Wells Fargo Master Trust 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: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

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: May 31

Registrant is making a filing for 13 of its series:

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

Date of reporting period: November 30, 2017

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2017

Allocation Funds

∎ Wells Fargo Growth Balanced Fund

∎ Wells Fargo Moderate Balanced Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	11
Portfolio of investments
Wells Fargo Growth Balanced Fund	12
Wells Fargo Moderate Balanced Fund	14
Financial statements
Statements of assets and liabilities	16
Statements of operations	17
Statements of changes in net assets	18
Financial highlights	20
Notes to financial statements	24

Master portfolios
Portfolio of investments
Wells Fargo C&B Large Cap Value Portfolio	31
Wells Fargo Diversified Large Cap Growth Portfolio	35
Wells Fargo Emerging Growth Portfolio	41
Wells Fargo International Growth Portfolio	46
Wells Fargo International Value Portfolio	50
Wells Fargo Large Company Value Portfolio	58
Wells Fargo Small Company Growth Portfolio	63
Wells Fargo Small Company Value Portfolio	69
Wells Fargo Core Bond Portfolio	74
Wells Fargo Managed Fixed Income Portfolio	99
Wells Fargo Real Return Bond Portfolio	111
Wells Fargo Stable Income Portfolio	123
Financial statements
Statements of assets and liabilities	134
Statements of operations	138
Statements of changes in net assets	142
Financial highlights	154
Notes to financial statements	156
Other information	171
List of abbreviations	174

The views expressed and any forward-looking statements are as of November 30, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Allocation Funds Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Allocation Funds for the six-month period that ended November 30, 2017. In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well. U.S. and international stocks returned 10.89% and 9.38%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net),² respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 0.68% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.40%.

Global growth strengthened in June and through the third quarter of 2017, and investment markets generally advanced.

From June through September, most stock markets worldwide moved higher and were at or near all-time highs as September ended. Moderate acceleration in global economic growth was supported by improving corporate earnings, low inflation pressure, and still-low interest rates. Corporate earnings reports were favorable overall as companies continued to benefit from healthy operating leverage. Global commodity prices climbed; oil prices rebounded, partly due to a better balance between supply and demand. While North Korea’s missile launches and nuclear testing raised serious concerns around the world, the heightened geopolitical risk had relatively minimal impact on stock returns.

In the U.S., economic data released in the third quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate, and consumers displayed more willingness to spend. Meanwhile, after raising the target interest rate by a quarter percentage point in June—to a range of 1.00% to 1.25%—the Federal Reserve (Fed) chose to maintain that target throughout the third quarter, noting that inflation had remained below the Fed’s 2.00% objective. Reflecting continued confidence in the U.S. economy, the Fed also stated the possibility of one more 0.25% increase in the federal funds rate by the end of 2017 and announced plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets in October.

Outside the U.S., stocks in the Asia Pacific region benefited from solid earnings reports and investors’ willingness to take on risk despite the rising tensions between North Korea and the U.S. In Europe, markets were supported by better-than-expected economic growth, which has led to narrowing of the gap between Europe’s growth rate and that of the U.S. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar. Also, commodity prices were on an upward trajectory, which benefited many companies that rely on natural resources for exports.

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index 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.

⁴  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.

Letter to shareholders (unaudited) Wells Fargo Allocation Funds 3

Positive economic and market news generally continued into October and November.

October proved to be a strong month for U.S. stocks. The S&P 500 Index delivered 11 record closes amid rising consumer confidence and signs the economy was continuing to gain momentum, including news in late October that economic output was estimated to have grown at a 3.0% annual rate in the third quarter. At its October meeting, the Fed, in a unanimous vote, left short-term interest rates unchanged but signaled it could make another rate increase before the end of 2017 if the economy remains on track. The Fed also began the process of unwinding its quantitative easing program. Outside the U.S., international stocks generally delivered positive results in October as global economic growth continued to strengthen.

Economic data released in November indicated that the U.S. economy was continuing its steady expansion, even though inflation remained low. The U.S. Bureau of Economic Analysis raised its estimate of third-quarter economic growth to 3.3% during November, consumers increased their spending, and U.S. companies continued to deliver solid earnings gains. As November ended, major U.S. stock indexes climbed to record levels, propelled by investors’ rising confidence that the U.S. Senate would pass its version of a tax-overhaul bill. The optimism led many investors to sell U.S. Treasury bonds in order to purchase stocks, which pushed government bond yields higher. Outside the U.S., stock markets generally delivered favorable monthly results, and economies continued to improve. Within the eurozone, for example, accelerating growth and falling unemployment helped boost the eurozone economic indicator to its highest level in 17 years in November.

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

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for the affiliated master portfolios

Analytic Investors, LLC

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

LSV Asset Management

Peregrine Capital Management, LLC

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 November 30, 2017

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WFGBX)	10-14-1998		9.01		9.07		4.84		15.66		10.37		5.46		1.34		1.20
Class C (WFGWX)	10-1-1998		13.79		9.55		4.67		14.79		9.55		4.67		2.09		1.95
Administrator Class (NVGBX)	11-11-1994		–		–		–		15.96		10.65		5.72		1.26		0.95
Growth Balanced Blended Index3	–		–		–		–		15.55		10.10		6.52		–		–
Bloomberg Barclays U.S. Aggregate Bond Index4	–		–		–		–		3.21		1.98		3.99		–		–
MSCI ACWI ex USA Index (Net)5	–		–		–		–		27.59		7.06		1.47		–		–
Russell 3000® Index6	–		–		–		–		22.27		15.63		8.43		–		–

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

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

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

Please see footnotes on page 6.

Performance highlights (unaudited) Wells Fargo Allocation Funds 5

Wells Fargo Growth Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 20177
Wells Fargo Managed Fixed Income Portfolio	24.26
Wells Fargo Disciplined U.S. Core Fund Class R6	13.05
Wells Fargo Diversified Large Cap Growth Portfolio	13.03
Wells Fargo Large Company Value Portfolio	10.21
Wells Fargo International Value Portfolio	9.81
Wells Fargo International Growth Portfolio	9.64
Wells Fargo Core Bond Portfolio	6.93
Wells Fargo Real Return Portfolio	3.47
Wells Fargo Small Company Value Portfolio	3.31
Wells Fargo C&B Large Cap Value Portfolio	3.06

Current target allocation as of November 30, 2017⁸

Neutral target allocation

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

Please see footnotes on page 6.

6 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund (continued)

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.50% in acquired fund fees and expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from funds in which the affiliated master portfolios invest, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

³  Source: Wells Fargo Funds Management, LLC. The Growth Balanced Blended Index is weighted 45% in the Russell 3000^® Index, 35% in the Bloomberg Barclays U.S. Aggregate Bond Index, and 20% in the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was weighted 35% in the Bloomberg Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Growth Index, 16.25% in the Russell 1000^® Value Index, 16.25% in the S&P 500 Index, 9.75% in the MSCI EAFE Index (Net), and 6.50% in the Russell 2000^® Index. You cannot invest directly in an index.

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

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

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

⁷  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  Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. These amounts are subject to change and may have changed since the date specified.

This page is intentionally left blank.

8 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Moderate Balanced Fund

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for the affiliated master portfolios

Analytic Investors, LLC

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

LSV Asset Management

Peregrine Capital Management, LLC

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 November 30, 2017

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Class A (WFMAX)

1-30-2004

4.10

5.91

4.08

10.45

7.17

4.70

1.32

1.15

Class C (WFBCX)

1-30-2004

8.62

6.37

3.91

9.62

6.37

3.91

2.07

1.90

Administrator Class (NVMBX)

11-11-1994

–

–

–

10.75

7.44

4.95

1.24

0.90

Moderate Balanced Blended Index3

–

–

–

–

10.36

6.74

5.21

–

–

Bloomberg Barclays U.S. Aggregate Bond Index4

–

–

–

–

3.21

1.98

3.99

–

–

Bloomberg Barclays U.S. Short Treasury 9-12 Months Index5

–

–

–

–

0.69

0.41

0.90

–

–

MSCI EAFE Index (Net)6

–

–

–

–

27.27

8.24

1.55

–

–

Russell 1000® Growth Index7

–

–

–

–

30.81

17.14

9.87

–

–

Russell 1000® Value Index8

–

–

–

–

14.83

14.17

6.84

–

–

Russell 2000® Index9

–

–

–

–

18.34

15.02

8.75

–

–

S&P 500 Index10

–

–

–

–

22.87

15.74

8.30

–

–

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

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

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

Please see footnotes on page 10.

Performance highlights (unaudited) Wells Fargo Allocation Funds 9

Wells Fargo Moderate Balanced Fund (continued)

Ten largest holdings as of November 30, 201711
Wells Fargo Managed Fixed Income Portfolio	20.20
Wells Fargo Stable Income Portfolio	9.65
Wells Fargo Diversified Large Cap Growth Portfolio	6.53
Wells Fargo Disciplined U.S. Core Fund Class R6	6.50
Wells Fargo Core Bond Portfolio	5.77
Wells Fargo Large Company Value Portfolio	4.40
Wells Fargo Real Return Portfolio	2.89
Wells Fargo C&B Large Cap Value Portfolio	2.21
Wells Fargo International Value Portfolio	1.96
Wells Fargo International Growth Portfolio	1.94

Current target allocation as of November 30, 2017¹²

Neutral target allocation

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

Please see footnotes on page 10.

10 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Moderate Balanced Fund (continued)

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.46% in acquired fund fees and expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from funds in which the affiliated master portfolios invest, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

³  Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Blended Index is weighted 45% in the Bloomberg Barclays U.S. Aggregate Bond Index, 15% in the Bloomberg Barclays U.S. Short Treasury 9-12 Months Index, 10% in the Russell 1000^® Growth Index, 10% in the Russell 1000^® Value Index, 10% in the S&P 500 Index, 6% in the MSCI EAFE Index (Net), and 4% in the Russell 2000^® Index. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays U.S. Short Treasury 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index.

⁶  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁷  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

⁹  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

¹⁰  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.

¹¹  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.

¹²  Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/ or short futures contracts held as part of dynamic risk management strategy. These amounts are subject to change and may have changed since the date specified.

