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: September 30

Registrant is making a filing for 11 of its series:

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

Date of reporting period:    March 31, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

March 31, 2018

Wells Fargo Diversified Capital Builder 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	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	25
List of abbreviations	29

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Diversified Capital Builder Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Capital Builder Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Diversified Capital Builder Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Diversified Capital Builder Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns (%) as of March 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKBAX)	1-20-1998		3.34		10.57		7.32		9.65		11.88		7.96		1.12		1.12
Class C (EKBCX)	1-22-1998		7.93		11.04		7.15		8.93		11.04		7.15		1.87		1.87
Administrator Class (EKBDX)	7-30-2010		–		–		–		9.82		12.07		8.14		1.04		1.04
Institutional Class (EKBYX)	1-26-1998		–		–		–		10.07		12.30		8.34		0.79		0.78
Diversified Capital Builder Blended Index4	–		–		–		–		11.36		11.13		9.32		–		–
ICE BofAML U.S. Cash Pay High Yield Index5	–		–		–		–		3.67		4.98		8.04		–		–
Russell 1000® Index6	–		–		–		–		13.98		13.17		9.61		–		–

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.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Diversified Capital Builder Fund 5

Ten largest holdings (%) as of March 31, 20187
Adobe Systems Incorporated	4.10
Broadcom Limited	3.38
Leidos Holdings Incorporated	3.22
Alphabet Incorporated Class A	3.19
Amphenol Corporation Class A	3.18
Becton Dickinson & Company	3.06
PNC Financial Services Group Incorporated	3.02
LyondellBasell Industries NV Class A	2.76
Raytheon Company	2.55
Plains All American Pipeline LP	2.53

Portfolio allocation as of March 31, 2018⁸

¹  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 Diversified Capital Builder Fund.

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

³  The manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.20% for Class A, 1.95% for Class C, 1.05% for Administrator Class, and 0.78% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  Source: Wells Fargo Funds Management, LLC. The Diversified Capital Builder Blended Index is composed of the Russell 1000^® Index (75%) and the ICE BofAML U.S. Cash Pay High Yield Index (25%). You cannot invest directly in an index.

⁵  The ICE BofAML U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁶  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

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

⁸  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 Capital Builder Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,041.62	$	5.65		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.40	$	5.59		1.11	%
Class C
Actual	$	1,000.00	$	1,037.58	$	9.45		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.66	$	9.35		1.86	%
Administrator Class
Actual	$	1,000.00	$	1,041.24	$	5.24		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.19		1.03	%
Institutional Class
Actual	$	1,000.00	$	1,042.32	$	3.97		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.04	$	3.93		0.78	%

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Capital Builder Fund 7

Security name	Shares		Value
Common Stocks: 85.50%
Consumer Discretionary: 1.33%
Household Durables: 0.78%
Whirlpool Corporation		50,000	$	7,655,500
Specialty Retail: 0.55%
The Home Depot Incorporated		30,000		5,347,200
Consumer Staples: 0.60%
Food Products: 0.60%
Lamb Weston Holdings Incorporated		100,001		5,822,058
Energy: 11.47%
Oil, Gas & Consumable Fuels: 11.47%
Andeavor Logistics LP		495,000		22,180,950
Enterprise Products Partners		140,000		3,427,200
EOG Resources Incorporated		35,000		3,684,450
EQT Corporation		100,000		4,751,000
Kinder Morgan Incorporated		1,625,000		24,472,500
ONEOK Incorporated		150,000		8,538,000
Plains All American Pipeline LP		1,120,000		24,673,600
The Williams Companies Incorporated		810,000		20,136,600
				111,864,300
Financials: 4.70%
Banks: 3.43%
PNC Financial Services Group Incorporated		195,000		29,491,800
Regions Financial Corporation		210,000		3,901,800
				33,393,600
Capital Markets: 1.27%
S&P Global Incorporated		65,000		12,418,900
Health Care: 11.33%
Health Care Equipment & Supplies: 5.86%
Abbott Laboratories		410,000		24,567,200
Becton Dickinson & Company		137,538		29,804,485
Hologic Incorporated †		50,000		1,868,000
West Pharmaceutical Services Incorporated		10,000		882,900
				57,122,585
Life Sciences Tools & Services: 5.12%
Agilent Technologies Incorporated		170,000		11,373,000
Thermo Fisher Scientific Incorporated		100,000		20,646,000
Waters Corporation †		90,000		17,878,500
				49,897,500

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

8 Wells Fargo Diversified Capital Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Pharmaceuticals: 0.35%
Eli Lilly & Company		45,000	$	3,481,650
Industrials: 14.13%
Aerospace & Defense: 7.07%
Curtiss-Wright Corporation		130,000		17,559,100
Huntington Ingalls Industries Incorporated		65,000		16,754,400
Lockheed Martin Corporation		29,000		9,799,970
Raytheon Company		115,000		24,819,300
				68,932,770
Building Products: 0.40%
Apogee Enterprises Incorporated		90,000		3,901,500
Electrical Equipment: 1.35%
AMETEK Incorporated		100,000		7,597,000
Eaton Corporation plc		70,000		5,593,700
				13,190,700
Industrial Conglomerates: 1.39%
Honeywell International Incorporated		45,000		6,502,950
Roper Industries Incorporated		25,000		7,017,250
				13,520,200
Machinery: 3.92%
IDEX Corporation		95,000		13,538,450
John Bean Technologies Corporation		140,000		15,876,000
Oshkosh Corporation		80,000		6,181,600
Parker-Hannifin Corporation		15,000		2,565,450
				38,161,500
Information Technology: 32.89%
Electronic Equipment, Instruments & Components: 6.12%
Amphenol Corporation Class A		360,000		31,006,800
Corning Incorporated		670,000		18,679,600
FLIR Systems Incorporated		200,000		10,002,000
				59,688,400
Internet Software & Services: 3.19%
Alphabet Incorporated Class A †		30,000		31,114,200
IT Services: 3.76%
Leidos Holdings Incorporated		480,000		31,392,000
MasterCard Incorporated Class A		30,000		5,254,800
				36,646,800
Semiconductors & Semiconductor Equipment: 11.71%
Applied Materials Incorporated		70,000		3,892,700
Broadcom Limited		140,000		32,991,000

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Capital Builder Fund 9

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Cypress Semiconductor Corporation		600,000	$	10,176,000
Microsemi Corporation †		310,000		20,063,200
QUALCOMM Incorporated		70,000		3,878,700
Texas Instruments Incorporated		145,000		15,064,050
Versum Materials Incorporated		170,000		6,397,100
Xilinx Incorporated		300,000		21,672,000
				114,134,750
Software: 7.16%
Adobe Systems Incorporated †		185,000		39,974,800
Microsoft Corporation		140,000		12,777,800
Salesforce.com Incorporated †		50,000		5,815,000
Synopsys Incorporated †		135,000		11,237,400
				69,805,000
Technology Hardware, Storage & Peripherals: 0.95%
Western Digital Corporation		100,000		9,227,000
Materials: 6.46%
Chemicals: 5.64%
Ashland Global Holdings Incorporated		30,000		2,093,700
Celanese Corporation Series A		75,000		7,515,750
DowDuPont Incorporated		110,000		7,008,100
Eastman Chemical Company		45,000		4,751,100
Huntsman Corporation		90,000		2,632,500
LyondellBasell Industries NV Class A		255,000		26,948,400
Olin Corporation		25,000		759,750
Westlake Chemical Corporation		30,000		3,334,500
				55,043,800
Containers & Packaging: 0.82%
Avery Dennison Corporation		75,000		7,968,750
Real Estate: 0.65%
Equity REITs: 0.65%
Saul Centers Incorporated		125,000		6,371,250
Utilities: 1.94%
Electric Utilities: 0.21%
American Electric Power Company Incorporated		30,000		2,057,700
Gas Utilities: 1.73%
Atmos Energy Corporation		200,000		16,848,000
Total Common Stocks (Cost $692,815,060)				833,615,613

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

10 Wells Fargo Diversified Capital Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 11.49%
Consumer Discretionary: 0.50%
Hotels, Restaurants & Leisure: 0.21%
Speedway Motorsports Incorporated		5.13	%		2-1-2023	$	2,000,000	$	1,991,400
Media: 0.29%
McGraw-Hill Global Education Holdings LLC 144A«		7.88			5-15-2024		3,000,000		2,868,060
Consumer Staples: 0.10%
Food Products: 0.10%
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		1,000,000		991,250
Energy: 0.62%
Oil, Gas & Consumable Fuels: 0.62%
Plains All American Pipeline LP		4.65			10-15-2025		6,000,000		6,032,754
Health Care: 2.46%
Health Care Equipment & Supplies: 0.26%
Teleflex Incorporated		4.88			6-1-2026		2,500,000		2,475,000
Health Care Providers & Services: 2.10%
AMN Healthcare Incorporated 144A		5.13			10-1-2024		10,512,000		10,485,720
DaVita HealthCare Partners Incorporated		5.00			5-1-2025		1,000,000		966,550
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		1,000,000		976,250
HealthSouth Corporation		5.13			3-15-2023		1,000,000		1,012,500
West Street Merger Sub Incorporated 144A		6.38			9-1-2025		7,400,000		7,048,500
									20,489,520
Pharmaceuticals: 0.10%
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		1,000,000		975,000
Industrials: 0.98%
Aerospace & Defense: 0.52%
TransDigm Group Incorporated		6.38			6-15-2026		3,500,000		3,526,250
TransDigm Group Incorporated		6.50			5-15-2025		1,500,000		1,515,000
									5,041,250
Commercial Services & Supplies: 0.15%
Acco Brands Corporation 144A		5.25			12-15-2024		1,500,000		1,507,500
Machinery: 0.10%
SPX FLOW Incorporated 144A		5.88			8-15-2026		1,000,000		1,027,500
Trading Companies & Distributors: 0.21%
Wesco Distribution Incorporated		5.38			6-15-2024		2,000,000		2,007,500
Information Technology: 3.38%
Communications Equipment: 0.63%
CommScope Incorporated 144A		5.50			6-15-2024		6,000,000		6,127,500

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Capital Builder Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Electronic Equipment, Instruments & Components: 1.70%
Belden Incorporated 144A		5.25	%		7-15-2024	$	3,000,000	$	3,166,200
TTM Technologies Incorporated 144A		5.63			10-1-2025		13,505,000		13,437,473
									16,603,673
Semiconductors & Semiconductor Equipment: 0.32%
Versum Materials Incorporated 144A		5.50			9-30-2024		3,000,000		3,105,000
Software: 0.73%
Nuance Communications Company		6.00			7-1-2024		2,000,000		2,050,000
Symantec Corporation 144A		5.00			4-15-2025		5,000,000		5,041,154
									7,091,154
Materials: 3.00%
Chemicals: 2.68%
Koppers Incorporated 144A		6.00			2-15-2025		8,190,000		8,367,723
Olin Corporation		5.50			8-15-2022		6,000,000		6,195,000
Platform Specialty Products Corporation 144A		5.88			12-1-2025		3,000,000		2,932,500
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		6,835,000		6,698,300
Valvoline Incorporated		4.38			8-15-2025		2,000,000		1,942,500
									26,136,023
Containers & Packaging: 0.32%
Berry Plastics Corporation		5.13			7-15-2023		3,120,000		3,155,194
Real Estate: 0.25%
Equity REITs: 0.25%
Iron Mountain Incorporated 144A		5.38			6-1-2026		2,000,000		1,912,500
Iron Mountain Incorporated		5.75			8-15-2024		500,000		484,375
									2,396,875
Utilities: 0.20%
Independent Power & Renewable Electricity Producers: 0.20%
NRG Energy Incorporated 144A		5.75			1-15-2028		2,000,000		1,955,000
Total Corporate Bonds and Notes (Cost $112,694,575)									111,977,153
Yankee Corporate Bonds and Notes: 2.54%
Financials: 0.50%
Diversified Financial Services: 0.50%
Tronox Finance plc 144A		5.75			10-1-2025		5,000,000		4,862,500
Health Care: 0.24%
Pharmaceuticals: 0.24%
Mallinckrodt plc 144A«		5.50			4-15-2025		3,000,000		2,328,750
Industrials: 0.20%
Electrical Equipment: 0.20%
Sensata Technologies BV 144A		4.88			10-15-2023		2,000,000		2,003,100

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

12 Wells Fargo Diversified Capital Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 1.60%
Technology Hardware, Storage & Peripherals: 1.60%
Seagate HDD		4.75	%		6-1-2023	$	9,500,000	$	9,505,911
Seagate HDD		4.88			6-1-2027		6,396,000		6,057,668
									15,563,579
Total Yankee Corporate Bonds and Notes (Cost $24,542,975)									24,757,929
	Yield					Shares
Short-Term Investments: 0.66%
Investment Companies: 0.66%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89					3,105,089		3,105,400
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54					3,323,641		3,323,641
Total Short-Term Investments (Cost $6,429,041)									6,429,041

Total investments in securities (Cost $836,481,651)	100.19	%		976,779,736
Other assets and liabilities, net	(0.19	)		(1,819,451	)
Total net assets	100.00	%	$	974,960,285

† Non-income-earning security

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

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		8,312,789		16,912,601		22,120,301		3,105,089	$	0	$	0	$	8,919	$	3,105,400
Wells Fargo Government Money Market Fund Select Class		6,114,337		70,499,635		73,290,331		3,323,641		0		0		17,501		3,323,641
									$	0	$	0	$	26,420	$	6,429,041		0.66	%

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

Statement of assets and liabilities—March 31, 2018 (unaudited) Wells Fargo Diversified Capital Builder Fund 13

Assets
Investments in unaffiliated securities (including $3,040,487 of securities on loan), at value (cost $830,052,610)	$	970,350,695
Investments in affiliated securities, at value (cost $6,429,041)		6,429,041
Cash		256,754
Receivable for Fund shares sold		1,424,994
Receivable for dividends and interest		2,707,734
Receivable for securities lending income		1,731
Prepaid expenses and other assets		236,910
Total assets		981,407,859
Liabilities
Payable upon receipt of securities loaned		3,103,912
Payable for investments purchased		1,522,847
Payable for Fund shares redeemed		840,531
Management fee payable		543,825
Administration fees payable		161,735
Distribution fee payable		82,367
Trustees’ fees and expenses payable		865
Accrued expenses and other liabilities		191,492
Total liabilities		6,447,574
Total net assets	$	974,960,285
NET ASSETS CONSIST OF
Paid-in capital	$	819,927,007
Undistributed net investment income		2,146,114
Accumulated net realized gains on investments		12,589,079
Net unrealized gains on investments		140,298,085
Total net assets	$	974,960,285
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	556,778,453
Shares outstanding – Class A1		54,658,774
Net asset value per share – Class A		$10.19
Maximum offering price per share – Class A2		$10.81
Net assets – Class C	$	123,428,838
Shares outstanding – Class C1		12,142,181
Net asset value per share – Class C		$10.17
Net assets – Administrator Class	$	10,911,348
Shares outstanding – Administrator Class1		1,070,067
Net asset value per share – Administrator Class		$10.20
Net assets – Institutional Class	$	283,841,646
Shares outstanding – Institutional Class1		28,049,140
Net asset value per share – Institutional Class		$10.12

¹  The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Diversified Capital Builder Fund Statement of operations—six months ended March 31, 2018 (unaudited)

Investment income
Dividends	$	8,129,155
Interest		3,999,191
Income from affiliated securities		26,420
Total investment income		12,154,766
Expenses
Management fee		3,065,151
Administration fees
Class A		596,086
Class C		129,626
Administrator Class		7,184
Institutional Class		180,928
Shareholder servicing fees
Class A		709,626
Class C		154,317
Administrator Class		13,816
Distribution fee
Class C		462,950
Custody and accounting fees		24,434
Professional fees		22,992
Registration fees		32,230
Shareholder report expenses		21,767
Trustees’ fees and expenses		10,059
Other fees and expenses		2,599
Total expenses		5,433,765
Less: Fee waivers and/or expense reimbursements		(261	)
Net expenses		5,433,504
Net investment income		6,721,262
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		12,033,435
Net change in unrealized gains (losses) on investments		19,780,591
Net realized and unrealized gains (losses) on investments		31,814,026
Net increase in net assets resulting from operations	$	38,535,288

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

Statement of changes in net assets Wells Fargo Diversified Capital Builder Fund 15

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	6,721,262					$	11,582,765
Net realized gains on investments					12,033,435						45,195,207
Net change in unrealized gains (losses) on investments					19,780,591						48,014,577
Net increase in net assets resulting from operations					38,535,288						104,792,549
Distributions to shareholders from
Net investment income
Class A					(2,504,426	)					(7,661,442	)
Class B					N/A						(3,723	)1
Class C					(51,669	)					(923,064	)
Administrator Class					(56,683	)					(276,788	)
Institutional Class					(1,936,146	)					(3,377,945	)
Net realized gains
Class A					(26,067,151	)					(37,599,086	)
Class B					N/A						(82,941	)1
Class C					(5,684,959	)					(5,700,242	)
Administrator Class					(514,874	)					(1,444,857	)
Institutional Class					(12,827,757	)					(11,035,158	)
Total distributions to shareholders					(49,643,665	)					(68,105,246	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,408,871			25,251,631			10,742,727			105,549,123
Class B		N/A			N/A			8,989	1		89,544	1
Class C		1,552,258			16,199,102			6,100,806			60,045,789
Administrator Class		187,877			1,982,824			1,150,741			11,315,314
Institutional Class		4,468,368			46,605,280			15,573,690			152,910,373
					90,038,837						329,910,143
Reinvestment of distributions
Class A		2,680,318			27,306,071			4,536,323			43,125,024
Class B		N/A			N/A			7,409	1		70,848	1
Class C		547,031			5,552,022			629,617			5,974,204
Administrator Class		53,976			550,417			179,684			1,707,679
Institutional Class		1,398,356			14,171,619			1,417,203			13,422,904
					47,580,129						64,300,659
Payment for shares redeemed
Class A		(3,931,839	)		(41,213,024	)		(8,712,586	)		(86,111,676	)
Class B		N/A			N/A			(166,895	)1		(1,667,192	)1
Class C		(1,370,802	)		(14,344,760	)		(2,103,704	)		(20,778,345	)
Administrator Class		(162,892	)		(1,691,946	)		(2,486,279	)		(24,695,561	)
Institutional Class		(3,459,983	)		(35,898,294	)		(3,745,131	)		(36,861,266	)
					(93,148,024	)					(170,114,040	)
Net increase in net assets resulting from capital share transactions					44,470,942						224,096,762
Total increase in net assets					33,362,565						260,784,065
Net assets
Beginning of period					941,597,720						680,813,655
End of period				$	974,960,285					$	941,597,720
Undistributed (overdistributed) net investment income				$	2,146,114					$	(26,224	)

¹  For the period from October 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, 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.

16 Wells Fargo Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.30			$9.96			$9.12			$9.31			$7.89			$6.93
Net investment income		0.07			0.14	1		0.17			0.11			0.09			0.12
Net realized and unrealized gains (losses) on investments		0.36			1.12			1.71			(0.20	)		1.41			0.96
Total from investment operations		0.43			1.26			1.88			(0.09	)		1.50			1.08
Distributions to shareholders from
Net investment income		(0.05	)		(0.14	)		(0.15	)		(0.10	)		(0.08	)		(0.12	)
Net realized gains		(0.49	)		(0.78	)		(0.89	)		0.00			0.00			0.00
Total distributions to shareholders		(0.54	)		(0.92	)		(1.04	)		(0.10	)		(0.08	)		(0.12	)
Net asset value, end of period		$10.19			$10.30			$9.96			$9.12			$9.31			$7.89
Total return2		4.16	%		13.62	%		22.85	%		(1.05	)%		19.10	%		15.75	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.12	%		1.14	%		1.19	%		1.21	%		1.20	%
Net expenses		1.11	%		1.12	%		1.14	%		1.19	%		1.20	%		1.20	%
Net investment income		1.37	%		1.43	%		1.77	%		1.17	%		1.09	%		1.66	%
Supplemental data
Portfolio turnover rate		17	%		54	%		73	%		69	%		82	%		70	%
Net assets, end of period (000s omitted)		$556,778			$551,272			$467,503			$402,303			$431,388			$399,535

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 Capital Builder Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.28			$9.96			$9.12			$9.32			$7.90			$6.94
Net investment income		0.03			0.08			0.10			0.05			0.03			0.07
Net realized and unrealized gains (losses) on investments		0.35			1.11			1.72			(0.22	)		1.41			0.96
Total from investment operations		0.38			1.19			1.82			(0.17	)		1.44			1.03
Distributions to shareholders from
Net investment income		(0.00	)1		(0.09	)		(0.09	)		(0.03	)		(0.02	)		(0.07	)
Net realized gains		(0.49	)		(0.78	)		(0.89	)		0.00			0.00			0.00
Total distributions to shareholders		(0.49	)		(0.87	)		(0.98	)		(0.03	)		(0.02	)		(0.07	)
Net asset value, end of period		$10.17			$10.28			$9.96			$9.12			$9.32			$7.90
Total return2		3.76	%		12.85	%		21.96	%		(1.88	)%		18.21	%		14.86	%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.87	%		1.89	%		1.94	%		1.96	%		1.95	%
Net expenses		1.86	%		1.87	%		1.89	%		1.94	%		1.95	%		1.95	%
Net investment income		0.62	%		0.65	%		1.03	%		0.41	%		0.34	%		0.91	%
Supplemental data
Portfolio turnover rate		17	%		54	%		73	%		69	%		82	%		70	%
Net assets, end of period (000s omitted)		$123,429			$117,346			$67,630			$53,373			$45,670			$39,758

¹  Amount is less than $0.005.

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 Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.32			$9.97			$9.12			$9.32			$7.90			$6.94
Net investment income		0.08	1		0.16	1		0.18	1		0.14	1		0.12	1		0.14	1
Net realized and unrealized gains (losses) on investments		0.34			1.12			1.73			(0.22	)		1.41			0.96
Total from investment operations		0.42			1.28			1.91			(0.08	)		1.53			1.10
Distributions to shareholders from
Net investment income		(0.05	)		(0.15	)		(0.17	)		(0.12	)		(0.11	)		(0.14	)
Net realized gains		(0.49	)		(0.78	)		(0.89	)		0.00			0.00			0.00
Total distributions to shareholders		(0.54	)		(0.93	)		(1.06	)		(0.12	)		(0.11	)		(0.14	)
Net asset value, end of period		$10.20			$10.32			$9.97			$9.12			$9.32			$7.90
Total return2		4.12	%		13.75	%		23.14	%		(0.92	)%		19.39	%		16.06	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.04	%		1.06	%		1.05	%		1.04	%		1.04	%
Net expenses		1.03	%		1.04	%		1.03	%		0.95	%		0.95	%		0.95	%
Net investment income		1.45	%		1.58	%		1.89	%		1.41	%		1.33	%		1.84	%
Supplemental data
Portfolio turnover rate		17	%		54	%		73	%		69	%		82	%		70	%
Net assets, end of period (000s omitted)		$10,911			$10,225			$21,398			$7,898			$9,411			$6,836

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 Diversified Capital Builder Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.25			$9.90			$9.07			$9.27			$7.85			$6.90
Net investment income		0.09			0.19			0.20			0.15			0.13	1		0.15
Net realized and unrealized gains (losses) on investments		0.34			1.11			1.71			(0.21	)		1.41			0.95
Total from investment operations		0.43			1.30			1.91			(0.06	)		1.54			1.10
Distributions to shareholders from
Net investment income		(0.07	)		(0.17	)		(0.19	)		(0.14	)		(0.12	)		(0.15	)
Net realized gains		(0.49	)		(0.78	)		(0.89	)		0.00			0.00			0.00
Total distributions to shareholders		(0.56	)		(0.95	)		(1.08	)		(0.14	)		(0.12	)		(0.15	)
Net asset value, end of period		$10.12			$10.25			$9.90			$9.07			$9.27			$7.85
Total return2		4.23	%		14.11	%		23.28	%		(0.75	)%		19.68	%		16.17	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.79	%		0.81	%		0.79	%		0.78	%		0.77	%
Net expenses		0.78	%		0.78	%		0.78	%		0.77	%		0.78	%		0.77	%
Net investment income		1.70	%		1.71	%		2.14	%		1.58	%		1.52	%		2.08	%
Supplemental data
Portfolio turnover rate		17	%		54	%		73	%		69	%		82	%		70	%
Net assets, end of period (000s omitted)		$283,842			$262,754			$122,769			$97,251			$100,160			$149,790

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

Effective at the close of business on May 5, 2017, 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 May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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

Notes to financial statements (unaudited) Wells Fargo Diversified Capital Builder Fund 21

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, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $835,780,189 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	165,982,107
Gross unrealized losses		(24,982,560	)
Net unrealized gains	$	140,999,547

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.

22 Wells Fargo Diversified Capital Builder Fund Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	13,002,700	$	0	$	0	$	13,002,700
Consumer staples		5,822,058		0		0		5,822,058
Energy		111,864,300		0		0		111,864,300
Financials		45,812,500		0		0		45,812,500
Health care		110,501,735		0		0		110,501,735
Industrials		137,706,670		0		0		137,706,670
Information technology		320,616,150		0		0		320,616,150
Materials		63,012,550		0		0		63,012,550
Real estate		6,371,250		0		0		6,371,250
Utilities		18,905,700		0		0		18,905,700
Corporate bonds and notes		0		111,977,153		0		111,977,153
Yankee corporate bonds and notes		0		24,757,929		0		24,757,929
Short-term investments
Investment companies		3,323,641		0		0		3,323,641
Investments measured at net asset value*								3,105,400
Total assets	$	836,939,254	$	136,735,082	$	0	$	976,779,736

* 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 $3,105,400 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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

Notes to financial statements (unaudited) Wells Fargo Diversified Capital Builder Fund 23

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 0.65% and declining to 0.48% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.63% 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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class C shares 1.05% for Administrator Class shares, and 0.78% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $32,699 from the sale of Class A shares and $387 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $174,247,634 and $168,044,183, respectively.

24 Wells Fargo Diversified Capital Builder Fund Notes to financial statements (unaudited)

6. BANK BORROWINGS

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

For the six months ended March 31, 2018, 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.

Other information (unaudited) Wells Fargo Diversified Capital Builder Fund 25

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 Diversified Capital Builder Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Capital Builder 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

28 Wells Fargo Diversified Capital Builder Fund Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Diversified Capital Builder Fund 29

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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309990 05-18 SA225/SAR225 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo Diversified Income Builder 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	20
Statement of operations	21
Statement of changes in net assets	22
Financial highlights	23
Notes to financial statements	27
Other information	33
List of abbreviations	37

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Diversified Income Builder Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Income Builder Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Diversified Income Builder Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Diversified Income Builder Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA^®, FRM^‡

Margaret Patel

Average annual total returns (%) as of March 31, 2018¹

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKSAX)	4-14-1987		(1.67	)		4.87		5.99		4.32		6.10		6.61		1.05		0.85
Class C (EKSCX)	2-1-1993		2.58			5.35		5.83		3.58		5.35		5.83		1.80		1.60
Administrator Class (EKSDX)	7-30-2010		–			–		–		4.50		6.30		6.76		0.97		0.77
Institutional Class (EKSYX)	1-13-1997		–			–		–		4.70		6.51		6.97		0.72		0.52
Diversified Income Builder Blended Index4	–		–			–		–		6.24		7.04		8.54		–		–
ICE BofAML U.S. Cash Pay High Yield Index5	–		–			–		–		3.67		4.98		8.04		–		–
Russell 1000® Index6	–		–			–		–		13.98		13.17		9.61		–		–

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.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Diversified Income Builder Fund 5

Ten largest holdings (%) as of March 31, 20187
AMN Healthcare Incorporated 5.13%, 10-1-2024	3.28
Cheniere Corpus Christi Holdings LLC 5.13%, 6-30-2027	3.13
Tronox Finance plc 5.75%, 10-1-2025	2.13
TTM Technologies Incorporated 5.63%, 10-1-2025	2.11
Versum Materials Incorporated 5.50%, 9-30-2024	1.84
HCA Incorporated 5.38%, 2-1-2025	1.74
Koppers Incorporated 6.00%, 2-15-2025	1.73
Lamb Weston Holdings Incorporated 4.63%, 11-1-2024	1.66
A. Schulman Incorporated 6.88%, 6-1-2023	1.56
HD Supply Incorporated 5.75%, 4-15-2024	1.55

Portfolio allocation as of March 31, 2018⁸

^‡  Mr. Acharya became a portfolio manager of the Fund on January 2, 2018.

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, 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 Diversified Income Builder Fund.

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

³  The manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  Source: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is composed of the ICE BofAML U.S. Cash Pay High Yield Index (65%) and the Russell 1000^® Index (35%). Prior to January 2, 2018, The Diversified Income Builder Blended Index was weighted 75% in the ICE BofAML U.S. Cash Pay High Yield Index and 25% in the Russell 1000^® Index. You cannot invest directly in an index.

⁵  The ICE BofAML U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁶  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

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

⁸  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 Income Builder Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	997.11	$	4.68		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.24	$	4.73		0.94	%
Class C
Actual	$	1,000.00	$	993.87	$	8.40		1.69	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.50	$	8.50		1.69	%
Administrator Class
Actual	$	1,000.00	$	997.46	$	4.18		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Institutional Class
Actual	$	1,000.00	$	1,000.08	$	3.04		0.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.89	$	3.07		0.61	%

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—March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 7

Security name	Shares		Value
Common Stocks: 36.77%
Consumer Discretionary: 2.03%
Auto Components: 0.22%
Lear Corporation		4,965	$	923,937
Xinyi Glass Holdings Limited		508,000		773,255
				1,697,192
Automobiles: 0.33%
General Motors Company		35,089		1,275,134
Renault SA		10,815		1,312,376
				2,587,510
Hotels, Restaurants & Leisure: 0.30%
Extended Stay America Incorporated		57,552		1,137,803
Las Vegas Sands Corporation		16,597		1,193,324
				2,331,127
Household Durables: 0.40%
Leggett & Platt Incorporated		45,000		1,996,200
Persimmon plc		31,164		1,106,081
				3,102,281
Multiline Retail: 0.31%
Kohl’s Corporation		22,227		1,456,091
Target Corporation		13,291		922,794
				2,378,885
Specialty Retail: 0.11%
DSW Incorporated Class A		39,764		893,099
Textiles, Apparel & Luxury Goods: 0.36%
Li & Fung Limited		2,126,000		1,048,068
Ralph Lauren Corporation		8,999		1,006,088
Yue Yuen Industrial Holdings Limited		178,500		715,154
				2,769,310
Consumer Staples: 0.44%
Food & Staples Retailing: 0.19%
Wal-Mart Stores Incorporated		16,311		1,451,190
Food Products: 0.15%
Lamb Weston Holdings Incorporated		20,000		1,164,400
Tobacco: 0.10%
Imperial Tobacco Group plc		23,975		816,337
Energy: 7.34%
Energy Equipment & Services: 0.04%
Archrock Partners LP		6,882		84,098
Hi-Crush Partners LP		12,218		129,511

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

8 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Energy Equipment & Services (continued)
Seadrill Partners LLC		8,711	$	23,955
USD Compression Partners LP		5,189		87,850
				325,414
Oil, Gas & Consumable Fuels: 7.30%
Alliance Holdings GP LP		4,262		106,593
Alliance Resource Partners LP		13,263		234,092
American Midstream Partners		6,753		72,932
Andeavor Logistics LP		100,851		4,519,133
Antero Midstream GP LP «		6,629		105,998
Antero Midstream Partners LP		15,609		404,117
Black Stone Minerals LP		14,913		246,810
Blueknight Energy Partners LP		6,807		28,930
Boardwalk Pipeline Partners LP		22,281		226,152
BP Midstream Partners LP		3,823		68,202
Buckeye Partners LP		26,113		976,365
Calumet Specialty Products LP †		10,937		77,106
Capital Product Partners LP		18,686		58,300
Cheniere Energy Partners LP		7,447		216,708
CNX Midstream Partners LP		3,623		66,627
Consol Coal Resources LP		1,246		17,382
Crescent Point Energy Corporation		118,600		806,408
Crestwood Equity Partners LP		8,433		215,885
CrossAmerica Partners LP		3,267		67,170
CVR Refining LP		8,934		116,589
DCP Midstream LP		16,073		564,484
Delek Logistics Partners LP		1,513		42,894
Dominion Energy Midstream Partners LP		7,448		114,327
Dorchester Minerals LP		4,654		74,929
Dynagas LNG Partners LP		3,538		35,380
Emerge Energy Services LP †		3,814		23,456
Enable Midstream Partners LP		14,632		200,751
Enbridge Energy Partners LP		47,667		459,510
Energy Transfer Equity LP		153,694		2,183,992
Energy Transfer Partners LP		190,671		3,092,684
Enlink Midstream LLC		11,271		165,120
Enlink Midstream Partners LP		29,288		400,074
Enterprise Products Partners		260,615		6,379,855
Enviva Partners LP		2,126		58,252
EQT Corporation		30,000		1,425,300
EQT GP Holdings LP		4,738		109,353
EQT Midstream Partners LP		10,472		618,162
Foresight Energy LP		5,100		17,952
Gaslog Partners LP		7,299		170,067
Genesis Energy LP		18,768		369,917
Global Partners LP		5,023		77,103
Golar LNG Partners LP		8,806		150,671
Green Plains Partners LP		2,039		35,479
Hess Midstream Partners LP		2,768		52,703
Hoegh LNG Partners LP		3,024		48,989

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 9

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Holly Energy Partners LP		8,058	$	222,159
Kimbell Royalty Partners LP		1,556		29,564
Kinder Morgan Incorporated		230,000		3,463,800
KNOT Offshore Partners LP		4,132		81,814
Magellan Midstream Partners LP		40,626		2,370,527
Martin Midstream Partners LP		5,678		76,653
MPLX LP		51,111		1,688,707
Natural Resource Partners LP		1,415		40,611
Navios Maritime Midstream Partners LP		3,239		13,086
NGL Energy Partners LP		21,557		237,127
Noble Midstream Partners LP		3,172		147,910
Nustar Energy Lp Mlp		14,101		287,519
NuStar GP Holdings LLC		6,041		69,774
Oasis Midstream Partners LP		1,347		23,855
ONEOK Incorporated		60,000		3,415,200
PBF Logistics LP		4,027		74,298
Phillips 66 Partners LP		8,870		423,809
Plains All American Pipeline LP		256,175		5,643,535
Plains GP Holdings LP Class A		27,567		599,582
Repsol YPF SA		52,778		938,162
Rice Midstream Partners LP		13,088		236,893
Shell Midstream Partners LP		23,907		503,242
Spectra Energy Partners LP		15,807		531,747
Sprague Resources LP		1,805		43,049
Summit Midstream Partners LP		8,324		116,952
Sunoco LP		9,916		252,957
Tallgrass Energy GP LP		10,339		196,648
Tallgrass Energy Partners LP		8,335		315,813
TC Pipelines LP		9,520		330,249
Teekay LNG Partners LP		9,639		172,538
Teekay Offshore Partners LP		17,520		39,770
The Williams Companies Incorporated		135,000		3,356,100
Total SA		20,288		1,162,901
Transmontaigne Partners LP		2,303		82,424
USD Partners LP		2,434		25,192
Valero Energy Corporation		13,621		1,263,620
Valero Energy Partners LP		4,005		141,897
Viper Energy Partners LP		7,094		180,259
Western Gas Equity Partners LP		7,015		232,337
Western Gas Partners LP		17,116		730,340
Williams Partners LP		43,041		1,481,902
				56,747,425
Financials: 1.67%
Banks: 0.65%
Industrial & Commercial Bank of China Limited H Shares		1,827,000		1,592,204
JPMorgan Chase & Company		20,697		2,276,049
United Overseas Bank Limited		55,000		1,157,321
				5,025,574

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

10 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Capital Markets: 0.57%
Ares Capital Corporation		91,003	$	1,444,218
Intermediate Capital Group		114,196		1,577,290
Natixis		168,130		1,379,556
				4,401,064
Diversified Financial Services: 0.21%
Compass Diversified Holdings		46,400		760,960
ORIX Corporation		51,100		915,761
				1,676,721
Mortgage REITs: 0.24%
MFA Financial Incorporated		119,179		897,418
New Residential Investment Corporation		57,615		947,767
				1,845,185
Health Care: 3.92%
Biotechnology: 0.27%
Amgen Incorporated		6,272		1,069,251
Gilead Sciences Incorporated		13,710		1,033,597
				2,102,848
Health Care Equipment & Supplies: 1.54%
Abbott Laboratories		70,000		4,194,400
Becton Dickinson & Company		18,000		3,900,600
Teleflex Incorporated		15,000		3,824,700
				11,919,700
Health Care Providers & Services: 0.16%
UnitedHealth Group Incorporated		5,745		1,229,430
Life Sciences Tools & Services: 1.04%
Thermo Fisher Scientific Incorporated		20,000		4,129,200
Waters Corporation †		20,000		3,973,000
				8,102,200
Pharmaceuticals: 0.91%
Allergan plc		20,000		3,365,800
Eli Lilly & Company		35,000		2,707,950
GlaxoSmithKline plc		52,705		1,023,586
				7,097,336
Industrials: 4.10%
Aerospace & Defense: 1.90%
Boeing Company		3,306		1,083,971
Curtiss-Wright Corporation		35,000		4,727,450
Huntington Ingalls Industries Incorporated		18,000		4,639,680
Raytheon Company		20,000		4,316,400
				14,767,501

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 11

Security name	Shares		Value
Air Freight & Logistics: 0.10%
Royal Mail plc		106,805	$	810,626
Construction & Engineering: 0.11%
Kajima Corporation		90,800		853,644
Electrical Equipment: 0.40%
AMETEK Incorporated		15,000		1,139,550
Eaton Corporation plc		25,000		1,997,750
				3,137,300
Industrial Conglomerates: 0.57%
Honeywell International Incorporated		25,000		3,612,750
Shanghai Industrial Holdings Limited		316,000		829,251
				4,442,001
Machinery: 0.60%
Caterpillar Incorporated		7,039		1,037,408
Crane Company		14,416		1,336,940
John Bean Technologies Corporation		20,000		2,268,000
				4,642,348
Trading Companies & Distributors: 0.27%
Itochu Corporation		52,400		1,023,223
Russel Metals Incorporated		48,100		1,047,608
				2,070,831
Transportation Infrastructure: 0.15%
Sydney Airport Holdings Limited		230,088		1,192,954
Information Technology: 7.89%
Communications Equipment: 0.22%
Cisco Systems Incorporated		40,537		1,738,632
Electronic Equipment, Instruments & Components: 1.55%
Amphenol Corporation Class A		45,000		3,875,850
Corning Incorporated		130,000		3,624,400
FLIR Systems Incorporated		65,000		3,250,650
Venture Corporation Limited		61,000		1,319,238
				12,070,138
Internet Software & Services: 0.47%
Alphabet Incorporated Class A †		3,500		3,629,990
IT Services: 0.55%
Leidos Holdings Incorporated		65,000		4,251,000
Semiconductors & Semiconductor Equipment: 2.59%
BE Semiconductor Industries NV		7,300		748,836
Broadcom Limited		15,000		3,534,750

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

12 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares			Value
Semiconductors & Semiconductor Equipment (continued)
Cypress Semiconductor Corporation		100,000		$	1,696,000
KLA-Tencor Corporation		12,427			1,354,667
Maxim Integrated Products Incorporated		14,076			847,657
Microsemi Corporation †		50,000			3,236,000
QUALCOMM Incorporated		20,000			1,108,200
Texas Instruments Incorporated		35,000			3,636,150
Xilinx Incorporated		55,000			3,973,200
					20,135,460
Software: 1.62%
Adobe Systems Incorporated †		15,000			3,241,200
Microsoft Corporation		61,216			5,587,184
Synopsys Incorporated †		45,000			3,745,800
					12,574,184
Technology Hardware, Storage & Peripherals: 0.89%
Apple Incorporated		9,140			1,533,509
Samsung Electronics Company Limited		412			962,628
Seagate Technology plc		27,849			1,629,723
Western Digital Corporation		20,000			1,845,400
Xerox Corporation		33,855			974,347
					6,945,607
Materials: 1.57%
Chemicals: 1.22%
Ciner Resources LP		805	��		21,775
Covestro AG 144A		7,830			770,997
CVR Partners LP		11,899			38,672
DowDuPont Incorporated		40,000			2,548,400
LyondellBasell Industries NV Class A		48,412			5,116,180
Oci Partners LP		2,942			27,052
Terra Nitrogen Company LP		790			66,328
Tosoh Corporation		41,300			814,457
Westlake Chemical Partners LP		3,156			70,537
					9,474,398
Containers & Packaging: 0.22%
Sealed Air Corporation		40,000			1,711,600
Metals & Mining: 0.13%
Fortescue Metals Group Limited		274,597			925,027
Suncoke Energy Partners LP		2,879			51,246
					976,273
Paper & Forest Products: 0.00%
Pope Resources LP		535			37,477

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 13

Security name	Shares		Value
Real Estate: 5.97%
Equity REITs: 5.82%
Alexandria Real Estate Equities Incorporated		14,282	$	1,783,679
American Homes 4 Rent Class A		56,083		1,126,147
American Tower Corporation		27,624		4,014,872
Boston Properties Incorporated		11,626		1,432,556
Camden Property Trust		15,691		1,320,868
Crown Castle International Corporation		10,000		1,096,100
Equinix Incorporated		12,041		5,034,824
Equity Residential		17,867		1,100,965
Essex Property Trust Incorporated		5,813		1,399,073
Four Corners Property Trust Incorporated		40,545		936,184
Gaming and Leisure Properties Incorporated		24,225		810,811
Healthcare Trust of America Incorporated Class A		22,727		601,129
Host Hotels & Resorts Incorporated		119,609		2,229,512
Hudson Pacific Properties Incorporated		63,267		2,058,076
Invitation Homes Incorporated		48,057		1,097,141
Klepierre SA		24,079		970,557
Physicians Realty Trust		166,559		2,593,324
Prologis Incorporated		47,058		2,964,183
Public Storage Incorporated		6,450		1,292,516
Retail Opportunity Investment Corporation		106,760		1,886,449
Saul Centers Incorporated		35,000		1,783,950
SBA Communications Corporation †		4,925		841,781
Simon Property Group Incorporated		19,591		3,023,871
Sun Communities Incorporated		14,800		1,352,276
Taubman Centers Incorporated		12,208		694,757
Ventas Incorporated		15,622		773,758
Xenia Hotels & Resorts Incorporated		52,632		1,037,903
				45,257,262
Real Estate Management & Development: 0.15%
Shimao Property Holding Limited		410,000		1,175,917
Telecommunication Services: 0.74%
Diversified Telecommunication Services: 0.56%
AT&T Incorporated		62,270		2,219,926
Telenor ASA		44,717		1,016,915
Verizon Communications Incorporated		23,150		1,107,033
				4,343,874
Wireless Telecommunication Services: 0.18%
Vodafone Group plc		528,678		1,446,479
Utilities: 1.10%
Electric Utilities: 0.13%
Brookfield Infrastructure Partners LP		24,127		1,004,648

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

14 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name						Shares		Value
Gas Utilities: 0.65%
AmeriGas Partners LP							12,427	$	496,707
Atmos Energy Corporation							40,000		3,369,600
Ferrellgas Partners LP							12,107		37,774
Star Group LP							8,059		75,352
Suburban Propane Partners LP							11,128		244,927
Superior Plus Corporation							81,700		782,534
									5,006,894
Independent Power & Renewable Electricity Producers: 0.06%
Brookfield Renewable Partner LP							15,736		489,862
Multi-Utilities: 0.26%
Engie SA							55,256		922,691
Iren SpA							352,600		1,107,061
									2,029,752
Total Common Stocks (Cost $273,856,824)									285,880,880
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 54.03%
Consumer Discretionary: 3.65%
Auto Components: 1.41%
Dana Holding Corporation		5.50	%		12-15-2024	$	3,925,000		3,983,875
Tenneco Incorporated		5.00			7-15-2026		7,250,000		7,034,675
									11,018,550
Hotels, Restaurants & Leisure: 0.60%
Speedway Motorsports Incorporated		5.13			2-1-2023		4,700,000		4,679,790
Media: 1.06%
McGraw-Hill Global Education Holdings LLC 144A«		7.88			5-15-2024		8,598,000		8,219,860
Specialty Retail: 0.58%
Group 1 Automotive Incorporated		5.00			6-1-2022		4,453,000		4,487,733
Consumer Staples: 1.90%
Food Products: 1.90%
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		13,000,000		12,886,250
Post Holdings Incorporated 144A		5.00			8-15-2026		2,000,000		1,900,000
									14,786,250
Energy: 3.13%
Oil, Gas & Consumable Fuels: 3.13%
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		24,500,000		24,316,250
Financials: 0.13%
Diversified Financial Services: 0.13%
Toll Road Investment Part II 144A¤		0.00			2-15-2030		2,000,000		994,354

