-2028		3,446,000		3,387,451
American Electric Power Company Incorporated		4.30			12-1-2028		4,560,000		4,547,264
American Transmission Systems Incorporated 144A		5.00			9-1-2044		1,141,000		1,172,492
Appalachian Power Company		3.30			6-1-2027		1,383,000		1,300,162
Duke Energy Corporation		1.80			9-1-2021		4,537,000		4,315,341
Duquesne Light Holdings Incorporated 144A		3.62			8-1-2027		6,534,000		6,065,974
Emera US Finance LP		3.55			6-15-2026		2,085,000		1,948,678
FirstEnergy Corporation		4.85			7-15-2047		1,059,000		1,019,306

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 39

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
FirstEnergy Transmission LLC 144A		5.45	%		7-15-2044	$	873,000	$	920,694
Indiana Michigan Power Company		4.55			3-15-2046		2,117,000		2,102,357
IPALCO Enterprises Incorporated		3.70			9-1-2024		5,075,000		4,847,868
Mid-Atlantic Interstate Transmission LLC 144A		4.10			5-15-2028		4,123,000		3,991,154
Mississippi Power Company		3.95			3-30-2028		5,239,000		5,076,370
Pacific Gas & Electric Company		2.95			3-1-2026		3,132,000		2,584,442
Pacific Gas & Electric Company		3.30			3-15-2027		3,641,000		2,996,824
Pacific Gas & Electric Company		3.30			12-1-2027		3,221,000		2,657,644
Pacific Gas & Electric Company		4.00			12-1-2046		1,058,000		808,291
Pacific Gas & Electric Company		4.25			3-15-2046		1,055,000		817,184
Pacific Gas & Electric Company		5.80			3-1-2037		327,000		302,189
Pacific Gas & Electric Company		6.05			3-1-2034		1,898,000		1,819,530
South Carolina Edison Company		3.70			8-1-2025		2,489,000		2,432,052
South Carolina Edison Company		4.13			3-1-2048		7,770,000		6,933,626
South Carolina Electric & Gas Company		4.25			8-15-2028		3,440,000		3,443,491
Southern California Edison Company		3.40			6-1-2023		2,771,000		2,706,465
Southern California Edison Company		3.50			10-1-2023		1,719,000		1,672,692
Southwestern Electric Power Company		2.75			10-1-2026		985,000		902,717
Southwestern Electric Power Company		3.85			2-1-2048		1,572,000		1,341,450
Southwestern Electric Power Company		3.90			4-1-2045		1,383,000		1,207,811
Virginia Electric Power Company		4.60			12-1-2048		1,821,000		1,816,402
									75,137,921
Multi-Utilities: 0.43%
Ameren Illinois Company		4.50			3-15-2049		3,162,000		3,192,021
Consumers Energy Company		3.45			8-15-2027		1,054,000		997,859
Consumers Energy Company		3.80			11-15-2028		1,059,000		1,056,707
Dominion Energy Incorporated		4.25			6-1-2028		3,915,000		3,867,054
Dominion Resources Incorporated		1.60			8-15-2019		3,915,000		3,869,419
Dominion Resources Incorporated		2.00			8-15-2021		3,025,000		2,880,821
Pacific Gas & Electric Corporation		4.75			2-15-2044		737,000		616,368
Sempra Energy		4.00			2-1-2048		6,410,000		5,294,160
Sempra Energy		2.90			2-1-2023		2,347,000		2,241,019
									24,015,428
Total Corporate Bonds and Notes (Cost $1,135,799,378)									1,101,569,994
Foreign Corporate Bonds and Notes @: 0.04%
Energy: 0.04%
Oil, Gas & Consumable Fuels: 0.04%
EnCana Corporation (CAD)		6.63			8-15-2037		1,945,000		2,102,382
Total Foreign Corporate Bonds and Notes (Cost $2,343,120)									2,102,382
Municipal Obligations: 0.52%
California: 0.16%
GO Revenue: 0.16%
California Build America Bonds		7.60			11-1-2040	$	1,580,000		2,267,142
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		4,670,000		6,515,724
									8,782,866

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

40 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Illinois: 0.02%
GO Revenue: 0.02%
Illinois Taxable Pension		5.10	%		6-1-2033	$	1,065,000	$	1,009,663
Nevada: 0.08%
Airport Revenue: 0.08%
Clark County NV Airport Authority Build America Bonds Series C		6.82			7-1-2045		3,365,000		4,614,593
New York: 0.12%
Airport Revenue: 0.12%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		6,705,000		6,643,314
Ohio: 0.03%
Education Revenue: 0.03%
Ohio State University General Receipts Taxable Bonds Series A		4.80			6-1-2111		1,957,000		1,994,790
Texas: 0.11%
Transportation Revenue: 0.11%
North Texas Tollway Authority		6.72			1-1-2049		4,460,000		6,059,624
Total Municipal Obligations (Cost $26,493,760)									29,104,850
Non-Agency Mortgage-Backed Securities: 4.82%
Benchmark Mortgage Trust Series 2018-B1 Class ASB ±±		3.60			1-15-2051		1,620,000		1,607,012
CD Commercial Mortgage Trust Series 2016-CD1 Class A1		1.44			8-10-2049		1,206,223		1,175,085
CD Commercial Mortgage Trust Series 2016-CD1 Class ASB		2.62			8-10-2049		4,881,000		4,667,789
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32			5-10-2050		2,105,000		2,074,109
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33			11-13-2050		5,323,000		5,188,726
CD Commercial Mortgage Trust Series 2018-CD7 Class A4		4.28			8-15-2051		938,000		960,392
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A1		1.79			1-10-2048		1,595,053		1,570,470
CFCRE Commercial Mortgage Trust Series 2016-C4 Class A4		3.28			5-10-2058		2,857,000		2,734,221
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A2		3.59			12-10-2054		2,861,000		2,793,399
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		4,014,000		3,980,638
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		1.96			6-15-2050		1,360,878		1,331,010
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37			6-15-2050		2,014,000		1,983,802
Citigroup Commercial Mortgage Trust Series 2015-GC29 Class AS		3.46			4-10-2048		1,353,000		1,322,393
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		2,240,762		2,186,927
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		1,038,000		1,040,226
Commercial Mortgage Pass-Through Certificate Series 2013-CR10 Class A2		2.97			8-10-2046		60,931		60,107
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class A4		4.05			10-10-2046		2,289,000		2,336,253
Commercial Mortgage Pass-Through Certificate Series 2014-UBS2 Class A5		3.96			3-10-2047		1,747,000		1,769,311
Commercial Mortgage Pass-Through Certificate Series 2016-C1 Class ASB		2.97			10-10-2049		2,071,000		2,011,600
Commercial Mortgage Trust Series 2012-CR4 Class A2		1.80			10-15-2045		493,295		470,436
Commercial Mortgage Trust Series 2013-CR11 Class A1		1.47			8-10-2050		77,286		77,186
Commercial Mortgage Trust Series 2014-UBS4 Class AM		3.97			8-10-2047		3,113,000		3,096,604
Commercial Mortgage Trust Series 2014-UBS6 Class A5		3.64			12-10-2047		4,020,000		3,997,919
Commercial Mortgage Trust Series 2015-DC1 Class A5		3.35			2-10-2048		3,271,000		3,191,773
Commercial Mortgage Trust Series 2018-COR3 Class A3		4.23			5-10-2051		2,336,000		2,376,339
Commercial Real Estate Products & Resources Estate Series 2016-C4 Class ASB		3.09			5-10-2058		2,871,000		2,805,302
Credit Suisse Mortgage Trust Series 2016-NSXR Class A4 ±±		3.79			12-15-2049		7,167,000		7,084,346
CSAIL Commercial Mortgage Trust Series 2015-C3 Class A4		3.72			8-15-2048		2,954,000		2,941,428
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		6,095,200		6,078,863

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 41

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
CSAIL Commercial Mortgage Trust Series 2016-C5 Class ASB		3.53	%		11-15-2048	$	865,000	$	863,288
DBGS Mortgage Trust Series 2018-C1 Class A4		4.47			10-15-2051		6,526,000		6,769,361
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12			6-10-2050		1,249,000		1,208,454
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		335,161		333,894
GS Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80			1-10-2047		1,904,000		1,916,427
GS Mortgage Securities Trust Series 2015-GC34 Class A4		3.51			10-10-2048		2,820,000		2,773,252
GS Mortgage Securities Trust Series 2016-GS3 Class A4		2.85			10-10-2049		2,075,000		1,939,750
GS Mortgage Securities Trust Series 2016-GS3 Class AAB		2.78			10-10-2049		3,117,000		3,013,923
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		7,797,966		8,224,456
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67			9-15-2047		2,419,000		2,416,358
JPMDB Commercial Mortgage Securities Series 2017-C5 Class ASB		3.49			3-15-2050		861,000		850,253
JPMDB Commercial Mortgage Securities Series 2018-C8 Class ASB		4.15			6-15-2051		2,714,000		2,774,203
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP3 Class A4		2.63			8-15-2049		5,015,000		4,626,031
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-CBX Class A4		3.48			6-15-2045		3,623,000		3,616,201
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class A2		2.67			1-15-2046		1,499,237		1,494,590
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A2		2.87			7-15-2047		1,927,816		1,924,173
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP2 Class A1		1.32			8-15-2049		2,430,530		2,380,987
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP5 Class ASB		3.55			3-15-2050		6,129,000		6,070,643
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP6 Class ASB		3.28			7-15-2050		2,343,000		2,286,525
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		1,790,120		1,777,307
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		10,965,000		10,513,285
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class ASB		3.73			1-15-2049		2,582,000		2,598,830
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP2 Class ASB		2.71			8-15-2049		2,765,000		2,654,304
JPMorgan Mortgage Trust Series 2016-5 Class A1 144A ±±		2.64			12-25-2046		3,073,172		3,021,763
JPMorgan Mortgage Trust Series 2017-5 Class A1 144A ±±		3.17			10-26-2048		28,330,788		27,938,016
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25 Class A5		3.64			10-15-2048		2,838,000		2,813,274
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4		3.75			12-15-2047		754,000		752,601
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A4		3.54			1-15-2049		1,448,000		1,422,970
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class A4		2.60			9-15-2049		5,637,000		5,182,064
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class ASB		2.73			9-15-2049		9,888,000		9,501,417
Morgan Stanley Capital I Trust Series 2016-UB11 Class A1		1.45			8-15-2049		2,688,832		2,632,235
Morgan Stanley Capital I Trust Series 2016-UB11 Class ASB		2.61			8-15-2049		2,119,000		2,020,632
Morgan Stanley Capital I Trust Series 2016-UBS9 Class A1		1.71			3-15-2049		1,394,593		1,368,484
Perpetual Savings Bank Series 1990-1 Class 1 ±±		4.93			3-1-2020		2,955		2,955
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		3,652,844		3,595,617
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A ±		3.27			1-25-2039		771,143		776,076
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A ±		3.17			7-25-2039		1,779,703		1,787,797
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A ±		3.02			3-26-2040		1,731,753		1,736,454
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65			9-25-2040		666,000		646,344
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A ±		2.82			11-26-2040		1,601,902		1,606,320
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72			11-26-2040		9,979,000		9,747,659

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

42 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A		3.34	%		8-25-2047	$	8,978,000	$	8,846,736
SoFi Professional Loan Program LLC Series 2018-C Class A2FX 144A		3.59			1-25-2048		11,480,000		11,508,770
SoFi Professional Loan Program LLC Series 2018-D Class A2FX 144A		3.60			2-25-2048		11,751,000		11,784,093
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A4		3.53			5-10-2063		3,453,000		3,448,160
UBS Barclays Commercial Mortgage Trust Series 2017-C7 Class A4		3.68			12-15-2050		660,000		643,754
UBS Commercial Mortgage Trust Series 2018-C10 Class A4		4.31			5-15-2051		2,033,000		2,080,462
UBS Commercial Mortgage Trust Series 2018-C13 Class A4		4.33			10-15-2051		3,459,000		3,546,020
UBS Commercial Mortgage Trust Series 2018-C9 Class A4 ±±		4.12			3-15-2051		4,422,000		4,458,017
Total Non-Agency Mortgage-Backed Securities (Cost $274,913,791)									268,808,851
U.S. Treasury Securities: 23.77%
U.S. Treasury Bond		2.50			2-15-2046		34,137,000		29,172,467
U.S. Treasury Bond		2.50			5-15-2046		19,764,000		16,874,287
U.S. Treasury Bond		2.75			8-15-2047		19,448,000		17,434,828
U.S. Treasury Bond		2.75			11-15-2047		48,941,000		43,840,430
U.S. Treasury Bond		2.88			5-15-2028		3,293,000		3,257,240
U.S. Treasury Bond		2.88			11-15-2046		29,715,000		27,374,944
U.S. Treasury Bond		3.00			2-15-2047		8,596,000		8,116,169
U.S. Treasury Bond		3.00			2-15-2048		1,485,000		1,398,858
U.S. Treasury Bond		3.00			8-15-2048		31,229,000		29,419,914
U.S. Treasury Bond		3.13			5-15-2048		68,944,000		66,555,198
U.S. Treasury Bond		3.13			11-15-2028		125,463,000		126,732,333
U.S. Treasury Bond		3.38			11-15-2048		39,145,000		39,674,069
U.S. Treasury Bond		3.75			11-15-2043		10,778,000		11,599,823
U.S. Treasury Note		1.50			8-15-2020		10,000,000		9,784,766
U.S. Treasury Note		1.50			8-15-2026		34,448,000		31,026,076
U.S. Treasury Note		1.88			1-31-2022		71,367,000		69,306,835
U.S. Treasury Note		2.00			10-31-2021		35,231,000		34,421,788
U.S. Treasury Note		2.00			12-31-2021		25,657,000		25,038,626
U.S. Treasury Note		2.00			10-31-2022		21,986,000		21,301,514
U.S. Treasury Note		2.00			11-15-2026		57,425,000		53,526,381
U.S. Treasury Note		2.38			1-31-2023		7,359,000		7,224,181
U.S. Treasury Note		2.63			5-15-2021		11,460,000		11,407,624
U.S. Treasury Note		2.63			6-15-2021		2,407,000		2,395,529
U.S. Treasury Note		2.63			6-30-2023		16,555,000		16,401,090
U.S. Treasury Note		2.75			2-15-2028		78,301,000		76,719,687
U.S. Treasury Note		2.75			4-30-2023		3,903,000		3,887,906
U.S. Treasury Note		2.75			8-31-2023		8,263,000		8,231,368
U.S. Treasury Note		2.88			10-31-2020		57,778,000		57,834,424
U.S. Treasury Note		2.88			11-15-2021		60,593,000		60,678,209
U.S. Treasury Note		2.88			10-15-2021		82,298,000		82,400,873
U.S. Treasury Note ##		2.88			9-30-2023		116,535,000		116,671,565
U.S. Treasury Note		2.88			10-31-2023		116,003,000		116,161,598
U.S. Treasury Note		2.88			11-30-2023		58,329,000		58,431,531
U.S. Treasury Note		2.88			8-15-2028		13,887,000		13,728,601
U.S. Treasury Note		3.00			9-30-2025		15,947,000		16,029,850
U.S. Treasury Note		3.00			10-31-2025		10,825,000		10,882,931
Total U.S. Treasury Securities (Cost $1,333,662,183)									1,324,943,513

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 43

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 4.24%
Communication Services: 0.09%
Diversified Telecommunication Services: 0.02%
Telefonica Emisiones SAU		5.21	%		3-8-2047	$	1,358,000	$	1,232,772
Wireless Telecommunication Services: 0.07%
Vodafone Group plc		3.75			1-16-2024		4,010,000		3,908,536
Consumer Staples: 0.21%
Food & Staples Retailing: 0.01%
Alimentation Couche-Tard Company 144A		4.50			7-26-2047		372,000		340,654
Food Products: 0.20%
Danone SA 144A		2.95			11-2-2026		12,506,000		11,307,122
Energy: 0.76%
Energy Equipment & Services: 0.14%
Schlumberger Limited 144A		2.65			11-20-2022		8,349,000		8,027,767
Oil, Gas & Consumable Fuels: 0.62%
Ecopetrol SA		5.88			5-28-2045		1,426,000		1,303,721
Enbridge Incorporated		2.90			7-15-2022		4,987,000		4,796,730
Encana Corporation		6.50			2-1-2038		3,241,000		3,593,356
Petroleos Mexicanos Company		2.38			4-15-2025		2,358,850		2,302,029
Petroleos Mexicanos Company		2.46			12-15-2025		6,048,750		5,915,835
Petroleos Mexicanos Company 144A		6.35			2-12-2048		2,074,000		1,654,845
Petroleos Mexicanos Company		6.50			3-13-2027		3,371,000		3,153,571
Petroleos Mexicanos 144A		6.50			1-23-2029		3,163,000		2,912,807
Petroleos Mexicanos Company		6.75			9-21-2047		2,420,000		2,002,550
Transcanada Pipelines Limited		5.10			3-15-2049		6,949,000		6,775,579
									34,411,023
Financials: 2.52%
Banks: 1.92%
Aib Group plc 144A		4.75			10-12-2023		8,949,000		8,798,372
Banco Santander SA		3.80			2-23-2028		4,100,000		3,617,207
Banco Santander SA		4.38			4-12-2028		5,200,000		4,795,854
Bank of Ireland Group 144A		4.50			11-25-2023		5,700,000		5,551,863
Banque Federative du Credit Mutuel SA 144A		3.75			7-20-2023		6,975,000		6,890,271
Barclays plc (3 Month LIBOR +1.40%) ±		4.61			2-15-2023		8,072,000		7,978,923
BNP Paribas SA 144A		3.50			3-1-2023		10,424,000		10,047,596
Danske Bank A/S 144A		3.88			9-12-2023		4,753,000		4,542,473
Danske Bank A/S 144A		4.38			6-12-2028		1,590,000		1,493,047
DNB Bank ASA 144A		2.13			10-2-2020		5,064,000		4,946,865
Export Import Bank of Korea		3.00			11-1-2022		5,215,000		5,095,681
Intesa Sanpaolo SpA 144A		3.88			7-14-2027		8,764,000		7,146,336
Intesa Sanpaolo SpA 144A		3.88			1-12-2028		5,199,000		4,195,982
Intesa Sanpaolo SpA 144A		4.38			1-12-2048		2,290,000		1,625,944
Lloyds Banking Group plc		4.05			8-16-2023		5,804,000		5,662,949
Lloyds Banking Group plc		4.34			1-9-2048		1,939,000		1,516,041
Lloyds Banking Group plc		4.38			3-22-2028		4,240,000		3,984,198

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

44 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Royal Bank of Scotland Group plc (3 Month LIBOR +1.75%) ±		4.89	%		5-18-2029	$	3,692,000	$	3,491,799
Royal Bank of Scotland Group plc (3 Month LIBOR +1.91%) ±		5.08			1-27-2030		4,326,000		4,134,556
Santander UK Group Holdings plc (3 Month LIBOR +1.57%) ±		4.80			11-15-2024		5,889,000		5,833,564
Svenska Handelsbanken AB		3.90			11-20-2023		457,000		457,095
UBS Group Funding Company 144A		2.65			2-1-2022		5,356,000		5,150,750
									106,957,366
Consumer Finance: 0.16%
Shell International Finance Company		3.50			11-13-2023		8,702,000		8,670,085
Diversified Consumer Services: 0.24%
NXP BV / NXP Funding LLC 144A		4.63			6-1-2023		13,733,000		13,466,854
Diversified Financial Services: 0.14%
Enel Finance International NV 144A		4.25			9-14-2023		5,714,000		5,471,790
Enel Finance International NV 144A		4.88			6-14-2029		2,591,000		2,389,640
									7,861,430
Insurance: 0.06%
Aon plc		3.88			12-15-2025		3,543,000		3,455,666
Health Care: 0.35%
Pharmaceuticals: 0.35%
Sanofi SA		3.38			6-19-2023		9,213,000		9,152,358
Sanofi SA		3.63			6-19-2028		10,233,000		10,125,876
									19,278,234
Information Technology: 0.07%
Semiconductors & Semiconductor Equipment: 0.07%
NXP Funding LLC 144A		3.88			9-1-2022		4,189,000		4,058,094
Materials: 0.13%
Chemicals: 0.03%
Syngenta Finance NV 144A		5.68			4-24-2048		2,605,000		2,099,873
Metals & Mining: 0.07%
Goldcorp Incorporated		5.45			6-9-2044		1,604,000		1,591,650
Southern Copper Corporation		3.88			4-23-2025		2,378,000		2,230,726
									3,822,376
Paper & Forest Products: 0.03%
Suzano Austria GmbH Company 144A		7.00			3-16-2047		1,548,000		1,572,768
Utilities: 0.11%
Electric Utilities: 0.11%
Electricite de France SA 144A		6.00			1-22-2114		1,322,000		1,282,459
Electricite de France SA 144A		4.88			9-21-2038		3,530,000		3,196,350
Electricite de France SA 144A		5.00			9-21-2048		1,814,000		1,617,507
									6,096,316
Total Yankee Corporate Bonds and Notes (Cost $245,421,283)									236,566,936

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 45

Security name	Interest rate			Maturity date		Principal		Value
Yankee Government Bonds: 0.69%
Republic of Colombia		4.50	%		3-15-2029	$	3,862,000	$	3,777,075
Republic of Colombia		5.00			6-15-2045		2,047,000		1,911,898
Republic of Indonesia		2.95			1-11-2023		7,042,000		6,678,274
Republic of Korea		3.50			9-20-2028		3,555,000		3,493,071
Republic of Korea		3.88			9-20-2048		2,115,000		2,013,319
Republic of Panama		4.50			4-16-2050		3,108,000		2,898,210
Republic of Paraguay 144A		6.10			8-11-2044		4,895,000		4,882,763
United Mexican States		3.75			1-11-2028		2,368,000		2,190,400
United Mexican States		4.60			2-10-2048		12,021,000		10,356,213
Total Yankee Government Bonds (Cost $39,008,165)									38,201,223
	Yield					Shares
Short-Term Investments: 1.43%
Investment Companies: 1.43%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					3,674,870		3,675,237
Wells Fargo Government Money Market Fund Select Class ##(l)(u)		2.13					76,099,209		76,099,209
Total Short-Term Investments (Cost $79,774,446)									79,774,446

Total investments in securities (Cost $5,814,781,325)	103.08	%		5,745,780,066
Other assets and liabilities, net	(3.08	)		(171,837,374	)
Total net assets	100.00	%	$	5,573,942,692

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

%% The security is issued 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.

@ Foreign bond principal is denominated in the local currency of the issuer.

## 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:

CAD Canadian dollar

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

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

46 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		57,959,204		289,934,512		344,218,846		3,674,870	$	19	$	0	$	66,862	$	3,675,237
Wells Fargo Government Money Market Fund Select Class		118,801,553		2,247,076,629		2,289,778,973		76,099,209		0		0		890,892		76,099,209
									$	19	$	0	$	957,754	$	79,774,446		1.43	%

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

Statement of assets and liabilities—November 30, 2018 (unaudited) Wells Fargo Core Bond Portfolio 47

Assets
Investments in unaffiliated securities (including $3,603,381of securities loaned), at value (cost $5,735,006,879)	$	5,666,005,620
Investments in affiliated securities, at value (cost $79,774,446)		79,774,446
Cash		1,962,972
Receivable for investments sold		808,216,457
Principal paydown receivable		16,491
Receivable for interest		28,644,694
Receivable for securities lending income		3,817
Prepaid expenses and other assets		140,077
Total assets		6,584,764,574
Liabilities
Payable for investments purchased		1,005,307,980
Payable upon receipt of securities loaned		3,675,219
Advisory fee payable		1,679,353
Accrued expenses and other liabilities		159,330
Total liabilities		1,010,821,882
Total net assets	$	5,573,942,692

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

48 Wells Fargo Core Bond Portfolio Statement of operations—six months ended November 30, 2018 (unaudited)

Investment income
Interest	$	92,663,520
Income from affiliated securities		957,754
Total investment income		93,621,274
Expenses
Advisory fee		9,923,617
Custody and accounting fees		127,075
Professional fees		39,631
Shareholder report expenses		2,055
Trustees’ fees and expenses		11,085
Other fees and expenses		11,651
Total expenses		10,115,114
Net investment income		83,506,160
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(90,341,275	)
Affiliated securities		19
Net realized losses on investments		(90,341,256	)
Net change in unrealized gains (losses) on investments		(5,193,362	)
Net realized and unrealized gains (losses) on investments		(95,534,618	)
Net decrease in net assets resulting from operations	$	(12,028,458	)

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

Statement of changes in net assets Wells Fargo Core Bond Portfolio 49

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	83,506,160			$	122,888,295
Net realized losses on investments		(90,341,256	)			(55,887,139	)
Net change in unrealized gains (losses) on investments		(5,193,362	)			(99,688,813	)
Net decrease in net assets resulting from operations		(12,028,458	)			(32,687,657	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		352,247,126				910,938,479
Withdrawals		(439,518,250	)			(395,554,370	)
Net increase (decrease) in net assets resulting from capital transactions		(87,271,124	)			515,384,109
Total increase (decrease) in net assets		(99,299,582	)			482,696,452
Net assets
Beginning of period		5,673,242,274				5,190,545,822
End of period	$	5,573,942,692			$	5,673,242,274

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

50 Wells Fargo Core Bond Portfolio Financial highlights

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(0.21	)%		(0.53	)%		1.89	%		2.78	%		3.22	%		2.90	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.35	%		0.35	%		0.36	%		0.37	%		0.37	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.87	%		2.23	%		1.87	%		1.86	%		1.82	%		1.94	%
Supplemental data
Portfolio turnover rate		280	%		542	%		614	%		667	%		586	%		646	%

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

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

Notes to financial statements (unaudited) Wells Fargo Core Bond Portfolio 51

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 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. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio 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

52 Wells Fargo Core Bond Portfolio Notes to financial statements (unaudited)

each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

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, 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, 2018, the aggregate cost of all investments for federal income tax purposes was $5,819,208,917 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	16,606,387
Gross unrealized losses		(90,035,238	)
Net unrealized losses	$	(73,428,851	)

Notes to financial statements (unaudited) Wells Fargo Core Bond Portfolio 53

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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	2,056,573,682	$	0	$	2,056,573,682
Asset-backed securities		0		608,134,189		0		608,134,189
Corporate bonds and notes		0		1,101,569,994		0		1,101,569,994
Foreign corporate bonds and notes		0		2,102,382		0		2,102,382
Municipal obligations		0		29,104,850		0		29,104,850
Non-agency mortgage-back securities		0		268,808,851		0		268,808,851
U.S. Treasury securities		1,324,943,513		0		0		1,324,943,513
Yankee corporate bonds and notes		0		236,566,936		0		236,566,936
Yankee government bonds		0		38,201,223		0		38,201,223
Short-term investments
Investment companies		76,099,209		3,675,237		0		79,774,446
Total assets	$	1,401,042,722	$	4,344,737,344	$	0	$	5,745,780,066

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

At November 30, 2018, 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. 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 starting at 0.40% and declining to 0.29% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.34% of the Portfolio’s average daily net assets.

54 Wells Fargo Core Bond 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. WellsCap 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$14,734,145,798	$2,123,591,627	$14,829,619,275	$2,154,315,315

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo Core Bond Fund 55

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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

Other information (unaudited) Wells Fargo Core Bond Fund 57

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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the 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.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

Appendix A (unaudited) Wells Fargo Core Bond Fund 59

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318981 01-19 SA287/SAR287 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Real Return Fund

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

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

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

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Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

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	35
Statement of operations	36
Statement of changes in net assets	37
Financial highlights	38
Notes to financial statements	39
Other information	45
Appendix A	49

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Real Return Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

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, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Real Return Fund 3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

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.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

4 Wells Fargo Real Return Fund Letter to shareholders (unaudited)

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

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten 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. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Real Return Fund¹ 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 portfolio

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Michael Bradshaw, CFA^®‡

Christian L. Chan, CFA^®‡

Kayvan Malek

Ann M. Miletti

Jay N. Mueller, CFA^®‡

Thomas M. Price, CFA^®‡

Dale Winner, CFA^®‡

Average annual total returns (%) as of November 30, 2018²

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (IPBAX)	2-28-2003		(5.84	)		0.57		3.24		(1.41	)		1.50		3.71		1.04		0.78
Class C (IPBCX)	2-28-2003		(3.23	)		0.72		2.97		(2.23	)		0.72		2.97		1.79		1.53
Class R6 (IPBJX)	10-31-2016		–			–		–		(1.01	)		1.81		4.03		0.66		0.40
Administrator Class (IPBIX)	2-28-2003		–			–		–		(1.33	)		1.73		3.99		0.98		0.60
Institutional Class (IPBNX)	10-31-2016		–			–		–		(1.16	)		1.79		4.02		0.71		0.45
Bloomberg Barclays U.S. TIPS Index5	–		–			–		–		(0.90	)		1.28		4.09		–		–
CPI6	–		–			–		–		2.18			1.58		1.72		–		–

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

Performance highlights (unaudited) Wells Fargo Real Return Fund 7

Ten largest holdings (%) as of November 30, 20187
TIPS, 0.63%, 1-15-2024	2.92
TIPS, 0.38%, 7-15-2023	2.91
TIPS, 0.13%, 1-15-2023	2.90
TIPS, 0.38%, 7-15-2025	2.83
TIPS, 0.13%, 1-15-2022	2.83
TIPS, 0.25%, 1-15-2025	2.81
TIPS, 0.13%, 7-15-2024	2.80
TIPS, 0.13%, 4-15-2020	2.70
TIPS, 0.63%, 7-15-2021	2.61
TIPS, 0.63%, 1-15-2026	2.51

Portfolio allocation as of November 30, 2018⁸

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

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

²  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 shares would be higher. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had not been included, returns for the Institutional Class shares would be higher.

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

⁴  The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵  The 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.

⁶  The Consumer Price Index (CPI) for All Urban Consumers in U.S. is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

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

⁸  Amounts represent the portfolio allocation of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Real Return Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

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 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	982.75	$	3.88		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	978.79	$	7.59		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R6
Actual	$	1,000.00	$	984.86	$	1.99		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	2.03		0.40	%
Administrator Class
Actual	$	1,000.00	$	983.17	$	2.98		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04		0.60	%
Institutional Class
Actual	$	1,000.00	$	983.61	$	2.24		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).

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Real Return Fund 9

Security name	Value
Investment Companies: 100.07%
Affiliated Master Portfolio: 100.07%
Wells Fargo Real Return Portfolio	$	66,683,186
Total Investment Companies (Cost $65,377,636)		66,683,186

Total investments in securities (Cost $65,377,636)	100.07	%		66,683,186
Other assets and liabilities, net	(0.07	)		(44,348	)
Total net assets	100.00	%	$	66,638,838

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		53	%		33	%	$	(600,125	)	$	(1,442,979	)	$	926,525	$	141,005	$	10,684	$	66,683,186		100.07	%

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

10 Wells Fargo Real Return Fund Statement of assets and liabilities—November 30, 2018 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $65,377,636)	$	66,683,186
Receivable for Fund shares sold		45,416
Receivable from manager		14,037
Prepaid expenses and other assets		243,444
Total assets		66,986,083
Liabilities
Payable for Fund shares redeemed		334,979
Administration fees payable		6,335
Trustees’ fees and expenses payable		3,657
Distribution fee payable		2,274
Total liabilities		347,245
Total net assets	$	66,638,838
NET ASSETS CONSIST OF
Paid-in capital	$	68,293,050
Total distributable loss		(1,654,212	)
Total net assets	$	66,638,838
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	21,914,470
Shares outstanding – Class A1		2,290,903
Net asset value per share – Class A		$9.57
Maximum offering price per share – Class A2		$10.02
Net assets – Class C	$	3,476,545
Shares outstanding – Class C1		368,633
Net asset value per share – Class C		$9.43
Net assets – Class R6	$	11,947,056
Shares outstanding – Class R61		1,237,002
Net asset value per share – Class R6		$9.66
Net assets – Administrator Class	$	15,248,913
Shares outstanding – Administrator Class1		1,573,390
Net asset value per share – Administrator Class		$9.69
Net assets – Institutional Class	$	14,051,854
Shares outstanding – Institutional Class1		1,454,294
Net asset value per share – Institutional Class		$9.66

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.

Statement of operations—six months ended November 30, 2018 (unaudited) Wells Fargo Real Return Fund 11

Investment income
Interest allocated from affiliated Master Portfolio	$	926,525
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $3,699)		141,005
Affiliated income allocated from affiliated Master Portfolio		10,684
Expenses allocated from affiliated Master Portfolio		(162,758	)
Waivers allocated from affiliated Master Portfolio		16,486
Total investment income		931,942
Expenses
Management fee		18,330
Administration fees
Class A		19,378
Class C		2,899
Class R6		1,778
Administrator Class		9,625
Institutional Class		5,750
Shareholder servicing fees
Class A		30,278
Class C		4,529
Administrator Class		24,061
Distribution fee
Class C		13,587
Custody and accounting fees		6,042
Professional fees		15,304
Registration fees		28,089
Shareholder report expenses		185
Trustees’ fees and expenses		11,867
Other fees and expenses		953
Total expenses		192,655
Less: Fee waivers and/or expense reimbursements		(102,947	)
Net expenses		89,708
Net investment income		842,234
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(600,125	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(1,442,979	)
Net realized and unrealized gains (losses) on investments		(2,043,104	)
Net decrease in net assets resulting from operations	$	(1,200,870	)

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

12 Wells Fargo Real Return Fund Statement of changes in net assets

	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 20181
Operations
Net investment income				$	842,234					$	1,558,167
Net realized gains (losses) on investments					(600,125	)					225,688
Net change in unrealized gains (losses) on investments					(1,442,979	)					(853,775	)
Net increase (decrease) in net assets resulting from operations					(1,200,870	)					930,080
Distributions to shareholders from net investment income and net realized gains
Class A					(318,216	)					(582,466	)
Class C					(35,611	)					(55,795	)
Class R6					(177,999	)					(290,979	)
Administrator Class					(253,872	)					(468,083	)
Institutional Class					(214,635	)					(187,449	)
Total distributions to shareholders					(1,000,333	)					(1,584,772	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		289,350			2,822,871			1,095,946			10,872,363
Class C		101,609			979,316			43,761			428,445
Class R6		90,496			888,434			459,934			4,603,532
Administrator Class		263,109			2,610,423			1,231,825			12,417,678
Institutional Class		573,864			5,687,143			946,110			9,485,356
					12,988,187						37,807,374
Reinvestment of distributions
Class A		22,755			222,253			43,842			435,779
Class C		3,324			32,045			5,160			50,665
Class R6		7,277			71,655			23,584			236,978
Administrator Class		25,477			252,231			44,920			451,385
Institutional Class		21,693			213,853			18,407			184,327
					792,037						1,359,134
Payment for shares redeemed
Class A		(669,203	)		(6,535,981	)		(1,472,315	)		(14,617,222	)
Class C		(97,640	)		(937,240	)		(153,785	)		(1,504,494	)
Class R6		(40,025	)		(397,291	)		(44,403	)		(444,996	)
Administrator Class		(1,050,523	)		(10,411,460	)		(1,534,899	)		(15,428,057	)
Institutional Class		(356,170	)		(3,498,922	)		(269,640	)		(2,701,769	)
					(21,780,894	)					(34,696,538	)
Net increase (decrease) in net assets resulting from capital share transactions					(8,000,670	)					4,469,970
Total increase (decrease) in net assets					(10,201,873	)					3,815,278
Net assets
Beginning of period					76,840,711						73,025,433
End of period				$	66,638,838					$	76,840,711

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $231,384. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Real Return Fund 13

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.87			$9.96			$9.95			$10.07			$10.11			$10.85
Net investment income		0.10			0.21			0.19	1		0.10	1		0.05	1		0.10	1
Net realized and unrealized gains (losses) on investments		(0.27	)		(0.09	)		0.03			(0.01	)		0.07			(0.21	)
Total from investment operations		(0.17	)		0.12			0.22			0.09			0.12			(0.11	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.21	)		(0.20	)		(0.07	)		(0.08	)		(0.09	)
Net realized gain		0.00			0.00			(0.01	)		(0.14	)		(0.08	)		(0.54	)
Total distributions to shareholders		(0.13	)		(0.21	)		(0.21	)		(0.21	)		(0.16	)		(0.63	)
Net asset value, end of period		$9.57			$9.87			$9.96			$9.95			$10.07			$10.11
Total return2		(1.73	)%		1.25	%		2.23	%		1.01	%		1.24	%		(0.76	)%
Ratios to average net assets (annualized)
Gross expenses3		1.03	%		1.04	%		1.11	%		1.20	%		1.31	%		1.20	%
Net expenses3		0.78	%		0.80	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income3		2.16	%		2.15	%		1.92	%		0.98	%		0.47	%		0.96	%
Supplemental data
Portfolio turnover rate4		16	%		29	%		25	%		29	%		57	%		9	%
Net assets, end of period (000s omitted)		$21,914			$26,133			$29,678			$18,938			$12,977			$15,415

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, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%
Year ended May 31, 2014	0.44	%

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

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

14 Wells Fargo Real Return Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.73			$9.82			$9.77			$9.92			$10.00			$10.76
Net investment income (loss)		0.08			0.03			0.04			0.03	1		(0.03	)1		0.03	1
Net realized and unrealized gains (losses) on investments		(0.28	)		0.02			0.10			(0.02	)		0.08			(0.21	)
Total from investment operations		(0.20	)		0.05			0.14			0.01			0.05			(0.18	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.14	)		(0.08	)		(0.02	)		(0.05	)		(0.04	)
Net realized gain		0.00			0.00			(0.01	)		(0.14	)		(0.08	)		(0.54	)
Total distributions to shareholders		(0.10	)		(0.14	)		(0.09	)		(0.16	)		(0.13	)		(0.58	)
Net asset value, end of period		$9.43			$9.73			$9.82			$9.77			$9.92			$10.00
Total return2		(2.12	)%		0.53	%		1.44	%		0.21	%		0.46	%		(1.46	)%
Ratios to average net assets (annualized)
Gross expenses3		1.78	%		1.79	%		1.86	%		1.95	%		2.06	%		1.95	%
Net expenses3		1.53	%		1.56	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income (loss)3		1.37	%		1.39	%		1.23	%		0.30	%		(0.33	)%		0.29	%
Supplemental data
Portfolio turnover rate4		16	%		29	%		25	%		29	%		57	%		9	%
Net assets, end of period (000s omitted)		$3,477			$3,517			$4,580			$5,654			$7,471			$9,095

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, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%
Year ended May 31, 2014	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.

Financial highlights Wells Fargo Real Return Fund 15

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6				2018			20171
Net asset value, beginning of period		$9.96			$10.05			$10.17
Net investment income		0.13	2		0.22			0.10
Net realized and unrealized gains (losses) on investments		(0.28	)		(0.06	)		(0.07	)
Total from investment operations		(0.15	)		0.16			0.03
Distributions to shareholders from
Net investment income		(0.15	)		(0.25	)		(0.14	)
Net realized gain		0.00			0.00			(0.01	)
Total distributions to shareholders		(0.15	)		(0.25	)		(0.15	)
Net asset value, end of period		$9.66			$9.96			$10.05
Total return3		(1.51	)%		1.63	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses4		0.65	%		0.66	%		0.69	%
Net expenses4		0.40	%		0.42	%		0.47	%
Net investment income4		2.50	%		2.52	%		1.32	%
Supplemental data
Portfolio turnover rate5		16	%		29	%		25	%
Net assets, end of period (000s omitted)		$11,947			$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, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 20171	0.44	%

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

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

16 Wells Fargo Real Return Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.99			$10.06			$10.03			$10.15			$10.17			$10.90
Net investment income		0.12	1		0.24	1		0.22	1		0.13	1		0.10	1		0.13	1
Net realized and unrealized gains (losses) on investments		(0.29	)		(0.09	)		0.02			(0.02	)		0.06			(0.22	)
Total from investment operations		(0.17	)		0.15			0.24			0.11			0.16			(0.09	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.22	)		(0.20	)		(0.09	)		(0.10	)		(0.10	)
Net realized gain		0.00			0.00			(0.01	)		(0.14	)		(0.08	)		(0.54	)
Total distributions to shareholders		(0.13	)		(0.22	)		(0.21	)		(0.23	)		(0.18	)		(0.64	)
Net asset value, end of period		$9.69			$9.99			$10.06			$10.03			$10.15			$10.17
Total return2		(1.68	)%		1.50	%		2.46	%		1.21	%		1.56	%		(0.51	)%
Ratios to average net assets (annualized)
Gross expenses3		0.97	%		0.97	%		1.04	%		1.13	%		1.27	%		1.14	%
Net expenses3		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income3		2.41	%		2.39	%		2.20	%		1.30	%		0.99	%		1.31	%
Supplemental data
Portfolio turnover rate4		16	%		29	%		25	%		29	%		57	%		9	%
Net assets, end of period (000s omitted)		$15,249			$23,331			$26,100			$20,607			$10,679			$6,320

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%
Year ended May 31, 2014	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.

Financial highlights Wells Fargo Real Return Fund 17

(For a share outstanding throughout each period)

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2018			20171
Net asset value, beginning of period		$9.97			$10.06			$10.17
Net investment income		0.13			0.24			0.14
Net realized and unrealized gains (losses) on investments		(0.29	)		(0.08	)		(0.10	)
Total from investment operations		(0.16	)		0.16			0.04
Distributions to shareholders from
Net investment income		(0.15	)		(0.25	)		(0.14	)
Net realized gain		0.00			0.00			(0.01	)
Total distributions to shareholders		(0.15	)		(0.25	)		(0.15	)
Net asset value, end of period		$9.66			$9.97			$10.06
Total return2		(1.64	)%		1.57	%		0.41	%
Ratios to average net assets (annualized)
Gross expenses3		0.70	%		0.71	%		0.76	%
Net expenses3		0.45	%		0.47	%		0.52	%
Net investment income3		2.44	%		2.62	%		2.24	%
Supplemental data
Portfolio turnover rate4		16	%		29	%		25	%
Net assets, end of period (000s omitted)		$14,052			$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, 2018 (unaudited)	0.40	%
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.

18 Wells Fargo Real Return 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 Real Return Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 33% of Wells Fargo Real Return Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and dividend income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

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

Notes to financial statements (unaudited) Wells Fargo Real Return Fund 19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $65,521,116 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,162,070
Gross unrealized losses		0
Net unrealized gains	$	1,162,070

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2018, 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		$66,683,186

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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 an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

20 Wells Fargo Real Return Fund Notes to financial statements (unaudited)

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; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.40% for Class R6 shares, 0.60% for Administrator Class shares, and 0.45% for Institutional Class shares. After this time, 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, 2018, Funds Distributor received $166 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A or Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

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

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$20,395,906	$12,239,748	$6,980,459	$3,963,226

6. BANK BORROWINGS

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

For the six months ended November 30, 2018, there were no borrowings by the Funds under the agreement.

Notes to financial statements (unaudited) Wells Fargo Real Return Fund 21

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:

	Net investment income
Class A		$582,466
Class C		55,795
Class R6		290,979
Administrator Class		468,083
Institutional Class		187,449

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

10. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018, the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018 were as follows:

	Short-term capital gains		Long-term capital gains
Class A	$	0.00062	$	0.03284
Class C		0.00062		0.03284
Class R6		0.00062		0.03284
Administrator Class		0.00062		0.03284
Institutional Class		0.00062		0.03284

On December 27, 2018, the Fund declared distributions from net investment income to shareholders of record on December 26, 2018. The per share amounts payable on December 28, 2018 were as follows:

	Net investment income
Class A		$0.01356
Class C		0.00571
Class R6		0.01837
Administrator Class		0.01458
Institutional Class		0.01773

These distributions are not reflected in the accompanying financial statements.

22 Wells Fargo Real Return Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks: 17.13%
Consumer Staples: 5.20%
Beverages: 0.85%
Molson Coors Brewing Company Class B		6,466	$	425,269
The Coca-Cola Company		26,047		1,312,769
				1,738,038
Food & Staples Retailing: 1.10%
Costco Wholesale Corporation		1,985		459,091
Metro AG «		53,643		823,185
Wal-Mart Stores Incorporated		6,735		657,673
Walgreens Boots Alliance Incorporated		3,478		294,482
				2,234,431
Food Products: 1.29%
Greencore Group plc		105,732		253,425
Health & Happiness (H&H) International Holdings Limited †		81,000		520,744
Marine Harvest ASA		39,104		914,945
Mondelez International Incorporated Class A		12,497		562,115
The Kraft Heinz Company		7,542		385,547
				2,636,776
Household Products: 1.16%
Church & Dwight Company Incorporated		9,797		648,463
The Clorox Company		2,545		421,503
The Procter & Gamble Company		13,661		1,291,101
				2,361,067
Tobacco: 0.80%
Altria Group Incorporated		16,173		886,766
Philip Morris International Incorporated		8,497		735,245
				1,622,011
Energy: 4.06%
Energy Equipment & Services: 0.67%
Halliburton Company		8,804		276,710
John Wood Group plc		97,291		787,229
Schlumberger Limited		6,611		298,156
				1,362,095
Oil, Gas & Consumable Fuels: 3.39%
Anadarko Petroleum Corporation		7,600		402,040
BP plc		77,799		515,504
Chevron Corporation		9,823		1,168,348
Cimarex Energy Company		5,559		455,727
Concho Resources Incorporated †		5,161		672,685
Cosan Limited Class A		71,848		638,729
Eni SpA		17,844		287,786

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Real Return Portfolio 23

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources Incorporated		9,698	$	1,001,900
Noble Energy Incorporated		13,477		319,944
Occidental Petroleum Corporation		8,038		564,830
Origin Energy Limited †		105,525		499,791
Phillips 66 Company		4,128		386,051
				6,913,335
Industrials: 0.22%
Industrial Conglomerates: 0.22%
Keppel Corporation Limited		102,800		454,091
Materials: 3.33%
Chemicals: 1.56%
Axalta Coating Systems Limited †		12,794		320,234
DowDuPont Incorporated		12,198		705,654
Ecolab Incorporated		1,833		294,178
LyondellBasell Industries NV Class A		4,939		460,858
OCI NV †		33,997		775,149
Sasol Limited		8,693		254,842
The Sherwin-Williams Company		867		367,669
				3,178,584
Construction Materials: 0.14%
Martin Marietta Materials Incorporated		1,450		276,501
Containers & Packaging: 0.11%
Crown Holdings Incorporated †		4,413		226,299
Metals & Mining: 1.52%
Agnico Eagle Mines Limited-U.S. Exchange Traded Shares		4,500		158,040
Alamos Gold Incorporated Class A		9,500		30,531
B2Gold Corporation †		20,000		49,223
Barrick Gold Corporation «		5,800		73,950
Detour Gold Corporation †		5,200		38,629
Endeavour Mining Corporation †		3,000		37,391
Evolution Mining Limited		33,000		75,736
Franco-Nevada Corporation		1,900		131,562
Fresnillo plc		7,000		67,201
Goldcorp Incorporated-U.S. Exchange Traded Shares		8,000		74,240
IAMGOLD Corporation †		17,000		51,564
Kinross Gold Corporation †		35,000		94,833
Kirkland Lake Gold Limited		6,500		134,731
Lundin Mining Corporation		133,449		581,545
Mag Silver Corporation †		4,000		27,035
Newcrest Mining Limited		10,500		159,245
Newmont Mining Corporation		5,500		177,870
Northern Star Resources Limited		8,000		46,661
Randgold Resources Limited ADR		2,150		172,366
Royal Gold Incorporated		7,872		575,837

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

24 Wells Fargo Real Return Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name						Shares		Value
Metals & Mining (continued)
Semafo Incorporated †							19,000	$	34,321
SSR Mining Incorporated †							2,000		21,280
Steel Dynamics Incorporated							4,970		174,944
Torex Gold Resources Incorporated †							5,000		39,250
Wheaton Precious Metals Corporation							4,000		62,801
									3,090,786
Real Estate: 4.32%
Equity REITs: 4.32%
Alexandria Real Estate Equities Incorporated							3,449		429,401
American Homes 4 Rent Class A							13,842		288,329
American Tower Corporation							6,248		1,027,734
Camden Property Trust							3,753		357,135
CoreSite Realty Corporation							875		85,278
Equinix Incorporated							1,852		713,539
Equity Residential							4,556		324,615
Essex Property Trust Incorporated							720		189,007
Four Corners Property Trust Incorporated							12,090		335,377
Healthcare Trust of America Incorporated Class A							7,093		199,455
Host Hotels & Resorts Incorporated							17,516		332,804
Hudson Pacific Properties Incorporated							12,418		383,219
Invitation Homes Incorporated							14,621		313,767
Physicians Realty Trust							37,189		662,336
Prologis Incorporated							10,430		702,356
Public Storage Incorporated							1,289		274,892
Retail Opportunity Investment Corporation							24,159		437,278
SBA Communications Corporation †							1,554		265,439
Simon Property Group Incorporated							4,112		763,557
Sun Communities Incorporated							3,700		385,170
Taubman Centers Incorporated							3,013		159,508
Ventas Incorporated							2,780		176,502
									8,806,698
Total Common Stocks (Cost $34,046,010)									34,900,712
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 10.49%
Communication Services: 0.82%
Diversified Telecommunication Services: 0.11%
Hughes Satellite Systems Corporation		6.50	%		6-15-2019	$	230,000		233,163
Media: 0.48%
National CineMedia LLC		6.00			4-15-2022		100,000		100,375
Nexstar Broadcasting Group Incorporated		5.88			11-15-2022		365,000		368,650
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		105,000		106,313
Outfront Media Capital Corporation		5.25			2-15-2022		400,000		401,500
									976,838

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Real Return Portfolio 25

Security name	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services: 0.23%
Sprint Corporation		7.25	%		9-15-2021	$	165,000	$	172,013
Sprint Spectrum LP 144A		3.36			3-20-2023		131,250		129,773
T-Mobile USA Incorporated		4.00			4-15-2022		175,000		172,156
									473,942
Consumer Discretionary: 3.27%
Auto Components: 0.10%
American Axle & Manufacturing Incorporated		7.75			11-15-2019		177,000		181,868
Cooper Tire & Rubber Company		8.00			12-15-2019		20,000		20,750
									202,618
Diversified Consumer Services: 0.09%
Service Corporation International		5.38			1-15-2022		100,000		100,500
TRI Pointe Group Incorporated		4.38			6-15-2019		92,000		91,512
									192,012
Hotels, Restaurants & Leisure: 0.62%
GLP Capital LP		4.88			11-1-2020		405,000		407,025
MGM Resorts International		5.25			3-31-2020		270,000		273,375
MGM Resorts International		6.75			10-1-2020		120,000		125,040
NCL Corporation Limited 144A		4.75			12-15-2021		448,000		449,120
									1,254,560
Household Durables: 0.59%
KB Home		4.75			5-15-2019		60,000		60,000
Lennar Corporation		4.50			6-15-2019		150,000		150,094
Lennar Corporation		4.50			11-15-2019		50,000		50,094
Lennar Corporation		6.63			5-1-2020		305,000		315,294
Pulte Group Incorporated		4.25			3-1-2021		400,000		400,500
Toll Brothers Finance Corporation		5.88			2-15-2022		225,000		229,500
									1,205,482
Internet & Direct Marketing Retail: 0.22%
Netflix Incorporated		5.38			2-1-2021		450,000		459,000
Media: 0.93%
Cable One Incorporated 144A		5.75			6-15-2022		515,000		520,794
DISH DBS Corporation		7.88			9-1-2019		210,000		215,513
Sinclair Television Group Incorporated		6.13			10-1-2022		400,000		405,500
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		430,000		414,731
TEGNA Incorporated		5.13			10-15-2019		27,000		27,016
TEGNA Incorporated		5.13			7-15-2020		305,000		305,000
									1,888,554
Specialty Retail: 0.66%
Gap Incorporated		5.95			4-12-2021		310,000		319,251
Group 1 Automotive Incorporated		5.00			6-1-2022		280,000		273,000
L Brands Incorporated		6.63			4-1-2021		295,000		308,275
Penske Auto Group Incorporated		3.75			8-15-2020		335,000		333,744
Penske Auto Group Incorporated		5.75			10-1-2022		110,000		110,550
									1,344,820

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

26 Wells Fargo Real Return Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Textiles, Apparel & Luxury Goods: 0.06%
The William Carter Company		5.25	%		8-15-2021	$	120,000	$	120,150
Consumer Staples: 0.26%
Food Products: 0.08%
B&G Foods Incorporated		4.63			6-1-2021		155,000		152,288
Personal Products: 0.18%
Edgewell Personal Care Company		4.70			5-19-2021		380,000		375,250
Energy: 1.14%
Oil, Gas & Consumable Fuels: 1.14%
Andeavor Logistics LP		5.50			10-15-2019		75,000		75,938
DCP Midstream Operating LP		2.70			4-1-2019		175,000		174,125
DCP Midstream Operating LP 144A		5.35			3-15-2020		320,000		323,200
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		405,000		409,050
Rockies Express Pipeline LLC 144A		6.00			1-15-2019		210,000		210,194
Sabine Pass Liquefaction LLC		6.25			3-15-2022		250,000		263,285
Southern Star Central Corporation 144A		5.13			7-15-2022		375,000		368,438
Targa Resources Partners LP		4.13			11-15-2019		510,000		506,813
									2,331,043
Financials: 0.85%
Consumer Finance: 0.68%
Ally Financial Incorporated		3.75			11-18-2019		605,000		604,395
Navient Corporation		5.50			1-15-2019		465,000		465,233
Springleaf Finance Corporation		5.25			12-15-2019		315,000		316,181
									1,385,809
Diversified Financial Services: 0.08%
General Electric Capital Corporation		5.55			5-4-2020		165,000		166,589
Real Estate Management & Development: 0.09%
Realogy Group LLC 144A		4.50			4-15-2019		100,000		99,750
Realogy Group LLC 144A		5.25			12-1-2021		70,000		68,163
									167,913
Health Care: 0.91%
Health Care Equipment & Supplies: 0.14%
Kinetics Concepts Incorporated 144A		7.88			2-15-2021		270,000		274,725
Health Care Providers & Services: 0.77%
Acadia Healthcare Company Incorporated		5.13			7-1-2022		162,000		158,760
Centene Corporation		4.75			5-15-2022		345,000		346,294
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		350,000		354,813
HCA Incorporated		6.50			2-15-2020		255,000		262,013
Select Medical Corporation		6.38			6-1-2021		155,000		156,116
Tenet Healthcare Corporation		6.00			10-1-2020		290,000		295,800
									1,573,796

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Real Return Portfolio 27

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 0.88%
Aerospace & Defense: 0.39%
Alcoa Incorporated		6.15	%		8-15-2020	$	350,000	$	360,476
Moog Incorporated 144A		5.25			12-1-2022		445,000		445,000
									805,476
Commercial Services & Supplies: 0.20%
Clean Harbors Incorporated		5.13			6-1-2021		400,000		400,744
Trading Companies & Distributors: 0.29%
Aircastle Limited		4.63			12-15-2018		100,000		100,021
Aircastle Limited		5.13			3-15-2021		275,000		279,054
Aircastle Limited		6.25			12-1-2019		200,000		204,469
									583,544
Information Technology: 0.69%
Electronic Equipment, Instruments & Components: 0.05%
Sanmina Corporation 144A		4.38			6-1-2019		105,000		104,869
Software: 0.23%
CDK Global Incorporated		3.80			10-15-2019		110,000		109,588
Symantec Corporation		4.20			9-15-2020		360,000		361,168
									470,756
Technology Hardware, Storage & Peripherals: 0.41%
Dell International LLC/EMC Corporation 144A		3.48			6-1-2019		40,000		39,914
EMC Corporation		2.65			6-1-2020		525,000		511,244
NCR Corporation		4.63			2-15-2021		280,000		275,800
									826,958
Materials: 0.95%
Chemicals: 0.15%
Huntsman International LLC		4.88			11-15-2020		305,000		308,050
Containers & Packaging: 0.47%
Ball Corporation		4.38			12-15-2020		545,000		548,531
Reynolds Group Holdings		5.75			10-15-2020		416,716		416,195
									964,726
Metals & Mining: 0.33%
Freeport-McMoRan Incorporated		3.10			3-15-2020		320,000		315,200
Steel Dynamics Incorporated		5.13			10-1-2021		351,000		351,878
									667,078
Real Estate: 0.72%
Equity REITs: 0.53%
CoreCivic Incorporated «		4.13			4-1-2020		230,000		227,700
Equinix Incorporated		5.38			1-1-2022		230,000		233,091

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

28 Wells Fargo Real Return Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
Sabra Health Care REIT Incorporated		5.50	%		2-1-2021	$	483,000	$	489,038
VEREIT Operating Partnership LP		3.00			2-6-2019		120,000		119,940
VEREIT Operating Partnership LP		4.13			6-1-2021		10,000		10,047
									1,079,816
Real Estate Management & Development: 0.19%
Taylor Morrison Communities Incorporated 144A		5.25			4-15-2021		395,000		393,144
Total Corporate Bonds and Notes (Cost $21,678,357)									21,383,713
Loans: 4.04%
Communication Services: 0.59%
Diversified Telecommunication Services: 0.06%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		4.56			2-22-2024		129,470		127,771
Media: 0.32%
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		4.81			1-25-2026		509,440		501,345
Neptune Finco Corporation (3 Month LIBOR +2.25%) ±		4.99			1-15-2026		150,000		147,188
									648,533
Wireless Telecommunication Services: 0.21%
SBA Senior Finance II LLC (1 Month LIBOR +2.00%) ±		4.35			4-11-2025		437,365		432,104
Consumer Discretionary: 0.42%
Auto Components: 0.10%
Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±		4.07			9-23-2022		54,671		54,319
Belron Finance US LLC (3 Month LIBOR +2.25%) ‡±		4.84			11-7-2024		158,800		157,014
									211,333
Hotels, Restaurants & Leisure: 0.11%
Wyndham Hotels & Resorts Incorporated (1 Month LIBOR +1.75%) ±		4.09			5-30-2025		220,000		217,635
Household Products: 0.13%
Michaels Stores Incorporated (1 Month LIBOR +2.50%) ±‡		4.83			1-28-2023		228,352		223,073
The ServiceMaster Company LLC (1 Month LIBOR +2.50%) ±		4.84			11-8-2023		52,630		52,476
									275,549
Media: 0.07%
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ±		4.13			10-31-2023		138,246		137,612
Specialty Retail: 0.01%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±‡		4.60			7-5-2024		24,750		24,224
Consumer Staples: 0.11%
Food Products: 0.11%
Post Holdings Incorporated (1 Month LIBOR +2.00%) ±		4.32			5-24-2024		74,403		73,920
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		4.34			1-26-2024		151,986		150,308
									224,228

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Real Return Portfolio 29

Security name	Interest rate			Maturity date		Principal		Value
Financials: 0.38%
Diversified Consumer Services: 0.19%
TransUnion (1 Month LIBOR +2.00%) ±		4.34	%		6-19-2025	$	379,050	$	375,396
Diversified Financial Services: 0.19%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		4.14			10-6-2023		200,000		199,150
LPL Holdings Incorporated (3 Month LIBOR +2.25%) ±‡		4.55			9-23-2024		194,719		193,015
									392,165
Health Care: 0.25%
Health Care Providers & Services: 0.21%
HCA Incorporated (1 Month LIBOR +1.75%) ±		4.09			3-18-2023		372,693		370,479
Select Medical Corporation (1 Month LIBOR +2.50%) ±‡		4.81			3-6-2025		54,175		53,633
									424,112
Pharmaceuticals: 0.04%
Endo Finance LLC (1 Month LIBOR +4.25%) ±		6.63			4-29-2024		88,875		88,357
Industrials: 1.11%
Airlines: 0.04%
United Airlines Incorporated (1 Month LIBOR +1.75%) ±		4.09			4-1-2024		68,950		68,304
Commercial Services & Supplies: 0.52%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		4.47			11-10-2023		179,546		177,571
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.09			3-28-2024		45,322		44,982
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.09			3-11-2025		364,323		361,477
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±		4.69			3-11-2021		149,874		148,422
Multi-Color Corporation (3 Month LIBOR +2.00%) ±		4.34			10-31-2024		178,650		175,970
Sensata Technologies BV (2 Month LIBOR +1.75%) ±		4.21			10-14-2021		158,275		157,813
									1,066,235
Communications Equipment: 0.43%
Charter Communications Operating LLC (1 Month LIBOR +2.00%) ±		4.35			4-30-2025		382,113		377,768
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.81			1-15-2026		500,000		493,280
									871,048
Machinery: 0.12%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		4.89			1-31-2024		51,191		50,935
RBS Global Incorporated (3 Month LIBOR +2.25%) ±		4.35			8-21-2024		200,000		198,472
									249,407
Information Technology: 0.48%
Communications Equipment: 0.02%
CommScope Incorporated (1 Month LIBOR +2.00%) ±‡		4.35			12-29-2022		46,574		45,846
Electronic Equipment, Instruments & Components: 0.20%
CDW LLC (1 Month LIBOR +1.75%) ±		4.10			8-17-2023		198,982		196,308
Dell Incorporated (1 Month LIBOR +2.00%) ±		4.35			9-7-2023		40,592		40,066
Zebra Technologies Corporation (3 Month LIBOR +1.75%) ±		4.09			11-15-2021		159,169		158,528
									394,902

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

30 Wells Fargo Real Return Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
IT Services: 0.15%
First Data Corporation (1 Month LIBOR +2.00%) ±		4.32	%		7-8-2022	$	120,327	$	118,508
Zayo Group LLC (1 Month LIBOR +2.25%) ±		4.59			1-19-2024		195,805		193,847
									312,355
Semiconductors & Semiconductor Equipment: 0.11%
Micron Technology Incorporated (1 Month LIBOR +1.75%) ±		4.10			4-26-2022		217,574		216,486
Materials: 0.59%
Chemicals: 0.37%
Ashland LLC (1 Month LIBOR +1.75%) ±		4.07			5-17-2024		278,179		277,019
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±		4.34			3-31-2024		497,303		487,202
									764,221
Containers & Packaging: 0.22%
Berry Global Incorporated (1 Month LIBOR +1.75%) ±		4.07			2-8-2020		429,665		426,623
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		5.09			2-5-2023		15,523		15,317
									441,940
Real Estate: 0.11%
Equity REITs: 0.11%
MGM Growth Properties LLC (1 Month LIBOR +2.00%) ±		4.34			3-21-2025		221,845		217,630
Total Loans (Cost $8,343,019)									8,227,393
				Expiration date		Shares
Participation Notes: 0.11%
Financials: 0.11%
Capital Markets: 0.11%
UBS AG (Kweichow Moutai Company Limited) †(a)					8-13-2019		2,900		235,912
Total Participation Notes (Cost $286,162)									235,912
				Maturity date		Principal
U.S. Treasury Securities: 65.87%
TIPS		0.13			4-15-2020	$	1,299,026		1,273,638
TIPS		0.13			4-15-2021		4,399,152		4,281,269
TIPS		0.13			1-15-2022		5,928,351		5,754,220
TIPS		0.13			4-15-2022		5,683,433		5,492,505
TIPS		0.13			7-15-2022		3,979,525		3,860,032
TIPS		0.13			1-15-2023		6,135,713		5,908,931
TIPS		0.13			7-15-2024		5,969,868		5,698,888
TIPS		0.13			7-15-2026		4,944,774		4,629,867
TIPS		0.25			1-15-2025		5,984,804		5,714,205
TIPS		0.38			7-15-2023		6,091,152		5,934,710
TIPS		0.38			7-15-2025		5,982,827		5,758,237
TIPS		0.38			1-15-2027		3,109,173		2,942,945
TIPS		0.38			7-15-2027		4,685,416		4,433,819

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Real Return Portfolio 31

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
TIPS		0.50	%		1-15-2028	$	3,269,955	$	3,107,649
TIPS		0.63			7-15-2021		5,365,279		5,310,428
TIPS		0.63			4-15-2023		4,929,298		4,836,360
TIPS		0.63			1-15-2024		6,069,796		5,950,829
TIPS		0.63			1-15-2026		5,253,865		5,104,253
TIPS		0.63			2-15-2043		2,014,922		1,746,003
TIPS		0.75			7-15-2028		2,227,691		2,168,924
TIPS		0.75			2-15-2042		2,720,504		2,440,377
TIPS		0.75			2-15-2045		2,369,275		2,094,741
TIPS		0.88			2-15-2047		2,881,234		2,613,782
TIPS		1.00			2-15-2046		2,482,499		2,328,862
TIPS		1.00			2-15-2048		1,888,819		1,767,226
TIPS		1.13			1-15-2021		3,162,124		3,158,097
TIPS		1.25			7-15-2020		2,911,339		2,916,864
TIPS		1.38			2-15-2044		2,745,963		2,808,855
TIPS		1.75			1-15-2028		2,307,671		2,442,225
TIPS		2.00			1-15-2026		2,861,888		3,049,974
TIPS		2.13			2-15-2040		1,214,730		1,414,259
TIPS		2.13			2-15-2041		1,550,516		1,814,608
TIPS		2.38			1-15-2025		3,930,846		4,248,058
TIPS		2.38			1-15-2027		2,121,886		2,337,138
TIPS		2.50			1-15-2029		2,222,338		2,519,575
TIPS		3.38			4-15-2032		896,030		1,144,328
TIPS		3.63			4-15-2028		1,802,793		2,206,356
TIPS		3.88			4-15-2029		2,364,932		3,000,322
Total U.S. Treasury Securities (Cost $138,128,551)									134,213,359
Yankee Corporate Bonds and Notes: 1.50%
Consumer Discretionary: 0.26%
Auto Components: 0.21%
IHO Verwaltungs GmbH 144A		4.13			9-15-2021		450,000		434,250
Automobiles: 0.05%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		100,000		99,968
Financials: 0.55%
Banks: 0.23%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		465,000		466,600
Diversified Financial Services: 0.32%
General Electric Capital International Funding Company		2.34			11-15-2020		175,000		166,346
Park Aerospace Holdings Company 144A		3.63			3-15-2021		400,000		390,000
Virgin Media Finance plc		5.25			1-15-2021		95,000		96,069
									652,415
Health Care: 0.49%
Pharmaceuticals: 0.49%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		430,000		444,513
Teva Pharmaceuticals Industries Incorporated		1.70			7-19-2019		570,000		562,194
									1,006,707

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

32 Wells Fargo Real Return Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.02%
Communications Equipment: 0.02%
Nokia Corporation		5.38	%		5-15-2019	$	31,000	$	31,078
Materials: 0.18%
Metals & Mining: 0.18%
ArcelorMittal SA		5.50			3-1-2021		355,000		364,588
Total Yankee Corporate Bonds and Notes (Cost $3,094,968)									3,055,606
	Yield					Shares
Short-Term Investments: 1.26%
Investment Companies: 1.22%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					1,052,560		1,052,665
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					1,435,230		1,435,230
									2,487,895
						Principal
U.S. Treasury Securities: 0.04%
U.S. Treasury Bill (z)#		1.66			12-13-2018	$	75,000		74,955
Total Short-Term Investments (Cost $2,562,850)									2,562,850

Total investments in securities (Cost $208,139,917)	100.40	%		204,579,545
Other assets and liabilities, net	(0.40	)		(818,798	)
Total net assets	100.00	%	$	203,760,747

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

† 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.

‡ Security is valued using significant unobservable inputs.

(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.

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

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

Abbreviations:

ADR   American depositary receipt

LIBOR   London Interbank Offered Rate

REIT   Real estate investment trust

TIPS   Treasury inflation-protected securities

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

Portfolio of investments—November 30, 2018 (unaudited) Wells Fargo Real Return Portfolio 33

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		5		3-29-2019	$	1,054,773		$	1,054,922		$	149	$	0
Short
U.S. Ultra Bond		(6)		3-20-2019		(915,097	)		(914,438	)		659		0
5-Year U.S. Treasury Notes		(45)		3-29-2019		(5,078,600	)		(5,083,242	)		0		(4,642	)
10-Year U.S. Treasury Notes		(4)		3-20-2019		(476,556	)		(477,813	)		0		(1,257	)
											$	808	$	(5,899	)

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

34 Wells Fargo Real Return Portfolio Portfolio of investments—November 30, 2018 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		1,733,169		7,294,591		7,975,200		1,052,560	$	0	$	0	$	5,856	$	1,052,665
Wells Fargo Government Money Market Fund Select Class		2,901,798		110,473,486		111,940,054		1,435,230		0		0		25,628		1,435,230
									$	0	$	0	$	31,484	$	2,487,895		1.22	%

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

Statement of assets and liabilities—November 30, 2018 (unaudited) Wells Fargo Real Return Portfolio 35

Assets
Investments in unaffiliated securities, (including $1,006,250 of securities loaned) at value (cost $205,652,022)	$	202,091,650
Investments in affiliated securities, at value (cost $2,487,895)		2,487,895
Foreign currency, at value (cost $15,547)		15,152
Receivable for investments sold		221,681
Receivable for dividends and interest		737,442
Receivable for daily variation margin on open futures contract		78
Receivable for securities lending income		374
Total assets		205,554,272
Liabilities
Payable upon receipt of securities loaned		1,052,672
Payable for investments purchased		656,064
Advisory fee payable		63,978
Payable for daily variation margin on open futures contracts		4,219
Accrued expenses and other liabilities		16,592
Total liabilities		1,793,525
Total net assets	$	203,760,747

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

36 Wells Fargo Real Return Portfolio Statement of operations—six months ended November 30, 2018 (unaudited)

Investment income
Interest	$	2,701,525
Dividends (net of foreign withholding taxes of $11,448)		417,086
Income from affiliated securities		31,484
Total investment income		3,150,095
Expenses
Advisory fee		436,081
Custody and accounting fees		7,261
Professional fees		23,669
Shareholder report expenses		725
Trustees’ fees and expenses		12,260
Other fees and expenses		4,335
Total expenses		484,331
Less: Fee waivers and/or expense reimbursements		(48,250	)
Net expenses		436,081
Net investment income		2,714,014
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,930,476	)
Futures contracts		79,581
Net realized losses on investments		(1,850,895	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,363,738	)
Futures contracts		(355	)
Net change in unrealized gains (losses) on investments		(4,364,093	)
Net realized and unrealized gains (losses) on investments		(6,214,988	)
Net decrease in net assets resulting from operations	$	(3,500,974	)

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

Statement of changes in net assets Wells Fargo Real Return Portfolio 37

	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018
Operations
Net investment income	$	2,714,014		$	2,993,334
Net realized gains (losses) on investments		(1,850,895	)		261,172
Net change in unrealized gains (losses) on investments		(4,364,093	)		(1,297,441	)
Net increase (decrease) in net assets resulting from operations		(3,500,974	)		1,957,065
Capital transactions
Transactions in investors’ beneficial interests
Contributions		99,792,854			92,220,550
Withdrawals		(37,676,838	)		(38,625,765	)
Net increase in net assets resulting from capital transactions		62,116,016			53,594,785
Total increase in net assets		58,615,042			55,551,850
Net assets
Beginning of period		145,145,705			89,593,855
End of period	$	203,760,747		$	145,145,705

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

38 Wells Fargo Real Return Portfolio Financial highlights

	Six months ended November 30, 2018 (unaudited)			Year ended May 31
				2018			2017			2016			2015			2014
Total return1		(1.58	)%		1.67	%		2.65	%		1.29	%		1.50	%		(0.26	)%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.48	%		0.52	%		0.56	%		0.57	%		0.53	%
Net expenses		0.40	%		0.41	%		0.44	%		0.44	%		0.44	%		0.44	%
Net investment income		2.49	%		2.40	%		2.36	%		1.45	%		0.89	%		1.45	%
Supplemental data
Portfolio turnover rate		16	%		29	%		25	%		29	%		57	%		9	%

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

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

Notes to financial statements (unaudited) Wells Fargo Real Return Portfolio 39

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, 2018, 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

40 Wells Fargo Real Return Portfolio Notes to financial statements (unaudited)

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

Participation notes

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. A 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 terms of the

Notes to financial statements (unaudited) Wells Fargo Real Return Portfolio 41

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

The Portfolio is subject to interest rate risk in the normal course of pursuing its investment objectives. 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 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 security values. 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 counter party risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

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

42 Wells Fargo Real Return Portfolio Notes to financial statements (unaudited)

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, 2018, the aggregate cost of all investments for federal income tax purposes was $208,561,455 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,857,436
Gross unrealized losses		(6,844,437	)
Net unrealized losses	$	(3,987,001	)

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.

Notes to financial statements (unaudited) Wells Fargo Real Return Portfolio 43

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer staples	$	10,592,323	$	0	$	0	$	10,592,323
Energy		8,275,430		0		0		8,275,430
Industrial		454,091		0		0		454,091
Materials		6,772,170		0		0		6,772,170
Real estate		8,806,698		0		0		8,806,698
Corporate bonds and notes		0		21,383,713		0		21,383,713
Loans		0		7,479,653		747,740		8,227,393
Participation notes
Financials				235,912		0		235,912
U.S. Treasury securities		134,213,359		0		0		134,213,359
Yankee corporate bonds and notes		0		3,055,606		0		3,055,606
Short-term investments
Investment companies		1,435,230		1,052,665		0		2,487,895
U.S. Treasury securities		74,955		0		0		74,955
		170,624,256		33,207,549		747,740		204,579,545
Futures contracts		808		0		0		808
Total assets	$	170,625,064	$	33,207,549	$	747,740	$	204,580,353
Liabilities
Futures contracts	$	5,899	$	0	$	0	$	5,899
Total liabilities	$	5,899	$	0	$	0	$	5,899

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.

At November 30, 2018, the Portfolio has no material 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. 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 starting at 0.40% and declining to 0.29% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap 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 the extent necessary to maintain certain net operating expense ratios for the Portfolio.

44 Wells Fargo Real Return 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 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$62,322,833	$37,400,436	$21,329,867	$12,110,246

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Portfolio entered into futures contract to speculate on interest rates and to help manage the duration of its portfolio. The Portfolio had an average notional amount of $2,023,638 in long futures contracts and $9,808,367 in short futures contracts during the six months ended November 30, 2018.

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

7. BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo Real Return Fund 45

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 wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

46 Wells Fargo Real Return Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 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. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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, 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

Other information (unaudited) Wells Fargo Real Return Fund 47

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 Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. 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 President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the 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.

48 Wells Fargo Real Return Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 wellsfargofunds.com.

³  Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield is expected to retire on December 31, 2018.

Appendix A (unaudited) Wells Fargo Real Return Fund 49

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

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

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

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

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

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.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 wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

318982 01-19 SA288/SAR288 11-18

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 Master Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the “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 Trust 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 Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Master Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Master Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	January 25, 2019
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	January 25, 2019

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo C&B Large Cap Value Portfolio, Wells Fargo Emerging Growth Portfolio, Wells Fargo Index Portfolio, Wells Fargo International Value Portfolio, Wells Fargo Small Company Growth Portfolio, Wells Fargo Small Company Value Portfolio, Wells Fargo Core Bond Portfolio, Wells Fargo Real Return Portfolio, Wells Fargo Diversified Large Cap Growth Portfolio, Wells Fargo Disciplined Large Cap Portfolio, Wells Fargo International Growth Portfolio, Wells Fargo Large Company Value Portfolio, and Wells Fargo Managed Fixed Income Portfolio;

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 second fiscal quarter 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 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 and material weaknesses 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 25, 2019

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Master Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo C&B Large Cap Value Portfolio, Wells Fargo Emerging Growth Portfolio, Wells Fargo Index Portfolio, Wells Fargo Small Company Growth Portfolio, Wells Fargo Small Company Value Portfolio, Wells Fargo Core Bond Portfolio, Wells Fargo Real Return Portfolio, Wells Fargo Diversified Large Cap Growth Portfolio, Wells Fargo Large Company Value Portfolio, and Wells Fargo Managed Fixed Income Portfolio;

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 second fiscal quarter 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 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 and material weaknesses 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 25, 2019

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Master Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo International Value Portfolio, Wells Fargo Disciplined Large Cap Portfolio, and Wells Fargo International Growth Portfolio;

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 second fiscal quarter 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 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 and material weaknesses 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 25, 2019

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Master Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Master Trust (the “Trust”), hereby certifies, to the best of his knowledge, that the Trust’s report on Form N-CSRS for the six months ended November 30, 2018 (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 Trust.

Date: January 25, 2019

By:
	/s/ Andrew Owen
	Andrew Owen
	President
	Wells Fargo Master 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 Master Trust (the “Trust”), hereby certifies, to the best of her knowledge, that the Trust’s report on Form N-CSRS for the six months ended November 30, 2018 (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 Trust.

Date: January 25, 2019

By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
	Wells Fargo Master 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 Master Trust (the “Trust”), hereby certifies, to the best of his knowledge, that the Trust’s report on Form N-CSRS for the six months ended November 30, 2018 (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 Trust.

Date: January 25, 2019

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Wells Fargo Master 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