Fund expenses (unaudited) Wells Fargo Allocation Funds 11

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2017 to November 30, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Growth Balanced Fund1	Beginning account value 6-1-2017		Ending account value 11-30-2017		Expenses paid during the period2		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,071.51	$	6.23		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class C
Actual	$	1,000.00	$	1,067.38	$	10.11		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,072.92	$	4.94		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Moderate Balanced Fund1
Class A
Actual	$	1,000.00	$	1,046.44	$	5.90		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class C
Actual	$	1,000.00	$	1,042.23	$	9.73		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,047.72	$	4.62		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

¹  Amounts include any net expenses allocated from the affiliated Master Portfolios to the Fund.

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

12 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

GROWTH BALANCED FUND

Security name						Shares		Value
Investment Companies: 100.03%
Affiliated Master Portfolios: 86.98%
Wells Fargo C&B Large Cap Value Portfolio								$	7,540,935
Wells Fargo Core Bond Portfolio									17,060,432
Wells Fargo Diversified Large Cap Growth Portfolio									32,066,675
Wells Fargo Emerging Growth Portfolio									3,994,705
Wells Fargo International Growth Portfolio									23,716,828
Wells Fargo International Value Portfolio									24,129,532
Wells Fargo Large Company Value Portfolio									25,129,263
Wells Fargo Managed Fixed Income Portfolio									59,681,658
Wells Fargo Real Return Portfolio									8,529,688
Wells Fargo Small Company Growth Portfolio									4,029,070
Wells Fargo Small Company Value Portfolio									8,140,647
									214,019,433
Affiliated Stock Funds: 13.05%
Wells Fargo Disciplined U.S. Core Fund Class R6 †							1,768,323		32,112,738
Total Investment Companies (Cost $213,838,103)									246,132,171
	Yield			Maturity date		Principal
Short-Term Investments: 0.07%
U.S. Treasury Securities: 0.07%
U.S. Treasury Bill #(z)		1.25	%		3-1-2018	$	170,000		169,469
Total Short-Term Investments (Cost $169,465)									169,469

Total investments in securities (Cost $214,007,568)	100.10	%		246,301,640
Other assets and liabilities, net	(0.10	)		(249,181	)
Total net assets	100.00	%	$	246,052,459

† Non-income-earning security

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
10-Year U.S. Treasury Notes		(144)		3-20-2018	$	(17,959,405	)	$	(17,862,750	)	$	96,655	$	0

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 13

GROWTH BALANCED FUND

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 change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Affiliated Stock Funds
Wells Fargo Disciplined U.S. Core Fund Class R6		0		1,768,323		0		1,768,323	$	265,248	$	32,112,738		13.05	%

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Securities lending income from affiliates allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo C&B Large Cap Value Portfolio		4	%		2	%	$	720,832		$	256,858		$	103,903	$	3,436	$	952	$	7,540,935
Wells Fargo Core Bond Portfolio		0	*		0	*		52,290			(103,015	)		0		207,858		882		17,060,432
Wells Fargo Diversified Large Cap Growth Portfolio		38			34			4,144,925			789,168			226,960		1,775		968		32,066,675
Wells Fargo Emerging Growth Portfolio		1			0	*		284,502			270,934			3,658		266		1,209		3,994,705
Wells Fargo Index Portfolio		2			0			2,964,117			51,104			390,126		1,975		659		0
Wells Fargo International Growth Portfolio		9			57			2,719,661			(1,608,868	)		62,740		800		2,238		23,716,828
Wells Fargo International Value Portfolio		2			3			46,123			894,702			192,760		341		5,181		24,129,532
Wells Fargo Large Company Value Portfolio		37			37			860,155			1,473,901			274,501		2,222		0		25,129,263
Wells Fargo Managed Fixed Income Portfolio		53			55			174,520			(415,727	)		0		1,009,375		512		59,681,658
Wells Fargo Real Return Portfolio		9			6			(24,093	)		3,928			31,949		104,123		306		8,529,688
Wells Fargo Small Company Growth Portfolio		0	*		0	*		26,146			460,576			9,998		711		2,634		4,029,070
Wells Fargo Small Company Value Portfolio		4			5			776,554			253,184			61,435		1,034		6,941		8,140,647
							$	12,745,732		$	2,326,745		$	1,358,030	$	1,333,916	$	22,482	$	214,019,433		86.98	%

* The amount owned is less than 0.5%.

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

14 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

MODERATE BALANCED FUND

Security name						Shares		Value
Investment Companies: 100.66%
Affiliated Master Portfolios: 90.54%
Wells Fargo C&B Large Cap Value Portfolio								$	5,428,853
Wells Fargo Core Bond Portfolio									14,200,770
Wells Fargo Diversified Large Cap Growth Portfolio									16,077,626
Wells Fargo Emerging Growth Portfolio									1,608,479
Wells Fargo International Growth Portfolio									4,785,045
Wells Fargo International Value Portfolio									4,821,640
Wells Fargo Large Company Value Portfolio									10,814,612
Wells Fargo Managed Fixed Income Portfolio									49,695,200
Wells Fargo Real Return Portfolio									7,102,425
Wells Fargo Small Company Growth Portfolio									1,624,826
Wells Fargo Small Company Value Portfolio									3,259,864
Wells Fargo Stable Income Portfolio									23,738,532
									143,157,872
Affiliated Stock Funds: 10.12%
Wells Fargo Disciplined U.S. Core Fund Class R6 †							880,889		15,996,944
Total Investment Companies (Cost $145,227,447)									159,154,816
	Yield			Maturity date		Principal
Short-Term Investments: 0.07%
U.S. Treasury Securities: 0.07%
U.S. Treasury Bill #(z)		1.25	%		3-1-2018	$	110,000		109,657
Total Short-Term Investments (Cost $109,654)									109,657

Total investments in securities (Cost $145,337,101)	100.73	%		159,264,473
Other assets and liabilities, net	(0.73	)		(1,160,547	)
Total net assets	100.00	%	$	158,103,926

† Non-income-earning security

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
10-Year U.S. Treasury Notes		(94)		3-20-2018	$	(11,723,500	)	$	(11,660,406	)	$	63,094	$	0

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 15

MODERATE BALANCED FUND

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 change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Affiliated Stock Funds
Wells Fargo Disciplined U.S. Core Fund Class R6		0		880,889		0		880,889	$	132,134	$	15,996,944		10.12	%

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Securities lending income from affiliates allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo C&B Large Cap Value Portfolio		2	%		1	%	$	292,795		$	160,871		$	42,364	$	1,384	$	384	$	5,428,853
Wells Fargo Core Bond Portfolio		0	*		0	*		44,350			(85,596	)		0		175,551		743		14,200,770
Wells Fargo Diversified Large Cap Growth Portfolio		16			17			1,743,557			244,652			91,653		710		388		16,077,626
Wells Fargo Emerging Growth Portfolio		0	*		0	*		113,454			109,225			1,468		106		484		1,608,479
Wells Fargo Index Portfolio		1			0			1,184,077			22,201			146,719		788		263		0
Wells Fargo International Growth Portfolio		4			11			1,064,529			(598,318	)		24,935		225		899		4,785,045
Wells Fargo International Value Portfolio		1			1			18,618			315,603			76,261		130		2,053		4,821,640
Wells Fargo Large Company Value Portfolio		15			16			337,938			623,126			110,502		892		0		10,814,612
Wells Fargo Managed Fixed Income Portfolio		47			45			147,679			(337,042	)		0		853,024		431		49,695,200
Wells Fargo Real Return Portfolio		8			5			(20,528	)		3,220			27,044		87,037		259		7,102,425
Wells Fargo Small Company Growth Portfolio		0	*		0	*		10,274			186,328			4,030		285		1,056		1,624,826
Wells Fargo Small Company Value Portfolio		2			2			311,806			103,555			34,235		416		2,798		3,259,864
Wells Fargo Stable Income Portfolio		100			100			2,774			(122,890	)		0		239,498		0		23,738,532
							$	5,251,323		$	624,935		$	559,211	$	1,360,046	$	9,758	$	143,157,872		90.54	%

* The amount owned is less than 0.5%.

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

16 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2017 (unaudited)

	Growth Balanced Fund			Moderate Balanced Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	214,019,433		$	143,157,872
Investments in affiliated Underlying Funds, at value (see cost below)		32,112,738			15,996,944
Investments in unaffiliated securities, at value (see cost below)		169,469			109,657
Receivable for Fund shares sold		96,081			32,632
Receivable for daily variation margin on open futures contracts		60,750			39,656
Prepaid expenses and other assets		64,830			46,729
Total assets		246,523,301			159,383,490
Liabilities
Payable for Fund shares redeemed		348,264			1,195,611
Shareholder servicing fees payable		50,496			32,554
Administration fees payable		31,755			20,021
Management fee payable		11,945			209
Distribution fee payable		10,053			7,181
Trustees’ fees and expenses payable		2,069			2,500
Accrued expenses and other liabilities		16,260			21,488
Total liabilities		470,842			1,279,564
Total net assets	$	246,052,459		$	158,103,926
NET ASSETS CONSIST OF
Paid-in capital	$	279,441,354		$	129,135,165
Undistributed net investment income		3,990,546			2,074,130
Accumulated net realized gains (losses) on investments		(69,770,168	)		12,904,165
Net unrealized gains on investments		32,390,727			13,990,466
Total net assets	$	246,052,459		$	158,103,926
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	67,818,671		$	35,603,723
Shares outstanding – Class A1		1,441,547			1,449,650
Net asset value per share – Class A		$47.05			$24.56
Maximum offering price per share – Class A2		$49.92			$26.06
Net assets – Class C	$	16,400,806		$	11,580,273
Shares outstanding – Class C1		402,823			483,627
Net asset value per share – Class C		$40.71			$23.94
Net assets – Administrator Class	$	161,832,982		$	110,919,930
Shares outstanding – Administrator Class1		3,846,208			4,471,285
Net asset value per share – Administrator Class		$42.08			$24.81
Investments in affiliated Master Portfolios, at cost	$	181,990,613		$	129,362,637
Investments in affiliated Underlying Funds, at cost	$	31,847,490		$	15,864,810
Investments in unaffiliated securities, at cost	$	169,465		$	109,654

¹  Each Fund has an unlimited number of authorized shares.

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

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

Statements of operations—six months ended November 30, 2017 (unaudited) Wells Fargo Allocation Funds 17

	Growth Balanced Fund			Moderate Balanced Fund
Investment income
Dividends allocated from affiliated Master Portfolios*	$	1,358,030		$	559,211
Interest allocated from affiliated Master Portfolios		1,333,916			1,360,046
Securities lending income from affiliates allocated from affiliated Master Portfolios		22,482			9,758
Interest		1,776			1,172
Expenses allocated from affiliated Master Portfolios		(666,826	)		(439,763	)
Waivers allocated from affiliated Master Portfolios		77,285			83,058
Total investment income		2,126,663			1,573,482
Expenses
Management fee		368,522			240,254
Administration fees
Class A		69,810			37,397
Class C		17,236			12,461
Administrator Class		105,807			73,246
Shareholder servicing fees
Class A		83,108			44,520
Class C		20,520			14,834
Administrator Class		203,474			140,857
Distribution fee
Class C		61,559			44,502
Custody and accounting fees		5,280			4,317
Professional fees		13,566			15,681
Registration fees		33,597			30,753
Shareholder report expenses		32,377			30,442
Trustees’ fees and expenses		10,727			11,194
Other fees and expenses		5,046			4,901
Total expenses		1,030,629			705,359
Less: Fee waivers and/or expense reimbursements		(287,999	)		(237,446	)
Net expenses		742,630			467,913
Net investment income		1,384,033			1,105,569
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Securities transactions allocated from affiliated Master Portfolios		12,745,732			5,251,323
Futures transactions		153,639			96,396
Net realized gains on investments		12,899,371			5,347,719
Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		2,326,745			624,935
Affiliated Underlying Funds		265,248			132,134
Unaffiliated securities		4			3
Futures transactions		158,415			105,034
Net change in unrealized gains (losses) on investments		2,750,412			862,106
Net realized and unrealized gains (losses) on investments		15,649,783			6,209,825
Net increase in net assets resulting from operations	$	17,033,816		$	7,315,394
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$30,144			$12,402

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

18 Wells Fargo Allocation Funds Statements of changes in net assets

	Growth Balanced Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment income				$	1,384,033					$	2,992,505
Net realized gains on investments					12,899,371						18,779,025
Net change in unrealized gains (losses) on investments					2,750,412						3,602,043
Net increase in net assets resulting from operations					17,033,816						25,373,573
Distributions to shareholders from
Net investment income
Class A					0						(650,066	)
Class C					0						(82,182	)
Administrator Class					0						(2,218,341	)
Total distributions to shareholders					0						(2,950,589	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		43,793			1,986,840			154,889			6,449,788
Class B		N/A			N/A			239	1		8,516	1
Class C		22,206			869,708			48,058			1,749,447
Administrator Class		169,593			6,844,401			485,500			17,988,856
					9,700,949						26,196,607
Reinvestment of distributions
Class A		0			0			15,531			638,919
Class C		0			0			2,062			73,918
Administrator Class		0			0			60,273			2,212,614
					0						2,925,451
Payment for shares redeemed
Class A		(94,292	)		(4,273,667	)		(325,344	)		(13,483,389	)
Class B		N/A			N/A			(4,925	)1		(180,325	)1
Class C		(50,993	)		(1,995,330	)		(84,404	)		(3,075,798	)
Administrator Class		(471,479	)		(19,082,430	)		(1,309,041	)		(48,109,721	)
					(25,351,427	)					(64,849,233	)
Net decrease in net assets resulting from capital share transactions					(15,650,478	)					(35,727,175	)
Total increase (decrease) in net assets					1,383,338						(13,304,191	)
Net assets
Beginning of period					244,669,121						257,973,312
End of period				$	246,052,459					$	244,669,121
Undistributed net investment income				$	3,990,546					$	2,606,513

¹  For the period from June 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.

Statements of changes in net assets Wells Fargo Allocation Funds 19

	Moderate Balanced Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment income				$	1,105,569					$	2,638,534
Net realized gains on investments					5,347,719						9,217,094
Net change in unrealized gains (losses) on investments					862,106						1,926,373
Net increase in net assets resulting from operations					7,315,394						13,782,001
Distributions to shareholders from
Net investment income
Class A					0						(472,471	)
Class C					0						(83,270	)
Administrator Class					0						(2,075,168	)
Net realized gains
Class A					0						(582,563	)
Class C					0						(220,287	)
Administrator Class					0						(2,170,812	)
Total distributions to shareholders					0						(5,604,571	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		97,868			2,347,679			444,182			10,158,763
Class C		21,365			498,164			146,228			3,273,726
Administrator Class		237,344			5,725,896			981,319			22,650,129
					8,571,739						36,082,618
Reinvestment of distributions
Class A		0			0			43,981			992,139
Class C		0			0			11,795			260,860
Administrator Class		0			0			184,642			4,200,152
					0						5,453,151
Payment for shares redeemed
Class A		(210,849	)		(5,030,631	)		(524,653	)		(12,023,431	)
Class B		N/A			N/A			(6,694	)1		(155,293	)1
Class C		(67,981	)		(1,588,369	)		(194,662	)		(4,375,549	)
Administrator Class		(531,208	)		(12,858,620	)		(3,313,693	)		(77,026,581	)
					(19,477,620	)					(93,580,854	)
Net decrease in net assets resulting from capital share transactions					(10,905,881	)					(52,045,085	)
Total decrease in net assets					(3,590,487	)					(43,867,655	)
Net assets
Beginning of period					161,694,413						205,562,068
End of period				$	158,103,926					$	161,694,413
Undistributed net investment income				$	2,074,130					$	968,561

¹  For the period from June 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.

20 Wells Fargo Allocation Funds Financial highlights

Growth Balanced Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	43.91		0.22			2.92			0.00		$	47.05
Year ended May 31, 2017	$	39.99		0.41			3.93			(0.42	)	$	43.91
Year ended May 31, 2016	$	40.80		0.46			(0.94	)		(0.33	)	$	39.99
Year ended May 31, 2015	$	37.96		0.36			2.65			(0.17	)	$	40.80
Year ended May 31, 2014	$	33.35		0.35			4.60			(0.34	)	$	37.96
Year ended May 31, 2013	$	27.77		0.32			5.70			(0.44	)	$	33.35
Class C
Six months ended November 30, 2017 (unaudited)	$	38.14		0.05	4		2.52			0.00		$	40.71
Year ended May 31, 2017	$	34.82		0.13	4		3.38			(0.19	)	$	38.14
Year ended May 31, 2016	$	35.63		0.12	4		(0.79	)		(0.14	)	$	34.82
Year ended May 31, 2015	$	33.33		0.08	4		2.30			(0.08	)	$	35.63
Year ended May 31, 2014	$	29.38		0.10	4		4.00			(0.15	)	$	33.33
Year ended May 31, 2013	$	24.52		0.13	4		4.98			(0.25	)	$	29.38
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	39.22		0.26	4		2.60			0.00		$	42.08
Year ended May 31, 2017	$	35.78		0.50	4		3.47			(0.53	)	$	39.22
Year ended May 31, 2016	$	36.54		0.49			(0.82	)		(0.43	)	$	35.78
Year ended May 31, 2015	$	33.98		0.45			2.32			(0.21	)	$	36.54
Year ended May 31, 2014	$	29.89		0.41	4		4.10			(0.42	)	$	33.98
Year ended May 31, 2013	$	24.93		0.65	4		4.82			(0.51	)	$	29.89

¹  Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.48	%		0.50	%		0.51	%		0.51	%		0.51	%		0.50	%
Class C		0.48			0.50			0.50			0.51			0.51			0.50
Administrator Class		0.48			0.50			0.50			0.51			0.51			0.50

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Allocation Funds 21

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.01	%		1.32	%		1.20	%		7.15	%		50	%	$	67,819
	1.10	%		1.34	%		1.20	%		10.93	%		114	%	$	65,514
	1.10	%		1.35	%		1.20	%		(1.14	)%		79	%	$	65,866
	0.97	%		1.40	%		1.20	%		7.94	%		75	%	$	64,223
	1.05	%		1.39	%		1.20	%		14.87	%		77	%	$	61,117
	1.23	%		1.39	%		1.20	%		21.85	%		80	%	$	55,777
	0.26	%		2.07	%		1.95	%		6.74	%		50	%	$	16,401
	0.35	%		2.09	%		1.95	%		10.10	%		114	%	$	16,463
	0.36	%		2.10	%		1.95	%		(1.88	)%		79	%	$	16,225
	0.22	%		2.15	%		1.95	%		7.13	%		75	%	$	14,349
	0.31	%		2.14	%		1.95	%		13.99	%		77	%	$	12,637
	0.48	%		2.14	%		1.95	%		20.97	%		80	%	$	9,326
	1.26	%		1.24	%		0.95	%		7.29	%		50	%	$	161,833
	1.34	%		1.26	%		0.95	%		11.19	%		114	%	$	162,693
	1.35	%		1.27	%		0.95	%		(0.86	)%		79	%	$	175,715
	1.22	%		1.24	%		0.95	%		8.16	%		75	%	$	182,373
	1.29	%		1.23	%		0.95	%		15.16	%		77	%	$	175,094
	1.47	%		1.22	%		0.95	%		22.18	%		80	%	$	175,142

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

22 Wells Fargo Allocation Funds Financial highlights

Moderate Balanced Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	23.47		0.13			0.96			0.00			0.00		$	24.56
Year ended May 31, 2017	$	22.51		0.28			1.34			(0.29	)		(0.37	)	$	23.47
Year ended May 31, 2016	$	23.57		0.28	4		(0.23	)		(0.26	)		(0.85	)	$	22.51
Year ended May 31, 2015	$	23.19		0.32			1.01			(0.44	)		(0.51	)	$	23.57
Year ended May 31, 2014	$	21.21		0.29	4		1.82			(0.13	)		0.00		$	23.19
Year ended May 31, 2013	$	18.84		0.21			2.50			(0.34	)		0.00		$	21.21
Class C
Six months ended November 30, 2017 (unaudited)	$	22.97		0.06	4		0.91			0.00			0.00		$	23.94
Year ended May 31, 2017	$	22.05		0.11	4		1.32			(0.14	)		(0.37	)	$	22.97
Year ended May 31, 2016	$	23.18		0.11	4		(0.23	)		(0.16	)		(0.85	)	$	22.05
Year ended May 31, 2015	$	22.79		0.09	4		1.04			(0.23	)		(0.51	)	$	23.18
Year ended May 31, 2014	$	20.96		0.12	4		1.80			(0.09	)		0.00		$	22.79
Year ended May 31, 2013	$	18.63		0.11			2.42			(0.20	)		0.00		$	20.96
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	23.68		0.18	4		0.95			0.00			0.00		$	24.81
Year ended May 31, 2017	$	22.70		0.35	4		1.35			(0.35	)		(0.37	)	$	23.68
Year ended May 31, 2016	$	23.75		0.32			(0.21	)		(0.31	)		(0.85	)	$	22.70
Year ended May 31, 2015	$	23.38		0.33	4		1.07			(0.52	)		(0.51	)	$	23.75
Year ended May 31, 2014	$	21.36		0.38			1.79			(0.15	)		0.00		$	23.38
Year ended May 31, 2013	$	18.96		0.41			2.38			(0.39	)		0.00		$	21.36

¹  Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.45	%		0.46	%		0.47	%		0.47	%		0.46	%		0.46	%
Class C		0.45			0.46			0.47			0.47			0.46			0.46
Administrator Class		0.45			0.46			0.47			0.47			0.46			0.46

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Allocation Funds 23

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.26	%		1.33	%		1.15	%		4.64	%		49	%	$	35,604
	1.25	%		1.32	%		1.15	%		7.33	%		114	%	$	36,679
	1.26	%		1.32	%		1.15	%		0.34	%		87	%	$	35,993
	1.14	%		1.36	%		1.15	%		5.87	%		84	%	$	20,782
	1.29	%		1.36	%		1.15	%		9.94	%		89	%	$	18,169
	1.41	%		1.36	%		1.15	%		14.57	%		86	%	$	10,344
	0.51	%		2.08	%		1.90	%		4.22	%		49	%	$	11,580
	0.50	%		2.07	%		1.90	%		6.56	%		114	%	$	12,180
	0.51	%		2.07	%		1.90	%		(0.44	)%		87	%	$	12,501
	0.40	%		2.11	%		1.90	%		5.06	%		84	%	$	6,042
	0.54	%		2.11	%		1.90	%		9.15	%		89	%	$	4,469
	0.66	%		2.11	%		1.90	%		13.65	%		86	%	$	2,576
	1.51	%		1.25	%		0.90	%		4.77	%		49	%	$	110,920
	1.49	%		1.24	%		0.90	%		7.62	%		114	%	$	112,835
	1.48	%		1.23	%		0.90	%		0.59	%		87	%	$	156,915
	1.39	%		1.20	%		0.90	%		6.13	%		84	%	$	153,457
	1.52	%		1.20	%		0.90	%		10.18	%		89	%	$	144,248
	1.66	%		1.20	%		0.90	%		14.81	%		86	%	$	146,729

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

24 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

Each Fund is a fund-of-funds that invests in various affiliated mutual funds (“Underlying Funds”) employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of the Fund and to provide more consistent returns. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Each Fund may invest in other Wells Fargo Funds or directly in securities. Investments in affiliated Underlying Funds may also include investments in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2017 are included in this report and should be read in conjunction with each Fund’s financial statements. The financial statements and financial highlights for affiliated Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 25

decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Futures contracts

Each Fund may enter into futures contracts and may be subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. 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.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in each Fund and each affiliated Master Portfolio. Realized gains or losses in each Fund and each affiliated Master Portfolio are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each Fund and affiliated Master Portfolio. 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 in each affiliated Master Portfolio 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 in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.

Distributions to shareholders

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

Federal and other taxes

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

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

26 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

As of November 30, 2017, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

	Tax cost		Gross unrealized gains		Gross unrealized losses		Net unrealized gains
Growth Balanced Fund	$	214,415,460	$	31,982,835	$	0	$	31,982,835
Moderate Balanced Fund		144,260,956		15,066,611		0		15,066,611

As of May 31, 2017, Growth Balanced Fund had capital loss carryforwards that are available to offset future net realized capital gains in the amount of $82,578,227 which expires in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

Growth Balanced Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Investment companies	$	32,112,738	$	0	$	0	$	32,112,738
Short-term investments
U.S. Treasury securities		169,469		0		0		169,469
Investments measured at net asset value*								214,019,433
		32,282,207		0		0		246,301,640
Futures contracts		60,750		0		0		60,750
Total assets	$	32,342,957	$	0	$	0	$	246,362,390

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $214,019,433. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 27

Moderate Balanced Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Investment companies	$	15,996,944	$	0	$	0	$	15,996,944
Short-term investments
U.S. Treasury securities		109,657		0		0		109,657
Investments measured at net asset value*								143,157,872
		16,106,601		0		0		159,264,473
Futures contracts		39,656		0		0		39,656
Total assets	$	16,146,257	$	0	$	0	$	159,304,129

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $143,157,872. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to the Fund at that date. All other assets and liabilities are reported at their market value at measurement date.

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

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser, providing fund-level administrative services in connection with each Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of each Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.30% and declining to 0.22% as the average daily net assets of each Fund increase. For the six months ended November 30, 2017, the management fee was equivalent to an annual rate of 0.30% of each Fund’s average daily net assets.

28 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

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

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

Administration fees

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

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

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 Funds. 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. Net expenses from the affiliated Master Portfolios are included in the expense caps. Funds Management has committed through September 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Class A			Class C			Administrator Class
Growth Balanced Fund		1.20	%		1.95	%		0.95	%
Moderate Balanced Fund		1.15			1.90			0.90

After the expiration date, each expense 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 applicable Funds pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to the Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2017, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2017.

	Front-end sales charges		Contingent deferred sales charges
	Class A		Class C
Growth Balanced Fund	$	2,164	$	28
Moderate Balanced Fund		2,330		17

Shareholder servicing fees

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 29

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2017 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Growth Balanced Fund	$	51,053,422	$	76,192,037	$	46,021,975	$	148,847,551
Moderate Balanced Fund		45,415,955		36,932,785		39,802,965		54,080,263

* The Funds seek to achieve their investment objectives by investing in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of affiliated underlying funds and unaffiliated securities in which the Funds invest are actual purchases and sale of those investments.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2017, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active allocation strategy.

	Growth Balanced Fund			Moderate Balanced Fund
Average notional balance on long futures	$	232,037		$	151,598
Average notional balance on short futures		(18,501,163	)		(12,300,764	)

On November 30, 2017, the cumulative unrealized gains on futures contracts are reflected in net unrealized gains on investments on the Statements of Assets and Liabilities. The receivable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statements of Operations.

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2017 was as follows for Growth Balanced Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Equity risk	$	66,307	$	0
Interest rate risk		87,332		158,415
	$	153,639	$	158,415

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2017 was as follows for Moderate Balanced Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Equity risk	$	43,321	$	0
Interest rate risk		53,075		105,034
	$	96,396	$	105,034

For certain types of derivative transactions, the Funds have 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 Funds 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

30 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

cover obligations of the Funds under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statements 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 Statements of Assets and Liabilities are not offset across transactions between the Funds and the applicable counterparty. A reconciliation of the gross amounts on the Statements 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 Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
Growth Balanced Fund	Goldman Sachs	$	60,750	$	0	$	0	$	60,750
Moderate Balanced Fund	Goldman Sachs		39,656		0		0		39,656

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 each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended November 30, 2017, there were no borrowings by the Funds 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 Funds and, therefore, cannot be estimated.

9. SUBSEQUENT DISTRIBUTIONS

On December 11, 2017, Moderate Balanced Fund declared distributions from capital gains to shareholders of record on December 8, 2017. The per share amounts payable on December 12, 2017 were as follows:

	Moderate Balanced Fund
Short-term capital gains
Class A	$	0.19921
Class C		0.19921
Administrator Class		0.19921
Long-term capital gains
Class A	$	1.47745
Class C		1.47745
Administrator Class		1.47745

On December 19, 2017, Growth Balanced Fund and Moderate Balanced Fund declared distributions from net investment income to shareholders of record on December 18, 2017. The per share amounts payable on December 20, 2017 were as follows:

	Growth Balanced Fund		Moderate Balanced Fund
Net investment income
Class A	$	0.44808	$	0.31670
Class C		0.16050		0.13852
Administrator Class		0.56175		0.37562

These distributions are not reflected in the accompanying financial statements.

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 31

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.04%
Consumer Discretionary: 15.59%
Hotels, Restaurants & Leisure: 2.63%
Brinker International Incorporated «		86,400	$	3,173,472
Carnival Corporation		120,900		7,935,876
				11,109,348
Household Durables: 2.48%
Whirlpool Corporation		62,000		10,451,340
Media: 5.34%
Omnicom Group Incorporated		162,500		11,609,000
Twenty-First Century Fox Incorporated Class A		341,100		10,894,734
				22,503,734
Textiles, Apparel & Luxury Goods: 5.14%
Gildan Activewear Incorporated		389,700		12,369,078
HanesBrands Incorporated «		445,900		9,314,851
				21,683,929
Consumer Staples: 3.65%
Beverages: 1.37%
Diageo plc ADR		41,700		5,774,199
Personal Products: 0.92%
Unilever NV ADR «		67,000		3,868,580
Tobacco: 1.36%
Philip Morris International		55,800		5,733,450
Energy: 5.67%
Energy Equipment & Services: 1.77%
Schlumberger Limited		118,400		7,441,440
Oil, Gas & Consumable Fuels: 3.90%
Exxon Mobil Corporation		127,700		10,636,133
World Fuel Services Corporation		207,300		5,818,911
				16,455,044
Financials: 28.59%
Banks: 6.51%
Bank of America Corporation		223,900		6,307,263
JPMorgan Chase & Company		126,300		13,200,876
PNC Financial Services Group Incorporated		56,600		7,955,696
				27,463,835

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

32 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Capital Markets: 7.92%
Brookfield Asset Management Incorporated Class A		255,900	$	10,619,850
Intercontinental Exchange Incorporated		165,800		11,846,410
State Street Corporation		114,700		10,936,645
				33,402,905
Consumer Finance: 1.85%
Synchrony Financial		217,600		7,809,664
Diversified Financial Services: 2.77%
Berkshire Hathaway Incorporated Class B †		60,500		11,677,105
Insurance: 9.54%
Chubb Limited		67,200		10,221,792
FNF Group		229,200		9,273,432
Markel Corporation †		3,911		4,329,086
RenaissanceRe Holdings Limited		68,500		9,086,525
The Progressive Corporation		137,100		7,290,978
				40,201,813
Health Care: 14.10%
Health Care Equipment & Supplies: 3.93%
Abbott Laboratories		174,900		9,859,113
Becton Dickinson & Company		29,500		6,732,195
				16,591,308
Health Care Providers & Services: 6.16%
Cardinal Health Incorporated		106,800		6,321,492
Laboratory Corporation of America Holdings †		64,300		10,176,761
UnitedHealth Group Incorporated		41,500		9,469,055
				25,967,308
Pharmaceuticals: 4.01%
Allergan plc		60,700		10,551,481
Johnson & Johnson		45,500		6,339,515
				16,890,996
Industrials: 13.37%
Air Freight & Logistics: 2.33%
United Parcel Service Incorporated Class B		81,000		9,837,450
Building Products: 1.98%
Johnson Controls International plc		221,700		8,344,788
Electrical Equipment: 3.39%
AMETEK Incorporated		87,800		6,382,182
Eaton Corporation plc		101,700		7,910,226
				14,292,408
Machinery: 2.65%
Snap-on Incorporated		65,900		11,165,437

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 33

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
Trading Companies & Distributors: 3.02%
AerCap Holdings NV †					244,900	$	12,727,453
Information Technology: 6.83%
Electronic Equipment, Instruments & Components: 2.92%
Arrow Electronics Incorporated †					93,000		7,507,890
TE Connectivity Limited					50,600		4,778,664
							12,286,554
IT Services: 2.83%
Accenture plc Class A					40,300		5,964,803
Alliance Data Systems Corporation					25,000		5,981,750
							11,946,553
Semiconductors & Semiconductor Equipment: 1.08%
Analog Devices Incorporated					53,002		4,564,002
Materials: 4.78%
Chemicals: 0.99%
Axalta Coating Systems Limited †					132,600		4,198,116
Containers & Packaging: 3.79%
Ball Corporation					193,700		7,730,567
Crown Holdings Incorporated †					138,200		8,254,686
							15,985,253
Real Estate: 1.46%
Real Estate Management & Development: 1.46%
CBRE Group Incorporated Class A †					142,300		6,170,128
Total Common Stocks (Cost $295,034,960)							396,544,140
	Yield
Short-Term Investments: 8.70%
Investment Companies: 8.70%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		13,372,004		13,373,341
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			23,303,022		23,303,022
Total Short-Term Investments (Cost $36,676,314)							36,676,363

Total investments in securities (Cost $331,711,274)	102.74	%		433,220,503
Other assets and liabilities, net	(2.74	)		(11,556,070	)
Total net assets	100.00	%	$	421,664,433

« 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 Portfolio as defined in the Investment Company Act of 1940.

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

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

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

34 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		24,100,596		90,970,022		101,698,614		13,372,004	$	(35	)	$	(2	)	$	28,015	$	13,373,341
Wells Fargo Government Money Market Fund Select Class		12,499,686		77,943,849		67,140,513		23,303,022		0			0			103,323		23,303,022
									$	(35	)	$	(2	)	$	131,338	$	36,676,363		8.70	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 35

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.97%
Consumer Discretionary: 14.43%
Auto Components: 0.75%
Lear Corporation		3,877	$	701,311
Automobiles: 0.64%
General Motors Company		13,710		590,764
Hotels, Restaurants & Leisure: 0.94%
Marriott International Incorporated Class A		1,910		242,570
Norwegian Cruise Line Holdings Limited †		6,616		358,323
Royal Caribbean Cruises Limited		2,220		275,014
				875,907
Household Durables: 0.68%
Mohawk Industries Incorporated †		2,240		633,046
Internet & Direct Marketing Retail: 5.50%
Amazon.com Incorporated †		3,490		4,106,858
Netflix Incorporated †		2,930		549,609
The Priceline Group Incorporated †		270		469,722
				5,126,189
Media: 0.91%
Comcast Corporation Class A		14,909		559,684
Live Nation Incorporated †		6,390		289,978
				849,662
Multiline Retail: 1.81%
Dollar Tree Incorporated †		11,060		1,136,526
Target Corporation		9,170		549,283
				1,685,809
Specialty Retail: 3.20%
Burlington Stores Incorporated †		2,480		263,798
Lowe’s Companies Incorporated		6,827		569,167
The Home Depot Incorporated		9,539		1,715,303
The TJX Companies Incorporated		5,747		434,186
				2,982,454
Consumer Staples: 3.33%
Beverages: 0.69%
Constellation Brands Incorporated Class A		2,960		644,066
Food & Staples Retailing: 1.81%
Costco Wholesale Corporation		3,160		582,799
Sysco Corporation		8,570		494,746
Wal-Mart Stores Incorporated		6,243		607,007
				1,684,552

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

36 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Personal Products: 0.83%
The Estee Lauder Companies Incorporated Class A		6,170	$	770,201
Energy: 2.44%
Oil, Gas & Consumable Fuels: 2.44%
Chevron Corporation		4,145		493,214
Concho Resources Incorporated †		5,550		776,223
Exxon Mobil Corporation		5,209		433,858
Valero Energy Corporation		6,634		568,003
				2,271,298
Financials: 8.42%
Banks: 2.13%
Bank of America Corporation		21,062		593,317
Citizens Financial Group Incorporated		13,310		541,717
JPMorgan Chase & Company		6,850		715,962
Webster Financial Corporation		2,250		129,083
				1,980,079
Capital Markets: 4.82%
CME Group Incorporated		7,200		1,076,688
MarketAxess Holdings Incorporated		2,190		427,641
Morgan Stanley		17,110		883,047
Raymond James Financial Incorporated		11,371		1,004,059
TD Ameritrade Holding Corporation		3,210		164,256
The Charles Schwab Corporation		19,250		939,208
				4,494,899
Insurance: 1.47%
Lincoln National Corporation		7,620		583,311
Prudential Financial Incorporated		4,949		573,292
The Progressive Corporation		3,990		212,188
				1,368,791
Health Care: 11.98%
Biotechnology: 2.77%
Amgen Incorporated		2,723		478,322
BioMarin Pharmaceutical Incorporated †		3,110		266,838
Exelixis Incorporated †		4,220		114,278
Gilead Sciences Incorporated		6,031		450,998
Incyte Corporation †		1,250		123,738
Neurocrine Biosciences Incorporated †		2,220		159,596
Vertex Pharmaceuticals Incorporated †		6,860		989,829
				2,583,599
Health Care Equipment & Supplies: 2.71%
Abbott Laboratories		10,163		572,888
Boston Scientific Corporation †		25,300		664,884

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 37

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corporation †		6,800	$	796,960
Intuitive Surgical Incorporated †		420		167,908
Stryker Corporation		850		132,600
West Pharmaceutical Services Incorporated		1,860		185,870
				2,521,110
Health Care Providers & Services: 2.37%
Aetna Incorporated		4,329		779,999
Centene Corporation †		7,108		725,656
UnitedHealth Group Incorporated		3,099		707,099
				2,212,754
Health Care Technology: 0.21%
Veeva Systems Incorporated Class A †		3,200		192,672
Life Sciences Tools & Services: 1.17%
Agilent Technologies Incorporated		11,175		773,757
PRA Health Sciences Incorporated †		3,850		317,125
				1,090,882
Pharmaceuticals: 2.75%
Bristol-Myers Squibb Company		7,440		470,134
Johnson & Johnson		4,009		558,574
Merck & Company Incorporated		6,969		385,177
Zoetis Incorporated		15,892		1,148,833
				2,562,718
Industrials: 12.01%
Aerospace & Defense: 1.81%
Northrop Grumman Corporation		2,184		671,362
Raytheon Company		1,980		378,477
The Boeing Company		2,310		639,408
				1,689,247
Air Freight & Logistics: 0.91%
FedEx Corporation		3,530		817,054
XPO Logistics Incorporated †		430		33,983
				851,037
Airlines: 0.86%
Delta Air Lines Incorporated		9,410		497,977
Southwest Airlines Company		5,003		303,532
				801,509
Commercial Services & Supplies: 1.46%
KAR Auction Services Incorporated		9,521		479,573
Waste Connections Incorporated		12,810		881,712
				1,361,285

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

38 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Construction & Engineering: 0.57%
EMCOR Group Incorporated		6,534	$	527,751
Electrical Equipment: 0.44%
Rockwell Automation Incorporated		2,130		411,260
Industrial Conglomerates: 0.98%
3M Company		1,940		471,692
Honeywell International Incorporated		2,810		438,248
				909,940
Machinery: 2.46%
Cummins Incorporated		3,340		559,116
Fortive Corporation		7,785		581,150
Nordson Corporation		520		66,747
Stanley Black & Decker Incorporated		3,572		605,918
The Toro Company		7,257		473,519
				2,286,450
Professional Services: 0.24%
IHS Markit Limited †		2,120		94,594
TransUnion †		2,380		132,138
				226,732
Road & Rail: 2.28%
CSX Corporation		4,369		243,572
Norfolk Southern Corporation		4,000		554,520
Union Pacific Corporation		10,470		1,324,455
				2,122,547
Information Technology: 40.29%
Electronic Equipment, Instruments & Components: 1.32%
CDW Corporation of Delaware		9,995		699,750
Jabil Circuit Incorporated		18,239		526,195
				1,225,945
Internet Software & Services: 10.78%
Alibaba Group Holding Limited ADR †		1,040		184,163
Alphabet Incorporated Class A †		2,794		2,895,059
Alphabet Incorporated Class C †		1,790		1,828,324
CoStar Group Incorporated †		740		225,678
eBay Incorporated †		8,560		296,775
Facebook Incorporated Class A †		21,080		3,734,954
LogMeIn Incorporated		2,930		348,670
MercadoLibre Incorporated		830		228,366
Shopify Incorporated Class A «†		2,880		299,002
				10,040,991

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 39

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
IT Services: 7.07%
Euronet Worldwide Incorporated †		3,420	$	312,417
Global Payments Incorporated		1,760		176,986
MasterCard Incorporated Class A		12,660		1,904,950
PayPal Holdings Incorporated †		18,340		1,388,888
Square Incorporated Class A «†		14,300		560,846
Switch Incorporated Ǡ		6,198		106,234
Visa Incorporated Class A		18,980		2,136,958
				6,587,279
Semiconductors & Semiconductor Equipment: 7.22%
Broadcom Limited		4,931		1,370,522
Intel Corporation		11,896		533,417
Microchip Technology Incorporated		21,529		1,872,808
NVIDIA Corporation		4,980		999,536
ON Semiconductor Corporation †		26,409		530,293
Texas Instruments Incorporated		14,550		1,415,570
				6,722,146
Software: 10.47%
Activision Blizzard Incorporated		8,290		517,296
Adobe Systems Incorporated †		5,761		1,045,449
Electronic Arts Incorporated †		5,803		617,149
Microsoft Corporation		43,562		3,666,613
Proofpoint Incorporated †		2,520		226,926
PTC Incorporated †		1,140		72,595
Salesforce.com Incorporated †		8,824		920,520
ServiceNow Incorporated †		7,480		920,040
Splunk Incorporated †		2,488		199,264
Take-Two Interactive Software Incorporated †		1,770		197,444
The Ultimate Software Group Incorporated †		2,456		518,290
VMware Incorporated Class A «†		7,103		853,141
				9,754,727
Technology Hardware, Storage & Peripherals: 3.43%
Apple Incorporated		10,852		1,864,916
HP Incorporated		26,561		569,733
NetApp Incorporated		13,480		761,755
				3,196,404
Materials: 4.00%
Chemicals: 3.24%
DowDuPont Incorporated		8,615		619,935
Ecolab Incorporated		7,940		1,079,205
Praxair Incorporated		8,580		1,320,634
				3,019,774
Containers & Packaging: 0.76%
Avery Dennison Corporation		6,182		705,490

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

40 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Real Estate: 1.50%
Equity REITs: 1.50%
American Tower Corporation					5,841	$	840,696
Prologis Incorporated					8,353		553,210
							1,393,906
Utilities: 0.57%
Multi-Utilities: 0.57%
CenterPoint Energy Incorporated					17,706		531,357
Total Common Stocks (Cost $55,648,651)							92,188,540
	Yield
Short-Term Investments: 2.04%
Investment Companies: 2.04%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		1,113,802		1,113,913
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			784,307		784,307
Total Short-Term Investments (Cost $1,898,210)							1,898,220

Total investments in securities (Cost $57,546,861)	101.01	%		94,086,760
Other assets and liabilities, net	(1.01	)		(940,136	)
Total net assets	100.00	%	$	93,146,624

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliates securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		1,105,508		15,226,727		15,218,433		1,113,802	$	36	$	(16	)	$	2,447	$	1,113,913
Wells Fargo Government Money Market Fund Select Class		568,057		13,002,952		12,786,702		784,307		0		0			4,485		784,307
									$	36	$	(16	)	$	6,932	$	1,898,220		2.04	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 41

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.85%
Consumer Discretionary: 13.25%
Auto Components: 2.43%
Cooper-Standard Holdings Incorporated †		93,660	$	11,807,716
LCI Industries		63,630		8,329,167
				20,136,883
Diversified Consumer Services: 1.93%
Chegg Incorporated Ǡ		439,414		6,683,487
Grand Canyon Education Incorporated †		98,160		9,321,274
				16,004,761
Hotels, Restaurants & Leisure: 2.89%
Dave & Buster’s Entertainment Incorporated †		11,800		625,754
Planet Fitness Incorporated Class A		371,991		12,041,349
Playa Hotels & Resorts NV †		427,900		4,552,856
Wingstop Incorporated «		171,498		6,721,007
				23,940,966
Leisure Products: 0.56%
MCBC Holdings Incorporated †		198,706		4,689,462
Media: 1.26%
Nexstar Broadcasting Group Incorporated «		153,800		10,443,020
Multiline Retail: 1.27%
Ollie’s Bargain Outlet Holdings Incorporated †		221,660		10,517,767
Specialty Retail: 2.91%
Camping World Holdings Incorporated Class A		101,844		4,721,488
Five Below Incorporated †		43,897		2,712,835
Lithia Motors Incorporated Class A		126,630		14,852,433
National Vision Holdings Incorporated †		57,166		1,863,040
				24,149,796
Energy: 1.60%
Oil, Gas & Consumable Fuels: 1.60%
Matador Resources Company †		148,536		4,248,130
PDC Energy Incorporated †		59,190		2,719,781
RSP Permian Incorporated †		172,658		6,341,728
				13,309,639
Financials: 3.95%
Capital Markets: 1.45%
MarketAxess Holdings Incorporated		13,181		2,573,854
Stifel Financial Corporation		168,000		9,448,320
				12,022,174

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

42 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Insurance: 1.29%
Kinsale Capital Group Incorporated		239,230	$	10,667,266
Thrifts & Mortgage Finance: 1.21%
LendingTree Incorporated †		33,332		10,064,597
Health Care: 22.32%
Biotechnology: 7.01%
Clovis Oncology Incorporated †		119,000		7,481,530
Exact Sciences Corporation †		108,800		6,471,424
Ligand Pharmaceuticals Incorporated †		152,501		20,107,257
Portola Pharmaceuticals Incorporated †		33,500		1,692,671
Repligen Corporation †		417,180		14,789,031
Sarepta Therapeutics Incorporated Ǡ		73,247		4,077,660
Spark Therapeutics Incorporated †		47,985		3,513,942
				58,133,515
Health Care Equipment & Supplies: 10.19%
Axogen Incorporated †		199,507		5,326,837
Cantel Medical Corporation		63,800		6,793,424
Glaukos Corporation Ǡ		97,759		2,617,008
Heska Corporation †		43,600		3,742,188
Inogen Incorporated †		136,750		17,605,195
Integra LifeSciences Holdings Corporation †		291,040		14,150,365
iRhythm Technologies Incorporated †		156,112		8,664,216
Merit Medical Systems Incorporated †		107,400		4,666,530
Nevro Corporation †		182,355		13,643,801
NxStage Medical Incorporated †		285,170		7,326,017
				84,535,581
Health Care Providers & Services: 2.60%
HealthEquity Incorporated †		287,112		14,892,499
Teladoc Incorporated Ǡ		179,479		6,658,671
				21,551,170
Health Care Technology: 0.60%
Vocera Communications Incorporated †		171,200		5,016,160
Pharmaceuticals: 1.92%
Dova Pharmaceuticals Incorporated Ǡ		163,989		4,898,351
Kala Pharmaceuticals Incorporated †		119,217		2,283,006
Optinose Incorporated †		150,227		2,867,833
Supernus Pharmaceuticals Incorporated †		154,700		5,847,660
				15,896,850
Industrials: 21.82%
Aerospace & Defense: 1.74%
HEICO Corporation «		9,025		815,499
Mercury Computer Systems Incorporated †		260,745		13,608,282
				14,423,781

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 43

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Airlines: 1.01%
SkyWest Incorporated		160,930	$	8,376,407
Building Products: 1.53%
Apogee Enterprises Incorporated		185,460		9,278,564
JELD-WEN Holding Incorporated †		85,966		3,362,130
				12,640,694
Commercial Services & Supplies: 1.26%
Advanced Disposal Services Incorporated †		265,322		6,189,962
Healthcare Services Group Incorporated		81,700		4,242,681
				10,432,643
Construction & Engineering: 3.23%
Dycom Industries Incorporated †		91,430		9,816,839
Granite Construction Incorporated		104,450		6,932,347
MasTec Incorporated †		223,700		10,032,945
				26,782,131
Machinery: 5.73%
John Bean Technologies Corporation		156,890		18,787,578
Milacron Holdings Corporation †		517,128		9,116,967
Mueller Water Products Incorporated Class A		410,420		5,126,146
REV Group Incorporated		155,983		4,259,896
Rexnord Corporation †		410,110		10,219,941
				47,510,528
Professional Services: 5.54%
On Assignment Incorporated †		402,943		25,772,234
WageWorks Incorporated †		314,864		20,198,526
				45,970,760
Road & Rail: 0.15%
Daseke Incorporated †		98,413		1,248,861
Trading Companies & Distributors: 1.63%
Beacon Roofing Supply Incorporated †		122,110		7,824,809
BMC Stock Holdings Incorporated †		247,560		5,718,636
				13,543,445
Information Technology: 34.53%
Communications Equipment: 0.26%
Quantenna Communications Incorporated Ǡ		173,722		2,124,620
Electronic Equipment, Instruments & Components: 1.48%
Littelfuse Incorporated		60,740		12,324,146
Internet Software & Services: 13.05%
2U Incorporated †		185,250		11,874,525
Alarm.com Holdings Incorporated †		91,900		3,766,981

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

44 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Internet Software & Services (continued)
Coupa Software Incorporated †		153,174	$	5,426,955
Envestnet Incorporated †		318,792		15,668,627
Five9 Incorporated †		546,500		13,394,715
GrubHub Incorporated Ǡ		49,200		3,323,952
LogMeIn Incorporated		105,520		12,556,880
MongoDB Incorporated †		6,306		179,910
Q2 Holdings Incorporated †		607,743		25,434,045
Sendgrid Incorporated †		200,073		4,193,530
SPS Commerce Incorporated †		133,938		6,758,511
Wix.com Limited †		102,510		5,627,799
				108,206,430
IT Services: 3.32%
InterXion Holding NV †		426,820		24,640,319
Switch Incorporated †		169,750		2,909,515
				27,549,834
Semiconductors & Semiconductor Equipment: 4.42%
Aquantia Corporation †		71,210		850,960
MaxLinear Incorporated Class A †		274,278		7,243,682
Microsemi Corporation †		144,150		7,618,328
Monolithic Power Systems Incorporated		113,380		13,418,523
Semtech Corporation †		220,000		7,491,000
				36,622,493
Software: 12.00%
Altair Engineering Incorporated †		39,636		887,450
BlackLine Incorporated †		133,703		4,902,889
CyberArk Software Limited †		53,610		2,522,887
Forescout Technologies Incorporated †		32,754		790,026
HubSpot Incorporated †		169,976		13,759,557
Paycom Software Incorporated †		92,930		7,620,260
Paylocity Holding Corporation †		104,393		4,816,693
Proofpoint Incorporated †		250,230		22,533,212
Rapid7 Incorporated †		107,554		2,033,846
RealPage Incorporated †		237,500		10,770,625
RingCentral Incorporated Class A †		218,160		10,286,244
Sailpoint Technologies Holding †		116,005		1,705,274
Talend SA ADR †		246,778		9,863,717
Zendesk Incorporated †		207,800		6,984,152
				99,476,832
Materials: 0.38%
Chemicals: 0.38%
PQ Group Holdings Incorporated †		190,400		3,141,600
Total Common Stocks (Cost $524,202,862)				811,454,812

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 45

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
Exchange-Traded Funds: 1.03%
iShares Russell 2000 Growth Index ETF «					45,600	$	8,516,712
Total Exchange-Traded Funds (Cost $8,199,582)							8,516,712
	Yield
Short-Term Investments: 5.97%
Investment Companies: 5.97%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		37,024,970		37,028,672
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			12,485,937		12,485,937
Total Short-Term Investments (Cost $49,511,794)							49,514,609

Total investments in securities (Cost $581,914,238) *	104.85	%		869,486,133
Other assets and liabilities, net	(4.85	)		(40,254,514	)
Total net assets	100.00	%	$	829,231,619

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliates securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		57,161,425		204,685,027		224,821,482		37,024,970	$	3,355	$	(2,900	)	$	244,346	$	37,028,672
Wells Fargo Government Money Market Fund Select Class		13,424,042		140,959,230		141,897,335		12,485,937		0		0			53,739		12,485,937
									$	3,355	$	(2,900	)	$	298,085	$	49,514,609		5.97	%

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

46 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.57%
Brazil: 0.28%
Ambev SA ADR (Consumer Staples, Beverages)		18,812	$	116,446
Canada: 2.48%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		5,927		1,038,292
Cayman Islands: 1.35%
NetEase Incorporated ADR (Information Technology, Internet Software & Services)		1,722		566,039
Chile: 0.12%
Sociedad Quimica Minera de Chile (Materials, Chemicals)		901		48,942
China: 6.34%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		10,116		1,791,341
China Literature Limited (Consumer Discretionary, Internet & Direct Marketing Retail) †		200		2,305
Ping An Insurance (Group) Company of China Limited H Shares (Financials, Insurance)		46,000		456,468
Tencent Holdings Limited (Information Technology, Internet Software & Services)		7,900		404,489
				2,654,603
Denmark: 0.13%
Genmab AS (Health Care, Biotechnology) †		268		52,716
France: 2.83%
BNP Paribas SA (Financials, Banks)		1,709		129,393
Eiffage SA (Industrials, Construction & Engineering)		4,777		523,652
Schneider Electric SE (Industrials, Electrical Equipment)		5,319		457,117
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		2,571		75,572
				1,185,734
Germany: 23.81%
Allianz AG (Financials, Insurance)		6,767		1,598,192
Beiersdorf AG (Consumer Staples, Personal Products)		6,787		808,266
Deutsche Boerse AG (Financials, Capital Markets)		17,879		2,029,140
Deutsche Post AG (Industrials, Air Freight & Logistics)		21,925		1,043,643
Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)		27,683		494,376
Linde AG (Materials, Chemicals)		8,872		2,058,990
SAP SE (Information Technology, Software)		4,358		492,681
Wirecard AG (Information Technology, IT Services)		13,544		1,446,567
				9,971,855
Hong Kong: 2.70%
AIA Group Limited (Financials, Insurance)		139,000		1,132,540
Indonesia: 0.61%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		1,068,800		253,648
Ireland: 2.58%
Medtronic plc (Health Care, Health Care Equipment & Supplies)		13,174		1,081,981

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 47

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Italy: 4.76%
Assicurazioni Generali SpA (Financials, Insurance)		41,011	$	750,778
Intesa Sanpaolo SpA (Financials, Banks)		229,350		772,749
UniCredit SpA (Financials, Banks)		23,332		470,373
				1,993,900
Japan: 11.06%
CALBEE Incorporated (Consumer Staples, Food Products)		12,200		427,320
FANUC Corporation (Industrials, Machinery)		1,800		450,187
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		30,054		995,336
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		40,100		285,838
Nintendo Company Limited (Information Technology, Software)		3,100		1,264,128
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		18,793		485,273
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		2,800		288,570
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		11,178		436,978
				4,633,630
Netherlands: 7.69%
Airbus SE (Industrials, Aerospace & Defense)		6,410		667,032
Akzo Nobel NV (Materials, Chemicals)		5,258		473,756
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		3,599		631,558
ING Groep NV (Financials, Banks)		80,032		1,446,194
				3,218,540
Russia: 1.07%
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)		25,696		446,311
South Africa: 0.64%
Naspers Limited (Consumer Discretionary, Media)		1,005		269,725
South Korea: 2.94%
LG Household & Health Care Limited (Consumer Staples, Personal Products)		178		191,862
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		441		1,037,877
				1,229,739
Spain: 1.46%
Amadeus IT Holding SA Class A (Information Technology, IT Services)		1,175		84,733
Grifols SA (Health Care, Biotechnology)		6,722		196,025
Grifols SA ADR (Health Care, Biotechnology)		14,622		332,651
				613,409
Switzerland: 3.34%
Idorsia Limited (Health Care, Biotechnology) †		804		17,285
Nestle SA (Consumer Staples, Food Products)		16,167		1,383,079
				1,400,364
Taiwan: 0.41%
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		23,000		173,732

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

48 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name						Shares		Value
United Kingdom: 15.17%
Aon plc (Financials, Insurance)							6,305	$	884,087
BAE Systems plc (Industrials, Aerospace & Defense)							73,683		548,706
Coca-Cola European Partners plc (Consumer Staples, Beverages)							26,084		1,017,015
ConvaTec Limited (Health Care, Health Care Equipment & Supplies) 144A							167,783		441,595
Experian Group Limited plc (Industrials, Professional Services)							20,030		416,769
Glencore International plc (Materials, Metals & Mining)							120,022		552,142
Liberty Global plc Class A (Consumer Discretionary, Media) †							9,443		299,910
Liberty Global plc Class C (Consumer Discretionary, Media) †							18,239		562,308
London Stock Exchange Group plc (Financials, Capital Markets)							6,066		310,131
Prudential plc (Financials, Insurance)							25,078		630,406
Wolseley plc (Industrials, Trading Companies & Distributors)							9,540		687,922
									6,350,991
United States: 2.80%
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) †							621		730,762
WABCO Holdings Incorporated (Industrials, Machinery) †							2,963		442,820
									1,173,582
Total Common Stocks (Cost $31,533,841)									39,606,719
				Expiration date
Participation Notes: 3.01%
Ireland: 3.01%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines) (a)					10-29-2018		60,115		1,260,294
Total Participation Notes (Cost $698,674)									1,260,294
	Dividend yield
Preferred Stocks: 1.39%
Germany: 1.39%
Henkel AG & Company KGaA (Consumer Staples, Household Products)		1.53	%				4,286		582,312
Total Preferred Stocks (Cost $381,718)									582,312
	Yield
Short-Term Investments: 22.23%
Investment Companies: 22.23%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00					9,307,998		9,307,998
Total Short-Term Investments (Cost $9,307,998)									9,307,998

Total investments in securities (Cost $41,922,231)	121.20	%		50,757,323
Other assets and liabilities, net	(21.20	)		(8,878,545	)
Total net assets	100.00	%	$	41,878,778

† Non-income-earning security

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

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

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

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

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 49

INTERNATIONAL GROWTH PORTFOLIO

The following table shows the percent of total long-term investments by sector as of November 30, 2017:

Financials	26.90	%
Information Technology	19.74
Industrials	18.36
Consumer Staples	13.33
Materials	9.69
Health Care	5.12
Consumer Discretionary	4.50
Telecommunication Services	2.36
	100.00	%

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		5,192,235		10,632,712		15,824,947		0	$	6	$	0	$	24,760	$	0
Wells Fargo Government Money Market Fund Select Class		1,660,070		121,595,842		113,947,914		9,307,998		0		0		10,112		9,307,998
									$	6	$	0	$	34,872	$	9,307,998		22.23	%

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

50 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.50%
Australia: 5.43%
Arrium Limited (Materials, Metals & Mining) †(a)		3,063,400	$	2
Asaleo Care Limited (Consumer Staples, Personal Products)		1,262,800		1,474,030
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail) «		410,016		1,150,861
Bendigo Bank Limited (Financials, Banks)		272,500		2,413,095
BlueScope Steel Limited (Materials, Metals & Mining)		246,000		2,554,459
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies)		207,386		263,536
CSR Limited (Materials, Construction Materials)		754,900		2,641,220
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		2,778,478
Fortescue Metals Group Limited (Materials, Metals & Mining)		602,200		2,104,731
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) «		693,400		2,116,576
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		407,700		4,935,789
Macquarie Group Limited (Financials, Capital Markets)		69,800		5,237,357
McMillan Shakespeare Limited (Industrials, Professional Services)		158,800		2,147,621
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,164,200		2,443,709
Mineral Resources Limited (Materials, Metals & Mining)		300,500		4,471,346
Mirvac Group (Real Estate, Equity REITs)		1,327,400		2,467,210
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,702,400		1,015,212
Qantas Airways Limited (Industrials, Airlines)		1,021,400		4,406,474
Retail Food Group Limited (Consumer Discretionary, Food Products) «		269,500		922,460
				45,544,166
Austria: 1.25%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		69,400		4,321,213
Raiffeisen Bank International AG (Financials, Banks) †		81,200		2,870,119
Voestalpine AG (Materials, Metals & Mining)		56,800		3,299,857
				10,491,189
Belgium: 0.38%
Bpost SA (Industrials, Air Freight & Logistics) «		101,900		3,147,375
Brazil: 0.84%
Banco de Brasil SA (Financials, Banks)		245,800		2,244,637
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		226,100		2,822,263
JBS SA (Consumer Staples, Food Products)		805,600		1,946,661
				7,013,561
Canada: 1.31%
Magna International Incorporated (Consumer Discretionary, Auto Components)		131,600		7,382,004
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		28,100		880,146
Open Text Corporation (Information Technology, Software)		8,400		273,977
WestJet Airlines Limited (Industrials, Airlines)		120,000		2,488,083
				11,024,210
China: 2.75%
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,806,203
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		2,970,000		2,131,793
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		2,089,500		2,480,746

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 51

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
China (continued)
China Telecom Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		10,590,000	$	5,130,358
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		1,730,000		2,184,540
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		1,302,000		2,480,263
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		676,200		1,703,936
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		1,167,000		2,101,001
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,502,000		3,057,265
				23,076,105
Denmark: 1.17%
Danske Bank AS (Financials, Banks)		150,300		5,610,836
DFDS AS (Industrials, Marine)		37,600		2,029,777
Sydbank AS (Financials, Banks)		56,100		2,196,167
				9,836,780
France: 7.95%
Atos Origin SA (Information Technology, IT Services)		25,900		3,825,758
AXA SA (Financials, Insurance)		132,200		3,988,780
BNP Paribas SA (Financials, Banks)		72,900		5,519,472
Carrefour SA (Consumer Staples, Food & Staples Retailing)		152,700		3,203,004
Cie Generale des Establissements Michelin (Consumer Discretionary, Auto Components)		32,700		4,741,680
Credit Agricole SA (Financials, Banks)		219,328		3,695,467
Electricite de France SA (Utilities, Electric Utilities)		148,600		1,947,351
Engie SA (Utilities, Multi-Utilities)		171,900		3,008,700
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals)		66,600		2,217,992
Orange SA (Telecommunication Services, Diversified Telecommunication Services) «		333,800		5,744,454
Renault SA (Consumer Discretionary, Automobiles)		40,500		4,112,257
Sanofi SA (Health Care, Pharmaceuticals)		141,800		12,934,927
SCOR SE (Financials, Insurance)		109,700		4,467,928
Societe Generale SA (Financials, Banks)		39,000		1,962,534
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		5,296,382
				66,666,686
Germany: 8.43%
Allianz AG (Financials, Insurance)		35,700		8,431,424
Aurubis AG (Materials, Metals & Mining)		25,900		2,152,000
BASF SE (Materials, Chemicals)		46,500		5,214,187
Bayer AG (Health Care, Pharmaceuticals)		38,000		4,850,439
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		31,200		3,149,806
Ceconomy AG (Consumer Discretionary, Specialty Retail)		108,100		1,419,059
Covestro AG (Materials, Chemicals) 144A		30,200		3,145,197
Daimler AG (Consumer Discretionary, Automobiles)		75,700		6,271,368
Deutsche Bank AG (Financials, Capital Markets)		141,800		2,674,274
Deutsche Post AG (Industrials, Air Freight & Logistics)		186,300		8,867,991
Hannover Rueck SE (Financials, Insurance)		16,300		2,145,380
Metro AG (Consumer Staples, Food & Staples Retailing) †		108,100		2,111,544
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		23,200		5,170,183
Siemens AG (Industrials, Industrial Conglomerates)		34,200		4,649,039
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers) «		194,200		5,777,505
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		4,689,921
				70,719,317

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

52 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Hong Kong: 2.28%
China Resources Cement Holdings Limited (Materials, Construction Materials)		3,222,000	$	2,135,989
I Cable Communications Limited (Consumer Discretionary, Media) †		96,300		2,759
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,633,000		2,713,376
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		2,338,000		2,755,527
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		1,575,816
WH Group Limited (Consumer Staples, Food Products) 144A		4,840,500		5,155,694
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		379,000		2,608,272
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,188,007
				19,135,440
India: 0.36%
Tech Mahindra Limited (Information Technology, IT Services)		399,100		3,028,221
Ireland: 0.84%
C&C Group plc (Consumer Staples, Beverages)		240,000		816,469
Grafton Group plc (Industrials, Trading Companies & Distributors)		195,665		2,042,769
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		4,154,759
				7,013,997
Israel: 0.45%
Bank Hapoalim Limited (Financials, Banks)		440,000		3,005,286
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		760,825
				3,766,111
Italy: 2.40%
A2A SpA (Utilities, Multi-Utilities)		1,078,900		2,029,867
Enel SpA (Utilities, Electric Utilities)		1,706,600		11,087,787
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		271,900		3,250,562
Mediobanca SpA (Financials, Banks) «		324,800		3,748,784
				20,117,000
Japan: 22.85%
Adeka Corporation (Materials, Chemicals)		155,300		2,628,879
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		61,200		3,293,441
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		24,800		945,949
Aozora Bank Limited (Financials, Banks)		66,100		2,573,668
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		314,200		3,994,229
Central Glass Company Limited (Industrials, Building Products)		88,800		1,986,289
Cocokara Fine Incorporated (Consumer Staples, Food & Staples Retailing)		44,700		2,794,528
Daikyo Incorporated (Real Estate, Real Estate Management & Development)		124,380		2,425,711
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail)		183,000		1,769,332
Denka Company Limited (Materials, Chemicals)		136,400		5,044,781
DIC Incorporated (Materials, Chemicals)		100,700		3,779,043
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		2,712,806
Fujikura Limited (Industrials, Electrical Equipment)		348,000		3,257,704
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		91,700		1,864,039
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		481,800		3,609,973
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		221,400		3,522,756
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		3,488,894
Japan Airlines Company Limited (Industrials, Airlines)		80,700		2,960,651

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 53

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
JTEKT Corporation (Industrials, Machinery)		143,600	$	2,486,399
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		754,900		4,265,210
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		44,700		2,238,712
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		357,100		10,190,190
Keihin Corporation (Consumer Discretionary, Auto Components)		103,500		2,046,074
Kureha Corporation (Materials, Chemicals)		27,100		1,789,117
Kyorin Company Limited (Health Care, Pharmaceuticals)		88,200		1,686,939
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		3,346,895
Makino Milling Machine Company Limited (Industrials, Machinery)		286,000		2,870,128
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,444,449
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		48,900		4,049,738
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		224,300		3,030,194
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		195,500		5,488,754
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		921,500		6,568,561
Mitsui Chemicals Incorporated (Materials, Chemicals)		163,400		5,304,626
Mixi Incorporated (Information Technology, Internet Software & Services)		45,500		2,119,388
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		4,082,639
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		247,900		12,941,365
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		505,000		4,910,801
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		226,100		3,176,011
NTN Corporation (Industrials, Machinery)		501,000		2,495,077
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		98,600		2,546,051
ORIX Corporation (Financials, Diversified Financial Services)		325,300		5,635,535
Resona Holdings Incorporated (Financials, Banks)		1,013,300		5,395,424
Ryobi Limited (Industrials, Machinery)		32,300		838,359
Sankyu Incorporated (Industrials, Road & Rail)		74,000		3,177,980
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		42,000		2,053,745
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,638,500		4,753,635
Sumitomo Heavy Industries Limited (Industrials, Machinery)		51,200		2,106,669
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		4,093,442
Sumitomo Osaka Cement Company (Materials, Construction Materials)		444,000		2,078,509
T-Gaia Corporation (Consumer Discretionary, Specialty Retail)		105,900		2,313,638
Teijin Limited (Materials, Chemicals)		121,300		2,625,725
The Keiyo Bank Limited (Financials, Banks)		201,000		919,636
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		148,500		3,346,560
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		63,000		1,312,762
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		375,000		2,177,643
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		95,400		1,963,422
UBE Industries Limited (Materials, Chemicals)		107,200		3,132,149
				191,654,824
Liechtenstein: 0.10%
VP Bank AG (Financials, Capital Markets)		6,558		869,956
Malaysia: 0.32%
Tenaga Nasional Bhd (Utilities, Electric Utilities)		717,600		2,712,825
Netherlands: 3.26%
ABN AMRO Group NV (Financials, Banks) 144A		142,600		4,226,579
Aegon NV (Financials, Insurance)		483,700		3,004,645
ASR Nederland NV (Financials, Insurance)		60,500		2,464,017

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

54 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Netherlands (continued)
ING Groep NV (Financials, Banks)		282,500	$	5,104,830
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		214,800		4,595,798
Philips Lighting NV (Industrials, Electrical Equipment)		59,400		2,247,587
RHI Magnesita NV (Materials, Construction Materials)		64,721		3,505,053
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing) †		58,400		2,166,640
				27,315,149
Norway: 1.31%
Atea ASA (Information Technology, IT Services)		84,900		1,132,755
Den Norske Bank ASA (Financials, Banks)		148,800		2,710,443
Grieg Seafood ASA (Consumer Staples, Food Products)		245,946		2,243,482
Marine Harvest ASA (Consumer Staples, Food Products)		143,900		2,538,068
Yara International ASA (Materials, Chemicals)		53,600		2,382,366
				11,007,114
Poland: 0.15%
Asseco Poland SA (Information Technology, Software)		101,800		1,280,051
Portugal: 0.42%
Energias de Portugal SA (Utilities, Electric Utilities)		1,007,800		3,532,626
Russia: 1.23%
Gazprom ADR (Energy, Oil, Gas & Consumable Fuels)		832,900		3,725,531
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		18,819
Gazprom Neft Sponsored ADR - London Exchange (Energy, Oil, Gas & Consumable Fuels)		150,014		3,195,298
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		3,379,380
				10,319,028
Singapore: 0.93%
DBS Group Holdings Limited (Financials, Banks)		262,300		4,777,226
United Overseas Bank Limited (Financials, Banks)		154,100		3,001,366
				7,778,592
South Africa: 0.41%
Barclays Africa Group Limited (Financials, Banks)		236,000		2,699,766
Petra Diamonds Limited (Materials, Metals & Mining) †		850,600		773,612
				3,473,378
South Korea: 2.61%
BNK Financial Group Incorporated (Financials, Banks)		127,000		1,111,229
E-MART Limited (Consumer Staples, Food & Staples Retailing)		8,500		2,146,915
Industrial Bank of Korea (Financials, Banks)		192,500		2,812,982
KT&G Corporation (Consumer Staples, Tobacco)		45,200		5,067,218
Kwangju Bank (Financials, Banks)		13,510		147,111
LG Uplus Corporation (Telecommunication Services, