Allspring Special Mid Cap Value Fund (WFMDX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

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: October 31

Registrant is making a filing for 7 of its series:

Wells Fargo Asia Pacific Fund, Wells Fargo Diversified International Fund, Wells Fargo Emerging Markets Equity Fund, Wells Fargo Emerging Markets Equity Income Fund, Wells Fargo Global Small Cap Fund, Wells Fargo International Equity Fund, and Wells Fargo Intrinsic World Equity Fund.

Date of reporting period: April 30, 2017

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

April 30, 2017

Wells Fargo Asia Pacific Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 2017, 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.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Asia Pacific Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016.

Dear Shareholder:

As the new president of Wells Fargo Funds, now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Asia Pacific Fund for the six-month period that ended April 30, 2017. Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016. U.S. and international stocks returned 13.31% and 10.37% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -0.67%.

During the last two months of 2016, prospects for faster growth and higher interest rates in the U.S. influenced markets.

Following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of progrowth policies, and supportive economic news helped the rally carry through the end of 2016. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year by a quarter percentage point to between 0.50% and 0.75%. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar. Rising inflation across the eurozone and Japan caused an upward shift in yield curves in those areas, although developed-country bond yields remained significantly lower than U.S. Treasury yields.

Globally, stocks delivered positive results and economies showed improvement in the first four months of 2017.

Stocks rallied globally, supported by signs of improvement in the U.S. and global economies. In the U.S., hiring remained strong and business and consumer sentiment improved. Meanwhile, inflation inched up. In March, Fed officials raised their short-term target interest rate by a quarter percentage point to between 0.75% and 1.00%. With the Fed’s target-rate increase, short-term bond yields rose. Longer-term Treasury yields were little changed, however, leading to positive performance. Investment-grade corporate bonds and high-yield bonds benefited from strong demand. Municipal bond returns were also positive during the first four months of 2017, helped by strong demand and constrained new-issue supply. Outside the U.S., stocks in emerging markets benefited from both global economic growth and recent weakening in the U.S. dollar. European stocks also advanced as political risk declined. In the first round of the French presidential elections, Emmanuel Macron, a pro-EU candidate, garnered the most votes. Non-U.S. bonds also benefited from a decline in perceived risk, with credit spreads continuing to narrow.

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Asia Pacific Fund 3

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest in 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

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.

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. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Asia Pacific Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Anthony L.T. Cragg

Alison Shimada

Average annual total returns (%) as of April 30, 2017¹

		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 (WFAAX)	7-31-2007		6.15		5.82		1.87		12.62		7.07		2.48		1.69		1.60
Class C (WFCAX)	7-31-2007		10.73		6.27		1.69		11.73		6.27		1.69		2.44		2.35
Administrator Class (WFADX)	7-30-2010		–		–		–		12.73		7.26		2.59		1.61		1.50
Institutional Class (WFPIX)	7-30-2010		–		–		–		12.98		7.44		2.71		1.36		1.25
MSCI AC Asia Pacific Index (Net)4	–		–		–		–		16.19		6.09		2.61		–		–

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. 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 geographic risk and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Asia Pacific Fund 5

Ten largest holdings (%) as of April 30, 20175
Alibaba Group Holding Limited ADR	3.34
China Construction Bank H Shares	2.61
Samsung Electronics Company Limited	2.37
Tencent Holdings Limited	2.28
Mitsubishi UFJ Financial Group Incorporated	2.10
Industrial & Commercial Bank of China Limited H Shares	1.70
Samsung Electronics Company Limited	1.61
Sony Corporation	1.59
Taiwan Semiconductor Manufacturing Company Limited	1.58
Mitsui Fudosan Company Limited	1.49

Country allocation as of April 30, 2017⁶

Sector distribution as of April 30, 2017⁶

¹  Historical performance shown for the Class A shares prior to its inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Class A shares would be higher. Historical performance shown for the Class C shares prior to its inception is based on the performance of the former Investor Class shares, and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Administrator and Institutional Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns for Administrator and Institutional Class shares would be higher.

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 February 28, 2018, 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, and extraordinary expenses are excluded from 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 or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  The Morgan Stanley Capital International (MSCI) All Country (AC) Asia Pacific Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Pacific region. The MSCI AC Asia Pacific Index (Net) consists of the following 12 developed and emerging markets countries: Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, and Thailand. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

6 Wells Fargo Asia Pacific 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 November 1, 2016 to April 30, 2017.

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 11-1-2016		Ending account value 4-30-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,068.51	$	8.21		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class C
Actual	$	1,000.00	$	1,063.58	$	12.02		2.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.14	$	11.73		2.35	%
Administrator Class
Actual	$	1,000.00	$	1,068.45	$	7.69		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,069.94	$	6.42		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Asia Pacific Fund 7

Security name	Shares		Value
Common Stocks: 90.85%
Australia: 6.38%
Australia & New Zealand Banking Group Limited (Financials, Banks)		61,431	$	1,506,945
BHP Billiton Limited (Materials, Metals & Mining)		59,774		1,061,678
Evolution Mining Limited (Materials, Metals & Mining)		435,071		746,039
Healthscope Limited (Health Care, Health Care Providers & Services)		385,900		638,606
Medibank Private Limited (Financials, Insurance)		306,927		668,796
MYOB Group Limited (Information Technology, Internet Software & Services)		256,900		677,131
Rio Tinto Limited (Materials, Metals & Mining)		38,513		1,743,001
Suncorp Group Limited (Financials, Insurance)		106,752		1,103,115
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		43,439		1,046,723
				9,192,034
China: 23.59%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		41,700		4,816,350
AviChina Industry & Technology Company Limited H Shares (Industrials, Aerospace & Defense)		2,137,000		1,425,885
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		3,941		710,286
Bank of China Limited H Shares (Financials, Banks)		1,424,000		690,182
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		1,608,000		1,232,097
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		406,000		558,499
China Construction Bank H Shares (Financials, Banks)		4,635,000		3,765,992
China Everbright International Limited (Industrials, Commercial Services & Supplies)		579,000		783,081
China Galaxy Securities Company Limited H Shares (Financials, Capital Markets)		1,071,500		978,054
China Life Insurance Company Limited H Shares (Financials, Insurance)		238,000		723,637
China Merchants Bank Company Limited H Shares (Financials, Banks)		344,000		893,351
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		124,500		1,327,695
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		1,140,000		923,332
China Resources Phoenix Healthcare Holdings Company Limited (Health Care, Health Care Providers & Services) «		565,000		725,647
Goodbaby International Holdings Limited (Consumer Discretionary, Leisure Products)		392,601		178,172
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		4,424,000		1,547,022
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		3,754,000		2,451,718
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		2,150,000		1,514,717
Ping An Insurance (Group) Company of China Limited H Shares (Financials, Insurance)		187,500		1,055,815
Shanghai Electric Group Company Limited (Industrials, Electrical Equipment) †		1,354,000		638,848
Shanghai Fosun Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals)		235,000		886,724
Tencent Holdings Limited (Information Technology, Internet Software & Services)		104,800		3,279,400
Vipshop Holdings Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		54,500		755,915
Yum China Holdings Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) †		40,200		1,371,624
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		2,104,000		743,860
				33,977,903
Hong Kong: 1.32%
China Overseas Land & Investment Limited (Real Estate, Real Estate Management & Development)		426,000		1,237,743
IMAX China Holding Incorporated (Consumer Discretionary, Media) 144A†		140,500		661,104
				1,898,847
India: 6.62%
Emami Limited (Consumer Staples, Personal Products)		47,169		775,946
Gateway Distriparks Limited (Industrials, Transportation Infrastructure)		115,448		478,267

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

8 Wells Fargo Asia Pacific Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
India (continued)
HDFC Bank Limited (Financials, Banks)		66,300	$	1,593,859
Hindalco Industries Limited (Materials, Metals & Mining)		304,360		943,171
ICICI Bank Limited (Financials, Banks)		169,700		734,672
Indian Hotels Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		590,184		1,177,524
ITC Limited (Consumer Staples, Tobacco)		197,800		854,786
Larsen & Toubro Limited (Industrials, Construction & Engineering)		48,036		1,306,597
Maruti Suzuki India Limited (Consumer Discretionary, Automobiles)		9,700		983,850
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		32,079		695,735
				9,544,407
Indonesia: 1.99%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		809,400		783,349
PT Cikarang Listrindo Tbk (Utilities, Independent Power & Renewable Electricity Producers)		6,279,300		607,720
PT Telekomunikasi Indonesia Persero Tbk (Telecommunication Services, Diversified Telecommunication Services)		2,451,200		803,642
PT Wijaya Karya Persero Tbk (Industrials, Construction & Engineering)		3,775,800		671,367
				2,866,078
Japan: 33.35%
FUJIFILM Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		19,400		719,440
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		316,000		1,743,634
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		23,000		666,840
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		52,300		709,375
J. Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		70,100		1,009,289
Japan Airlines Company Limited (Industrials, Airlines)		51,000		1,610,406
Japan Hotel REIT Investment Corporation (Real Estate, Equity REITs)		1,000		680,870
Japan Rental Housing Investment Incorporated (Real Estate, Equity REITs)		1,900		1,365,239
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		28,300		940,837
Kao Corporation (Consumer Staples, Personal Products)		13,500		744,544
Kose Corporation (Consumer Staples, Personal Products)		7,700		730,110
Kubota Corporation (Industrials, Machinery)		71,200		1,119,656
Kyushu Railway Company (Industrials, Road & Rail)		61,400		1,925,033
Macromill Incorporated (Information Technology, Internet Software & Services)		58,000		1,016,658
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		31,600		1,584,606
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		475,800		3,027,023
Mitsui Fudosan Company Limited (Real Estate, Real Estate Management & Development)		98,000		2,153,407
Nagoya Railroad Company Limited (Industrials, Road & Rail)		202,000		927,778
Nintendo Company Limited (Information Technology, Software)		3,300		830,218
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		18,900		808,559
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		62,000		1,495,008
Obayashi Corporation (Industrials, Construction & Engineering)		196,200		1,902,599
ORIX Corporation (Financials, Diversified Financial Services)		109,800		1,675,441
Otsuka Corporation (Information Technology, IT Services)		23,200		1,242,467
Panasonic Corporation (Consumer Discretionary, Household Durables)		139,700		1,667,377
Recruit Holdings Company Limited (Industrials, Professional Services)		18,700		944,436
Resona Holdings Incorporated (Financials, Banks)		295,600		1,643,533
Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail)		7,400		1,668,858
Sekisui House Limited (Consumer Discretionary, Household Durables)		115,400		1,914,620
Skylark Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		127,900		1,934,419
Sony Corporation (Consumer Discretionary, Household Durables)		67,800		2,286,254
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks)		55,100		1,886,671

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Asia Pacific Fund 9

Security name	Shares		Value
Japan (continued)
Suzuki Motor Corporation (Consumer Discretionary, Automobiles)		25,700	$	1,072,495
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		12,700		687,549
Tsukui Corporation (Health Care, Health Care Providers & Services)		187,300		1,061,885
Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		149,800		640,992
				48,038,126
Malaysia: 2.38%
Bursa Malaysia Bhd (Financials, Diversified Financial Services)		329,300		778,304
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		585,300		791,456
IHH Healthcare Bhd (Health Care, Health Care Providers & Services)		770,000		1,096,199
Sime Darby Bhd (Industrials, Industrial Conglomerates)		353,200		759,124
				3,425,083
Philippines: 1.52%
GT Capital Holdings Incorporated (Financials, Diversified Financial Services)		42,605		1,074,398
Semirara Mining and Power Corporation (Energy, Oil, Gas & Consumable Fuels)		374,860		1,117,865
				2,192,263
Singapore: 0.46%
CapitaLand Mall Trust (Real Estate, Equity REITs)		472,700		666,513
South Korea: 6.03%
Hana Financial Group Incorporated (Financials, Banks)		41,335		1,423,967
KB Financial Group Incorporated (Financials, Banks)		31,701		1,395,747
Korea Electric Power Corporation (Utilities, Electric Utilities)		26,713		1,064,623
LG Chem Limited (Materials, Chemicals)		3,049		734,182
POSCO (Materials, Metals & Mining)		2,748		646,006
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		1,743		3,417,377
				8,681,902
Taiwan: 5.79%
Advanced Semiconductor Engineering Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		631,114		793,834
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		410		1,082
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		472,085		1,545,922
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		493,000		799,036
Taiwan Paiho Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		228,000		759,471
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		354,000		2,282,092
Tung Thih Electronic Company Limited (Consumer Discretionary, Auto Components)		76,000		521,428
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		413,000		762,457
United Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		2,180,000		870,671
				8,335,993
Thailand: 1.04%
Land & Houses PCL (Real Estate, Real Estate Management & Development)		2,679,400		797,855
Thai Beverage PCL (Consumer Staples, Beverages)		1,060,300		701,984
				1,499,839

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

10 Wells Fargo Asia Pacific Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name						Shares		Value
Vietnam: 0.38%
Masan Group Corporation (Consumer Staples, Food Products)							281,050	$	549,285
Total Common Stocks (Cost $116,031,850)									130,868,273
				Expiration date
Participation Notes: 5.21%
China: 5.21%
HSBC Bank plc (Baoshan Iron & Steel Company Limited Class A) (Industrials, Machinery) †					2-19-2019		870,995		789,123
HSBC Bank plc (China International Travel Service Corporation Limited Class A) (Consumer Discretionary, Hotels, Restaurants & Leisure) †					12-23-2024		95,500		736,973
HSBC Bank plc (Han’s Laser Technology Industry Group Company Limited Class A) (Industrials, Machinery) †					3-18-2019		229,000		977,857
HSBC Bank plc (Hangzhou Hikvision Digital Technology Company Limited Class A) (Information Technology, Electronic Equipment, Instruments & Components) †					6-18-2018		286,000		1,518,573
HSBC Bank plc (Inner Mongolia Yili Industrial Group Company Limited Class A) (Consumer Staples, Food Products) †					9-25-2023		344,600		913,610
HSBC Bank plc (Midea Group Company Limited Class A) (Consumer Discretionary, Household Durables) †					5-8-2018		175,000		855,258
UBS AG (GoerTek Incorporated Class A) (Information Technology, Electronic Equipment, Instruments & Components) †					7-17-2026		331,400		835,790
UBS AG (Han’s Laser Technology Industry Group Company Limited Class A) (Industrials, Machinery) †					3-19-2018		203,912		870,728
Total Participation Notes (Cost $6,195,570)									7,497,912
	Dividend yield
Preferred Stocks: 1.61%
South Korea: 1.61%
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) ±		1.94	%				1,509		2,324,701
Total Preferred Stocks (Cost $1,045,900)									2,324,701
	Yield
Short-Term Investments: 2.10%
Investment Companies: 2.10%
Securities Lending Cash Investment LLC (l)(r)(u)		1.03					269,973		270,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.68					2,754,710		2,754,710
Total Short-Term Investments (Cost $3,024,710)									3,024,710

Total investments in securities (Cost $126,298,030) *	99.77	%		143,715,596
Other assets and liabilities, net	0.23			331,149
Total net assets	100.00	%	$	144,046,745

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Asia Pacific Fund 11

† 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.

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

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

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

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

* Cost for federal income tax purposes is $126,926,704 and unrealized gains (losses) consists of:

Gross unrealized gains	$	19,701,880
Gross unrealized losses		(2,912,988	)
Net unrealized gains	$	16,788,892

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

12 Wells Fargo Asia Pacific Fund Statement of assets and liabilities—April 30, 2017 (unaudited)

Assets
Investments
In unaffiliated securities (including $256,784 of securities loaned), at value (cost $123,273,320)	$	140,690,886
In affiliated securities, at value (cost $3,024,710)		3,024,710
Total investments, at value (cost $126,298,030)		143,715,596
Foreign currency, at value (cost $717,575)		716,238
Receivable for investments sold		252,199
Receivable for Fund shares sold		7,919
Receivable for dividends		446,891
Receivable for securities lending income		461
Prepaid expenses and other assets		20,306
Total assets		145,159,610
Liabilities
Payable for investments purchased		397,379
Payable for Fund shares redeemed		218,720
Payable upon receipt of securities loaned		270,000
Management fee payable		110,210
Distribution fee payable		1,261
Administration fees payable		22,991
Accrued expenses and other liabilities		92,304
Total liabilities		1,112,865
Total net assets	$	144,046,745
NET ASSETS CONSIST OF
Paid-in capital	$	213,357,012
Overdistributed net investment income		(472,817	)
Accumulated net realized losses on investments		(86,251,891	)
Net unrealized gains on investments		17,414,441
Total net assets	$	144,046,745
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	115,297,913
Shares outstanding – Class A1		9,031,829
Net asset value per share – Class A		$12.77
Maximum offering price per share – Class A2		$13.55
Net assets – Class C	$	2,042,435
Shares outstanding – Class C1		168,350
Net asset value per share – Class C		$12.13
Net assets – Administrator Class	$	4,545,929
Shares outstanding – Administrator Class1		362,291
Net asset value per share – Administrator Class		$12.55
Net assets – Institutional Class	$	22,160,468
Shares outstanding – Institutional Class1		1,772,485
Net asset value per share – Institutional Class		$12.50

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 April 30, 2017 (unaudited) Wells Fargo Asia Pacific Fund 13

Investment income
Dividends (net of foreign withholding taxes of $146,752)	$	1,133,635
Securities lending income, net		21,764
Income from affiliated securities		5,812
Total investment income		1,161,211
			��
Expenses
Management fee		697,478
Administration fees
Class A		119,977
Class C		2,153
Administrator Class		3,438
Institutional Class		11,630
Shareholder servicing fees
Class A		142,830
Class C		2,563
Administrator Class		6,611
Distribution fee
Class C		7,690
Custody and accounting fees		32,290
Professional fees		36,305
Registration fees		35,351
Shareholder report expenses		10,259
Trustees’ fees and expenses		12,569
Other fees and expenses		15,854
Total expenses		1,136,998
Less: Fee waivers and/or expense reimbursements		(47,299	)
Net expenses		1,089,699
Net investment income		71,512
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(893,649	)
Affiliated securities		59
Net realized losses on investments		(893,590	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		10,090,801
Affiiliated securities		(59	)
Net change in unrealized gains (losses) on investments		10,090,742
Net realized and unrealized gains (losses) on investments		9,197,152
Net increase in net assets resulting from operations	$	9,268,664

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

14 Wells Fargo Asia Pacific Fund Statement of changes in net assets

	Six months ended April 30, 2017 (unaudited)						Year ended October 31, 2016
Operations
Net investment income				$	71,512					$	1,443,500
Net realized losses on investments					(893,590	)					(3,319,116	)
Net change in unrealized gains (losses) on investments					10,090,742						5,861,420
Net increase in net assets resulting from operations					9,268,664						3,985,804
Distributions to shareholders from
Net investment income
Class A					(1,463,867	)					(2,403,259	)
Class C					(6,107	)					(44,466	)
Administrator Class					(50,069	)					(274,359	)
Institutional Class					(295,073	)					(250,376	)
Total distributions to shareholders					(1,815,116	)					(2,972,460	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		449,173			5,474,963			1,604,531			18,556,341
Class C		4,591			54,262			13,686			149,151
Administrator Class		40,860			481,843			70,112			783,199
Institutional Class		1,049,276			12,210,422			334,375			3,796,409
					18,221,490						23,285,100
Reinvestment of distributions
Class A		124,042			1,419,041			203,382			2,336,858
Class C		449			4,899			3,274			35,719
Administrator Class		4,266			47,951			24,161			272,051
Institutional Class		25,127			281,166			20,214			227,203
					1,753,057						2,871,831
Payment for shares redeemed
Class A		(1,457,709	)		(17,686,187	)		(3,431,646	)		(39,403,961	)
Class C		(31,015	)		(354,378	)		(132,110	)		(1,420,868	)
Administrator Class		(638,580	)		(7,321,928	)		(337,011	)		(3,756,219	)
Institutional Class		(162,723	)		(1,943,367	)		(434,461	)		(4,818,709	)
					(27,305,860	)					(49,399,757	)
Net decrease in net assets resulting from capital share transactions					(7,331,313	)					(23,242,826	)
Total increase (decrease) in net assets					122,235						(22,229,482	)
Net assets
Beginning of period					143,924,510						166,153,992
End of period				$	144,046,745					$	143,924,510
Undistributed (overdistributed) net investment income				$	(472,817	)				$	1,270,787

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

Financial highlights Wells Fargo Asia Pacific Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$12.11			$11.92			$12.18			$11.72			$10.19			$9.30
Net investment income		0.00	1		0.11	2		0.04	2		0.09	2		0.12	2		0.10	2
Net realized and unrealized gains (losses) on investments		0.81			0.29			(0.16	)		0.67			1.79			0.79
Total from investment operations		0.81			0.40			(0.12	)		0.76			1.91			0.89
Distributions to shareholders from
Net investment income		(0.15	)		(0.21	)		(0.14	)		(0.30	)		(0.38	)		0.00
Net asset value, end of period		$12.77			$12.11			$11.92			$12.18			$11.72			$10.19
Total return3		6.85	%		3.47	%		(0.95	)%		6.61	%		19.24	%		9.57	%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.69	%		1.72	%		1.71	%		1.79	%		1.86	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income		0.05	%		0.97	%		0.34	%		0.80	%		1.08	%		1.04	%
Supplemental data
Portfolio turnover rate		56	%		52	%		113	%		113	%		187	%		163	%
Net assets, end of period (000s omitted)		$115,298			$120,108			$137,578			$6,755			$8,720			$5,699

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.44			$11.29			$11.57			$11.15			$9.73			$8.98
Net investment income (loss)		(0.04	)1		0.02	1		(0.00	)1,2		0.01	1		0.05			0.09	1
Net realized and unrealized gains (losses) on investments		0.76			0.28			(0.20	)		0.63			1.69			0.69
Total from investment operations		0.72			0.30			(0.20	)		0.64			1.74			0.78
Distributions to shareholders from
Net investment income		(0.03	)		(0.15	)		(0.08	)		(0.22	)		(0.32	)		(0.03	)
Net asset value, end of period		$12.13			$11.44			$11.29			$11.57			$11.15			$9.73
Total return3		6.36	%		2.75	%		(1.71	)%		5.76	%		18.44	%		8.78	%
Ratios to average net assets (annualized)
Gross expenses		2.41	%		2.44	%		2.46	%		2.46	%		2.54	%		2.62	%
Net expenses		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%
Net investment income (loss)		(0.71	)%		0.14	%		(0.01	)%		0.12	%		0.37	%		0.92	%
Supplemental data
Portfolio turnover rate		56	%		52	%		113	%		113	%		187	%		163	%
Net assets, end of period (000s omitted)		$2,042			$2,223			$3,495			$2,427			$1,980			$1,673

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Asia Pacific Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.88			$11.72			$11.99			$11.54			$10.04			$9.29
Net investment income		0.00	1,2		0.12			0.11	1		0.12	1		0.14	1		0.17
Net realized and unrealized gains (losses) on investments		0.80			0.29			(0.21	)		0.65			1.77			0.71
Total from investment operations		0.80			0.41			(0.10	)		0.77			1.91			0.88
Distributions to shareholders from
Net investment income		(0.13	)		(0.25	)		(0.17	)		(0.32	)		(0.41	)		(0.13	)
Net asset value, end of period		$12.55			$11.88			$11.72			$11.99			$11.54			$10.04
Total return3		6.84	%		3.60	%		(0.83	)%		6.86	%		19.57	%		9.66	%
Ratios to average net assets (annualized)
Gross expenses		1.58	%		1.61	%		1.56	%		1.52	%		1.61	%		1.67	%
Net expenses		1.50	%		1.47	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.02	%		1.07	%		0.87	%		1.04	%		1.26	%		1.74	%
Supplemental data
Portfolio turnover rate		56	%		52	%		113	%		113	%		187	%		163	%
Net assets, end of period (000s omitted)		$4,546			$11,357			$14,048			$13,956			$12,577			$12,860

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

18 Wells Fargo Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.89			$11.73			$12.00			$11.55			$10.05			$9.30
Net investment income		0.08			0.13			0.15	1		0.14	1		0.18	1		0.18
Net realized and unrealized gains (losses) on investments		0.73			0.30			(0.23	)		0.65			1.74			0.71
Total from investment operations		0.81			0.43			(0.08	)		0.79			1.92			0.89
Distributions to shareholders from
Net investment income		(0.20	)		(0.27	)		(0.19	)		(0.34	)		(0.42	)		(0.14	)
Net asset value, end of period		$12.50			$11.89			$11.73			$12.00			$11.55			$10.05
Total return2		6.99	%		3.83	%		(0.65	)%		6.99	%		19.70	%		9.90	%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.36	%		1.36	%		1.27	%		1.33	%		1.42	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		0.53	%		1.28	%		1.27	%		1.15	%		1.62	%		1.86	%
Supplemental data
Portfolio turnover rate		56	%		52	%		113	%		113	%		187	%		163	%
Net assets, end of period (000s omitted)		$22,160			$10,237			$11,034			$502			$129			$12

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Asia Pacific Fund 19

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 (“ASC”) Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Asia Pacific Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of 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 April 30, 2017, 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 method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

20 Wells Fargo Asia Pacific Fund Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. 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.

Participation notes

The Fund 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. dividends, 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 Fund has no rights against the issuer of the underlying foreign security and participation notes expose the Fund 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 Fund is subject to foreign currency exchange rate 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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund 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 Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund 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 Fund on the next business day. In a securities lending transaction, the net asset value of the Fund 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 Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund 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 Asia Pacific Fund 21

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 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.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end may be categorized as a tax return of capital.

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.

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of October 31, 2016, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2017	Short-term	Long-term
$80,817,204	$463,465	$3,353,112

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

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

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

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

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

22 Wells Fargo Asia Pacific Fund Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	9,192,034	$	0	$	0	$	9,192,034
China		33,977,903		0		0		33,977,903
Hong Kong		1,898,847		0		0		1,898,847
India		9,544,407		0		0		9,544,407
Indonesia		2,866,078		0		0		2,866,078
Japan		48,038,126		0		0		48,038,126
Malaysia		3,425,083		0		0		3,425,083
Philippines		2,192,263		0		0		2,192,263
Singapore		666,513		0		0		666,513
South Korea		8,681,902		0		0		8,681,902
Taiwan		8,335,993		0		0		8,335,993
Thailand		1,499,839		0		0		1,499,839
Vietnam		549,285		0		0		549,285
Participation notes
China		0		7,497,912		0		7,497,912
Preferred stocks
South Korea		2,324,701		0		0		2,324,701
Short-term investments
Investment companies		2,754,710		0		0		2,754,710
Investments measured at net asset value*								270,000
Total assets	$	135,947,684	$	7,497,912	$	0	$	143,715,596

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $270,000 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 1.00% and declining to 0.83% as the average daily net assets of the Fund increase. For the six months ended April 30, 2017, the management fee was equivalent to an annual rate of 1.00% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Asia Pacific Fund 23

Administration fees

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

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

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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.60% for Class A shares, 2.35% for Class C shares, 1.50% for Administrator Class shares, and 1.25% 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.

During the six months ended April 30, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $162 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $14,925 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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 April 30, 2017, Funds Distributor received $26 from the sale of Class A shares and $12 in contingent deferred sales charges from redemptions of Class C shares.

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

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2017 were $78,299,405 and $87,932,660, respectively.

The Fund may purchase or sell investment securities to 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. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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 April 30, 2017, there were no borrowings by the Fund under the agreement.

24 Wells Fargo Asia Pacific Fund Notes to financial statements (unaudited)

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of geographic regions. A fund that invest a substantial portion of their assets in any geographic region may be more affected by changes in that geographic region than would be a fund whose investments are not heavily weighted in any geographic region.

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 December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Asia Pacific Fund 25

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2016. 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
$402,150	$0.0337	91.17%

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses 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.

26 Wells Fargo Asia Pacific 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 138 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 Forté Foundation (non-profit organization) and 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.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Asia Pacific Fund 27

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (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. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds 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.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 69 funds and Assistant Treasurer of 69 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.

28 Wells Fargo Asia Pacific Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

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 a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

303212 06-17 SA236/SAR236 04-17

Semi-Annual Report

April 30, 2017

Wells Fargo Diversified International Fund

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	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	25
Other information	33
List of abbreviations	36

The views expressed and any forward-looking statements are as of April 30, 2017, 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.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Diversified International Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016.

Dear Shareholder:

As the new president of Wells Fargo Funds, now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Diversified International Fund for the six-month period that ended April 30, 2017. Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016. U.S. and international stocks returned 13.31% and 10.37% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -0.67%.

During the last two months of 2016, prospects for faster growth and higher interest rates in the U.S. influenced markets.

Following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of progrowth policies, and supportive economic news helped the rally carry through the end of 2016. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year by a quarter percentage point to between 0.50% and 0.75%. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar. Rising inflation across the eurozone and Japan caused an upward shift in yield curves in those areas, although developed-country bond yields remained significantly lower than U.S. Treasury yields.

Globally, stocks delivered positive results and economies showed improvement in the first four months of 2017.

Stocks rallied globally, supported by signs of improvement in the U.S. and global economies. In the U.S., hiring remained strong and business and consumer sentiment improved. Meanwhile, inflation inched up. In March, Fed officials raised their short-term target interest rate by a quarter percentage point to between 0.75% and 1.00%. With the Fed’s target-rate increase, short-term bond yields rose. Longer-term Treasury yields were little changed, however, leading to positive performance. Investment-grade corporate bonds and high-yield bonds benefited from strong demand. Municipal bond returns were also positive during the first four months of 2017, helped by strong demand and constrained new-issue supply. Outside the U.S., stocks in emerging markets benefited from both global economic growth and recent weakening in the U.S. dollar. European stocks also advanced as political risk declined. In the first round of the French presidential elections, Emmanuel Macron, a pro-EU candidate, garnered the most votes. Non-U.S. bonds also benefited from a decline in perceived risk, with credit spreads continuing to narrow.

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Diversified International Fund 3

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest in 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

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.

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. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Diversified International Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Artisan Partners Limited Partnership

LSV Asset Management

Wells Capital Management Incorporated

Portfolio managers

Josef Lakonishok, Ph.D.

Venkateshwar Lal*

Puneet Mansharamani, CFA^®

Menno Vermeulen, CFA^®

Dale A. Winner, CFA^®

Mark L. Yockey, CFA^®

Average annual total returns (%) as of April 30, 2017¹

		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 (SILAX)	9-24-1997		4.88		4.94		(0.17	)		11.24		6.19		0.42			1.75		1.36
Class C (WFECX)	4-1-1998		9.43		5.40		(0.31	)		10.43		5.40		(0.31	)		2.50		2.11
Class R (WDIHX)	9-30-2015		–		–		–			11.06		5.97		0.24			2.00		1.61
Class R6 (WDIRX)	9-30-2015		–		–		–			11.83		6.46		0.66			1.32		0.90
Administrator Class (WFIEX)	11-8-1999		–		–		–			11.36		6.34		0.60			1.67		1.26
Institutional Class (WFISX)	8-31-2006		–		–		–			11.60		6.52		0.80			1.42		1.00
MSCI EAFE Index (Net)4	–		–		–		–			11.29		6.78		0.87			–		–

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 R, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Diversified International Fund 5

Ten largest holdings (%) as of April 30, 20175
Allianz AG	1.60
Deutsche Boerse AG	1.40
Nomura Holdings Incorporated	1.39
ING Groep NV	1.39
Linde AG	1.37
Bayer AG	1.29
Zurich Insurance Group AG	1.26
DNB ASA	1.22
Metro AG	1.22
SK Telecom Company Limited	1.21

Sector distribution as of April 30, 2017⁶

Country allocation as of April 30, 2017⁶

* Mr. Lal became a portfolio manager of the Fund on June 30, 2017.

¹  Historical performance shown for the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

³  The manager has contractually committed through February 28, 2018, 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, 1.60% for Class R, 0.89% for Class R6, 1.25% for Administrator Class, and 0.99% 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, and extraordinary expenses are excluded from 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 or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE 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.

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

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

6 Wells Fargo Diversified International 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 November 1, 2016 to April 30, 2017.

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 11-1-2016		Ending account value 4-30-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,108.42	$	7.06		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76		1.35	%
Class C
Actual	$	1,000.00	$	1,105.39	$	10.96		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.38	$	10.49		2.10	%
Class R
Actual	$	1,000.00	$	1,107.66	$	8.36		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class R6
Actual	$	1,000.00	$	1,112.33	$	4.66		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Administrator Class
Actual	$	1,000.00	$	1,109.69	$	6.54		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,110.72	$	5.18		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96		0.99	%

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Diversified International Fund 7

Security name	Shares		Value
Common Stocks: 93.07%
Australia: 1.76%
Arrium Limited (Materials, Metals & Mining) †(a)(i)		397,400	$	0
Asaleo Care Limited (Consumer Staples, Personal Products)		114,700		154,168
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail)		29,300		81,836
Bendigo Bank Limited (Financials, Banks)		26,100		240,778
CSR Limited (Materials, Construction Materials)		59,900		219,780
Downer EDI Limited (Industrials, Commercial Services & Supplies)		42,300		186,245
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		24,500		294,080
Metcash Limited (Consumer Staples, Food & Staples Retailing) †		28,500		45,883
Mineral Resources Limited (Materials, Metals & Mining)		14,900		119,270
Qantas Airways Limited (Industrials, Airlines)		59,300		188,272
Seven Group Holdings Limited (Industrials, Trading Companies & Distributors)		8,000		66,434
Westpac Banking Corporation (Financials, Banks)		17,571		461,290
				2,058,036
Austria: 0.36%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		5,300		244,066
Voestalpine AG (Materials, Metals & Mining)		4,300		179,654
				423,720
Belgium: 0.15%
Telenet Group Holding NV (Consumer Discretionary, Media) †		2,859		173,654
Brazil: 1.59%
Ambev SA ADR (Consumer Staples, Beverages)		25,441		145,777
Banco do Brasil SA (Financials, Banks)		19,000		196,642
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		5,300		60,112
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		105,779		813,441
JBS SA (Consumer Staples, Food Products)		198,300		641,622
				1,857,594
Canada: 2.33%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		8,692		1,332,049
Lundin Mining Corporation (Materials, Metals & Mining)		156,208		833,079
Magna International Incorporated (Consumer Discretionary, Auto Components)		9,100		380,119
Rogers Communications Incorporated Class B (Telecommunication Services, Wireless Telecommunication Services)		601		27,557
WestJet Airlines Limited (Industrials, Airlines)		9,200		152,182
				2,724,986
China: 4.23%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		10,587		1,222,799
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		220,000		125,297
China Everbright Limited (Financials, Capital Markets)		190,000		434,797
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		106,500		1,135,739
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		218,000		176,567
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		141,500		197,924
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		106,000		111,474

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

8 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
China (continued)
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		181,000	$	118,210
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		69,000		111,062
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		272,000		720,358
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		49,500		83,111
Tencent Holdings Limited (Information Technology, Internet Software & Services)		4,300		134,556
Xinyi Solar Holdings Limited (Information Technology, Semiconductors & Semiconductor Equipment)		562,000		175,572
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		334,050		133,133
Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages)		23,400		57,520
				4,938,119
Czech Republic: 0.07%
CEZ AS (Utilities, Electric Utilities)		4,900		85,522
Denmark: 0.85%
Danske Bank AS (Financials, Banks)		9,300		337,773
ISS AS (Industrials, Commercial Services & Supplies)		3,856		159,927
Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		8,910		346,705
Sydbank AS (Financials, Banks)		4,000		145,513
				989,918
Finland: 0.09%
Tieto Oyj (Information Technology, IT Services)		3,500		109,840
France: 6.12%
Arkema SA (Materials, Chemicals)		910		96,361
Atos Origin SA (Information Technology, IT Services)		2,400		314,503
AXA SA (Financials, Insurance) «		34,802		929,170
BNP Paribas SA (Financials, Banks)		4,936		348,308
Compagnie Generale des Establissements Michelin (Consumer Discretionary, Auto Components)		2,200		287,455
Compagnie de Saint-Gobain SA (Industrials, Building Products)		22,254		1,201,155
Credit Agricole SA (Financials, Banks)		13,900		206,678
Eiffage SA (Industrials, Construction & Engineering)		2,300		194,819
Electricite de France SA (Utilities, Electric Utilities)		9,000		75,155
Engie SA (Utilities, Multi-Utilities)		13,300		187,616
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		14,100		218,100
Renault SA (Consumer Discretionary, Automobiles)		3,100		289,090
Sanofi SA (Health Care, Pharmaceuticals)		8,600		811,361
Schneider Electric SE (Industrials, Electrical Equipment)		4,978		393,134
SCOR SE (Financials, Insurance)		7,700		304,638
Societe Generale SA (Financials, Banks)		3,700		202,367
Total SA (Energy, Oil, Gas & Consumable Fuels)		7,000		359,676
Vallourec SA (Energy, Energy Equipment & Services) †«		23,177		148,501
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		23,842		578,895
				7,146,982
Germany: 14.17%
Allianz AG (Financials, Insurance)		9,835		1,872,674
Aurubis AG (Materials, Metals & Mining)		2,300		160,796
BASF SE (Materials, Chemicals)		2,900		282,601
Bayer AG (Health Care, Pharmaceuticals)		12,177		1,506,836

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Diversified International Fund 9

Security name	Shares		Value
Germany (continued)
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		2,200	$	210,050
Beiersdorf AG (Consumer Staples, Personal Products)		7,066		703,043
Celesio AG (Health Care, Health Care Providers & Services)		5,300		149,413
Daimler AG (Consumer Discretionary, Automobiles)		5,300		394,893
Deutsche Bank AG (Financials, Capital Markets)		13,649		245,766
Deutsche Boerse AG (Financials, Diversified Financial Services)		16,703		1,634,782
Deutsche Post AG (Industrials, Air Freight & Logistics)		26,101		938,250
Hannover Rueck SE (Financials, Insurance)		1,200		143,918
Linde AG (Materials, Chemicals)		8,922		1,603,105
Metro AG (Consumer Staples, Food & Staples Retailing)		43,170		1,420,627
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		5,568		1,067,176
Rheinmetall AG (Industrials, Industrial Conglomerates)		7,868		722,074
SAP SE (Information Technology, Software)		9,309		933,617
Siemens AG (Industrials, Industrial Conglomerates)		6,080		871,580
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		1,500		106,256
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)		810		13,297
Volkswagen AG (Consumer Discretionary, Automobiles)		1,600		257,859
Vonovia SE (Real Estate, Real Estate Management & Development)		12,979		469,877
Wirecard AG (Information Technology, IT Services) «		14,122		833,917
				16,542,407
Hong Kong: 2.24%
AIA Group Limited (Financials, Insurance)		144,800		1,002,459
China Resources Cement Holdings Limited (Materials, Construction Materials)		168,000		92,009
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		109,500		132,047
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		320,000		185,952
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		22,000		171,540
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		972,000		862,239
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		42,000		166,038
				2,612,284
Hungary: 0.07%
Richter Gedeon (Health Care, Pharmaceuticals)		3,500		84,750
Indonesia: 0.13%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		157,400		152,334
Ireland: 1.49%
Allegion plc (Industrials, Building Products)		2,964		233,089
C&C Group plc (Consumer Staples, Beverages)		18,600		76,728
Medtronic plc (Health Care, Health Care Equipment & Supplies)		14,388		1,195,499
Smurfit Kappa Group plc (Materials, Containers & Packaging)		8,800		235,716
				1,741,032
Israel: 0.30%
Bank Hapoalim Limited (Financials, Banks)		38,000		237,225
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		3,400		107,488
				344,713

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

10 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
Italy: 3.32%
A2A SpA (Utilities, Multi-Utilities)		104,600	$	155,529
Assicurazioni Generali SpA (Financials, Insurance)		37,000		585,618
Atlantia SpA (Industrials, Transportation Infrastructure)		13,617		345,312
Enel SpA (Utilities, Electric Utilities)		80,400		382,198
Eni SpA (Energy, Oil, Gas & Consumable Fuels)		70,606		1,097,521
Intesa Sanpaolo SpA (Financials, Banks)		203,532		592,845
Mediobanca SpA (Financials, Banks)		23,400		224,946
Prysmian SpA (Industrials, Electrical Equipment)		10,564		305,060
UniCredit SpA (Financials, Banks)		11,554		188,031
				3,877,060
Japan: 14.40%
Adeka Corporation (Materials, Chemicals)		13,000		191,837
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		3,300		161,337
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		1,800		64,266
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		17,100		225,188
Bridgestone Corporation (Consumer Discretionary, Auto Components)		6,600		275,190
CALBEE Incorporated (Consumer Staples, Food Products)		9,100		317,551
Central Glass Company Limited (Industrials, Building Products)		34,000		147,011
Coca-Cola Bottlers Japan Incorporated (Consumer Staples, Beverages)		50		1,487
Daikyo Incorporated (Real Estate, Real Estate Management & Development)		73,500		152,967
Daiwa Securities Group Incorporated (Financials, Capital Markets)		171,000		1,038,962
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail)		14,100		122,818
Denka Company Limited (Materials, Chemicals)		50,000		257,457
DIC Incorporated (Materials, Chemicals)		5,300		188,513
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		7,300		241,314
Fuji Oil Company Limited (Consumer Staples, Food Products)		8,800		206,274
Fujikura Limited (Industrials, Electrical Equipment)		25,000		187,710
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		156,000		860,781
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		19,897		269,874
Itochu Corporation (Industrials, Trading Companies & Distributors)		14,600		206,410
Japan Airlines Company Limited (Industrials, Airlines)		6,300		198,933
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		34,420		1,144,297
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		3,000		177,887
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		18,500		490,484
Kyorin Company Limited (Health Care, Pharmaceuticals)		7,900		165,264
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		11,000		202,682
Marubeni Corporation (Industrials, Trading Companies & Distributors)		36,300		223,515
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		3,000		150,437
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		6,100		130,345
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		184,500		1,173,782
Mitsui Fudosan Company Limited (Real Estate, Real Estate Management & Development)		17,000		373,550
Mizuho Financial Group Incorporated (Financials, Banks)		171,600		313,413
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		22,000		941,180
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		32,200		305,752
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		12,400		126,697
Nomura Holdings Incorporated (Financials, Capital Markets)		270,700		1,624,565
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		43,103		1,039,344
ORIX Corporation (Financials, Diversified Financial Services)		16,500		251,774

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Diversified International Fund 11

Security name	Shares		Value
Japan (continued)
Resona Holdings Incorporated (Financials, Banks)		75,000	$	416,999
S Foods Incorporated (Consumer Staples, Food Products) «		7,500		233,797
Sankyu Incorporated (Industrials, Road & Rail)		28,000		178,085
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		2,100		114,725
SEINO Holdings Company Limited (Industrials, Road & Rail)		3,000		34,743
Sojitz Corporation (Industrials, Trading Companies & Distributors)		77,400		196,494
Sumitomo Heavy Industries Limited (Industrials, Machinery)		30,000		209,105
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		8,000		295,959
Sumitomo Osaka Cement Company (Materials, Construction Materials)		37,600		163,251
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		6,200		134,595
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		36,800		180,905
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		5,900		103,525
UBE Industries Limited (Materials, Chemicals)		79,000		183,548
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		10,500		205,808
				16,802,387
Luxembourg: 0.29%
RTL Group SA (Consumer Discretionary, Media)		1,649		127,804
Tenaris SA ADR (Energy, Energy Equipment & Services)		6,671		208,335
				336,139
Malaysia: 1.06%
Bumiputra Commerce Holdings Bhd (Financials, Banks)		931,662		1,231,914
Mexico: 0.11%
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		56,200		126,579
Netherlands: 4.79%
Aegon NV (Financials, Insurance)		23,200		118,247
Akzo Nobel NV (Materials, Chemicals)		4,470		390,897
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		3,610		477,193
Heineken NV (Consumer Staples, Beverages)		1,566		139,623
ING Groep NV (Financials, Banks)		99,655		1,622,342
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		7,700		159,532
Koninklijke Philips NV (Industrials, Industrial Conglomerates) «		40,531		1,404,964
NN Group NV (Financials, Insurance)		31,079		1,030,526
Unilever NV (Consumer Staples, Personal Products)		3,638		190,792
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing) †		1,700		59,925
				5,594,041
Norway: 1.73%
DNB Nor ASA (Financials, Banks) «		90,997		1,421,232
Frontline Limited (Energy, Oil, Gas & Consumable Fuels) «		17,543		116,872
Marine Harvest ASA (Consumer Staples, Food Products)		22,503		374,263
Yara International ASA (Materials, Chemicals)		2,900		107,813
				2,020,180
Poland: 0.07%
Asseco Poland SA (Information Technology, Software)		5,900		83,043

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

12 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
Russia: 1.18%
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		10,500	$	184,800
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		4,200		208,110
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)		14,629		225,067
Mobile TeleSystems PJSC ADR (Telecommunication Services, Wireless Telecommunication Services)		73,194		755,362
				1,373,339
Singapore: 0.35%
DBS Group Holdings Limited (Financials, Banks)		17,000		235,444
United Overseas Bank Limited (Financials, Banks)		10,700		166,954
				402,398
South Africa: 0.73%
Barclays Africa Group Limited (Financials, Banks)		12,600		138,599
Imperial Holdings Limited (Consumer Discretionary, Distributors)		5,700		72,079
Omnia Holdings Limited (Materials, Chemicals)		7,600		90,555
Sasol Limited (Materials, Chemicals)		17,799		546,074
				847,307
South Korea: 3.47%
BNK Financial Group Incorporated (Financials, Banks)		1,018		8,553
Hana Financial Group Incorporated (Financials, Banks)		31,075		1,070,516
Industrial Bank of Korea (Financials, Banks)		16,600		182,353
KT&G Corporation (Consumer Staples, Tobacco)		2,300		205,159
Kwangju Bank (Financials, Banks)		1,044		10,826
LG Household & Health Care Limited (Consumer Staples, Personal Products)		146		111,113
Orion Corporation (Consumer Staples, Food Products)		3		1,782
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		321		629,362
Samsung Electronics Company Limited GDR (Information Technology, Technology Hardware, Storage & Peripherals) 144A		246		241,326
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		6,707		1,411,659
Woori Bank (Financials, Banks)		13,760		180,782
				4,053,431
Spain: 1.19%
Banco Santander Central Hispano SA (Financials, Banks)		29,500		192,388
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		33,900		201,807
Gas Natural SDG SA (Utilities, Gas Utilities)		9,100		205,786
Grifols SA (Health Care, Biotechnology)		10,307		276,812
Grifols SA ADR (Health Care, Biotechnology)		17,720		384,701
International Consolidated Airlines Group SA (Industrials, Airlines)		17,900		129,831
				1,391,325
Sweden: 0.55%
Boliden AB (Materials, Metals & Mining) «		6,700		191,530
Nordea Bank AB (Financials, Banks)		15,000		184,594
Swedbank AB Class A (Financials, Banks)		11,286		267,455
				643,579

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Diversified International Fund 13

Security name	Shares		Value
Switzerland: 6.52%
Actelion Limited (Health Care, Biotechnology) †		1,130	$	319,977
Aryzta AG (Consumer Staples, Food Products)		3,400		110,406
Baloise Holding AG (Financials, Insurance)		2,000		293,266
Credit Suisse Group AG (Financials, Capital Markets)		20,800		316,285
Georg Fischer AG (Industrials, Machinery)		300		282,814
LafargeHolcim Limited (Materials, Construction Materials)		4,663		264,315
Nestle SA (Consumer Staples, Food Products)		16,639		1,281,788
Novartis AG (Health Care, Pharmaceuticals)		17,555		1,350,588
Roche Holding AG (Health Care, Pharmaceuticals)		1,560		408,109
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		692		277,009
Swiss Life Holding AG (Financials, Insurance)		1,500		488,141
Swiss Reinsurance AG (Financials, Insurance)		3,900		339,437
UBS Group AG (Financials, Capital Markets)		10,600		181,106
Valiant Holding AG (Financials, Banks)		1,900		218,070
Zurich Insurance Group AG (Financials, Insurance)		5,330		1,475,258
				7,606,569
Taiwan: 0.99%
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		83,000		244,563
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		121,000		780,037
Zhen Ding Technology Holding (Information Technology, Electronic Equipment, Instruments & Components)		55,000		128,700
				1,153,300
Thailand: 0.30%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		135,400		125,262
Thai Beverage PCL (Consumer Staples, Beverages)		80,000		52,965
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		75,100		169,350
				347,577
United Kingdom: 12.83%
3i Group plc (Financials, Capital Markets)		27,100		278,518
Aon plc (Financials, Insurance)		9,215		1,104,326
AstraZeneca plc (Health Care, Pharmaceuticals)		2,700		162,175
Aviva plc (Financials, Insurance)		22,000		149,453
BAE Systems plc (Industrials, Aerospace & Defense)		70,700		574,148
Barclays plc (Financials, Banks)		66,900		183,912
Barratt Developments plc (Consumer Discretionary, Household Durables)		23,400		175,633
Bellway plc (Consumer Discretionary, Household Durables)		4,200		154,818
Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)		4,400		185,669
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		8,600		102,532
BP plc (Energy, Oil, Gas & Consumable Fuels)		91,700		525,556
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		18,500		73,022
Carillion plc (Industrials, Construction & Engineering)		30,400		87,607
Centrica plc (Utilities, Multi-Utilities)		68,900		176,604
Coca-Cola European Partners plc (Consumer Staples, Beverages)		22,515		869,529
Conva Tec Limited (Health Care, Health Care Equipment & Supplies) †144A		131,800		524,242
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		20,500		160,239
Debenhams plc (Consumer Discretionary, Multiline Retail)		93,500		62,004

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

14 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name			Shares		Value
United Kingdom (continued)
easyJet plc (Industrials, Airlines)				6,900	$	104,383
Experian Group Limited plc (Industrials, Professional Services)				3,558		76,452
Firstgroup plc (Industrials, Road & Rail) †				54,400		96,176
Galliford Try plc (Industrials, Construction & Engineering)				6,500		121,231
GKN plc (Consumer Discretionary, Auto Components)				42,600		198,025
GlaxoSmithKline plc (Health Care, Pharmaceuticals)				19,400		389,466
Imperial Tobacco Group plc (Consumer Staples, Tobacco)				3,413		167,184
Inchcape plc (Consumer Discretionary, Distributors)				1,100		12,174
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)				90,900		324,238
Kingfisher plc (Consumer Discretionary, Specialty Retail)				55,500		245,339
Liberty Global plc Class A (Consumer Discretionary, Media)				15,830		560,699
Liberty Global plc Class C (Consumer Discretionary, Media)				25,292		875,356
Lloyds Banking Group plc (Financials, Banks)				134,900		120,908
Man Group plc (Financials, Capital Markets)				633,596		1,261,313
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)				33,900		160,964
Merlin Entertainment plc (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A				2,787		18,247
Mitie Group plc (Industrials, Commercial Services & Supplies) «				31,900		86,600
Mondi plc (Materials, Paper & Forest Products)				4,200		108,851
Old Mutual plc (Financials, Insurance)				59,600		149,756
Qinetiq Group plc (Industrials, Aerospace & Defense)				47,700		181,513
Redrow plc (Consumer Discretionary, Household Durables)				24,200		180,697
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)				6,800		180,771
Royal Mail plc (Industrials, Air Freight & Logistics)				20,900		108,955
Smiths Group plc (Industrials, Industrial Conglomerates)				47,948		1,018,476
St. James’s Place plc (Financials, Insurance)				4,502		66,940
United Business Media plc (Consumer Discretionary, Media)				68,872		633,787
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)				399,658		1,030,356
Wolseley plc (Industrials, Trading Companies & Distributors)				14,923		947,858
						14,976,702
United States: 3.24%
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) †				575		531,869
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)				6,964		1,000,379
Coach Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods)				26,254		1,034,145
Pfizer Incorporated (Health Care, Pharmaceuticals)				25,399		861,534
WABCO Holdings Incorporated (Industrials, Machinery) †				2,948		350,429
						3,778,356
Total Common Stocks (Cost $97,539,785)						108,631,117
	Expiration date
Participation Notes: 1.40%
China: 0.53%
HSBC Bank plc (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †		2-19-2019		10,290		617,753
Ireland: 0.87%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)		10-29-2018		58,887		1,021,025
Total Participation Notes (Cost $1,056,690)						1,638,778

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Diversified International Fund 15

Security name	Dividend yield			Shares		Value
Preferred Stocks: 0.52%
Brazil: 0.03%
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) ±		2.76	%		13,600	$	38,049
Germany: 0.49%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.26			4,201		572,019
Total Preferred Stocks (Cost $474,716)							610,068
	Yield
Short-Term Investments: 7.67%
Investment Companies: 7.67%
Securities Lending Cash Investment LLC (l)(r)(u)		1.03			3,906,178		3,906,569
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.68			5,040,337		5,040,337
Total Short-Term Investments (Cost $8,946,884)							8,946,906

Total investments in securities (Cost $108,018,075) *	102.66	%		119,826,869
Other assets and liabilities, net	(2.66	)		(3,107,259	)
Total net assets	100.00	%	$	116,719,610

† Non-income-earning security

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

(i) Illiquid 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.

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

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

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

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

* Cost for federal income tax purposes is $108,168,665 and unrealized gains (losses) consists of:

Gross unrealized gains	$	17,120,834
Gross unrealized losses		(5,462,630	)
Net unrealized gains	$	11,658,204

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

16 Wells Fargo Diversified International Fund Statement of assets and liabilities—April 30, 2017 (unaudited)

Assets
Investments
In unaffiliated securities (including $3,704,049 of securities loaned), at value (cost $99,071,191)	$	110,879,963
In affiliated securities, at value (cost $8,946,884)		8,946,906
Total investments, at value (cost $108,018,075)		119,826,869
Foreign currency, at value (cost $829,608)		816,451
Receivable for investments sold		492,115
Receivable for Fund shares sold		25,063
Receivable for dividends		587,960
Receivable for securities lending income		8,128
Unrealized gains on forward foreign currency contracts		82,144
Prepaid expenses and other assets		40,760
Total assets		121,879,490
Liabilities
Payable for investments purchased		843,917
Payable for Fund shares redeemed		57,487
Unrealized losses on forward foreign currency contracts		144,884
Payable upon receipt of securities loaned		3,906,502
Due to custodian bank		4,811
Management fee payable		37,709
Distribution fees payable		2,615
Administration fees payable		15,865
Accrued expenses and other liabilities		146,090
Total liabilities		5,159,880
Total net assets	$	116,719,610
NET ASSETS CONSIST OF
Paid-in capital	$	208,359,073
Undistributed net investment income		664,257
Accumulated net realized losses on investments		(104,035,243	)
Net unrealized gains on investments		11,731,523
Total net assets	$	116,719,610
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	60,797,343
Shares outstanding – Class A1		5,047,812
Net asset value per share – Class A		$12.04
Maximum offering price per share – Class A2		$12.77
Net assets – Class C	$	4,294,385
Shares outstanding – Class C1		387,538
Net asset value per share – Class C		$11.08
Net assets – Class R	$	28,274
Shares outstanding – Class R1		2,309
Net asset value per share – Class R		$12.25
Net assets – Class R6	$	6,301,862
Shares outstanding – Class R61		512,007
Net asset value per share – Class R6		$12.31
Net assets – Administrator Class	$	11,270,495
Shares outstanding – Administrator Class1		919,214
Net asset value per share – Administrator Class		$12.26
Net assets – Institutional Class	$	34,027,251
Shares outstanding – Institutional Class1		2,955,052
Net asset value per share – Institutional Class		$11.51

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2017 (unaudited) Wells Fargo Diversified International Fund 17

Investment income
Dividends (net of foreign withholding taxes of $151,917)	$	1,446,655
Securities lending income, net		24,553
Income from affiliated securities		10,218
Total investment income		1,481,426
Expenses
Management fee		476,289
Administration fees
Class A		62,380
Class B		2	1
Class C		4,326
Class R		27
Class R6		870
Administrator Class		6,723
Institutional Class		18,346
Shareholder servicing fees
Class A		74,262
Class B		2	1
Class C		5,150
Class R		33
Administrator Class		12,929
Distribution fees
Class B		7	1
Class C		15,450
Class R		33
Custody and accounting fees		115,394
Professional fees		35,724
Registration fees		48,390
Shareholder report expenses		35,706
Trustees’ fees and expenses		10,000
Other fees and expenses		22,919
Total expenses		944,962
Less: Fee waivers and/or expense reimbursements		(270,292	)
Net expenses		674,670
Net investment income		806,756
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		378,023
Affiliated securities		32
Forward foreign currency contract transactions		211,743
Net realized gains on investments		589,798
Net change in unrealized gains (losses) on:
Unaffiliated securities		10,232,550
Affiliated securities		(32	)
Forward foreign currency contract transactions		(180,662	)
Net change in unrealized gains (losses) on investments		10,051,856
Net realized and unrealized gains (losses) on investments		10,641,654
Net increase in net assets resulting from operations	$	11,448,410

¹  For the period from November 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

18 Wells Fargo Diversified International Fund Statement of changes in net assets

	Six months ended April 30, 2017 (unaudited)						Year ended October 31, 2016
Operations
Net investment income				$	806,756					$	1,909,544
Net realized gains (losses) on investments					589,798						(2,103,113	)
Net change in unrealized gains (losses) on investments					10,051,856						(4,109,274	)
Net increase (decrease) in net assets resulting from operations					11,448,410						(4,302,843	)
Distributions to shareholders from
Net investment income
Class A					(1,161,061	)					(692,930	)
Class C					(54,176	)					(30,743	)
Class R					(434	)					(268	)
Class R6					(131,270	)					(54,538	)
Administrator Class					(197,876	)					(136,524	)
Institutional Class					(625,514	)					(249,898	)
Total distributions to shareholders					(2,170,331	)					(1,164,901	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		50,723			576,892			322,484			3,510,932
Class C		26,652			283,941			281,595			2,860,258
Class R6		17,257			199,073			517,935			6,092,247
Administrator Class		189,065			2,192,400			459,760			5,176,981
Institutional Class		711,575			7,730,522			1,803,946			19,585,715
					10,982,828						37,226,133
Reinvestment of distributions
Class A		104,664			1,141,882			60,092			682,650
Class C		5,009			50,389			2,596			27,233
Class R		40			434			23			268
Class R6		11,794			131,270			4,710			54,538
Administrator Class		12,354			137,133			11,807			136,486
Institutional Class		59,475			619,734			21,007			227,935
					2,080,842						1,129,110
Payment for shares redeemed
Class A		(617,823	)		(7,003,100	)		(1,217,038	)		(13,371,782	)
Class B		(870	)1		(9,339	)1		(3,553	)		(39,685	)
Class C		(72,180	)		(750,323	)		(188,833	)		(1,877,720	)
Class R6		(4,355	)		(52,190	)		(37,580	)		(419,983	)
Administrator Class		(375,628	)		(4,222,339	)		(266,367	)		(2,965,371	)
Institutional Class		(108,866	)		(1,186,315	)		(169,927	)		(1,825,525	)
					(13,223,606	)					(20,500,066	)
Net increase (decrease) in net assets resulting from capital share transactions					(159,936	)					17,855,177
Total increase in net assets					9,118,143						12,387,433
Net assets
Beginning of period					107,601,467						95,214,034
End of period				$	116,719,610					$	107,601,467
Undistributed net investment income				$	664,257					$	2,027,832

¹  For the period from November 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Diversified International Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.08			$11.65			$12.01			$12.25			$10.25			$9.69
Net investment income		0.08	1		0.17			0.13	1		0.24	1		0.19	1		0.19	1
Net realized and unrealized gains (losses) on investments		1.10			(0.63	)		(0.21	)		(0.29	)		2.41			0.51
Total from investment operations		1.18			(0.46	)		(0.08	)		(0.05	)		2.60			0.70
Distributions to shareholders from
Net investment income		(0.22	)		(0.11	)		(0.28	)		(0.19	)		(0.60	)		(0.14	)
Net asset value, end of period		$12.04			$11.08			$11.65			$12.01			$12.25			$10.25
Total return2		10.84	%		(3.96	)%		(0.66	)%		(0.49	)%		26.59	%		7.45	%
Ratios to average net assets (annualized)
Gross expenses		1.84	%		1.79	%		1.85	%		1.76	%		1.92	%		1.68	%
Net expenses		1.35	%		1.35	%		1.40	%		1.41	%		1.41	%		1.41	%
Net investment income		1.35	%		1.67	%		1.07	%		1.93	%		1.75	%		1.96	%
Supplemental data
Portfolio turnover rate		44	%		50	%		31	%		33	%		40	%		57	%
Net assets, end of period (000s omitted)		$60,797			$61,031			$73,891			$24,921			$28,928			$22,434

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.16			$10.74			$11.08			$11.35			$9.54			$9.01
Net investment income		0.03	1		0.10	1		0.04	1		0.13	1		0.09	1		0.11	1
Net realized and unrealized gains (losses) on investments		1.03			(0.60	)		(0.20	)		(0.27	)		2.25			0.48
Total from investment operations		1.06			(0.50	)		(0.16	)		(0.14	)		2.34			0.59
Distributions to shareholders from
Net investment income		(0.14	)		(0.08	)		(0.18	)		(0.13	)		(0.53	)		(0.06	)
Net asset value, end of period		$11.08			$10.16			$10.74			$11.08			$11.35			$9.54
Total return2		10.54	%		(4.72	)%		(1.44	)%		(1.24	)%		25.67	%		6.67	%
Ratios to average net assets (annualized)
Gross expenses		2.59	%		2.54	%		2.60	%		2.51	%		2.66	%		2.43	%
Net expenses		2.10	%		2.10	%		2.15	%		2.16	%		2.16	%		2.16	%
Net investment income		0.62	%		1.01	%		0.33	%		1.15	%		0.84	%		1.21	%
Supplemental data
Portfolio turnover rate		44	%		50	%		31	%		33	%		40	%		57	%
Net assets, end of period (000s omitted)		$4,294			$4,351			$3,573			$1,616			$1,746			$628

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Diversified International Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS R				2016			20151
Net asset value, beginning of period		$11.25			$11.86			$11.13
Net investment income (loss)		0.07			0.16	2		(0.01	)
Net realized and unrealized gains (losses) on investments		1.12			(0.65	)		0.74
Total from investment operations		1.19			(0.49	)		0.73
Distributions to shareholders from
Net investment income		(0.19	)		(0.12	)		0.00
Net asset value, end of period		$12.25			$11.25			$11.86
Total return3		10.77	%		(4.16	)%		6.56	%
Ratios to average net assets (annualized)
Gross expenses		2.09	%		2.04	%		2.15	%
Net expenses		1.60	%		1.60	%		1.60	%
Net investment income (loss)		1.16	%		1.42	%		(0.65	)%
Supplemental data
Portfolio turnover rate		44	%		50	%		31	%
Net assets, end of period (000s omitted)		$28			$26			$27

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

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

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

22 Wells Fargo Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS R6				2016			20151
Net asset value, beginning of period		$11.33			$11.87			$11.13
Net investment income		0.11			0.26	2		0.00	3
Net realized and unrealized gains (losses) on investments		1.13			(0.68	)		0.74
Total from investment operations		1.24			(0.42	)		0.74
Distributions to shareholders from
Net investment income		(0.26	)		(0.12	)		0.00
Net asset value, end of period		$12.31			$11.33			$11.87
Total return4		11.23	%		(3.55	)%		6.65	%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.36	%		1.46	%
Net expenses		0.89	%		0.89	%		0.89	%
Net investment income		1.88	%		2.30	%		0.05	%
Supplemental data
Portfolio turnover rate		44	%		50	%		31	%
Net assets, end of period (000s omitted)		$6,302			$5,523			$27

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Diversified International Fund 23

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.28			$11.87			$12.23			$12.47			$10.42			$9.68
Net investment income		0.09	1		0.20	1		0.16	1		0.26	1		0.19	1		0.21	1
Net realized and unrealized gains (losses) on investments		1.12			(0.66	)		(0.22	)		(0.30	)		2.47			0.53
Total from investment operations		1.21			(0.46	)		(0.06	)		(0.04	)		2.66			0.74
Distributions to shareholders from
Net investment income		(0.23	)		(0.13	)		(0.30	)		(0.20	)		(0.61	)		0.00
Net asset value, end of period		$12.26			$11.28			$11.87			$12.23			$12.47			$10.42
Total return2		10.97	%		(3.90	)%		(0.46	)%		(0.39	)%		26.85	%		7.64	%
Ratios to average net assets (annualized)
Gross expenses		1.76	%		1.71	%		1.72	%		1.60	%		1.74	%		1.52	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		1.49	%		1.83	%		1.31	%		2.10	%		1.72	%		2.11	%
Supplemental data
Portfolio turnover rate		44	%		50	%		31	%		33	%		40	%		57	%
Net assets, end of period (000s omitted)		$11,270			$12,334			$10,540			$7,283			$8,195			$3,504

¹  Calculated based upon average shares outstanding

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

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

24 Wells Fargo Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.61			$11.14			$11.50			$11.79			$10.20			$9.69
Net investment income		0.10	1		0.23	1		0.17	1		0.26	1		0.20	1		0.19	1
Net realized and unrealized gains (losses) on investments		1.05			(0.63	)		(0.20	)		(0.27	)		2.37			0.51
Total from investment operations		1.15			(0.40	)		(0.03	)		(0.01	)		2.57			0.70
Distributions to shareholders from
Net investment income		(0.25	)		(0.13	)		(0.33	)		(0.28	)		(0.98	)		(0.19	)
Net asset value, end of period		$11.51			$10.61			$11.14			$11.50			$11.79			$10.20
Total return2		11.07	%		(3.63	)%		(0.23	)%		(0.18	)%		27.28	%		7.51	%
Ratios to average net assets (annualized)
Gross expenses		1.51	%		1.46	%		1.47	%		1.33	%		1.50	%		1.20	%
Net expenses		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Net investment income		1.84	%		2.16	%		1.45	%		2.23	%		1.94	%		1.96	%
Supplemental data
Portfolio turnover rate		44	%		50	%		31	%		33	%		40	%		57	%
Net assets, end of period (000s omitted)		$34,027			$24,328			$7,106			$2,683			$2,406			$7,367

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Diversified International Fund 25

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 (“ASC”) Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Diversified International Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through December 5, 2016.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of 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 April 30, 2017, 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 Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to

26 Wells Fargo Diversified International Fund Notes to financial statements (unaudited)

the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. 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.

Participation notes

The Fund 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. dividends, 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 Fund has no rights against the issuer of the underlying foreign security and participation notes expose the Fund 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 Fund 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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund 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 Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund 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 Fund on the next business day. In a securities lending transaction, the net asset value of the Fund 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 Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund 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

Notes to financial statements (unaudited) Wells Fargo Diversified International Fund 27

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 is included in securities lending income 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.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end may be categorized as a tax return of capital.

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.

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of October 31, 2016, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2017	Short-term	Long-term
$89,306,475	$11,620,385	$2,744,226

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

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

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

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

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

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

28 Wells Fargo Diversified International Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	2,058,036	$	0	$	0	$	2,058,036
Austria		423,720		0		0		423,720
Belgium		173,654		0		0		173,654
Brazil		1,857,594		0		0		1,857,594
Canada		2,724,986		0		0		2,724,986
China		4,938,119		0		0		4,938,119
Czech Republic		85,522		0		0		85,522
Denmark		989,918		0		0		989,918
Finland		109,840		0		0		109,840
France		7,146,982		0		0		7,146,982
Germany		16,542,407		0		0		16,542,407
Hong Kong		2,612,284		0		0		2,612,284
Hungary		84,750		0		0		84,750
Indonesia		152,334		0		0		152,334
Ireland		1,741,032		0		0		1,741,032
Israel		344,713		0		0		344,713
Italy		3,877,060		0		0		3,877,060
Japan		16,802,387		0		0		16,802,387
Luxembourg		336,139		0		0		336,139
Malaysia		1,231,914		0		0		1,231,914
Mexico		126,579		0		0		126,579
Netherlands		5,594,041		0		0		5,594,041
Norway		2,020,180		0		0		2,020,180
Poland		83,043		0		0		83,043
Russia		1,373,339		0		0		1,373,339
Singapore		402,398		0		0		402,398
South Africa		847,307		0		0		847,307
South Korea		4,053,431		0		0		4,053,431
Spain		1,391,325		0		0		1,391,325
Sweden		643,579		0		0		643,579
Switzerland		7,606,569		0		0		7,606,569
Taiwan		1,153,300		0		0		1,153,300
Thailand		347,577		0		0		347,577
United Kingdom		14,976,702		0		0		14,976,702
United States		3,778,356		0		0		3,778,356
Participation notes
China		0		617,753		0		617,753
Ireland		0		1,021,025		0		1,021,025
Preferred stocks
Brazil		38,049		0		0		38,049
Germany		572,019		0		0		572,019
Short-term investments
Investment companies		5,040,337		0		0		5,040,337
Investments measured at net asset value*								3,906,569
		114,281,522		1,638,778		0		119,826,869
Forward foreign currency contracts		0		82,144		0		82,144
Total assets	$	114,281,522	$	1,720,922	$	0	$	119,909,013
Liabilities
Forward foreign currency contracts	$	0	$	144,884	$	0	$	144,884
Total liabilities	$	0	$	144,884	$	0	$	144,884

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $3,906,569 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements (unaudited) Wells Fargo Diversified International Fund 29

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2017, the Fund did not have any transfers into/out of Level 1. The Fund had no material transfers between Level 2 and Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 applicable subadvisers, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.85% and declining to 0.68% as the average daily net assets of the Fund increase. Prior to March 1, 2017, Fund Management received an annual management fee which started at 0.90% and declined to 0.73% as the average daily net assets of the Fund increased. For the six months ended April 30, 2017, the management fee was equivalent to an annual rate of 0.88% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Artisan Partners Limited Partnership, LSV Asset Management and WellsCap are the subadvisers to the Fund and are each entitled to receive a fee from Funds Management which is calculated based on the average daily net assets of the Fund as follows:

	Annual subadvisory fee
	starting at			declining to
Artisan Partners Limited Partnership		0.80	%		0.50	%
LSV Asset Management		0.35			0.30
WellsCap		0.45			0.40

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 B, Class C, Class R		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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2018 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, 1.60% for Class R shares, 0.89% for Class R6 shares, 1.25% for Administrator Class shares, and 0.99% 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.

30 Wells Fargo Diversified International Fund Notes to financial statements (unaudited)

During the six months ended April 30, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $19,158 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $68,706 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B, Class C, and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B, 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 B and 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 B and Class C shares. For the six months ended April 30, 2017, Funds Distributor received $243 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

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 April 30, 2017 were $48,412,772 and $46,813,215, respectively.

The Fund may purchase or sell investment securities to 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. Interfund trades are included within the respective purchases and sales amounts shown.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2017, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2017, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2017		In exchange for U.S. $		Unrealized gains
5-31-2017	Barclays		1,090,000	EUR	$	1,188,928	$	1,157,915	$	31,013
5-31-2017	Barclays		32,000	EUR		34,904		34,206		698
6-15-2017	Goldman Sachs		2,343,800	EUR		2,558,545		2,508,112		50,433

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2017		In exchange for U.S. $		Unrealized losses
5-31-2017	Barclays		1,740,000	EUR	$	1,897,922	$	1,853,653	$	(44,269	)
6-15-2017	Goldman Sachs		2,343,800	EUR		2,558,545		2,508,862		(49,683	)
6-22-2017	Morgan Stanley		595,000	GBP		771,743		737,547		(34,196	)
7-13-2017	Credit Suisse		600,000	EUR		655,960		639,224		(16,736	)

The Fund had average contract amounts of $1,163,069 and $5,898,642 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2017.

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.

Notes to financial statements (unaudited) Wells Fargo Diversified International Fund 31

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral received		Net amount of assets
Forward foreign currency contracts	Barclays	$	31,711	*	$	(31,711	)	$	0	$	0
	Goldman Sachs		50,433	*		(49,683	)		0		750

* Amount represents net unrealized gains.

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Forward foreign currency contracts	Barclays	$	44,269	**	$	(31,711	)	$	0	$	12,558
	Goldman Sachs		49,683	**		(49,683	)		0		0
	Morgan Stanley		34,196	**		0			0		34,196
	Credit Suisse		16,736	**		0			0		16,736

** Amount represents net unrealized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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 April 30, 2017, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

32 Wells Fargo Diversified International Fund Notes to financial statements (unaudited)

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

11. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Diversified International Fund 33

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 October 31, 2016. 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
$225,076	$0.0229	89.80%

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses 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.

34 Wells Fargo Diversified International 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 138 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 Forté Foundation (non-profit organization) and 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.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Diversified International Fund 35

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (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. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds 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.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 69 funds and Assistant Treasurer of 69 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.

36 Wells Fargo Diversified International Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

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 a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

303213 06-17 SA237/SAR237 04-17

Semi-Annual Report

April 30, 2017

Wells Fargo Emerging Markets Equity Fund

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	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 2017, 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.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Emerging Markets Equity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016.

Dear Shareholder:

As the new president of Wells Fargo Funds, now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Emerging Markets Equity Fund for the six-month period that ended April 30, 2017. Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016. U.S. and international stocks returned 13.31% and 10.37% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -0.67%.

During the last two months of 2016, prospects for faster growth and higher interest rates in the U.S. influenced markets.

Following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of progrowth policies, and supportive economic news helped the rally carry through the end of 2016. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year by a quarter percentage point to between 0.50% and 0.75%. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar. Rising inflation across the eurozone and Japan caused an upward shift in yield curves in those areas, although developed-country bond yields remained significantly lower than U.S. Treasury yields.

Globally, stocks delivered positive results and economies showed improvement in the first four months of 2017.

Stocks rallied globally, supported by signs of improvement in the U.S. and global economies. In the U.S., hiring remained strong and business and consumer sentiment improved. Meanwhile, inflation inched up. In March, Fed officials raised their short-term target interest rate by a quarter percentage point to between 0.75% and 1.00%. With the Fed’s target-rate increase, short-term bond yields rose. Longer-term Treasury yields were little changed, however, leading to positive performance. Investment-grade corporate bonds and high-yield bonds benefited from strong demand. Municipal bond returns were also positive during the first four months of 2017, helped by strong demand and constrained new-issue supply. Outside the U.S., stocks in emerging markets benefited from both global economic growth and recent weakening in the U.S. dollar. European stocks also advanced as political risk declined. In the first round of the French presidential elections, Emmanuel Macron, a pro-EU candidate, garnered the most votes. Non-U.S. bonds also benefited from a decline in perceived risk, with credit spreads continuing to narrow.

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Emerging Markets Equity Fund 3

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest in 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

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.

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. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Emerging Markets Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Derrick Irwin, CFA^®

Richard Peck, CFA^®

Yi (Jerry) Zhang, Ph.D., CFA^®

Average annual total returns (%) as of April 30, 2017¹

		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 (EMGAX)	9-6-1994		13.53		0.40		2.73		20.44		1.60		3.34		1.60		1.58
Class B (EMGBX)*	9-6-1994		14.45		0.44		2.81		19.45		0.83		2.81		2.35		2.33
Class C (EMGCX)	9-6-1994		18.47		0.83		2.57		19.47		0.83		2.57		2.35		2.33
Class R6 (EMGDX)	6-28-2013		–		–		–		20.93		2.06		3.75		1.17		1.15
Administrator Class (EMGYX)	9-6-1994		–		–		–		20.53		1.75		3.54		1.52		1.46
Institutional Class (EMGNX)	7-30-2010		–		–		–		20.81		2.01		3.73		1.27		1.19
MSCI EM Index (Net)4	–		–		–		–		19.13		1.49		2.48		–		–

*At the close of business on May 5, 2017, existing Class B shareholders were converted to Class A shareholders. Effective May 6, 2017, Class B shares are no longer offered by the Fund.

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 B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Emerging Markets Equity Fund 5

Ten largest holdings (%) as of April 30, 20175
Samsung Electronics Company Limited	5.64
Taiwan Semiconductor Manufacturing Company Limited ADR	3.10
China Mobile Limited	2.75
Fomento Economico Mexicano SAB de CV ADR	2.22
China Life Insurance Company Limited H Shares	2.19
SINA Corporation	2.14
New Oriental Education & Technology Group Incorporated ADR	1.99
Uni-President Enterprises Corporation	1.93
WH Group Limited	1.91
AIA Group Limited	1.85

Sector distribution as of April 30, 2017⁶

Country allocation as of April 30, 2017⁶

¹  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 have been 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. 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 Emerging Markets Growth Fund.

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

³  The manager has contractually committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Operating Expenses After Fee Waiver 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, and extraordinary expenses are excluded from 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 or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

6 Wells Fargo Emerging Markets Equity 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 November 1, 2016 to April 30, 2017.

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 11-1-2016		Ending account value 4-30-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,080.41	$	8.20		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.91	$	7.95		1.59	%
Class B
Actual	$	1,000.00	$	1,075.82	$	12.04		2.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.19	$	11.68		2.34	%
Class C
Actual	$	1,000.00	$	1,075.81	$	12.04		2.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.19	$	11.68		2.34	%
Class R6
Actual	$	1,000.00	$	1,082.49	$	5.99		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Administrator Class
Actual	$	1,000.00	$	1,080.99	$	7.64		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46	$	7.40		1.48	%
Institutional Class
Actual	$	1,000.00	$	1,081.98	$	6.25		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.79	$	6.06		1.21	%

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Fund 7

Security name	Shares		Value
Common Stocks: 94.97%
Argentina: 0.54%
MercadoLibre Incorporated (Information Technology, Internet Software & Services)		76,300	$	17,465,833
Brazil: 5.99%
Ambev SA ADR (Consumer Staples, Beverages)		5,922,000		33,933,060
B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail) †		3,001,424		12,652,306
B2W Companhia Digital Interim Shares (Consumer Discretionary, Internet & Direct Marketing Retail) †(a)		964,063		3,988,011
Banco Bradesco SA ADR (Financials, Banks)		3,111,773		32,829,205
BM&F Bovespa SA (Financials, Capital Markets)		6,663,006		39,906,030
BRF Brazil Foods SA ADR (Consumer Staples, Food Products) «		1,076,078		13,386,410
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		2,867,500		26,723,161
Multiplan Empreendimentos Imobiliarios SA (Real Estate, Real Estate Management & Development)		797,302		17,005,827
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		701,600		14,909,318
				195,333,328
Chile: 2.08%
AES Gener SA (Utilities, Independent Power & Renewable Electricity Producers)		16,613,250		6,247,969
Banco Santander Chile SA ADR (Financials, Banks)		1,294,392		30,586,483
SACI Falabella (Consumer Discretionary, Multiline Retail)		3,867,228		30,814,750
				67,649,202
China: 25.99%
51Job Incorporated ADR (Industrials, Professional Services) †		833,941		34,183,242
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		304,037		35,116,274
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		109,540		19,742,394
Belle International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) (a)		52,059,000		39,981,568
China Distance Education ADR (Consumer Discretionary, Diversified Consumer Services)		973,710		9,902,631
China International Capital Corporation Limited H Shares (Financials, Diversified Financial Services)		1,334,904		1,973,606
China Life Insurance Company Limited H Shares (Financials, Insurance)		23,518,290		71,507,140
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		8,400,165		89,581,169
China Rapid Finance Limited ADR (Financials, Consumer Finance) †		838,004		5,072,613
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		24,574,000		28,654,686
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		1,055,632		53,319,972
Gridsum Holding Incorporated ADR (Information Technology, Software) †		391,040		4,798,061
Hengan International Group Company Limited (Consumer Staples, Personal Products)		4,527,000		33,872,402
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		25,884,207		17,037,950
New Oriental Education & Technology Group Incorporated ADR (Consumer Discretionary, Diversified Consumer Services) †		1,005,413		64,889,355
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		11,566,000		8,148,474
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		18,024,000		13,138,529
SINA Corporation (Information Technology, Internet Software & Services)		909,907		69,889,957
Tencent Holdings Limited (Information Technology, Internet Software & Services)		1,678,800		52,532,982
Tingyi Holding Corporation (Consumer Staples, Food Products)		11,698,000		15,024,140
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		7,690,000		34,602,454
Vipshop Holdings Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		4,034,738		55,961,816
Want Want China Holdings Limited (Consumer Staples, Food Products)		34,604,000		24,913,047
Weibo Corporation ADR (Information Technology, Internet Software & Services) †«		810,336		45,265,369
Zhou Hei Ya International Holding Company Limited (Consumer Staples, Food Products) «		17,203,626		18,224,672
				847,334,503

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

8 Wells Fargo Emerging Markets Equity Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
Colombia: 0.52%
Bancolombia SA ADR (Financials, Banks)		432,400	$	17,075,476
Hong Kong: 4.98%
AIA Group Limited (Financials, Insurance)		8,691,400		60,171,102
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		4,214,250		12,975,925
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		25,490,500		26,282,413
WH Group Limited (Consumer Staples, Food Products) 144A		70,405,500		62,907,715
				162,337,155
India: 9.67%
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)		3,538,728		19,555,694
Bharti Infratel Limited (Telecommunication Services, Diversified Telecommunication Services)		3,153,851		17,389,569
Dalmia Bharat Limited (Materials, Construction Materials)		312,329		10,546,505
HDFC Bank Limited ADR (Financials, Banks)		123,826		9,857,788
HDFC Limited (Financials, Thrifts & Mortgage Finance)		1,285,700		30,721,495
ICICI Bank Limited ADR (Financials, Banks)		3,281,775		28,124,812
Indusind Bank Limited (Financials, Banks)		817,217		18,355,941
Infosys Limited ADR (Information Technology, IT Services) «		1,907,460		27,772,618
ITC Limited (Consumer Staples, Tobacco)		10,998,960		47,531,647
Laurus Labs Limited (Health Care, Pharmaceuticals) 144A†		455,595		3,682,012
Max India Limited (Financials, Industrial Conglomerates)		925,389		9,435,141
PNB Housing Finance Limited (Financials, Thrifts & Mortgage Finance) 144A†		191,606		4,128,777
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		714,200		15,489,691
Reliance Industries Limited GDR (Energy, Oil, Gas & Consumable Fuels) 144A		1,246,587		53,914,888
Ultra Tech Cement Limited (Materials, Construction Materials)		286,000		18,890,093
				315,396,671
Indonesia: 2.55%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		14,651,000		9,837,681
PT Bank Central Asia Tbk (Financials, Banks)		9,549,500		12,716,905
PT Blue Bird Tbk (Industrials, Road & Rail)		13,605,309		4,001,261
PT Link Net Tbk (Telecommunication Services, Diversified Telecommunication Services)		38,278,161		15,507,695
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail)		10,474,600		11,473,416
PT Telekomunikasi Indonesia Persero ADR Tbk (Telecommunication Services, Diversified Telecommunication Services) «		907,754		29,728,944
				83,265,902
Malaysia: 1.17%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,280,900		18,770,803
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,196,300		19,196,563
				37,967,366
Mexico: 7.37%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		1,577,320		24,274,955
Becle SAB de CV ADR (Consumer Staples, Beverages) †		5,564,661		9,311,261
Cemex SAB de CV ADR (Materials, Construction Materials) †		1,886,393		17,392,543
Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs)		25,236,922		43,984,723
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages)		803,120		72,312,925
Grupo Financiero Banorte SAB de CV (Financials, Banks)		6,433,188		37,125,751
Grupo Financiero Santander SAB de CV ADR (Financials, Banks)		1,813,441		16,520,448

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Fund 9

Security name	Shares		Value
Mexico (continued)
Grupo Sanborns SAB de CV (Consumer Discretionary, Multiline Retail)		814,226	$	933,374
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		8,127,100		18,304,620
				240,160,600
Peru: 0.42%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		1,152,495		13,841,465
Philippines: 0.89%
Ayala Corporation (Financials, Diversified Financial Services)		647,624		11,231,186
Metropolitan Bank & Trust Company (Financials, Banks)		4,287,486		7,250,927
SM Investments Corporation (Industrials, Industrial Conglomerates)		732,873		10,678,106
				29,160,219
Russia: 2.94%
LUKOIL PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		428,249		21,268,987
Magnit (Consumer Staples, Food & Staples Retailing) (a)		95,300		14,692,449
Mobile TeleSystems PJSC ADR (Telecommunication Services, Wireless Telecommunication Services)		1,137,800		11,742,096
Sberbank of Russia ADR (Financials, Banks)		1,541,195		18,324,809
Yandex NV Class A (Information Technology, Internet Software & Services) †		1,090,106		29,716,290
				95,744,631
South Africa: 4.20%
AngloGold Ashanti Limited ADR (Materials, Metals & Mining) «		878,071		10,036,352
Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		690,000		6,930,592
Impala Platinum Holdings Limited (Materials, Metals & Mining) †		610,758		1,962,926
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services) «		2,102,643		19,903,421
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		2,678,100		42,043,991
Standard Bank Group Limited (Financials, Banks)		1,690,190		18,763,939
Tiger Brands Limited (Consumer Staples, Food Products)		1,235,333		37,340,774
				136,981,995
South Korea: 11.88%
Amorepacific Corporation (Consumer Staples, Personal Products)		20,500		5,260,568
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services) «		3,144,813		52,172,448
KT&G Corporation (Consumer Staples, Tobacco)		218,091		19,453,587
Naver Corporation (Information Technology, Internet Software & Services)		59,700		41,972,054
Samsung Biologics Company Limited (Health Care, Life Sciences Tools & Services) †		21,099		3,244,859
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		93,736		183,781,541
Samsung Life Insurance Company Limited (Financials, Insurance)		445,337		42,854,734
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		813,000		38,581,598
				387,321,389
Taiwan: 8.81%
104 Corporation (Industrials, Professional Services)		1,655,000		7,926,403
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)		4,166,448		3,507,599
MediaTek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3,039,881		21,863,849
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		4,205,000		36,585,214
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		8,285,224		53,411,424

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

10 Wells Fargo Emerging Markets Equity Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name						Shares		Value
Taiwan (continued)
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)							3,052,852	$	100,957,816
Uni-President Enterprises Corporation (Consumer Staples, Food Products)							34,162,368		63,068,639
									287,320,944
Thailand: 3.50%
Bangkok Bank PCL (Financials, Banks)							1,659,800		8,973,189
PTT Exploration & Production PCL (Energy, Oil, Gas & Consumable Fuels)							4,128,139		11,606,288
PTT PCL (Energy, Oil, Gas & Consumable Fuels)							1,925,900		21,658,719
Siam Commercial Bank PCL (Financials, Banks)							7,405,100		33,396,808
Thai Beverage PCL (Consumer Staples, Beverages)							58,227,000		38,549,887
									114,184,891
Turkey: 0.68%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples, Beverages)							2,690,453		15,164,309
Avivasa Emeklilik Ve Hayat AS (Financials, Insurance) «							1,246,853		6,894,296
									22,058,605
United Arab Emirates: 0.08%
Emaar Malls Group (Real Estate, Real Estate Management & Development)							3,773,147		2,640,073
United Kingdom: 0.71%
Standard Chartered plc (Financials, Banks) †							2,475,244		23,121,193
Total Common Stocks (Cost $2,506,983,760)									3,096,361,441
	Interest rate			Maturity date		Principal
Convertible Debentures: 0.00%
Brazil: 0.00%
Lupatech SA (Energy, Energy Equipment & Services) (a)(i)(s)		6.50	%		4-15-2018	$	303,000		0
Total Convertible Debentures (Cost $160,691)									0
	Dividend yield					Shares
Preferred Stocks: 1.43%
Brazil: 1.43%
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) ±		0.05					8,765,093		46,503,416
Total Preferred Stocks (Cost $35,049,790)									46,503,416
	Yield
Short-Term Investments: 6.06%
Investment Companies: 6.06%
Securities Lending Cash Investment LLC (l)(r)(u)		1.03					106,663,673		106,674,339
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.68					91,093,977		91,093,977
Total Short-Term Investments (Cost $197,760,129)									197,768,316

Total investments in securities (Cost $2,739,954,370) *	102.46	%		3,340,633,173
Other assets and liabilities, net	(2.46	)		(80,302,696	)
Total net assets	100.00	%	$	3,260,330,477

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Fund 11

† Non-income-earning security

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

« 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.

(i) Illiquid security

(s) The security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on the security.

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

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

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

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

* Cost for federal income tax purposes is $2,758,644,450 and unrealized gains (losses) consists of:

Gross unrealized gains	$	890,091,278
Gross unrealized losses		(308,102,555	)
Net unrealized gains	$	581,988,723

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

12 Wells Fargo Emerging Markets Equity Fund Statement of assets and liabilities—April 30, 2017 (unaudited)

Assets
Investments
In unaffiliated securities (including $103,794,793 of securities loaned), at value (cost $2,542,194,241)	$	3,142,864,857
In affiliated securities, at value (cost $197,760,129)		197,768,316
Total investments, at value (cost $2,739,954,370)		3,340,633,173
Cash		391,376
Foreign currency, at value (cost $12,035,547)		11,439,486
Receivable for investments sold		28,460,820
Receivable for Fund shares sold		6,363,070
Receivable for dividends		3,263,991
Receivable for securities lending income		90,787
Prepaid expenses and other assets		110,914
Total assets		3,390,753,617
Liabilities
Payable for investments purchased		13,268,170
Payable for Fund shares redeemed		5,816,735
Payable upon receipt of securities loaned		106,664,012
Management fee payable		2,630,612
Distribution fees payable		41,814
Administration fees payable		351,931
Accrued expenses and other liabilities		1,649,866
Total liabilities		130,423,140
Total net assets	$	3,260,330,477
NET ASSETS CONSIST OF
Paid-in capital	$	3,024,841,323
Accumulated net investment loss		(19,825,585	)
Accumulated net realized losses on investments		(344,537,574	)
Net unrealized gains on investments		599,852,313
Total net assets	$	3,260,330,477
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	244,922,639
Shares outstanding – Class A1		11,137,665
Net asset value per share – Class A		$21.99
Maximum offering price per share – Class A2		$23.33
Net assets – Class B	$	229,137
Shares outstanding – Class B1		12,231
Net asset value per share – Class B		$18.73
Net assets – Class C	$	68,158,911
Shares outstanding – Class C1		3,665,900
Net asset value per share – Class C		$18.59
Net assets – Class R6	$	156,620,767
Shares outstanding – Class R61		6,818,888
Net asset value per share – Class R6		$22.97
Net assets – Administrator Class	$	139,161,419
Shares outstanding – Administrator Class1		6,027,926
Net asset value per share – Administrator Class		$23.09
Net assets – Institutional Class	$	2,651,237,604
Shares outstanding – Institutional Class1		115,410,034
Net asset value per share – Institutional Class		$22.97

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Fund 13

Investment income
Dividends (net of foreign withholding taxes of $2,363,747)	$	18,892,819
Securities lending income, net		492,470
Income from affiliated securities		215,150
Total investment income		19,600,439
Expenses
Management fee		15,869,117
Administration fees
Class A		730,628
Class B		430
Class C		69,018
Class R6		24,387
Administrator Class		91,580
Institutional Class		1,268,950
Shareholder servicing fees
Class A		869,796
Class B		512
Class C		82,165
Administrator Class		172,529
Distribution fees
Class B		1,536
Class C		246,494
Custody and accounting fees		576,452
Professional fees		36,627
Registration fees		77,700
Shareholder report expenses		422,546
Trustees’ fees and expenses		11,845
Other fees and expenses		23,753
Total expenses		20,576,065
Less: Fee waivers and/or expense reimbursements		(484,961	)
Net expenses		20,091,104
Net investment loss		(490,665	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		1,647,976
Forward foreign currency contract transactions		10,937
Net realized gains on investments		1,658,913
Net change in unrealized gains (losses) on:
Unaffiliated securities		244,670,482
Affiliated securities		8,187
Net change in unrealized gains (losses) on investments		244,678,669
Net realized and unrealized gains (losses) on investments		246,337,582
Net increase in net assets resulting from operations	$	245,846,917

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

14 Wells Fargo Emerging Markets Equity Fund Statement of changes in net assets

	Six months ended April 30, 2017 (unaudited)						Year ended October 31, 2016
Operations
Net investment income (loss)				$	(490,665	)				$	28,132,427
Net realized gains (losses) on investments					1,658,913						(78,862,801	)
Net change in unrealized gains (losses) on investments					244,678,669						486,377,392
Net increase in net assets resulting from operations					245,846,917						435,647,018
Distributions to shareholders from
Net investment income
Class A					(5,313,014	)					(4,821,280	)
Class R6					(2,098,471	)					(1,207,067	)
Administrator Class					(1,140,541	)					(915,237	)
Institutional Class					(18,026,382	)					(22,745,172	)
Total distributions to shareholders					(26,578,408	)					(29,688,756	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		6,010,981			119,101,950			14,276,408			257,431,388
Class C		196,861			3,370,646			284,656			4,423,556
Class R6		1,657,248			34,687,725			4,886,774			94,696,839
Administrator Class		922,107			19,538,122			2,473,929			47,026,221
Institutional Class		44,109,470			961,676,422			25,310,308			470,045,141
					1,138,374,865						873,623,145
Reinvestment of distributions
Class A		274,903			5,190,176			275,442			4,701,801
Class R6		105,864			2,085,516			66,974			1,193,482
Administrator Class		54,161			1,073,463			49,021			878,463
Institutional Class		841,119			16,578,453			1,178,702			21,004,467
					24,927,608						27,778,213
Payment for shares redeemed
Class A		(37,828,389	)		(793,286,532	)		(20,179,942	)		(375,408,750	)
Class B		(21,988	)		(384,513	)		(60,187	)		(925,067	)
Class C		(692,148	)		(11,761,161	)		(1,621,268	)		(24,542,512	)
Class R6		(3,855,736	)		(79,989,683	)		(1,051,876	)		(20,911,449	)
Administrator Class		(2,408,985	)		(50,789,333	)		(4,603,140	)		(87,710,425	)
Institutional Class		(14,633,082	)		(311,154,935	)		(54,409,985	)		(1,055,274,030	)
					(1,247,366,157	)					(1,564,772,233	)
Net decrease in net assets resulting from capital share transactions					(84,063,684	)					(663,370,875	)
Total increase (decrease) in net assets					135,204,825						(257,412,613	)
Net assets
Beginning of period					3,125,125,652						3,382,538,265
End of period				$	3,260,330,477					$	3,125,125,652
Undistributed (accumulated) net investment income (loss)				$	(19,825,585	)				$	7,243,488

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

Financial highlights Wells Fargo Emerging Markets Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$20.49			$18.09			$21.44			$21.77			$20.48			$20.93
Net investment income (loss)		(0.04	)1		0.12			0.08			0.07			0.02			0.10
Net realized and unrealized gains (losses) on investments		1.67			2.38			(3.29	)		(0.40	)		1.33			(0.19	)
Total from investment operations		1.63			2.50			(3.21	)		(0.33	)		1.35			(0.09	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.10	)		(0.14	)		0.00			(0.06	)		(0.14	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.22	)
Total distributions to shareholders		(0.13	)		(0.10	)		(0.14	)		0.00			(0.06	)		(0.36	)
Net asset value, end of period		$21.99			$20.49			$18.09			$21.44			$21.77			$20.48
Total return2		8.04	%		13.93	%		(15.02	)%		(1.52	)%		6.62	%		(0.31	)%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.64	%		1.64	%		1.64	%		1.65	%		1.67	%
Net expenses		1.59	%		1.60	%		1.64	%		1.64	%		1.65	%		1.67	%
Net investment income (loss)		(0.40	)%		0.64	%		0.37	%		0.36	%		0.15	%		0.51	%
Supplemental data
Portfolio turnover rate		17	%		8	%		8	%		7	%		13	%		7	%
Net assets, end of period (000s omitted)		$244,923			$874,625			$873,992			$1,502,597			$1,306,269			$920,709

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS B				2016			2015			2014			2013			2012
Net asset value, beginning of period		$17.41			$15.40			$18.25			$18.67			$17.64			$18.06
Net investment loss		(0.09	)1		(0.03	)1		(0.08	)		(0.08	)1		(0.12	)1		(0.05	)1
Net realized and unrealized gains (losses) on investments		1.41			2.04			(2.77	)		(0.34	)		1.15			(0.15	)
Total from investment operations		1.32			2.01			(2.85	)		(0.42	)		1.03			(0.20	)
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.22	)
Net asset value, end of period		$18.73			$17.41			$15.40			$18.25			$18.67			$17.64
Total return2		7.58	%		13.05	%		(15.62	)%		(2.25	)%		5.84	%		(1.06	)%
Ratios to average net assets (annualized)
Gross expenses		2.34	%		2.39	%		2.38	%		2.39	%		2.39	%		2.41	%
Net expenses		2.34	%		2.35	%		2.38	%		2.39	%		2.39	%		2.41	%
Net investment loss		(1.08	)%		(0.22	)%		(0.46	)%		(0.46	)%		(0.64	)%		(0.28	)%
Supplemental data
Portfolio turnover rate		17	%		8	%		8	%		7	%		13	%		7	%
Net assets, end of period (000s omitted)		$229			$596			$1,453			$5,380			$11,071			$15,408

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Emerging Markets Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$17.28			$15.28			$18.11			$18.53			$17.51			$17.92
Net investment loss		(0.09	)1		(0.02	)		(0.06	)		(0.08	)1		(0.11	)1		(0.06	)
Net realized and unrealized gains (losses) on investments		1.40			2.02			(2.77	)		(0.34	)		1.13			(0.13	)
Total from investment operations		1.31			2.00			(2.83	)		(0.42	)		1.02			(0.19	)
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.22	)
Net asset value, end of period		$18.59			$17.28			$15.28			$18.11			$18.53			$17.51
Total return2		7.58	%		13.09	%		(15.63	)%		(2.27	)%		5.83	%		(1.01	)%
Ratios to average net assets (annualized)
Gross expenses		2.34	%		2.39	%		2.39	%		2.39	%		2.39	%		2.42	%
Net expenses		2.34	%		2.35	%		2.39	%		2.39	%		2.39	%		2.42	%
Net investment loss		(1.04	)%		(0.12	)%		(0.39	)%		(0.42	)%		(0.62	)%		(0.24	)%
Supplemental data
Portfolio turnover rate		17	%		8	%		8	%		7	%		13	%		7	%
Net assets, end of period (000s omitted)		$68,159			$71,900			$84,004			$138,169			$173,454			$183,471

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS R6				2016			2015			2014			20131
Net asset value, beginning of period		$21.46			$19.00			$22.53			$22.86			$20.89
Net investment income		0.02	2		0.23	2		0.19			0.21			0.01	2
Net realized and unrealized gains (losses) on investments		1.71			2.46			(3.46	)		(0.44	)		1.96
Total from investment operations		1.73			2.69			(3.27	)		(0.23	)		1.97
Distributions to shareholders from
Net investment income		(0.22	)		(0.23	)		(0.26	)		(0.10	)		0.00
Net asset value, end of period		$22.97			$21.46			$19.00			$22.53			$22.86
Total return3		8.25	%		14.43	%		(14.61	)%		(1.01	)%		9.43	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.20	%		1.19	%		1.17	%		1.17	%
Net expenses		1.16	%		1.17	%		1.18	%		1.17	%		1.17	%
Net investment income		0.15	%		1.16	%		0.84	%		0.88	%		0.15	%
Supplemental data
Portfolio turnover rate		17	%		8	%		8	%		7	%		13	%
Net assets, end of period (000s omitted)		$156,621			$191,250			$95,190			$35,967			$4,809

¹  For the period from June 28, 2013 (commencement of class operations) to October 31, 2013

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Emerging Markets Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$21.53			$18.99			$22.44			$22.79			$21.44			$21.90
Net investment income (loss)		(0.02	)1		0.15	1		0.12	1		0.13	1		0.05			0.14
Net realized and unrealized gains (losses) on investments		1.74			2.50			(3.46	)		(0.44	)		1.40			(0.18	)
Total from investment operations		1.72			2.65			(3.34	)		(0.31	)		1.45			(0.04	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.11	)		(0.11	)		(0.04	)		(0.10	)		(0.20	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.22	)
Total distributions to shareholders		(0.16	)		(0.11	)		(0.11	)		(0.04	)		(0.10	)		(0.42	)
Net asset value, end of period		$23.09			$21.53			$18.99			$22.44			$22.79			$21.44
Total return2		8.10	%		14.07	%		(14.91	)%		(1.36	)%		6.83	%		(0.13	)%
Ratios to average net assets (annualized)
Gross expenses		1.50	%		1.56	%		1.49	%		1.48	%		1.48	%		1.47	%
Net expenses		1.48	%		1.49	%		1.48	%		1.48	%		1.48	%		1.47	%
Net investment income (loss)		(0.19	)%		0.76	%		0.58	%		0.57	%		0.35	%		0.72	%
Supplemental data
Portfolio turnover rate		17	%		8	%		8	%		7	%		13	%		7	%
Net assets, end of period (000s omitted)		$139,161			$160,657			$181,224			$464,135			$1,050,660			$634,428

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$21.46			$18.99			$22.52			$22.86			$21.50			$21.96
Net investment income		0.01	1		0.20	1		0.17			0.15			0.11			0.22
Net realized and unrealized gains (losses) on investments		1.71			2.49			(3.45	)		(0.40	)		1.40			(0.22	)
Total from investment operations		1.72			2.69			(3.28	)		(0.25	)		1.51			0.00
Distributions to shareholders from
Net investment income		(0.21	)		(0.22	)		(0.25	)		(0.09	)		(0.15	)		(0.24	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.22	)
Total distributions to shareholders		(0.21	)		(0.22	)		(0.25	)		(0.09	)		(0.15	)		(0.46	)
Net asset value, end of period		$22.97			$21.46			$18.99			$22.52			$22.86			$21.50
Total return2		8.20	%		14.40	%		(14.66	)%		(1.09	)%		7.07	%		0.13	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.31	%		1.24	%		1.21	%		1.22	%		1.24	%
Net expenses		1.21	%		1.22	%		1.22	%		1.21	%		1.22	%		1.24	%
Net investment income		0.13	%		1.04	%		0.82	%		0.77	%		0.57	%		1.04	%
Supplemental data
Portfolio turnover rate		17	%		8	%		8	%		7	%		13	%		7	%
Net assets, end of period (000s omitted)		$2,651,238			$1,826,097			$2,146,675			$2,900,353			$2,183,281			$1,176,567

¹  Calculated based upon average shares outstanding

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

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

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

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 (“ASC”) Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Emerging Markets Equity Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of 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 April 30, 2017, such fair value pricing was not used in pricing foreign securities.

Debt securities are valued at the evaluated bid price provided by an independent pricing service 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. 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 Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing

22 Wells Fargo Emerging Markets Equity Fund Notes to financial statements (unaudited)

services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate 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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund 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 Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund 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 Fund on the next business day. In a securities lending transaction, the net asset value of the Fund 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 Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund 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 is included in securities lending income 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.

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Fund 23

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end may be categorized as a tax return of capital.

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.

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of October 31, 2016, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2017	Short-term	Long-term
$10,889,490	$28,743,201	$302,353,927

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

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

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

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

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

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

24 Wells Fargo Emerging Markets Equity Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Argentina	$	17,465,833	$	0	$	0	$	17,465,833
Brazil		191,345,317		3,988,011		0		195,333,328
Chile		67,649,202		0		0		67,649,202
China		807,352,935		39,981,568		0		847,334,503
Colombia		17,075,476		0		0		17,075,476
Hong Kong		162,337,155		0		0		162,337,155
India		315,396,671		0		0		315,396,671
Indonesia		83,265,902		0		0		83,265,902
Malaysia		37,967,366		0		0		37,967,366
Mexico		240,160,600		0		0		240,160,600
Peru		13,841,465		0		0		13,841,465
Philippines		29,160,219		0		0		29,160,219
Russia		81,052,182		14,692,449		0		95,744,631
South Africa		136,981,995		0		0		136,981,995
South Korea		387,321,389		0		0		387,321,389
Taiwan		287,320,944		0		0		287,320,944
Thailand		114,184,891		0		0		114,184,891
Turkey		22,058,605		0		0		22,058,605
United Arab Emirates		2,640,073		0		0		2,640,073
United Kingdom		23,121,193		0		0		23,121,193
Convertible debentures		0		0		0		0
Preferred stocks
Brazil		46,503,416		0		0		46,503,416
Short-term investments
Investment companies		91,093,977		0		0		91,093,977
Investments measured at net asset value*								106,674,339
Total assets	$	3,175,296,806	$	58,662,028	$	0	$	3,340,633,173

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $106,674,339 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2017, common stocks with a market value of $39,981,568 were transferred from Level 1 to Level 2 because of a decrease in the market activity of these securities. The Fund had no material transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, 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, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 1.05% and declining to 0.945% as the average daily net assets of the Fund increase. Prior to March 1, 2017, Funds Management received a fee at an annual rate which started at 1.15% and declined to 0.955% as the average daily net assets of the Fund increased. For the six months ended April 30, 2017, the management fee was equivalent to an annual rate of 1.05% of the Fund’s average daily net assets.

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Fund 25

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class B, 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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.58% for Class A shares, 2.33% for Class B shares, 2.33% for Class C shares, 1.15% for Class R6 shares, 1.46% for Administrator Class shares, and 1.19% 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 March 1, 2017, the Fund’s expenses were capped at 1.61% for Class A shares, 2.36% for Class B shares, 2.36% for Class C shares, 1.18% for Class R6 shares, 1.49% for Administrator Class shares, and 1.22% for Institutional Class shares.

During the six months ended April 30, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $21,642 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $63,842 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B and Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B and Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), and the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and 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 B and Class C shares. For the six months ended April 30, 2017, Funds Distributor received $6,872 from the sale of Class A shares and $368 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, 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

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2017 were $528,466,826 and $731,326,970, respectively.

The Fund may purchase or sell investment securities to 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.

26 Wells Fargo Emerging Markets Equity Fund Notes to financial statements (unaudited)

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 017, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2017, the Fund did not have any open forward foreign currency contracts. The Fund had average contract amounts of $329,258 in forward foreign currency contracts to buy during the six months ended April 30, 2017.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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 April 30, 2017, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of geographic regions. A fund that invest a substantial portion of their assets in any geographic region may be more affected by changes in that geographic region than would be a fund whose investments are not heavily weighted in any geographic region.

9. INDEMNIFICATION

Under the 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 December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

11. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Emerging Markets Equity Fund 27

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 October 31, 2016. 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
$5,393,476	$0.0364	94.53%

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses 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.

28 Wells Fargo Emerging Markets Equity Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 Forté Foundation (non-profit organization) and 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.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Emerging Markets Equity Fund 29

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (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. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds 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.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 69 funds and Assistant Treasurer of 69 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.

30 Wells Fargo Emerging Markets Equity Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

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 a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

303214 06-17 SA238/SAR238 04-17

Semi-Annual Report

April 30, 2017

Wells Fargo

Emerging Markets Equity Income Fund

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	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 2017, 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.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Emerging Markets Equity Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016.

Dear Shareholder:

As the new president of Wells Fargo Funds, now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Emerging Markets Equity Income Fund for the six-month period that ended April 30, 2017. Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016. U.S. and international stocks returned 13.31% and 10.37% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -0.67%.

During the last two months of 2016, prospects for faster growth and higher interest rates in the U.S. influenced markets.

Following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of progrowth policies, and supportive economic news helped the rally carry through the end of 2016. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year by a quarter percentage point to between 0.50% and 0.75%. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar. Rising inflation across the eurozone and Japan caused an upward shift in yield curves in those areas, although developed-country bond yields remained significantly lower than U.S. Treasury yields.

Globally, stocks delivered positive results and economies showed improvement in the first four months of 2017.

Stocks rallied globally, supported by signs of improvement in the U.S. and global economies. In the U.S., hiring remained strong and business and consumer sentiment improved. Meanwhile, inflation inched up. In March, Fed officials raised their short-term target interest rate by a quarter percentage point to between 0.75% and 1.00%. With the Fed’s target-rate increase, short-term bond yields rose. Longer-term Treasury yields were little changed, however, leading to positive performance. Investment-grade corporate bonds and high-yield bonds benefited from strong demand. Municipal bond returns were also positive during the first four months of 2017, helped by strong demand and constrained new-issue supply. Outside the U.S., stocks in emerging markets benefited from both global economic growth and recent weakening in the U.S. dollar. European stocks also advanced as political risk declined. In the first round of the French presidential elections, Emmanuel Macron, a pro-EU candidate, garnered the most votes. Non-U.S. bonds also benefited from a decline in perceived risk, with credit spreads continuing to narrow.

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

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

³ The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Emerging Markets Equity Income Fund 3

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest in 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

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.

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. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Emerging Markets Equity Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks to achieve long-term capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Anthony L.T. Cragg

Alison Shimada

Average annual total returns (%) as of April 30, 2017¹

		Including sales charge				Excluding sales charge				Expense ratios2 (%)
	Inception date	1 year		Since inception		1 year		Since inception		Gross		Net3
Class A (EQIAX)	5-31-2012		5.45		3.89		11.83		5.15		1.72		1.65
Class C (EQICX)	5-31-2012		10.06		4.38		11.06		4.38		2.47		2.40
Class R (EQIHX)	9-30-2015		–		–		11.58		4.89		1.97		1.90
Class R6 (EQIRX)	9-30-2015		–		–		12.36		5.60		1.29		1.20
Administrator Class (EQIDX)	5-31-2012		–		–		12.18		5.39		1.64		1.48
Institutional Class (EQIIX)	5-31-2012		–		–		12.25		5.57		1.39		1.25
MSCI EM Index (Net)4	–		–		–		19.13		4.00		–		–

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 R, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Emerging Markets Equity Income Fund 5

Ten largest holdings (%) as of April 30, 20175
Samsung Electronics Company Limited	3.26
China Construction Bank H Shares	3.00
Industrial & Commercial Bank of China Limited H Shares	2.80
China Petroleum & Chemical Corporation H Shares	2.07
Taiwan Semiconductor Manufacturing Company Limited	1.95
China Mobile Limited	1.93
Itausa Investimentos Itau SA	1.88
Banco Bradesco SA	1.85
SK Telecom Company Limited ADR	1.73
Hon Hai Precision Industry Company Limited	1.58

Country allocation as of April 30, 2017⁶

Sector distribution as of April 30, 2017⁶

¹  Historical performance shown for the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.03% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Operating Expenses After Fee Waiver at 1.62% for Class A, 2.37% for Class C, 1.87% for Class R, 1.17% for Class R6, 1.45% for Administrator Class, and 1.22% 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, and extraordinary expenses are excluded from 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 or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

6 Wells Fargo Emerging Markets Equity Income 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 November 1, 2016 to April 30, 2017.

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 11-1-2016		Ending account value 4-30-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,061.69	$	8.38		1.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.66	$	8.20		1.64	%
Class C
Actual	$	1,000.00	$	1,057.41	$	12.19		2.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.94	$	11.93		2.39	%
Class R
Actual	$	1,000.00	$	1,059.51	$	9.65		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.42	$	9.44		1.89	%
Class R6
Actual	$	1,000.00	$	1,063.76	$	6.04		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.94	$	5.91		1.18	%
Administrator Class
Actual	$	1,000.00	$	1,062.68	$	7.42		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	1,062.13	$	6.34		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21		1.24	%

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 7

Security name	Shares		Value
Common Stocks: 84.64%
Argentina: 0.49%
Banco Macro SA (Financials, Banks)		28,625	$	2,453,735
Brazil: 5.58%
Ambev SA (Consumer Staples, Beverages)		409,900		2,358,115
Banco do Brasil SA (Financials, Banks)		599,700		6,206,627
BB Seguridade Participacoes SA (Financials, Insurance)		663,096		6,244,369
CCR SA (Industrials, Transportation Infrastructure)		628,100		3,502,582
Energisa SA (Utilities, Electric Utilities)		391,400		2,805,359
Itausa Investimentos Itau SA Interim Shares (Financials, Banks) †(a)		1,589		4,621
Petroleo Brasileiro SA ADR Class A (Energy, Oil, Gas & Consumable Fuels) †		519,970		4,539,338
WEG SA (Industrials, Machinery)		450,800		2,513,873
				28,174,884
Cayman Islands: 1.03%
ANTA Sports Products Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		377,000		1,059,023
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,871,600		4,114,544
				5,173,567
Chile: 0.96%
Enersis SA ADR (Utilities, Electric Utilities)		489,949		4,855,395
China: 23.17%
Anhui Conch Cement Company Limited H Shares (Materials, Construction Materials)		716,000		2,508,373
Bank of China Limited H Shares (Financials, Banks)		13,752,000		6,665,300
Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure)		3,400,000		4,799,475
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		1,720,000		2,366,055
China Construction Bank H Shares (Financials, Banks)		18,641,000		15,146,030
China Galaxy Securities Company Limited H Shares (Financials, Capital Markets)		6,722,500		6,136,231
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		915,000		9,757,757
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		12,873,600		10,426,849
China Power International Development Limited (Utilities, Independent Power & Renewable Electricity Producers)		17,678,000		6,590,884
China Resources Land Limited (Real Estate, Real Estate Management & Development)		2,112,000		5,864,894
China State Construction International Holdings Limited (Industrials, Construction & Engineering)		2,048,000		3,717,724
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		3,327,000		3,879,472
Huaneng Power International Incorporated H Shares (Utilities, Independent Power & Renewable Electricity Producers)		3,878,000		2,677,285
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		21,620,000		14,119,910
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		1,524,000		1,645,799
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		8,272,000		5,827,786
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		2,752,000		4,429,608
Sinotrans Limited H Shares (Industrials, Air Freight & Logistics)		10,330,000		4,648,158
Zhejiang Expressway Company Limited (Industrials, Transportation Infrastructure)		1,928,000		2,399,357
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		9,484,000		3,353,025
				116,959,972
India: 6.16%
Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		372,616		4,166,082
Bharti Infratel Limited (Telecommunication Services, Diversified Telecommunication Services)		710,997		3,920,265

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

8 Wells Fargo Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
India (continued)
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		550,279	$	2,366,465
Credit Analysis & Research Limited (Financials, Capital Markets)		22,420		550,289
HCL Technologies Limited (Information Technology, IT Services)		187,147		2,368,356
Hero Honda Motors Limited (Consumer Discretionary, Automobiles)		94,491		4,874,519
Infosys Technologies Limited (Information Technology, IT Services)		235,238		3,360,360
NTPC Limited (Utilities, Independent Power & Renewable Electricity Producers)		1,547,503		3,957,162
Oil & Natural Gas Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		1,147,476		3,327,556
Vedanta Limited (Materials, Metals & Mining)		587,067		2,222,605
				31,113,659
Indonesia: 3.35%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		5,167,600		5,001,278
PT Cikarang Listrindo Tbk (Utilities, Independent Power & Renewable Electricity Producers)		19,197,400		1,857,952
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail)		2,474,100		2,710,020
PT Telekomunikasi Indonesia Persero Tbk (Telecommunication Services, Diversified Telecommunication Services)		22,374,500		7,335,626
				16,904,876
Luxembourg: 0.91%
Ternium SA (Materials, Metals & Mining)		181,060		4,584,439
Malaysia: 3.20%
Bursa Malaysia Bhd (Financials, Diversified Financial Services)		1,867,300		4,413,384
Malayan Banking Bhd (Financials, Banks)		1,162,400		2,565,260
Sime Darby Bhd (Industrials, Industrial Conglomerates)		1,678,100		3,606,697
Telecom Malaysia Bhd (Telecommunication Services, Diversified Telecommunication Services)		2,164,981		3,221,787
Tenaga Nasional Bhd (Utilities, Electric Utilities)		722,000		2,318,516
				16,125,644
Mexico: 2.34%
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure)		539,526		2,996,658
Grupo Financiero Banorte SAB de CV (Financials, Banks)		459,600		2,652,339
Grupo Financiero Santander SAB de CV Class B (Financials, Banks)		1,289,310		2,344,356
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		1,705,428		3,841,125
				11,834,478
Philippines: 1.59%
Globe Telecom Incorporated (Telecommunication Services, Wireless Telecommunication Services)		56,805		2,362,470
Semirara Mining and Power Corporation (Energy, Oil, Gas & Consumable Fuels)		1,895,580		5,652,785
				8,015,255
Poland: 0.54%
Bank Pekao SA (Financials, Banks)		74,613		2,703,356
Russia: 2.18%
LUKOIL PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		67,380		3,346,425
MegaFon OAO (Telecommunication Services, Wireless Telecommunication Services)		212,174		2,268,140
Moscow Exchange MICEX-RTS OAO (Financials, Diversified Financial Services) (a)		1,254,688		2,535,870
Severstal PAO GDR (Materials, Metals & Mining)		210,119		2,874,428
				11,024,863

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 9

Security name	Shares			Value
Singapore: 3.08%
Asian Pay Television Trust (Consumer Discretionary, Media)		4,457,600		$	1,643,105
CapitaRetail China Trust (Real Estate, Equity REITs)		3,499,657			3,982,718
Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		113,900			3,850,336
Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)		2,268,900			6,073,568
					15,549,727
South Africa: 3.70%
African Rainbow Minerals Limited (Materials, Metals & Mining)		275,891			1,744,480
Barclays Africa Group Limited (Financials, Banks)		270,604			2,976,619
FirstRand Limited (Financials, Diversified Financial Services)		1,458,030			5,438,802
Foschini Limited (Consumer Discretionary, Specialty Retail)		402,691			4,809,843
Sanlam Limited (Financials, Insurance)		701,323			3,720,272
					18,690,016
South Korea: 12.24%
Hana Financial Group Incorporated (Financials, Banks)		75,260			2,592,664
Hyundai Motor Company (Consumer Discretionary, Automobiles)		28,893			3,656,378
KB Financial Group Incorporated (Financials, Banks)		111,923			4,927,799
Korea Electric Power Corporation (Utilities, Electric Utilities)		159,504			6,356,891
Korea Reinsurance Company (Financials, Insurance)		399,604			3,968,297
POSCO (Materials, Metals & Mining)		22,967			5,399,132
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		55,237			4,839,730
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		8,404			16,477,128
Shinhan Financial Group Company Limited (Financials, Banks)		115,129			4,810,953
SK Telecom Company Limited ADR (Telecommunication Services, Wireless Telecommunication Services)		371,180			8,756,136
					61,785,108
Taiwan: 9.60%
Advanced Semiconductor Engineering Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		62,937			79,164
Cathay Financial Holding Company Limited (Financials, Insurance)		2,084,000			3,343,131
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		716,000			1,889,019
CTBC Financial Holding Company Limited (Financials, Banks)		4,320,130			2,699,097
CTCI Corporation (Industrials, Construction & Engineering)		1,402,000			2,453,535
Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		451,283	��		2,542,777
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,442,630			7,998,802
Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment)		945,000			3,633,290
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		1,415,000			2,293,378
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,529,000			9,856,833
Teco Electric & Machinery Company Limited (Industrials, Electrical Equipment)		3,660,000			3,627,125
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		1,975,000			3,646,134
United Microelectronics Corporation ADR (Information Technology, Semiconductors & Semiconductor Equipment)		1,206,024			2,339,687
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,617,000			2,049,990
					48,451,962

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

10 Wells Fargo Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name			Shares		Value
Thailand: 2.54%
Charoen Pokphand Food PCL (Consumer Staples, Food Products)				2,891,200	$	2,235,895
Land & Houses PCL (Real Estate, Real Estate Management & Development)				2,002,900		602,202
Land & Houses PCL (Real Estate, Real Estate Management & Development)				12,826,000		3,819,248
Major Cineplex Group PCL (Consumer Discretionary, Media)				2,467,000		2,496,242
Thai Beverage PCL (Consumer Staples, Beverages)				5,561,300		3,681,926
						12,835,513
Turkey: 0.55%
Tupras Turkiye Petrol Rafinerileri AS (Energy, Oil, Gas & Consumable Fuels)				110,937		2,795,327
United Arab Emirates: 0.66%
Abu Dhabi Commercial Bank PJSC (Financials, Banks)				1,769,645		3,334,044
United Kingdom: 0.77%
Polymetal International plc (Materials, Metals & Mining)				293,671		3,860,679
Total Common Stocks (Cost $390,695,322)						427,226,499
Exchange-Traded Funds: 0.49%
United States: 0.49%
VanEck Vectors Russia ETF				119,775		2,500,902
Total Exchange-Traded Funds (Cost $1,932,576)						2,500,902
	Expiration date
Participation Notes: 5.21%
China: 5.21%
HSBC Bank plc (Huayu Automotive Systems Company Limited) (Consumer Discretionary, Auto Components) †		8-24-2017		1,333,100		3,634,989
HSBC Bank plc (Inner Mongolia Yili Industrial Group Company Limited Class A) (Consumer Staples, Food Products) †		8-28-2017		666,000		1,765,712
HSBC Bank plc (Inner Mongolia Yili Industrial Group Company Limited) (Consumer Staples, Food Products) †		8-28-2017		258,577		685,544
HSBC Bank plc (Midea Group Company Limited Class A) (Consumer Discretionary, Household Durables) †		8-29-2017		512,000		2,502,239
HSBC Bank plc (Ningbo Green Electric Appliance Company Limited) (Consumer Discretionary, Household Durables) †		2-12-2019		600,499		2,877,206
UBS AG (Agricultural Bank of China Limited) (Financials, Banks) †		8-14-2017		5,083,200		2,494,585
UBS AG (Baoshan Iron & Steel Company Limited) (Materials, Metals & Mining) †		8-29-2017		5,326,961		4,826,238
UBS AG (Midea Group Company Limited Class A) (Consumer Discretionary, Household Durables) †		8-29-2017		857,133		4,188,968
UBS AG (Poly Real Estate Group Company Limited) (Real Estate, Real Estate Management & Development) †		8-29-2017		2,442,368		3,340,463
Total Participation Notes (Cost $24,082,208)						26,315,944

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 11

Security name	Dividend yield			Shares		Value
Preferred Stocks: 4.73%
Brazil: 4.73%
Banco Bradesco SA (Financials, Banks)		14.17	%		885,300	$	9,318,654
Companhia de Saneamento do Parana (Utilities, Water Utilities)		8.06			1,509,920		4,890,275
Itausa Investimentos Itau SA (Financials, Banks)		9.75			3,051,450		9,507,992
Itausa Investimentos Itau SA Preferred Interim Shares (Financials, Banks) †(a)		9.75			48,738		151,248
Total Preferred Stocks (Cost $18,040,435)							23,868,169
	Yield
Short-Term Investments: 4.48%
Investment Companies: 4.48%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.68			22,591,288		22,591,288
Total Short-Term Investments (Cost $22,591,288)							22,591,288

Total investments in securities (Cost $457,341,829) *	99.55	%		502,502,802
Other assets and liabilities, net	0.45			2,258,740
Total net assets	100.00	%	$	504,761,542

† 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 Fund as defined in the Investment Company Act of 1940.

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

* Cost for federal income tax purposes is $459,198,787 and unrealized gains (losses) consists of:

Gross unrealized gains	$	52,222,444
Gross unrealized losses		(8,918,429	)
Net unrealized gains	$	43,304,015

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

12 Wells Fargo Emerging Markets Equity Income Fund Statement of assets and liabilities—April 30, 2017 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $434,750,541)	$	479,911,514
In affiliated securities, at value (cost $22,591,288)		22,591,288
Total investments, at value (cost $457,341,829)		502,502,802
Foreign currency, at value (cost $4,364,161)		4,374,902
Receivable for investments sold		1,145,544
Receivable for Fund shares sold		2,353,185
Receivable for dividends		365,683
Prepaid expenses and other assets		22,516
Total assets		510,764,632
Liabilities
Payable for investments purchased		4,543,962
Payable for Fund shares redeemed		908,670
Management fee payable		396,657
Distribution fees payable		8,935
Administration fees payable		52,848
Accrued expenses and other liabilities		92,018
Total liabilities		6,003,090
Total net assets	$	504,761,542
NET ASSETS CONSIST OF
Paid-in capital	$	490,573,350
Undistributed net investment income		42,177
Accumulated net realized losses on investments		(31,027,954	)
Net unrealized gains on investments		45,173,969
Total net assets	$	504,761,542
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	17,614,448
Shares outstanding – Class A1		1,625,579
Net asset value per share – Class A		$10.84
Maximum offering price per share – Class A2		$11.50
Net assets – Class C	$	14,494,021
Shares outstanding – Class C1		1,343,776
Net asset value per share – Class C		$10.79
Net assets – Class R	$	29,475
Shares outstanding – Class R1		2,714
Net asset value per share – Class R		$10.86
Net assets – Class R6	$	37,722,696
Shares outstanding – Class R61		3,477,270
Net asset value per share – Class R6		$10.85
Net assets – Administrator Class	$	12,092,890
Shares outstanding – Administrator Class1		1,108,671
Net asset value per share – Administrator Class		$10.91
Net assets – Institutional Class	$	422,808,012
Shares outstanding – Institutional Class1		38,956,871
Net asset value per share – Institutional Class		$10.85

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2017 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 13

Investment income
Dividends (net of foreign withholding taxes of $634,698)	$	5,915,301
Income from affiliated securities		44,810
Total investment income		5,960,111
Expenses
Management fee		2,489,892
Administration fees
Class A		24,440
Class C		13,967
Class R		29
Class R6		1,244
Administrator Class		10,331
Institutional Class		251,012
Shareholder servicing fees
Class A		29,096
Class C		16,628
Class R		35
Administrator Class		18,916
Distribution fees
Class C		49,883
Class R		35
Custody and accounting fees		139,233
Professional fees		24,813
Registration fees		80,996
Shareholder report expenses		48,937
Trustees’ fees and expenses		11,776
Other fees and expenses		10,002
Total expenses		3,221,265
Less: Fee waivers and/or expense reimbursements		(314,175	)
Net expenses		2,907,090
Net investment income		3,053,021
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(10,556,758	)
Forward foreign currency contract transactions		58,200
Net realized losses on investments		(10,498,558	)
Net change in unrealized gains (losses) on investments		28,585,281
Net realized and unrealized gains (losses) on investments		18,086,723
Net increase in net assets resulting from operations	$	21,139,744

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

14 Wells Fargo Emerging Markets Equity Income Fund Statement of changes in net assets

	Six months ended April 30, 2017 (unaudited)						Year ended October 31, 2016
Operations
Net investment income				$	3,053,021					$	8,427,369
Net realized losses on investments					(10,498,558	)					(12,750,447	)
Net change in unrealized gains (losses) on investments					28,585,281						27,078,980
Net increase in net assets resulting from operations					21,139,744						22,755,902
Distributions to shareholders from
Net investment income
Class A					(139,637	)					(520,415	)
Class C					(31,839	)					(196,473	)
Class R					(132	)					(512	)
Class R6					(63,048	)					(62,106	)
Administrator Class					(59,467	)					(1,092,920	)
Institutional Class					(3,124,516	)					(6,378,435	)
Total distributions to shareholders					(3,418,639	)					(8,250,861	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		718,514			7,378,675			1,710,525			16,669,000
Class C		247,194			2,582,206			735,242			7,145,583
Class R6		3,223,448			35,153,977			280,056			2,733,901
Administrator Class		227,824			2,311,884			3,295,035			31,905,381
Institutional Class		15,833,124			162,027,120			42,218,845			417,403,734
					209,453,862						475,857,599
Reinvestment of distributions
Class A		13,190			130,639			50,509			495,441
Class C		2,720			26,495			16,592			161,956
Class R		13			132			52			512
Class R6		5,988			63,048			6,334			62,106
Administrator Class		5,672			58,110			110,594			1,087,476
Institutional Class		274,083			2,781,059			526,646			5,191,655
					3,059,483						6,999,146
Payment for shares redeemed
Class A		(1,681,299	)		(17,597,864	)		(1,479,305	)		(14,314,963	)
Class C		(208,631	)		(2,147,746	)		(474,574	)		(4,639,504	)
Class R6		(4,081	)		(43,929	)		(37,131	)		(356,931	)
Administrator Class		(4,064,979	)		(39,519,658	)		(2,859,314	)		(27,376,015	)
Institutional Class		(18,605,773	)		(186,340,530	)		(14,607,459	)		(140,452,239	)
					(245,649,727	)					(187,139,652	)
Net increase (decrease) in net assets resulting from capital share transactions					(33,136,382	)					295,717,093
Total increase (decrease) in net assets					(15,415,277	)					310,222,134
Net assets
Beginning of period					520,176,819						209,954,685
End of period				$	504,761,542					$	520,176,819
Undistributed net investment income				$	42,177					$	407,795

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

Financial highlights Wells Fargo Emerging Markets Equity Income Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS A				2016			2015			2014			2013			20121
Net asset value, beginning of period		$10.27			$9.97			$11.33			$11.79			$11.17			$10.00
Net investment income		0.06			0.23	2		0.20			0.33			0.31			0.13
Net realized and unrealized gains (losses) on investments		0.57			0.29			(1.36	)		(0.11	)		0.88			1.15
Total from investment operations		0.63			0.52			(1.16	)		0.22			1.19			1.28
Distributions to shareholders from
Net investment income		(0.06	)		(0.22	)		(0.20	)		(0.31	)		(0.34	)		(0.11	)
Net realized gains		0.00			0.00			0.00			(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.06	)		(0.22	)		(0.20	)		(0.68	)		(0.57	)		(0.11	)
Net asset value, end of period		$10.84			$10.27			$9.97			$11.33			$11.79			$11.17
Total return3		6.17	%		5.29	%		(10.34	)%		2.05	%		10.94	%		12.80	%
Ratios to average net assets (annualized)
Gross expenses		1.73	%		1.79	%		1.89	%		2.09	%		2.88	%		4.29	%
Net expenses		1.64	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		0.90	%		2.34	%		2.22	%		3.12	%		2.64	%		2.94	%
Supplemental data
Portfolio turnover rate		43	%		64	%		84	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$17,614			$26,459			$22,866			$14,010			$8,658			$628

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

²  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS C				2016			2015			2014			2013			20121
Net asset value, beginning of period		$10.23			$9.94			$11.32			$11.79			$11.16			$10.00
Net investment income		0.02			0.16	2		0.14			0.23			0.22			0.10
Net realized and unrealized gains (losses) on investments		0.56			0.28			(1.38	)		(0.08	)		0.89			1.13
Total from investment operations		0.58			0.44			(1.24	)		0.15			1.11			1.23
Distributions to shareholders from
Net investment income		(0.02	)		(0.15	)		(0.14	)		(0.25	)		(0.25	)		(0.07	)
Net realized gains		0.00			0.00			0.00			(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.02	)		(0.15	)		(0.14	)		(0.62	)		(0.48	)		(0.07	)
Net asset value, end of period		$10.79			$10.23			$9.94			$11.32			$11.79			$11.16
Total return3		5.74	%		4.53	%		(10.95	)%		1.27	%		10.11	%		12.49	%
Ratios to average net assets (annualized)
Gross expenses		2.47	%		2.54	%		2.64	%		2.83	%		3.81	%		5.03	%
Net expenses		2.39	%		2.40	%		2.40	%		2.40	%		2.40	%		2.41	%
Net investment income		0.32	%		1.62	%		1.45	%		2.17	%		1.80	%		2.24	%
Supplemental data
Portfolio turnover rate		43	%		64	%		84	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$14,494			$13,327			$10,190			$6,390			$2,028			$562

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Emerging Markets Equity Income Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS R				2016			20151
Net asset value, beginning of period		$10.30			$9.99			$9.44
Net investment income (loss)		0.04			0.20	2		(0.01	)2
Net realized and unrealized gains (losses) on investments		0.57			0.30			0.56
Total from investment operations		0.61			0.50			0.55
Distributions to shareholders from
Net investment income		(0.05	)		(0.19	)		(0.00	)3
Net asset value, end of period		$10.86			$10.30			$9.99
Total return4		5.95	%		5.13	%		5.87	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		2.04	%		2.10	%
Net expenses		1.89	%		1.90	%		1.90	%
Net investment income (loss)		0.82	%		2.09	%		(0.90	)%
Supplemental data
Portfolio turnover rate		43	%		64	%		84	%
Net assets, end of period (000s omitted)		$29			$28			$26

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

18 Wells Fargo Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS R6				2016			20151
Net asset value, beginning of period		$10.29			$9.97			$9.42
Net investment income (loss)		0.10	2		0.30	2		(0.00	)2,3
Net realized and unrealized gains (losses) on investments		0.55			0.27			0.56
Total from investment operations		0.65			0.57			0.56
Distributions to shareholders from
Net investment income		(0.09	)		(0.25	)		(0.01	)
Net asset value, end of period		$10.85			$10.29			$9.97
Total return4		6.38	%		5.90	%		5.91	%
Ratios to average net assets (annualized)
Gross expenses		1.23	%		1.36	%		1.40	%
Net expenses		1.18	%		1.20	%		1.20	%
Net investment income (loss)		1.84	%		3.05	%		(0.19	)%
Supplemental data
Portfolio turnover rate		43	%		64	%		84	%
Net assets, end of period (000s omitted)		$37,723			$2,592			$26

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Emerging Markets Equity Income Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			20121
Net asset value, beginning of period		$10.32			$10.00			$11.35			$11.80			$11.17			$10.00
Net investment income		0.04	2		0.25	2		0.23			0.33	2		0.32			0.14
Net realized and unrealized gains (losses) on investments		0.60			0.29			(1.37	)		(0.08	)		0.89			1.14
Total from investment operations		0.64			0.54			(1.14	)		0.25			1.21			1.28
Distributions to shareholders from
Net investment income		(0.05	)		(0.22	)		(0.21	)		(0.33	)		(0.35	)		(0.11	)
Net realized gains		0.00			0.00			0.00			(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.05	)		(0.22	)		(0.21	)		(0.70	)		(0.58	)		(0.11	)
Net asset value, end of period		$10.91			$10.32			$10.00			$11.35			$11.80			$11.17
Total return3		6.27	%		5.56	%		(10.12	)%		2.30	%		11.13	%		12.89	%
Ratios to average net assets (annualized)
Gross expenses		1.63	%		1.71	%		1.76	%		1.91	%		2.94	%		4.14	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income		0.81	%		2.54	%		2.38	%		2.89	%		2.70	%		3.17	%
Supplemental data
Portfolio turnover rate		43	%		64	%		84	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$12,093			$50,970			$43,928			$52,896			$13,527			$5,285

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			20121
Net asset value, beginning of period		$10.30			$9.98			$11.34			$11.79			$11.17			$10.00
Net investment income		0.08			0.27	2		0.25	2		0.35			0.34			0.15
Net realized and unrealized gains (losses) on investments		0.55			0.30			(1.36	)		(0.07	)		0.89			1.14
Total from investment operations		0.63			0.57			(1.11	)		0.28			1.23			1.29
Distributions to shareholders from
Net investment income		(0.08	)		(0.25	)		(0.25	)		(0.36	)		(0.38	)		(0.12	)
Net realized gains		0.00			0.00			0.00			(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.08	)		(0.25	)		(0.25	)		(0.73	)		(0.61	)		(0.12	)
Net asset value, end of period		$10.85			$10.30			$9.98			$11.34			$11.79			$11.17
Total return3		6.21	%		5.84	%		(9.95	)%		2.52	%		11.32	%		12.98	%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.45	%		1.51	%		1.62	%		2.74	%		3.92	%
Net expenses		1.24	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		1.44	%		2.75	%		2.41	%		3.69	%		2.88	%		3.39	%
Supplemental data
Portfolio turnover rate		43	%		64	%		84	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$422,808			$426,801			$132,918			$35,114			$6,077			$5,082

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

²  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Income Fund 21

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 (“ASC”) Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Emerging Markets Equity Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of 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 April 30, 2017, such fair value pricing was not used in pricing foreign securities.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

22 Wells Fargo Emerging Markets Equity Income Fund Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. 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.

Participation notes

The Fund 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. dividends, 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 Fund has no rights against the issuer of the underlying foreign security and participation notes expose the Fund 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 Fund is subject to foreign currency exchange rate 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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund 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 Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end may be categorized as a tax return of capital.

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.

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Income Fund 23

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

As of October 31, 2016, the Fund had capital loss carryforwards which consist of $14,095,175 in short-term capital losses and $5,166,871 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

24 Wells Fargo Emerging Markets Equity Income Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Argentina	$	2,453,735	$	0	$	0	$	2,453,735
Brazil		28,170,263		4,621		0		28,174,884
Cayman Islands		5,173,567		0		0		5,173,567
Chile		4,855,395		0		0		4,855,395
China		116,959,972		0		0		116,959,972
India		31,113,659		0		0		31,113,659
Indonesia		16,904,876		0		0		16,904,876
Luxembourg		4,584,439		0		0		4,584,439
Malaysia		16,125,644		0		0		16,125,644
Mexico		11,834,478		0		0		11,834,478
Philippines		8,015,255		0		0		8,015,255
Poland		2,703,356		0		0		2,703,356
Russia		8,488,993		2,535,870		0		11,024,863
Singapore		15,549,727		0		0		15,549,727
South Africa		18,690,016		0		0		18,690,016
South Korea		61,785,108		0		0		61,785,108
Taiwan		48,451,962		0		0		48,451,962
Thailand		12,835,513		0		0		12,835,513
Turkey		2,795,327		0		0		2,795,327
United Arab Emirates		3,334,044		0		0		3,334,044
United Kingdom		3,860,679		0		0		3,860,679
Exchange-traded funds
United States		2,500,902		0		0		2,500,902
Participation notes
China		0		26,315,944		0		26,315,944
Preferred stocks
Brazil		23,716,921		151,248		0		23,868,169
Short-term investments
Investment companies		22,591,288		0		0		22,591,288
Total assets	$	473,495,119	$	29,007,683	$	0	$	502,502,802

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2017, the Fund did not have any transfers into/out of level 1, level 2, or level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 1.05% and declining to 0.945% as the average daily net assets of the Fund increase. Prior to March 1, 2017, Funds Management received a fee at an annual rate which started at 1.15% and declined to 0.955% as the average daily assets of the Fund increased. For the six months ended April 30, 2017, the management fee was equivalent to an annual rate of 1.11% of the Fund’s average daily net assets.

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Income Fund 25

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Administration fees

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

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

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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.62% for Class A shares, 2.37% for Class C shares, 1.87% for Class R shares, 1.17% for Class R6 shares, 1.45% for Administrator Class shares, and 1.22% 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 March 1, 2017, the Fund’s expenses were capped at 1.65% for Class A shares, 2.40% for Class C shares, 1.90% for Class R shares, 1.20% for Class R6 shares, 1.45% for Administrator Class shares, and 1.25% for Institutional Class shares.

During the six months ended April 30, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $373 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $2,063 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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 B and Class C shares. For the six months ended April 30, 2017, Funds Distributor received $6,506 from the sale of Class A shares and $939 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

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 April 30, 2017 were $190,235,116 and $231,502,504, respectively.

The Fund may purchase or sell investment securities to 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. Interfund trades are included within the respective purchases and sales amounts shown.

26 Wells Fargo Emerging Markets Equity Income Fund Notes to financial statements (unaudited)

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2017, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2017, the Fund did not have any open forward foreign currency contracts. The Fund had average contract amounts of $126,912 in forward foreign currency contracts to buy during the six months ended April 30, 2017.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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 April 30, 2017, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

11. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Emerging Markets Equity Income Fund 27

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 October 31, 2016. 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
$1,331,086	$0.0263	93.37%

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses 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.

28 Wells Fargo Emerging Markets Equity Income 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 138 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 Forté Foundation (non-profit organization) and 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.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Emerging Markets Equity Income Fund 29

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (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. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds 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.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 69 funds and Assistant Treasurer of 69 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.

30 Wells Fargo Emerging Markets Equity Income Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

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 a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

303215 06-17 SA262/SAR262 04-17

Semi-Annual Report

April 30, 2017

Wells Fargo Global Small Cap Fund

(formerly known as Wells Fargo Global Opportunities Fund)

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	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of April 30, 2017, 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.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Global Small Cap Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016.

Dear Shareholder:

As the new president of Wells Fargo Funds, now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Global Small Cap Fund for the six-month period that ended April 30, 2017. Effective April 1, 2017, the Fund changed its name from Wells Fargo Global Opportunities Fund to Wells Fargo Global Small Cap Fund. Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016. U.S. and international stocks returned 13.31% and 10.37% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -0.67%.

During the last two months of 2016, prospects for faster growth and higher interest rates in the U.S. influenced markets.

Following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of progrowth policies, and supportive economic news helped the rally carry through the end of 2016. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year by a quarter percentage point to between 0.50% and 0.75%. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar. Rising inflation across the eurozone and Japan caused an upward shift in yield curves in those areas, although developed-country bond yields remained significantly lower than U.S. Treasury yields.

Globally, stocks delivered positive results and economies showed improvement in the first four months of 2017.

Stocks rallied globally, supported by signs of improvement in the U.S. and global economies. In the U.S., hiring remained strong and business and consumer sentiment improved. Meanwhile, inflation inched up. In March, Fed officials raised their short-term target interest rate by a quarter percentage point to between 0.75% and 1.00%. With the Fed’s target-rate increase, short-term bond yields rose. Longer-term Treasury yields were little changed, however, leading to positive performance. Investment-grade corporate bonds and high-yield bonds benefited from strong demand. Municipal bond returns were also positive during the first four months of 2017, helped by strong demand and constrained new-issue supply. Outside the U.S., stocks in emerging markets benefited from both global economic growth and recent weakening in the U.S. dollar. European stocks also advanced as political risk declined. In the first round of the French presidential

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Global Small Cap Fund 3

elections, Emmanuel Macron, a pro-EU candidate, garnered the most votes. Non-U.S. bonds also benefited from a decline in perceived risk, with credit spreads continuing to narrow.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest in 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

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.

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. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Global Small Cap Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Oleg Makhorine

Robert Rifkin, CFA^®

James M. Tringas, CFA^®, CPA

Bryant VanCronkhite, CFA^®, CPA

Average annual total returns (%) as of April 30, 2017¹

		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 (EKGAX)	3-16-1988		13.82		9.91		4.69		20.76		11.22		5.31		1.56		1.56
Class B (EKGBX)*	2-1-1993		14.88		10.11		4.76		19.88		10.38		4.76		2.31		2.31
Class C (EKGCX)	2-1-1993		18.88		10.39		4.53		19.88		10.39		4.53		2.31		2.31
Administrator Class (EKGYX)	1-13-1997		–		–		–		20.94		11.39		5.52		1.48		1.41
Institutional Class (EKGIX)	7-30-2010		–		–		–		21.24		11.67		5.70		1.23		1.16
S&P Developed SmallCap Index4	–		–		–		–		16.89		11.45		5.24		–		–

* At the close of business on May 5, 2017, existing Class B shareholders were converted to Class A shareholders. Effective May 6, 2017, Class B shares are no longer offered by the Fund.

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 B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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 geographic risk and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Global Small Cap Fund 5

Ten largest holdings (%) as of April 30, 20175
Denny’s Corporation	1.74
ICU Medical Incorporated	1.73
Nomad Foods Limited	1.61
Douglas Dynamics Incorporated	1.57
Forward Air Corporation	1.52
ALLETE Incorporated	1.51
Haemonetics Corporation	1.51
Korn/Ferry International	1.50
Analogic Corporation	1.48
Gerresheimer AG	1.47

Country allocation as of April 30, 2017⁶

Sector distribution as of April 30, 2017⁶

¹  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. 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 Global Opportunities Fund.

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

³  The manager has contractually committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Operating Expenses After Fee Waiver at 1.55% for Class A, 2.30% for Class B, 2.30% for Class C, 1.40% for Administrator Class, and 1.15% 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 fees and expenses, and extraordinary expenses are excluded from 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 or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  The S&P Developed SmallCap Index is a free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of small-capitalization companies located in developed markets. The index is composed of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. You cannot invest directly in an index.

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

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

6 Wells Fargo Global Small Cap 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 November 1, 2016 to April 30, 2017.

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 11-1-2016		Ending account value 4-30-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,141.27	$	8.18		1.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.16	$	7.70		1.54	%
Class B
Actual	$	1,000.00	$	1,137.17	$	12.13		2.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.44	$	11.43		2.29	%
Class C
Actual	$	1,000.00	$	1,137.12	$	12.13		2.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.44	$	11.43		2.29	%
Administrator Class
Actual	$	1,000.00	$	1,141.94	$	7.44		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,143.46	$	6.11		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Global Small Cap Fund 7

Security name		Shares		Value
Common Stocks: 90.54%
Australia: 1.23%
Ansell Limited (Health Care, Health Care Equipment & Supplies)			135,976	$	2,423,288
Inghams Group Limited (Consumer Staples, Food Products)			247,416		579,880
					3,003,168
Austria: 0.72%
Mayr-Melnhof Karton AG (Materials, Containers & Packaging)			10,231		1,237,053
Zumtobel Group AG (Industrials, Electrical Equipment)			25,315		528,073
					1,765,126
Canada: 7.19%
Colliers International Group (Real Estate, Real Estate Management & Development)			39,753		1,946,515
Cott Corporation (Consumer Staples, Beverages)			156,635		2,060,851
Great Canadian Gaming Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure) †			77,622		1,385,772
Maple Leaf Foods Incorporated (Consumer Staples, Food Products)			61,025		1,527,581
MTY Food Group Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)			50,294		1,727,250
Mullen Group Limited (Energy, Energy Equipment & Services)			107,591		1,179,911
Novanta Incorporated (Information Technology, Electronic Equipment, Instruments & Components) †			116,105		3,256,745
Parex Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) †			96,236		1,194,975
Source Energy Services Limited (Energy, Energy Equipment & Services) †			125,000		902,897
Tesco Corporation (Energy, Energy Equipment & Services) †			158,800		1,040,140
Western Forest Products Incorporated (Materials, Paper & Forest Products)			850,117		1,338,963
					17,561,600
Finland: 0.50%
Metsa Board OYJ (Materials, Paper & Forest Products)			171,648		1,219,084
France: 1.87%
ALTEN SA (Information Technology, IT Services)			28,939		2,452,508
M6 Metropole Television SA (Consumer Discretionary, Media)			93,186		2,123,029
					4,575,537
Germany: 5.21%
Cancom SE (Information Technology, IT Services) «			42,061		2,488,781
Gerresheimer AG (Health Care, Life Sciences Tools & Services)			45,830		3,595,426
Krones AG (Industrials, Machinery) «			12,891		1,530,596
SMA Solar Technology AG (Information Technology, Semiconductors & Semiconductor Equipment) «			58,058		1,502,327
TAG Immobilien AG (Real Estate, Real Estate Management & Development)			137,371		1,955,771
TLG Immobilien AG (Real Estate, Real Estate Management & Development)			81,158		1,642,130
					12,715,031
Hong Kong: 0.96%
Sunlight REIT (Real Estate, Equity REITs)			3,763,000		2,336,651
Ireland: 1.09%
Endo International plc (Health Care, Pharmaceuticals) †			59,000		670,830
Horizon Pharma plc (Health Care, Pharmaceuticals) †			129,700		1,994,786
	��				2,665,616

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

8 Wells Fargo Global Small Cap Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
Israel: 1.44%
Orbotech Limited (Information Technology, Electronic Equipment, Instruments & Components) †		106,827	$	3,517,813
Italy: 1.20%
Azimut Holding SpA (Financials, Capital Markets)		64,206		1,253,317
Davide Campari-Milano SpA (Consumer Staples, Beverages)		141,029		1,668,344
				2,921,661
Japan: 9.18%
Aeon Delight Company Limited (Industrials, Commercial Services & Supplies)		108,400		3,306,212
DTS Corporation (Information Technology, IT Services)		87,400		2,290,942
Ezaki Glico Company Limited (Consumer Staples, Food Products)		30,900		1,627,118
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		18,400		1,039,874
Fuji Seal International Incorporated (Materials, Containers & Packaging)		67,000		1,595,138
Meitec Corporation (Industrials, Professional Services)		59,400		2,565,696
Musashi Seimitsu Industry Company Limited (Consumer Discretionary, Auto Components)		39,400		967,019
Nihon Parkerizing Company Limited (Materials, Chemicals)		170,100		2,183,567
ORIX JREIT Incorporated (Real Estate, Equity REITs)		1,088		1,725,574
OSG Corporation (Industrials, Machinery) «		62,500		1,286,723
Ship Healthcare Holdings Incorporated (Health Care, Health Care Providers & Services)		52,100		1,400,706
Sumitomo Warehouse Company Limited (Industrials, Transportation Infrastructure)		202,000		1,224,956
Taikisha Limited (Industrials, Construction & Engineering)		48,500		1,207,769
				22,421,294
Netherlands: 0.87%
Frank’s International NV (Energy, Energy Equipment & Services) «		130,800		1,190,280
TKH Group NV (Industrials, Electrical Equipment)		19,992		919,001
				2,109,281
Spain: 3.20%
Almirall SA (Health Care, Pharmaceuticals)		139,327		2,516,328
Merlin Properties Socimi SA (Real Estate, Equity REITs) «		160,285		1,897,012
Prosegur Compania de Seguridad SA (Industrials, Commercial Services & Supplies)		173,358		1,131,145
Viscofan SA (Consumer Staples, Food Products)		37,829		2,263,919
				7,808,404
Sweden: 0.40%
Rezidor Hotel Group AB (Consumer Discretionary, Hotels, Restaurants & Leisure) «		263,630		982,217
Switzerland: 1.84%
Aryzta AG (Consumer Staples, Food Products)		29,419		955,304
Bucher Industries AG (Industrials, Machinery)		2,703		871,344
OC Oerlikon Corporation AG (Information Technology, Electronic Equipment, Instruments & Components)		222,432		2,671,420
				4,498,068
United Kingdom: 10.85%
Berendsen plc (Industrials, Commercial Services & Supplies)		90,107		979,168
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		62,815		748,900
Britvic plc (Consumer Staples, Beverages)		222,231		1,914,092
Consort Medical plc (Health Care, Health Care Equipment & Supplies)		45,055		606,894

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Global Small Cap Fund 9

Security name	Shares		Value
United Kingdom (continued)
Domino’s Pizza Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		329,461	$	1,410,302
Elementis plc (Materials, Chemicals)		459,799		1,811,606
Hunting plc (Energy, Energy Equipment & Services)		199,757		1,455,329
Jupiter Fund Management plc (Financials, Capital Markets)		262,284		1,612,264
Keller Group plc (Industrials, Construction & Engineering)		90,011		1,079,551
Lancashire Holdings Limited (Financials, Insurance)		156,710		1,385,275
Mears Group plc (Industrials, Commercial Services & Supplies)		233,426		1,575,156
Micro Focus International plc (Information Technology, Software)		68,206		2,286,249
NCC Group plc (Information Technology, IT Services)		895,060		1,651,975
Nomad Foods Limited (Consumer Staples, Food Products) †		332,653		3,925,305
Savills plc (Real Estate, Real Estate Management & Development)		163,390		1,965,974
Steris plc (Health Care, Health Care Equipment & Supplies)		24,985		1,843,893
Stock Spirits Group plc (Consumer Staples, Beverages)		109,708		248,664
				26,500,597
United States: 42.79%
ACI Worldwide Incorporated (Information Technology, Software) †		154,200		3,313,758
ALLETE Incorporated (Utilities, Electric Utilities)		52,900		3,698,239
Analogic Corporation (Health Care, Health Care Equipment & Supplies)		50,324		3,615,779
AptarGroup Incorporated (Materials, Containers & Packaging)		42,700		3,428,810
Aspen Insurance Holdings Limited (Financials, Insurance)		58,200		3,046,770
Belden Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		39,700		2,767,090
Berkshire Hills Bancorp Incorporated (Financials, Banks)		56,800		2,130,000
Casey’s General Stores Incorporated (Consumer Staples, Food & Staples Retailing) «		23,100		2,588,817
Compass Minerals International Incorporated (Materials, Metals & Mining) «		46,100		3,042,600
Denny’s Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure) †		334,300		4,245,610
Douglas Dynamics Incorporated (Industrials, Machinery)		120,142		3,832,530
Forward Air Corporation (Industrials, Air Freight & Logistics)		69,600		3,700,632
GCP Applied Technologies Incorporated (Materials, Chemicals) †		46,975		1,545,478
Gibraltar Industries Incorporated (Industrials, Building Products) †		16,200		635,850
Global Brass & Copper Holdings Incorporated (Industrials, Machinery)		46,300		1,650,595
Guess? Incorporated (Consumer Discretionary, Specialty Retail)		148,000		1,651,680
Haemonetics Corporation (Health Care, Health Care Equipment & Supplies) †		88,076		3,688,623
HB Fuller Company (Materials, Chemicals)		47,900		2,530,557
Helen of Troy Limited (Consumer Discretionary, Household Durables) †		37,600		3,534,400
ICU Medical Incorporated (Health Care, Health Care Equipment & Supplies) †		27,400		4,214,120
Innoviva Incorporated (Health Care, Pharmaceuticals) †		273,508		3,223,292
Keane Group Incorporated (Energy, Energy Equipment & Services) Ǡ		85,974		1,188,161
Korn/Ferry International (Industrials, Professional Services)		113,400		3,674,160
Mueller Industries Incorporated (Industrials, Machinery)		82,800		2,652,912
NetScout Systems Incorporated (Information Technology, Communications Equipment) †		72,400		2,725,860
PAREXEL International Corporation (Health Care, Life Sciences Tools & Services) †		42,600		2,719,158
Parkway Incorporated (Real Estate, Equity REITs)		139,500		2,810,925
PharMerica Corporation (Health Care, Health Care Providers & Services) †		37,200		877,920
Progress Software Corporation (Information Technology, Software)		101,300		3,010,636
Quanex Building Products Corporation (Industrials, Building Products)		156,508		3,192,763
Ryder System Incorporated (Industrials, Road & Rail)		38,800		2,634,908
Schweitzer-Mauduit International Incorporated (Materials, Paper & Forest Products)		46,857		2,017,194
Simpson Manufacturing Company Incorporated (Industrials, Building Products)		52,770		2,201,037

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

10 Wells Fargo Global Small Cap Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name				Shares		Value
United States (continued)
Smart Sand Incorporated (Energy, Energy Equipment & Services) Ǡ					81,900	$	997,542
Thermon Group Holdings Incorporated (Industrials, Electrical Equipment) †					106,400		2,181,200
Vishay Intertechnology Incorporated (Information Technology, Electronic Equipment, Instruments & Components)					100,233		1,638,810
WD-40 Company (Consumer Staples, Household Products)					26,200		2,747,070
Weingarten Realty Investors (Real Estate, Equity REITs)					57,800		1,894,106
Westwood Holdings Group Incorporated (Financials, Capital Markets)					58,050		3,239,190
							104,488,782
Total Common Stocks (Cost $183,866,656)							221,089,930
	Yield
Short-Term Investments: 14.72%
Investment Companies: 14.72%
Securities Lending Cash Investment LLC (l)(r)(u)		1.03	%		14,491,930		14,493,379
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.68			21,455,075		21,455,075
Total Short-Term Investments (Cost $35,947,664)							35,948,454

Total investments in securities (Cost $219,814,320) *	105.26	%		257,038,384
Other assets and liabilities, net	(5.26	)		(12,839,880	)
Total net assets	100.00	%	$	244,198,504

† Non-income-earning security

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

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

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

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

* Cost for federal income tax purposes is $222,023,612 and unrealized gains (losses) consists of:

Gross unrealized gains	$	40,366,181
Gross unrealized losses		(5,351,409	)
Net unrealized gains	$	35,014,772

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

Statement of assets and liabilities—April 30, 2017 (unaudited) Wells Fargo Global Small Cap Fund 11

Assets
Investments
In unaffiliated securities (including $13,944,609 of securities loaned), at value (cost $183,866,656)	$	221,089,930
In affiliated securities, at value (cost $35,947,664)		35,948,454
Total investments, at value (cost $219,814,320)		257,038,384
Foreign currency, at value (cost $2,006,523)		2,055,663
Receivable for investments sold		3,065,376
Receivable for Fund shares sold		225,663
Receivable for dividends		514,915
Receivable for securities lending income		26,171
Prepaid expenses and other assets		62,246
Total assets		262,988,418
Liabilities
Payable for investments purchased		3,435,661
Payable for Fund shares redeemed		465,550
Payable upon receipt of securities loaned		14,492,302
Management fee payable		184,869
Distribution fees payable		21,420
Administration fees payable		37,263
Accrued expenses and other liabilities		152,849
Total liabilities		18,789,914
Total net assets	$	244,198,504
NET ASSETS CONSIST OF
Paid-in capital	$	194,862,150
Undistributed net investment income		829,116
Accumulated net realized gains on investments		11,232,717
Net unrealized gains on investments		37,274,521
Total net assets	$	244,198,504
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	143,085,001
Shares outstanding – Class A1		3,472,669
Net asset value per share – Class A		$41.20
Maximum offering price per share – Class A2		$43.71
Net assets – Class B	$	444,614
Shares outstanding – Class B1		14,703
Net asset value per share – Class B		$30.24
Net assets – Class C	$	34,279,765
Shares outstanding – Class C1		1,128,321
Net asset value per share – Class C		$30.38
Net assets – Administrator Class	$	27,664,378
Shares outstanding – Administrator Class1		644,095
Net asset value per share – Administrator Class		$42.95
Net assets – Institutional Class	$	38,724,746
Shares outstanding – Institutional Class1		904,691
Net asset value per share – Institutional Class		$42.80

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Global Small Cap Fund Statement of operations—six months ended April 30, 2017 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $88,240)	$	2,492,985
Securities lending income, net		142,422
Income from affiliated securities		34,413
Total investment income		2,669,820
Expenses
Management fee		1,091,860
Administration fees
Class A		150,147
Class B		778
Class C		35,516
Administrator Class		17,577
Institutional Class		16,420
Shareholder servicing fees
Class A		178,747
Class B		926
Class C		42,282
Administrator Class		33,588
Distribution fees
Class B		2,777
Class C		126,845
Custody and accounting fees		45,034
Professional fees		35,422
Registration fees		31,590
Shareholder report expenses		22,781
Trustees’ fees and expenses		9,830
Other fees and expenses		7,283
Total expenses		1,849,403
Less: Fee waivers and/or expense reimbursements		(16,358	)
Net expenses		1,833,045
Net investment income		836,775
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		13,127,840
Net change in unrealized gains (losses) on investments		16,268,349
Net realized and unrealized gains (losses) on investments		29,396,189
Net increase in net assets resulting from operations	$	30,232,964

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

Statement of changes in net assets Wells Fargo Global Small Cap Fund 13

	Six months ended April 30, 2017 (unaudited)						Year ended October 31, 2016
Operations
Net investment income				$	836,775					$	1,424,127
Net realized gains on investments					13,127,840						14,082,086
Net change in unrealized gains (losses) on investments					16,268,349						2,225,625
Net increase in net assets resulting from operations					30,232,964						17,731,838
Distributions to shareholders from
Net investment income
Class A					(1,253,803	)					(886,928	)
Class C					(83,983	)					0
Administrator Class					(242,326	)					(231,280	)
Institutional Class					(251,541	)					(115,938	)
Net realized gains
Class A					(8,370,890	)					(6,414,005	)
Class B					(64,415	)					(179,734	)
Class C					(2,630,739	)					(1,977,317	)
Administrator Class					(1,441,791	)					(1,289,238	)
Institutional Class					(1,098,674	)					(426,341	)
Total distributions to shareholders					(15,438,162	)					(11,520,781	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		270,713			10,667,540			287,344			10,463,647
Class B		0			0			67			1,865
Class C		60,707			1,763,008			44,683			1,201,168
Administrator Class		98,434			4,047,712			164,556			6,297,087
Institutional Class		737,350			30,436,237			146,823			5,639,061
					46,914,497						23,602,828
Reinvestment of distributions
Class A		229,395			8,959,764			196,310			6,790,837
Class B		2,242			64,035			6,892			177,539
Class C		79,166			2,276,848			63,376			1,643,340
Administrator Class		39,319			1,601,354			41,455			1,492,072
Institutional Class		30,428			1,235,167			11,643			418,957
					14,137,168						10,522,745
Payment for shares redeemed
Class A		(622,832	)		(24,695,995	)		(963,819	)		(34,320,655	)
Class B		(18,399	)		(538,162	)		(125,178	)		(3,309,009	)
Class C		(145,707	)		(4,267,716	)		(249,405	)		(6,823,638	)
Administrator Class		(261,603	)		(10,855,646	)		(259,890	)		(9,801,894	)
Institutional Class		(175,779	)		(7,210,258	)		(114,180	)		(4,457,864	)
					(47,567,777	)					(58,713,060	)
Net increase (decrease) in net assets resulting from capital share transactions					13,483,888						(24,587,487	)
Total increase (decrease) in net assets					28,278,690						(18,376,430	)
Net assets
Beginning of period					215,919,814						234,296,244
End of period				$	244,198,504					$	215,919,814
Undistributed net investment income				$	829,116					$	1,823,994

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

14 Wells Fargo Global Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$38.61			$37.23			$43.26			$42.68			$33.17			$30.14
Net investment income		0.14	1		0.26	1		0.10	1		0.03	1		0.16	1		0.20	1
Net realized and unrealized gains (losses) on investments		5.14			2.92			0.64			0.86			9.58			2.87
Total from investment operations		5.28			3.18			0.74			0.89			9.74			3.07
Distributions to shareholders from
Net investment income		(0.34	)		(0.21	)		(0.03	)		(0.31	)		(0.23	)		(0.04	)
Net realized gains		(2.35	)		(1.59	)		(6.74	)		0.00			0.00			0.00
Total distributions to shareholders		(2.69	)		(1.80	)		(6.77	)		(0.31	)		(0.23	)		(0.04	)
Net asset value, end of period		$41.20			$38.61			$37.23			$43.26			$42.68			$33.17
Total return2		14.13	%		9.12	%		2.12	%		2.07	%		29.50	%		10.24	%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.55	%		1.57	%		1.57	%		1.59	%		1.55	%
Net expenses		1.54	%		1.55	%		1.55	%		1.55	%		1.55	%		1.54	%
Net investment income		0.73	%		0.73	%		0.27	%		0.06	%		0.43	%		0.65	%
Supplemental data
Portfolio turnover rate		63	%		70	%		42	%		66	%		59	%		85	%
Net assets, end of period (000s omitted)		$143,085			$138,805			$151,740			$167,166			$181,764			$156,433

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Global Small Cap Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS B				2016			2015			2014			2013			2012
Net asset value, beginning of period		$28.79			$28.21			$34.62			$34.18			$26.58			$24.30
Net investment loss		(0.02	)1		(0.09	)1		(0.14	)1		(0.25	)1		(0.09	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		3.82			2.26			0.47			0.69			7.69			2.31
Total from investment operations		3.80			2.17			0.33			0.44			7.60			2.28
Distributions to shareholders from
Net realized gains		(2.35	)		(1.59	)		(6.74	)		0.00			0.00			0.00
Net asset value, end of period		$30.24			$28.79			$28.21			$34.62			$34.18			$26.58
Total return2		13.72	%		8.32	%		1.34	%		1.29	%		28.54	%		9.42	%
Ratios to average net assets (annualized)
Gross expenses		2.29	%		2.31	%		2.32	%		2.32	%		2.34	%		2.30	%
Net expenses		2.29	%		2.30	%		2.30	%		2.30	%		2.30	%		2.29	%
Net investment loss		(0.11	)%		(0.32	)%		(0.49	)%		(0.71	)%		(0.32	)%		(0.10	)%
Supplemental data
Portfolio turnover rate		63	%		70	%		42	%		66	%		59	%		85	%
Net assets, end of period (000s omitted)		$445			$888			$4,206			$11,799			$19,446			$21,181

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Global Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$28.98			$28.39			$34.80			$34.36			$26.73			$24.43
Net investment income (loss)		0.00	1,2		(0.01	)1		(0.14	)1		(0.24	)1		(0.09	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		3.82			2.19			0.47			0.69			7.72			2.33
Total from investment operations		3.82			2.18			0.33			0.45			7.63			2.30
Distributions to shareholders from
Net investment income		(0.07	)		0.00			0.00			(0.01	)		0.00			0.00
Net realized gains		(2.35	)		(1.59	)		(6.74	)		0.00			0.00			0.00
Total distributions to shareholders		(2.42	)		(1.59	)		(6.74	)		(0.01	)		0.00			0.00
Net asset value, end of period		$30.38			$28.98			$28.39			$34.80			$34.36			$26.73
Total return3		13.71	%		8.31	%		1.34	%		1.32	%		28.54	%		9.41	%
Ratios to average net assets (annualized)
Gross expenses		2.29	%		2.30	%		2.32	%		2.32	%		2.34	%		2.30	%
Net expenses		2.29	%		2.30	%		2.30	%		2.30	%		2.30	%		2.29	%
Net investment income (loss)		0.01	%		(0.02	)%		(0.48	)%		(0.69	)%		(0.31	)%		(0.11	)%
Supplemental data
Portfolio turnover rate		63	%		70	%		42	%		66	%		59	%		85	%
Net assets, end of period (000s omitted)		$34,280			$32,863			$36,215			$41,792			$44,618			$37,753

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Global Small Cap Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$40.15			$38.65			$44.60			$44.00			$34.21			$31.10
Net investment income		0.19	1		0.41			0.16	1		0.09			0.22	1		0.26	1
Net realized and unrealized gains (losses) on investments		5.34			2.95			0.66			0.90			9.86			2.96
Total from investment operations		5.53			3.36			0.82			0.99			10.08			3.22
Distributions to shareholders from
Net investment income		(0.38	)		(0.27	)		(0.03	)		(0.39	)		(0.29	)		(0.11	)
Net realized gains		(2.35	)		(1.59	)		(6.74	)		0.00			0.00			0.00
Total distributions to shareholders		(2.73	)		(1.86	)		(6.77	)		(0.39	)		(0.29	)		(0.11	)
Net asset value, end of period		$42.95			$40.15			$38.65			$44.60			$44.00			$34.21
Total return2		14.19	%		9.30	%		2.27	%		2.22	%		29.73	%		10.44	%
Ratios to average net assets (annualized)
Gross expenses		1.46	%		1.47	%		1.43	%		1.41	%		1.42	%		1.38	%
Net expenses		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%		1.38	%
Net investment income		0.93	%		0.90	%		0.41	%		0.22	%		0.58	%		0.81	%
Supplemental data
Portfolio turnover rate		63	%		70	%		42	%		66	%		59	%		85	%
Net assets, end of period (000s omitted)		$27,664			$30,832			$31,765			$53,966			$52,461			$44,360

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Global Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$40.08			$38.63			$44.67			$44.05			$34.25			$31.18
Net investment income		0.30	1		0.45			0.20			0.15			0.32	1		0.36	1
Net realized and unrealized gains (losses) on investments		5.26			3.00			0.72			0.96			9.86			2.93
Total from investment operations		5.56			3.45			0.92			1.11			10.18			3.29
Distributions to shareholders from
Net investment income		(0.49	)		(0.41	)		(0.22	)		(0.49	)		(0.38	)		(0.22	)
Net realized gains		(2.35	)		(1.59	)		(6.74	)		0.00			0.00			0.00
Total distributions to shareholders		(2.84	)		(2.00	)		(6.96	)		(0.49	)		(0.38	)		(0.22	)
Net asset value, end of period		$42.80			$40.08			$38.63			$44.67			$44.05			$34.25
Total return2		14.35	%		9.56	%		2.53	%		2.48	%		30.06	%		10.70	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.22	%		1.18	%		1.14	%		1.16	%		1.12	%
Net expenses		1.15	%		1.15	%		1.15	%		1.14	%		1.15	%		1.12	%
Net investment income		1.49	%		1.20	%		0.66	%		0.47	%		0.83	%		1.13	%
Supplemental data
Portfolio turnover rate		63	%		70	%		42	%		66	%		59	%		85	%
Net assets, end of period (000s omitted)		$38,725			$12,531			$10,369			$5,284			$2,151			$1,263

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Global Small Cap Fund 19

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 (“ASC”) Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Global Small Cap Fund (formerly, Wells Fargo Global Opportunities Fund) (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of 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 April 30, 2017, 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 Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

20 Wells Fargo Global Small Cap Fund Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. 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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund 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 Fund on the next business day. In a securities lending transaction, the net asset value of the Fund 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 Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund 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 is included in securities lending income 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.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end may be categorized as a tax return of capital.

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 Global Small Cap Fund 21

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	3,003,168	$	0	$	0	$	3,003,168
Austria		1,765,126		0		0		1,765,126
Canada		17,561,600		0		0		17,561,600
Finland		1,219,084		0		0		1,219,084
France		4,575,537		0		0		4,575,537
Germany		12,715,031		0		0		12,715,031
Hong Kong		2,336,651		0		0		2,336,651
Ireland		2,665,616		0		0		2,665,616
Israel		3,517,813		0		0		3,517,813
Italy		2,921,661		0		0		2,921,661
Japan		22,421,294		0		0		22,421,294
Netherlands		2,109,281		0		0		2,109,281
Spain		7,808,404		0		0		7,808,404
Sweden		982,217		0		0		982,217
Switzerland		4,498,068		0		0		4,498,068
United Kingdom		26,500,597		0		0		26,500,597
United States		104,488,782		0		0		104,488,782
Short-term investments
Investment companies		21,455,075						21,455,075
Investments measured at net asset value*								14,493,379
Total assets	$	242,545,005	$	0	$	0	$	257,038,384

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $14,493,379 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

22 Wells Fargo Global Small Cap Fund Notes to financial statements (unaudited)

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.95% and declining to 0.83% as the average daily net assets of the Fund increase. For the six months ended April 30, 2017, the management fee was equivalent to an annual rate of 0.95% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund 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 Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class B, Class C		0.21	%
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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.55% for Class A shares, 2.30% for Class B shares, 2.30% for Class C shares, 1.40% for Administrator Class shares, and 1.15% 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.

During the six months ended April 30, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $24,532 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $14,545 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B and Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B and 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 B and 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 B and Class C shares. For the six months ended April 30, 2017, Funds Distributor received $5,156 from the sale of Class A shares and $148 in contingent deferred sales charges from redemptions of Class C shares.

Notes to financial statements (unaudited) Wells Fargo Global Small Cap Fund 23

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, 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

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2017 were $143,077,409 and $146,846,977, respectively.

The Fund may purchase or sell investment securities to 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. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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 April 30, 2017, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

9. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

24 Wells Fargo Global Small Cap Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses 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.

Other information (unaudited) Wells Fargo Global Small Cap Fund 25

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 138 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 Forté Foundation (non-profit organization) and 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.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
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.	Asset Allocation Trust

26 Wells Fargo Global Small Cap 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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (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. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds 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.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 69 funds and Assistant Treasurer of 69 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.

List of abbreviations Wells Fargo Global Small Cap Fund 27

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

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 a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

303216 06-17 SA239/SAR239 04-17

Semi-Annual Report

April 30, 2017

Wells Fargo International Equity Fund

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	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	20
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 2017, 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.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo International Equity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016.

Dear Shareholder:

As the new president of Wells Fargo Funds, now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo International Equity Fund for the six-month period that ended April 30, 2017. Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016. U.S. and international stocks returned 13.31% and 10.37% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -0.67%.

During the last two months of 2016, prospects for faster growth and higher interest rates in the U.S. influenced markets.

Following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of progrowth policies, and supportive economic news helped the rally carry through the end of 2016. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year by a quarter percentage point to between 0.50% and 0.75%. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar. Rising inflation across the eurozone and Japan caused an upward shift in yield curves in those areas, although developed-country bond yields remained significantly lower than U.S. Treasury yields.

Globally, stocks delivered positive results and economies showed improvement in the first four months of 2017.

Stocks rallied globally, supported by signs of improvement in the U.S. and global economies. In the U.S., hiring remained strong and business and consumer sentiment improved. Meanwhile, inflation inched up. In March, Fed officials raised their short-term target interest rate by a quarter percentage point to between 0.75% and 1.00%. With the Fed’s target-rate increase, short-term bond yields rose. Longer-term Treasury yields were little changed, however, leading to positive performance. Investment-grade corporate bonds and high-yield bonds benefited from strong demand. Municipal bond returns were also positive during the first four months of 2017, helped by strong demand and constrained new-issue supply. Outside the U.S., stocks in emerging markets benefited from both global economic growth and recent weakening in the U.S. dollar. European stocks also advanced as political risk declined. In the first round of the French presidential elections, Emmanuel Macron, a pro-EU candidate, garnered the most votes. Non-U.S. bonds also benefited from a decline in perceived risk, with credit spreads continuing to narrow.

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo International Equity Fund 3

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest in 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

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.

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. We are available 24 hours a day, 7 days a week.

4 Wells Fargo International Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dale A. Winner, CFA^®

Venkateshwar Lal^‡

Average annual total returns (%) as of April 30, 2017¹

		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 (WFEAX)	1-20-1998		8.82		5.72		0.19		15.49		6.98		0.78		1.43		1.15
Class B (WFEBX)*	9-06-1979		9.59		5.87		0.25		14.59		6.18		0.25		2.18		1.90
Class C (WFEFX)	3-6-1998		13.57		6.19		0.03		14.57		6.19		0.03		2.18		1.90
Class R (WFERX)	10-10-2003		–		–		–		15.08		6.70		0.52		1.68		1.40
Class R6 (WFEHX)	9-30-2015		–		–		–		15.77		7.22		0.96		1.00		0.85
Administrator Class (WFEDX)	7-16-2010		–		–		–		15.44		6.99		0.86		1.35		1.15
Institutional Class (WFENX)	3-9-1998		–		–		–		15.75		7.24		1.03		1.10		0.90
MSCI ACWI ex USA (Net)4	–		–		–		–		12.59		5.13		1.12		–		–

* At the close of business on May 5, 2017, existing Class B shareholders were converted to Class A shareholders. Effective May 6, 2017, Class B shares are no longer offered by the Fund.

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 B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo International Equity Fund 5

Ten largest holdings (%) as of April 30, 20175
Novartis AG	3.39
Man Group plc	3.23
Bayer AG	3.18
CIMB Group Holdings Berhad	3.14
Den Norske Bank ASA	3.13
Koninklijke Philips NV	3.08
Compagnie de Saint-Gobain SA	3.07
Zurich Insurance Group AG	2.94
Metro AG	2.91
China Mobile Limited	2.84

Sector distribution as of April 30, 2017⁶

Country allocation as of April 30, 2017⁶

^‡  Mr. Lal became a portfolio manager of the Fund on June 30, 2017.

¹  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. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Equity Fund.

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

³  The manager has contractually committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Operating Expenses After Fee Waiver at 1.14% for Class A, 1.89% for Class B, 1.89% for Class C, 1.39% for Class R, 0.84% for Class R6, 1.14% for Administrator Class, and 0.89% 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 fees and expenses, and extraordinary expenses are excluded from 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 or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

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

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

6 Wells Fargo International Equity 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 November 1, 2016 to April 30, 2017.

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 11-1-2016		Ending account value 4-30-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,123.57	$	6.00		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.14	$	5.71		1.14	%
Class B
Actual	$	1,000.00	$	1,119.39	$	9.93		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.42	$	9.44		1.89	%
Class C
Actual	$	1,000.00	$	1,119.25	$	9.93		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.42	$	9.44		1.89	%
Class R
Actual	$	1,000.00	$	1,121.00	$	7.31		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	6.95		1.39	%
Class R6
Actual	$	1,000.00	$	1,125.24	$	4.43		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.63	$	4.21		0.84	%
Administrator Class
Actual	$	1,000.00	$	1,122.61	$	6.00		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.14	$	5.71		1.14	%
Institutional Class
Actual	$	1,000.00	$	1,125.05	$	4.69		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.38	$	4.46		0.89	%

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo International Equity Fund 7

Security name	Shares		Value
Common Stocks: 92.88%
Brazil: 3.09%
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		1,073,269	$	8,253,439
JBS SA (Consumer Staples, Food Products)		1,325,800		4,289,777
				12,543,216
Canada: 2.12%
Lundin Mining Corporation (Materials, Metals & Mining)		1,615,145		8,613,791
China: 6.48%
China Everbright Limited (Financials, Capital Markets)		2,054,000		4,700,380
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		1,080,000		11,517,349
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		1,935,000		1,263,738
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		1,946,100		5,154,006
Xinyi Solar Holdings Limited (Information Technology, Semiconductors & Semiconductor Equipment) «		7,280,000		2,274,313
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,498,680		1,394,371
				26,304,157
Denmark: 0.92%
Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		95,686		3,723,322
France: 3.07%
Compagnie de Saint-Gobain SA (Industrials, Building Products)		230,369		12,434,121
Germany: 13.35%
Bayer AG (Health Care, Pharmaceuticals)		104,197		12,893,800
Metro AG (Consumer Staples, Food & Staples Retailing)		358,829		11,808,253
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		39,482		7,567,210
Rheinmetall AG (Industrials, Industrial Conglomerates)		84,722		7,775,234
SAP SE (Information Technology, Software)		69,014		6,921,540
Siemens AG (Industrials, Industrial Conglomerates)		50,071		7,177,770
				54,143,807
Hong Kong: 2.19%
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		10,034,000		8,900,937
Italy: 3.61%
Eni SpA (Energy, Oil, Gas & Consumable Fuels)		733,994		11,409,428
Prysmian SpA (Industrials, Electrical Equipment)		112,578		3,250,953
				14,660,381
Japan: 10.75%
Coca-Cola Bottlers Japan Incorporated (Consumer Staples, Beverages)		75		2,230
Daiwa Securities Group Incorporated (Financials, Capital Markets)		1,829,000		11,112,641
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,613,000		8,900,258
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		1,383,600		8,802,414
Mitsui Fudosan Company Limited (Real Estate, Real Estate Management & Development)		167,000		3,669,581
Nomura Holdings Incorporated (Financials, Capital Markets)		1,854,800		11,131,296
				43,618,420

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

8 Wells Fargo International Equity Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name	Shares		Value
Malaysia: 3.14%
CIMB Group Holdings Bhd (Financials, Banks)		9,619,463	$	12,719,585
Netherlands: 5.65%
Koninklijke Philips NV (Industrials, Industrial Conglomerates) «		360,012		12,478,562
NN Group NV (Financials, Insurance)		315,272		10,453,878
				22,932,440
Norway: 4.24%
Den Norske Bank ASA (Financials, Banks) «		813,903		12,711,902
Frontline Limited (Energy, Oil, Gas & Consumable Fuels) «		195,800		1,304,421
Marine Harvest ASA (Consumer Staples, Food Products)		192,194		3,196,518
				17,212,841
Russia: 1.94%
Mobile TeleSystems PJSC ADR (Telecommunication Services, Wireless Telecommunication Services)		760,386		7,847,184
South Africa: 1.37%
Sasol Limited (Materials, Chemicals)		180,673		5,543,050
South Korea: 6.10%
Hana Financial Group Incorporated (Financials, Banks)		320,865		11,053,615
Samsung Electronics Company Limited GDR (Information Technology, Technology Hardware, Storage & Peripherals) 144A		2,644		2,593,764
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		52,736		11,099,633
				24,747,012
Switzerland: 6.34%
Novartis AG (Health Care, Pharmaceuticals)		178,818		13,757,304
Zurich Insurance Group AG (Financials, Insurance)		43,133		11,938,521
				25,695,825
United Kingdom: 11.13%
Man Group plc (Financials, Capital Markets)		6,580,047		13,099,039
Smiths Group plc (Industrials, Industrial Conglomerates)		512,201		10,879,798
United Business Media plc (Consumer Discretionary, Media)		723,413		6,657,129
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		4,048,076		10,436,321
Wolseley plc (Industrials, Trading Companies & Distributors)		64,090		4,070,777
				45,143,064
United States: 7.39%
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		72,207		10,372,536
Coach Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		264,200		10,406,838
Pfizer Incorporated (Health Care, Pharmaceuticals)		270,914		9,189,403
				29,968,777
Total Common Stocks (Cost $325,157,457)				376,751,930

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo International Equity Fund 9

Security name				Expiration date		Shares		Value
Participation Notes: 1.54%
China: 1.54%
HSBC Bank plc (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †					2-19-2019		61,306	$	3,680,462
HSBC Bank plc (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †					12-4-2024		43,031		2,583,335
Total Participation Notes (Cost $3,124,077)									6,263,797
	Yield
Short-Term Investments: 8.98%
Investment Companies: 8.98%
Securities Lending Cash Investment LLC (l)(r)(u)		1.03	%				15,605,057		15,606,618
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.68					20,835,637		20,835,637
Total Short-Term Investments (Cost $36,442,212)									36,442,255

Total investments in securities (Cost $364,723,746) *	103.40	%		419,457,982
Other assets and liabilities, net	(3.40	)		(13,799,694	)
Total net assets	100.00	%	$	405,658,288

« 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.

† Non-income-earning security

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

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

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

* Cost for federal income tax purposes is $364,559,352 and unrealized gains (losses) consists of:

Gross unrealized gains	$	62,336,877
Gross unrealized losses		(7,438,247	)
Net unrealized gains	$	54,898,630

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

10 Wells Fargo International Equity Fund Statement of assets and liabilities—April 30, 2017 (unaudited)

Assets
Investments
In unaffiliated securities (including $14,778,207 of securities loaned), at value (cost $328,281,534)	$	383,015,727
In affiliated securities, at value (cost $36,442,212)		36,442,255
Total investments, at value (cost $364,723,746)		419,457,982
Segregated cash		270,000
Foreign currency, at value (cost $537,113)		536,428
Receivable for investments sold		1,786,134
Receivable for Fund shares sold		865,471
Receivable for dividends		2,533,793
Receivable for securities lending income		34,156
Unrealized gains on forward foreign currency contracts		882,110
Prepaid expenses and other assets		33,855
Total assets		426,399,929
Liabilities
Payable for investments purchased		2,551,701
Payable for Fund shares redeemed		635,159
Unrealized losses on forward foreign currency contracts		1,503,857
Payable upon receipt of securities loaned		15,606,311
Management fee payable		192,821
Distribution fees payable		16,702
Administration fees payable		48,610
Accrued expenses and other liabilities		186,480
Total liabilities		20,741,641
Total net assets	$	405,658,288
NET ASSETS CONSIST OF
Paid-in capital	$	367,933,037
Undistributed net investment income		2,697,266
Accumulated net realized losses on investments		(19,092,269	)
Net unrealized gains on investments		54,120,254
Total net assets	$	405,658,288
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	96,757,280
Shares outstanding – Class A1		8,010,199
Net asset value per share – Class A		$12.08
Maximum offering price per share – Class A2		$12.82
Net assets – Class B	$	165,078
Shares outstanding – Class B1		13,815
Net asset value per share – Class B		$11.95
Net assets – Class C	$	26,718,315
Shares outstanding – Class C1		2,253,537
Net asset value per share – Class C		$11.86
Net assets – Class R	$	1,862,230
Shares outstanding – Class R1		152,202
Net asset value per share – Class R		$12.24
Net assets – Class R6	$	24,657,268
Shares outstanding – Class R61		2,042,957
Net asset value per share – Class R6		$12.07
Net assets – Administrator Class	$	19,876,618
Shares outstanding – Administrator Class1		1,674,025
Net asset value per share – Administrator Class		$11.87
Net assets – Institutional Class	$	235,621,499
Shares outstanding – Institutional Class1		19,571,718
Net asset value per share – Institutional Class		$12.04

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 April 30, 2017 (unaudited) Wells Fargo International Equity Fund 11

Investment income
Dividends (net of foreign withholding taxes of $675,982)	$	5,786,458
Securities lending income, net		119,155
Income from affiliated securities		74,674
Total investment income		5,980,287
Expenses
Management fee		1,696,530
Administration fees
Class A		117,144
Class B		611
Class C		27,561
Class R		2,011
Class R6		2,906
Administrator Class		14,248
Institutional Class		131,793
Shareholder servicing fees
Class A		139,457
Class B		727
Class C		32,811
Class R		2,394
Administrator Class		27,077
Distribution fees
Class B		2,181
Class C		98,432
Class R		2,394
Custody and accounting fees		85,909
Professional fees		34,261
Registration fees		95,291
Shareholder report expenses		47,451
Trustees’ fees and expenses		22,551
Other fees and expenses		5,707
Total expenses		2,589,447
Less: Fee waivers and/or expense reimbursements		(578,071	)
Net expenses		2,011,376
Net investment income		3,968,911
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		8,303,685
Affiliated securities		13
Forward foreign currency contract transactions		2,202,233
Net realized gains on investments		10,505,931
Net change in unrealized gains (losses) on:
Unaffiliated securities		32,764,449
Affiliated securities		(264	)
Forward foreign currency contract transactions		(1,842,781	)
Net change in unrealized gains (losses) on investments		30,921,404
Net realized and unrealized gains (losses) on investments		41,427,335
Net increase in net assets resulting from operations	$	45,396,246

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

12 Wells Fargo International Equity Fund Statement of changes in net assets

	Six months ended April 30, 2017 (unaudited)						Year ended October 31, 2016
Operations
Net investment income				$	3,968,911					$	8,536,868
Net realized gains (losses) on investments					10,505,931						(24,356,272	)
Net change in unrealized gains (losses) on investments					30,921,404						(1,641,199	)
Net increase (decrease) in net assets resulting from operations					45,396,246						(17,460,603	)
Distributions to shareholders from
Net investment income
Class A					(3,419,346	)					(1,980,548	)
Class B					(8,853	)					(4,737	)
Class C					(543,400	)					(292,082	)
Class R					(49,858	)					(24,021	)
Class R6					(681,611	)					(338	)
Administrator Class					(583,495	)					(731,926	)
Institutional Class					(6,175,331	)					(3,153,699	)
Total distributions to shareholders					(11,461,894	)					(6,187,351	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		717,148			8,335,457			3,672,410			40,169,639
Class B		0			0			815			8,671
Class C		130,508			1,487,086			998,881			10,835,255
Class R		19,662			230,097			72,262			801,881
Class R6		1,979,061			22,007,197			51			541
Administrator Class		492,571			5,528,200			2,805,944			30,263,453
Institutional Class		6,458,770			74,415,190			9,957,611			108,139,415
					112,003,227						190,218,855
Reinvestment of distributions
Class A		289,214			3,207,383			167,795			1,860,967
Class B		801			8,812			431			4,689
Class C		43,293			472,331			23,355			254,804
Class R		1,205			13,541			822			9,244
Class R6		61,573			681,611			30			338
Administrator Class		53,401			582,070			67,082			731,191
Institutional Class		436,449			4,818,398			230,119			2,542,811
					9,784,146						5,404,044
Payment for shares redeemed
Class A		(4,035,268	)		(46,854,848	)		(5,436,299	)		(57,973,044	)
Class B		(74,928	)		(853,037	)		(148,673	)		(1,557,542	)
Class C		(462,779	)		(5,177,464	)		(1,053,145	)		(11,165,445	)
Class R		(49,869	)		(579,539	)		(76,036	)		(818,347	)
Class R6		(54	)		(628	)		0			0
Administrator Class		(2,184,031	)		(23,971,201	)		(4,192,576	)		(44,163,215	)
Institutional Class		(3,845,398	)		(44,059,550	)		(10,441,636	)		(109,679,342	)
					(121,496,267	)					(225,356,935	)
Net increase (decrease) in net assets resulting from capital share transactions					291,106						(29,734,036	)
Total increase (decrease) in net assets					34,225,458						(53,381,990	)
Net assets
Beginning of period					371,432,830						424,814,820
End of period				$	405,658,288					$	371,432,830
Undistributed net investment income				$	2,697,266					$	10,190,249

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

Financial highlights Wells Fargo International Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.07			$11.53			$11.28			$11.98			$9.77			$9.82
Net investment income		0.10			0.22			0.18	1		0.37	1		0.21			0.25
Net realized and unrealized gains (losses) on investments		1.24			(0.54	)		0.57			(0.81	)		2.27			(0.09	)
Total from investment operations		1.34			(0.32	)		0.75			(0.44	)		2.48			0.16
Distributions to shareholders from
Net investment income		(0.33	)		(0.14	)		(0.50	)		(0.26	)		(0.27	)		(0.21	)
Net asset value, end of period		$12.08			$11.07			$11.53			$11.28			$11.98			$9.77
Total return2		12.36	%		(2.76	)%		6.85	%		(3.77	)%		25.99	%		1.83	%
Ratios to average net assets (annualized)
Gross expenses		1.50	%		1.47	%		1.53	%		1.53	%		1.56	%		1.53	%
Net expenses		1.14	%		1.12	%		1.09	%		1.09	%		1.09	%		1.09	%
Net investment income		1.77	%		2.04	%		1.50	%		3.14	%		2.03	%		2.49	%
Supplemental data
Portfolio turnover rate		48	%		65	%		27	%		32	%		38	%		115	%
Net assets, end of period (000s omitted)		$96,757			$122,248			$145,654			$97,640			$115,821			$114,219

¹  Calculated based upon average shares outstanding

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

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

14 Wells Fargo International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS B				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.81			$11.21			$10.95			$11.62			$9.47			$9.48
Net investment income		0.02	1		0.12	1		0.08	1		0.28	1		0.13	1		0.16	1
Net realized and unrealized gains (losses) on investments		1.25			(0.50	)		0.56			(0.79	)		2.21			(0.07	)
Total from investment operations		1.27			(0.38	)		0.64			(0.51	)		2.34			0.09
Distributions to shareholders from
Net investment income		(0.13	)		(0.02	)		(0.38	)		(0.16	)		(0.19	)		(0.10	)
Net asset value, end of period		$11.95			$10.81			$11.21			$10.95			$11.62			$9.47
Total return2		11.94	%		(3.46	)%		6.00	%		(4.48	)%		25.07	%		0.99	%
Ratios to average net assets (annualized)
Gross expenses		2.25	%		2.21	%		2.29	%		2.28	%		2.31	%		2.28	%
Net expenses		1.89	%		1.87	%		1.84	%		1.84	%		1.84	%		1.84	%
Net investment income		0.43	%		1.17	%		0.68	%		2.40	%		1.27	%		1.67	%
Supplemental data
Portfolio turnover rate		48	%		65	%		27	%		32	%		38	%		115	%
Net assets, end of period (000s omitted)		$165			$950			$2,639			$4,127			$6,810			$8,303

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo International Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.82			$11.30			$11.06			$11.75			$9.58			$9.59
Net investment income		0.06			0.14			0.08	1		0.27	1		0.14	1		0.16	1
Net realized and unrealized gains (losses) on investments		1.21			(0.53	)		0.57			(0.79	)		2.22			(0.07	)
Total from investment operations		1.27			(0.39	)		0.65			(0.52	)		2.36			0.09
Distributions to shareholders from
Net investment income		(0.23	)		(0.09	)		(0.41	)		(0.17	)		(0.19	)		(0.10	)
Net asset value, end of period		$11.86			$10.82			$11.30			$11.06			$11.75			$9.58
Total return2		11.92	%		(3.43	)%		6.03	%		(4.49	)%		25.05	%		1.08	%
Ratios to average net assets (annualized)
Gross expenses		2.24	%		2.22	%		2.28	%		2.28	%		2.31	%		2.28	%
Net expenses		1.89	%		1.87	%		1.84	%		1.84	%		1.84	%		1.84	%
Net investment income		1.17	%		1.33	%		0.72	%		2.37	%		1.30	%		1.72	%
Supplemental data
Portfolio turnover rate		48	%		65	%		27	%		32	%		38	%		115	%
Net assets, end of period (000s omitted)		$26,718			$27,508			$29,080			$16,346			$16,997			$16,760

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS R				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.20			$11.66			$11.40			$11.96			$9.75			$9.79
Net investment income		0.09	1		0.19	1		0.15	1		0.32	1		0.18	1		0.20	1
Net realized and unrealized gains (losses) on investments		1.25			(0.53	)		0.57			(0.79	)		2.27			(0.06	)
Total from investment operations		1.34			(0.34	)		0.72			(0.47	)		2.45			0.14
Distributions to shareholders from
Net investment income		(0.30	)		(0.12	)		(0.46	)		(0.09	)		(0.24	)		(0.18	)
Net asset value, end of period		$12.24			$11.20			$11.66			$11.40			$11.96			$9.75
Total return2		12.10	%		(2.94	)%		6.53	%		(4.00	)%		25.68	%		1.58	%
Ratios to average net assets (annualized)
Gross expenses		1.74	%		1.72	%		1.78	%		1.78	%		1.81	%		1.78	%
Net expenses		1.39	%		1.37	%		1.34	%		1.34	%		1.34	%		1.34	%
Net investment income		1.63	%		1.77	%		1.23	%		2.71	%		1.72	%		2.11	%
Supplemental data
Portfolio turnover rate		48	%		65	%		27	%		32	%		38	%		115	%
Net assets, end of period (000s omitted)		$1,862			$2,029			$2,147			$1,576			$2,234			$2,196

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo International Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS R6				2016			20151
Net asset value, beginning of period		$11.06			$11.49			$10.89
Net investment income		0.15	2		0.24			0.00	3
Net realized and unrealized gains (losses) on investments		1.20			(0.52	)		0.60
Total from investment operations		1.35			(0.28	)		0.60
Distributions to shareholders from
Net investment income		(0.34	)		(0.15	)		0.00
Net asset value, end of period		$12.07			$11.06			$11.49
Total return4		12.52	%		(2.46	)%		5.51	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.04	%		1.05	%
Net expenses		0.84	%		0.85	%		0.88	%
Net investment income		2.65	%		2.31	%		0.23	%
Supplemental data
Portfolio turnover rate		48	%		65	%		27	%
Net assets, end of period (000s omitted)		$24,657			$26			$26

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005 per share.

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

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

18 Wells Fargo International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.88			$11.33			$11.09			$11.79			$9.62			$9.67
Net investment income		0.10	1		0.22			0.17	1		0.37	1		0.22			0.25
Net realized and unrealized gains (losses) on investments		1.21			(0.53	)		0.57			(0.80	)		2.22			(0.09	)
Total from investment operations		1.31			(0.31	)		0.74			(0.43	)		2.44			0.16
Distributions to shareholders from
Net investment income		(0.32	)		(0.14	)		(0.50	)		(0.27	)		(0.27	)		(0.21	)
Net asset value, end of period		$11.87			$10.88			$11.33			$11.09			$11.79			$9.62
Total return2		12.26	%		(2.71	)%		6.89	%		(3.82	)%		26.00	%		1.88	%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.38	%		1.40	%		1.37	%		1.37	%		1.36	%
Net expenses		1.14	%		1.12	%		1.09	%		1.09	%		1.09	%		1.09	%
Net investment income		1.74	%		1.93	%		1.44	%		3.21	%		2.08	%		2.52	%
Supplemental data
Portfolio turnover rate		48	%		65	%		27	%		32	%		38	%		115	%
Net assets, end of period (000s omitted)		$19,877			$36,032			$52,469			$12,962			$3,955			$3,505

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo International Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.05			$11.49			$11.25			$11.96			$9.76			$9.83
Net investment income		0.13	1		0.23			0.19	1		0.37	1		0.24	1		0.37
Net realized and unrealized gains (losses) on investments		1.22			(0.52	)		0.58			(0.77	)		2.26			(0.19	)
Total from investment operations		1.35			(0.29	)		0.77			(0.40	)		2.50			0.18
Distributions to shareholders from
Net investment income		(0.36	)		(0.15	)		(0.53	)		(0.31	)		(0.30	)		(0.25	)
Net asset value, end of period		$12.04			$11.05			$11.49			$11.25			$11.96			$9.76
Total return2		12.50	%		(2.48	)%		7.07	%		(3.53	)%		26.31	%		2.05	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.14	%		1.15	%		1.10	%		1.13	%		1.10	%
Net expenses		0.89	%		0.87	%		0.84	%		0.84	%		0.84	%		0.84	%
Net investment income		2.33	%		2.27	%		1.67	%		3.18	%		2.29	%		2.67	%
Supplemental data
Portfolio turnover rate		48	%		65	%		27	%		32	%		38	%		115	%
Net assets, end of period (000s omitted)		$235,621			$182,639			$192,799			$63,766			$82,982			$138,245

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo International Equity 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 (“ASC”) Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo International Equity Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of 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 April 30, 2017, 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 Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Notes to financial statements (unaudited) Wells Fargo International Equity Fund 21

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. 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.

Participation notes

The Fund 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. dividends, 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 Fund has no rights against the issuer of the underlying foreign security and participation notes expose the Fund 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 Fund is subject to foreign currency exchange rate 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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund 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 Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund 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 Fund on the next business day. In a securities lending transaction, the net asset value of the Fund 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 Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund 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

22 Wells Fargo International Equity Fund Notes to financial statements (unaudited)

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 is included in securities lending income 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.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

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

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

As of October 31, 2016, the Fund had capital loss carryforwards which consist of $22,277,977 in short-term capital losses and $5,430,684 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo International Equity Fund 23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Brazil	$	12,543,216	$	0	$	0	$	12,543,216
Canada		8,613,791		0		0		8,613,791
China		26,304,157		0		0		26,304,157
Demark		3,723,322		0		0		3,723,322
France		12,434,121		0		0		12,434,121
Germany		54,143,807		0		0		54,143,807
Hong Kong		8,900,937		0		0		8,900,937
Italy		14,660,381		0		0		14,660,381
Japan		43,618,420		0		0		43,618,420
Malaysia		12,719,585		0		0		12,719,585
Netherlands		22,932,440		0		0		22,932,440
Norway		17,212,841		0		0		17,212,841
Russia		7,847,184		0		0		7,847,184
South Africa		5,543,050		0		0		5,543,050
South Korea		24,747,012		0		0		24,747,012
Switzerland		25,695,825		0		0		25,695,825
United Kingdom		45,143,064		0		0		45,143,064
United States		29,968,777		0		0		29,968,777
Participation notes
China		0		6,263,797		0		6,263,797
Short-term investments
Investment companies		20,835,637		0		0		20,835,637
Investments measured at net asset value*								15,606,618
		397,587,567		6,263,797		0		419,457,982
Forward foreign currency contracts		0		882,110		0		882,110
Total assets	$	397,587,567	$	7,145,907	$	0	$	420,340,092
Liabilities
Forward foreign currency contracts		0		1,503,857		0		1,503,857
Total liabilities	$	0	$	1,503,857	$	0	$	1,503,857

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $15,606,618 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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

24 Wells Fargo International Equity Fund Notes to financial statements (unaudited)

objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.85% and declining to 0.68% as the average daily net assets of the Fund increase. Prior to March 1, 2017, Funds Management received a fee at an annual rate which started at 0.90% and declined to 0.73% as the average daily net assets of the Fund increased. For the six months ended April 30, 2017, the management fee was equivalent to an annual rate of 0.88% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class B, Class C, Class R		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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class B shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.84% for Class R6 shares, 1.14% for Administrator Class shares, and 0.89% 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.

During the six months ended April 30, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $222,895 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $50,184 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B, Class C, and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B, 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 B and 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 B and Class C shares. For the six months ended April 30, 2017, Funds Distributor received $4,745 from the sale of Class A shares and $89 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Notes to financial statements (unaudited) Wells Fargo International Equity Fund 25

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 April 30, 2017 were $198,726,450 and $173,421,879, respectively.

The Fund may purchase or sell investment securities to 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. Interfund trades are included within the respective purchases and sales amounts shown.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2017, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2017, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive		U.S. value at April 30, 2017		In exchange for U.S. $		Unrealized gains
5-31-2017	Barclays		12,900,000 EUR	$	14,070,802	$	13,703,760	$	367,042
6-15-2017	Goldman Sachs		23,937,000 EUR		26,130,171		25,615,103		515,068

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver		U.S. value at April 30, 2017		In exchange for U.S. $		Unrealized losses
5-31-2017	Barclays		20,043,800 EUR	$	21,862,972	$	21,353,021	$	(509,951	)
6-15-2017	Goldman Sachs		25,600,000 EUR		27,945,540		27,402,880		(542,660	)
6-22-2017	Morgan Stanley		5,716,000 GBP		7,413,922		7,085,411		(328,511	)
7-13-2017	Credit Suisse		4,400,000 EUR		4,810,376		4,687,641		(122,735	)

The Fund had average contract amounts of $12,486,593 and $61,734,383 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2017. As of April 30, 2017, the Fund had segregated $270,000 as cash collateral for open forward foreign currency contracts.

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

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Forward foreign currency contracts	Barclays	$367,042*	$	(367,042	)	$	0	$	0
	Goldman Sachs	515,068*		(515,068	)		0		0

* Amount represents net unrealized gains.

26 Wells Fargo International Equity Fund Notes to financial statements (unaudited)

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
Forward foreign currency contracts	Barclays	$	509,951	**	$	(367,042	)	$	0		$	142,909
	Credit Suisse		122,735	**		0			0			122,735
	Goldman Sachs		542,660	**		(515,068	)		0			27,592
	Morgan Stanley		328,511	**		0			(270,000	)		58,511

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

** Amount represents net unrealized loss.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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 April 30, 2017, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

11. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo International Equity Fund 27

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 October 31, 2016. 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
$783,215	$0.0232	79.72%

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses 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.

28 Wells Fargo International Equity Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 Forté Foundation (non-profit organization) and 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.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo International Equity Fund 29

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (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. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds 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.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 69 funds and Assistant Treasurer of 69 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.

30 Wells Fargo International Equity Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

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 a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

303217 06-17 SA240/SAR240 04-17

Semi-Annual Report

April 30, 2017

Wells Fargo Intrinsic World Equity Fund

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	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	16
Other information	21
List of abbreviations	24

The views expressed and any forward-looking statements are as of April 30, 2017, 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.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Intrinsic World Equity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016.

Dear Shareholder:

As the new president of Wells Fargo Funds, now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Intrinsic World Equity Fund for the six-month period that ended April 30, 2017. Despite heightened market volatility at times, in general, global stocks delivered double-digit returns while bond markets were hurt by a rise in interest rates during the latter part of 2016. U.S. and international stocks returned 13.31% and 10.37% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -0.67%.

During the last two months of 2016, prospects for faster growth and higher interest rates in the U.S. influenced markets.

Following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of progrowth policies, and supportive economic news helped the rally carry through the end of 2016. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year by a quarter percentage point to between 0.50% and 0.75%. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar. Rising inflation across the eurozone and Japan caused an upward shift in yield curves in those areas, although developed-country bond yields remained significantly lower than U.S. Treasury yields.

Globally, stocks delivered positive results and economies showed improvement in the first four months of 2017.

Stocks rallied globally, supported by signs of improvement in the U.S. and global economies. In the U.S., hiring remained strong and business and consumer sentiment improved. Meanwhile, inflation inched up. In March, Fed officials raised their short-term target interest rate by a quarter percentage point to between 0.75% and 1.00%. With the Fed’s target-rate increase, short-term bond yields rose. Longer-term Treasury yields were little changed, however, leading to positive performance. Investment-grade corporate bonds and high-yield bonds benefited from strong demand. Municipal bond returns were also positive during the first four months of 2017, helped by strong demand and constrained new-issue supply. Outside the U.S., stocks in emerging markets benefited from both global economic growth and recent weakening in the U.S. dollar. European stocks also advanced as political risk declined. In the first round of the French presidential elections, Emmanuel Macron, a pro-EU candidate, garnered the most votes. Non-U.S. bonds also benefited from a decline in perceived risk, with credit spreads continuing to narrow.

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Intrinsic World Equity Fund 3

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest in 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

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.

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. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Intrinsic World Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Amit Kumar*

Jean-Baptiste Nadal, CFA^®

Jeffrey Peck

Jen Robertson, CFA^®*

Average annual total returns (%) as of April 30, 2017¹

		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 (EWEAX)	4-30-1996		9.68		7.18		3.87		16.36		8.46		4.49		1.46		1.35
Class C (EWECX)	5-18-2007		14.44		7.64		3.71		15.44		7.64		3.71		2.21		2.10
Administrator Class (EWEIX)	5-18-2007		–		–		–		16.43		8.69		4.72		1.38		1.25
Institutional Class (EWENX)	7-30-2010		–		–		–		16.82		8.93		4.87		1.13		0.95
MSCI World Index (Net)4	–		–		–		–		14.65		9.94		3.92		–		–

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 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 focused portfolio risk, geographic risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Intrinsic World Equity Fund 5

Ten largest holdings (%) as of April 30, 20175
Societe Generale SA	2.69
Capgemini SA	2.61
AIA Group Limited	2.59
Cigna Corporation	2.55
Microsoft Corporation	2.46
Alphabet Incorporated Class C	2.43
UBS Group AG	2.39
EOG Resources Incorporated	2.38
Air Liquide SA	2.38
Visa Incorporated Class A	2.37

Sector distribution as of April 30, 2017⁶

Country allocation as of April 30, 2017⁶

* Mr. Kumar and Ms. Robertson became portfolio managers of the Fund on June 6, 2017.

¹  Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares, and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns for Administrator Class 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. 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 Intrinsic World Equity Fund.

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

³  The manager has contractually committed through February 28, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Operating Expenses After Fee Waiver 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 fees and expenses, and extraordinary expenses are excluded from 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 or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  The Morgan Stanley Capital International (MSCI) World Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (Net) consists of the following 23 developed markets country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

6 Wells Fargo Intrinsic World Equity 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 November 1, 2016 to April 30, 2017.

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 11-1-2016		Ending account value 4-30-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,144.57	$	7.18		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76		1.35	%
Class C
Actual	$	1,000.00	$	1,140.28	$	11.14		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.38	$	10.49		2.10	%
Administrator Class
Actual	$	1,000.00	$	1,145.08	$	6.65		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,146.65	$	5.06		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%

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

Portfolio of investments—April 30, 2017 (unaudited) Wells Fargo Intrinsic World Equity Fund 7

Security name	Shares		Value
Common Stocks: 99.63%
Belgium: 1.01%
Anheuser-Busch InBev NV ADR (Consumer Staples, Beverages) «		13,700	$	1,551,388
France: 7.68%
Air Liquide SA (Materials, Chemicals)		30,220		3,640,801
Capgemini SA (Information Technology, IT Services)		39,900		3,994,255
Societe Generale SA (Financials, Banks)		75,200		4,112,969
				11,748,025
Germany: 3.27%
Bayer AG (Health Care, Pharmaceuticals)		15,500		1,918,039
Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)		175,800		3,083,132
				5,001,171
Hong Kong: 2.59%
AIA Group Limited (Financials, Insurance)		571,800		3,958,607
Japan: 9.28%
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		92,200		2,673,159
Kao Corporation (Consumer Staples, Personal Products)		46,600		2,570,054
Nidec Corporation (Industrials, Electrical Equipment)		31,600		2,897,080
ORIX Corporation (Financials, Diversified Financial Services)		176,000		2,685,589
Sony Corporation (Consumer Discretionary, Household Durables)		100,040		3,373,405
				14,199,287
Netherlands: 9.45%
AerCap Holdings NV (Industrials, Trading Companies & Distributors) †		73,700		3,390,937
Airbus Group NV (Industrials, Aerospace & Defense)		20,800		1,681,861
Heineken NV (Consumer Staples, Beverages)		33,000		2,942,253
Sensata Technologies Holding NV (Industrials, Electrical Equipment) †		80,700		3,323,226
Unilever NV (Consumer Staples, Personal Products) «		59,700		3,118,728
				14,457,005
Spain: 2.05%
CaixaBank SA (Financials, Banks)		690,000		3,133,490
Switzerland: 8.33%
Nestle SA (Consumer Staples, Food Products)		39,000		3,004,372
Novartis AG ADR (Health Care, Pharmaceuticals)		41,500		3,196,745
Roche Holding AG (Health Care, Pharmaceuticals)		11,000		2,877,688
UBS Group AG (Financials, Capital Markets)		214,300		3,661,407
				12,740,212
United Kingdom: 5.78%
Diageo plc (Consumer Staples, Beverages)		84,400		2,455,757
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		120,300		3,129,301
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		1,265,000		3,261,289
				8,846,347
United States: 50.19%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)		61,700		2,692,588
Affiliated Managers Group Incorporated (Financials, Capital Markets)		11,760		1,947,338

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

8 Wells Fargo Intrinsic World Equity Fund Portfolio of investments—April 30, 2017 (unaudited)

Security name				Shares		Value
United States (continued)
Alphabet Incorporated Class C (Information Technology, Internet Software & Services) †					4,100	$	3,714,436
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)					23,000		3,303,950
BB&T Corporation (Financials, Banks)					70,000		3,022,600
Charles Schwab Corporation (Financials, Capital Markets)					17,700		687,645
Chevron Corporation (Energy, Oil, Gas & Consumable Fuels)					18,500		1,973,950
Cigna Corporation (Health Care, Health Care Providers & Services)					24,900		3,893,613
CIT Group Incorporated (Financials, Banks)					76,600		3,547,346
Eli Lilly & Company (Health Care, Pharmaceuticals)					20,200		1,657,612
EOG Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)					39,400		3,644,500
General Dynamics Corporation (Industrials, Aerospace & Defense)					14,000		2,713,060
Gilead Sciences Incorporated (Health Care, Biotechnology)					36,800		2,522,640
Honeywell International Incorporated (Industrials, Industrial Conglomerates)					22,600		2,963,764
Lockheed Martin Corporation (Industrials, Aerospace & Defense)					8,400		2,263,380
Merck & Company Incorporated (Health Care, Pharmaceuticals)					52,300		3,259,859
Microsoft Corporation (Information Technology, Software)					54,900		3,758,454
Motorola Solutions Incorporated (Information Technology, Communications Equipment)					40,600		3,490,382
Oracle Corporation (Information Technology, Software)					62,800		2,823,488
PepsiCo Incorporated (Consumer Staples, Beverages)					20,900		2,367,552
Samsonite International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)					927,515		3,583,257
Schlumberger Limited (Energy, Energy Equipment & Services)					36,700		2,664,053
The Goldman Sachs Group Incorporated (Financials, Capital Markets)					5,500		1,230,900
The Walt Disney Company (Consumer Discretionary, Media)					24,700		2,855,320
United Parcel Service Incorporated Class B (Industrials, Air Freight & Logistics)					20,700		2,224,422
Verizon Communications Incorporated (Telecommunication Services, Diversified Telecommunication Services)					59,600		2,736,236
Visa Incorporated Class A (Information Technology, IT Services)					39,800		3,630,556
Vulcan Materials Company (Materials, Construction Materials)					13,400		1,619,794
							76,792,695
Total Common Stocks (Cost $121,301,109)							152,428,227
	Yield
Short-Term Investments: 2.99%
Investment Companies: 2.99%
Securities Lending Cash Investment LLC (l)(r)(u)		1.03	%		4,198,505		4,198,925
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.68			370,186		370,186
Total Short-Term Investments (Cost $4,569,111)							4,569,111

Total investments in securities (Cost $125,870,220) *	102.62	%		156,997,338
Other assets and liabilities, net	(2.62	)		(4,007,842	)
Total net assets	100.00	%	$	152,989,496

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

† Non-income-earning security

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

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

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

* Cost for federal income tax purposes is $126,417,145 and unrealized gains (losses) consists of:

Gross unrealized gains	$	33,840,921
Gross unrealized losses		(3,260,728	)
Net unrealized gains	$	30,580,193

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

Statement of assets and liabilities—April 30, 2017 (unaudited) Wells Fargo Intrinsic World Equity Fund 9

Assets
Investments
In unaffiliated securities (including $4,107,826 of securities loaned), at value (cost $121,301,109)	$	152,428,227
In affiliated securities, at value (cost $4,569,111)		4,569,111
Total investments, at value (cost $125,870,220)		156,997,338
Foreign currency, at value (cost $82,894)		84,040
Receivable for investments sold		397,216
Receivable for Fund shares sold		47,994
Receivable for dividends		351,120
Receivable for securities lending income		2,062
Prepaid expenses and other assets		25,801
Total assets		157,905,571
Liabilities
Payable for Fund shares redeemed		499,810
Payable upon receipt of securities loaned		4,198,925
Management fee payable		89,977
Distribution fee payable		4,427
Administration fees payable		25,388
Accrued expenses and other liabilities		97,548
Total liabilities		4,916,075
Total net assets	$	152,989,496
NET ASSETS CONSIST OF
Paid-in capital	$	117,349,962
Overdistributed net investment income		(110,082	)
Accumulated net realized gains on investments		4,622,982
Net unrealized gains on investments		31,126,634
Total net assets	$	152,989,496
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	136,199,890
Shares outstanding – Class A1		6,468,688
Net asset value per share – Class A		$21.06
Maximum offering price per share – Class A2		$22.34
Net assets – Class C	$	7,201,154
Shares outstanding – Class C1		355,052
Net asset value per share – Class C		$20.28
Net assets – Administrator Class	$	3,672,271
Shares outstanding – Administrator Class1		175,252
Net asset value per share – Administrator Class		$20.95
Net assets – Institutional Class	$	5,916,181
Shares outstanding – Institutional Class1		281,865
Net asset value per share – Institutional Class		$20.99

¹  The Fund has an unlimited number of authorized shares.

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

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

10 Wells Fargo Intrinsic World Equity Fund Statement of operations—six months ended April 30, 2017 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $79,392)	$	1,463,433
Securities lending income, net		3,437
Income from affiliated securities		1,049
Total investment income		1,467,919
Expenses
Management fee		624,249
Administration fees
Class A		137,165
Class C		7,623
Administrator Class		2,445
Institutional Class		3,398
Shareholder servicing fees
Class A		163,291
Class C		9,075
Administrator Class		4,702
Distribution fee
Class C		27,224
Custody and accounting fees		15,125
Professional fees		30,310
Registration fees		32,408
Shareholder report expenses		24,866
Trustees’ fees and expenses		11,130
Other fees and expenses		5,692
Total expenses		1,098,703
Less: Fee waivers and/or expense reimbursements		(92,362	)
Net expenses		1,006,341
Net investment income		461,578
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		4,744,521
Net change in unrealized gains (losses) on investments		14,780,665
Net realized and unrealized gains (losses) on investments		19,525,186
Net increase in net assets resulting from operations	$	19,986,764

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

Statement of changes in net assets Wells Fargo Intrinsic World Equity Fund 11

	Six months ended April 30, 2017 (unaudited)						Year ended October 31, 2016
Operations
Net investment income				$	461,578					$	1,612,182
Net realized gains on investments					4,744,521						7,022,443
Net change in unrealized gains (losses) on investments					14,780,665						(13,434,282	)
Net increase (decrease) in net assets resulting from operations					19,986,764						(4,799,657	)
Distributions to shareholders from
Net investment income
Class A					(1,555,767	)					(1,480,000	)
Class C					(31,841	)					(5,766	)
Administrator Class					(46,398	)					(77,002	)
Institutional Class					(82,395	)					(77,098	)
Net realized gains
Class A					(6,105,260	)					(15,944,560	)
Class C					(361,793	)					(992,532	)
Administrator Class					(186,415	)					(637,316	)
Institutional Class					(246,870	)					(554,534	)
Total distributions to shareholders					(8,616,739	)					(19,768,808	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		40,988			821,559			77,894			1,519,486
Class C		3,459			65,178			48,859			912,817
Administrator Class		23,852			480,201			99,764			1,871,151
Institutional Class		112,009			2,249,365			87,333			1,706,229
					3,616,303						6,009,683
Reinvestment of distributions
Class A		382,201			7,440,005			871,879			16,927,692
Class C		19,293			360,925			51,392			955,480
Administrator Class		11,664			225,913			36,033			697,376
Institutional Class		14,333			278,253			24,158			469,358
					8,305,096						19,049,906
Payment for shares redeemed
Class A		(480,618	)		(9,615,421	)		(975,567	)		(18,924,820	)
Class C		(54,053	)		(1,044,545	)		(121,189	)		(2,191,011	)
Administrator Class		(103,933	)		(2,061,070	)		(166,281	)		(3,242,731	)
Institutional Class		(67,840	)		(1,353,678	)		(109,687	)		(2,106,188	)
					(14,074,714	)					(26,464,750	)
Net decrease in net assets resulting from capital share transactions					(2,153,315	)					(1,405,161	)
Total increase (decrease) in net assets					9,216,710						(25,973,626	)
Net assets
Beginning of period					143,772,786						169,746,412
End of period				$	152,989,496					$	143,772,786
Undistributed (overdistributed) net investment income				$	(110,082	)				$	1,144,741

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

12 Wells Fargo Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$19.53			$22.82			$22.39			$21.88			$17.94			$15.55
Net investment income		0.06			0.20			0.19			0.17			0.20			0.16
Net realized and unrealized gains (losses) on investments		2.65			(0.83	)		0.73			0.59			4.00			1.87
Total from investment operations		2.71			(0.63	)		0.92			0.76			4.20			2.03
Distributions to shareholders from
Net investment income		(0.23	)		(0.20	)		(0.12	)		(0.25	)		(0.26	)		(0.11	)
Net realized gains		(0.95	)		(2.46	)		(0.37	)		0.00			0.00			0.00
Total distributions to shareholders		(1.18	)		(2.66	)		(0.49	)		(0.25	)		(0.26	)		(0.11	)
Regulatory settlement proceeds		0.00			0.00			0.00			0.00			0.00			0.47
Net asset value, end of period		$21.06			$19.53			$22.82			$22.39			$21.88			$17.94
Total return1		14.46	%		(2.54	)%		4.23	%		3.45	%		23.74	%		16.25	%2
Ratios to average net assets (annualized)
Gross expenses		1.47	%		1.46	%		1.48	%		1.47	%		1.49	%		1.51	%
Net expenses		1.35	%		1.37	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.65	%		1.09	%		0.79	%		0.70	%		0.95	%		0.91	%
Supplemental data
Portfolio turnover rate		33	%		23	%		32	%		23	%		22	%		27	%
Net assets, end of period (000s omitted)		$136,200			$127,428			$149,492			$157,061			$168,621			$146,930

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

²  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

Financial highlights Wells Fargo Intrinsic World Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$18.77			$21.99			$21.64			$21.19			$17.37			$15.15
Net investment income (loss)		(0.03	)		0.05			0.01	1		(0.02	)		0.05			0.02
Net realized and unrealized gains (losses) on investments		2.57			(0.80	)		0.71			0.58			3.89			1.82
Total from investment operations		2.54			(0.75	)		0.72			0.56			3.94			1.84
Distributions to shareholders from
Net investment income		(0.08	)		(0.01	)		0.00			(0.11	)		(0.12	)		(0.09	)
Net realized gains		(0.95	)		(2.46	)		(0.37	)		0.00			0.00			0.00
Total distributions to shareholders		(1.03	)		(2.47	)		(0.37	)		(0.11	)		(0.12	)		(0.09	)
Regulatory settlement proceeds		0.00			0.00			0.00			0.00			0.00			0.47
Net asset value, end of period		$20.28			$18.77			$21.99			$21.64			$21.19			$17.37
Total return2		14.03	%		(3.26	)%		3.41	%		2.65	%		22.82	%		15.39	%3
Ratios to average net assets (annualized)
Gross expenses		2.22	%		2.21	%		2.23	%		2.22	%		2.24	%		2.26	%
Net expenses		2.10	%		2.12	%		2.15	%		2.15	%		2.15	%		2.15	%
Net investment income (loss)		(0.10	)%		0.32	%		0.05	%		(0.06	)%		0.20	%		0.16	%
Supplemental data
Portfolio turnover rate		33	%		23	%		32	%		23	%		22	%		27	%
Net assets, end of period (000s omitted)		$7,201			$7,252			$8,958			$9,788			$9,949			$7,341

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  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

14 Wells Fargo Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2017 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$19.43			$22.76			$22.33			$21.81			$17.89			$15.52
Net investment income		0.07	1		0.24	1		0.23	1		0.22	1		0.24	1		0.19	1
Net realized and unrealized gains (losses) on investments		2.64			(0.84	)		0.75			0.59			3.99			1.87
Total from investment operations		2.71			(0.60	)		0.98			0.81			4.23			2.06
Distributions to shareholders from
Net investment income		(0.24	)		(0.27	)		(0.18	)		(0.29	)		(0.31	)		(0.16	)
Net realized gains		(0.95	)		(2.46	)		(0.37	)		0.00			0.00			0.00
Total distributions to shareholders		(1.19	)		(2.73	)		(0.55	)		(0.29	)		(0.31	)		(0.16	)
Regulatory settlement proceeds		0.00			0.00			0.00			0.00			0.00			0.47
Net asset value, end of period		$20.95			$19.43			$22.76			$22.33			$21.81			$17.89
Total return2		14.51	%		(2.43	)%		4.51	%		3.70	%		24.03	%		16.52	%3
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.37	%		1.34	%		1.29	%		1.31	%		1.34	%
Net expenses		1.25	%		1.22	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.75	%		1.27	%		1.01	%		0.96	%		1.18	%		1.14	%
Supplemental data
Portfolio turnover rate		33	%		23	%		32	%		23	%		22	%		27	%
Net assets, end of period (000s omitted)		$3,672			$4,735			$6,239			$7,327			$5,306			$2,001

¹  Calculated based upon average shares outstanding

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

³  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

Financial highlights Wells Fargo Intrinsic World Equity Fund 15

(For a share outstanding throughout each period)

		Six months ended April 30, 2017 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS					2016			2015			2014			2013			2012
Net asset value, beginning of period			$19.51			$22.83			$22.40			$21.87			$17.93			$15.54
Net investment income	��		0.12			0.26			0.28			0.25	1		0.26	1		0.17	1
Net realized and unrealized gains (losses) on investments			2.62			(0.80	)		0.75			0.60			4.02			1.92
Total from investment operations			2.74			(0.54	)		1.03			0.85			4.28			2.09
Distributions to shareholders from
Net investment income			(0.31	)		(0.32	)		(0.23	)		(0.32	)		(0.34	)		(0.17	)
Net realized gains			(0.95	)		(2.46	)		(0.37	)		0.00			0.00			0.00
Total distributions to shareholders			(1.26	)		(2.78	)		(0.60	)		(0.32	)		(0.34	)		(0.17	)
Regulatory settlement proceeds			0.00			0.00			0.00			0.00			0.00			0.47
Net asset value, end of period			$20.99			$19.51			$22.83			$22.40			$21.87			$17.93
Total return2			14.66	%		(2.13	)%		4.72	%		3.90	%		24.28	%		16.74	%3
Ratios to average net assets (annualized)
Gross expenses			1.14	%		1.13	%		1.09	%		1.04	%		1.06	%		1.10	%
Net expenses			0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income			1.05	%		1.47	%		1.23	%		1.11	%		1.32	%		1.03	%
Supplemental data
Portfolio turnover rate			33	%		23	%		32	%		23	%		22	%		27	%
Net assets, end of period (000s omitted)			$5,916			$4,357			$5,058			$3,179			$2,352			$561

¹  Calculated based upon average shares outstanding

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

³  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

16 Wells Fargo Intrinsic World Equity 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 (“ASC”) Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Intrinsic World Equity Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of 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 April 30, 2017, 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 Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Notes to financial statements (unaudited) Wells Fargo Intrinsic World Equity Fund 17

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. 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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund 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 Fund on the next business day. In a securities lending transaction, the net asset value of the Fund 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 Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund 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 is included in securities lending income 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.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

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

18 Wells Fargo Intrinsic World Equity Fund Notes to financial statements (unaudited)

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

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Belgium	$	1,551,388	$	0	$	0	$	1,551,388
France		11,748,025		0		0		11,748,025
Germany		5,001,171		0		0		5,001,171
Hong Kong		3,958,607		0		0		3,958,607
Japan		14,199,287		0		0		14,199,287
Netherlands		14,457,005		0		0		14,457,005
Spain		3,133,490		0		0		3,133,490
Switzerland		12,740,212		0		0		12,740,212
United Kingdom		8,846,347		0		0		8,846,347
United States		76,792,695		0		0		76,792,695
Short-term investments
Investment companies		370,186		0		0		370,186
Investments measured at net asset value*								4,198,925
Total assets	$	152,798,413	$	0	$	0	$	156,997,338

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $4,198,925 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

Notes to financial statements (unaudited) Wells Fargo Intrinsic World Equity Fund 19

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.85% and declining to 0.68% as the average daily net assets of the Fund increase. For the six months ended April 30, 2017, the management fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

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

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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2018 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, 1.25% 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.

During the six months ended April 30, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $29,258 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $49,603 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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 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 B and Class C shares. For the six months ended April 30, 2017, Funds Distributor received $373 from the sale of Class A shares.

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.

20 Wells Fargo Intrinsic World Equity Fund Notes to financial statements (unaudited)

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 April 30, 2017 were $49,155,922 and $55,112,297, respectively.

The Fund may purchase or sell investment securities to 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. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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 April 30, 2017, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

9. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Intrinsic World Equity Fund 21

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 October 31, 2016. 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
$201,663	$0.0273	55.49%

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses 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.

22 Wells Fargo Intrinsic World Equity Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 Forté Foundation (non-profit organization) and 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.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Intrinsic World Equity Fund 23

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (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. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds 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.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 69 funds and Assistant Treasurer of 69 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.

24 Wells Fargo Intrinsic World Equity Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

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 a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

303218 06-17 SA241/SAR241 04-17

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (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. 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 Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	June 23, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	June 23, 2017
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	June 23, 2017