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 10.58%
Health Care Equipment & Supplies: 1.14%
Halyard Health Incorporated		6.25	%		10-15-2022	$	1,000,000	$	1,025,000
Hologic Incorporated 144A		4.38			10-15-2025		2,000,000		1,930,000
Teleflex Incorporated		4.88			6-1-2026		6,000,000		5,940,000
									8,895,000
Health Care Providers & Services: 7.35%
AMN Healthcare Incorporated 144A		5.13			10-1-2024		25,535,000		25,471,163
DaVita HealthCare Partners Incorporated		5.00			5-1-2025		7,000,000		6,765,850
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		3,000,000		2,928,750
HCA Incorporated		5.38			2-1-2025		13,500,000		13,533,750
HealthSouth Corporation		5.13			3-15-2023		2,000,000		2,025,000
St Josephs Hospital & Medical Center		3.93			7-1-2022		1,000,000		994,490
West Street Merger Sub Incorporated 144A		6.38			9-1-2025		5,700,000		5,429,250
									57,148,253
Health Care Technology: 1.05%
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		7,000,000		7,131,250
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		1,000,000		994,630
									8,125,880
Pharmaceuticals: 1.04%
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		8,300,000		8,092,500
Industrials: 10.13%
Aerospace & Defense: 4.20%
Moog Incorporated 144A		5.25			12-1-2022		5,500,000		5,637,500
Orbital ATK Incorporated		5.50			10-1-2023		10,640,000		11,118,800
TransDigm Group Incorporated		6.38			6-15-2026		11,800,000		11,888,500
TransDigm Group Incorporated		6.50			5-15-2025		4,000,000		4,040,000
									32,684,800
Commercial Services & Supplies: 1.04%
Acco Brands Corporation 144A		5.25			12-15-2024		5,000,000		5,025,000
Eastern Maine Healthcare		5.02			7-1-2036		1,000,000		987,684
South Nassau Communities		4.65			8-1-2048		2,000,000		2,029,666
									8,042,350
Construction & Engineering: 0.25%
Aecom Company		5.13			3-15-2027		2,000,000		1,932,500
Machinery: 1.93%
Actuant Corporation		5.63			6-15-2022		1,165,000		1,179,563
Oshkosh Corporation		5.38			3-1-2025		3,675,000		3,785,250
SPX FLOW Incorporated 144A		5.63			8-15-2024		4,500,000		4,578,750
SPX FLOW Incorporated 144A		5.88			8-15-2026		5,328,000		5,474,520
									15,018,083

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

16 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Trading Companies & Distributors: 2.71%
HD Supply Incorporated 144A		5.75	%		4-15-2024	$	11,450,000	$	12,062,003
Wesco Distribution Incorporated		5.38			6-15-2024		8,974,000		9,007,653
									21,069,656
Information Technology: 9.97%
Communications Equipment: 2.04%
CommScope Incorporated 144A		5.50			6-15-2024		9,479,000		9,680,429
CommScope Technologies Finance LLC 144A		5.00			3-15-2027		6,500,000		6,175,000
									15,855,429
Electronic Equipment, Instruments & Components: 3.11%
Anixter International Incorporated		5.13			10-1-2021		4,000,000		4,115,000
Belden Incorporated 144A		5.25			7-15-2024		3,485,000		3,678,069
TTM Technologies Incorporated 144A		5.63			10-1-2025		16,495,000		16,412,525
									24,205,594
IT Services: 0.26%
Gartner Incorporated 144A		5.13			4-1-2025		2,000,000		2,000,000
Semiconductors & Semiconductor Equipment: 3.14%
Micron Technology Incorporated 144A		5.25			1-15-2024		3,000,000		3,101,250
Micron Technology Incorporated		5.50			2-1-2025		6,750,000		7,003,125
Versum Materials Incorporated 144A		5.50			9-30-2024		13,834,000		14,318,190
									24,422,565
Software: 0.27%
Nuance Communications Company		6.00			7-1-2024		2,000,000		2,050,000
Technology Hardware, Storage & Peripherals: 1.15%
Diebold Incorporated		8.50			4-15-2024		8,500,000		8,946,250
Materials: 10.97%
Chemicals: 8.81%
A. Schulman Incorporated		6.88			6-1-2023		11,500,000		12,132,494
Koppers Incorporated 144A		6.00			2-15-2025		13,150,000		13,435,355
Olin Corporation		5.13			9-15-2027		5,000,000		4,931,250
Olin Corporation		5.50			8-15-2022		8,500,000		8,776,250
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		8,945,000		8,766,100
Scotts Miracle-Gro Company		5.25			12-15-2026		4,000,000		3,965,000
Scotts Miracle-Gro Company		6.00			10-15-2023		6,000,000		6,300,000
Valvoline Incorporated		4.38			8-15-2025		10,000,000		9,712,500
Valvoline Incorporated		5.50			7-15-2024		500,000		513,125
									68,532,074
Containers & Packaging: 1.88%
Ball Corporation		5.00			3-15-2022		2,500,000		2,587,500
Berry Plastics Corporation		5.13			7-15-2023		2,500,000		2,528,200
Berry Plastics Corporation		6.00			10-15-2022		4,100,000		4,233,250

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Containers & Packaging (continued)
Sealed Air Corporation 144A		5.25	%		4-1-2023	$	4,650,000	$	4,777,875
Sealed Air Corporation 144A		5.50			9-15-2025		500,000		517,500
									14,644,325
Metals & Mining: 0.28%
Commercial Metals Company		4.88			5-15-2023		2,150,000		2,138,885
Real Estate: 3.57%
Equity REITs: 3.57%
Equinix Incorporated		5.38			5-15-2027		5,000,000		5,075,000
Equinix Incorporated		5.75			1-1-2025		1,500,000		1,560,000
Iron Mountain Incorporated 144A		4.88			9-15-2027		12,000,000		11,130,000
Iron Mountain Incorporated 144A		5.38			6-1-2026		6,500,000		6,215,625
Iron Mountain Incorporated		5.75			8-15-2024		3,927,000		3,804,281
									27,784,906
Total Corporate Bonds and Notes (Cost $423,828,381)									420,091,837
Investment Companies: 0.19%
Alternative Investment Funds: 0.19%
3i Infrastructure plc									1,453,189
Total Investment Companies (Cost $1,679,148)									1,453,189
Municipal Obligations: 2.20%
Illinois: 0.55%
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A (Tax Revenue) 144A		4.84			4-15-2028		2,000,000		2,002,140
Chicago IL Project C1 (GO Revenue)		7.78			1-1-2035		2,000,000		2,307,480
									4,309,620
Michigan: 0.40%
Detroit MI Final Recovery Project Series C (GO Revenue)		5.00			12-10-2026		2,000,000		1,999,880
Wayne County MI Recovery Zone Economic Development Build America Bonds (Miscellaneous Revenue)		10.00			12-1-2040		1,000,000		1,139,710
									3,139,590
New Jersey: 0.13%
Newark NJ Redevelopment Area Public Service Electric & Gas Project (Utilities Revenue) 144A		4.49			12-1-2047		1,000,000		985,150
New York: 0.30%
Jefferson County NY Civic Facility Development Corporation Refunding Bond Series B Samaritan Medical Center Obligated Group (Health Revenue)		4.25			11-1-2028		360,000		352,526
New York Energy R&D Authority Green Bond Series A (Utilities Revenue)		4.81			4-1-2034		1,000,000		1,009,460
New York NY IDA Brooklyn Navy Yard Cogeneration Partners LP (Utilities Revenue)		5.65			10-1-2028		1,000,000		999,910
									2,361,896

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

18 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oklahoma: 0.07%
Oklahoma Development Finance Authority (Health Revenue) %%		5.45	%		8-15-2028	$	500,000	$	530,165
Pennsylvania: 0.50%
Philadelphia PA Authority for Industrial Development MFHR University Square Apartments Low Income Housing Project (Housing Revenue) 144A		5.00			12-1-2020		2,000,000		1,981,800
Scranton PA Refunding Notes (GO Revenue)		5.00			11-15-2032		1,800,000		1,888,740
									3,870,540
Tennessee: 0.25%
Bristol TN Industrial Development Board The Pinnacle Project Series A (Tax Revenue) 144A		5.13			12-1-2042		2,000,000		1,945,420
Total Municipal Obligations (Cost $17,177,504)									17,142,381
Yankee Corporate Bonds and Notes: 4.62%
Financials: 2.12%
Diversified Financial Services: 2.12%
Tronox Finance plc 144A		5.75			10-1-2025		17,000,000		16,532,500
Health Care: 1.13%
Pharmaceuticals: 1.13%
Mallinckrodt plc 144A«		5.50			4-15-2025		5,655,000		4,389,694
Mallinckrodt plc 144A«		5.63			10-15-2023		5,500,000		4,400,000
									8,789,694
Industrials: 1.37%
Electrical Equipment: 1.37%
Sensata Technologies BV 144A		4.88			10-15-2023		6,700,000		6,710,385
Sensata Technologies BV 144A		5.63			11-1-2024		3,750,000		3,918,750
									10,629,135
Total Yankee Corporate Bonds and Notes (Cost $38,814,998)									35,951,329
	Yield					Shares
Short-Term Investments: 2.43%
Investment Companies: 2.43%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89					11,093,883		11,094,992
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.54					7,770,586		7,770,586
Total Short-Term Investments (Cost $18,865,578)									18,865,578

Total investments in securities (Cost $774,222,433)	100.24	%		779,385,194
Other assets and liabilities, net	(0.24	)		(1,828,541	)
Total net assets	100.00	%	$	777,556,653

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 19

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

† Non-income-earning security

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

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

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

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		11,166,995		27,382,887		27,455,999		11,093,883	$	609	$	(609	)	$	34,479	$	11,094,992
Wells Fargo Government Money Market Fund Select Class		11,243,453		163,952,414		167,425,281		7,770,586		0		0			59,882		7,770,586
									$	609	$	(609	)	$	94,361	$	18,865,578		2.43	%

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

20 Wells Fargo Diversified Income Builder Fund Statement of assets and liabilities—March 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $10,731,412 of securities loaned), at value (cost $755,356,855)	$	760,519,616
Investments in affiliated securities, at value (cost $18,865,578)		18,865,578
Cash		102,191
Foreign currency, at value (cost $454,049)		452,666
Receivable for investments sold		189,449
Receivable for Fund shares sold		1,666,005
Receivable for dividends and interest		8,600,677
Receivable for securities lending income		9,167
Prepaid expenses and other assets		177,638
Total assets		790,582,987
Liabilities
Payable upon receipt of securities loaned		11,094,378
Payable for Fund shares redeemed		890,612
Payable for investments purchased		500,000
Management fee payable		243,136
Administration fees payable		117,455
Distribution fee payable		113,995
Accrued expenses and other liabilities		66,758
Total liabilities		13,026,334
Total net assets	$	777,556,653
NET ASSETS CONSIST OF
Paid-in capital	$	750,532,638
Undistributed net investment income		2,565,901
Accumulated net realized gains on investments		19,296,753
Net unrealized gains on investments		5,161,361
Total net assets	$	777,556,653
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	228,762,460
Shares outstanding – Class A1		36,749,423
Net asset value per share – Class A		$6.22
Maximum offering price per share – Class A2		$6.60
Net assets – Class C	$	172,903,822
Shares outstanding – Class C1		27,722,346
Net asset value per share – Class C		$6.24
Net assets – Administrator Class	$	36,109,311
Shares outstanding – Administrator Class1		5,925,280
Net asset value per share – Administrator Class		$6.09
Net assets – Institutional Class	$	339,781,060
Shares outstanding – Institutional Class1		55,801,963
Net asset value per share – Institutional Class		$6.09

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended March 31, 2018 (unaudited) Wells Fargo Diversified Income Builder Fund 21

Investment income
Interest	$	13,158,132
Dividends (net of foreign withholding taxes of $13,444)		3,822,956
Income from affiliated securities		94,361
Total investment income		17,075,449
Expenses
Management fee		2,106,706
Administration fees
Class A		242,106
Class C		180,016
Administrator Class		25,824
Institutional Class		219,089
Shareholder servicing fees
Class A		288,222
Class C		214,305
Administrator Class		49,661
Distribution fee
Class C		642,915
Custody and accounting fees		18,249
Professional fees		28,951
Registration fees		54,100
Shareholder report expenses		23,230
Trustees’ fees and expenses		7,558
Other fees and expenses		5,475
Total expenses		4,106,407
Less: Fee waivers and/or expense reimbursements		(368,541	)
Net expenses		3,737,866
Net investment income		13,337,583
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		19,094,049
Affiliated securities		609
Forward foreign currency contracts		37,876
Net realized gains on investments		19,132,534
Net change in unrealized gains (losses) on:
Unaffiliated securities		(35,057,097	)
Affiliated securities		(609	)
Net change in unrealized gains (losses) on investments		(35,057,706	)
Net realized and unrealized gains (losses) on investments		(15,925,172	)
Net decrease in net assets resulting from operations	$	(2,587,589	)

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

22 Wells Fargo Diversified Income Builder Fund Statement of changes in net assets

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	13,337,583					$	19,531,782
Net realized gains on investments					19,132,534						12,945,402
Net change in unrealized gains (losses) on investments					(35,057,706	)					21,283,855
Net increase (decrease) in net assets resulting from operations					(2,587,589	)					53,761,039
Distributions to shareholders from
Net investment income
Class A					(3,109,090	)					(6,500,003	)
Class B					N/A						(5,875	)1
Class C					(1,739,908	)					(4,004,743	)
Administrator Class					(557,679	)					(1,700,100	)
Institutional Class					(5,099,125	)					(8,456,717	)
Net realized gains
Class A					(3,469,742	)					(1,136,812	)
Class B					N/A						(2,604	)1
Class C					(2,575,248	)					(905,222	)
Administrator Class					(614,461	)					(289,153	)
Institutional Class					(5,252,670	)					(1,137,209	)
Total distributions to shareholders					(22,417,923	)					(24,138,438	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		6,923,966			44,453,568			18,433,357			114,970,196
Class B		N/A			N/A			790	1		4,856	1
Class C		4,394,142			28,218,297			9,920,574			62,050,326
Administrator Class		766,283			4,812,009			4,611,695			28,032,068
Institutional Class		14,808,459			92,827,917			37,928,512			231,275,398
					170,311,791						436,332,844
Reinvestment of distributions
Class A		969,407			6,180,140			1,145,568			7,148,903
Class B		N/A			N/A			1,045	1		6,448	1
Class C		616,452			3,936,133			687,580			4,297,275
Administrator Class		172,908			1,080,005			309,869			1,885,882
Institutional Class		1,356,554			8,457,601			1,308,141			8,015,673
					19,653,879						21,354,181
Payment for shares redeemed
Class A		(5,555,835	)		(35,527,190	)		(10,383,064	)		(65,031,893	)
Class B		N/A			N/A			(77,635	)1		(486,950	)1
Class C		(3,004,162	)		(19,263,591	)		(6,040,064	)		(37,818,153	)
Administrator Class		(1,687,929	)		(10,555,989	)		(9,917,933	)		(59,608,201	)
Institutional Class		(10,561,320	)		(65,934,145	)		(9,738,100	)		(59,471,981	)
					(131,280,915	)					(222,417,178	)
Net increase in net assets resulting from capital share transactions					58,684,755						235,269,847
Total increase in net assets					33,679,243						264,892,448
Net assets
Beginning of period					743,877,410						478,984,962
End of period				$	777,556,653					$	743,877,410
Undistributed (overdistributed) net investment income				$	2,565,901					$	(265,880	)

¹  For the period from October 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and no longer offered by the Fund.

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

Financial highlights Wells Fargo Diversified Income Builder Fund 23

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$6.42			$6.13			$5.71			$6.37			$6.13			$6.00
Net investment income		0.11			0.20			0.20			0.21			0.23			0.25
Net realized and unrealized gains (losses) on investments		(0.12	)		0.35			0.64			(0.31	)		0.38			0.13
Total from investment operations		(0.01	)		0.55			0.84			(0.10	)		0.61			0.38
Distributions to shareholders from
Net investment income		(0.09	)		(0.22	)		(0.21	)		(0.21	)		(0.23	)		(0.25	)
Net realized gains		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)		0.00
Total distributions to shareholders		(0.19	)		(0.26	)		(0.42	)		(0.56	)		(0.37	)		(0.25	)
Net asset value, end of period		$6.22			$6.42			$6.13			$5.71			$6.37			$6.13
Total return1		(0.29	)%		9.16	%		15.39	%		(1.92	)%		10.13	%		6.37	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.05	%		1.08	%		1.11	%		1.13	%		1.12	%
Net expenses		0.94	%		1.05	%		1.08	%		1.08	%		1.08	%		1.08	%
Net investment income		3.44	%		3.29	%		3.55	%		3.38	%		3.60	%		4.03	%
Supplemental data
Portfolio turnover rate		28	%		29	%		38	%		63	%		52	%		60	%
Net assets, end of period (000s omitted)		$228,762			$220,977			$154,496			$127,242			$143,062			$159,229

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

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

24 Wells Fargo Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$6.44			$6.14			$5.72			$6.39			$6.14			$6.01
Net investment income		0.09			0.16			0.16	1		0.16	1		0.18			0.20
Net realized and unrealized gains (losses) on investments		(0.12	)		0.35			0.63			(0.32	)		0.39			0.13
Total from investment operations		(0.03	)		0.51			0.79			(0.16	)		0.57			0.33
Distributions to shareholders from
Net investment income		(0.07	)		(0.17	)		(0.16	)		(0.16	)		(0.18	)		(0.20	)
Net realized gains		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)		0.00
Total distributions to shareholders		(0.17	)		(0.21	)		(0.37	)		(0.51	)		(0.32	)		(0.20	)
Net asset value, end of period		$6.24			$6.44			$6.14			$5.72			$6.39			$6.14
Total return2		(0.61	)%		8.51	%		14.51	%		(2.81	)%		9.47	%		5.58	%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.80	%		1.83	%		1.86	%		1.88	%		1.87	%
Net expenses		1.69	%		1.80	%		1.83	%		1.83	%		1.83	%		1.83	%
Net investment income		2.69	%		2.54	%		2.80	%		2.62	%		2.85	%		3.29	%
Supplemental data
Portfolio turnover rate		28	%		29	%		38	%		63	%		52	%		60	%
Net assets, end of period (000s omitted)		$172,904			$165,513			$129,856			$110,457			$111,045			$112,113

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 Income Builder Fund 25

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$6.29			$6.00			$5.60			$6.25			$6.01			$5.89
Net investment income		0.11			0.21	1		0.21	1		0.21	1		0.24			0.26
Net realized and unrealized gains (losses) on investments		(0.12	)		0.34			0.61			(0.30	)		0.38			0.12
Total from investment operations		(0.01	)		0.55			0.82			(0.09	)		0.62			0.38
Distributions to shareholders from
Net investment income		(0.09	)		(0.22	)		(0.21	)		(0.21	)		(0.24	)		(0.26	)
Net realized gains		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)		0.00
Total distributions to shareholders		(0.19	)		(0.26	)		(0.42	)		(0.56	)		(0.38	)		(0.26	)
Net asset value, end of period		$6.09			$6.29			$6.00			$5.60			$6.25			$6.01
Total return2		(0.25	)%		9.45	%		15.45	%		(1.69	)%		10.46	%		6.43	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.97	%		1.00	%		0.97	%		0.96	%		0.96	%
Net expenses		0.84	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		3.53	%		3.51	%		3.72	%		3.56	%		3.77	%		4.21	%
Supplemental data
Portfolio turnover rate		28	%		29	%		38	%		63	%		52	%		60	%
Net assets, end of period (000s omitted)		$36,109			$41,975			$70,051			$31,367			$48,690			$43,135

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.

26 Wells Fargo Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$6.28			$6.00			$5.59			$6.25			$6.01			$5.88
Net investment income		0.12			0.24			0.23			0.24			0.25	1		0.27	1
Net realized and unrealized gains (losses) on investments		(0.11	)		0.31			0.61			(0.32	)		0.38			0.13
Total from investment operations		0.01			0.55			0.84			(0.08	)		0.63			0.40
Distributions to shareholders from
Net investment income		(0.10	)		(0.23	)		(0.22	)		(0.23	)		(0.25	)		(0.27	)
Net realized gains		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)		0.00
Total distributions to shareholders		(0.20	)		(0.27	)		(0.43	)		(0.58	)		(0.39	)		(0.27	)
Net asset value, end of period		$6.09			$6.28			$6.00			$5.59			$6.25			$6.01
Total return2		0.01	%		9.49	%		15.88	%		(1.65	)%		10.68	%		6.83	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.72	%		0.75	%		0.71	%		0.70	%		0.69	%
Net expenses		0.61	%		0.71	%		0.71	%		0.69	%		0.70	%		0.69	%
Net investment income		3.78	%		3.60	%		3.92	%		3.76	%		3.98	%		4.43	%
Supplemental data
Portfolio turnover rate		28	%		29	%		38	%		63	%		52	%		60	%
Net assets, end of period (000s omitted)		$339,781			$315,413			$124,116			$77,558			$61,133			$49,807

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 Income Builder Fund 27

1. ORGANIZATION

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

Effective at the close of business on May 5, 2017, 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 May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2018, such fair value pricing was used in pricing certain foreign securities.

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

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

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

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

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.

Foreign currency translation

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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, if any, is included in income from affiliated securities on the Statement of Operations.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $773,081,967 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	32,291,353
Gross unrealized losses		(25,988,126	)
Net unrealized gains	$	6,303,227

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.

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	10,804,470	$	4,954,934	$	0	$	15,759,404
Consumer staples		2,615,590		816,337		0		3,431,927
Energy		54,971,776		2,101,063		0		57,072,839
Financials		6,326,412		6,622,132		0		12,948,544
Health care		29,427,928		1,023,586		0		30,451,514
Industrials		27,207,507		4,709,698		0		31,917,205
Information technology		58,314,309		3,030,702		0		61,345,011
Materials		9,689,267		2,510,481		0		12,199,748
Real estate		44,286,705		2,146,474		0		46,433,179
Telecommunication services		3,326,959		2,463,394		0		5,790,353
Utilities		6,501,404		2,029,752		0		8,531,156
Corporate bonds and notes		0		420,091,837		0		420,091,837
Investment companies		1,453,189		0		0		1,453,189
Municipal obligations		0		17,142,381		0		17,142,381
Yankee corporate bonds and notes		0		35,951,329		0		35,951,329
Short-term investments
Investment companies		7,770,586		0		0		7,770,586
Investments measured at net asset value*								11,094,992
Total assets	$	282,696,102	$	505,594,100	$	0	$	779,385,194

* 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 $11,094,992 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.55% and declining to 0.43% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.54% of the Fund’s average daily net assets.

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

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

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.77% for Class Administrator Class shares, and 0.52% 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 January 1, 2018, the Fund’s expenses were capped at 1.08% for Class A shares, 1.83% for Class C shares, 0.90% for Administrator Class shares, and 0.71% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $45,010 from the sale of Class A shares and $104 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $267,380,677 and $213,571,530, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2018, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $41,158 and $18,131 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended March 31, 2018.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged

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

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

For the six months ended March 31, 2018, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. SUBSEQUENT DISTRIBUTIONS

On April 24, 2018, the Fund declared distributions from net investment income to shareholders of record on April 23, 2018. The per share amounts payable on April 25, 2018 were as follows:

	Net investment income
Class A		$0.02094
Class C		0.01684
Administrator Class		0.02138
Institutional Class		0.02275

On May 24, 2018, the Fund declared distributions from net investment income to shareholders of record on May 23, 2018. The per share amounts payable on May 25, 2018 were as follows:

	Net investment income
Class A		$0.01577
Class C		0.01188
Administrator Class		0.01620
Institutional Class		0.01746

These distributions are not reflected in the accompanying financial statements.

Other information (unaudited) Wells Fargo Diversified Income Builder Fund 33

TAX INFORMATION

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 Income Builder Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Income Builder 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

36 Wells Fargo Diversified Income Builder Fund Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Diversified Income Builder Fund 37

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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309991 05-18 SA226/SAR226 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo Index Asset Allocation 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	28
Statement of operations	29
Statement of changes in net assets	30
Financial highlights	31
Notes to financial statements	35
Other information	42
List of abbreviations	46

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Index Asset Allocation Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Index Asset Allocation Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Index Asset Allocation Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Index Asset Allocation Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Petros Bocray, CFA^®, FRM

Christian L. Chan, CFA^®

Average annual total returns (%) as of March 31, 2018¹

		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 (SFAAX)	11-13-1986		0.95		8.12		6.77		7.12		9.41		7.40		1.09		1.08
Class C (WFALX)	4-1-1998		5.29		8.59		6.61		6.29		8.59		6.61		1.84		1.83
Administrator Class (WFAIX)	11-8-1999		–		–		–		7.30		9.65		7.66		1.01		0.90
Institutional Class (WFATX)	10-31-2016		–		–		–		7.45		9.69		7.68		0.76		0.75
Index Asset Allocation Blended Index4	–		–		–		–		8.49		9.59		8.74		–		–
Bloomberg Barclays U.S. Treasury Index5	–		–		–		–		0.43		1.07		2.74		–		–
S&P 500 Index6	–		–		–		–		13.99		13.31		9.49		–		–

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.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Index Asset Allocation Fund 5

Ten largest holdings (%) as of March 31, 20187
Apple Incorporated	2.26
Microsoft Corporation	1.87
Amazon.com Incorporated	1.55
Berkshire Hathaway Incorporated Class B	1.02
Facebook Incorporated Class A	1.02
JPMorgan Chase & Company	1.00
Johnson & Johnson	0.91
Exxon Mobil Corporation	0.84
Alphabet Incorporated Class C	0.84
Alphabet Incorporated Class A	0.82

Sector distribution as of March 31, 2018⁸

Neutral target allocation

Current target allocation as of March 31, 2018⁹

¹  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the expenses of the Institutional Class shares. If these expenses had been included, returns for 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 January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

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

⁸  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.

⁹  Current target allocation includes the effect of any tactical futures overlay that may be in place. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Index Asset Allocation 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 October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,026.13	$	5.41		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.39		1.07	%
Class C
Actual	$	1,000.00	$	1,022.46	$	9.18		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.86	$	9.15		1.82	%
Administrator Class
Actual	$	1,000.00	$	1,026.92	$	4.55		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,027.87	$	3.74		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.24	$	3.73		0.74	%

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—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.00%
FNMA Series 2002-T1 Class A4		9.50	%		11-25-2031	$	48,222	$	55,819
Total Agency Securities (Cost $48,222)									55,819
						Shares
Common Stocks: 59.82%
Consumer Discretionary: 7.58%
Auto Components: 0.10%
Aptiv plc							8,970		762,181
BorgWarner Incorporated							6,678		335,436
The Goodyear Tire & Rubber Company							8,109		215,537
									1,313,154
Automobiles: 0.26%
Ford Motor Company							131,684		1,459,059
General Motors Company							42,609		1,548,411
Harley-Davidson Incorporated «							5,683		243,687
									3,251,157
Distributors: 0.07%
Genuine Parts Company							4,951		444,798
LKQ Corporation †							10,446		396,426
									841,224
Diversified Consumer Services: 0.01%
H&R Block Incorporated							7,054		179,242
Hotels, Restaurants & Leisure: 1.09%
Carnival Corporation							13,699		898,380
Chipotle Mexican Grill Incorporated †							830		268,181
Darden Restaurants Incorporated							4,168		355,322
Hilton Worldwide Holdings Incorporated							6,823		537,379
Marriott International Incorporated Class A							10,130		1,377,477
McDonald’s Corporation							26,899		4,206,466
MGM Resorts International							17,199		602,309
Norwegian Cruise Line Holdings Limited †							6,957		368,512
Royal Caribbean Cruises Limited							5,770		679,360
Starbucks Corporation							47,420		2,745,144
Wyndham Worldwide Corporation							3,364		384,943
Wynn Resorts Limited							2,711		494,378
Yum! Brands Incorporated							11,220		955,159
									13,873,010
Household Durables: 0.24%
D.R. Horton Incorporated							11,543		506,045
Garmin Limited							3,733		219,986
Leggett & Platt Incorporated							4,462		197,934
Lennar Corporation Class A							9,214		543,073

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

8 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Household Durables (continued)
Mohawk Industries Incorporated †		2,134	$	495,557
Newell Rubbermaid Incorporated		16,372		417,159
Pulte Group Incorporated		8,893		262,255
Whirlpool Corporation		2,385		365,167
				3,007,176
Internet & Direct Marketing Retail: 2.21%
Amazon.com Incorporated †		13,557		19,621,588
Booking Holdings Incorporated †		1,646		3,424,322
Expedia Incorporated		4,128		455,772
Netflix Incorporated †		14,642		4,324,515
TripAdvisor Incorporated Ǡ		3,662		149,739
				27,975,936
Leisure Products: 0.04%
Hasbro Incorporated		3,813		321,436
Mattel Incorporated «		11,605		152,606
				474,042
Media: 1.53%
CBS Corporation Class B		11,646		598,488
Charter Communications Incorporated Class A †		6,277		1,953,528
Comcast Corporation Class A		156,404		5,344,325
Discovery Communications Incorporated Class A «†		5,250		112,508
Discovery Communications Incorporated Class C †		10,305		201,154
DISH Network Corporation Class A †		7,695		291,564
Interpublic Group of Companies Incorporated		12,973		298,768
News Corporation Class A		12,923		204,183
News Corporation Class B		4,108		66,139
Omnicom Group Incorporated «		7,770		564,646
The Walt Disney Company		50,740		5,096,326
Time Warner Incorporated		26,314		2,488,778
Twenty-First Century Fox Incorporated Class A		35,565		1,304,880
Twenty-First Century Fox Incorporated Class B		14,820		539,003
Viacom Incorporated Class B		11,908		369,862
				19,434,152
Multiline Retail: 0.29%
Dollar General Corporation		8,705		814,353
Dollar Tree Incorporated †		8,000		759,200
Kohl’s Corporation		5,669		371,376
Macy’s Incorporated		10,285		305,876
Nordstrom Incorporated «		3,944		190,929
Target Corporation		18,342		1,273,485
				3,715,219
Specialty Retail: 1.30%
Advance Auto Parts Incorporated		2,496		295,901
AutoZone Incorporated †		920		596,795

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 9

Security name	Shares		Value
Specialty Retail (continued)
Best Buy Company Incorporated		8,581	$	600,584
CarMax Incorporated †		6,102		377,958
Foot Locker Incorporated		4,089		186,213
L Brands Incorporated		8,286		316,608
Lowe’s Companies Incorporated		28,006		2,457,527
O’Reilly Automotive Incorporated †		2,823		698,354
Ross Stores Incorporated		12,895		1,005,552
The Gap Incorporated		7,350		229,320
The Home Depot Incorporated		39,403		7,023,191
The TJX Companies Incorporated		21,336		1,740,164
Tiffany & Company		3,438		335,755
Tractor Supply Company		4,221		266,007
ULTA Beauty Incorporated †		1,955		399,348
				16,529,277
Textiles, Apparel & Luxury Goods: 0.44%
HanesBrands Incorporated «		12,156		223,914
Michael Kors Holdings Limited †		5,131		318,532
Nike Incorporated Class B		43,795		2,909,740
PVH Corporation		2,595		392,961
Ralph Lauren Corporation		1,869		208,954
Tapestry Incorporated		9,613		505,740
Under Armour Incorporated Class A «†		6,251		102,204
Under Armour Incorporated Class C †		6,219		89,243
VF Corporation		11,110		823,473
				5,574,761
Consumer Staples: 4.58%
Beverages: 1.16%
Brown-Forman Corporation Class B		8,824		480,026
Constellation Brands Incorporated Class A		5,783		1,318,061
Dr Pepper Snapple Group Incorporated		6,064		717,856
Molson Coors Brewing Company Class B		6,239		469,984
Monster Beverage Corporation †		13,951		798,137
PepsiCo Incorporated		47,988		5,237,890
The Coca-Cola Company		129,552		5,626,443
				14,648,397
Food & Staples Retailing: 1.01%
Costco Wholesale Corporation		14,817		2,791,967
CVS Health Corporation		34,233		2,129,635
Sysco Corporation		16,202		971,472
The Kroger Company		29,739		711,952
Wal-Mart Stores Incorporated		48,981		4,357,840
Walgreens Boots Alliance Incorporated		28,748		1,882,132
				12,844,998

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

10 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Food Products: 0.69%
Archer Daniels Midland Company		18,871	$	818,435
Campbell Soup Company «		6,491		281,125
ConAgra Foods Incorporated		13,520		498,618
General Mills Incorporated		19,201		865,197
Hormel Foods Corporation «		9,113		312,758
Kellogg Company		8,400		546,084
McCormick & Company Incorporated		4,086		434,710
Mondelez International Incorporated Class A		50,188		2,094,345
The Hershey Company		4,753		470,357
The J.M. Smucker Company		3,832		475,206
The Kraft Heinz Company		20,153		1,255,330
Tyson Foods Incorporated Class A		10,041		734,901
				8,787,066
Household Products: 0.88%
Church & Dwight Company Incorporated		8,231		414,513
Colgate-Palmolive Company		29,536		2,117,140
Kimberly-Clark Corporation		11,834		1,303,278
The Clorox Company		4,366		581,158
The Procter & Gamble Company		85,068		6,744,191
				11,160,280
Personal Products: 0.11%
Coty Incorporated Class A		15,932		291,556
The Estee Lauder Companies Incorporated Class A		7,577		1,134,428
				1,425,984
Tobacco: 0.73%
Altria Group Incorporated		64,128		3,996,457
Philip Morris International		52,408		5,209,355
				9,205,812
Energy: 3.43%
Energy Equipment & Services: 0.47%
Baker Hughes Incorporated		14,259		395,972
Halliburton Company		29,442		1,382,007
Helmerich & Payne Incorporated		3,673		244,475
National Oilwell Varco Incorporated		12,824		472,051
Schlumberger Limited		46,698		3,025,096
TechnipFMC plc		14,795		435,713
				5,955,314
Oil, Gas & Consumable Fuels: 2.96%
Anadarko Petroleum Corporation		18,462		1,115,289
Andeavor Corporation		4,773		479,973
Apache Corporation		12,871		495,276
Cabot Oil & Gas Corporation		15,548		372,841
Chevron Corporation		64,459		7,350,904

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 11

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cimarex Energy Company		3,220	$	301,070
Concho Resources Incorporated †		5,030		756,160
ConocoPhillips		39,635		2,349,959
Devon Energy Corporation		17,752		564,336
EOG Resources Incorporated		19,525		2,055,397
EQT Corporation		8,261		392,480
Exxon Mobil Corporation		142,981		10,667,812
Hess Corporation		9,036		457,402
Kinder Morgan Incorporated		64,019		964,126
Marathon Oil Corporation		28,671		462,463
Marathon Petroleum Corporation		16,007		1,170,272
Newfield Exploration Company †		6,739		164,566
Noble Energy Incorporated		16,608		503,222
Occidental Petroleum Corporation		25,818		1,677,137
ONEOK Incorporated		13,856		788,684
Phillips 66 Company		14,167		1,358,899
Pioneer Natural Resources Company		5,746		987,048
Range Resources Corporation		7,632		110,969
The Williams Companies Incorporated		27,917		694,017
Valero Energy Corporation		14,616		1,355,926
				37,596,228
Financials: 8.81%
Banks: 3.90%
Bank of America Corporation		322,832		9,681,732
BB&T Corporation		26,230		1,365,009
Citigroup Incorporated		86,724		5,853,870
Citizens Financial Group Incorporated		16,444		690,319
Comerica Incorporated		5,831		559,368
Fifth Third Bancorp		23,411		743,299
Huntington Bancshares Incorporated		37,197		561,675
JPMorgan Chase & Company		115,807		12,735,296
KeyCorp		35,791		699,714
M&T Bank Corporation		5,066		933,968
People’s United Financial Incorporated		11,712		218,546
PNC Financial Services Group Incorporated		15,912		2,406,531
Regions Financial Corporation		37,879		703,792
SunTrust Banks Incorporated		15,802		1,075,168
SVB Financial Group †		1,784		428,178
US Bancorp		52,954		2,674,177
Wells Fargo & Company (l)		148,133		7,763,651
Zions Bancorporation		6,630		349,600
				49,443,893
Capital Markets: 1.88%
Affiliated Managers Group Incorporated		1,839		348,638
Ameriprise Financial Incorporated		4,938		730,528
Bank of New York Mellon Corporation		34,072		1,755,730
BlackRock Incorporated		4,175		2,261,681

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

12 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Capital Markets (continued)
CBOE Holdings Incorporated		3,803	$	433,922
CME Group Incorporated		11,486		1,857,746
E*TRADE Financial Corporation †		8,987		497,970
Franklin Resources Incorporated		10,983		380,890
Intercontinental Exchange Incorporated		19,648		1,424,873
Invesco Limited		13,738		439,753
Moody’s Corporation		5,610		904,893
Morgan Stanley		46,556		2,512,162
Northern Trust Corporation		7,178		740,267
Raymond James Financial Incorporated		4,373		390,990
S&P Global Incorporated		8,567		1,636,811
State Street Corporation		12,406		1,237,250
T. Rowe Price Group Incorporated		8,253		891,076
The Charles Schwab Corporation		40,436		2,111,568
The Goldman Sachs Group Incorporated		11,921		3,002,423
The NASDAQ OMX Group Incorporated		3,934		339,189
				23,898,360
Consumer Finance: 0.44%
American Express Company		24,310		2,267,637
Capital One Financial Corporation		16,409		1,572,310
Discover Financial Services		11,970		861,002
Navient Corporation		8,874		116,427
Synchrony Financial		24,113		808,509
				5,625,885
Diversified Financial Services: 1.04%
Berkshire Hathaway Incorporated Class B †		64,943		12,954,830
Leucadia National Corporation		10,579		240,461
				13,195,291
Insurance: 1.55%
AFLAC Incorporated		26,378		1,154,301
American International Group Incorporated		30,333		1,650,722
Aon plc		8,307		1,165,721
Arthur J. Gallagher & Company		6,121		420,696
Assurant Incorporated		1,770		161,796
Brighthouse Financial Incorporated †		3,233		166,176
Chubb Limited		15,659		2,141,681
Cincinnati Financial Corporation		5,035		373,899
Everest Reinsurance Group Limited		1,377		353,641
Lincoln National Corporation		7,364		538,014
Loews Corporation		9,098		452,444
Marsh & McLennan Companies Incorporated		17,128		1,414,602
MetLife Incorporated		34,979		1,605,186
Principal Financial Group Incorporated		9,090		553,672
Prudential Financial Incorporated		14,240		1,474,552
The Allstate Corporation		11,960		1,133,808
The Hartford Financial Services Group Incorporated		12,045		620,558

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 13

Security name	Shares		Value
Insurance (continued)
The Progressive Corporation		19,648	$	1,197,153
The Travelers Companies Incorporated		9,158		1,271,680
Torchmark Corporation		3,579		301,244
Unum Group		7,465		355,409
Willis Towers Watson plc		4,459		678,615
XL Group Limited		8,669		479,049
				19,664,619
Health Care: 8.20%
Biotechnology: 1.58%
AbbVie Incorporated		53,790		5,091,224
Alexion Pharmaceuticals Incorporated †		7,479		833,609
Amgen Incorporated		22,555		3,845,176
Biogen Incorporated †		7,139		1,954,801
Celgene Corporation †		25,381		2,264,239
Gilead Sciences Incorporated		44,203		3,332,464
Incyte Corporation †		5,928		493,980
Regeneron Pharmaceuticals Incorporated †		2,605		897,058
Vertex Pharmaceuticals Incorporated †		8,567		1,396,250
				20,108,801
Health Care Equipment & Supplies: 1.71%
Abbott Laboratories		58,734		3,519,341
Align Technology Incorporated †		2,433		610,999
Baxter International Incorporated		16,768		1,090,591
Becton Dickinson & Company		8,984		1,946,833
Boston Scientific Corporation †		46,394		1,267,484
Danaher Corporation		20,714		2,028,108
Dentsply Sirona Incorporated		7,750		389,903
Edwards Lifesciences Corporation †		7,087		988,778
Hologic Incorporated †		9,330		348,569
IDEXX Laboratories Incorporated †		2,939		562,495
Intuitive Surgical Incorporated †		3,789		1,564,213
Medtronic plc		45,731		3,668,541
ResMed Incorporated		4,822		474,822
Stryker Corporation		10,872		1,749,522
The Cooper Companies Incorporated		1,654		378,452
Varian Medical Systems Incorporated †		3,081		377,885
Zimmer Biomet Holdings Incorporated		6,854		747,360
				21,713,896
Health Care Providers & Services: 1.62%
Aetna Incorporated		11,032		1,864,408
AmerisourceBergen Corporation		5,484		472,776
Anthem Incorporated		8,628		1,895,572
Cardinal Health Incorporated		10,619		665,599
Centene Corporation †		5,854		625,617
Cigna Corporation		8,195		1,374,629
DaVita HealthCare Partners Incorporated †		4,913		323,963

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

14 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Health Care Providers & Services (continued)
Envision Healthcare Corporation †		4,082	$	156,871
Express Scripts Holding Company †		19,043		1,315,490
HCA Holdings Incorporated		9,445		916,165
Henry Schein Incorporated †		5,186		348,551
Humana Incorporated		4,645		1,248,715
Laboratory Corporation of America Holdings †		3,438		556,097
McKesson Corporation		6,963		980,878
Quest Diagnostics Incorporated		4,576		458,973
UnitedHealth Group Incorporated		32,652		6,987,528
Universal Health Services Incorporated Class B		2,934		347,415
				20,539,247
Health Care Technology: 0.05%
Cerner Corporation †		10,661		618,338
Life Sciences Tools & Services: 0.51%
Agilent Technologies Incorporated		10,890		728,541
Illumina Incorporated †		4,960		1,172,643
IQVIA Holdings Incorporated †		4,919		482,603
Mettler-Toledo International Incorporated †		860		494,526
PerkinElmer Incorporated		3,729		282,360
Thermo Fisher Scientific Incorporated		13,557		2,798,978
Waters Corporation †		2,658		528,012
				6,487,663
Pharmaceuticals: 2.73%
Allergan plc		11,146		1,875,760
Bristol-Myers Squibb Company		55,089		3,484,379
Eli Lilly & Company		32,533		2,517,078
Johnson & Johnson		90,530		11,601,420
Merck & Company Incorporated		90,979		4,955,626
Mylan NV †		17,371		715,164
Nektar Therapeutics †		5,429		576,886
Perrigo Company plc		4,420		368,363
Pfizer Incorporated		200,870		7,128,876
Zoetis Incorporated		16,442		1,373,071
				34,596,623
Industrials: 6.11%
Aerospace & Defense: 1.74%
Arconic Incorporated		14,335		330,278
General Dynamics Corporation		9,318		2,058,346
Harris Corporation		4,006		646,088
Huntington Ingalls Industries Incorporated		1,531		394,631
L-3 Technologies Incorporated		2,639		548,912
Lockheed Martin Corporation		8,382		2,832,529
Northrop Grumman Corporation		5,874		2,050,731
Raytheon Company		9,735		2,101,008
Rockwell Collins Incorporated		5,531		745,855

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 15

Security name	Shares		Value
Aerospace & Defense (continued)
Textron Incorporated		8,832	$	520,823
The Boeing Company		18,666		6,120,208
TransDigm Group Incorporated		1,638		502,768
United Technologies Corporation		25,098		3,157,830
				22,010,007
Air Freight & Logistics: 0.41%
C.H. Robinson Worldwide Incorporated		4,715		441,843
Expeditors International of Washington Incorporated		5,957		377,078
FedEx Corporation		8,316		1,996,755
United Parcel Service Incorporated Class B		23,223		2,430,519
				5,246,195
Airlines: 0.30%
Alaska Air Group Incorporated		4,150		257,134
American Airlines Group Incorporated		14,209		738,300
Delta Air Lines Incorporated		21,946		1,202,860
Southwest Airlines Company		18,252		1,045,475
United Continental Holdings Incorporated †		8,165		567,223
				3,810,992
Building Products: 0.19%
A.O. Smith Corporation		4,908		312,100
Allegion plc		3,211		273,866
Fortune Brands Home & Security Incorporated		5,127		301,929
Johnson Controls International plc		31,251		1,101,285
Masco Corporation		10,574		427,613
				2,416,793
Commercial Services & Supplies: 0.18%
Cintas Corporation		2,910		496,388
Republic Services Incorporated		7,599		503,282
Stericycle Incorporated †		2,886		168,918
Waste Management Incorporated		13,463		1,132,508
				2,301,096
Construction & Engineering: 0.05%
Fluor Corporation		4,720		270,078
Jacobs Engineering Group Incorporated		4,063		240,326
Quanta Services Incorporated †		5,187		178,173
				688,577
Electrical Equipment: 0.33%
Acuity Brands Incorporated «		1,422		197,928
AMETEK Incorporated		7,806		593,022
Eaton Corporation plc		14,854		1,186,983
Emerson Electric Company		21,422		1,463,123
Rockwell Automation Incorporated		4,312		751,150
				4,192,206

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

16 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Industrial Conglomerates: 1.03%
3M Company		20,094	$	4,411,035
General Electric Company		292,982		3,949,397
Honeywell International Incorporated		25,375		3,666,941
Roper Industries Incorporated		3,469		973,714
				13,001,087
Machinery: 1.01%
Caterpillar Incorporated		20,166		2,972,065
Cummins Incorporated		5,255		851,783
Deere & Company		10,926		1,697,026
Dover Corporation		5,210		511,726
Flowserve Corporation		4,413		191,215
Fortive Corporation		10,334		801,092
Illinois Tool Works Incorporated		10,372		1,624,878
Ingersoll-Rand plc		8,430		720,849
Paccar Incorporated		11,877		785,901
Parker-Hannifin Corporation		4,489		767,754
Pentair plc		5,590		380,847
Snap-on Incorporated		1,914		282,392
Stanley Black & Decker Incorporated		5,174		792,657
Xylem Incorporated		6,069		466,827
				12,847,012
Professional Services: 0.18%
Equifax Incorporated		4,051		477,248
IHS Markit Limited †		12,214		589,203
Nielsen Holdings plc		11,312		359,608
Robert Half International Incorporated		4,192		242,675
Verisk Analytics Incorporated †		5,234		544,336
				2,213,070
Road & Rail: 0.57%
CSX Corporation		29,938		1,667,846
J.B. Hunt Transport Services Incorporated		2,888		338,329
Kansas City Southern		3,477		381,948
Norfolk Southern Corporation		9,588		1,301,859
Union Pacific Corporation		26,562		3,570,730
				7,260,712
Trading Companies & Distributors: 0.12%
Fastenal Company		9,706		529,851
United Rentals Incorporated †		2,851		492,453
W.W. Grainger Incorporated		1,723		486,351
				1,508,655
Information Technology: 14.88%
Communications Equipment: 0.64%
Cisco Systems Incorporated		162,560		6,972,198
F5 Networks Incorporated †		2,086		301,656

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 17

Security name	Shares		Value
Communications Equipment (continued)
Juniper Networks Incorporated		11,599	$	282,204
Motorola Solutions Incorporated		5,466		575,570
				8,131,628
Electronic Equipment, Instruments & Components: 0.27%
Amphenol Corporation Class A		10,308		887,828
Corning Incorporated		29,325		817,581
FLIR Systems Incorporated		4,687		234,397
IPG Photonics Corporation †		1,276		297,793
TE Connectivity Limited		11,850		1,183,815
				3,421,414
Internet Software & Services: 2.83%
Akamai Technologies Incorporated †		5,737		407,212
Alphabet Incorporated Class A †		10,071		10,445,037
Alphabet Incorporated Class C †		10,270		10,596,483
eBay Incorporated †		31,761		1,278,063
Facebook Incorporated Class A †		80,847		12,918,542
VeriSign Incorporated Ǡ		2,818		334,102
				35,979,439
IT Services: 2.57%
Accenture plc Class A		20,808		3,194,028
Alliance Data Systems Corporation		1,628		346,536
Automatic Data Processing Incorporated		14,957		1,697,320
Cognizant Technology Solutions Corporation Class A		19,840		1,597,120
CSRA Incorporated		5,531		228,043
DXC Technology Company		9,626		967,702
Fidelity National Information Services Incorporated		11,175		1,076,153
Fiserv Incorporated †		13,944		994,347
Gartner Incorporated †		3,065		360,505
Global Payments Incorporated		5,369		598,751
International Business Machines Corporation		28,907		4,435,201
MasterCard Incorporated Class A		31,150		5,456,234
Paychex Incorporated		10,786		664,310
PayPal Holdings Incorporated †		38,067		2,888,143
The Western Union Company		15,498		298,027
Total System Services Incorporated		5,580		481,331
Visa Incorporated Class A		60,827		7,276,126
				32,559,877
Semiconductors & Semiconductor Equipment: 2.51%
Advanced Micro Devices Incorporated Ǡ		27,795		279,340
Analog Devices Incorporated		12,478		1,137,120
Applied Materials Incorporated		35,453		1,971,541
Broadcom Limited		13,851		3,263,988
Intel Corporation		157,920		8,224,474
KLA-Tencor Corporation		5,284		576,009
Lam Research Corporation		5,498		1,116,974

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

18 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology Incorporated «		7,907	$	722,384
Micron Technology Incorporated †		39,018		2,034,399
NVIDIA Corporation		20,414		4,727,678
Qorvo Incorporated †		4,267		300,610
QUALCOMM Incorporated		49,952		2,767,840
Skyworks Solutions Incorporated		6,157		617,301
Texas Instruments Incorporated		33,195		3,448,629
Xilinx Incorporated		8,598		621,120
				31,809,407
Software: 3.45%
Activision Blizzard Incorporated		25,598		1,726,841
Adobe Systems Incorporated †		16,587		3,584,119
Ansys Incorporated †		2,829		443,276
Autodesk Incorporated †		7,432		933,311
CA Incorporated		10,551		357,679
Cadence Design Systems Incorporated †		9,545		350,970
Citrix Systems Incorporated †		4,364		404,979
Electronic Arts Incorporated †		10,350		1,254,834
Intuit Incorporated		8,210		1,423,204
Microsoft Corporation		259,819		23,713,680
Oracle Corporation		101,970		4,665,128
Red Hat Incorporated †		5,972		892,874
Salesforce.com Incorporated †		23,154		2,692,810
Symantec Corporation		20,920		540,782
Synopsys Incorporated †		5,018		417,698
Take-Two Interactive Software Incorporated †		3,860		377,431
				43,779,616
Technology Hardware, Storage & Peripherals: 2.61%
Apple Incorporated		171,215		28,726,453
Hewlett Packard Enterprise Company		52,876		927,445
HP Incorporated		55,253		1,211,146
NetApp Incorporated		9,040		557,678
Seagate Technology plc		9,611		562,436
Western Digital Corporation		10,040		926,391
Xerox Corporation		7,218		207,734
				33,119,283
Materials: 1.71%
Chemicals: 1.25%
Air Products & Chemicals Incorporated		7,387		1,174,755
Albemarle Corporation		3,733		346,198
CF Industries Holdings Incorporated		7,870		296,935
DowDuPont Incorporated		78,959		5,030,478
Eastman Chemical Company		4,823		509,212
Ecolab Incorporated		8,772		1,202,378
FMC Corporation		4,532		347,015
International Flavors & Fragrances Incorporated		2,663		364,591

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 19

Security name	Shares		Value
Chemicals (continued)
LyondellBasell Industries NV Class A		10,917	$	1,153,709
Monsanto Company		14,874		1,735,647
PPG Industries Incorporated		8,586		958,198
Praxair Incorporated		9,689		1,398,123
The Mosaic Company		11,828		287,184
The Sherwin-Williams Company		2,790		1,094,015
				15,898,438
Construction Materials: 0.08%
Martin Marietta Materials Incorporated		2,118		439,061
Vulcan Materials Company		4,469		510,226
				949,287
Containers & Packaging: 0.21%
Avery Dennison Corporation		2,967		315,244
Ball Corporation		11,812		469,055
International Paper Company		13,933		744,440
Packaging Corporation of America		3,183		358,724
Sealed Air Corporation		5,648		241,678
WestRock Company		8,607		552,311
				2,681,452
Metals & Mining: 0.17%
Freeport-McMoRan Incorporated		45,435		798,293
Newmont Mining Corporation		18,001		703,299
Nucor Corporation		10,727		655,312
				2,156,904
Real Estate: 1.66%
Equity REITs: 1.62%
Alexandria Real Estate Equities Incorporated		3,415		426,499
American Tower Corporation		14,876		2,162,078
Apartment Investment & Management Company Class A		5,308		216,301
AvalonBay Communities Incorporated		4,659		766,219
Boston Properties Incorporated		5,207		641,607
Crown Castle International Corporation		13,992		1,533,663
Digital Realty Trust Incorporated		6,932		730,494
Duke Realty Corporation		12,045		318,952
Equinix Incorporated		2,673		1,117,688
Equity Residential		12,423		765,505
Essex Property Trust Incorporated		2,227		535,994
Extra Space Storage Incorporated		4,252		371,455
Federal Realty Investment Trust		2,470		286,792
GGP Incorporated		21,314		436,084
HCP Incorporated		15,840		367,963
Host Hotels & Resorts Incorporated		24,771		461,731
Iron Mountain Incorporated		9,497		312,071
Kimco Realty Corporation		14,356		206,726
Mid-America Apartment Communities Incorporated		3,834		349,814

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

20 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Equity REITs (continued)
Prologis Incorporated		17,986	$	1,132,938
Public Storage Incorporated		5,055		1,012,971
Realty Income Corporation		9,590		496,091
Regency Centers Corporation		5,014		295,726
SBA Communications Corporation †		3,931		671,887
Simon Property Group Incorporated		10,499		1,620,521
SL Green Realty Corporation		3,048		295,138
The Macerich Company		3,660		205,033
UDR Incorporated		9,048		322,290
Ventas Incorporated		12,018		595,252
Vornado Realty Trust		5,833		392,561
Welltower Incorporated		12,497		680,212
Weyerhaeuser Company		25,484		891,940
				20,620,196
Real Estate Management & Development: 0.04%
CBRE Group Incorporated Class A †		10,196		481,455
Telecommunication Services: 1.15%
Diversified Telecommunication Services: 1.15%
AT&T Incorporated		207,186		7,386,181
CenturyLink Incorporated		32,825		539,315
Verizon Communications Incorporated		139,292		6,660,943
				14,586,439
Utilities: 1.71%
Electric Utilities: 1.06%
Alliant Energy Corporation		7,806		318,953
American Electric Power Company Incorporated		16,601		1,138,663
Duke Energy Corporation		23,623		1,830,074
Edison International		10,994		699,878
Entergy Corporation		6,099		480,479
Eversource Energy		10,692		629,973
Exelon Corporation		32,563		1,270,283
FirstEnergy Corporation		15,085		513,041
NextEra Energy Incorporated		15,872		2,592,374
PG&E Corporation		17,377		763,372
Pinnacle West Capital Corporation		3,772		301,006
PPL Corporation		23,420		662,552
The Southern Company		34,019		1,519,289
Xcel Energy Incorporated		17,143		779,664
				13,499,601
Independent Power & Renewable Electricity Producers: 0.05%
AES Corporation		22,287		253,403
NRG Energy Incorporated		10,182		310,856
				564,259

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 21

Security name						Shares		Value
Multi-Utilities: 0.56%
Ameren Corporation							8,187	$	463,630
CenterPoint Energy Incorporated							14,544		398,506
CMS Energy Corporation							9,530		431,614
Consolidated Edison Incorporated							10,473		816,266
Dominion Resources Incorporated							21,985		1,482,449
DTE Energy Company							6,052		631,829
NiSource Incorporated							11,385		272,215
Public Service Enterprise Group Incorporated							17,032		855,688
SCANA Corporation							4,812		180,691
Sempra Energy							8,615		958,160
WEC Energy Group Incorporated							10,647		667,567
									7,158,615
Water Utilities: 0.04%
American Water Works Company Incorporated							6,024		494,751
Total Common Stocks (Cost $366,882,039)									759,073,508
	Interest rate			Maturity date		Principal
Non-Agency Mortgage-Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA (1 Month LIBOR +0.33%) ±		2.20	%		12-25-2034	$	13,528		12,541
Total Non-Agency Mortgage-Backed Securities (Cost $13,528)									12,541
				Expiration date		Shares
Rights: 0.00%
Consumer Staples: 0.00%
Food & Staples Retailing: 0.00%
Safeway Casa Ley Contingent Value Rights †(a)					4-26-2018		6,765		115
Total Rights (Cost $223)									115
				Maturity date		Principal
U.S. Treasury Securities: 38.61%
U.S. Treasury Bond		2.13			9-30-2024	$	1,844,000		1,783,331
U.S. Treasury Bond		2.13			11-30-2024		1,852,000		1,788,581
U.S. Treasury Bond		2.50			2-15-2045		2,860,000		2,605,763
U.S. Treasury Bond		2.50			2-15-2046		2,659,000		2,419,690
U.S. Treasury Bond		2.50			5-15-2046		2,643,000		2,403,065
U.S. Treasury Bond		2.75			8-15-2042		1,340,000		1,292,056
U.S. Treasury Bond		2.75			11-15-2042		1,781,000		1,715,589
U.S. Treasury Bond		2.88			5-15-2043		2,534,000		2,492,677
U.S. Treasury Bond		2.88			8-15-2045		2,862,000		2,804,596
U.S. Treasury Bond		3.00			5-15-2042		904,000		912,154
U.S. Treasury Bond		3.00			11-15-2044		2,772,000		2,784,592
U.S. Treasury Bond		3.00			5-15-2045		2,864,000		2,875,956
U.S. Treasury Bond		3.00			11-15-2045		2,835,000		2,851,279
U.S. Treasury Bond		3.13			11-15-2041		846,000		872,337

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

22 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		3.13	%		2-15-2042	$	1,066,000	$	1,099,252
U.S. Treasury Bond		3.13			2-15-2043		1,783,000		1,834,284
U.S. Treasury Bond		3.13			8-15-2044		2,827,000		2,905,154
U.S. Treasury Bond		3.38			5-15-2044		2,936,000		3,151,088
U.S. Treasury Bond		3.50			2-15-2039		731,000		801,792
U.S. Treasury Bond		3.63			8-15-2043		2,200,000		2,458,053
U.S. Treasury Bond		3.63			2-15-2044		2,898,000		3,240,798
U.S. Treasury Bond		3.75			8-15-2041		929,000		1,056,666
U.S. Treasury Bond		3.75			11-15-2043		2,870,000		3,271,773
U.S. Treasury Bond		3.88			8-15-2040		946,000		1,093,861
U.S. Treasury Bond		4.25			5-15-2039		681,000		827,291
U.S. Treasury Bond		4.25			11-15-2040		977,000		1,190,679
U.S. Treasury Bond		4.38			2-15-2038		381,000		468,068
U.S. Treasury Bond		4.38			11-15-2039		757,000		935,769
U.S. Treasury Bond		4.38			5-15-2040		1,078,000		1,334,042
U.S. Treasury Bond		4.38			5-15-2041		842,000		1,046,061
U.S. Treasury Bond		4.50			2-15-2036		837,000		1,032,851
U.S. Treasury Bond		4.50			5-15-2038		428,000		534,816
U.S. Treasury Bond		4.50			8-15-2039		721,000		905,322
U.S. Treasury Bond		4.63			2-15-2040		1,276,000		1,629,979
U.S. Treasury Bond		4.75			2-15-2037		264,000		337,435
U.S. Treasury Bond		4.75			2-15-2041		1,084,000		1,412,962
U.S. Treasury Bond		5.00			5-15-2037		375,000		493,569
U.S. Treasury Bond		5.25			11-15-2028		479,000		588,083
U.S. Treasury Bond		5.25			2-15-2029		349,000		429,916
U.S. Treasury Bond		5.38			2-15-2031		752,000		962,042
U.S. Treasury Bond		5.50			8-15-2028		369,000		459,926
U.S. Treasury Bond		6.13			11-15-2027		525,000		674,666
U.S. Treasury Bond		6.13			8-15-2029		293,000		388,537
U.S. Treasury Bond		6.25			5-15-2030		478,000		648,104
U.S. Treasury Bond		6.38			8-15-2027		224,000		291,482
U.S. Treasury Bond		6.88			8-15-2025		224,000		286,634
U.S. Treasury Note		0.75			7-15-2019		1,583,000		1,553,899
U.S. Treasury Note		0.75			8-15-2019		1,584,000		1,552,763
U.S. Treasury Note		0.88			4-15-2019		1,460,000		1,440,947
U.S. Treasury Note		0.88			5-15-2019		1,466,000		1,444,913
U.S. Treasury Note		0.88			6-15-2019		1,485,000		1,461,947
U.S. Treasury Note		0.88			7-31-2019		811,000		797,038
U.S. Treasury Note		0.88			9-15-2019		1,550,000		1,519,721
U.S. Treasury Note		1.00			3-15-2019		1,383,000		1,368,306
U.S. Treasury Note		1.00			6-30-2019		622,000		612,779
U.S. Treasury Note		1.00			8-31-2019		1,842,000		1,810,774
U.S. Treasury Note		1.00			9-30-2019		1,695,000		1,664,396
U.S. Treasury Note		1.00			10-15-2019		1,596,000		1,566,364
U.S. Treasury Note		1.00			11-15-2019		1,433,000		1,404,472
U.S. Treasury Note		1.00			11-30-2019		1,985,000		1,944,462
U.S. Treasury Note		1.13			5-31-2019		690,000		681,636
U.S. Treasury Note		1.13			12-31-2019		1,247,000		1,222,833
U.S. Treasury Note		1.13			3-31-2020		1,987,000		1,941,425
U.S. Treasury Note		1.13			4-30-2020		1,330,000		1,297,930

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 23

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.13	%		2-28-2021	$	3,264,000	$	3,147,160
U.S. Treasury Note		1.13			6-30-2021		3,343,000		3,206,296
U.S. Treasury Note		1.13			7-31-2021		2,232,000		2,137,491
U.S. Treasury Note		1.13			8-31-2021		2,233,000		2,135,299
U.S. Treasury Note		1.13			9-30-2021		2,188,000		2,089,694
U.S. Treasury Note		1.25			3-31-2019		1,834,000		1,817,952
U.S. Treasury Note		1.25			4-30-2019		586,000		580,276
U.S. Treasury Note		1.25			5-31-2019		1,787,000		1,768,060
U.S. Treasury Note		1.25			6-30-2019		1,790,000		1,769,267
U.S. Treasury Note		1.25			8-31-2019		1,790,000		1,765,739
U.S. Treasury Note		1.25			10-31-2019		804,000		791,610
U.S. Treasury Note		1.25			1-31-2020		3,442,000		3,378,473
U.S. Treasury Note		1.25			2-29-2020		1,745,000		1,711,134
U.S. Treasury Note		1.25			3-31-2021		3,250,000		3,141,772
U.S. Treasury Note		1.25			10-31-2021		2,188,000		2,096,520
U.S. Treasury Note		1.25			7-31-2023		1,829,000		1,706,478
U.S. Treasury Note		1.38			7-31-2019		1,787,000		1,767,473
U.S. Treasury Note		1.38			9-30-2019		1,739,000		1,716,568
U.S. Treasury Note		1.38			12-15-2019		1,651,000		1,626,237
U.S. Treasury Note		1.38			1-15-2020		1,638,000		1,612,259
U.S. Treasury Note		1.38			1-31-2020		2,293,000		2,256,770
U.S. Treasury Note		1.38			2-15-2020		1,667,000		1,639,022
U.S. Treasury Note		1.38			2-29-2020		3,442,000		3,383,132
U.S. Treasury Note		1.38			3-31-2020		3,442,000		3,379,454
U.S. Treasury Note		1.38			4-30-2020		3,442,000		3,375,540
U.S. Treasury Note		1.38			5-31-2020		1,380,000		1,352,054
U.S. Treasury Note		1.38			8-31-2020		3,350,000		3,272,825
U.S. Treasury Note		1.38			9-15-2020		1,598,000		1,560,871
U.S. Treasury Note		1.38			9-30-2020		3,356,000		3,275,394
U.S. Treasury Note		1.38			10-31-2020		3,178,000		3,098,801
U.S. Treasury Note		1.38			1-31-2021		3,192,000		3,102,810
U.S. Treasury Note		1.38			4-30-2021		3,245,000		3,144,908
U.S. Treasury Note		1.38			5-31-2021		3,248,000		3,143,106
U.S. Treasury Note		1.38			6-30-2023		1,733,000		1,629,649
U.S. Treasury Note		1.38			8-31-2023		1,817,000		1,704,490
U.S. Treasury Note		1.38			9-30-2023		1,778,000		1,665,388
U.S. Treasury Note		1.50			3-31-2019		645,000		640,994
U.S. Treasury Note		1.50			5-31-2019		2,387,000		2,368,321
U.S. Treasury Note		1.50			10-31-2019		3,442,000		3,401,385
U.S. Treasury Note		1.50			11-30-2019		3,133,000		3,094,228
U.S. Treasury Note		1.50			4-15-2020		1,675,000		1,647,961
U.S. Treasury Note		1.50			5-15-2020		1,678,000		1,649,529
U.S. Treasury Note		1.50			5-31-2020		3,442,000		3,381,573
U.S. Treasury Note		1.50			6-15-2020		1,680,000		1,650,174
U.S. Treasury Note		1.50			7-15-2020		1,683,000		1,651,404
U.S. Treasury Note		1.50			8-15-2020		1,684,000		1,651,457
U.S. Treasury Note		1.50			1-31-2022		1,625,000		1,565,731
U.S. Treasury Note		1.50			2-28-2023		1,635,000		1,554,286
U.S. Treasury Note		1.50			3-31-2023		1,679,000		1,594,456
U.S. Treasury Note		1.50			8-15-2026		4,143,000		3,757,963

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

24 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.63	%		3-31-2019	$	2,104,000	$	2,093,397
U.S. Treasury Note		1.63			4-30-2019		1,703,000		1,693,344
U.S. Treasury Note		1.63			6-30-2019		2,157,000		2,142,211
U.S. Treasury Note		1.63			7-31-2019		2,128,000		2,111,979
U.S. Treasury Note		1.63			8-31-2019		3,442,000		3,413,230
U.S. Treasury Note		1.63			12-31-2019		3,442,000		3,404,065
U.S. Treasury Note		1.63			3-15-2020		1,667,000		1,645,510
U.S. Treasury Note		1.63			6-30-2020		3,442,000		3,388,279
U.S. Treasury Note		1.63			7-31-2020		3,213,000		3,160,956
U.S. Treasury Note		1.63			10-15-2020		1,591,000		1,562,105
U.S. Treasury Note		1.63			11-30-2020		2,166,000		2,123,855
U.S. Treasury Note		1.63			8-15-2022		1,250,000		1,203,414
U.S. Treasury Note		1.63			8-31-2022		2,373,000		2,282,511
U.S. Treasury Note		1.63			11-15-2022		2,108,000		2,023,033
U.S. Treasury Note		1.63			4-30-2023		1,711,000		1,632,982
U.S. Treasury Note		1.63			5-31-2023		1,714,000		1,634,021
U.S. Treasury Note		1.63			10-31-2023		1,824,000		1,730,467
U.S. Treasury Note		1.63			2-15-2026		4,269,000		3,935,891
U.S. Treasury Note		1.63			5-15-2026		4,111,000		3,778,759
U.S. Treasury Note		1.75			9-30-2019		3,441,000		3,416,237
U.S. Treasury Note		1.75			11-30-2019		1,732,000		1,717,602
U.S. Treasury Note		1.75			10-31-2020		1,585,000		1,560,296
U.S. Treasury Note		1.75			11-15-2020		1,588,000		1,562,998
U.S. Treasury Note		1.75			12-31-2020		3,353,000		3,296,781
U.S. Treasury Note		1.75			11-30-2021		2,003,000		1,951,555
U.S. Treasury Note		1.75			2-28-2022		1,637,000		1,591,480
U.S. Treasury Note		1.75			3-31-2022		1,640,000		1,593,235
U.S. Treasury Note		1.75			4-30-2022		1,612,000		1,564,130
U.S. Treasury Note		1.75			5-15-2022		1,448,000		1,404,993
U.S. Treasury Note		1.75			5-31-2022		2,343,000		2,271,477
U.S. Treasury Note		1.75			6-30-2022		2,347,000		2,274,049
U.S. Treasury Note		1.75			9-30-2022		1,771,000		1,711,334
U.S. Treasury Note		1.75			1-31-2023		1,684,000		1,621,733
U.S. Treasury Note		1.75			5-15-2023		3,117,000		2,991,899
U.S. Treasury Note		1.88			12-31-2019		1,762,000		1,750,083
U.S. Treasury Note		1.88			6-30-2020		1,888,000		1,868,784
U.S. Treasury Note		1.88			12-15-2020		1,619,000		1,597,992
U.S. Treasury Note		1.88			11-30-2021		1,649,000		1,614,376
U.S. Treasury Note		1.88			1-31-2022		2,358,000		2,304,046
U.S. Treasury Note		1.88			2-28-2022		2,348,000		2,292,613
U.S. Treasury Note		1.88			3-31-2022		2,371,000		2,313,669
U.S. Treasury Note		1.88			4-30-2022		2,376,000		2,316,670
U.S. Treasury Note		1.88			5-31-2022		1,795,000		1,749,740
U.S. Treasury Note		1.88			7-31-2022		2,337,000		2,273,646
U.S. Treasury Note		1.88			8-31-2022		1,754,000		1,705,474
U.S. Treasury Note		1.88			9-30-2022		2,248,000		2,183,852
U.S. Treasury Note		1.88			10-31-2022		1,650,000		1,602,448
U.S. Treasury Note		1.88			8-31-2024		1,968,000		1,876,521
U.S. Treasury Note		2.00			1-31-2020		1,760,000		1,751,440
U.S. Treasury Note		2.00			7-31-2020		1,306,000		1,295,864

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 25

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.00	%		9-30-2020	$	2,093,000	$	2,074,694
U.S. Treasury Note		2.00			11-30-2020		2,266,000		2,243,948
U.S. Treasury Note		2.00			1-15-2021		1,617,000		1,600,180
U.S. Treasury Note		2.00			2-28-2021		2,421,000		2,393,626
U.S. Treasury Note		2.00			5-31-2021		1,559,000		1,538,428
U.S. Treasury Note		2.00			8-31-2021		1,641,000		1,615,990
U.S. Treasury Note		2.00			10-31-2021		1,649,000		1,622,113
U.S. Treasury Note		2.00			11-15-2021		2,485,000		2,444,476
U.S. Treasury Note		2.00			12-31-2021		2,300,000		2,258,793
U.S. Treasury Note		2.00			2-15-2022		1,679,000		1,648,841
U.S. Treasury Note		2.00			7-31-2022		1,778,000		1,739,522
U.S. Treasury Note		2.00			10-31-2022		2,238,000		2,184,865
U.S. Treasury Note		2.00			11-30-2022		4,261,000		4,157,786
U.S. Treasury Note		2.00			2-15-2023		3,077,000		2,997,218
U.S. Treasury Note		2.00			4-30-2024		1,930,000		1,858,584
U.S. Treasury Note		2.00			5-31-2024		1,934,000		1,861,062
U.S. Treasury Note		2.00			6-30-2024		1,939,000		1,864,950
U.S. Treasury Note		2.00			2-15-2025		4,486,000		4,289,906
U.S. Treasury Note		2.00			8-15-2025		4,495,000		4,280,968
U.S. Treasury Note		2.00			11-15-2026		4,255,000		4,010,191
U.S. Treasury Note		2.13			8-31-2020		1,477,000		1,468,934
U.S. Treasury Note		2.13			1-31-2021		1,409,000		1,398,523
U.S. Treasury Note		2.13			6-30-2021		1,516,000		1,500,843
U.S. Treasury Note		2.13			8-15-2021		2,440,000		2,413,014
U.S. Treasury Note		2.13			9-30-2021		1,633,000		1,613,971
U.S. Treasury Note		2.13			12-31-2021		1,626,000		1,605,251
U.S. Treasury Note		2.13			6-30-2022		1,615,000		1,588,896
U.S. Treasury Note		2.13			12-31-2022		4,298,000		4,213,686
U.S. Treasury Note		2.13			11-30-2023		1,638,000		1,594,865
U.S. Treasury Note		2.13			2-29-2024		1,960,000		1,904,193
U.S. Treasury Note		2.13			3-31-2024		1,961,000		1,903,690
U.S. Treasury Note		2.13			7-31-2024		1,927,000		1,865,961
U.S. Treasury Note		2.13			5-15-2025		4,466,000		4,298,248
U.S. Treasury Note		2.25			2-29-2020		1,913,000		1,912,253
U.S. Treasury Note		2.25			2-15-2021		1,767,000		1,760,443
U.S. Treasury Note		2.25			3-31-2021		1,440,000		1,433,442
U.S. Treasury Note		2.25			4-30-2021		1,514,000		1,506,625
U.S. Treasury Note		2.25			7-31-2021		2,618,000		2,601,016
U.S. Treasury Note		2.25			12-31-2023		1,886,000		1,847,437
U.S. Treasury Note		2.25			1-31-2024		1,914,000		1,873,649
U.S. Treasury Note		2.25			10-31-2024		1,882,000		1,832,855
U.S. Treasury Note		2.25			11-15-2024		4,492,000		4,372,227
U.S. Treasury Note		2.25			12-31-2024		1,911,000		1,859,128
U.S. Treasury Note		2.25			11-15-2025		4,512,000		4,364,562
U.S. Treasury Note		2.25			2-15-2027		4,295,000		4,125,141
U.S. Treasury Note		2.25			8-15-2027		4,252,000		4,073,928
U.S. Treasury Note		2.25			11-15-2027		4,284,000		4,100,517
U.S. Treasury Note		2.38			12-31-2020		1,317,000		1,316,729
U.S. Treasury Note		2.38			1-31-2023		2,325,000		2,305,136
U.S. Treasury Note		2.38			8-15-2024		4,465,000		4,387,194

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

26 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.38	%		5-15-2027	$	4,355,000	$	4,222,159
U.S. Treasury Note		2.50			8-15-2023		2,662,000		2,648,440
U.S. Treasury Note		2.50			5-15-2024		4,360,000		4,321,389
U.S. Treasury Note		2.50			1-31-2025		1,936,000		1,913,146
U.S. Treasury Note		2.63			8-15-2020		3,367,000		3,387,679
U.S. Treasury Note		2.63			11-15-2020		5,315,000		5,347,365
U.S. Treasury Note		2.63			2-28-2023		2,359,000		2,366,556
U.S. Treasury Note		2.75			11-15-2023		3,936,000		3,962,410
U.S. Treasury Note		2.75			2-15-2024		3,410,000		3,430,244
U.S. Treasury Note		2.75			2-28-2025		1,955,000		1,963,324
U.S. Treasury Note		2.75			2-15-2028		3,068,000		3,070,037
U.S. Treasury Note		3.13			5-15-2019		1,768,000		1,786,216
U.S. Treasury Note		3.13			5-15-2021		1,657,000		1,691,121
U.S. Treasury Note		3.38			11-15-2019		3,180,000		3,236,558
U.S. Treasury Note		3.50			5-15-2020		2,864,000		2,932,640
U.S. Treasury Note		3.63			8-15-2019		1,545,000		1,573,796
U.S. Treasury Note		3.63			2-15-2020		2,648,000		2,712,676
U.S. Treasury Note		3.63			2-15-2021		2,765,000		2,859,126
U.S. Treasury Note		6.00			2-15-2026		445,000		548,819
U.S. Treasury Note		6.25			8-15-2023		378,000		447,184
U.S. Treasury Note		6.50			11-15-2026		296,000		381,951
U.S. Treasury Note		6.63			2-15-2027		215,000		281,339
U.S. Treasury Note		6.75			8-15-2026		221,000		287,921
U.S. Treasury Note		7.13			2-15-2023		260,000		314,224
U.S. Treasury Note		7.25			8-15-2022		261,000		312,190
U.S. Treasury Note		7.50			11-15-2024		240,000		310,508
U.S. Treasury Note		7.63			11-15-2022		140,000		171,095
U.S. Treasury Note		7.63			2-15-2025		216,000		283,045
U.S. Treasury Note		7.88			2-15-2021		180,000		207,521
U.S. Treasury Note		8.00			11-15-2021		511,000		608,566
U.S. Treasury Note		8.13			8-15-2019		307,000		331,597
U.S. Treasury Note		8.13			5-15-2021		181,000		211,959
U.S. Treasury Note		8.13			8-15-2021		175,000		207,103
U.S. Treasury Note		8.50			2-15-2020		162,000		180,681
U.S. Treasury Note		8.75			5-15-2020		130,000		147,562
U.S. Treasury Note		8.75			8-15-2020		288,000		330,479
Total U.S. Treasury Securities (Cost $498,844,193)									489,942,810
	Yield					Shares
Short-Term Investments: 0.90%
Investment Companies: 0.46%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89					3,465,716		3,466,062
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54					2,392,276		2,392,276
									5,858,338

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 27

Security name	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.44%
U.S. Treasury Bill (z)#		1.54	%		5-24-2018	$	5,425,000	$	5,412,064
U.S. Treasury Bill (z)#		1.35			4-12-2018		127,000		126,943
									5,539,007
Total Short-Term Investments (Cost $11,397,666)									11,397,345

Total investments in securities (Cost $877,185,871)	99.33	%		1,260,482,138
Other assets and liabilities, net	0.67			8,496,333
Total net assets	100.00	%	$	1,268,978,471

« 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.

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

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

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

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

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		729		6-15-2018	$	101,568,456		$	96,337,350		$	0	$	(5,231,106	)
5-Year U.S. Treasury Notes		82		6-29-2018		9,383,393			9,385,797			2,404		0
Short
10-Year U.S. Treasury Notes		(781)		6-20-2018		(93,605,568	)		(94,610,828	)		0		(1,005,260	)
											$	2,404	$	(6,236,366	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company		164,057		70		15,994		148,133	$	93,453	$	(446,259	)	$	122,069	$	7,763,651		0.61	%
Short-Term Investments
Investment companies
Securities Lending Cash Investment LLC		3,363,101		30,641,727		30,539,112		3,465,716		0		0			11,094		3,466,062
Wells Fargo Government Money Market Fund Select Class		7,658,402		83,082,261		88,348,387		2,392,276		0		0			62,451		2,392,276
																	5,858,338		0.46
									$	93,453	$	(446,259	)	$	195,614	$	13,621,989		1.07	%

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

28 Wells Fargo Index Asset Allocation Fund Statement of assets and liabilities—March 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $3,382,627 of securities loaned), at value (cost $866,625,168)	$	1,246,860,149
Investments in affiliated securities, at value (cost $10,560,703)		13,621,989
Cash		180,632
Receivable for investments sold		38,757,291
Receivable for Fund shares sold		828,633
Receivable for dividends and interest		3,558,267
Receivable for daily variation margin on open futures contracts		1,346,227
Prepaid expenses and other assets		406,514
Total assets		1,305,559,702
Liabilities
Payable for investments purchased		30,594,237
Payable upon receipt of securities loaned		3,465,700
Payable for Fund shares redeemed		1,106,981
Management fee payable		669,290
Administration fees payable		214,930
Payable for daily variation margin on open futures contracts		190,924
Distribution fee payable		99,668
Trustees’ fees and expenses payable		2,053
Accrued expenses and other liabilities		237,448
Total liabilities		36,581,231
Total net assets	$	1,268,978,471
NET ASSETS CONSIST OF
Paid-in capital	$	899,471,757
Undistributed net investment income		216,536
Accumulated net realized losses on investments		(7,772,127	)
Net unrealized gains on investments		377,062,305
Total net assets	$	1,268,978,471
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	803,295,097
Shares outstanding – Class A1		24,708,873
Net asset value per share – Class A		$32.51
Maximum offering price per share – Class A2		$34.49
Net assets – Class C	$	149,574,616
Shares outstanding – Class C1		7,565,562
Net asset value per share – Class C		$19.77
Net assets – Administrator Class	$	223,649,295
Shares outstanding – Administrator Class1		6,878,044
Net asset value per share – Administrator Class		$32.52
Net assets – Institutional Class	$	92,459,463
Shares outstanding – Institutional Class1		2,846,874
Net asset value per share – Institutional Class		$32.48

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 March 31, 2018 (unaudited) Wells Fargo Index Asset Allocation Fund 29

Investment income
Dividends	$	7,574,062
Interest		4,225,756
Income from affiliated securities		195,614
Total investment income		11,995,432
Expenses
Management fee		3,974,475
Administration fees
Class A		869,371
Class C		161,035
Administrator Class		157,215
Institutional Class		55,942
Shareholder servicing fees
Class A		1,034,965
Class C		191,709
Administrator Class		301,554
Distribution fee
Class C		575,126
Custody and accounting fees		24,108
Professional fees		240
Registration fees		217
Shareholder report expenses		255
Other fees and expenses		481
Total expenses		7,346,693
Less: Fee waivers and/or expense reimbursements		(109,047	)
Net expenses		7,237,646
Net investment income		4,757,786
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		11,494,677
Affiliated securities		93,453
Futures contracts		8,181,284
Net realized gains on investments		19,769,414
Net change in unrealized gains (losses) on:
Unaffiliated securities		17,981,957
Affiiliated securities		(446,261	)
Futures contracts		(7,626,510	)
Net change in unrealized gains (losses) on investments		9,909,186
Net realized and unrealized gains (losses) on investments		29,678,600
Net increase in net assets resulting from operations	$	34,436,386

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

30 Wells Fargo Index Asset Allocation Fund Statement of changes in net assets

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	4,757,786					$	9,170,811
Net realized gains on investments					19,769,414						9,899,963
Net change in unrealized gains (losses) on investments					9,909,186						98,492,964
Net increase in net assets resulting from operations					34,436,386						117,563,738
Distributions to shareholders from
Net investment income
Class A					(3,075,508	)					(7,312,513	)
Class B					N/A						0	1
Class C					0						(70,275	)
Administrator Class					(1,040,946	)					(2,579,847	)
Institutional Class					(504,706	)					(568,243	)2
Net realized gains
Class A					(4,901,970	)					(7,379,070	)
Class B					N/A						0	1
Class C					(911,161	)					(1,277,133	)
Administrator Class					(1,385,800	)					(1,816,976	)
Institutional Class					(548,929	)					(193,189	)2
Total distributions to shareholders					(12,369,020	)					(21,197,246	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		380,653			12,509,790			2,073,618			63,158,800
Class B		N/A			N/A			0	1		0	1
Class C		540,289			10,834,761			2,328,600			43,112,461
Administrator Class		1,127,885			37,346,741			4,249,283			130,093,840
Institutional Class		1,461,978			47,685,620			2,337,480	2		71,528,209	2
					108,376,912						307,893,310
Reinvestment of distributions
Class A		236,996			7,766,053			472,960			14,326,956
Class B		N/A			N/A			0	1		0	1
Class C		40,831			816,212			62,398			1,135,663
Administrator Class		73,606			2,411,351			127,144			3,867,648
Institutional Class		21,238			694,738			24,813	2		761,237	2
					11,688,354						20,091,504
Payment for shares redeemed
Class A		(1,629,481	)		(53,645,191	)		(4,807,553	)		(146,972,158	)
Class B		N/A			N/A			(11,0694	)1		(213,027	)1
Class C		(871,622	)		(17,479,123	)		(2,145,127	)		(40,093,776	)
Administrator Class		(2,716,557	)		(89,147,611	)		(2,967,092	)		(90,263,946	)
Institutional Class		(546,888	)		(18,043,001	)		(451,747	)2		(14,069,406	)2
					(178,314,926	)					(291,612,313	)
Net increase (decrease) in net assets resulting from capital share transactions					(58,249,660	)					36,372,501
Total increase (decrease) in net assets					(36,182,294	)					132,738,993
Net assets
Beginning of period					1,305,160,765						1,172,421,772
End of period				$	1,268,978,471					$	1,305,160,765
Undistributed net investment income				$	216,536					$	79,910

¹  For the period from October 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.

²  For the period from October 31, 2016 (commencement of class operations) to September 30, 2017

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

Financial highlights Wells Fargo Index Asset Allocation Fund 31

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$31.99			$29.61			$28.72			$28.20			$24.48			$22.17
Net investment income		0.13			0.25			0.22			0.27			0.38			0.34
Net realized and unrealized gains (losses) on investments		0.70			2.67			2.45			0.76			3.72			2.31
Total from investment operations		0.83			2.92			2.67			1.03			4.10			2.65
Distributions to shareholders from
Net investment income		(0.12	)		(0.27	)		(0.21	)		(0.22	)		(0.38	)		(0.34	)
Net realized gains		(0.19	)		(0.27	)		(1.57	)		(0.29	)		0.00			0.00
Total distributions to shareholders		(0.31	)		(0.54	)		(1.78	)		(0.51	)		(0.38	)		(0.34	)
Net asset value, end of period		$32.51			$31.99			$29.61			$28.72			$28.20			$24.48
Total return1		2.61	%		9.99	%		9.68	%		3.62	%		16.83	%		12.02	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.09	%		1.10	%		1.22	%		1.20	%		1.18	%
Net expenses		1.07	%		1.09	%		1.10	%		1.15	%		1.15	%		1.15	%
Net investment income		0.76	%		0.79	%		0.79	%		0.90	%		1.42	%		1.43	%
Supplemental data
Portfolio turnover rate		6	%		9	%		8	%		43	%		9	%		11	%
Net assets, end of period (000s omitted)		$803,295			$822,769			$828,421			$736,276			$708,873			$657,702

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

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

32 Wells Fargo Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$19.45			$17.99			$17.47			$17.20			$14.94			$13.53
Net investment income		0.00	1		0.01			0.01	2		0.05			0.11			0.10
Net realized and unrealized gains (losses) on investments		0.44			1.62			1.48			0.45			2.27			1.41
Total from investment operations		0.44			1.63			1.49			0.50			2.38			1.51
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.02	)		(0.05	)		(0.12	)		(0.10	)
Net realized gains		(0.12	)		(0.16	)		(0.95	)		(0.18	)		0.00			0.00
Total distributions to shareholders		(0.12	)		(0.17	)		(0.97	)		(0.23	)		(0.12	)		(0.10	)
Net asset value, end of period		$19.77			$19.45			$17.99			$17.47			$17.20			$14.94
Total return3		2.25	%		9.14	%		8.86	%		2.86	%		15.96	%		11.20	%
Ratios to average net assets (annualized)
Gross expenses		1.82	%		1.84	%		1.85	%		1.98	%		1.95	%		1.93	%
Net expenses		1.82	%		1.84	%		1.85	%		1.90	%		1.90	%		1.90	%
Net investment income		0.01	%		0.04	%		0.03	%		0.10	%		0.67	%		0.68	%
Supplemental data
Portfolio turnover rate		6	%		9	%		8	%		43	%		9	%		11	%
Net assets, end of period (000s omitted)		$149,575			$152,820			$136,881			$62,019			$24,093			$19,164

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.

Financial highlights Wells Fargo Index Asset Allocation Fund 33

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$31.99			$29.63			$28.75			$28.21			$24.49			$22.18
Net investment income		0.15			0.30			0.28			0.35			0.45			0.40
Net realized and unrealized gains (losses) on investments		0.72			2.68			2.45			0.76			3.72			2.30
Total from investment operations		0.87			2.98			2.73			1.11			4.17			2.70
Distributions to shareholders from
Net investment income		(0.15	)		(0.35	)		(0.28	)		(0.28	)		(0.45	)		(0.39	)
Net realized gains		(0.19	)		(0.27	)		(1.57	)		(0.29	)		0.00			0.00
Total distributions to shareholders		(0.34	)		(0.62	)		(1.85	)		(0.57	)		(0.45	)		(0.39	)
Net asset value, end of period		$32.52			$31.99			$29.63			$28.75			$28.21			$24.49
Total return1		2.69	%		10.20	%		9.91	%		3.89	%		17.12	%		12.31	%
Ratios to average net assets (annualized)
Gross expenses		0.99	%		0.99	%		1.02	%		1.09	%		1.04	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.93	%		0.96	%		0.98	%		1.12	%		1.68	%		1.69	%
Supplemental data
Portfolio turnover rate		6	%		9	%		8	%		43	%		9	%		11	%
Net assets, end of period (000s omitted)		$223,649			$268,512			$206,908			$85,380			$59,783			$34,536

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

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

34 Wells Fargo Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

INSTITUTIONAL CLASS	Six months ended March 31, 2018 (unaudited)			Period ended September 30, 20171
Net asset value, beginning of period		$31.96			$29.27
Net investment income		0.19			0.35
Net realized and unrealized gains (losses) on investments		0.70			3.03
Total from investment operations		0.89			3.38
Distributions to shareholders from
Net investment income		(0.18	)		(0.42	)
Net realized gains		(0.19	)		(0.27	)
Total distributions to shareholders		(0.37	)		(0.69	)
Net asset value, end of period		$32.48			$31.96
Total return2		2.79	%		11.70	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%
Net expenses		0.74	%		0.74	%
Net investment income		1.10	%		1.08	%
Supplemental data
Portfolio turnover rate		6	%		9	%
Net assets, end of period (000s omitted)		$92,459			$61,060

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

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

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

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 35

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Index Asset Allocation 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 and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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

36 Wells Fargo Index Asset Allocation Fund Notes to financial statements (unaudited)

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, if any, is included in income from affiliated securities on the Statement of Operations.

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 37

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $877,488,027 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	382,906,880
Gross unrealized losses		(6,146,731	)
Net unrealized gains	$	376,760,149

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.

38 Wells Fargo Index Asset Allocation Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	55,819	$	0	$	55,819
Common stocks
Consumer discretionary		96,168,350		0		0		96,168,350
Consumer staples		58,072,537		0		0		58,072,537
Energy		43,551,542		0		0		43,551,542
Financials		111,828,048		0		0		111,828,048
Health care		104,064,568		0		0		104,064,568
Industrials		77,496,402		0		0		77,496,402
Information technology		188,800,664		0		0		188,800,664
Materials		21,686,081						21,686,081
Real estate		21,101,651		0		0		21,101,651
Telecommunication services		14,586,439		0		0		14,586,439
Utilities		21,717,226		0		0		21,717,226
Rights
Consumer staples		0		115		0		115
Non-agency mortgage-backed securities		0		12,541		0		12,541
U.S. Treasury securities		489,942,810		0		0		489,942,810
Short-term investments
Investment companies		2,392,276		0		0		2,392,276
U.S. Treasury securities		5,539,007		0		0		5,539,007
Investments measured at net asset value*								3,466,062
		1,256,947,601		68,475		0		1,260,482,138
Futures contracts		2,404		0		0		2,404
Total assets	$	1,256,950,005	$	68,475	$	0	$	1,260,484,542
Liabilities
Futures contracts	$	6,236,366	$	0	$	0	$	6,236,366
Total liabilities	$	6,236,366	$	0	$	0	$	6,236,366

* 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 $3,466,062 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at the cumulative unrealized gains (losses) at measurement date. The current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 39

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 0.65% and declining to 0.48% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.61% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

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

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 0.90% for Administrator Class shares, and 0.75% for Institutional Class shares. 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 February 22, 2018, the Fund’s expenses were capped at 1.15% for Class A shares and 1.90% for Class C shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $24,371 from the sale of Class A shares and $42 in contingent deferred sales charges from redemptions of Class C shares, respectively. No contingent deferred sales charges were incurred by Class A shares for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

40 Wells Fargo Index Asset Allocation Fund Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$76,745,412	$6,629,924	$82,380,600	$72,575,293

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2018, the Fund entered into futures contracts to manage the duration of the portfolio and to gain market exposure to certain asset classes by implementing tactical asset allocation shifts. The Fund had an average notional amount of $43,167,894 and $131,803,482 in long and short futures contracts, respectively, during the six months ended March 31, 2018.

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

The fair value of derivative instruments as of March 31, 2018 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Equity risk	Net unrealized gains on investments	$	0	*	Net unrealized gains on investments	$	5,231,106	*
Interest rate risk	Net unrealized gains on investments		2,404	*	Net unrealized gains on investments		1,005,260	*
		$	2,404			$	6,236,366

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of investments. Only the current day’s variation margin as of March 31, 2018 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2018 was as follows for the Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Equity risk	$	1,956,543	$	(5,253,664	)
Interest rate risk		6,224,741		(2,372,846	)
	$	8,181,284	$	(7,626,510	)

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

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 41

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:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
Goldman Sachs		$2,404*		$(2,404)		$0	$	0
Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged1		Net amount of liabilities
Goldman Sachs		$6,236,366*		$(2,404)		$(5,539,007)	$	694,955

* Amount represents cumulative unrealized gains (losses) on futures contracts which are reported in Net unrealized gains on investments. Only the current day’s variation margin as of March 31, 2018 is reported separately on the Statement of Assets and Liabilities.

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

7. BANK BORROWINGS

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

For the six months ended March 31, 2018, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors or geographic regions. A fund that invest a substantial portion of their 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 or 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.

42 Wells Fargo Index Asset Allocation 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 Index Asset Allocation Fund 43

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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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

44 Wells Fargo Index Asset Allocation Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell*** (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 45

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

46 Wells Fargo Index Asset Allocation 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309992 05-18 SA227/SAR227 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo International Bond 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	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	27
List of abbreviations	31

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo International Bond Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

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

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo International Bond Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Fargo Asset Management (International), LLC

Portfolio managers

Michael Lee

Tony Norris

Alex Perrin

Christopher Wightman

Peter Wilson

Average annual total returns (%) as of March 31, 2018¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year		5 year			10 year		1 year		5 year			10 year		Gross		Net3
Class A (ESIYX)	9-30-2003		5.02		(0.69	)		1.79		10.00		0.24			2.26		1.03		1.03
Class C (ESIVX)	9-30-2003		8.11		(0.53	)		1.50		9.11		(0.53	)		1.50		1.78		1.78
Class R6 (ESIRX)	11-30-2012		–		–			–		10.29		0.60			2.60		0.65		0.65
Administrator Class (ESIDX)	7-30-2010		–		–			–		10.17		0.39			2.42		0.97		0.85
Institutional Class (ESICX)	12-15-1993		–		–			–		10.42		0.56			2.57		0.70		0.70
Bloomberg Barclays Global Aggregate ex-USD Index4	–		–		–			–		11.75		1.23			1.85		–		–

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and geographic risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo International Bond Fund 5

Ten largest holdings (%) as of March 31, 20185
Canada, 0.75%, 9-1-2020	4.44
New Zealand, 4.50%, 4-15-2027	4.38
Australian Government Bond Series 146, 1.75%, 11-21-2020	4.21
Norway, 1.75%, 2-17-2027	4.06
Poland, 1.50%, 4-25-2020	3.96
Mexico, 7.75%, 11-13-2042	3.89
Italy Buoni Poliennali del Tesoro, 2.20%, 6-1-2027	3.70
Italy Buoni Poliennali del Tesoro, 2.70%, 3-1-2047	3.09
Malaysia, 3.96%, 9-15-2025	3.09
Colombia, 7.50%, 8-26-2026	2.59

Portfolio allocation as of March 31, 2018⁶

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 Bond Fund.

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

³  The manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment grade fixed income markets excluding the U.S. dollar denominated debt market. You cannot invest directly in an index.

⁵  The 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 Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	914.65	$	4.92		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.19		1.03	%
Class C
Actual	$	1,000.00	$	911.63	$	8.48		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.06	$	8.95		1.78	%
Class R6
Actual	$	1,000.00	$	916.45	$	3.11		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69	$	3.28		0.65	%
Administrator Class
Actual	$	1,000.00	$	914.88	$	4.06		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Institutional Class
Actual	$	1,000.00	$	915.36	$	3.34		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53		0.70	%

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo International Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 4.84%
United States: 4.84%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)		3.40	%		11-30-2023	$	1,000,000	$	992,383
AbbVie Incorporated (Health Care, Biotechnology)		3.20			5-14-2026		900,000		856,082
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		3.15			8-22-2027		1,675,000		1,614,979
Anheuser-Busch InBev Worldwide Incorporated (Consumer Staples, Beverages) %%		4.00			4-13-2028		2,500,000		2,529,295
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		2.90			9-12-2027		1,250,000		1,189,019
AT&T Incorporated (Telecommunication Services, Diversified Telecommunication Services)		3.90			8-14-2027		1,250,000		1,257,767
B.A.T. Capital Corporation (Consumer Staples, Tobacco) 144A		3.56			8-15-2027		2,100,000		2,008,320
Campbell Soup Company (Consumer Staples, Food Products)		3.65			3-15-2023		3,175,000		3,180,387
Coty Incorporated (Consumer Staples, Personal Products) %%144A		4.00			4-15-2023		350,000		432,854
Discovery Communications LLC (Consumer Discretionary, Media)		3.95			3-20-2028		700,000		671,444
Ford Motor Credit Company LLC (Financials, Consumer Finance)		2.46			3-27-2020		1,500,000		1,476,028
Goldman Sachs Group Incorporated (Financials, Capital Markets)		3.75			2-25-2026		1,650,000		1,620,232
Johnson & Johnson (Health Care, Pharmaceuticals)		2.95			3-3-2027		2,000,000		1,943,140
JPMorgan Chase & Company (Financials, Banks)		3.30			4-1-2026		2,575,000		2,488,563
Lowe’s Companies Incorporated (Consumer Discretionary, Specialty Retail)		3.10			5-3-2027		700,000		673,853
Microsoft Corporation (Information Technology, Software)		2.40			8-8-2026		2,000,000		1,861,090
Qualcomm Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3.25			5-20-2027		1,000,000		949,981
Total Corporate Bonds and Notes (Cost $26,427,691)									25,745,417
Foreign Corporate Bonds and Notes @: 4.83%
Brazil: 0.29%
BRF SA (Consumer Staples, Food Products, BRL) 144A		7.75			5-22-2018		5,137,000		1,529,376
Denmark: 1.91%
Nykredit Realkredit AS (Financials, Thrifts & Mortgage Finance, DKK)		2.50			10-1-2047		35,668,983		6,134,599
Realkredit Danmark AS (Financials, Thrifts & Mortgage Finance, DKK)		2.50			7-1-2047		23,485,314		4,036,349
									10,170,948
France: 0.20%
Casino Guichard Perrachon SA (Consumer Staples, Food & Staples Retailing, EUR)		4.50			3-7-2024		400,000		520,512
Paprec Holding SA (Industrials, Commercial & Professional Service, EUR) 144A		4.00			3-31-2025		425,000		524,981
									1,045,493
Germany: 0.13%
Adler Pelzer Holding Gmbh (Consumer Discretionary, Auto Components, EUR)		4.13			4-1-2024		550,000		684,144
Ireland: 0.30%
GE Capital UK Funding Company (Financials, Capital Markets, GBP)		5.13			5-24-2023		1,000,000		1,598,656
Luxembourg: 0.12%
LSF10 Wolverine Investments SCA (Financials, Diversified Financial Services, EUR) 144A		5.00			3-15-2024		275,000		341,127
Takko Luxembourg 2 SCA (Consumer Discretionary, Textiles, Apparel & Luxury Goods, EUR) 144A		5.38			11-15-2023		250,000		298,384
									639,511

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

8 Wells Fargo International Bond Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Corporate Bonds and Notes @ (continued)
Mexico: 0.18%
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, MXN)		7.13	%		12-9-2024		7,250,000	$	372,394
Nemak SAB de CV (Consumer Discretionary, Auto Components, EUR)		3.25			3-15-2024		225,000		282,718
Petroleos Mexicanos (Energy, Oil, Gas & Consumable Fuels, MXN) 144A		7.19			9-12-2024		6,532,000		323,941
									979,053
Netherlands: 0.25%
CBR Fashion Finance BV (Consumer Discretionary, Textiles, Apparel & Luxury Goods, EUR) 144A		5.13			10-1-2022		250,000		280,703
Constellium NV (Materials, Metals & Mining, EUR) 144A		4.25			2-15-2026		300,000		373,454
Selecta Group BV (Consumer Discretionary, Internet & Direct Marketing Retail, EUR) 144A		5.88			2-1-2024		575,000		699,863
									1,354,020
United Kingdom: 1.21%
CPUK Finance Limited (Financials, Consumer Finance, GBP)		4.25			2-28-2047		250,000		352,726
FirstGroup plc (Industrials, Road & Rail, GBP)		5.25			11-29-2022		700,000		1,108,006
Heathrow Funding Limited (Industrials, Transportation Infrastructure, GBP)		7.13			2-14-2024		1,000,000		1,722,071
Ocado Group plc (Consumer Discretionary, Internet & Direct Marketing Retail, GBP)		4.00			6-15-2024		550,000		764,015
Pinnacle Bidco plc (Financials, Consumer Finance, GBP) 144A		6.38			2-15-2025		200,000		281,286
RAC Bond Company plc (Consumer Discretionary, Automobiles, GBP)		5.00			11-6-2022		800,000		1,058,653
Tesco plc (Consumer Staples, Food & Staples Retailing, GBP)		6.13			2-24-2022		500,000		789,506
Thomas Cook Finance 2 plc (Financials, Diversified Financial Services, EUR) 144A		3.88			7-15-2023		300,000		373,705
									6,449,968
United States: 0.24%
Cemex Finance LLC (Financials, Consumer Finance, EUR)		4.63			6-15-2024		500,000		655,928
Federal-Mogul LLC (Consumer Staples, Auto Components, EUR)		5.00			7-15-2024		500,000		602,920
									1,258,848
Total Foreign Corporate Bonds and Notes (Cost $25,842,407)									25,710,017
Foreign Government Bonds @: 74.49%
Australian Government Bond Series 146 (AUD)		1.75			11-21-2020		29,375,000		22,379,796
Brazil (BRL)		10.00			1-1-2019		15,705,000		4,878,286
Brazil (BRL)		10.00			1-1-2025		40,990,000		12,878,176
Canada (CAD)		0.75			9-1-2020		31,275,000		23,655,489
Canada 144A (CAD)		1.25			12-15-2020		16,375,000		12,467,421
Colombia (COP)		7.00			5-4-2022		12,100,000,000		4,544,297
Colombia (COP)		7.50			8-26-2026		35,850,000,000		13,762,088
France (EUR)		0.50			5-25-2025		6,500,000		8,104,623
Hungary (HUF)		1.75			10-26-2022		485,000,000		1,954,729
India (INR)		7.80			4-11-2021		117,000,000		1,827,965
India (INR)		8.79			11-8-2021		600,000,000		9,656,602
Indonesia (IDR)		7.50			8-15-2032		119,345,000,000		8,896,154
Indonesia (IDR)		8.38			3-15-2024		22,900,000,000		1,817,271
Indonesia (IDR)		8.38			9-15-2026		45,000,000,000		3,607,681
Italy Buoni Poliennali del Tesoro (EUR)		2.20			6-1-2027		15,300,000		19,689,612
Italy Buoni Poliennali del Tesoro 144A (EUR)		2.70			3-1-2047		13,515,000		16,438,088

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo International Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Korea Treasury Bond (KRW)		2.00	%		3-10-2020		12,290,000,000	$	11,501,844
Malaysia (MYR)		3.66			10-15-2020		7,650,000		1,990,519
Malaysia (MYR)		3.90			11-30-2026		21,550,000		5,525,541
Malaysia (MYR)		3.96			9-15-2025		63,575,000		16,432,740
Malaysia (MYR)		4.50			4-15-2030		8,300,000		2,177,057
Mexico (MXN)		5.75			3-5-2026		57,500,000		2,871,837
Mexico (MXN)		7.75			11-13-2042		370,600,000		20,690,610
Mexico (MXN)		8.00			11-7-2047		32,000,000		1,836,427
Mexico (MXN)		10.00			12-5-2024		10,850,000		684,648
New South Wales (AUD)		5.00			8-20-2024		7,750,000		6,761,499
New Zealand (NZD)		4.50			4-15-2027		28,250,000		23,283,680
Norway 144A (NOK)		1.50			2-19-2026		8,000,000		999,157
Norway 144A (NOK)		1.75			2-17-2027		170,975,000		21,625,541
Poland (PLN)		1.50			4-25-2020		72,225,000		21,092,658
Poland (PLN)		2.50			7-25-2027		14,550,000		4,043,898
Province of Ontario (AUD)		6.25			9-29-2020		6,000,000		5,011,147
Queensland Treasury 144A (AUD)		4.00			6-21-2019		8,600,000		6,761,276
Republic of Peru (PEN)		5.70			8-12-2024		5,000,000		1,686,257
Republic of Peru (PEN)		6.35			8-12-2028		23,950,000		8,326,408
Republic of South Africa (ZAR)		7.75			2-28-2023		106,481,000		9,136,387
Republic of South Africa (ZAR)		8.75			2-28-2048		62,300,000		5,202,389
Republic of South Africa (ZAR)		8.75			2-28-2048		48,500,000		4,050,014
Republic of South Africa (ZAR)		10.50			12-21-2026		21,650,000		2,114,024
Romania (RON)		5.75			4-29-2020		14,000,000		3,902,531
Singapore (SGD)		2.88			9-1-2030		12,050,000		9,599,378
Singapore (SGD)		3.00			9-1-2024		16,840,000		13,466,606
Thailand (THB)		3.85			12-12-2025		385,025,000		13,647,332
Turkey (TRY)		8.70			7-11-2018		3,500,000		875,865
Turkey (TRY)		9.40			7-8-2020		3,500,000		814,387
Turkey (TRY)		10.70			2-17-2021		4,000,000		942,894
Turkey (TRY)		11.00			2-24-2027		1,900,000		443,540
United Kingdom Gilt Bonds (GBP)		1.25			7-22-2027		1,725,000		2,390,447
Total Foreign Government Bonds (Cost $378,012,055)									396,446,816
U.S. Treasury Securities: 9.15%
U.S. Treasury Bond		2.75			11-15-2047	$	7,450,000		7,106,322
U.S. Treasury Bond		3.00			11-15-2045		5,700,000		5,719,932
U.S. Treasury Note		1.75			11-15-2020		22,800,000		22,441,025
U.S. Treasury Note		2.00			4-30-2024		12,075,000		11,628,185
U.S. Treasury Note		2.25			11-15-2027		1,900,000		1,818,623
Total U.S. Treasury Securities (Cost $49,108,056)									48,714,087
Yankee Corporate Bonds and Notes: 3.63%
Canada: 0.29%
Alimentation Couche-Tard Incorporated (Consumer Staples, Food & Staples Retailing)		3.55			7-26-2027		1,600,000		1,535,712
Cayman Islands: 0.11%
UPCB Finance IV Limited (Financials, Diversified Financial Services)		5.38			1-15-2025		600,000		579,000

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

10 Wells Fargo International Bond Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
France: 0.35%
Danone SA (Consumer Staples, Food Products) 144A		2.95	%		11-2-2026	$	2,000,000	$	1,856,207
Ireland: 0.19%
Ardagh Packaging Finance plc (Financials, Diversified Financial Services)		4.63			5-15-2023		1,000,000		1,003,750
Luxembourg: 0.28%
Actavis Funding SCS (Health Care, Pharmaceuticals)		3.45			3-15-2022		1,500,000		1,486,758
Netherlands: 1.10%
Mubadala Development Company (Energy, Oil, Gas & Consumable Fuels)		5.50			4-20-2021		1,700,000		1,802,000
Myriad International Holdings BV (Consumer Discretionary, Media)		6.00			7-18-2020		1,950,000		2,050,214
Siemens Financieringsmat Company (Financials, Diversified Financial Services) 144A		2.35			10-15-2026		2,200,000		2,011,327
									5,863,541
Spain: 0.14%
Telefonica Emisiones SAU (Telecommunication Services, Diversified Telecommunication Services)		4.10			3-8-2027		750,000		748,745
Switzerland: 0.45%
Credit Suisse Group Funding Limited (Financials, Banks)		3.80			9-15-2022		2,400,000		2,416,017
United Kingdom: 0.72%
BP Capital Markets plc (Financials, Capital Markets)		3.22			4-14-2024		1,625,000		1,602,930
International Game Technology plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		6.25			2-15-2022		1,000,000		1,047,500
Jaguar Land Rover Automobiles plc (Consumer Discretionary, Automobiles)		3.50			3-15-2020		1,200,000		1,192,500
									3,842,930
Total Yankee Corporate Bonds and Notes (Cost $19,553,915)									19,332,660
	Yield					Shares
Short-Term Investments: 1.88%
Investment Companies: 1.88%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.54					9,981,687		9,981,687
Total Short-Term Investments (Cost $9,981,687)									9,981,687

Total investments in securities (Cost $508,925,811)	98.82	%		525,930,684
Other assets and liabilities, net	1.18			6,256,337
Total net assets	100.00	%	$	532,187,021

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

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

@ Foreign bond principal is denominated in the local currency of the issuer.

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

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

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

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo International Bond Fund 11

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty¤¤	Settlement date	Unrealized gains		Unrealized losses
129,550,000,000 IDR	9,421,818 USD	State Street Bank	4-9-2018	$	0	$	(16,661	)
1,446,858 USD	19,950,000,000 IDR	State Street Bank	4-9-2018		0		(1,486	)
8,117,617 USD	109,600,000,000 IDR	State Street Bank	4-9-2018		160,802		0
1,476,756,000 JPY	18,000,000 SGD	State Street Bank	4-12-2018		0		(256,655	)
739,972,800 JPY	216,000,000 THB	State Street Bank	4-12-2018		0		(157,693	)
5,414,875 USD	170,000,000 THB	State Street Bank	4-12-2018		0		(23,218	)
739,972,800 JPY	216,000,000 THB	State Street Bank	4-12-2018		206,231		0
1,476,756,000 JPY	18,000,000 SGD	State Street Bank	4-12-2018		411,573		0
5,785,376 USD	7,700,000 SGD	State Street Bank	4-16-2018		0		(89,100	)
3,291,149 USD	4,335,000 SGD	State Street Bank	4-16-2018		0		(16,104	)
1,730,319 USD	21,525,000 ZAR	State Street Bank	4-18-2018		0		(84,190	)
4,750,000 PLN	1,389,885 USD	State Street Bank	4-18-2018		0		(2,090	)
13,400,000 ZAR	1,111,420 USD	State Street Bank	4-18-2018		18,170		0
1,146,844 USD	36,000,000 THB	State Street Bank	4-19-2018		0		(5,016	)
3,6000,000 THB	1,128,615 USD	State Street Bank	4-19-2018		23,245		0
9,550,000 EUR	11,913,491 USD	State Street Bank	4-24-2018		0		(146,017	)
1,250,000,000 JPY	9,603,336 EUR	State Street Bank	4-24-2018		0		(71,256	)
26,000,000 EUR	32,041,620 USD	State Street Bank	4-24-2018		0		(4,517	)
1,250,000,000 JPY	9,603,336 EUR	State Street Bank	4-24-2018		0		(382	)
8,439,210 USD	27,300,000 PEN	State Street Bank	4-25-2018		0		(16,394	)
14,205,812 USD	17,525,000 CAD	State Street Bank	4-25-2018		596,979		0
20,029,867 USD	25,350,000 CAD	State Street Bank	4-25-2018		344,622		0
3,316,138 USD	4,260,000 CAD	State Street Bank	4-25-2018		8,085		0
19,888,898 USD	27,450,000 NZD	State Street Bank	5-14-2018		53,373		0
3,393,985 USD	4,660,000 NZD	State Street Bank	5-14-2018		26,643		0
6,195,000,000 JPY	57,945,882 USD	State Street Bank	5-15-2018		419,304		0
30,587,180 USD	38,600,000 AUD	State Street Bank	5-21-2018		938,804		0
11,959,873 USD	15,175,000 AUD	State Street Bank	5-21-2018		304,067		0
41,250,000 BRL	12,555,167 USD	State Street Bank	5-22-2018		0		(109,950	)
3,650,000 BRL	1,117,575 USD	State Street Bank	5-22-2018		0		(16,362	)
1,048,630 USD	3,600,000 PLN	State Street Bank	5-22-2018		0		(3,832	)
20,697,411 USD	69,475,000 PLN	State Street Bank	5-22-2018		386,354		0
1,112,873 USD	3,650,000 BRL	State Street Bank	5-22-2018		11,660		0
12,576,986 USD	41,250,000 BRL	State Street Bank	5-22-2018		131,770		0
11,079,309 USD	12,000,000,000 KRW	State Street Bank	5-29-2018		0		(200,741	)
17,050,000 EUR	21,245,800 USD	State Street Bank	5-29-2018		0		(184,270	)
12,270,000 EUR	15,174,837 USD	State Street Bank	5-29-2018		0		(17,947	)
1,000,000 USD	3,925,000 MYR	State Street Bank	6-1-2018		0		(12,810	)
9,756,910 USD	644,200,000 INR	State Street Bank	6-6-2018		0		(45,124	)
1,250,000,000 JPY	8,492,459 GBP	State Street Bank	6-13-2018		0		(187,191	)
12,010,102 USD	8,575,000 GBP	State Street Bank	6-13-2018		0		(55,165	)
1,250,000,000 JPY	8,492,459 GBP	State Street Bank	6-13-2018		40,056		0

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

12 Wells Fargo International Bond Fund Portfolio of investments—March 31, 2018 (unaudited)

Currency to be received	Currency to be delivered	Counterparty¤¤	Settlement date	Unrealized gains		Unrealized losses
15,035,000 GBP	20,862,205 USD	State Street Bank	6-13-2018	$	292,464	$	0
2,075,000,000 JPY	19,676,826 USD	State Street Bank	6-18-2018		0		(78,155	)
44,300,000 EUR	55,123,996 USD	State Street Bank	6-19-2018		0		(309,767	)
4,930,000,000 JPY	46,936,423 USD	State Street Bank	6-20-2018		0		(364,872	)
8,879,382 USD	122,975,000,000 IDR	State Street Bank	7-3-2018		11,206		0
				$	4,385,408	$	(2,476,965	)

¤¤ Transactions can only be closed with the originating counterparty.

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment companies
Wells Fargo Government Money Market Fund Select Class		11,375,401		146,093,144		147,486,858		9,981,687	$	0	$	0	$	100,597	$	9,981,687		1.88	%

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

Statement of assets and liabilities—March 31, 2018 (unaudited) Wells Fargo International Bond Fund 13

Assets
Investments in unaffiliated securities, at value (cost $498,944,124)	$	515,948,997
Investments in affiliated securities, at value (cost $9,981,687)		9,981,687
Cash		12,612
Foreign currency, at value (cost $1,410,763)		1,396,314
Receivable for Fund shares sold		688,408
Receivable for interest		5,529,137
Unrealized gains on forward foreign currency contracts		4,385,408
Prepaid expenses and other assets		444,864
Total assets		538,387,427
Liabilities
Payable for investments purchased		2,918,695
Unrealized losses on forward foreign currency contracts		2,476,965
Payable for Fund shares redeemed		396,361
Management fee payable		272,143
Administration fees payable		40,744
Distribution fee payable		2,065
Accrued expenses and other liabilities		93,433
Total liabilities		6,200,406
Total net assets	$	532,187,021
NET ASSETS CONSIST OF
Paid-in capital	$	535,051,079
Overdistributed net investment income		(19,867,466	)
Accumulated net realized losses on investments		(1,969,166	)
Net unrealized gains on investments		18,972,574
Total net assets	$	532,187,021
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	65,157,882
Shares outstanding – Class A1		6,108,559
Net asset value per share – Class A		$10.67
Maximum offering price per share – Class A2		$11.17
Net assets – Class C	$	3,156,484
Shares outstanding – Class C1		306,417
Net asset value per share – Class C		$10.30
Net assets – Class R6	$	60,037,960
Shares outstanding – Class R61		5,542,357
Net asset value per share – Class R6		$10.83
Net assets – Administrator Class	$	38,183,555
Shares outstanding – Administrator Class1		3,561,317
Net asset value per share – Administrator Class		$10.72
Net assets – Institutional Class	$	365,651,140
Shares outstanding – Institutional Class1		33,842,312
Net asset value per share – Institutional Class		$10.80

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

14 Wells Fargo International Bond Fund Statement of operations—six months ended March 31, 2018 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $231,359)	$	9,891,850
Income from affiliated securities		100,597
Total investment income		9,992,447
Expenses
Management fee		1,640,099
Administration fees
Class A		53,125
Class C		2,588
Class R6		4,937
Administrator Class		19,140
Institutional Class		163,183
Shareholder servicing fees
Class A		83,008
Class C		4,044
Administrator Class		47,849
Distribution fee
Class C		12,133
Custody and accounting fees		17,214
Professional fees		43,087
Registration fees		191
Shareholder report expenses		229
Trustees’ fees and expenses		346
Interest expense		2,204
Other fees and expenses		9,570
Total expenses		2,102,947
Less: Fee waivers and/or expense reimbursements		(33,286	)
Net expenses		2,069,661
Net investment income		7,922,786
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		4,042,466
Forward foreign currency contracts		1,598,428
Net realized gains on investments		5,640,894
Net change in unrealized gains (losses) on:
Unaffiliated securities		1,272,342
Forward foreign currency contracts		2,942,191
Net change in unrealized gains (losses) on investments		4,214,533
Net realized and unrealized gains (losses) on investments		9,855,427
Net increase in net assets resulting from operations	$	17,778,213

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

Statement of changes in net assets Wells Fargo International Bond Fund 15

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	7,922,786					$	17,183,145
Net realized gains (losses) on investments					5,640,894						(51,051,565	)
Net change in unrealized gains (losses) on investments					4,214,533						12,848,373
Net increase (decrease) in net assets resulting from operations					17,778,213						(21,020,047	)
Distributions to shareholders from
Net realized gains
Class A					0						(739,477	)
Class C					0						(73,043	)
Class R6					0						(164,164	)
Administrator Class					0						(631,824	)
Institutional Class					0						(7,408,479	)
Total distributions to shareholders					0						(9,016,987	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		695,390			7,195,910			4,929,121			48,322,926
Class C		1,980			19,935			13,816			133,569
Class R6		3,217,772			34,511,663			2,528,781			26,142,193
Administrator Class		633,078			6,580,405			2,445,180			24,089,253
Institutional Class		4,429,072			46,724,354			11,245,776			111,148,970
					95,032,267						209,836,911
Reinvestment of distributions
Class A		0			0			77,736			729,940
Class C		0			0			7,033			64,420
Class R6		0			0			17,299			164,164
Administrator Class		0			0			66,753			628,812
Institutional Class		0			0			690,923			6,543,042
					0						8,130,378
Payment for shares redeemed
Class A		(1,364,552	)		(14,145,433	)		(3,279,695	)		(32,478,821	)
Class B		N/A			N/A			(16,076	)1		(153,471	)1
Class C		(45,060	)		(449,719	)		(195,882	)		(1,864,728	)
Class R6		(629,996	)		(6,647,448	)		(740,812	)		(7,302,744	)
Administrator Class		(1,035,544	)		(10,777,437	)		(3,255,355	)		(32,370,616	)
Institutional Class		(13,153,869	)		(137,790,604	)		(20,326,950	)		(201,196,349	)
					(169,810,641	)					(275,366,729	)
Net decrease in net assets resulting from capital share transactions					(74,778,374	)					(57,399,440	)
Total decrease in net assets					(57,000,161	)					(87,436,474	)
Net assets
Beginning of period					589,187,182						676,623,656
End of period				$	532,187,021					$	589,187,182
Overdistributed net investment income				$	(19,867,466	)				$	(27,790,252	)

¹  For the period from October 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.

16 Wells Fargo International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
CLASS A				2017			20161			2015			2014			2013			2012
Net asset value, beginning of period		$10.31			$10.77			$9.74			$10.84			$11.32			$11.83			$11.85
Net investment income		0.14	2		0.26	2		0.24	2		0.31	2		0.37	2		0.36	2		0.33	2
Net realized and unrealized gains (losses) on investments		0.22			(0.57	)		0.85			(1.33	)		(0.34	)		(0.73	)		0.08
Total from investment operations		0.36			(0.31	)		1.09			(1.02	)		0.03			(0.37	)		0.41
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.05	)		(0.12	)		(0.02	)		(0.29	)
Net realized gains		0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)		(0.14	)
Total distributions to shareholders		0.00			(0.15	)		(0.06	)		(0.08	)		(0.51	)		(0.14	)		(0.43	)
Net asset value, end of period		$10.67			$10.31			$10.77			$9.74			$10.84			$11.32			$11.83
Total return3		3.49	%		(2.78	)%		11.24	%		(9.50	)%		0.26	%		(3.18	)%		3.66	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.03	%		1.08	%		1.06	%		1.05	%		1.05	%		1.04	%
Net expenses		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income		2.61	%		2.61	%		2.64	%		3.07	%		3.29	%		2.93	%		2.88	%
Supplemental data
Portfolio turnover rate		58	%		68	%		96	%		136	%		103	%		129	%		79	%
Net assets, end of period (000s omitted)		$65,158			$69,885			$54,399			$79,727			$102,624			$113,846			$139,600

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo International Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
CLASS C				2017			20161			2015			2014			2013			2012
Net asset value, beginning of period		$10.00			$10.52			$9.58			$10.70			$11.19			$11.76			$11.81
Net investment income		0.09	2		0.18	2		0.17	2		0.23	2		0.28	2		0.26	2		0.24	2
Net realized and unrealized gains (losses) on investments		0.21			(0.55	)		0.83			(1.32	)		(0.34	)		(0.71	)		0.08
Total from investment operations		0.30			(0.37	)		1.00			(1.09	)		(0.06	)		(0.45	)		0.32
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.04	)		(0.00	)3		(0.23	)
Net realized gains		0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)		(0.14	)
Total distributions to shareholders		0.00			(0.15	)		(0.06	)		(0.03	)		(0.43	)		(0.12	)		(0.37	)
Net asset value, end of period		$10.30			$10.00			$10.52			$9.58			$10.70			$11.19			$11.76
Total return4		3.00	%		(3.43	)%		10.49	%		(10.21	)%		(0.52	)%		(3.84	)%		2.86	%
Ratios to average net assets (annualized)
Gross expenses		1.78	%		1.78	%		1.83	%		1.81	%		1.80	%		1.80	%		1.79	%
Net expenses		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%
Net investment income		1.86	%		1.88	%		1.86	%		2.33	%		2.54	%		2.15	%		2.12	%
Supplemental data
Portfolio turnover rate		58	%		68	%		96	%		136	%		103	%		129	%		79	%
Net assets, end of period (000s omitted)		$3,156			$3,493			$5,520			$6,895			$11,597			$16,097			$23,448

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

18 Wells Fargo International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
CLASS R6				2017			20161			2015			2014			20132
Net asset value, beginning of period		$10.45			$10.88			$9.80			$10.88			$11.36			$11.80
Net investment income		0.17	3		0.30	3		0.28	3		0.35	3		0.42	3		0.39	3
Net realized and unrealized gains (losses) on investments		0.21			(0.58	)		0.86			(1.34	)		(0.35	)		(0.69	)
Total from investment operations		0.38			(0.28	)		1.14			(0.99	)		0.07			(0.30	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.06	)		(0.16	)		(0.02	)
Net realized gains		0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)
Total distributions to shareholders		0.00			(0.15	)		(0.06	)		(0.09	)		(0.55	)		(0.14	)
Net asset value, end of period		$10.83			$10.45			$10.88			$9.80			$10.88			$11.36
Total return4		3.64	%		(2.48	)%		11.69	%		(9.18	)%		0.60	%		(2.52	)%
Ratios to average net assets (annualized)
Gross expenses		0.66	%		0.65	%		0.70	%		0.68	%		0.67	%		0.68	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		2.98	%		3.01	%		3.00	%		3.46	%		3.64	%		3.70	%
Supplemental data
Portfolio turnover rate		58	%		68	%		96	%		136	%		103	%		129	%
Net assets, end of period (000s omitted)		$60,038			$30,876			$12,501			$13,152			$5,729			$2,433

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from November 30, 2012 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

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 International Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
ADMINISTRATOR CLASS				2017			20161			2015			2014			2013			2012
Net asset value, beginning of period		$10.36			$10.80			$9.75			$10.84			$11.32			$11.81			$11.83
Net investment income		0.15	2		0.28	2		0.26	2		0.33	2		0.39	2		0.36	2		0.35	2
Net realized and unrealized gains (losses) on investments		0.21			(0.57	)		0.85			(1.34	)		(0.34	)		(0.71	)		0.08
Total from investment operations		0.36			(0.29	)		1.11			(1.01	)		0.05			(0.35	)		0.43
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.05	)		(0.14	)		(0.02	)		(0.31	)
Net realized gains		0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)		(0.14	)
Total distributions to shareholders		0.00			(0.15	)		(0.06	)		(0.08	)		(0.53	)		(0.14	)		(0.45	)
Net asset value, end of period		$10.72			$10.36			$10.80			$9.75			$10.84			$11.32			$11.81
Total return3		3.47	%		(2.59	)%		11.44	%		(9.36	)%		0.43	%		(2.98	)%		3.89	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.97	%		1.02	%		0.99	%		0.99	%		0.99	%		0.97	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		2.79	%		2.80	%		2.85	%		3.26	%		3.47	%		3.15	%		3.04	%
Supplemental data
Portfolio turnover rate		58	%		68	%		96	%		136	%		103	%		129	%		79	%
Net assets, end of period (000s omitted)		$38,184			$41,045			$50,825			$266,849			$359,383			$334,778			$294,330

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
INSTITUTIONAL CLASS				2017			20161			2015			2014			2013			2012
Net asset value, beginning of period		$10.43			$10.86			$9.79			$10.87			$11.35			$11.82			$11.84
Net investment income		0.16	2		0.29	2		0.27	2		0.35	2		0.41	2		0.37			0.36
Net realized and unrealized gains (losses) on investments		0.21			(0.57	)		0.86			(1.34	)		(0.35	)		(0.70	)		0.09
Total from investment operations		0.37			(0.28	)		1.13			(0.99	)		0.06			(0.33	)		0.45
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.06	)		(0.15	)		(0.02	)		(0.33	)
Net realized gains		0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)		(0.14	)
Total distributions to shareholders		0.00			(0.15	)		(0.06	)		(0.09	)		(0.54	)		(0.14	)		(0.47	)
Net asset value, end of period		$10.80			$10.43			$10.86			$9.79			$10.87			$11.35			$11.82
Total return3		3.64	%		(2.48	)%		11.60	%		(9.20	)%		0.55	%		(2.78	)%		3.99	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.70	%		0.75	%		0.73	%		0.72	%		0.72	%		0.71	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income		2.94	%		2.96	%		2.95	%		3.41	%		3.62	%		3.26	%		3.19	%
Supplemental data
Portfolio turnover rate		58	%		68	%		96	%		136	%		103	%		129	%		79	%
Net assets, end of period (000s omitted)		$365,651			$443,888			$553,208			$689,964			$832,072			$1,115,163			$1,270,164

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo International Bond 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 Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo International Bond Fund (the “Fund”) which is a diversified series of the Trust.

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.

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.

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

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

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

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.

Foreign currency translation

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

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

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

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.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $509,289,588 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	31,798,268
Gross unrealized losses		(13,248,729	)
Net unrealized gains	$	18,549,539

As of September 30, 2017, the Fund had capital loss carryforwards which consist of $29,235 in short-term capital losses and $41,293 in long-term capital losses.

As of September 30, 2017, the Fund had current year net deferred post-October capital losses consisting of $34,518,088 in short-term losses which was recognized on the first day of the current fiscal year.

As of September 30, 2017, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which were recognized on the first day of the current fiscal year in the following amounts:

Deferred post-October capital losses		Late-year ordinary losses deferred
Short-term	Long-term
$(5,760,133)	$(1,243,623)	$(27,514,332)

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 International Bond Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Corporate bonds and notes	$	0	$	25,745,417	$	0	$	25,745,417
Foreign corporate bonds and notes		0		25,710,017		0		25,710,017
Foreign government bonds		0		396,446,816		0		396,446,816
U.S. Treasury securities		48,714,087		0		0		48,714,087
Yankee corporate bonds and notes		0		19,332,660		0		19,332,660
Short-term investments
Investment companies		9,981,687		0		0		9,981,687
		58,695,774		467,234,910		0		525,930,684
Forward foreign currency contracts		0		4,385,408		0		4,385,408
Total assets	$	58,695,774	$	471,620,318	$	0	$	530,316,092
Liabilities
Forward foreign currency contracts	$	0	$	2,476,965	$	0	$	2,476,965
Total liabilities	$	0	$	2,476,965	$	0	$	2,476,965

Forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.60% and declining to 0.48% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.60% of the Fund’s average daily net assets.

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

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account

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

servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class C shares, 0.65% for Class R6 shares, 0.85% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $190 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$62,517,545	$239,721,948	$70,343,679	$291,982,954

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2018, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $367,989,426 and $237,541,995 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended March 31, 2018.

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

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

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

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
State Street Bank	$4,385,408	$(2,476,965)	$	0	$	1,908,443

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged		Net amount of liabilities
State Street Bank	$2,476,965	$(2,476,965)	$	0	$	0

7. BANK BORROWINGS

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

During the six months ended March 31, 2018, the Fund had average borrowings outstanding of $80,733 (on an annualized basis) at an average rate of 2.73% and paid interest in the amount of $2,204.

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.

Other information (unaudited) Wells Fargo International Bond Fund 27

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 Bond Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Bond 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

30 Wells Fargo International Bond Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo International Bond Fund 31

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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309993 05-18 SA235/SAR235 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo
Strategic 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	20
Statement of operations	21
Statement of changes in net assets	22
Financial highlights	23
Notes to financial statements	27
Other information	37
List of abbreviations	41

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Strategic Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Strategic Income Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Strategic Income Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Strategic Income Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Fargo Asset Management (International), LLC

Portfolio managers

Niklas Nordenfelt, CFA^®

Tony Norris

Alex Perrin

Thomas M. Price, CFA^®

Scott M. Smith, CFA^®

Noah Wise, CFA^®

Average annual total returns (%) as of March 31, 2018

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception		Gross		Net2
Class A (WSIAX)	1-31-2013		0.47		1.13		0.96		4.65		1.95		1.77		1.74		0.91
Class C (WSICX)	1-31-2013		2.98		1.22		1.03		3.98		1.22		1.03		2.49		1.66
Administrator Class (WSIDX)	1-31-2013		–		–		–		4.91		2.08		1.90		1.68		0.76
Institutional Class (WSINX)	1-31-2013		–		–		–		5.11		2.28		2.10		1.41		0.61
Bloomberg Barclays U.S. Universal Bond Index3	–		–		–		–		1.52		2.19		2.24		–		–
ICE BofAML 3-Month LIBOR Constant Maturity Index4	–		–		–		–		1.21		0.55		0.55		–		–

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

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

For Class A shares, the maximum front-end sales charge is 4.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment- grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk, regulatory risk, and geographic risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Strategic Income Fund 5

Ten largest holdings (%) as of March 31, 20185
U.S. Treasury Note, 1.25%, 8-31-2019	5.75
CIFC Funding Limited Series 2018-1A Class B, 3.56%, 4-18-2031	1.88
Wind River CLO Limited Series 2014-1A Class B2R, 3.28%, 4-18-2026	1.69
Malaysia, 3.88%, 3-10-2022	1.49
Poland, 2.50%, 7-25-2027	1.47
Indonesia, 7.88%, 4-15-2019	1.32
BlueMountain CLO Limited Series 2015-3A Class A1R, 1.00%, 4-20-2031	1.32
SoFi Consumer Loan Program Trust Series 2018-1 Class C, 3.97%, 2-25-2027	1.31
DRB Prime Student Loan Trust Series 2017-C Class C, 3.29%, 11-25-2042	1.29
Avis Budget Rental Car Funding LLC Series 2017-1A Class C, 4.15%, 9-20-2023	1.21

Portfolio allocation as of March 31, 2018⁶

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

² The manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.90% for Class A, 1.65% for Class C, 0.75% for Administrator Class, and 0.60% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³ The Bloomberg Barclays U.S. Universal Bond Index is an unmanaged market-value-weighted performance benchmark for the U.S. dollar–denominated bond market, which includes investment-grade, high-yield, and emerging markets debt securities with maturities of one year or more. You cannot invest directly in an index.

⁴ The ICE BofAML 3-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having 3 months to maturity and with a coupon equal to the closing quote for 3-Month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing 3-Month LIBOR rate) and is rolled into a new 3-month instrument. The index, therefore, will always have a constant maturity equal to exactly 3 months. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

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 Strategic 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 October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,025.56	$	4.55		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Class C
Actual	$	1,000.00	$	1,021.66	$	8.32		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.70	$	8.30		1.65	%
Administrator Class
Actual	$	1,000.00	$	1,023.38	$	3.78		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,027.54	$	3.03		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02		0.60	%

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—March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 10.59%
AmeriCredit Automobile Receivables Trust Series 2015-4 Class D		3.72	%		12-8-2021	$	300,000	$	303,603
Ascentium Equipment Receivables LLC Series 2016-1A Class B 144A		2.85			7-10-2020		400,000		400,302
Avis Budget Rental Car Funding LLC Series 2017-1A Class C 144A		4.15			9-20-2023		650,000		644,967
Chesapeake Funding II LLC Series 2017-4A Class D 144A		3.26			11-15-2029		400,000		393,452
Coinstar Funding LLC Series 2017-1A Class A2 144A		5.22			4-25-2047		496,250		509,672
Conn Funding II LP Series 2017-A Class A 144A		2.73			7-15-2019		16,001		16,000
Dell Equipment Finance Trust Series 2017-2 Class D 144A		3.27			10-23-2023		400,000		398,246
DRB Prime Student Loan Trust Series 2017-C Class C 144A		3.29			11-25-2042		700,000		684,909
SMB Private Education Loan Trust Series 2015-C Class C 144A		4.50			9-17-2046		290,000		292,668
SoFi Consumer Loan Program Trust Series 2016-3A 144A		3.05			12-26-2025		296,408		296,168
SoFi Consumer Loan Program Trust Series 2018-1 Class C 144A		3.97			2-25-2027		700,000		698,378
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		245,124		242,967
SoFi Professional Loan Program LLC Series 2017-E Class B 144A		3.49			11-26-2040		300,000		295,671
Store Master Funding LLC Series 2014-1A ClassA2 144A		5.00			4-20-2044		98,083		101,144
Tesla Auto Lease Trust Series 2018-A Class E 144A		4.94			3-22-2021		350,000		350,543
Total Asset-Backed Securities (Cost $5,299,652)									5,628,690
Corporate Bonds and Notes: 20.85%
Consumer Discretionary: 4.29%
Auto Components: 0.09%
Allison Transmission Incorporated 144A		5.00			10-1-2024		50,000		49,563
Automobiles: 0.31%
Ford Motor Company		7.45			7-16-2031		135,000		163,302
Distributors: 0.19%
LKQ Corporation		4.75			5-15-2023		100,000		99,500
Media: 2.82%
Altice US Finance I Corporation 144A		5.50			5-15-2026		125,000		121,875
CCO Holdings LLC 144A		5.13			5-1-2023		35,000		35,044
CCO Holdings LLC		5.25			9-30-2022		50,000		50,751
CCO Holdings LLC 144A		5.38			5-1-2025		150,000		147,750
Charter Communications Operating LLC		4.91			7-23-2025		200,000		204,275
Cox Communications Incorporated 144A		3.50			8-15-2027		200,000		190,673
Discovery Communications LLC		3.80			3-13-2024		100,000		98,776
Gray Television Incorporated 144A		5.13			10-15-2024		50,000		48,375
Gray Television Incorporated 144A		5.88			7-15-2026		50,000		48,625
National CineMedia LLC		6.00			4-15-2022		75,000		75,750
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		50,000		51,360
Nielsen Finance LLC 144A		5.00			4-15-2022		75,000		74,942
Salem Media Group Incorporated 144A		6.75			6-1-2024		100,000		95,750
Time Warner Cable Incorporated		3.80			2-15-2027		265,000		256,044
									1,499,990
Multiline Retail: 0.18%
Nordstrom Incorporated		5.00			1-15-2044		100,000		93,808
Specialty Retail: 0.61%
Asbury Automotive Group Incorporated		6.00			12-15-2024		75,000		76,313
Group 1 Automotive Incorporated		5.00			6-1-2022		50,000		50,390
Lithia Motors Incorporated 144A		5.25			8-1-2025		75,000		75,188

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

8 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail (continued)
Penske Auto Group Incorporated		5.75	%		10-1-2022	$	50,000	$	51,250
Sonic Automotive Incorporated		5.00			5-15-2023		75,000		71,250
									324,391
Textiles, Apparel & Luxury Goods: 0.09%
Wolverine World Wide Incorporated 144A		5.00			9-1-2026		50,000		48,750
Energy: 3.16%
Energy Equipment & Services: 0.77%
Bristow Group Incorporated 144A		8.75			3-1-2023		25,000		25,250
Era Group Incorporated		7.75			12-15-2022		40,000		39,200
Hilcorp Energy Company 144A		5.75			10-1-2025		75,000		74,250
Hornbeck Offshore Services Incorporated		1.50			9-1-2019		25,000		19,344
NGPL PipeCo LLC 144A		7.77			12-15-2037		150,000		181,500
PHI Incorporated		5.25			3-15-2019		70,000		68,605
									408,149
Oil, Gas & Consumable Fuels: 2.39%
Cheniere Energy Incorporated 144A		5.25			10-1-2025		100,000		98,625
Exterran Partners LP		6.00			4-1-2021		50,000		50,063
Murphy Oil Corporation		5.75			8-15-2025		5,000		4,925
Phillips 66		4.88			11-15-2044		250,000		266,133
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		200,000		230,676
Rose Rock Midstream LP		5.63			11-15-2023		100,000		94,500
Semgroup Corporation		7.25			3-15-2026		25,000		24,938
Sunoco Logistics Partner LP		5.40			10-1-2047		250,000		237,789
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		175,000		178,063
Ultra Resources Incorporated 144A		6.88			4-15-2022		25,000		21,750
Ultra Resources Incorporated 144A		7.13			4-15-2025		75,000		61,500
									1,268,962
Financials: 5.34%
Banks: 1.68%
Bank of America Corporation (3 Month LIBOR +4.55%) ±		6.30			12-29-2049		265,000		284,213
International Finance Corporation		5.85			11-25-2022		17,000,000		255,562
JPMorgan Chase & Company (3 Month LIBOR +3.30%) ±		6.00			12-31-2049		100,000		103,125
PNC Financial Services (3 Month LIBOR +3.30%) ±		5.00			12-29-2049		250,000		248,875
									891,775
Capital Markets: 0.68%
Blackstone Holdings Finance Company LLC 144A		3.15			10-2-2027		100,000		95,841
Goldman Sachs Group Incorporated		4.25			10-21-2025		265,000		266,216
									362,057
Consumer Finance: 0.37%
Arch Capital Finance LLC		4.01			12-15-2026		125,000		125,701
FirstCash Incorporated 144A		5.38			6-1-2024		25,000		25,399

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Springleaf Finance Corporation		8.25	%		10-1-2023	$	40,000	$	43,200
									194,300
Diversified Financial Services: 0.75%
Brookfield Finance LLC		4.00			4-1-2024		200,000		201,393
LPL Holdings Incorporated 144A		5.75			9-15-2025		175,000		172,760
Vantiv LLC 144A		4.38			11-15-2025		25,000		24,156
									398,309
Insurance: 1.86%
Guardian Life Insurance Company 144A		4.85			1-24-2077		200,000		205,651
Hub Holdings LLC (PIK at 8.88%) 144A¥		8.13			7-15-2019		30,000		30,038
HUB International Limited 144A		7.88			10-1-2021		100,000		103,500
Lincoln National Corporation		7.00			6-15-2040		105,000		137,909
MetLife Incorporated		6.40			12-15-2066		200,000		219,250
Protective Life Corporation		8.45			10-15-2039		200,000		294,301
									990,649
Health Care: 0.83%
Biotechnology: 0.18%
Celgene Corporation		3.45			11-15-2027		100,000		94,727
Health Care Equipment & Supplies: 0.09%
Hologic Incorporated 144A		4.38			10-15-2025		50,000		48,250
Health Care Providers & Services: 0.46%
Highmark Incorporated 144A		6.13			5-15-2041		100,000		108,190
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		25,000		25,813
Vizient Incorporated 144A		10.38			3-1-2024		100,000		110,750
									244,753
Health Care Technology: 0.10%
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		50,000		50,938
Industrials: 0.92%
Commercial Services & Supplies: 0.69%
Advanced Disposal Services Incorporated 144A		5.63			11-15-2024		100,000		101,000
Covanta Holding Corporation		5.88			3-1-2024		120,000		117,600
KAR Auction Services Incorporated 144A		5.13			6-1-2025		150,000		149,250
									367,850
Transportation Infrastructure: 0.23%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2027		200,000		119,125
Information Technology: 2.14%
Electronic Equipment, Instruments & Components: 0.19%
Arrow Electronics Incorporated		3.50			4-1-2022		100,000		99,205

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

10 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Internet Software & Services: 0.15%
Zayo Group LLC		6.38	%		5-15-2025	$	75,000	$	77,625
IT Services: 0.42%
Cardtronics Incorporated		5.13			8-1-2022		150,000		146,211
Gartner Incorporated 144A		5.13			4-1-2025		75,000		75,000
									221,211
Semiconductors & Semiconductor Equipment: 0.44%
Broadcom Corporation		3.13			1-15-2025		250,000		236,199
Software: 0.46%
Citrix Systems Incorporated		4.50			12-1-2027		250,000		247,140
Technology Hardware, Storage & Peripherals: 0.48%
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		75,000		95,132
NCR Corporation		5.88			12-15-2021		160,000		162,800
									257,932
Materials: 0.57%
Containers & Packaging: 0.57%
Owens-Illinois Incorporated 144A		6.38			8-15-2025		50,000		52,625
Silgan Holdings Incorporated		3.25			3-15-2025		200,000		250,050
									302,675
Real Estate: 0.92%
Equity REITs: 0.19%
The Geo Group Incorporated		5.88			10-15-2024		100,000		99,000
Real Estate Management & Development: 0.73%
Washington Prime Group		3.85			4-1-2020		400,000		391,040
Telecommunication Services: 1.44%
Diversified Telecommunication Services: 0.87%
AT&T Incorporated		5.25			3-1-2037		135,000		142,624
GCI Incorporated		6.75			6-1-2021		90,000		91,125
Verizon Communications Incorporated		5.50			3-16-2047		205,000		226,786
									460,535
Wireless Telecommunication Services: 0.57%
CC Holdings GS V LLC		3.85			4-15-2023		100,000		100,395
Sprint Communications Incorporated 144A		7.00			3-1-2020		150,000		157,500
T-Mobile USA Incorporated		6.38			3-1-2025		20,000		20,900
T-Mobile USA Incorporated		6.84			4-28-2023		25,000		25,875
									304,670

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Utilities: 1.24%
Electric Utilities: 0.77%
Oglethorpe Power Corporation		4.25	%		4-1-2046	$	400,000	$	384,273
Terraform Global Operating LLC 144A		6.13			3-1-2026		25,000		25,188
									409,461
Independent Power & Renewable Electricity Producers: 0.47%
NSG Holdings LLC 144A		7.75			12-15-2025		90,201		98,996
Pattern Energy Group Incorporated 144A		5.88			2-1-2024		150,000		153,375
									252,371
Total Corporate Bonds and Notes (Cost $11,095,684)									11,078,212
						Shares
Exchange-Traded Funds: 1.98%
iShares 1-3 Year Credit Bond ETF «							5,255		545,469
iShares iBoxx $ High Yield Corporate Bond ETF «							1,846		158,091
iShares iBoxx $ Investment Grade Corporate Bond Fund ETF «							2,063		242,176
iShares JPMorgan USD Emerging Markets Bond ETF							950		107,179
Total Exchange-Traded Funds (Cost $1,071,826)									1,052,915
						Principal
Foreign Corporate Bonds and Notes @: 3.99%
Consumer Discretionary: 0.79%
Internet & Direct Marketing Retail: 0.34%
Selecta Group BV 144A (EUR)		5.88			2-1-2024		150,000		182,573
Media: 0.45%
Altice SA 144A (EUR)		7.25			5-15-2022		200,000		238,707
Consumer Staples: 1.38%
Food & Staples Retailing: 0.68%
Distribuidora Internacional de Alimentacion SA (EUR)		0.88			4-6-2023		300,000		362,502
Food Products: 0.70%
Kraft Heinz Foods Company (EUR)		2.25			5-25-2028		300,000		370,879
Energy: 0.25%
Oil, Gas & Consumable Fuels: 0.25%
Total SA (5 Year Euro Swap Rate +3.78%) (EUR) ±		3.88			12-29-2049		100,000		134,845
Financials: 1.11%
Banks: 1.11%
ATF Netherlands BV (EUR)		1.50			7-15-2024		100,000		123,074
International Finance Corporation (INR)		7.80			6-3-2019		29,900,000		465,038
									588,112

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

12 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 0.46%
Road & Rail: 0.46%
Europcar Groupe SA 144A (EUR)		4.13	%		11-15-2024		200,000	$	245,475
Total Foreign Corporate Bonds and Notes (Cost $2,101,187)									2,123,093
Foreign Government Bonds @: 9.41%
Brazil (BRL)		10.00			1-1-2021		640,000		208,304
Brazil (BRL)		10.00			1-1-2027		865,000		270,296
Colombia (COP)		7.00			9-11-2019		1,400,000,000		516,846
Indonesia (IDR)		7.88			4-15-2019		9,425,000,000		701,174
Malaysia (MYR)		3.88			3-10-2022		3,030,000		792,547
Mexico (MXN)		6.50			6-9-2022		8,760,000		469,335
Poland (PLN)		2.50			7-25-2027		2,805,000		779,597
Republic of Peru (PEN)		5.70			8-12-2024		1,515,000		510,936
Republic of South Africa (ZAR)		6.75			3-31-2021		6,500,000		545,311
Republic of South Africa (ZAR)		8.75			2-28-2048		2,500,000		208,764
Total Foreign Government Bonds (Cost $4,838,144)									5,003,110
Loans: 8.00%
Consumer Discretionary: 2.05%
Auto Components: 0.16%
Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±		3.60			9-23-2022	$	83,760		84,157
Distributors: 0.57%
Spin Holdco Incorporated (4 Month LIBOR +3.25%) ±		5.08			11-14-2022		304,067		305,715
Hotels, Restaurants & Leisure: 0.76%
Belmond Interfin Limited (1 Month LIBOR +2.75%) ±		4.63			7-3-2024		99,250		99,498
CCM Merger Incorporated (1 Month LIBOR +2.75%) ±		4.63			8-8-2021		203,219		204,298
La Quinta Intermediate Holdings LLC (3 Month LIBOR +2.75%) ±		4.47			4-14-2021		98,485		98,577
									402,373
Media: 0.56%
A-L Parent LLC (1 Month LIBOR +3.25%) ±‡		5.13			12-1-2023		148,125		149,421
Altice US Finance I Corporation (1 Month LIBOR +2.25%) ±		4.13			7-28-2025		148,130		147,796
									297,217
Energy: 0.35%
Energy Equipment & Services: 0.12%
Hummel Station (1 Month LIBOR +6.00%) ±		7.88			10-27-2022		62,613		60,395
Oil, Gas & Consumable Fuels: 0.23%
Veresen Midstream LP (1 Month LIBOR +3.00%) ±		4.88			3-31-2022		122,785		123,508
Financials: 0.63%
Diversified Financial Services: 0.25%
LPL Holdings Incorporated (3 Month LIBOR +2.25%) ±		4.47			9-23-2024		133,965		134,300

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Insurance: 0.38%
Alliant Holdings I LLC (1 Month LIBOR +3.25%) ±		5.13	%		8-12-2022	$	197,466	$	198,564
Health Care: 1.21%
Health Care Equipment & Supplies: 0.47%
Kinetic Concepts Incorporated (3 Month LIBOR +3.25%) ±		5.55			2-2-2024		248,125		249,055
Health Care Providers & Services: 0.16%
CHS Incorporated (3 Month LIBOR +3.00%) ±		4.98			1-27-2021		41,847		40,167
TeamHealth Incorporated (1 Month LIBOR +2.75%) ±		4.63			2-6-2024		49,251		46,994
									87,161
Health Care Technology: 0.47%
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.63			3-1-2024		247,500		248,027
Pharmaceuticals: 0.11%
Valeant Pharmaceuticals International Incorporated (1 Month LIBOR +3.50%) ±		5.24			4-1-2022		56,863		57,442
Industrials: 0.55%
Aerospace & Defense: 0.18%
TransDigm Incorporated (1 Month LIBOR +2.75%) ±		4.77			6-9-2023		98,231		98,476
Commercial Services & Supplies: 0.35%
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±		4.56			3-11-2021		87,630		88,041
Sedgwick Claims Management Services Incorporated (1 Month LIBOR +2.75%) ±		4.63			3-1-2021		98,466		98,342
									186,383
Transportation Infrastructure: 0.02%
OSG Bulk Ships Incorporated (3 Month LIBOR +4.25%) ±‡		6.04			8-5-2019		9,906		9,510
Information Technology: 1.48%
Electronic Equipment, Instruments & Components: 0.69%
Dell Incorporated (1 Month LIBOR +2.00%) ±		3.88			9-7-2023		363,554		363,855
Internet Software & Services: 0.19%
Applied Systems Incorporated (3 Month LIBOR +3.25%) ±		5.55			9-19-2024		99,500		100,193
IT Services: 0.60%
First Data Corporation (1 Month LIBOR +2.25%) ±		4.12			7-8-2022		320,667		321,100
Materials: 0.43%
Containers & Packaging: 0.43%
Berry Plastics Corporation (1 Month LIBOR +2.00%) ±		3.82			10-1-2022		82,454		82,815
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.63			2-5-2023		147,755		148,440
									231,255
Real Estate: 0.51%
Equity REITs: 0.37%
The Geo Group Incorporated (1 Month LIBOR +2.25%) ±		4.13			3-22-2024		198,000		198,446

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

14 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Real Estate Management & Development: 0.14%
Capital Automotive LP (1 Month LIBOR +2.50%) ±		4.38	%		3-24-2024	$	74,976	$	75,163
Telecommunication Services: 0.79%
Diversified Telecommunication Services: 0.65%
Intelsat Jackson Holdings SA (3 Month LIBOR +3.75%) ±		5.71			11-27-2023		240,332		240,332
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		4.11			2-22-2024		101,410		101,584
									341,916
Wireless Telecommunication Services: 0.14%
Syniverse Holdings Incorporated (1 Month LIBOR +5.00%) ±		6.72			3-9-2023		75,000		75,802
Total Loans (Cost $4,250,943)									4,250,013
Municipal Obligations: 2.53%
Illinois: 0.63%
Chicago IL Refunding Bonds Taxable Project Series E (GO Revenue)		6.05			1-1-2029		180,000		184,815
Chicago IL Transit Authority Taxable Pension Funding Series A (Tax Revenue)		6.90			12-1-2040		100,000		131,949
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series 2012-B (Tax Revenue) ¤		0.00			12-15-2051		85,000		15,552
									332,316
Maryland: 0.18%
Maryland Health & HEFAR Green Street Academy Series B (Education Revenue) 144A		6.75			7-1-2023		100,000		98,223
New Jersey: 0.94%
New Jersey EDA Motor Vehicle Surcharge Refunding Subordinate Bond Series B (Tax Revenue)		3.52			7-1-2020		500,000		499,500
Pennsylvania: 0.34%
Philadelphia PA IDA Pension Funding Series B (Miscellaneous Revenue, Ambac Insured) ¤		0.00			4-15-2021		95,000		84,554
Quakertown PA General Authority USDA Loan Anticipation Notes Series 2017-B (Health Revenue)		3.80			7-1-2021		100,000		98,827
									183,381
Texas: 0.44%
North Texas Tollway Authority Build America Bonds Subordinate Lien Bond Series B-2 (Transportation Revenue)		8.91			2-1-2030		210,000		231,452
Total Municipal Obligations (Cost $1,353,136)									1,344,872
Non-Agency Mortgage-Backed Securities: 12.04%
321 Henderson Receivables LLC Series 2015-2A Class A 144A		3.87			3-15-2058		418,646		423,208
ALM Loan Funding Series 2015-16A Class A2R (3 Month LIBOR +1.60%) 144A±		3.32			7-15-2027		410,000		410,057
BB-UBS Trust Series 2012-TFT Class C 144A±±		3.47			6-5-2030		150,000		145,034
BCC Funding Corporation Series 2016-1 Class B 144A		2.73			4-20-2022		400,000		396,942
BlueMountain CLO Limited Series 2015-3A Class A1R (3 Month LIBOR +1.00%) 144A±%%		1.00			4-20-2031		700,000		700,000
CIFC Funding Limited Series 2018-1A Class B (3 Month LIBOR +1.40%) 144A±		3.56			4-18-2031		1,000,000		1,000,967
Citi Held For Asset Issuance Trust Series 2015-PM3 Class B 144A		4.31			5-16-2022		69,505		69,631
Citi Held For Asset Issuance Trust Series 2016-PM1 Class B 144A		7.67			4-15-2025		185,769		187,332

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
FREMF Mortgage Trust Series 2017-K724 Class B 144A±±		3.49	%		11-25-2023	$	400,000	$	396,224
GS Mortgage Securities Trust Series 2014-GC24 Class D 144A±±		4.53			9-10-2047		325,000		270,584
JPMBB Commercial Mortgage Securities Trust Series 2014-C19 Class D 144A±±		4.66			4-15-2047		493,000		437,024
Longtrain Leasing III LLC Series 2015-1A Class A2 144A		4.06			1-15-2045		500,000		507,281
Spirit Master Funding LLC Series 2017-1A Class A 144A		4.36			12-20-2047		299,004		300,818
Textainer Marine Containers Limited Series 2017-1A Class B 144A		4.85			5-20-2042		155,941		156,578
Textainer Marine Containers Limited Series 2017-2A Class B 144A		4.75			6-20-2042		94,152		94,164
Wind River CLO Limited Series 2014-1A Class B2R (3 Month LIBOR +1.55%) 144A±		3.28			4-18-2026		900,000		899,733
Total Non-Agency Mortgage-Backed Securities (Cost $6,755,032)									6,395,577
				Expiration date		Shares
Rights: 0.01%
Utilities: 0.01%
Independent Power & Renewable Electricity Producers: 0.01%
Vistra Energy Corporation †					12-31-2046		6,516		3,584
Total Rights (Cost $6,785)									3,584
				Maturity date		Principal
U.S. Treasury Securities: 6.27%
U.S. Treasury Note		1.25			8-31-2019	$	3,100,000		3,057,984
U.S. Treasury Note		1.63			2-15-2026		130,000		119,856
U.S. Treasury Note		2.25			11-15-2027		160,000		153,147
Total U.S. Treasury Securities (Cost $3,381,457)									3,330,987
Yankee Corporate Bonds and Notes: 6.73%
Energy: 0.80%
Oil, Gas & Consumable Fuels: 0.80%
Comision Federal de Electricidad 144A		4.75			2-23-2027		250,000		250,625
Teekay Corporation		8.50			1-15-2020		75,000		77,625
Woodside Finance Limited 144A		3.70			3-15-2028		100,000		96,340
									424,590
Financials: 4.33%
Banks: 2.93%
ABN AMRO Bank NV 144A		4.75			7-28-2025		200,000		204,878
Banco de Costa Rica 144A		5.25			8-12-2018		250,000		251,238
Banistmo SA 144A		3.65			9-19-2022		100,000		95,875
BPCE SA 144A		5.15			7-21-2024		305,000		318,297
Credit Agricole SA (5 Year USD Swap Rate +6.19%) 144A±		8.13			12-29-2049		265,000		301,885
Intesa Sanpaolo SpA 144A		5.71			1-15-2026		135,000		135,408
UBS Group Funding Limited 144A		4.13			9-24-2025		250,000		251,248
									1,558,829
Capital Markets: 0.49%
Credit Suisse Group AG 144A		3.57			1-9-2023		260,000		258,391

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

16 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Insurance: 0.46%
Validus Holdings Limited		8.88	%		1-26-2040	$	160,000	$	245,044
Thrifts & Mortgage Finance: 0.45%
Nationwide Building Society (5 Year USD ICE Swap Rate 11:00am NY +1.85%) 144A±		4.13			10-18-2032		250,000		238,422
Health Care: 1.03%
Pharmaceuticals: 1.03%
Teva Pharmaceutical Finance BV		4.10			10-1-2046		380,000		279,005
Teva Pharmaceutical Finance BV 144A«		6.75			3-1-2028		200,000		197,332
Valeant Pharmaceuticals International Incorporated 144A		5.50			3-1-2023		25,000		21,844
Valeant Pharmaceuticals International Incorporated 144A		6.13			4-15-2025		25,000		21,575
Valeant Pharmaceuticals International Incorporated 144A		7.00			3-15-2024		25,000		26,063
									545,819
Industrials: 0.38%
Commercial Services & Supplies: 0.19%
Ritchie Brothers Auctioneers Incorporated 144A		5.38			1-15-2025		100,000		100,000
Professional Services: 0.19%
IHS Markit Limited 144A		4.75			2-15-2025		100,000		101,500
Materials: 0.04%
Containers & Packaging: 0.04%
OI European Group BV 144A		4.00			3-15-2023		25,000		23,813
Telecommunication Services: 0.15%
Wireless Telecommunication Services: 0.15%
Intelsat Jackson Holdings SA		5.50			8-1-2023		100,000		81,000
Total Yankee Corporate Bonds and Notes (Cost $3,563,837)									3,577,408
Yankee Government Bonds: 6.12%
Banque Centrale de Tunisie SA		5.75			1-30-2025		200,000		190,250
Bermuda 144A		3.72			1-25-2027		250,000		243,750
Federal Democratic Republic of Ethiopia		6.63			12-11-2024		200,000		205,584
Province of Cordoba 144A		7.13			8-1-2027		400,000		396,404
Province of Santa Fe		7.00			3-23-2023		200,000		204,732
Republic of Ghana		9.25			9-15-2022		400,000		455,456
Republic of Guatemala		4.38			6-5-2027		250,000		243,125
Republic of Honduras		6.25			1-19-2027		200,000		211,394
Republic of Kazakhstan		5.13			7-21-2025		250,000		270,752
Republic of Sri Lanka		5.75			1-18-2022		400,000		404,423
Socialist Republic of Vietnam		4.80			11-19-2024		200,000		203,924
The Dominican Republic		6.88			1-29-2026		200,000		221,851
Total Yankee Government Bonds (Cost $3,217,888)									3,251,645

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 17

Security name	Yield					Shares		Value
Short-Term Investments: 12.73%
Investment Companies: 12.33%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89	%				820,168	$	820,250
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.54					5,732,611		5,732,611
									6,552,861
				Maturity date		Principal
U.S. Treasury Securities: 0.40%
Treasury Bill (z)#		1.68			6-14-2018	$	210,000		209,294
Total Short-Term Investments (Cost $6,762,130)									6,762,155

Total investments in securities (Cost $53,697,701)	101.25	%		53,802,261
Other assets and liabilities, net	(1.25	)		(664,689	)
Total net assets	100.00	%	$	53,137,572

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.

¥ A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

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

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

@ Foreign bond principal is denominated in the local currency of the issuer.

‡ Security is valued using significant unobservable inputs.

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

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

† Non-income-earning security

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

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

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

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

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
Euro-Bund Futures		(2)		6-7-2018	$	(260,454	)	$	(262,500	)	$	0	$	(2,046	)
10-Year Ultra Futures		(32)		6-20-2018		(4,106,288	)		(4,155,500	)		0		(49,212	)
U.S. Ultra Bond		(6)		6-20-2018		(935,030	)		(962,813	)		0		(27,783	)
10-Year U.S. Treasury Notes		(21)		6-20-2018		(2,527,347	)		(2,543,953	)		0		(16,606	)
5-Year U.S. Treasury Notes		(42)		6-29-2018		(4,795,479	)		(4,807,359	)		0		(11,880	)
2-Year U.S. Treasury Notes		(13)		6-29-2018		(2,764,103	)		(2,763,922	)		181		0
											$	181	$	(107,527	)

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

18 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2018 (unaudited)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty¤¤	Settlement date	Unrealized gains		Unrealized losses
510,325 USD	6,450,000 ZAR	State Street Bank	4-16-2018	$	0	$	(33,548	)
6,450,000 ZAR	527,190 USD	State Street Bank	4-16-2018		16,684		0
1,650,000 BRL	505,205 USD	State Street Bank	5-22-2018		0		(7,397	)
782,768 USD	2,650,000 PLN	State Street Bank	5-22-2018		8,039		0
503,079 USD	1,650,000 BRL	State Street Bank	5-22-2018		5,271		0
145,000,000 JPY	1,375,007 USD	State Street Bank	6-18-2018		0		(5,461	)
1,952,138 USD	1,570,000 EUR	Citibank	6-29-2018		7,905		0
				$	37,899		(46,406	)

¤¤ Transactions can only be closed with the originating counterparty.

Credit Default Swaps

Buy protection

Reference index	Fixed rate paid			Payment frequency		Counterparty°°		Maturity date		Notional amount		Value		Premiums paid		Unrealized gains		Unrealized losses
Markit CDX North America High Yield Index		5.00	%		Quarterly		Credit Suisse		6-20-2023		475,000 USD	$	28,604	$	27,277	$	1,327	$	0
Markit CDX North America Investment Grade Index		1.00	%		Quarterly		Credit Suisse		6-20-2023		650,000 USD		10,722		10,212		510		0
														$	37,489	$	1,837	$	0

Sell protection

Reference index	Fixed rate received			Payment frequency		Counterparty°°		Maturity date		Notional amount		Value			Premiums paid (received)			Unrealized gains		Unrealized losses
Markit CDX Emerging Markets Index		1.00	%		Quarterly		Barclays		6-20-2023		950,000 USD	$	(17,061	)	$	(19,000	)	$	1,939	$	0
Markit iTraxx Europe Crossover Index		1.00	%		Quarterly		Credit Suisse		6-20-2023		1,455,000 EUR		37,158			35,529			1,629		0
Markit iTraxx Europe Crossover Index		1.00	%		Quarterly		Credit Suisse		6-20-2023		250,000 EUR		31,199			30,157			1,042		0
															$	46,686		$	4,610	$	0

°° Exchange traded or centrally cleared transactions with counterparty.

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 19

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		0		4,518,735		3,698,567		820,168	$	0	$	0	$	1,180	$	820,250
Wells Fargo Government Money Market Fund Select Class		4,686,555		22,549,217		21,503,161		5,732,611		0		0		29,229		5,732,611
									$	0	$	0	$	30,409	$	6,552,861		12.33	%

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

20 Wells Fargo Strategic Income Fund Statement of assets and liabilities—March 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $803,220 of securities loaned), at value (cost $47,144,840)	$	47,249,400
Investments in affiliated securities, at value (cost $6,552,861)		6,552,861
Cash		7,299
Cash segregated for centrally cleared swaps		236,442
Foreign currency, at value (cost $53,262)		53,559
Receivable for investments sold		8,509,194
Receivable for Fund shares sold		51,370
Receivable for interest		465,055
Receivable for daily variation margin on open futures contracts		5
Receivable for securities lending income		376
Receivable for variation margin on centrally cleared swaps		90,622
Unrealized gains on forward foreign currency contracts		37,899
Receivable from manager		428
Prepaid expenses and other assets		62,078
Total assets		63,316,588
Liabilities
Payable for investments purchased		9,102,141
Payable upon receipt of securities loaned		820,250
Unrealized losses on forward foreign currency contracts		46,406
Payable for Fund shares redeemed		35,309
Payable for daily variation margin on open futures contracts		29,499
Administration fees payable		3,933
Distribution fee payable		372
Accrued expenses and other liabilities		141,106
Total liabilities		10,179,016
Total net assets	$	53,137,572
NET ASSETS CONSIST OF
Paid-in capital	$	53,949,301
Undistributed net investment income		171,326
Accumulated net realized losses on investments		(980,713	)
Net unrealized losses on investments		(2,342	)
Total net assets	$	53,137,572
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,382,269
Shares outstanding – Class A1		144,532
Net asset value per share – Class A		$9.56
Maximum offering price per share – Class A2		$9.96
Net assets – Class C	$	583,013
Shares outstanding – Class C1		61,073
Net asset value per share – Class C		$9.55
Net assets – Administrator Class	$	3,417,705
Shares outstanding – Administrator Class1		356,471
Net asset value per share – Administrator Class		$9.59
Net assets – Institutional Class	$	47,754,585
Shares outstanding – Institutional Class1		4,996,216
Net asset value per share – Institutional Class		$9.56

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/96 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended March 31, 2018 (unaudited) Wells Fargo Strategic Income Fund 21

Investment income
Interest (net of foreign interest withholding taxes of $7,339)	$	972,232
Income from affiliated securities		30,409
Dividends		16,153
Total investment income		1,018,794
Expenses
Management fee		134,051
Administration fees
Class A		1,003
Class C		382
Administrator Class		980
Institutional Class		18,950
Shareholder servicing fees
Class A		1,568
Class C		597
Administrator Class		2,449
Distribution fee
Class C		1,792
Custody and accounting fees		44,002
Professional fees		26,368
Registration fees		29,222
Shareholder report expenses		25,229
Trustees’ fees and expenses		7,984
Other fees and expenses		5,486
Total expenses		300,063
Less: Fee waivers and/or expense reimbursements		(141,003	)
Net expenses		159,060
Net investment income		859,734
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		52,052
Futures contracts		680,259
Forward foreign currency contracts		(125,926	)
Credit default swaps		47,185
Net realized gains on investments		653,570
Net change in unrealized gains (losses) on:
Unaffiliated securities		(541,332	)
Futures contracts		(241,488	)
Forward foreign currency contracts		(34,393	)
Credit default swaps		(10,590	)
Net change in unrealized gains (losses) on investments		(827,803	)
Net realized and unrealized gains (losses) on investments		(174,233	)
Net increase in net assets resulting from operations	$	685,501

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

22 Wells Fargo Strategic Income Fund Statement of changes in net assets

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	859,734					$	1,278,294
Net realized gains (losses) on investments					653,570						(265,813	)
Net change in unrealized gains (losses) on investments					(827,803	)					1,149,415
Net increase in net assets resulting from operations					685,501						2,161,896
Distributions to shareholders from
Net investment income
Class A					(16,697	)					(28,157	)
Class C					(5,156	)					(9,306	)
Administrator Class					(27,706	)					(12,437	)
Institutional Class					(783,450	)					(841,651	)
Total distributions to shareholders					(833,009	)					(891,551	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		115,685			1,107,222			321,165			2,992,396
Class C		28,642			274,244			13,178			122,066
Administrator Class		302,649			2,908,540			57,991			545,062
Institutional Class		978,802			9,396,710			2,906,247			27,435,661
					13,686,716						31,095,185
Reinvestment of distributions
Class A		1,726			16,504			2,995			27,934
Class C		540			5,156			1,010			9,306
Administrator Class		2,877			27,543			1,323			12,409
Institutional Class		82,006			783,450			89,616			841,651
					832,653						891,300
Payment for shares redeemed
Class A		(66,377	)		(635,746	)		(343,855	)		(3,221,808	)
Class C		(10,157	)		(96,961	)		(55,235	)		(514,171	)
Administrator Class		(7,567	)		(72,729	)		(65,078	)		(611,345	)
Institutional Class		(851,368	)		(8,151,537	)		(717,532	)		(6,786,658	)
					(8,956,973	)					(11,133,982	)
Net increase in net assets resulting from capital share transactions					5,562,396						20,852,503
Total increase in net assets					5,414,888						22,122,848
Net assets
Beginning of period					47,722,684						25,599,836
End of period				$	53,137,572					$	47,722,684
Undistributed net investment income				$	171,326					$	144,601

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

Financial highlights Wells Fargo Strategic Income Fund 23

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
CLASS A				2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.59			$9.25			$9.13			$9.72			$9.66			$10.00
Net investment income		0.15	3		0.33	3		0.31			0.34			0.37			0.27
Net realized and unrealized gains (losses) on investments		(0.03	)		0.22			(0.01	)		(0.69	)		(0.05	)		(0.36	)
Total from investment operations		0.12			0.55			0.30			(0.35	)		0.32			(0.09	)
Distributions to shareholders from
Net investment income		(0.15	)		(0.21	)		(0.13	)		(0.22	)		(0.26	)		(0.25	)
Tax basis return of capital		0.00			0.00			(0.05	)		(0.02	)		0.00			0.00
Total distributions to shareholders		(0.15	)		(0.21	)		(0.18	)		(0.24	)		(0.26	)		(0.25	)
Net asset value, end of period		$9.56			$9.59			$9.25			$9.13			$9.72			$9.66
Total return4		1.21	%		6.05	%		3.34	%		(3.64	)%		3.36	%		(0.89	)%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.78	%		1.80	%		1.63	%		1.51	%		1.85	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		3.09	%		3.47	%		3.85	%		3.77	%		4.02	%		3.76	%
Supplemental data
Portfolio turnover rate		20	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$1,382			$896			$1,047			$928			$714			$518

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

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

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

24 Wells Fargo Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
CLASS C				2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.57			$9.22			$9.10			$9.71			$9.65			$10.00
Net investment income		0.11	3		0.29			0.25			0.28			0.31			0.21
Net realized and unrealized gains (losses) on investments		(0.02	)		0.18			(0.02	)		(0.68	)		(0.06	)		(0.37	)
Total from investment operations		0.09			0.47			0.23			(0.40	)		0.25			(0.16	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.12	)		(0.08	)		(0.19	)		(0.19	)		(0.19	)
Tax basis return of capital		0.00			0.00			(0.03	)		(0.02	)		0.00			0.00
Total distributions to shareholders		(0.11	)		(0.12	)		(0.11	)		(0.21	)		(0.19	)		(0.19	)
Net asset value, end of period		$9.55			$9.57			$9.22			$9.10			$9.71			$9.65
Total return4		0.98	%		5.20	%		2.67	%		(4.35	)%		2.61	%		(1.51	)%
Ratios to average net assets (annualized)
Gross expenses		2.23	%		2.59	%		2.54	%		2.37	%		2.25	%		2.60	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		2.34	%		2.80	%		3.10	%		3.02	%		3.25	%		3.01	%
Supplemental data
Portfolio turnover rate		20	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$583			$403			$766			$711			$835			$518

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Strategic Income Fund 25

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
ADMINISTRATOR CLASS				2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.61			$9.29			$9.16			$9.74			$9.66			$10.00
Net investment income		0.16	3		0.34	3		0.33	3		0.37			0.39			0.28
Net realized and unrealized gains (losses) on investments		(0.03	)		0.20			(0.01	)		(0.70	)		(0.05	)		(0.37	)
Total from investment operations		0.13			0.54			0.32			(0.33	)		0.34			(0.09	)
Distributions to shareholders from
Net investment income		(0.15	)		(0.22	)		(0.14	)		(0.22	)		(0.26	)		(0.25	)
Tax basis return of capital		0.00			0.00			(0.05	)		(0.03	)		0.00			0.00
Total distributions to shareholders		(0.15	)		(0.22	)		(0.19	)		(0.25	)		(0.26	)		(0.25	)
Net asset value, end of period		$9.59			$9.61			$9.29			$9.16			$9.74			$9.66
Total return4		1.37	%		5.91	%		3.52	%		(3.51	)%		3.63	%		(0.85	)%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.72	%		1.74	%		1.56	%		1.46	%		1.79	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.24	%		3.64	%		4.00	%		3.92	%		4.18	%		3.90	%
Supplemental data
Portfolio turnover rate		20	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$3,418			$562			$597			$496			$554			$496

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

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

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

26 Wells Fargo Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30						Year ended October 31
INSTITUTIONAL CLASS				2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.58			$9.24			$9.14			$9.71			$9.66			$10.00
Net investment income		0.16			0.35	3		0.34			0.40			0.41	3		0.29
Net realized and unrealized gains (losses) on investments		(0.02	)		0.24			(0.02	)		(0.71	)		(0.07	)		(0.36	)
Total from investment operations		0.14			0.59			0.32			(0.31	)		0.34			(0.07	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.25	)		(0.16	)		(0.23	)		(0.29	)		(0.27	)
Tax basis return of capital		0.00			0.00			(0.06	)		(0.03	)		0.00			0.00
Total distributions to shareholders		(0.16	)		(0.25	)		(0.22	)		(0.26	)		(0.29	)		(0.27	)
Net asset value, end of period		$9.56			$9.58			$9.24			$9.14			$9.71			$9.66
Total return4		1.48	%		6.43	%		3.55	%		(3.28	)%		3.60	%		(0.66	)%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.40	%		1.46	%		1.19	%		1.14	%		1.52	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.39	%		3.71	%		4.16	%		4.04	%		4.25	%		4.05	%
Supplemental data
Portfolio turnover rate		20	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$47,755			$45,862			$23,190			$17,564			$38,664			$23,338

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

⁴  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 Strategic Income Fund 27

1. ORGANIZATION

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

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.

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

Swaps are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

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

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.

Foreign currency translation

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

28 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

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 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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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, if any, is included in income from affiliated securities on the Statement of Operations.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 29

selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

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

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

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Fund as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

If the Fund is the seller of protection and a credit event occurs, the Fund will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Fund is the buyer of protection and a credit event occurs, the Fund will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index. Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized. The daily fluctuation in market value is recorded as unrealized gains or losses on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

30 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker the variation margin. Variation margin is recorded as an unrealized gains or losses and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $53,870,142 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	735,419
Gross unrealized losses		(912,706	)
Net unrealized losses	$	(177,287	)

As of September 30, 2017, the Fund had capital loss carryforwards which consist of $536,005 in short-term capital losses and $881,299 in long-term capital losses.

As of September 30, 2017, the Fund had current year deferred post-October capital losses consisting of $71,469 in short-term losses which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 31

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	5,628,690	$	0	$	5,628,690
Corporate bonds and notes		0		11,078,212		0		11,078,212
Exchange-traded funds		1,052,915		0		0		1,052,915
Foreign corporate bonds and notes		0		2,123,093		0		2,123,093
Foreign government bonds		0		5,003,110		0		5,003,110
Loans		0		4,091,082		158,931		4,250,013
Municipal obligations		0		1,344,872		0		1,344,872
Non-agency mortgage-backed securities		0		6,395,577		0		6,395,577
Rights
Utilities		0		3,584		0		3,584
U.S. Treasury securities		3,330,987		0		0		3,330,987
Yankee corporate bonds and notes		0		3,577,408		0		3,577,408
Yankee government bonds and notes		0		3,251,645		0		3,251,645
Short-term investments
Investment companies		5,732,611		0		0		5,732,611
U.S. Treasury securities		209,294		0		0		209,294
Investments measured at net asset value*								820,250
		10,325,807		42,497,273		158,931		53,802,261
Credit default swap contracts		0		6,447		0		6,447
Forward foreign currency contracts		0		37,899		0		37,899
Futures contracts		181		0		0		181
Total assets	$	10,325,988	$	42,541,619	$	158,931	$	53,846,788
Liabilities
Forward foreign currency contracts	$	0	$	46,406	$	0	$	46,406
Futures contracts		107,527		0		0		107,527
Total liabilities	$	107,527	$	46,406	$	0	$	153,933

* 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 $820,250 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

32 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

Forward foreign currency contracts, futures contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date. For futures contracts and centrally cleared swaps, the current day’s variation margin are reported on the Statement of assets and liabilities. 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 March 31, 2018, 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

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 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 0.525% and declining to 0.405% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.525% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.15% as the average daily net assets of the Fund increase. Wells Fargo Asset Management (International), LLC (formerly, First International Advisors, LLC), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.90% for Class A shares, 1.65% for Class C shares, 0.75% for Administrator Class shares, and 0.60% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $70 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2018.

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 33

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$157,875	$15,976,597	$0	$9,353,911

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2018, the Fund entered into futures contracts to manage duration exposure, forward foreign currency contracts for economic hedging purposes, and credit default swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund’s total return.

The table below discloses the volume of the Fund’s derivative activity during the six months ended March 31, 2018.

Futures contracts
Average notional balance on short futures	$	17,605,302
Forward foreign currency contracts
Average contract amounts to buy		1,344,024
Average contract amounts to sell		4,317,545
Credit default swaps
Average notional balance		4,233,621

The Fund’s credit default swap may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

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

34 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

The fair value of derivative instruments as of March 31, 2018 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Interest rate risk	Net unrealized losses on investments	$	181	*	Net unrealized losses on investments	$	105,481	*
Foreign currency risk	Net unrealized losses on investments		0	*	Net unrealized losses on investments		2,046	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		37,899		Unrealized losses on forward foreign currency contracts		46,406
Credit risk	Net unrealized losses on investments		6,447	**	Net unrealized losses on investments		0	**
		$	44,527			$	153,933

* Amount includes cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of investments. Only the current day’s variation margin as of March 31, 2018 is reported separately on the Statement of Assets and Liabilities.

** Amount includes cumulative unrealized gains (losses) on centrally cleared swaps as reported in the table following the Portfolio of investments. Only the current day’s variation margin as of March 31, 2018 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2018 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Credit default swaps			Total
Interest rate risk	$	677,473		$	0		$	0		$	677,473
Foreign currency risk		2,786			(125,926	)		0			(123,140	)
Credit risk		0			0			47,185			47,185
	$	680,259		$	(125,926	)	$	47,185		$	601,518
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Credit default swaps			Total
Interest rate risk	$	(238,122	)	$	0		$	0		$	(238,122	)
Foreign currency risk		(3,366	)		(34,393	)		0			(37,759	)
Credit risk		0			0			(10,590	)		(10,590	)
	$	(241,488	)	$	(34,393	)	$	(10,590	)	$	(286,471	)

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

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 35

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:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral received			Net amount of assets
Barclays	$	1,939	*	$	0		$	0		$	1,939
Citibank		7,905			0			0			7,905
Credit Suisse		4,508	*		0			0			4,508
JPMorgan		181	*		(181	)		0			0
State Street		29,994			(29,994	)		0			0
Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
JPMorgan	$	107,527	*	$	(181	)	$	(107,346	)	$	0
State Street		46,406			(29,994	)		0			16,412

* Amount represents cumulative unrealized gains (losses) on futures contracts and centrally cleared swaps which are reported in Net unrealized losses on investments. Only the current day’s variation margin as of March 31, 2018 is reported separately on the Statement of Assets and Liabilities.

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

7. BANK BORROWINGS

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

For the six months ended March 31, 2018, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. SUBSEQUENT DISTRIBUTIONS

On April 24, 2018, the Fund declared distributions from net investment income to shareholders of record on April 23, 2018. The per share amounts payable on April 25, 2018 were as follows:

	Net investment income
Class A		$0.02071
Class C		0.01561
Administrator Class		0.02146
Institutional Class		0.02360

36 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

On May 24, 2018, the Fund declared distributions from net investment income to shareholders of record on May 23, 2018. The per share amounts payable on May 25, 2018 were as follows:

	Net investment income
Class A		$0.02905
Class C		0.02323
Administrator Class		0.02999
Institutional Class		0.03177

These distributions are not reflected in the accompanying financial statements.

Other information (unaudited) Wells Fargo Strategic Income Fund 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.

38 Wells Fargo Strategic 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Strategic Income Fund 39

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell*** (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

40 Wells Fargo Strategic Income Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Strategic Income Fund 41

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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309994 05-18 SA263/SAR263 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo C&B Mid Cap Value 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	18
Other information	23
List of abbreviations	27

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo C&B Mid Cap Value Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

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

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo C&B Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Cooke and Bieler, L.P.

Portfolio managers

Andrew B. Armstrong, CFA^®

Steve Lyons, CFA^®

Michael M. Meyer, CFA^®

Edward W. O’Connor, CFA^®

R. James O’Neil, CFA^®

Mehul Trivedi, CFA^®

William Weber, CFA^®

Average annual total returns (%) as of March 31, 2018

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (CBMAX)	7-26-2004		2.50		10.01		9.72		8.75		11.33		10.38		1.31		1.26
Class C (CBMCX)	7-26-2004		6.95		10.50		9.55		7.95		10.50		9.55		2.06		2.01
Administrator Class (CBMIX)	7-26-2004		–		–		–		8.86		11.41		10.45		1.23		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		9.14		11.68		10.72		0.98		0.91
Russell Midcap® Value Index3	–		–		–		–		6.50		11.11		9.81		–		–

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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo C&B Mid Cap Value Fund 5

Ten largest holdings (%) as of March 31, 20184
First Cash Financial Services Incorporated	4.47
Helen of Troy Limited	3.46
Gildan Activewear Incorporated	3.19
Schweitzer-Mauduit International Incorporated	3.17
TCF Financial Corporation	3.13
AerCap Holdings NV	3.01
Crown Holdings Incorporated	2.70
Colfax Corporation	2.59
Omnicom Group Incorporated	2.55
Arrow Electronics Incorporated	2.52

Sector distribution as of March 31, 2018⁵

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

²  The manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.25% for Class A, 2.00% for Class C, 1.15% for Administrator Class, and 0.90% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. You cannot invest directly in an index.

⁴  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.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo C&B Mid Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,021.19	$	6.30		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Class C
Actual	$	1,000.00	$	1,017.21	$	10.06		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,021.48	$	5.80		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,022.93	$	4.54		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo C&B Mid Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 94.37%
Consumer Discretionary: 16.80%
Auto Components: 1.59%
Tenneco Incorporated		71,100	$	3,901,257
Hotels, Restaurants & Leisure: 0.82%
Brinker International Incorporated «		55,700		2,010,770
Household Durables: 5.89%
Helen of Troy Limited †		97,200		8,456,400
Whirlpool Corporation		38,800		5,940,668
				14,397,068
Media: 2.55%
Omnicom Group Incorporated «		85,700		6,227,819
Specialty Retail: 0.83%
Penske Auto Group Incorporated		45,698		2,025,792
Textiles, Apparel & Luxury Goods: 5.12%
Gildan Activewear Incorporated		270,272		7,808,158
HanesBrands Incorporated «		255,200		4,700,784
				12,508,942
Consumer Staples: 1.18%
Food & Staples Retailing: 1.18%
United Natural Foods Incorporated †		67,300		2,889,862
Energy: 1.17%
Oil, Gas & Consumable Fuels: 1.17%
World Fuel Services Corporation		116,800		2,867,440
Financials: 23.76%
Banks: 4.75%
Commerce Bancshares Incorporated		66,201		3,966,102
TCF Financial Corporation		335,700		7,657,317
				11,623,419
Capital Markets: 2.24%
State Street Corporation		55,000		5,485,150
Consumer Finance: 8.57%
First Cash Financial Services Incorporated		134,400		10,920,000
PRA Group Incorporated Ǡ		155,700		5,916,600
Synchrony Financial		122,500		4,107,425
				20,944,025

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

8 Wells Fargo C&B Mid Cap Value Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name		Shares		Value
Insurance: 8.20%
FNF Group			127,200	$	5,090,544
Markel Corporation †			3,640		4,259,710
Progressive Corporation			61,400		3,741,102
RenaissanceRe Holdings Limited			41,800		5,789,718
Torchmark Corporation			13,800		1,161,546
					20,042,620
Health Care: 8.82%
Health Care Providers & Services: 5.16%
Cardinal Health Incorporated			85,000		5,327,800
Laboratory Corporation of America Holdings †			30,300		4,901,025
MEDNAX Incorporated †			43,000		2,392,090
					12,620,915
Life Sciences Tools & Services: 2.36%
Syneos Health Incorporated †			162,900		5,782,950
Pharmaceuticals: 1.30%
Perrigo Company plc			38,000		3,166,920
Industrials: 20.14%
Building Products: 1.91%
Quanex Building Products Corporation			269,000		4,680,600
Commercial Services & Supplies: 3.21%
Steelcase Incorporated Class A			324,919		4,418,899
Tetra Tech Incorporated			70,000		3,426,500
					7,845,399
Electrical Equipment: 3.28%
AMETEK Incorporated			44,400		3,373,068
Eaton Corporation plc			58,100		4,642,771
					8,015,839
Machinery: 8.73%
Colfax Corporation †			198,300		6,325,770
Donaldson Company Incorporated			110,300		4,969,015
Snap-on Incorporated			33,600		4,957,344
Woodward Governor Company			71,100		5,095,026
					21,347,155
Trading Companies & Distributors: 3.01%
AerCap Holdings NV †			144,900		7,349,328
	��
Information Technology: 9.72%
Electronic Equipment, Instruments & Components: 3.49%
Arrow Electronics Incorporated †			79,900		6,153,898
TE Connectivity Limited			23,900		2,387,610
					8,541,508

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo C&B Mid Cap Value Fund 9

Security name				Shares		Value
IT Services: 5.24%
Alliance Data Systems Corporation					17,600	$	3,746,336
Amdocs Limited					55,600		3,709,632
Genpact Limited					167,500		5,358,325
							12,814,293
Semiconductors & Semiconductor Equipment: 0.99%
Analog Devices Incorporated					26,401		2,405,923
Materials: 11.17%
Chemicals: 1.15%
Axalta Coating Systems Limited †					93,200		2,813,708
Containers & Packaging: 4.92%
Ball Corporation					136,400		5,416,444
Crown Holdings Incorporated †					130,000		6,597,500
							12,013,944
Metals & Mining: 1.93%
Reliance Steel & Aluminum Company					54,900		4,707,126
Paper & Forest Products: 3.17%
Schweitzer-Mauduit International Incorporated					198,200		7,759,530
Real Estate: 1.61%
Real Estate Management & Development: 1.61%
CBRE Group Incorporated Class A †					83,500		3,942,870
Total Common Stocks (Cost $189,528,233)							230,732,172
	Yield
Short-Term Investments: 12.68%
Investment Companies: 12.68%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89	%		17,430,717		17,432,460
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54			13,570,680		13,570,680
Total Short-Term Investments (Cost $31,002,901)							31,003,140

Total investments in securities (Cost $220,531,134)	107.05	%		261,735,312
Other assets and liabilities, net	(7.05	)		(17,228,641	)
Total net assets	100.00	%	$	244,506,671

« 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 company purchased with cash collateral received from securities on loan.

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

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

10 Wells Fargo C&B Mid Cap Value Fund Portfolio of investments—March 31, 2018 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		9,592,251		55,055,902		47,217,436		17,430,717	$	0	$	0	$	20,781	$	17,432,460
Wells Fargo Government Money Market Fund Select Class		13,092,556		52,547,104		52,068,980		13,570,680		0		0		77,017		13,570,680
									$	0	$	0	$	97,798	$	31,003,140		12.68	%

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

Statement of assets and liabilities—March 31, 2018 (unaudited) Wells Fargo C&B Mid Cap Value Fund 11

Assets
Investments in unaffiliated securities (including $17,067,508 of securities loaned), at value (cost $189,528,233)	$	230,732,172
Investments in affiliated securities, at value (cost $31,002,901)		31,003,140
Cash		65,610
Receivable for Fund shares sold		536,301
Receivable for dividends		215,850
Receivable for securities lending income		6,072
Prepaid expenses and other assets		55,360
Total assets		262,614,505
Liabilities
Payable upon receipt of securities loaned		17,431,375
Payable for Fund shares redeemed		422,742
Management fee payable		150,344
Administration fees payable		36,441
Distribution fee payable		6,013
Trustees’ fees and expenses payable		1,524
Accrued expenses and other liabilities		59,395
Total liabilities		18,107,834
Total net assets	$	244,506,671
NET ASSETS CONSIST OF
Paid-in capital	$	215,947,955
Undistributed net investment income		230,548
Accumulated net realized losses on investments		(12,876,010	)
Net unrealized gains on investments		41,204,178
Total net assets	$	244,506,671
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	109,183,422
Shares outstanding – Class A1		3,049,165
Net asset value per share – Class A		$35.81
Maximum offering price per share – Class A2		$37.99
Net assets – Class C	$	8,860,789
Shares outstanding – Class C1		262,990
Net asset value per share – Class C		$33.69
Net assets – Administrator Class	$	15,465,168
Shares outstanding – Administrator Class1		426,808
Net asset value per share – Administrator Class		$36.23
Net assets – Institutional Class	$	110,997,292
Shares outstanding – Institutional Class1		3,074,632
Net asset value per share – Institutional Class		$36.10

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 C&B Mid Cap Value Fund Statement of operations—six months ended March 31, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $8,557)	$	1,654,856
Income from affiliated securities		97,798
Total investment income		1,752,654
Expenses
Management fee		933,231
Administration fees
Class A		120,930
Class C		9,442
Administrator Class		9,336
Institutional Class		71,718
Shareholder servicing fees
Class A		143,965
Class C		11,240
Administrator Class		17,953
Distribution fee
Class C		33,720
Custody and accounting fees		10,738
Professional fees		19,916
Registration fees		33,938
Shareholder report expenses		24,552
Trustees’ fees and expenses		7,884
Other fees and expenses		4,610
Total expenses		1,453,173
Less: Fee waivers and/or expense reimbursements		(64,336	)
Net expenses		1,388,837
Net investment income		363,817
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		8,420,123
Net change in unrealized gains (losses) on investments		(3,223,630	)
Net realized and unrealized gains (losses) on investments		5,196,493
Net increase in net assets resulting from operations	$	5,560,310

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

Statement of changes in net assets Wells Fargo C&B Mid Cap Value Fund 13

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	363,817					$	281,516
Net realized gains on investments					8,420,123						22,529,075
Net change in unrealized gains (losses) on investments					(3,223,630	)					14,893,325
Net increase in net assets resulting from operations					5,560,310						37,703,916
Distributions to shareholders from
Net investment income
Class A					(10,376	)					(83,058	)
Administrator Class					(21,699	)					(9,681	)
Institutional Class					(345,183	)					(150,215	)
Total distributions to shareholders					(377,258	)					(242,954	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		198,888			7,157,451			329,229			10,679,080
Class C		27,911			956,792			52,816			1,621,177
Administrator Class		216,109			7,920,847			460,062			15,785,454
Institutional Class		1,214,178			44,036,927			3,656,287			121,259,348
					60,072,017						149,345,059
Reinvestment of distributions
Class A		278			10,143			2,574			82,120
Administrator Class		473			17,441			154			4,968
Institutional Class		8,408			308,732			3,867			124,207
					336,316						211,295
Payment for shares redeemed
Class A		(436,762	)		(16,006,816	)		(1,145,224	)		(37,191,746	)
Class B		N/A			N/A			(2,793	)1		(82,744	)1
Class C		(23,621	)		(806,274	)		(56,912	)		(1,760,044	)
Administrator Class		(388,581	)		(13,929,513	)		(141,587	)		(4,659,587	)
Institutional Class		(1,128,846	)		(40,984,276	)		(1,971,512	)		(66,556,409	)
					(71,726,879	)					(110,250,530	)
Net increase (decrease) in net assets resulting from capital share transactions					(11,318,546	)					39,305,824
Total increase (decrease) in net assets					(6,135,494	)					76,766,786
Net assets
Beginning of period					250,642,165						173,875,379
End of period				$	244,506,671					$	250,642,165
Undistributed net investment income				$	230,548					$	243,989

¹  For the period from October 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.

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

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$35.07			$29.27			$25.12			$25.26			$23.74			$18.22
Net investment income		0.03	1		(0.00	)1,2		0.07	1		0.05	1		0.06			0.10	1
Net realized and unrealized gains (losses) on investments		0.71			5.82			4.13			(0.14	)		1.55			5.60
Total from investment operations		0.74			5.82			4.20			(0.09	)		1.61			5.70
Distributions to shareholders from
Net investment income		(0.00	)2		(0.02	)		(0.05	)		(0.05	)		(0.09	)		(0.18	)
Net asset value, end of period		$35.81			$35.07			$29.27			$25.12			$25.26			$23.74
Total return3		2.12	%		19.89	%		16.73	%		(0.36	)%		6.78	%		31.59	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.30	%		1.33	%		1.35	%		1.35	%		1.38	%
Net expenses		1.25	%		1.25	%		1.24	%		1.20	%		1.20	%		1.20	%
Net investment income		0.15	%		(0.00	)%		0.27	%		0.18	%		0.24	%		0.49	%
Supplemental data
Portfolio turnover rate		21	%		54	%		35	%		41	%		55	%		48	%
Net assets, end of period (000s omitted)		$109,183			$115,258			$120,020			$19,862			$21,465			$19,468

¹  Calculated based upon average shares outstanding

²  Amount is more 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 C&B Mid Cap Value Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$33.12			$27.83			$24.02			$24.29			$22.92			$17.60
Net investment loss		(0.10	)1		(0.26	)		(0.14	)1		(0.15	)1		(0.13	)1		(0.05	)1
Net realized and unrealized gains (losses) on investments		0.67			5.55			3.95			(0.12	)		1.50			5.42
Total from investment operations		0.57			5.29			3.81			(0.27	)		1.37			5.37
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.05	)
Net asset value, end of period		$33.69			$33.12			$27.83			$24.02			$24.29			$22.92
Total return2		1.72	%		19.01	%		15.86	%		(1.11	)%		5.98	%		30.58	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.05	%		2.08	%		2.10	%		2.10	%		2.13	%
Net expenses		2.00	%		2.00	%		1.98	%		1.95	%		1.95	%		1.95	%
Net investment loss		(0.58	)%		(0.74	)%		(0.55	)%		(0.57	)%		(0.52	)%		(0.26	)%
Supplemental data
Portfolio turnover rate		21	%		54	%		35	%		41	%		55	%		48	%
Net assets, end of period (000s omitted)		$8,861			$8,567			$7,314			$6,737			$7,531			$7,598

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 C&B Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$35.52			$29.63			$25.42			$25.54			$24.01			$18.42
Net investment income		0.04	1		0.04	1		0.08	1		0.06	1		0.07	1		0.11	1
Net realized and unrealized gains (losses) on investments		0.72			5.89			4.19			(0.13	)		1.56			5.67
Total from investment operations		0.76			5.93			4.27			(0.07	)		1.63			5.78
Distributions to shareholders from
Net investment income		(0.05	)		(0.04	)		(0.06	)		(0.05	)		(0.10	)		(0.19	)
Net asset value, end of period		$36.23			$35.52			$29.63			$25.42			$25.54			$24.01
Total return2		2.15	%		20.02	%		16.82	%		(0.30	)%		6.82	%		31.65	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.22	%		1.25	%		1.21	%		1.19	%		1.21	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.23	%		0.12	%		0.28	%		0.22	%		0.26	%		0.53	%
Supplemental data
Portfolio turnover rate		21	%		54	%		35	%		41	%		55	%		48	%
Net assets, end of period (000s omitted)		$15,465			$21,267			$8,302			$9,725			$12,830			$19,525

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 C&B Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$35.41			$29.53			$25.34			$25.49			$23.95			$18.38
Net investment income		0.09	1		0.16			0.16			0.10			0.14			0.17	1
Net realized and unrealized gains (losses) on investments		0.72			5.82			4.17			(0.12	)		1.55			5.64
Total from investment operations		0.81			5.98			4.33			(0.02	)		1.69			5.81
Distributions to shareholders from
Net investment income		(0.12	)		(0.10	)		(0.14	)		(0.13	)		(0.15	)		(0.24	)
Net asset value, end of period		$36.10			$35.41			$29.53			$25.34			$25.49			$23.95
Total return2		2.29	%		20.30	%		17.11	%		(0.09	)%2		7.09	%		31.98	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.97	%		1.00	%		0.94	%		0.92	%		0.95	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.52	%		0.37	%		0.54	%		0.47	%		0.54	%		0.82	%
Supplemental data
Portfolio turnover rate		21	%		54	%		35	%		41	%		55	%		48	%
Net assets, end of period (000s omitted)		$110,997			$105,550			$38,161			$18,229			$33,881			$24,628

¹  Calculated based upon average shares outstanding

²  Total return reflects adjustments to conform with generally accepted accounting principles.

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

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

1. ORGANIZATION

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

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, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $220,715,767 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	47,051,397
Gross unrealized losses		(36,031,852	)
Net unrealized gains	$	41,019,545

As of September 30, 2017, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $19,218,672 expiring in 2018.

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.

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	41,071,648	$	0	$	0	$	41,071,648
Consumer staples		2,889,862		0		0		2,889,862
Energy		2,867,440		0		0		2,867,440
Financials		58,095,214		0		0		58,095,214
Health care		21,570,785		0		0		21,570,785
Industrials		49,238,321		0		0		49,238,321
Information technology		23,761,724		0		0		23,761,724
Materials		27,294,308		0		0		27,294,308
Real estate		3,942,870		0		0		3,942,870
Short-term investments
Investment companies		13,570,680		0		0		13,570,680
Investments measured at net asset value*								17,432,460
Total assets	$	244,302,852	$	0	$	0	$	261,735,312

* 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 $17,432,460 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.75% and declining to 0.63% as the average

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

daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.75% of the Fund’s average daily net assets.

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

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, 1.15% for Administrator Class shares, and 0.90% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $1,278 from the sale of Class A shares and $12 in contingent deferred sales charges from redemption of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $49,796,054 and $62,099,336, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or

22 �� Wells Fargo C&B Mid Cap Value Fund Notes to financial statements (unaudited)

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

For the six months ended March 31, 2018, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. 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.

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.

Other information (unaudited) Wells Fargo C&B Mid Cap Value Fund 23

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.

24 Wells Fargo C&B Mid Cap Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 C&B Mid Cap Value Fund 25

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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

26 Wells Fargo C&B Mid Cap Value Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo C&B Mid Cap Value 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309995 05-18 SA228/SAR228 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo Common Stock 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	20
Other information	25
List of abbreviations	29

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Common Stock Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Common Stock Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Common Stock Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Common Stock 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

Ann M. Miletti

Christopher G. Miller, CFA^®

Average annual total returns (%) as of March 31, 2018¹

		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 (SCSAX)	11-30-2000	4.23	8.96	9.19		10.58		10.26		9.84		1.26		1.26
Class C (STSAX)	11-30-2000	8.71	9.44	9.00		9.71		9.44		9.00		2.01		2.01
Class R6 (SCSRX)	6-28-2013	–	–	–		10.99		10.74		10.19		0.83		0.83
Administrator Class (SCSDX)	7-30-2010	–	–	–		10.74		10.43		9.97		1.18		1.11
Institutional Class (SCNSX)	7-30-2010	–	–	–		10.98		10.70		10.17		0.93		0.86
Russell 2500TM Index4	–	–	–	–		12.31		11.55		10.28		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Common Stock Fund 5

Ten largest holdings (%) as of March 31, 20185
E*TRADE Financial Corporation	2.81
Raymond James Financial Incorporated	2.19
LivaNova plc	2.07
Haemonetics Corporation	1.78
RSP Permian Incorporated	1.76
CNO Financial Group Incorporated	1.73
Steel Dynamics Incorporated	1.62
Genesee & Wyoming Incorporated Class A	1.57
Sterling BanCorp	1.57
Willis Towers Watson plc	1.57

Sector distribution as of March 31, 2018⁶

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, the returns for Class R6 shares would be higher. Historical performance shown for Administrator Class 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, the returns for Administrator and Institutional Class 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 January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.26% for Class A, 2.01% for Class C, 0.85% for Class R6, 1.10% for Administrator Class, and 0.85% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁵  The 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 Common Stock 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 October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,055.73	$	6.41		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Class C
Actual	$	1,000.00	$	1,051.46	$	10.23		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Class R6
Actual	$	1,000.00	$	1,057.61	$	4.21		0.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.84	$	4.13		0.82	%
Administrator Class
Actual	$	1,000.00	$	1,056.58	$	5.64		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,057.80	$	4.36		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Common Stock Fund 7

Security name	Shares		Value
Common Stocks: 98.02%
Consumer Discretionary: 9.30%
Auto Components: 1.46%
Dana Incorporated		657,771	$	16,944,181
Diversified Consumer Services: 0.69%
Houghton Mifflin Harcourt Company †		1,153,273		8,015,247
Hotels, Restaurants & Leisure: 1.24%
Jack in the Box Incorporated		168,939		14,415,565
Household Durables: 2.48%
Mohawk Industries Incorporated †		63,680		14,787,770
Whirlpool Corporation		91,058		13,941,890
				28,729,660
Internet & Direct Marketing Retail: 1.09%
Expedia Incorporated		113,938		12,579,895
Media: 1.14%
Interpublic Group of Companies Incorporated		572,666		13,188,498
Specialty Retail: 1.20%
Tractor Supply Company		220,094		13,870,324
Consumer Staples: 1.13%
Household Products: 1.13%
Church & Dwight Company Incorporated		260,021		13,094,658
Energy: 6.55%
Oil, Gas & Consumable Fuels: 6.55%
Cimarex Energy Company		140,602		13,146,287
Parsley Energy Incorporated Class A †		458,569		13,293,915
RSP Permian Incorporated †		434,644		20,376,111
Targa Resources Corporation		314,852		13,853,488
WPX Energy Incorporated †		1,030,370		15,228,869
				75,898,670
Financials: 18.14%
Banks: 6.24%
Bank of the Ozarks Incorporated		155,927		7,526,596
First Horizon National Corporation		703,092		13,239,222
MB Financial Incorporated		390,192		15,794,972
PacWest Bancorp		354,668		17,566,706
Sterling BanCorp		805,642		18,167,227
				72,294,723
Capital Markets: 5.00%
E*TRADE Financial Corporation †		588,231		32,593,880

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

8 Wells Fargo Common Stock Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Capital Markets (continued)
Raymond James Financial Incorporated		283,295	$	25,329,406
				57,923,286
Insurance: 6.90%
Arch Capital Group Limited †		154,716		13,242,142
CNO Financial Group Incorporated		924,376		20,031,228
Reinsurance Group of America Incorporated		92,758		14,284,732
RenaissanceRe Holdings Limited		102,725		14,228,440
Willis Towers Watson plc		119,239		18,146,983
				79,933,525
Health Care: 15.30%
Biotechnology: 2.59%
Alkermes plc †		235,322		13,639,263
BioMarin Pharmaceutical Incorporated †		93,903		7,612,716
Neurocrine Biosciences Incorporated †		105,414		8,741,983
				29,993,962
Health Care Equipment & Supplies: 5.41%
Haemonetics Corporation †		281,888		20,622,926
Hologic Incorporated †		483,234		18,053,622
LivaNova plc †		271,557		24,032,795
				62,709,343
Health Care Providers & Services: 5.07%
HealthEquity Incorporated †		205,842		12,461,675
Humana Incorporated		49,944		13,426,446
Laboratory Corporation of America Holdings †		107,815		17,439,076
Universal Health Services Incorporated Class B		130,097		15,404,786
				58,731,983
Life Sciences Tools & Services: 2.23%
Agilent Technologies Incorporated		221,483		14,817,213
PerkinElmer Incorporated		144,817		10,965,543
				25,782,756
Industrials: 18.80%
Aerospace & Defense: 0.76%
Hexcel Corporation		135,925		8,779,396
Airlines: 1.59%
Alaska Air Group Incorporated		93,861		5,815,628
Spirit Airlines Incorporated †«		335,475		12,674,246
				18,489,874
Commercial Services & Supplies: 3.66%
Republic Services Incorporated		198,938		13,175,664
Steelcase Incorporated Class A		969,692		13,187,811

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Common Stock Fund 9

Security name	Shares		Value
Commercial Services & Supplies (continued)
Stericycle Incorporated †		273,768	$	16,023,641
				42,387,116
Electrical Equipment: 4.19%
AMETEK Incorporated		189,013		14,359,318
Hubbell Incorporated		143,243		17,444,133
Sensata Technologies Holding †		322,553		16,717,922
				48,521,373
Industrial Conglomerates: 1.34%
Carlisle Companies Incorporated		148,870		15,543,517
Machinery: 2.40%
Rexnord Corporation †		400,854		11,897,347
Wabtec Corporation «		195,341		15,900,757
				27,798,104
Road & Rail: 2.68%
Genesee & Wyoming Incorporated Class A †		257,621		18,236,991
Hertz Global Holdings Incorporated †«		645,622		12,815,597
				31,052,588
Trading Companies & Distributors: 2.18%
GATX Corporation «		133,683		9,155,949
MRC Global Incorporated †		980,423		16,118,154
				25,274,103
Information Technology: 14.54%
Electronic Equipment, Instruments & Components: 0.79%
Avnet Incorporated		218,874		9,140,178
Internet Software & Services: 1.46%
Cornerstone OnDemand Incorporated †		431,155		16,862,472
IT Services: 2.99%
Amdocs Limited		197,795		13,196,882
Gartner Incorporated †		78,439		9,225,995
Global Payments Incorporated		110,066		12,274,560
				34,697,437
Semiconductors & Semiconductor Equipment: 3.41%
Integrated Device Technology Incorporated †		360,427		11,014,649
Maxim Integrated Products Incorporated		237,546		14,305,020
ON Semiconductor Corporation †		578,312		14,145,512
				39,465,181
Software: 4.97%
Fortinet Incorporated †		282,924		15,159,068
Nuance Communications Incorporated †		741,226		11,674,310

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

10 Wells Fargo Common Stock Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name				Shares		Value
Software (continued)
Red Hat Incorporated †					93,221	$	13,937,472
Zendesk Incorporated †					350,457		16,776,377
							57,547,227
Technology Hardware, Storage & Peripherals: 0.92%
Diebold Nixdorf Incorporated «					696,094		10,719,848
Materials: 7.25%
Chemicals: 3.31%
Axalta Coating Systems Limited †					444,585		13,422,021
International Flavors & Fragrances Incorporated					77,646		10,630,514
Valvoline Incorporated					647,682		14,333,203
							38,385,738
Containers & Packaging: 1.11%
Crown Holdings Incorporated †					252,131		12,795,648
Metals & Mining: 2.83%
Royal Gold Incorporated					163,172		14,011,580
Steel Dynamics Incorporated					425,577		18,819,015
							32,830,595
Real Estate: 7.01%
Equity REITs: 7.01%
Camden Property Trust					126,299		10,631,850
Hudson Pacific Properties Incorporated					388,314		12,631,854
Physicians Realty Trust					955,750		14,881,028
SBA Communications Corporation †					89,664		15,325,371
Sun Communities Incorporated					166,058		15,172,714
Taubman Centers Incorporated					221,944		12,630,833
							81,273,650
Total Common Stocks (Cost $782,114,524)							1,135,670,321
Exchange-Traded Funds: 1.19%
SPDR S&P Biotech ETF «					157,633		13,829,143
Total Exchange-Traded Funds (Cost $7,075,332)							13,829,143
	Yield
Short-Term Investments: 5.68%
Investment Companies: 5.68%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89	%		55,392,492		55,398,031
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54			10,373,349		10,373,349
Total Short-Term Investments (Cost $65,769,083)							65,771,380

Total investments in securities (Cost $854,958,939)	104.89	%		1,215,270,844
Other assets and liabilities, net	(4.89	)		(56,663,497	)
Total net assets	100.00	%	$	1,158,607,347

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Common Stock Fund 11

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		73,560,412		194,777,763		212,945,683		55,392,492	$	0	$	0	$	175,110	$	55,398,031
Wells Fargo Government Money Market Fund Select Class		13,029,319		160,174,913		162,830,883		10,373,349		0		0		119,853		10,373,349
									$	0	$	0	$	294,963	$	65,771,380		5.68	%

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

12 Wells Fargo Common Stock Fund Statement of assets and liabilities—March 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $52,861,347 of securities loaned), at value (cost $789,189,856)	$	1,149,499,464
Investments in affiliated securities, at value (cost $65,769,083)		65,771,380
Cash		240,120
Receivable for investments sold		9,865,718
Receivable for Fund shares sold		754,223
Receivable for dividends		930,233
Receivable for securities lending income		28,961
Prepaid expenses and other assets		4,480
Total assets		1,227,094,579
Liabilities
Payable upon receipt of securities loaned		55,394,647
Payable for investments purchased		11,617,110
Management fee payable		775,593
Administration fee payable		199,363
Payable for Fund shares redeemed		141,059
Distribution fee payable		12,084
Trustees’ fees and expenses payable		2,579
Accrued expenses and other liabilities		344,797
Total liabilities		68,487,232
Total net assets	$	1,158,607,347
NET ASSETS CONSIST OF
Paid-in capital	$	720,017,393
Accumulated net investment loss		(783,174	)
Accumulated net realized gains on investments		79,061,223
Net unrealized gains on investments		360,311,905
Total net assets	$	1,158,607,347
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	942,172,112
Shares outstanding – Class A1		41,257,893
Net asset value per share – Class A		$22.84
Maximum offering price per share – Class A2		$24.23
Net assets – Class C	$	18,130,268
Shares outstanding – Class C1		1,056,525
Net asset value per share – Class C		$17.16
Net assets – Class R6	$	33,408,309
Shares outstanding – Class R61		1,397,233
Net asset value per share – Class R6		$23.91
Net assets – Administrator Class	$	5,235,614
Shares outstanding – Administrator Class1		225,303
Net asset value per share – Administrator Class		$23.24
Net assets – Institutional Class	$	159,661,044
Shares outstanding – Institutional Class1		6,693,805
Net asset value per share – Institutional Class		$23.85

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 March 31, 2018 (unaudited) Wells Fargo Common Stock Fund 13

Investment income
Dividends	$	6,152,777
Income from affiliated securities		294,963
Total investment income		6,447,740
Expenses
Management fee		4,647,466
Administration fees
Class A		1,010,065
Class C		19,900
Class R6		10,128
Administrator Class		3,839
Institutional Class		108,327
Shareholder servicing fees
Class A		1,202,458
Class C		23,690
Administrator Class		7,382
Distribution fee
Class C		71,071
Custody and accounting fees		37,594
Professional fees		25,826
Registration fees		55,588
Shareholder report expenses		35,181
Trustees’ fees and expenses		12,451
Other fees and expenses		17,936
Total expenses		7,288,902
Less: Fee waivers and/or expense reimbursements		(61,847	)
Net expenses		7,227,055
Net investment loss		(779,315	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		102,805,948
Net change in unrealized gains (losses) on investments		(33,453,928	)
Net realized and unrealized gains (losses) on investments		69,352,020
Net increase in net assets resulting from operations	$	68,572,705

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

14 Wells Fargo Common Stock Fund Statement of changes in net assets

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment loss				$	(779,315	)				$	(3,746,611	)
Net realized gains on investments					102,805,948						121,745,388
Net change in unrealized gains (losses) on investments					(33,453,928	)					68,747,398
Net increase in net assets resulting from operations					68,572,705						186,746,175
Distributions to shareholders from
Net realized gains
Class A					(97,640,556	)					(34,833,443	)
Class C					(2,494,352	)					(1,072,237	)
Class R6					(11,401,103	)					(3,722,907	)
Administrator Class					(613,023	)					(308,980	)
Institutional Class					(16,747,502	)					(6,486,421	)
Total distributions to shareholders					(128,896,536	)					(46,423,988	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		380,168			8,906,397			975,399			21,721,156
Class C		22,174			392,263			58,484			1,036,989
Class R6		135,033			3,383,136			851,975			19,951,604
Administrator Class		3,765			90,306			68,428			1,537,967
Institutional Class		403,321			9,955,278			1,763,589			41,457,596
					22,727,380						85,705,312
Reinvestment of distributions
Class A		4,106,240			92,965,271			1,499,574			33,260,548
Class C		137,871			2,350,702			52,926			920,375
Class R6		481,095			11,397,143			161,865			3,722,907
Administrator Class		24,808			571,322			13,054			293,584
Institutional Class		696,871			16,460,103			279,367			6,411,478
					123,744,541						44,608,892
Payment for shares redeemed
Class A		(2,410,436	)		(57,057,540	)		(6,314,787	)		(142,096,079	)
Class B		N/A			N/A			(1,872	)1		(33,351	)1
Class C		(115,964	)		(2,089,169	)		(442,603	)		(7,836,662	)
Class R6		(3,838,409	)		(90,665,472	)		(954,160	)		(22,265,015	)
Administrator Class		(62,735	)		(1,520,866	)		(589,682	)		(13,418,635	)
Institutional Class		(1,116,011	)		(27,310,982	)		(3,134,026	)		(73,012,502	)
					(178,644,029	)					(258,662,244	)
Net decrease in net assets resulting from capital share transactions					(32,172,108	)					(128,348,040	)
Total increase (decrease) in net assets					(92,495,939	)					11,974,147
Net assets
Beginning of period					1,251,103,286						1,239,129,139
End of period				$	1,158,607,347					$	1,251,103,286
Accumulated net investment loss				$	(783,174	)				$	(3,859	)

¹  For the period from October 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 Common Stock Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$24.06			$21.50			$21.62			$24.79			$24.45			$21.18
Net investment loss		(0.02	)		(0.09	)		(0.01	)1		(0.04	)1		(0.07	)		(0.02	)
Net realized and unrealized gains (losses) on investments		1.34			3.48			2.45			(0.32	)		2.48			4.72
Total from investment operations		1.32			3.39			2.44			(0.36	)		2.41			4.70
Distributions to shareholders from
Net realized gains		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)		(1.43	)
Net asset value, end of period		$22.84			$24.06			$21.50			$21.62			$24.79			$24.45
Total return2		5.57	%		16.10	%		12.43	%		(1.76	)%		10.26	%		23.72	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.25	%		1.25	%		1.27	%		1.28	%		1.30	%
Net expenses		1.25	%		1.25	%		1.25	%		1.26	%		1.26	%		1.26	%
Net investment loss		(0.19	)%		(0.38	)%		(0.05	)%		(0.19	)%		(0.27	)%		(0.05	)%
Supplemental data
Portfolio turnover rate		17	%		35	%		32	%		51	%		38	%		40	%
Net assets, end of period (000s omitted)		$942,172			$942,596			$924,864			$127,732			$277,517			$292,806

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 Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$18.75			$17.04			$17.77			$21.02			$21.18			$18.67
Net investment loss		(0.09	)1		(0.20	)1		(0.14	)1		(0.18	)		(0.22	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		1.04			2.74			1.97			(0.26	)		2.13			4.10
Total from investment operations		0.95			2.54			1.83			(0.44	)		1.91			3.94
Distributions to shareholders from
Net realized gains		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)		(1.43	)
Net asset value, end of period		$17.16			$18.75			$17.04			$17.77			$21.02			$21.18
Total return2		5.15	%		15.29	%		11.52	%		(2.49	)%		9.42	%		22.78	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.00	%		2.00	%		2.02	%		2.03	%		2.05	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%		2.01	%		2.01	%
Net investment loss		(0.95	)%		(1.14	)%		(0.87	)%		(0.93	)%		(1.01	)%		(0.81	)%
Supplemental data
Portfolio turnover rate		17	%		35	%		32	%		51	%		38	%		40	%
Net assets, end of period (000s omitted)		$18,130			$18,978			$22,902			$25,668			$30,245			$29,483

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 Common Stock Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$25.03			$22.25			$22.20			$25.27			$24.78			$22.83
Net investment income		0.02	2		0.01			0.07	2		0.05			0.07	2		0.01
Net realized and unrealized gains (losses) on investments		1.40			3.60			2.54			(0.31	)		2.49			1.94
Total from investment operations		1.42			3.61			2.61			(0.26	)		2.56			1.95
Distributions to shareholders from
Net realized gains		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)		0.00
Net asset value, end of period		$23.91			$25.03			$22.25			$22.20			$25.27			$24.78
Total return3		5.76	%		16.56	%		12.91	%		(1.29	)%		10.76	%		8.54	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.82	%		0.80	%		0.80	%		0.81	%
Net expenses		0.82	%		0.82	%		0.82	%		0.80	%		0.80	%		0.81	%
Net investment income		0.17	%		0.05	%		0.32	%		0.28	%		0.27	%		0.18	%
Supplemental data
Portfolio turnover rate		17	%		35	%		32	%		51	%		38	%		40	%
Net assets, end of period (000s omitted)		$33,408			$115,641			$101,436			$95,037			$95,213			$27

¹  For the period from June 28, 2013 (commencement of class operations) to September 30, 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.

18 Wells Fargo Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$24.42			$21.78			$21.84			$24.98			$24.59			$21.26
Net investment income (loss)		(0.01	)1		(0.06	)1		0.02			(0.01	)1		(0.02	)1		0.01
Net realized and unrealized gains (losses) on investments		1.37			3.53			2.48			(0.32	)		2.48			4.75
Total from investment operations		1.36			3.47			2.50			(0.33	)		2.46			4.76
Distributions to shareholders from
Net realized gains		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)		(1.43	)
Net asset value, end of period		$23.24			$24.42			$21.78			$21.84			$24.98			$24.59
Total return2		5.66	%		16.26	%		12.59	%		(1.62	)%		10.41	%		23.92	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.17	%		1.12	%		1.11	%		1.11	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.09	%		1.09	%
Net investment income (loss)		(0.06	)%		(0.27	)%		0.03	%		(0.03	)%		(0.07	)%		0.11	%
Supplemental data
Portfolio turnover rate		17	%		35	%		32	%		51	%		38	%		40	%
Net assets, end of period (000s omitted)		$5,236			$6,336			$16,720			$18,050			$45,364			$24,871

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 Common Stock Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$24.97			$22.20			$22.16			$25.25			$24.77			$21.37
Net investment income		0.03			0.00	1,2		0.06	1		0.03			0.03			0.07	1
Net realized and unrealized gains (losses) on investments		1.39			3.60			2.54			(0.31	)		2.52			4.76
Total from investment operations		1.42			3.60			2.60			(0.28	)		2.55			4.83
Distributions to shareholders from
Net realized gains		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)		(1.43	)
Net asset value, end of period		$23.85			$24.97			$22.20			$22.16			$25.25			$24.77
Total return3		5.78	%		16.55	%		12.88	%		(1.38	)%		10.72	%		24.14	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.92	%		0.92	%		0.86	%		0.85	%		0.87	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.87	%
Net investment income		0.21	%		0.02	%		0.28	%		0.24	%		0.14	%		0.33	%
Supplemental data
Portfolio turnover rate		17	%		35	%		32	%		51	%		38	%		40	%
Net assets, end of period (000s omitted)		$159,661			$167,552			$173,175			$226,729			$223,525			$197,453

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.

20 Wells Fargo Common Stock Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

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, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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

Notes to financial statements (unaudited) Wells Fargo Common Stock Fund 21

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, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $852,715,425 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	395,020,370
Gross unrealized losses		(32,464,951	)
Net unrealized gains	$	362,555,419

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

22 Wells Fargo Common Stock Fund Notes to financial statements (unaudited)

based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	107,743,370	$	0	$	0	$	107,743,370
Consumer staples		13,094,658		0		0		13,094,658
Energy		75,898,670		0		0		75,898,670
Financials		210,151,534		0		0		210,151,534
Health care		177,218,044		0		0		177,218,044
Industrials		217,846,071		0		0		217,846,071
Information technology		168,432,343		0		0		168,432,343
Materials		84,011,981		0		0		84,011,981
Real estate		81,273,650		0		0		81,273,650
Exchange-traded funds		13,829,143		0		0		13,829,143
Short-term investments
Investment companies		10,373,349		0		0		10,373,349
Investments measured at net asset value*								55,398,031
Total assets	$	1,159,872,813	$	0	$	0	$	1,215,270,844

* 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 $55,398,031 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.80% and declining to 0.63% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.76% of the Fund’s average daily net assets.

Notes to financial statements (unaudited) Wells Fargo Common Stock Fund 23

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 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.26% for Class A shares, 2.01% for Class C shares, 0.85% for Class R6 shares, 1.10% for Administrator Class shares, and 0.85% for Institutional shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $1,482 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $210,587,906 and $369,126,553, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged

24 Wells Fargo Common Stock Fund Notes to financial statements (unaudited)

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

For the six months ended March 31, 2018, 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.

Other information (unaudited) Wells Fargo Common Stock Fund 25

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 Common Stock Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Common Stock 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

28 Wells Fargo Common Stock Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Common Stock Fund 29

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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind— including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309996 05-18 SA229/SAR229 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo Discovery 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	28

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Discovery Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Discovery Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Discovery Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Discovery 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

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of March 31, 2018¹

		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 (WFDAX)	7-31-2007		14.19		10.98		10.85		21.16		12.31		11.51		1.21		1.21
Class C (WDSCX)	7-31-2007		19.24		11.47		10.67		20.24		11.47		10.67		1.96		1.96
Class R6 (WFDRX)	6-28-2013		–		–		–		21.68		12.80		11.96		0.78		0.78
Administrator Class (WFDDX)	4-8-2005		–		–		–		21.27		12.43		11.64		1.13		1.13
Institutional Class (WFDSX)	8-31-2006		–		–		–		21.54		12.71		11.92		0.88		0.88
Russell 2500TM Growth Index4	–		–		–		–		19.92		13.37		11.17		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Discovery Fund 5

Ten largest holdings (%) as of March 31, 20185
Waste Connections Incorporated	2.65
WEX Incorporated	2.39
Bright Horizons Family Solutions Incorporated	2.11
BWX Technologies Incorporated	1.95
Gartner Incorporated	1.94
MercadoLibre Incorporated	1.86
Take-Two Interactive Software Incorporated	1.81
Veeva Systems Incorporated Class A	1.78
The Brink’s Company	1.72
SiteOne Landscape Supply Incorporated	1.71

Sector distribution as of March 31, 2018⁶

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, the returns for Class R6 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 January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.22% for Class A, 1.97% for Class C, 0.84% for Class R6, 1.15% 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 fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 2500™ Growth Index measures the performance of those Russell 2500 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash 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 Discovery 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 October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,094.31	$	6.32		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09		1.21	%
Class C
Actual	$	1,000.00	$	1,090.17	$	10.21		1.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.16	$	9.85		1.96	%
Class R6
Actual	$	1,000.00	$	1,096.49	$	4.08		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.04	$	3.93		0.78	%
Administrator Class
Actual	$	1,000.00	$	1,094.82	$	5.90		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.69		1.13	%
Institutional Class
Actual	$	1,000.00	$	1,095.73	$	4.60		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.54	$	4.43		0.88	%

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Discovery Fund 7

Security name	Shares		Value
Common Stocks: 97.15%
Consumer Discretionary: 13.79%
Diversified Consumer Services: 3.73%
Adtalem Global Education Incorporated †		897,200	$	42,661,860
Bright Horizons Family Solutions Incorporated †		558,340		55,677,665
				98,339,525
Hotels, Restaurants & Leisure: 5.48%
Eldorado Resorts Incorporated †«		807,600		26,650,800
Hilton Grand Vacations Incorporated †		1,033,638		44,467,107
Six Flags Entertainment Corporation «		584,140		36,368,556
Vail Resorts Incorporated		167,014		37,027,004
				144,513,467
Household Durables: 1.34%
NVR Incorporated †		12,600		35,280,000
Internet & Direct Marketing Retail: 0.45%
Vipshop Holdings Limited ADR †		723,100		12,017,922
Media: 1.18%
Cinemark Holdings Incorporated «		823,705		31,028,967
Specialty Retail: 1.61%
Burlington Stores Incorporated †		319,965		42,603,340
Consumer Staples: 2.70%
Beverages: 1.38%
National Beverage Corporation «		408,200		36,337,964
Food Products: 1.32%
Lamb Weston Holdings Incorporated		598,400		34,838,848
Energy: 1.18%
Oil, Gas & Consumable Fuels: 1.18%
Diamondback Energy Incorporated †		247,165		31,271,316
Financials: 3.62%
Capital Markets: 1.25%
Raymond James Financial Incorporated		369,345		33,023,136
Consumer Finance: 1.26%
SLM Corporation †		2,961,800		33,201,778
Thrifts & Mortgage Finance: 1.11%
Radian Group Incorporated		1,544,300		29,403,472
Health Care: 18.22%
Biotechnology: 4.74%
Armo Biosciences Incorporated †«		178,000		6,658,980
Array BioPharma Incorporated †		1,235,079		20,156,489

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

8 Wells Fargo Discovery Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Biotechnology (continued)
CRISPR Therapeutics AG †«		300,569	$	13,739,009
Exelixis Incorporated †		1,046,338		23,176,387
Flexion Therapeutics Incorporated †«		975,403		21,858,781
Puma Biotechnology Incorporated †		183,100		12,459,955
Sarepta Therapeutics Incorporated †		207,235		15,354,041
Tesaro Incorporated †«		203,000		11,599,420
				125,003,062
Health Care Equipment & Supplies: 7.21%
Haemonetics Corporation †		229,700		16,804,852
Hill-Rom Holdings Incorporated		478,170		41,600,790
Hologic Incorporated †		966,900		36,123,384
ICU Medical Incorporated †		165,061		41,661,396
Insulet Corporation †		452,395		39,213,599
iRhythm Technologies Incorporated †		235,100		14,799,545
				190,203,566
Health Care Providers & Services: 3.24%
Amedisys Incorporated †		491,252		29,642,146
Molina Healthcare Incorporated †		236,100		19,166,598
WellCare Health Plans Incorporated †		190,000		36,789,700
				85,598,444
Health Care Technology: 1.78%
Veeva Systems Incorporated Class A †		642,300		46,900,746
Life Sciences Tools & Services: 1.01%
Bio-Rad Laboratories Incorporated Class A †		106,400		26,608,512
Pharmaceuticals: 0.24%
MyoKardia Incorporated †		132,245		6,453,556
Industrials: 20.46%
Aerospace & Defense: 4.91%
BWX Technologies Incorporated		811,300		51,541,889
Curtiss-Wright Corporation		296,800		40,088,776
Mercury Computer Systems Incorporated †		783,591		37,863,117
				129,493,782
Building Products: 1.38%
A.O. Smith Corporation		570,700		36,290,813
Commercial Services & Supplies: 4.38%
The Brink’s Company		637,600		45,492,760
Waste Connections Incorporated		975,429		69,977,276
				115,470,036

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Discovery Fund 9

Security name	Shares		Value
Machinery: 4.25%
Evoqua Water Technologies Company †		1,930,711	$	41,104,837
John Bean Technologies Corporation		306,101		34,711,853
Nordson Corporation		266,800		36,375,512
				112,192,202
Professional Services: 1.58%
TransUnion †		734,350		41,696,393
Road & Rail: 0.61%
Saia Incorporated †		214,800		16,142,220
Trading Companies & Distributors: 3.35%
SiteOne Landscape Supply Incorporated †		585,143		45,079,417
Univar Incorporated †		1,562,741		43,366,063
				88,445,480
Information Technology: 35.40%
Electronic Equipment, Instruments & Components: 6.01%
Littelfuse Incorporated		169,324		35,249,870
National Instruments Corporation		525,700		26,584,649
Novanta Incorporated †		540,740		28,199,591
Universal Display Corporation		288,235		29,111,735
Zebra Technologies Corporation Class A †		283,400		39,446,446
				158,592,291
Internet Software & Services: 9.80%
Box Incorporated Class A †		1,983,400		40,758,870
Envestnet Incorporated †		511,725		29,321,843
Etsy Incorporated †		1,049,200		29,440,552
LogMeIn Incorporated		312,100		36,063,155
Match Group Incorporated †«		777,400		34,547,656
MercadoLibre Incorporated		137,400		48,967,986
Yandex NV Class A †		997,122		39,336,463
				258,436,525
IT Services: 10.57%
Black Knight Incorporated †		870,419		40,996,735
EPAM Systems Incorporated †		285,679		32,715,959
Euronet Worldwide Incorporated †		367,972		29,040,350
Gartner Incorporated †		436,200		51,305,844
Switch Incorporated Class A «		1,411,381		22,455,072
Total System Services Incorporated		456,200		39,351,812
WEX Incorporated †		402,600		63,055,212
				278,920,984
Semiconductors & Semiconductor Equipment: 3.28%
MKS Instruments Incorporated		384,600		44,478,990
Teradyne Incorporated		918,500		41,984,635
				86,463,625

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

10 Wells Fargo Discovery Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name				Shares		Value
Software: 4.68%
Proofpoint Incorporated †					275,944	$	31,361,036
Take-Two Interactive Software Incorporated †					488,800		47,794,864
The Ultimate Software Group Incorporated †					182,300		44,426,510
							123,582,410
Technology Hardware, Storage & Peripherals: 1.06%
NCR Corporation †					886,700		27,948,784
Materials: 1.78%
Chemicals: 0.72%
Albemarle Corporation					206,500		19,150,810
Construction Materials: 1.06%
Vulcan Materials Company					244,600		27,925,982
Total Common Stocks (Cost $2,001,271,542)							2,563,379,958
	Yield
Short-Term Investments: 8.21%
Investment Companies: 8.21%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89	%		139,100,177		139,114,087
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54			77,342,165		77,342,165
Total Short-Term Investments (Cost $216,453,264)							216,456,252

Total investments in securities (Cost $2,217,724,806)	105.36	%		2,779,836,210
Other assets and liabilities, net	(5.36	)		(141,303,254	)
Total net assets	100.00	%	$	2,638,532,956

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		138,258,417		551,681,390		550,839,630		139,100,177	$	0	$	0	$	620,531	$	139,114,087
Wells Fargo Government Money Market Fund Select Class		63,484,377		363,616,931		349,759,143		77,342,165		0		0		224,544		77,342,165
									$	0	$	0	$	845,075	$	216,456,252		8.21	%

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

Statement of assets and liabilities—March 31, 2018 (unaudited) Wells Fargo Discovery Fund 11

Assets
Investments in unaffiliated securities (including $135,577,622 of securities loaned), at value (cost $2,001,271,542)	$	2,563,379,958
Investments in affiliated securities, at value (cost $216,453,264)		216,456,252
Cash		112,928
Receivable for Fund shares sold		2,740,003
Receivable for dividends		573,130
Receivable for securities lending income		175,182
Total assets		2,783,437,453
Liabilities
Payable upon receipt of securities loaned		139,108,770
Payable for investments purchased		1,786,412
Management fee payable		1,703,240
Payable for Fund shares redeemed		1,301,603
Administration fees payable		317,853
Distribution fee payable		26,581
Trustees’ fees and expenses payable		2,474
Accrued expenses and other liabilities		657,564
Total liabilities		144,904,497
Total net assets	$	2,638,532,956
NET ASSETS CONSIST OF
Paid-in capital	$	1,876,982,524
Accumulated net investment loss		(5,621,004	)
Accumulated net realized gains on investments		205,060,032
Net unrealized gains on investments		562,111,404
Total net assets	$	2,638,532,956
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	628,785,289
Shares outstanding – Class A1		18,715,569
Net asset value per share – Class A		$33.60
Maximum offering price per share – Class A2		$35.65
Net assets – Class C	$	39,772,188
Shares outstanding – Class C1		1,340,484
Net asset value per share – Class C		$29.67
Net assets – Class R6	$	414,434,456
Shares outstanding – Class R61		11,393,725
Net asset value per share – Class R6		$36.37
Net assets – Administrator Class	$	319,801,363
Shares outstanding – Administrator Class1		9,222,218
Net asset value per share – Administrator Class		$34.68
Net assets – Institutional Class	$	1,235,739,660
Shares outstanding – Institutional Class1		34,133,025
Net asset value per share – Institutional Class		$36.20

¹  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.

²  The Fund has an unlimited number of authorized shares.

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

12 Wells Fargo Discovery Fund Statement of operations—six months ended March 31, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $43,473)	$	6,495,430
Securities lending income from affiliates, net		620,531
Income from affiliated securities		224,544
Total investment income		7,340,505
Expenses
Management fee		9,437,630
Administration fees
Class A		663,156
Class C		42,267
Class R6		58,311
Administrator Class		215,708
Institutional Class		792,499
Shareholder servicing fees
Class A		789,472
Class C		50,318
Administrator Class		414,824
Distribution fee
Class C		150,955
Custody and accounting fees		74,433
Professional fees		21,638
Registration fees		106,605
Shareholder report expenses		96,642
Trustees’ fees and expenses		12,270
Other fees and expenses		34,385
Total expenses		12,961,113
Net investment loss		(5,620,608	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		222,277,941
Net change in unrealized gains (losses) on investments		18,523,005
Net realized and unrealized gains (losses) on investments		240,800,946
Net increase in net assets resulting from operations	$	235,180,338

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

Statement of changes in net assets Wells Fargo Discovery Fund 13

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment loss				$	(5,620,608	)				$	(12,091,379	)
Net realized gains on investments					222,277,941						442,264,301
Net change in unrealized gains (losses) on investments					18,523,005						90,993,116
Net increase in net assets resulting from operations					235,180,338						521,166,038
Distributions to shareholders from
Net realized gains
Class A					(99,511,453	)					(8,136,174	)
Class C					(7,025,882	)					(671,858	)
Class R6					(54,328,520	)					(3,804,488	)
Administrator Class					(51,960,260	)					(4,526,561	)
Institutional Class					(179,090,110	)					(16,230,955	)
Total distributions to shareholders					(391,916,225	)					(33,370,036	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		881,973			30,970,539			1,274,807			41,940,957
Class C		70,014			2,108,185			48,882			1,447,999
Class R6		1,758,211			64,564,660			1,956,366			69,699,870
Administrator Class		565,926			20,340,410			1,012,912			34,218,485
Institutional Class		3,662,780			135,810,161			5,741,288			198,618,853
					253,793,955						345,926,164
Reinvestment of distributions
Class A		3,004,879			96,516,712			255,886			7,873,622
Class C		221,675			6,302,232			19,199			537,750
Class R6		1,557,379			54,087,762			116,203			3,804,488
Administrator Class		1,557,195			51,621,001			142,683			4,504,510
Institutional Class		4,841,719			167,426,637			471,707			15,401,227
					375,954,344						32,121,597
Payment for shares redeemed
Class A		(1,823,563	)		(63,241,272	)		(6,316,847	)		(202,308,530	)
Class C		(165,758	)		(5,161,781	)		(666,827	)		(19,445,166	)
Class R6		(944,376	)		(35,235,876	)		(2,489,101	)		(84,079,620	)
Administrator Class		(1,871,691	)		(66,434,578	)		(5,246,628	)		(170,695,467	)
Institutional Class		(4,199,133	)		(156,108,637	)		(17,883,060	)		(606,158,168	)
					(326,182,144	)					(1,082,686,951	)
Net increase (decrease) in net assets resulting from capital share transactions					303,566,155						(704,639,190	)
Total increase (decrease) in net assets					146,830,268						(216,843,188	)
Net assets
Beginning of period					2,491,702,688						2,708,545,876
End of period				$	2,638,532,956					$	2,491,702,688
Accumulated net investment loss				$	(5,621,004	)				$	(396	)

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

14 Wells Fargo Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$36.47			$29.94			$30.48			$32.35			$33.50			$26.89
Net investment loss		(0.13	)		(0.23	)		(0.18	)1		(0.24	)		(0.30	)		(0.08	)1
Net realized and unrealized gains (losses) on investments		3.29			7.17			2.23			0.96			1.36			8.14
Total from investment operations		3.16			6.94			2.05			0.72			1.06			8.06
Distributions to shareholders from
Net realized gains		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)		(1.45	)
Net asset value, end of period		$33.60			$36.47			$29.94			$30.48			$32.35			$33.50
Total return2		9.43	%		23.42	%		7.33	%		2.09	%		3.15	%		31.86	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.20	%		1.23	%		1.25	%		1.27	%
Net expenses		1.21	%		1.21	%		1.20	%		1.21	%		1.22	%		1.22	%
Net investment loss		(0.65	)%		(0.70	)%		(0.64	)%		(0.64	)%		(0.95	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		33	%		73	%		78	%		87	%		84	%		86	%
Net assets, end of period (000s omitted)		$628,785			$607,318			$641,786			$294,661			$335,221			$239,506

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 Discovery Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$32.99			$27.32			$28.24			$30.37			$31.81			$25.79
Net investment loss		(0.22	)1		(0.42	)1		(0.37	)1		(0.43	)1		(0.35	)		(0.30	)1
Net realized and unrealized gains (losses) on investments		2.93			6.50			2.04			0.89			1.12			7.77
Total from investment operations		2.71			6.08			1.67			0.46			0.77			7.47
Distributions to shareholders from
Net realized gains		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)		(1.45	)
Net asset value, end of period		$29.67			$32.99			$27.32			$28.24			$30.37			$31.81
Total return2		9.02	%		22.51	%		6.51	%		1.35	%		2.33	%		30.89	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.96	%		1.95	%		1.98	%		2.00	%		2.02	%
Net expenses		1.96	%		1.96	%		1.95	%		1.96	%		1.97	%		1.97	%
Net investment loss		(1.40	)%		(1.45	)%		(1.41	)%		(1.39	)%		(1.70	)%		(1.08	)%
Supplemental data
Portfolio turnover rate		33	%		73	%		78	%		87	%		84	%		86	%
Net assets, end of period (000s omitted)		$39,772			$40,070			$49,538			$66,772			$84,585			$48,768

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 Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$38.93			$31.80			$32.08			$33.78			$34.73			$31.03
Net investment income (loss)		(0.04	)2		(0.08	)		(0.07	)		(0.07	)		(0.17	)		0.02	2
Net realized and unrealized gains (losses) on investments		3.51			7.62			2.38			0.96			1.43			3.68
Total from investment operations		3.47			7.54			2.31			0.89			1.26			3.70
Distributions to shareholders from
Net realized gains		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)		0.00
Net asset value, end of period		$36.37			$38.93			$31.80			$32.08			$33.78			$34.73
Total return3		9.65	%		23.98	%		7.77	%		2.53	%		3.60	%		11.96	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.78	%		0.77	%		0.76	%		0.77	%		0.77	%
Net expenses		0.78	%		0.78	%		0.77	%		0.76	%		0.77	%		0.77	%
Net investment income (loss)		(0.21	)%		(0.27	)%		(0.22	)%		(0.21	)%		(0.45	)%		0.30	%
Supplemental data
Portfolio turnover rate		33	%		73	%		78	%		87	%		84	%		86	%
Net assets, end of period (000s omitted)		$414,434			$351,268			$300,118			$273,941			$221,043			$28

¹  For the period from June 28, 2013 (commencement of class operations) to September 30, 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 Discovery Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$37.44			$30.70			$31.17			$32.99			$34.08			$27.30
Net investment loss		(0.09	)		(0.20	)1		(0.17	)1		(0.20	)		(0.27	)1		(0.04	)
Net realized and unrealized gains (losses) on investments		3.36			7.35			2.29			0.97			1.39			8.27
Total from investment operations		3.27			7.15			2.12			0.77			1.12			8.23
Distributions to shareholders from
Net realized gains		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)		(1.45	)
Net asset value, end of period		$34.68			$37.44			$30.70			$31.17			$32.99			$34.08
Total return2		9.48	%		23.52	%		7.40	%		2.24	%		3.25	%		32.01	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.13	%		1.12	%		1.09	%		1.08	%		1.10	%
Net expenses		1.13	%		1.13	%		1.12	%		1.09	%		1.08	%		1.10	%
Net investment loss		(0.57	)%		(0.62	)%		(0.58	)%		(0.52	)%		(0.81	)%		(0.13	)%
Supplemental data
Portfolio turnover rate		33	%		73	%		78	%		87	%		84	%		86	%
Net assets, end of period (000s omitted)		$319,801			$335,898			$400,997			$575,568			$687,537			$648,228

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$38.79			$31.72			$32.04			$33.76			$34.74			$27.73
Net investment income (loss)		(0.06	)1		(0.13	)1		(0.10	)		(0.09	)		(0.20	)		0.01
Net realized and unrealized gains (losses) on investments		3.50			7.61			2.37			0.96			1.43			8.45
Total from investment operations		3.44			7.48			2.27			0.87			1.23			8.46
Distributions to shareholders from
Net realized gains		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)		(1.45	)
Net asset value, end of period		$36.20			$38.79			$31.72			$32.04			$33.76			$34.74
Total return2		9.57	%		23.88	%		7.68	%		2.47	%		3.51	%		32.36	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.87	%		0.82	%		0.82	%		0.84	%
Net expenses		0.88	%		0.88	%		0.87	%		0.82	%		0.82	%		0.84	%
Net investment income (loss)		(0.32	)%		(0.37	)%		(0.32	)%		(0.26	)%		(0.54	)%		0.11	%
Supplemental data
Portfolio turnover rate		33	%		73	%		78	%		87	%		84	%		86	%
Net assets, end of period (000s omitted)		$1,235,740			$1,157,148			$1,316,107			$1,436,125			$1,396,603			$988,615

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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.

20 Wells Fargo Discovery Fund Notes to financial statements (unaudited)

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, if any, is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $2,220,697,102 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	616,308,027
Gross unrealized losses		(57,168,919	)
Net unrealized gains	$	559,139,108

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

Notes to financial statements (unaudited) Wells Fargo Discovery Fund 21

based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	363,783,221	$	0	$	0	$	363,783,221
Consumer staples		71,176,812		0		0		71,176,812
Energy		31,271,316		0		0		31,271,316
Financials		95,628,386		0		0		95,628,386
Health care		480,767,886		0		0		480,767,886
Industrials		539,730,926		0		0		539,730,926
Information technology		933,944,619		0		0		933,944,619
Materials		47,076,792		0		0		47,076,792
Short-term investments
Investment companies		77,342,165		0		0		77,342,165
Investments measured at net asset value*								139,114,087
Total assets	$	2,640,722,123	$	0	$	0	$	2,779,836,210

* 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 $139,114,087 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.80% and declining to 0.63% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.72% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.35% as the average daily net assets of the Fund increase.

22 Wells Fargo Discovery Fund Notes to financial statements (unaudited)

Administration fees

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

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

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class C shares, 0.84% for Class R6 shares, 1.15% 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $ 4,331 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $843,095,989 and $935,786,822, respectively.

6. BANK BORROWINGS

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

For the six months ended March 31, 2018, there were no borrowings by the Fund under the agreement.

Notes to financial statements (unaudited) Wells Fargo Discovery Fund 23

7. 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.

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.

24 Wells Fargo Discovery 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 Discovery 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Discovery 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Discovery Fund 27

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹  Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

28 Wells Fargo Discovery 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309997 05-18 SA230/SAR230 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo Enterprise 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	28

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Enterprise Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Enterprise Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Enterprise Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Enterprise 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

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of March 31, 2018¹

		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 (SENAX)	2-24-2000		13.20		10.62		8.46		20.10		11.94		9.11		1.26		1.18
Class C (WENCX)	3-31-2008		18.22		11.11		8.30		19.22		11.11		8.30		2.01		1.93
Class R6 (WENRX)	10-31-2014		–		–		–		20.55		12.35		9.54		0.83		0.80
Administrator Class (SEPKX)	8-30-2002		–		–		–		20.20		12.06		9.26		1.18		1.10
Institutional Class (WFEIX)	6-30-2003		–		–		–		20.49		12.31		9.52		0.93		0.85
Russell Midcap® Growth Index4	–		–		–		–		19.74		13.31		10.61		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Enterprise Fund 5

Ten largest holdings (%) as of March 31, 20185
Waste Connections Incorporated	2.61
Edwards Lifesciences Corporation	2.38
WEX Incorporated	2.36
Aptiv plc	2.13
Cintas Corporation	2.04
BWX Technologies Incorporated	1.99
Bright Horizons Family Solutions Incorporated	1.99
ServiceNow Incorporated	1.90
Gartner Incorporated	1.88
MercadoLibre Incorporated	1.85

Sector distribution as of March 31, 2018⁶

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes the expenses of the Advisor Class shares. Historical performance shown for Class C shares prior to their inception reflects 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 Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect the expenses of Class R6. If these expenses had been included, returns for Class R6 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 January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁵  The ten largest holdings, excluding cash 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 Enterprise 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 October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,081.93	$	6.12		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94		1.18	%
Class C
Actual	$	1,000.00	$	1,077.96	$	10.00		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.31	$	9.70		1.93	%
R6 Class
Actual	$	1,000.00	$	1,083.96	$	4.16		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,082.34	$	5.71		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,083.71	$	4.42		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Enterprise Fund 7

Security name	Shares		Value
Common Stocks: 99.66%
Consumer Discretionary: 14.15%
Auto Components: 2.13%
Aptiv plc		178,885	$	15,199,858
Automobiles: 1.24%
Ferrari NV		73,300		8,834,116
Diversified Consumer Services: 1.99%
Bright Horizons Family Solutions Incorporated †		142,400		14,200,128
Hotels, Restaurants & Leisure: 5.46%
Hilton Grand Vacations Incorporated †		267,200		11,494,944
MGM Resorts International		247,100		8,653,442
Six Flags Entertainment Corporation «		154,300		9,606,718
Vail Resorts Incorporated		41,317		9,159,979
				38,915,083
Internet & Direct Marketing Retail: 0.45%
Vipshop Holdings Limited ADR †		196,000		3,257,520
Media: 1.13%
Cinemark Holdings Incorporated «		213,325		8,035,953
Specialty Retail: 1.75%
Burlington Stores Incorporated †		93,700		12,476,155
Consumer Staples: 3.82%
Beverages: 2.53%
Constellation Brands Incorporated Class A		52,400		11,943,008
Monster Beverage Corporation †		107,200		6,132,912
				18,075,920
Food Products: 1.29%
Lamb Weston Holdings Incorporated		157,900		9,192,938
Energy: 1.17%
Oil, Gas & Consumable Fuels: 1.17%
Diamondback Energy Incorporated †		65,900		8,337,668
Financials: 3.33%
Capital Markets: 3.33%
Intercontinental Exchange Incorporated		171,525		12,438,993
Raymond James Financial Incorporated		126,700		11,328,247
				23,767,240
Health Care: 13.51%
Biotechnology: 2.00%
Exelixis Incorporated †		201,000		4,452,150
Incyte Corporation †		64,400		5,366,452

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

8 Wells Fargo Enterprise Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Biotechnology (continued)
Puma Biotechnology Incorporated †		29,100	$	1,980,255
Tesaro Incorporated †«		42,700		2,439,878
				14,238,735
Health Care Equipment & Supplies: 6.67%
Align Technology Incorporated †		35,000		8,789,550
Edwards Lifesciences Corporation †		121,700		16,979,584
Hill-Rom Holdings Incorporated		123,500		10,744,500
Hologic Incorporated †		295,300		11,032,408
				47,546,042
Health Care Providers & Services: 2.08%
Amedisys Incorporated †		93,000		5,611,620
WellCare Health Plans Incorporated †		47,600		9,216,788
				14,828,408
Health Care Technology: 1.77%
Veeva Systems Incorporated Class A †		173,100		12,639,762
Life Sciences Tools & Services: 0.99%
Bio-Rad Laboratories Incorporated Class A †		28,400		7,102,272
Industrials: 20.03%
Aerospace & Defense: 3.31%
BWX Technologies Incorporated		223,800		14,218,014
Curtiss-Wright Corporation		69,616		9,403,033
				23,621,047
Airlines: 0.68%
Spirit Airlines Incorporated †		128,100		4,839,618
Building Products: 1.23%
A.O. Smith Corporation		137,400		8,737,266
Commercial Services & Supplies: 5.96%
Brink’s Company		130,700		9,325,445
Cintas Corporation		85,200		14,533,416
Waste Connections Incorporated		259,439		18,612,154
				42,471,015
Electrical Equipment: 1.68%
Rockwell Automation Incorporated		68,800		11,984,960
Machinery: 2.71%
Evoqua Water Technologies Company †		521,534		11,103,459
John Bean Technologies Corporation		72,559		8,228,191
				19,331,650

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Enterprise Fund 9

Security name	Shares		Value
Professional Services: 1.51%
TransUnion †		189,577	$	10,764,182
Trading Companies & Distributors: 2.95%
Siteone Landscape Supply Incorporated †		123,000		9,475,920
Univar Incorporated †		417,046		11,573,027
				21,048,947
Information Technology: 37.01%
Electronic Equipment, Instruments & Components: 4.63%
Littelfuse Incorporated		36,300		7,556,934
National Instruments Corporation		139,200		7,039,344
Universal Display Corporation		72,400		7,312,400
Zebra Technologies Corporation Class A †		79,600		11,079,524
				32,988,202
Internet Software & Services: 5.85%
Box Incorporated Class A †		489,300		10,055,115
Match Group Incorporated †«		201,200		8,941,328
MercadoLibre Incorporated		37,100		13,222,069
Yandex NV Class A †		241,100		9,511,395
				41,729,907
IT Services: 12.53%
Black Knight Incorporated †		222,700		10,489,170
EPAM Systems Incorporated †		61,654		7,060,616
First Data Corporation Class A †		810,700		12,971,200
FleetCor Technologies Incorporated †		51,100		10,347,750
Gartner Incorporated †		114,100		13,420,442
Switch Incorporated Class A «		381,274		6,066,069
Total System Services Incorporated		140,900		12,154,034
WEX Incorporated †		107,600		16,852,312
				89,361,593
Semiconductors & Semiconductor Equipment: 5.44%
Analog Devices Incorporated		135,600		12,357,228
Infineon Technologies AG ADR		232,800		6,282,108
Micron Technology Incorporated †		177,600		9,260,064
Teradyne Incorporated		238,800		10,915,548
				38,814,948
Software: 7.52%
Electronic Arts Incorporated †		59,500		7,213,780
Guidewire Software Incorporated †		11		889
Nintendo Company Limited		201,800		11,201,918
ServiceNow Incorporated †		81,850		13,542,083
Take-Two Interactive Software Incorporated †		104,400		10,208,232
The Ultimate Software Group Incorporated †		46,900		11,429,530
				53,596,432

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

10 Wells Fargo Enterprise Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name				Shares		Value
Technology Hardware, Storage & Peripherals: 1.04%
NCR Corporation †					234,000	$	7,375,680
Materials: 5.00%
Chemicals: 3.67%
Air Products & Chemicals Incorporated					65,600		10,432,368
Albemarle Corporation					54,500		5,054,330
The Sherwin-Williams Company					27,300		10,704,876
							26,191,574
Construction Materials: 1.33%
Vulcan Materials Company					83,000		9,476,110
Real Estate: 1.64%
Equity REITs: 1.64%
SBA Communications Corporation †					68,200		11,656,743
Total Common Stocks (Cost $557,593,444)							710,637,672
	Yield
Short-Term Investments: 4.09%
Investment Companies: 4.09%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89	%		25,976,530		25,979,128
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54			3,209,646		3,209,646
Total Short-Term Investments (Cost $29,188,774)							29,188,774

Total investments in securities (Cost $586,782,218)	103.75	%		739,826,446
Other assets and liabilities, net	(3.75	)		(26,756,866	)
Total net assets	100.00	%	$	713,069,580

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		24,700,733		213,462,144		212,186,347		25,976,530	$	0	$	0	$	93,603	$	25,979,128
Wells Fargo Government Money Market Fund Select Class		7,539,373		103,263,360		107,593,087		3,209,646		0		0		31,384		3,209,646
									$	0	$	0	$	124,987	$	29,188,774		4.09	%

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

Statement of assets and liabilities—March 31, 2018 (unaudited) Wells Fargo Enterprise Fund 11

Assets
Investments in unaffiliated securities (including $25,307,479 of securities loan), at value (cost $557,593,444)	$	710,637,672
Investments in affiliated securities, at value (cost $29,188,774)		29,188,774
Cash		29,044
Receivable for Fund shares sold		22,655
Receivable for dividends		215,696
Receivable for securities lending income		30,293
Prepaid expenses and other assets		73,839
Total assets		740,197,973
Liabilities
Payable upon receipt of securities loaned		25,979,050
Management fee payable		431,412
Payable for Fund shares redeemed		313,065
Administration fees payable		123,162
Distribution fee payable		5,914
Trustees’ fees and expenses payable		1,500
Accrued expenses and other liabilities		274,290
Total liabilities		27,128,393
Total net assets	$	713,069,580
NET ASSETS CONSIST OF
Paid-in capital	$	518,068,333
Accumulated net investment loss		(1,988,310	)
Accumulated net realized gains on investments		43,945,329
Net unrealized gains on investments		153,044,228
Total net assets	$	713,069,580
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	608,729,110
Shares outstanding – Class A1		12,837,127
Net asset value per share – Class A		$47.42
Maximum offering price per share – Class A2		$50.31
Net assets – Class C	$	8,753,131
Shares outstanding – Class C1		208,370
Net asset value per share – Class C		$42.01
Net assets – Class R6	$	45,050,499
Shares outstanding – Class R61		862,159
Net asset value per share – Class R6		$52.25
Net assets – Administrator Class	$	3,501,680
Shares outstanding – Administrator Class1		70,099
Net asset value per share – Administrator Class		$49.95
Net assets – Institutional Class	$	47,035,160
Shares outstanding – Institutional Class1		902,080
Net asset value per share – Institutional Class		$52.14

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 Enterprise Fund Statement of operations—six months ended March 31, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $11,912)	$	2,012,300
Income from affiliated securities		124,987
Total investment income		2,137,287
Expenses
Management fee		2,664,440
Administration fees
Class A		642,285
Class C		9,565
Class R6		6,385
Administrator Class		2,431
Institutional Class		32,960
Shareholder servicing fees
Class A		764,625
Class C		11,387
Administrator Class		4,675
Distribution fee
Class C		34,160
Custody and accounting fees		31,255
Professional fees		21,078
Registration fees		53,492
Shareholder report expenses		48,101
Trustees’ fees and expenses		7,495
Other fees and expenses		9,764
Total expenses		4,344,098
Less: Fee waivers and/or expense reimbursements		(240,817	)
Net expenses		4,103,281
Net investment loss		(1,965,994	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		50,523,103
Net change in unrealized gains (losses) on investments		7,924,714
Net realized and unrealized gains (losses) on investments		58,447,817
Net increase in net assets resulting from operations	$	56,481,823

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

Statement of changes in net assets Wells Fargo Enterprise Fund 13

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment loss				$	(1,965,994	)				$	(3,345,751	)
Net realized gains on investments					50,523,103						81,607,624
Net change in unrealized gains (losses) on investments					7,924,714						50,265,823
Net increase in net assets resulting from operations					56,481,823						128,527,696
Distributions to shareholders from
Net realized gains
Class A					(61,896,651	)					(23,114,697	)
Class C					(1,047,354	)					(425,970	)
Class R6					(4,095,973	)					(1,209,334	)
Administrator Class					(378,789	)					(197,246	)
Institutional Class					(4,654,369	)					(2,319,994	)
Total distributions to shareholders					(72,073,136	)					(27,267,241	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		113,253			5,474,409			195,089			8,516,613
Class C		3,509			154,650			13,435			531,304
Class R6		141,703			7,763,468			53,059			2,534,424
Administrator Class		4,512			233,495			24,924			1,147,821
Institutional Class		74,811			3,952,604			211,541			10,100,449
					17,578,626						22,830,611
Reinvestment of distributions
Class A		1,280,198			58,530,640			533,814			21,805,829
Class C		25,557			1,037,343			10,964			405,900
Class R6		81,337			4,092,854			27,250			1,209,334
Administrator Class		7,722			371,791			4,560			195,026
Institutional Class		89,154			4,477,339			51,089			2,264,283
					68,509,967						25,880,372
Payment for shares redeemed
Class A		(667,873	)		(32,321,268	)		(1,542,559	)		(67,085,160	)
Class B		N/A			N/A			(9,343	)1		(353,582	)1
Class C		(23,155	)		(984,705	)		(62,115	)		(2,474,823	)
Class R6		(36,523	)		(1,945,752	)		(62,855	)		(2,999,473	)
Administrator Class		(14,605	)		(732,093	)		(64,120	)		(3,098,008	)
Institutional Class		(295,789	)		(15,848,692	)		(587,234	)		(27,287,442	)
					(51,832,510	)					(103,298,488	)
Net increase (decrease) in net assets resulting from capital share transactions					34,256,083						(54,587,505	)
Total increase in net assets					18,664,770						46,672,950
Net assets
Beginning of period					694,404,810						647,731,860
End of period				$	713,069,580					$	694,404,810
Accumulated net investment loss				$	(1,988,310	)				$	(22,316	)

¹  For the period from October 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.

14 Wells Fargo Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$48.80			$41.94			$41.90			$47.93			$49.54			$37.67
Net investment income (loss)		(0.15	)		(0.25	)		(0.21	)1		(0.29	)		(0.43	)1		0.01	1
Net realized and unrealized gains (losses) on investments		3.96			8.94			3.61			0.18			3.00			11.86
Total from investment operations		3.81			8.69			3.40			(0.11	)		2.57			11.87
Distributions to shareholders from
Net realized gains		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)		0.00
Net asset value, end of period		$47.42			$48.80			$41.94			$41.90			$47.93			$49.54
Total return2		8.19	%		21.55	%		8.63	%		(0.67	)%		5.27	%		31.55	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.26	%		1.26	%		1.29	%		1.29	%		1.30	%
Net expenses		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%
Net investment income (loss)		(0.58	)%		(0.55	)%		(0.52	)%		(0.60	)%		(0.87	)%		0.01	%
Supplemental data
Portfolio turnover rate		31	%		75	%		99	%		101	%		98	%		91	%
Net assets, end of period (000s omitted)		$608,729			$591,002			$542,077			$370,743			$417,971			$427,860

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 Enterprise Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$43.95			$38.23			$38.75			$45.07			$47.14			$36.11
Net investment loss		(0.24	)		(0.85	)		(0.47	)1		(0.59	)1		(0.75	)1		(0.29	)1
Net realized and unrealized gains (losses) on investments		3.49			8.40			3.31			0.19			2.86			11.32
Total from investment operations		3.25			7.55			2.84			(0.40	)		2.11			11.03
Distributions to shareholders from
Net realized gains		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)		0.00
Net asset value, end of period		$42.01			$43.95			$38.23			$38.75			$45.07			$47.14
Total return2		7.80	%		20.66	%		7.80	%		(1.41	)%		4.49	%		30.55	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.01	%		2.01	%		2.04	%		2.04	%		2.05	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.34	)%		(1.31	)%		(1.28	)%		(1.36	)%		(1.62	)%		(0.72	)%
Supplemental data
Portfolio turnover rate		31	%		75	%		99	%		101	%		98	%		91	%
Net assets, end of period (000s omitted)		$8,753			$8,898			$9,181			$9,399			$9,658			$8,483

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 Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS R6				2017			2016			20151
Net asset value, beginning of period		$53.17			$45.37			$44.89			$52.65
Net investment loss		(0.05	)2		(0.08	)		(0.06	)2		(0.08	)
Net realized and unrealized gains (losses) on investments		4.32			9.71			3.90			(1.76	)
Total from investment operations		4.27			9.63			3.84			(1.84	)
Distributions to shareholders from
Net realized gains		(5.19	)		(1.83	)		(3.36	)		(5.92	)
Net asset value, end of period		$52.25			$53.17			$45.37			$44.89
Total return3		8.40	%		22.01	%		9.06	%		(3.84	)%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.83	%		0.83	%		0.81	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%
Net investment loss		(0.20	)%		(0.17	)%		(0.14	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		31	%		75	%		99	%		101	%
Net assets, end of period (000s omitted)		$45,050			$35,923			$29,861			$24

¹  For the period from October 31, 2014 (commencement of class operations) to September 30, 2015

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Enterprise Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$51.12			$43.81			$43.58			$49.54			$51.03			$38.77
Net investment income (loss)		(0.09	)		(0.20	)1		(0.18	)1		(0.23	)1		(0.37	)1		0.02	1
Net realized and unrealized gains (losses) on investments		4.11			9.34			3.77			0.19			3.06			12.24
Total from investment operations		4.02			9.14			3.59			(0.04	)		2.69			12.26
Distributions to shareholders from
Net realized gains		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)		0.00
Net asset value, end of period		$49.95			$51.12			$43.81			$43.58			$49.54			$51.03
Total return2		8.23	%		21.66	%		8.74	%		(0.46	)%		5.33	%		31.62	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.18	%		1.15	%		1.09	%		1.12	%		1.13	%
Net expenses		1.10	%		1.10	%		1.07	%		1.07	%		1.09	%		1.11	%
Net investment income (loss)		(0.51	)%		(0.44	)%		(0.41	)%		(0.47	)%		(0.74	)%		0.05	%
Supplemental data
Portfolio turnover rate		31	%		75	%		99	%		101	%		98	%		91	%
Net assets, end of period (000s omitted)		$3,502			$3,705			$4,693			$3,542			$44,760			$10,046

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$53.08			$45.32			$44.87			$50.77			$52.07			$39.46
Net investment income (loss)		(0.07	)1		(0.09	)1		(0.09	)1		(0.13	)1		(0.28	)1		0.18	1
Net realized and unrealized gains (losses) on investments		4.32			9.68			3.90			0.15			3.16			12.43
Total from investment operations		4.25			9.59			3.81			0.02			2.88			12.61
Distributions to shareholders from
Net realized gains		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)		0.00
Net asset value, end of period		$52.14			$53.08			$45.32			$44.87			$50.77			$52.07
Total return2		8.37	%		21.97	%		8.97	%		(0.32	)%		5.61	%		31.96	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.93	%		0.93	%		0.88	%		0.86	%		0.87	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income (loss)		(0.26	)%		(0.19	)%		(0.21	)%		(0.27	)%		(0.54	)%		0.41	%
Supplemental data
Portfolio turnover rate		31	%		75	%		99	%		101	%		98	%		91	%
Net assets, end of period (000s omitted)		$47,035			$54,877			$61,563			$87,279			$76,790			$81,021

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

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, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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

20 Wells Fargo Enterprise Fund Notes to financial statements (unaudited)

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, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $586,320,521 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	170,529,554
Gross unrealized losses		(17,023,629	)
Net unrealized gains	$	153,505,925

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

Notes to financial statements (unaudited) Wells Fargo Enterprise Fund 21

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	100,918,813	$	0	$	0	$	100,918,813
Consumer staples		27,268,858		0		0		27,268,858
Energy		8,337,668		0		0		8,337,668
Financials		23,767,240		0		0		23,767,240
Health care		96,355,219		0		0		96,355,219
Industrials		142,798,685		0		0		142,798,685
Information technology		263,866,762		0		0		263,866,762
Materials		35,667,684		0		0		35,667,684
Real estate		11,656,743		0		0		11,656,743
Short-term investments
Investment companies		3,209,646		0		0		3,209,646
Investments measured at net asset value*								25,979,128
Total assets	$	713,847,318	$	0	$	0	$	739,826,446

* 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 $25,979,128 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.75% and declining to 0.63% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.74% of the Fund’s average daily net assets.

22 Wells Fargo Enterprise Fund Notes to financial statements (unaudited)

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 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class C shares, 0.80% for Class R6 shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $2,747 from the sale of Class A. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $217,039,857 and $251,002,459, respectively.

6. BANK BORROWINGS

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

Notes to financial statements (unaudited) Wells Fargo Enterprise Fund 23

For the six months ended March 31, 2018, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. 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.

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.

24 Wells Fargo Enterprise 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 Enterprise 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Enterprise 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Enterprise Fund 27

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹  Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

28 Wells Fargo Enterprise 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309998 05-18 SA231/SAR231 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo Opportunity 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	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	18
Other information	23
List of abbreviations	27

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Opportunity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Opportunity Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Opportunity Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Opportunity 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

Ann M. Miletti

Christopher G. Miller, CFA^®

Average annual total returns (%) as of March 31, 2018¹

		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 (SOPVX)	2-24-2000		6.59		9.49		7.95		13.09		10.80		8.59		1.21		1.21
Class C (WFOPX)	3-31-2008		11.23		9.97		7.78		12.23		9.97		7.78		1.96		1.96
Administrator Class (WOFDX)	8-30-2002		–		–		–		13.28		11.03		8.84		1.13		1.00
Institutional Class (WOFNX)	7-30-2010		–		–		–		13.57		11.31		9.04		0.88		0.75
Russell 3000® Index4	–		–		–		–		13.81		13.03		9.62		–		–

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Opportunity Fund 5

Ten largest holdings (%) as of March 31, 20185
Alphabet Incorporated Class C	3.56
E*TRADE Financial Corporation	2.87
Salesforce.com Incorporated	2.58
Apple Incorporated	2.50
EOG Resources Incorporated	2.42
Novartis AG ADR	2.37
The Sherwin-Williams Company	2.34
MasterCard Incorporated Class A	2.31
PNC Financial Services Group Incorporated	2.20
LivaNova plc	2.15

Sector distribution as of March 31, 2018⁶

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for the Class A shares through June 19, 2008, includes the expenses of Advisor Class shares. 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.

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

³  The manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash 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 Opportunity 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 October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,060.81	$	6.17		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Class C
Actual	$	1,000.00	$	1,056.74	$	10.00		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,061.54	$	5.14		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,063.03	$	3.86		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Opportunity Fund 7

Security name	Shares		Value
Common Stocks: 99.58%
Consumer Discretionary: 11.23%
Automobiles: 1.75%
General Motors Company		851,515	$	30,944,055
Hotels, Restaurants & Leisure: 2.12%
Starbucks Corporation		650,231		37,641,873
Internet & Direct Marketing Retail: 1.64%
Amazon.com Incorporated †		20,024		28,981,536
Media: 2.92%
Comcast Corporation Class A		816,077		27,885,351
Twenty-First Century Fox Incorporated Class B		655,834		23,852,683
				51,738,034
Multiline Retail: 1.80%
Dollar General Corporation		340,537		31,857,236
Specialty Retail: 1.00%
L Brands Incorporated		463,572		17,713,086
Consumer Staples: 2.61%
Beverages: 1.36%
Molson Coors Brewing Company Class B		320,096		24,112,832
Household Products: 1.25%
Church & Dwight Company Incorporated		439,846		22,150,645
Energy: 7.66%
Oil, Gas & Consumable Fuels: 7.66%
Concho Resources Incorporated †		123,330		18,540,199
EOG Resources Incorporated		406,563		42,798,887
Noble Energy Incorporated		799,756		24,232,607
Pioneer Natural Resources Company		104,509		17,952,556
RSP Permian Incorporated †		684,976		32,111,675
				135,635,924
Financials: 17.55%
Banks: 8.06%
KeyCorp		1,886,414		36,879,394
Pinnacle Financial Partners Incorporated		467,226		29,995,909
PNC Financial Services Group Incorporated		257,950		39,012,358
Webster Financial Corporation		664,330		36,803,882
				142,691,543
Capital Markets: 4.47%
E*TRADE Financial Corporation †		917,887		50,860,119
Intercontinental Exchange Incorporated		391,841		28,416,309
				79,276,428

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

8 Wells Fargo Opportunity Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Insurance: 5.02%
Chubb Limited		250,972	$	34,325,440
Marsh & McLennan Companies Incorporated		334,842		27,654,601
Willis Towers Watson plc		176,730		26,896,539
				88,876,580
Health Care: 17.72%
Biotechnology: 2.01%
Alexion Pharmaceuticals Incorporated †		114,613		12,774,765
Celgene Corporation †		256,446		22,877,548
				35,652,313
Health Care Equipment & Supplies: 4.78%
LivaNova plc †		430,728		38,119,428
Medtronic plc		327,536		26,274,938
Zimmer Biomet Holdings Incorporated		186,206		20,303,902
				84,698,268
Health Care Providers & Services: 2.43%
Cigna Corporation		133,240		22,349,678
Envision Healthcare Corporation †		537,049		20,638,793
				42,988,471
Life Sciences Tools & Services: 4.74%
Agilent Technologies Incorporated		362,547		24,254,394
Bio-Rad Laboratories Incorporated Class A †		136,948		34,247,956
Thermo Fisher Scientific Incorporated		122,941		25,382,399
				83,884,749
Pharmaceuticals: 3.76%
Mylan NV †		596,013		24,537,855
Novartis AG ADR		519,377		41,991,630
				66,529,485
Industrials: 12.77%
Aerospace & Defense: 5.21%
Airbus SE		299,220		34,637,018
Lockheed Martin Corporation		111,064		37,531,858
Safran SA		189,324		20,092,888
				92,261,764
Airlines: 1.89%
Delta Air Lines Incorporated		167,707		9,192,021
United Continental Holdings Incorporated †		350,186		24,327,421
				33,519,442
Building Products: 0.71%
Johnson Controls International plc		354,508		12,492,862

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Opportunity Fund 9

Security name	Shares		Value
Commercial Services & Supplies: 1.26%
Republic Services Incorporated		337,794	$	22,372,097
Machinery: 2.87%
Gardner Denver Holdings Incorporated †		846,296		25,964,361
The Timken Company		545,998		24,897,509
				50,861,870
Road & Rail: 0.83%
Hertz Global Holdings Incorporated †«		742,799		14,744,560
Information Technology: 23.32%
Electronic Equipment, Instruments & Components: 1.72%
Amphenol Corporation Class A		352,688		30,377,017
Internet Software & Services: 5.57%
Alphabet Incorporated Class C †		61,043		62,983,557
Facebook Incorporated Class A †		223,719		35,748,059
				98,731,616
IT Services: 3.91%
Fidelity National Information Services Incorporated		293,498		28,263,857
MasterCard Incorporated Class A		234,010		40,989,192
				69,253,049
Semiconductors & Semiconductor Equipment: 3.76%
Broadcom Limited		125,383		29,546,504
Texas Instruments Incorporated		357,208		37,110,339
				66,656,843
Software: 5.86%
Oracle Corporation		802,730		36,724,898
Red Hat Incorporated †		142,621		21,323,266
Salesforce.com Incorporated †		392,978		45,703,341
				103,751,505
Technology Hardware, Storage & Peripherals: 2.50%
Apple Incorporated		263,467		44,204,493
Materials: 5.35%
Chemicals: 2.34%
The Sherwin-Williams Company		105,557		41,391,011
Metals & Mining: 3.01%
Goldcorp Incorporated		1,400,947		19,361,088
Steel Dynamics Incorporated		767,039		33,918,465
				53,279,553

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

10 Wells Fargo Opportunity Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name				Shares		Value
Real Estate: 1.37%
Equity REITs: 1.37%
American Tower Corporation					167,450	$	24,337,181
Total Common Stocks (Cost $1,275,970,210)							1,763,607,921
	Yield
Short-Term Investments: 1.27%
Investment Companies: 1.27%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89	%		14,451,135		14,452,580
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54			7,981,298		7,981,298
Total Short-Term Investments (Cost $22,433,878)							22,433,878

Total investments in securities (Cost $1,298,404,088)	100.85	%		1,786,041,799
Other assets and liabilities, net	(0.85	)		(14,998,934	)
Total net assets	100.00	%	$	1,771,042,865

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		17,482,656		145,112,255		148,143,776		14,451,135	$	0	$	0	$	40,922	$	14,452,580
Wells Fargo Government Money Market Fund Select Class		59,194,191		157,072,485		208,285,378		7,981,298		0		0		119,563		7,981,298
									$	0	$	0	$	160,485	$	22,433,878		1.27	%

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

Statement of assets and liabilities—March 31, 2018 (unaudited) Wells Fargo Opportunity Fund 11

Assets
Investments in unaffiliated securities (including $14,052,753 of securities loaned), at value (cost $1,275,970,210)	$	1,763,607,921
Investments in affiliated securities, at value (cost $22,433,878)		22,433,878
Cash		93,919
Receivable for investments sold		1,416,940
Receivable for Fund shares sold		156,522
Receivable for dividends		2,868,757
Receivable for securities lending income		5,067
Prepaid expenses and other assets		58,471
Total assets		1,790,641,475
Liabilities
Payable upon receipt of securities loaned		14,449,448
Payable for investments purchased		1,683,845
Payable for Fund shares redeemed		1,409,611
Management fee payable		1,112,570
Administration fees payable		313,922
Distribution fee payable		21,662
Trustees’ fees and expenses payable		2,068
Accrued expenses and other liabilities		605,484
Total liabilities		19,598,610
Total net assets	$	1,771,042,865
NET ASSETS CONSIST OF
Paid-in capital	$	1,195,672,363
Overdistributed net investment income		(15,999	)
Accumulated net realized gains on investments		87,748,790
Net unrealized gains on investments		487,637,711
Total net assets	$	1,771,042,865
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,475,196,781
Shares outstanding – Class A1		34,584,185
Net asset value per share – Class A		$42.66
Maximum offering price per share – Class A2		$45.26
Net assets – Class C	$	32,087,954
Shares outstanding – Class C1		799,197
Net asset value per share – Class C		$40.15
Net assets – Administrator Class	$	234,073,512
Shares outstanding – Administrator Class1		5,037,716
Net asset value per share – Administrator Class		$46.46
Net assets – Institutional Class	$	29,684,618
Shares outstanding – Institutional Class1		627,293
Net asset value per share – Institutional Class		$47.32

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 Opportunity Fund Statement of operations—six months ended March 31, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $240,386)	$	10,701,859
Income from affiliated securities		160,485
Total investment income		10,862,344
Expenses
Management fee		6,557,325
Administration fees
Class A		1,591,615
Class C		35,184
Administrator Class		156,273
Institutional Class		19,724
Shareholder servicing fees
Class A		1,894,780
Class C		41,885
Administrator Class		300,525
Distribution fee
Class C		125,655
Custody and accounting fees		47,420
Professional fees		25,839
Registration fees		44,727
Shareholder report expenses		78,424
Trustees’ fees and expenses		8,141
Other fees and expenses		17,061
Total expenses		10,944,578
Less: Fee waivers and/or expense reimbursements		(169,104	)
Net expenses		10,775,474
Net investment income		86,870
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		93,296,267
Net change in unrealized gains (losses) on investments		14,666,788
Net realized and unrealized gains (losses) on investments		107,963,055
Net increase in net assets resulting from operations	$	108,049,925

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

Statement of changes in net assets Wells Fargo Opportunity Fund 13

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	86,870					$	2,151,448
Net realized gains on investments					93,296,267						215,325,821
Net change in unrealized gains (losses) on investments					14,666,788						48,036,389
Net increase in net assets resulting from operations					108,049,925						265,513,658
Distributions to shareholders from
Net investment income
Class A					(5,917,810	)					(4,495,053	)
Administrator Class					(1,233,400	)					(942,123	)
Institutional Class					(226,410	)					(123,346	)
Net realized gains
Class A					(181,596,367	)					(83,846,276	)
Class B					N/A						(69,785	)1
Class C					(4,256,830	)					(2,126,589	)
Administrator Class					(26,674,258	)					(12,365,471	)
Institutional Class					(3,326,977	)					(1,124,308	)
Total distributions to shareholders					(223,232,052	)					(105,092,951	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		173,341			7,649,939			431,395			18,572,948
Class B		N/A			N/A			104	1		4,292	1
Class C		5,198			217,180			18,274			754,023
Administrator Class		54,436			2,615,331			90,883			4,235,879
Institutional Class		64,960			3,170,416			375,768			17,731,095
					13,652,866						41,298,237
Reinvestment of distributions
Class A		4,280,718			182,109,847			2,058,839			86,052,018
Class B		N/A			N/A			1,720	1		68,785	1
Class C		104,852			4,191,994			49,931			1,986,269
Administrator Class		566,744			26,279,904			278,197			12,532,938
Institutional Class		69,002			3,263,351			24,783			1,134,964
					215,845,096						101,774,974
Payment for shares redeemed
Class A		(2,150,579	)		(96,327,352	)		(4,097,274	)		(176,512,570	)
Class B		N/A			N/A			(44,500	)1		(1,816,478	)1
Class C		(71,457	)		(2,994,655	)		(175,866	)		(7,256,150	)
Administrator Class		(383,025	)		(18,667,038	)		(602,797	)		(27,931,325	)
Institutional Class		(97,316	)		(4,822,736	)		(187,341	)		(8,851,083	)
					(122,811,781	)					(222,367,606	)
Net increase (decrease) in net assets resulting from capital share transactions					106,686,181						(79,294,395	)
Total increase (decrease) in net assets					(8,495,946	)					81,126,312
Net assets
Beginning of period					1,779,538,811						1,698,412,499
End of period				$	1,771,042,865					$	1,779,538,811
Undistributed (overdistributed) net investment income				$	(15,999	)				$	7,274,751

¹ For the period from October 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, 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.

14 Wells Fargo Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$45.83			$41.86			$43.35			$49.56			$46.23			$38.99
Net investment income (loss)		(0.02	)		0.04			0.13	1		0.64			(0.07	)		(0.04	)
Net realized and unrealized gains (losses) on investments		2.77			6.60			4.72			(1.52	)		6.46			8.80
Total from investment operations		2.75			6.64			4.85			(0.88	)		6.39			8.76
Distributions to shareholders from
Net investment income		(0.17	)		(0.13	)		(0.57	)		0.00			0.00			0.00
Net realized gains		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)		(1.52	)
Total distributions to shareholders		(5.92	)		(2.67	)		(6.34	)		(5.33	)		(3.06	)		(1.52	)
Net asset value, end of period		$42.66			$45.83			$41.86			$43.35			$49.56			$46.23
Total return2		6.08	%		16.49	%		12.46	%		(2.27	)%		14.35	%		23.31	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.21	%		1.21	%		1.24	%		1.26	%		1.26	%
Net expenses		1.20	%		1.21	%		1.21	%		1.22	%		1.22	%		1.23	%
Net investment income (loss)		(0.01	)%		0.11	%		0.33	%		1.30	%		(0.13	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		17	%		43	%		34	%		42	%		32	%		26	%
Net assets, end of period (000s omitted)		$1,475,197			$1,479,457			$1,418,614			$390,154			$442,840			$431,201

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 Opportunity Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$43.46			$39.99			$41.60			$48.10			$45.27			$38.49
Net investment income (loss)		(0.08	)		(0.26	)1		(0.16	)1		0.26			(0.42	)1		(0.35	)1
Net realized and unrealized gains (losses) on investments		2.52			6.27			4.51			(1.43	)		6.31			8.65
Total from investment operations		2.44			6.01			4.35			(1.17	)		5.89			8.30
Distributions to shareholders from
Net investment income		0.00			0.00			(0.19	)		0.00			0.00			0.00
Net realized gains		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)		(1.52	)
Total distributions to shareholders		(5.75	)		(2.54	)		(5.96	)		(5.33	)		(3.06	)		(1.52	)
Net asset value, end of period		$40.15			$43.46			$39.99			$41.60			$48.10			$45.27
Total return2		5.67	%		15.62	%		11.62	%		(3.01	)%		13.48	%		22.41	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.96	%		1.96	%		1.99	%		2.01	%		2.01	%
Net expenses		1.95	%		1.96	%		1.96	%		1.97	%		1.97	%		1.98	%
Net investment income (loss)		(0.76	)%		(0.64	)%		(0.40	)%		0.55	%		(0.88	)%		(0.83	)%
Supplemental data
Portfolio turnover rate		17	%		43	%		34	%		42	%		32	%		26	%
Net assets, end of period (000s omitted)		$32,088			$33,057			$34,721			$37,196			$42,940			$43,209

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 Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$49.45			$44.93			$46.11			$52.27			$48.50			$40.74
Net investment income		0.05	1		0.15	1		0.24	1		0.79			0.08			0.06	1
Net realized and unrealized gains (losses) on investments		2.95			7.09			5.04			(1.62	)		6.75			9.22
Total from investment operations		3.00			7.24			5.28			(0.83	)		6.83			9.28
Distributions to shareholders from
Net investment income		(0.24	)		(0.18	)		(0.69	)		0.00			0.00			0.00
Net realized gains		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)		(1.52	)
Total distributions to shareholders		(5.99	)		(2.72	)		(6.46	)		(5.33	)		(3.06	)		(1.52	)
Net asset value, end of period		$46.46			$49.45			$44.93			$46.11			$52.27			$48.50
Total return2		6.15	%		16.74	%		12.68	%		(2.04	)%		14.60	%		23.59	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.13	%		1.13	%		1.10	%		1.10	%		1.10	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.19	%		0.61	%		0.56	%		1.52	%		0.09	%		0.13	%
Supplemental data
Portfolio turnover rate		17	%		43	%		34	%		42	%		32	%		26	%
Net assets, end of period (000s omitted)		$234,074			$237,315			$226,140			$223,281			$253,121			$247,230

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 Opportunity Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$50.30			$45.63			$46.76			$52.82			$48.86			$40.93
Net investment income		0.11	1		0.22	1		0.35	1		0.92	1		0.19	1		0.17
Net realized and unrealized gains (losses) on investments		3.01			7.25			5.12			(1.65	)		6.83			9.28
Total from investment operations		3.12			7.47			5.47			(0.73	)		7.02			9.45
Distributions to shareholders from
Net investment income		(0.35	)		(0.26	)		(0.83	)		0.00			0.00			0.00
Net realized gains		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)		(1.52	)
Total distributions to shareholders		(6.10	)		(2.80	)		(6.60	)		(5.33	)		(3.06	)		(1.52	)
Net asset value, end of period		$47.32			$50.30			$45.63			$46.76			$52.82			$48.86
Total return2		6.30	%		17.02	%		12.97	%		(1.81	)%		14.89	%		23.91	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.88	%		0.83	%		0.83	%		0.83	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		0.44	%		0.47	%		0.79	%		1.79	%		0.36	%		0.41	%
Supplemental data
Portfolio turnover rate		17	%		43	%		34	%		42	%		32	%		26	%
Net assets, end of period (000s omitted)		$29,685			$29,709			$17,222			$11,906			$29,335			$14,030

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

Effective at the close of business on May 5, 2017, 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 May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2018, such fair value pricing was used in pricing certain foreign securities.

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

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

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

Notes to financial statements (unaudited) Wells Fargo Opportunity Fund 19

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.

Foreign currency translation

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

20 Wells Fargo Opportunity Fund Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $1,298,058,936 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	528,921,566
Gross unrealized losses		(40,938,703	)
Net unrealized gains	$	487,982,863

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 Opportunity Fund 21

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	198,875,820	$	0	$	0	$	198,875,820
Consumer staple		46,263,477		0		0		46,263,477
Energy		135,635,924		0		0		135,635,924
Financials		310,844,551		0		0		310,844,551
Health care		313,753,286		0		0		313,753,286
Industrials		171,522,689		54,729,906		0		226,252,595
Information technology		412,974,523		0		0		412,974,523
Materials		94,670,564		0		0		94,670,564
Real estate		24,337,181		0		0		24,337,181
Short-term investments
Investment companies		7,981,298		0		0		7,981,298
Investments measured at net asset value*								14,452,580
Total assets	$	1,716,859,313	$	54,729,906	$	0	$	1,786,041,799

* 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 $14,452,580 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.75% and declining to 0.63% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.72% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

22 Wells Fargo Opportunity Fund Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.21% for Class A shares, 1.96% for Class C shares, 1.00% for Administrator Class shares, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $2,503 from the sale of Class A. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $306,068,672 and $370,868,491, respectively.

6. BANK BORROWINGS

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

For the six months ended March 31, 2018, 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.

Other information (unaudited) Wells Fargo Opportunity Fund 23

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.

24 Wells Fargo Opportunity Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Opportunity Fund 25

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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

26 Wells Fargo Opportunity Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Opportunity 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind— including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309999 05-18 SA232/SAR232 03-18

Semi-Annual Report

March 31, 2018

Wells Fargo Special Mid Cap Value 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	20
Other information	25
List of abbreviations	29

The views expressed and any forward-looking statements are as of March 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Special Mid Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the last quarter of 2017, investors enjoyed consistently rising equity values globally.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Special Mid Cap Value Fund for the six-month period that ended March 31, 2018. During the last quarter of 2017, investors enjoyed consistently rising equity values globally. During the final two months of the first quarter of 2018, market volatility returned and equity markets reversed their year-to-date gains.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 5.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 3.76%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 8.96%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 1.08% and the Bloomberg Barclays Municipal Bond Index⁵ lost 0.37% while fixed-income investments outside the U.S. gained 5.31%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁶ The ICE BofAML U.S. High Yield Index⁷ fell 0.51% during the period.

During the last three months of 2017, stocks advanced on synchronized global growth, which led to higher investor and consumer confidence. The first quarter of 2018 began with strong stock market gains in January. A strong January 2018 U.S. employment report and inflation concerns prompted equity volatility in February. Investor optimism for growth was supplanted with concerns over trade tensions, increased interest rates, and the prospect of new data privacy regulations.

Reactions to U.S. interest rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period for a combined 50 basis points (bps; 100 bps equals 1.00%). Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe. The Bank of Japan continued its accommodative monetary policies, and industrial production, retail sales, and fixed asset investment increased in China.

Globally, stocks moved higher during the last quarter of 2017. Low inflation and interest rates supported accelerating global economic growth and corporate earnings. Brief episodes of geopolitical tensions, often associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding U.S. trade policies, did not discourage investing activity.

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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Special Mid Cap Value Fund 3

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattened yield curve persisted. The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began selling bonds held in its portfolio.

Positive economic and market news continued as 2017 closed and 2018 began.

In January 2018, fourth-quarter 2017 U.S. gross domestic product was reported to be growing at a reported 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform passed and wage growth data improved, encouraging increased business and consumer spending.

Improving business and economic data globally continued to support stocks through January 2018. Political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February as inflation concerns emerged in the U.S. when readings from the Producer Price Index in January rose 2.5% year over year. During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss. The Fed raised the federal funds rate in March 2018. Bond yields rose across the yield curve.

During January 2018, purchasing managers’ indices in China, the eurozone, India, and Japan reported data for December that indicated continued growth. Despite positive economic signals and business fundamentals, international stock values fell during February and March 2018, swept up in the selling momentum in U.S. markets.

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

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

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February, the U.S. market endured a loss from January’s high of nearly 12% before recovering much of that loss.

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.

4 Wells Fargo Special Mid Cap Value 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

James M. Tringas, CFA^®

Bryant VanCronkhite, CFA^®, CPA

Average annual total returns (%) as of March 31, 2018¹

		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 (WFPAX)	7-31-2007		(0.41	)		9.99		9.72		5.68		11.30		10.37		1.18		1.18
Class C (WFPCX)	7-31-2007		3.89			10.47		9.55		4.89		10.47		9.55		1.93		1.93
Class R (WFHHX)	9-30-2015		–			–		–		5.43		11.02		10.12		1.43		1.43
Class R6 (WFPRX)	6-28-2013		–			–		–		6.14		11.78		10.83		0.75		0.75
Administrator Class (WFMDX)	4-8-2005		–			–		–		5.76		11.42		10.50		1.10		1.10
Institutional Class (WFMIX)	4-8-2005		–			–		–		6.02		11.70		10.79		0.85		0.85
Russell Midcap® Value Index4	–		–			–		–		6.50		11.11		9.81		–		–

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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Special Mid Cap Value Fund 5

Ten largest holdings (%) as of March 31, 20185
Molson Coors Brewing Company Class B	2.69
Jacobs Engineering Group Incorporated	2.65
Sealed Air Corporation	2.51
Kansas City Southern	2.50
Loews Corporation	2.35
Ameren Corporation	2.31
Fidelity National Information Services Incorporated	2.28
Brown & Brown Incorporated	2.19
American Electric Power Company Incorporated	2.12
Amdocs Limited	2.08

Sector distribution as of March 31, 2018⁶

¹  Historical performance shown for the Class R shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, the 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 January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.19% for Class A, 1.94% for Class C, 1.44% for Class R, 0.76% for Class R6, 1.11% for Administrator Class, and 0.85% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁵  The ten largest holdings, excluding cash 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 Special Mid Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2017 to March 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2017		Ending account value 3-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,010.81	$	5.82		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.84		1.16	%
Class C
Actual	$	1,000.00	$	1,006.98	$	9.56		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.41	$	9.60		1.91	%
Class R
Actual	$	1,000.00	$	1,009.47	$	7.06		1.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.09		1.41	%
Class R6
Actual	$	1,000.00	$	1,012.85	$	3.66		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.29	$	3.68		0.73	%
Administrator Class
Actual	$	1,000.00	$	1,011.02	$	5.41		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Institutional Class
Actual	$	1,000.00	$	1,012.55	$	4.16		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.79	$	4.18		0.83	%

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—March 31, 2018 (unaudited) Wells Fargo Special Mid Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 95.19%
Consumer Discretionary: 7.22%
Auto Components: 0.84%
Aptiv plc		860,200	$	73,091,194
Hotels, Restaurants & Leisure: 1.08%
The Wendy’s Company		5,302,700		93,062,385
Household Durables: 2.25%
Mohawk Industries Incorporated †		511,500		118,780,530
Whirlpool Corporation		496,700		76,049,737
				194,830,267
Media: 1.34%
Interpublic Group of Companies Incorporated		5,052,900		116,368,287
Multiline Retail: 1.71%
Kohl’s Corporation		2,252,100		147,535,071
Consumer Staples: 4.33%
Beverages: 2.69%
Molson Coors Brewing Company Class B		3,085,710		232,446,534
Household Products: 1.64%
Spectrum Brands Holdings Incorporated «		1,373,100		142,390,470
Energy: 8.08%
Energy Equipment & Services: 3.64%
C&J Energy Services Incorporated †		3,091,168		79,813,958
National Oilwell Varco Incorporated		3,204,200		117,946,602
Patterson-UTI Energy Incorporated		6,688,000		117,106,880
				314,867,440
Oil, Gas & Consumable Fuels: 4.44%
Anadarko Petroleum Corporation		2,350,600		141,999,746
Cimarex Energy Company		1,280,400		119,717,400
Hess Corporation		2,429,500		122,981,290
				384,698,436
Financials: 19.41%
Banks: 5.81%
Fifth Third Bancorp		4,005,800		127,184,150
PacWest Bancorp		3,052,807		151,205,531
Regions Financial Corporation		7,950,500		147,720,290
Zions Bancorporation		1,464,900		77,244,177
				503,354,148
Capital Markets: 1.83%
Northern Trust Corporation		1,536,000		158,407,680

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

8 Wells Fargo Special Mid Cap Value Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name	Shares		Value
Consumer Finance: 1.23%
Ally Financial Incorporated		3,926,761	$	106,611,561
Insurance: 10.54%
Arch Capital Group Limited †		1,567,536		134,165,406
Brown & Brown Incorporated		7,455,839		189,676,544
FNF Group		3,351,414		134,123,588
Loews Corporation		4,083,400		203,067,482
The Allstate Corporation		1,355,800		128,529,840
Willis Towers Watson plc		804,300		122,406,417
				911,969,277
Health Care: 7.58%
Health Care Equipment & Supplies: 3.44%
Steris plc		967,000		90,279,120
Varian Medical Systems Incorporated †		652,200		79,992,330
Zimmer Biomet Holdings Incorporated		1,164,800		127,009,792
				297,281,242
Health Care Providers & Services: 2.89%
AmerisourceBergen Corporation		696,500		60,045,265
Humana Incorporated		442,300		118,903,509
Universal Health Services Incorporated Class B		597,800		70,785,498
				249,734,272
Life Sciences Tools & Services: 1.25%
Charles River Laboratories International Incorporated †		1,016,800		108,533,232
Industrials: 15.90%
Aerospace & Defense: 3.28%
Arconic Incorporated		4,628,100		106,631,424
Harris Corporation		1,100,500		177,488,640
				284,120,064
Building Products: 1.03%
Owens Corning Incorporated		1,105,100		88,850,040
Commercial Services & Supplies: 3.41%
Republic Services Incorporated		2,695,875		178,547,801
Stericycle Incorporated †		1,996,600		116,860,998
				295,408,799
Construction & Engineering: 2.65%
Jacobs Engineering Group Incorporated		3,874,443		229,173,303
Electrical Equipment: 1.40%
Acuity Brands Incorporated «		872,000		121,373,680
Machinery: 0.81%
The Middleby Corporation †		563,700		69,780,423

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

Portfolio of investments—March 31, 2018 (unaudited) Wells Fargo Special Mid Cap Value Fund 9

Security name	Shares		Value
Road & Rail: 3.32%
Kansas City Southern		1,966,700	$	216,041,995
Ryder System Incorporated		979,500		71,297,805
				287,339,800
Information Technology: 10.86%
Communications Equipment: 0.72%
ARRIS International plc †		2,357,400		62,636,118
IT Services: 6.98%
Amdocs Limited		2,702,300		180,297,456
DST Systems Incorporated		625,693		52,339,219
Euronet Worldwide Incorporated †		760,500		60,018,660
Fidelity National Information Services Incorporated		2,049,200		197,337,960
Leidos Holdings Incorporated		1,745,000		114,123,000
				604,116,295
Semiconductors & Semiconductor Equipment: 0.50%
Analog Devices Incorporated		474,000		43,195,620
Software: 0.97%
Check Point Software Technologies Limited †		844,000		83,842,960
Technology Hardware, Storage & Peripherals: 1.69%
NCR Corporation †		4,642,820		146,341,686
Materials: 8.74%
Chemicals: 3.34%
International Flavors & Fragrances Incorporated		992,300		135,855,793
PPG Industries Incorporated		1,373,600		153,293,760
				289,149,553
Containers & Packaging: 5.40%
International Paper Company		2,694,900		143,988,507
Packaging Corporation of America		942,300		106,197,210
Sealed Air Corporation		5,079,200		217,338,968
				467,524,685
Real Estate: 5.84%
Equity REITs: 3.84%
American Campus Communities Incorporated		3,107,985		120,030,381
Invitation Homes Incorporated		5,282,028		120,588,699
Mid-America Apartment Communities Incorporated		1,006,000		91,787,440
				332,406,520
Real Estate Management & Development: 2.00%
CBRE Group Incorporated Class A †		3,662,800		172,957,418

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

10 Wells Fargo Special Mid Cap Value Fund Portfolio of investments—March 31, 2018 (unaudited)

Security name				Shares		Value
Utilities: 7.23%
Electric Utilities: 2.86%
American Electric Power Company Incorporated					2,680,560	$	183,859,610
PG&E Corporation					1,455,400		63,935,722
							247,795,332
Multi-Utilities: 2.31%
Ameren Corporation					3,531,850		200,008,666
Water Utilities: 2.06%
American Water Works Company Incorporated					2,168,700		178,115,331
Total Common Stocks (Cost $7,226,070,703)							8,239,317,789
	Yield
Short-Term Investments: 6.54%
Investment Companies: 6.54%
Securities Lending Cash Investment LLC (l)(r)(u)		1.89	%		80,737,839		80,745,913
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.54			485,557,494		485,557,494
Total Short-Term Investments (Cost $566,303,407)							566,303,407

Total investments in securities (Cost $7,792,374,110)	101.73	%		8,805,621,196
Other assets and liabilities, net	(1.73	)		(149,817,896	)
Total net assets	100.00	%	$	8,655,803,300

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment companies
Securities Lending Cash Investment LLC		131,645,898		483,156,889		534,064,948		80,737,839	$	0	$	0	$	125,909	$	80,745,913
Wells Fargo Government Money Market Fund Select Class		450,420,430		1,136,293,242		1,101,156,178		485,557,494		0		0		2,651,218		485,557,494
									$	0	$	0	$	2,777,127	$	566,303,407		6.54	%

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

Statement of assets and liabilities—March 31, 2018 (unaudited) Wells Fargo Special Mid Cap Value Fund 11

Assets
Investments in unaffiliated securities (including $79,065,171 of securities loaned), at value (cost $7,226,070,703)	$	8,239,317,789
Investments in affiliated securities, at value (cost $566,303,407)		566,303,407
Cash		2,379,618
Receivable for investments sold		24,023,760
Receivable for Fund shares sold		20,115,783
Receivable for dividends		8,067,854
Receivable for securities lending income		28,476
Prepaid expenses and other assets		72,755
Total assets		8,860,309,442
Liabilities
Payable for investments purchased		102,855,124
Payable upon receipt of securities loaned		80,737,379
Payable for Fund shares redeemed		13,230,618
Management fee payable		5,075,092
Administration fees payable		963,914
Distribution fees payable		131,200
Accrued expenses and other liabilities		1,512,815
Total liabilities		204,506,142
Total net assets	$	8,655,803,300
NET ASSETS CONSIST OF
Paid-in capital	$	7,589,283,020
Undistributed net investment income		12,323,013
Accumulated net realized gains on investments		40,950,181
Net unrealized gains on investments		1,013,247,086
Total net assets	$	8,655,803,300
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,093,934,439
Shares outstanding – Class A1		30,078,689
Net asset value per share – Class A		$36.37
Maximum offering price per share – Class A2		$38.59
Net assets – Class C	$	189,337,446
Shares outstanding – Class C1		5,413,754
Net asset value per share – Class C		$34.97
Net assets – Class R	$	21,264,351
Shares outstanding – Class R1		576,428
Net asset value per share – Class R		$36.89
Net assets – Class R6	$	1,357,151,117
Shares outstanding – Class R61		36,359,593
Net asset value per share – Class R6		$37.33
Net assets – Administrator Class	$	1,217,382,830
Shares outstanding – Administrator Class1		32,925,510
Net asset value per share – Administrator Class		$36.97
Net assets – Institutional Class	$	4,776,733,117
Shares outstanding – Institutional Class1		128,099,242
Net asset value per share – Institutional Class		$37.29

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Special Mid Cap Value Fund Statement of operations—six months ended March 31, 2018 (unaudited)

Investment income
Dividends	$	64,138,199
Income from affiliated securities		2,777,127
Total investment income		66,915,326
Expenses
Management fee		28,164,501
Administration fees
Class A		1,158,155
Class C		205,877
Class R		20,231
Class R6		169,173
Administrator Class		779,923
Institutional Class		3,110,432
Shareholder servicing fees
Class A		1,378,756
Class C		245,092
Class R		24,084
Administrator Class		1,499,852
Distribution fees
Class C		735,275
Class R		24,084
Custody and accounting fees		132,689
Professional fees		22,433
Registration fees		347,569
Shareholder report expenses		691,860
Trustees’ fees and expenses		10,030
Other fees and expenses		18,945
Total expenses		38,738,961
Net investment income		28,176,365
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		93,091,834
Net change in unrealized gains (losses) on investments		(32,455,648	)
Net realized and unrealized gains (losses) on investments		59,636,186
Net increase in net assets resulting from operations	$	87,812,551

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

Statement of changes in net assets Wells Fargo Special Mid Cap Value Fund 13

	Six months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Operations
Net investment income				$	28,176,365					$	69,856,974
Net realized gains on investments					93,091,834						263,905,671
Net change in unrealized gains (losses) on investments					(33,455,648	)					507,582,662
Net increase in net assets resulting from operations					87,812,551						841,345,307
Distributions to shareholders from
Net investment income
Class A					(6,735,596	)					(7,950,644	)
Class C					(65,826	)					(22,847	)
Class R					(125,274	)					(20,893	)
Class R6					(11,006,444	)					(4,366,000	)
Administrator Class					(8,307,428	)					(5,647,481	)
Institutional Class					(46,211,764	)					(24,469,171	)
Net realized gains
Class A					(38,057,114	)					(8,040,188	)
Class C					(7,081,663	)					(774,149	)
Class R					(633,096	)					(15,345	)
Class R6					(35,131,963	)					(2,351,311	)
Administrator Class					(39,923,560	)					(4,977,762	)
Institutional Class					(163,298,206	)					(14,258,083	)
Total distributions to shareholders					(356,577,934	)					(72,893,874	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		5,137,455			192,257,832			13,154,908			465,537,737
Class C		667,595			24,099,460			2,711,868			92,767,956
Class R		285,176			10,904,415			375,826			13,756,543
Class R6		14,956,167			575,644,053			15,662,932			576,145,190
Administrator Class		7,280,943			279,757,564			11,300,924			409,573,144
Institutional Class		24,744,514			951,927,129			73,476,646			2,698,093,386
					2,034,590,453						4,255,873,956
Reinvestment of distributions
Class A		1,134,296			42,153,674			430,399			15,319,605
Class C		190,448			6,787,622			21,636			747,041
Class R		20,056			757,010			1,001			36,238
Class R6		1,188,583			45,410,964			184,501			6,716,950
Administrator Class		1,273,292			48,143,405			293,544			10,613,440
Institutional Class		5,050,159			192,715,031			939,200			34,186,140
					335,967,706						67,619,414
Payment for shares redeemed
Class A		(4,752,325	)		(178,217,986	)		(26,185,672	)		(938,590,776	)
Class C		(771,547	)		(27,700,280	)		(1,041,925	)		(35,763,015	)
Class R		(109,727	)		(4,190,015	)		(48,532	)		(1,793,289	)
Class R6		(3,324,075	)		(127,975,024	)		(3,316,560	)		(121,702,544	)
Administrator Class		(5,976,478	)		(227,380,446	)		(6,021,913	)		(218,649,630	)
Institutional Class		(21,135,512	)		(816,527,656	)		(23,386,735	)		(854,924,224	)
					(1,381,991,407	)					(2,171,423,478	)
Net increase in net assets resulting from capital share transactions					988,566,752						2,152,069,892
Total increase in net assets					719,801,369						2,920,521,325
Net assets
Beginning of period					7,936,001,931						5,015,480,606
End of period				$	8,655,803,300					$	7,936,001,931
Undistributed net investment income				$	12,323,013					$	56,598,980

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

14 Wells Fargo Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$37.49			$33.12			$29.91			$32.68			$30.36			$22.83
Net investment income		0.06			0.33			0.19			0.25			0.12	1		0.15	1
Net realized and unrealized gains (losses) on investments		0.37			4.42			4.23			0.07			4.47			7.60
Total from investment operations		0.43			4.75			4.42			0.32			4.59			7.75
Distributions to shareholders from
Net investment income		(0.23	)		(0.19	)		(0.08	)		(0.18	)		(0.09	)		(0.22	)
Net realized gains		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)		0.00
Total distributions to shareholders		(1.55	)		(0.38	)		(1.21	)		(3.09	)		(2.27	)		(0.22	)
Net asset value, end of period		$36.37			$37.49			$33.12			$29.91			$32.68			$30.36
Total return2		1.08	%		14.41	%		15.34	%		0.69	%		15.70	%		34.23	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.18	%		1.19	%		1.25	%		1.28	%		1.29	%
Net expenses		1.16	%		1.18	%		1.19	%		1.24	%		1.25	%		1.25	%
Net investment income		0.42	%		0.78	%		0.82	%		0.85	%		0.38	%		0.54	%
Supplemental data
Portfolio turnover rate		21	%		46	%		30	%		58	%		58	%		87	%
Net assets, end of period (000s omitted)		$1,093,934			$1,070,690			$1,363,213			$509,386			$110,219			$38,119

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 Special Mid Cap Value Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$36.03			$31.91			$29.00			$31.82			$29.73			$22.38
Net investment income (loss)		(0.06	)		0.06			0.03			0.02	1		(0.04	)		(0.07	)1
Net realized and unrealized gains (losses) on investments		0.33			4.26			4.02			0.07			4.31			7.49
Total from investment operations		0.27			4.32			4.05			0.09			4.27			7.42
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.01	)		0.00			0.00			(0.07	)
Net realized gains		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)		0.00
Total distributions to shareholders		(1.33	)		(0.20	)		(1.14	)		(2.91	)		(2.18	)		(0.07	)
Net asset value, end of period		$34.97			$36.03			$31.91			$29.00			$31.82			$29.73
Total return2		0.70	%		13.56	%		14.47	%		(0.05	)%		14.86	%		33.23	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.92	%		1.94	%		2.00	%		2.03	%		2.04	%
Net expenses		1.91	%		1.92	%		1.94	%		1.99	%		2.00	%		2.00	%
Net investment income (loss)		(0.33	)%		0.14	%		0.03	%		0.08	%		(0.38	)%		(0.25	)%
Supplemental data
Portfolio turnover rate		21	%		46	%		30	%		58	%		58	%		87	%
Net assets, end of period (000s omitted)		$189,337			$191,954			$116,022			$63,431			$29,217			$14,913

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 Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS R				2017			2016			20151
Net asset value, beginning of period		$38.08			$33.78			$30.70			$30.70
Net investment income		0.04			0.31			0.12	2		0.00
Net realized and unrealized gains (losses) on investments		0.34			4.44			4.32			0.00
Total from investment operations		0.38			4.75			4.44			0.00
Distributions to shareholders from
Net investment income		(0.25	)		(0.26	)		(0.23	)		0.00
Net realized gains		(1.32	)		(0.19	)		(1.13	)		0.00
Total distributions to shareholders		(1.57	)		(0.45	)		(1.36	)		0.00
Net asset value, end of period		$36.89			$38.08			$33.78			$30.70
Total return3		0.95	%		14.13	%		15.05	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.42	%		1.44	%		0.00	%
Net expenses		1.41	%		1.42	%		1.44	%		0.00	%
Net investment income		0.20	%		0.77	%		0.37	%		0.00	%
Supplemental data
Portfolio turnover rate		21	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$21,264			$14,505			$1,778			$25

¹  The class commenced operations on September 30, 2015. Information represents activity for the one day of operation.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Special Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$38.52			$34.03			$30.71			$33.39			$30.90			$28.69
Net investment income		0.15			0.50	2		0.38	2		0.41	2		0.41	2		0.06	2
Net realized and unrealized gains (losses) on investments		0.38			4.53			4.30			0.05			4.43			2.15
Total from investment operations		0.53			5.03			4.68			0.46			4.84			2.21
Distributions to shareholders from
Net investment income		(0.40	)		(0.35	)		(0.23	)		(0.23	)		(0.17	)		0.00
Net realized gains		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)		0.00
Total distributions to shareholders		(1.72	)		(0.54	)		(1.36	)		(3.14	)		(2.35	)		0.00
Net asset value, end of period		$37.33			$38.52			$34.03			$30.71			$33.39			$30.90
Total return3		1.29	%		14.88	%		15.84	%		1.14	%		16.29	%		7.70	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.74	%		0.76	%		0.79	%		0.80	%		0.81	%
Net expenses		0.73	%		0.74	%		0.76	%		0.79	%		0.80	%		0.81	%
Net investment income		0.89	%		1.37	%		1.21	%		1.26	%		1.22	%		0.73	%
Supplemental data
Portfolio turnover rate		21	%		46	%		30	%		58	%		58	%		87	%
Net assets, end of period (000s omitted)		$1,357,151			$906,784			$374,557			$105,973			$4,013			$27

¹  For the period from June 28, 2013 (commencement of class operations) to September 30, 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.

18 Wells Fargo Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$38.12			$33.67			$30.45			$33.14			$30.71			$23.09
Net investment income		0.09			0.34	1		0.26			0.31	1		0.15			0.20	1
Net realized and unrealized gains (losses) on investments		0.35			4.52			4.26			0.05			4.55			7.67
Total from investment operations		0.44			4.86			4.52			0.36			4.70			7.87
Distributions to shareholders from
Net investment income		(0.27	)		(0.22	)		(0.17	)		(0.14	)		(0.09	)		(0.25	)
Net realized gains		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)		0.00
Total distributions to shareholders		(1.59	)		(0.41	)		(1.30	)		(3.05	)		(2.27	)		(0.25	)
Net asset value, end of period		$36.97			$38.12			$33.67			$30.45			$33.14			$30.71
Total return2		1.10	%		14.50	%		15.42	%		0.84	%		15.89	%		34.41	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.09	%		1.10	%		1.12	%		1.12	%		1.13	%
Net expenses		1.08	%		1.09	%		1.10	%		1.11	%		1.12	%		1.13	%
Net investment income		0.51	%		0.95	%		0.88	%		0.95	%		0.48	%		0.71	%
Supplemental data
Portfolio turnover rate		21	%		46	%		30	%		58	%		58	%		87	%
Net assets, end of period (000s omitted)		$1,217,383			$1,156,796			$834,134			$394,188			$187,968			$117,087

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 Special Mid Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2018 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$38.47			$34.00			$30.70			$33.38			$30.91			$23.15
Net investment income		0.13			0.41			0.35	1		0.41	1		0.24			0.20	1
Net realized and unrealized gains (losses) on investments		0.37			4.58			4.29			0.04			4.57			7.81
Total from investment operations		0.50			4.99			4.64			0.45			4.81			8.01
Distributions to shareholders from
Net investment income		(0.36	)		(0.33	)		(0.21	)		(0.22	)		(0.16	)		(0.25	)
Net realized gains		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)		0.00
Total distributions to shareholders		(1.68	)		(0.52	)		(1.34	)		(3.13	)		(2.34	)		(0.25	)
Net asset value, end of period		$37.29			$38.47			$34.00			$30.70			$33.38			$30.91
Total return2		1.26	%		14.76	%		15.73	%		1.10	%		16.17	%		34.90	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.84	%		0.86	%		0.85	%		0.85	%		0.85	%
Net expenses		0.83	%		0.84	%		0.86	%		0.85	%		0.85	%		0.85	%
Net investment income		0.76	%		1.24	%		1.07	%		1.23	%		0.81	%		0.72	%
Supplemental data
Portfolio turnover rate		21	%		46	%		30	%		58	%		58	%		87	%
Net assets, end of period (000s omitted)		$4,776,733			$4,595,274			$2,325,777			$411,919			$174,989			$66,056

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Special Mid Cap Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. 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.

Notes to financial statements (unaudited) Wells Fargo Special Mid Cap Value Fund 21

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, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2018, the aggregate cost of all investments for federal income tax purposes was $7,789,559,729 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,273,725,561
Gross unrealized losses		(257,664,094	)
Net unrealized gains	$	1,016,061,467

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:

22 Wells Fargo Special Mid Cap Value Fund Notes to financial statements (unaudited)

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	624,887,204	$	0	$	0	$	624,887,204
Consumer staples		374,837,004		0		0		374,837,004
Energy		699,565,876		0		0		699,565,876
Financials		1,680,342,666		0		0		1,680,342,666
Health care		655,548,746		0		0		655,548,746
Industrials		1,376,046,109		0		0		1,376,046,109
Information technology		940,132,679		0		0		940,132,679
Materials		756,674,238		0		0		756,674,238
Real estate		505,363,938		0		0		505,363,938
Utilities		625,919,329		0		0		625,919,329
Short-term investments
Investment companies		485,557,494		0		0		485,557,494
Investments measured at net asset value*								80,745,913
Total assets	$	8,724,875,283	$	0	$	0	$	8,805,621,196

* 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 $80,745,913 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 March 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 0.75% and declining to 0.63% as the average daily net assets of the Fund increase. For the six months ended March 31, 2018, the management fee was equivalent to an annual rate of 0.67% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.30% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Special Mid Cap Value 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, 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 January 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.19% for Class A shares, 1.94% for Class C shares, 1.44% for Class R shares, 0.76% for Class R6, 1.11% for Administrator Class shares, and 0.85% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to February 1, 2018, the Fund’s expenses were capped at 1.22% for Class A shares, 1.97% for Class C shares, 1.47% for Class R shares, 0.79% for Class R6 shares, 1.14% for Administrator Class shares, and 0.87% for Institutional Class shares.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2018, Funds Distributor received $66,088 from the sale of Class A shares and $883 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended March 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $24,294,900 and $6,134,982 in interfund purchases and sales, respectively, during the six months ended March 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2018 were $2,335,104,832 and $1,668,191,504, respectively.

24 Wells Fargo Special Mid Cap Value Fund Notes to financial statements (unaudited)

6. BANK BORROWINGS

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

For the six months ended March 31, 2018, 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.

Other information (unaudited) Wells Fargo Special Mid Cap Value Fund 25

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 Special Mid Cap Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Special Mid Cap Value 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

28 Wells Fargo Special Mid Cap Value Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 funds in the Fund Complex.

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

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Special Mid Cap Value Fund 29

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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind— including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

310000 05-18 SA234/SAR234 03-18

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (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:	May 23, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	May 23, 2018
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	May 23, 2018
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	May 23, 2018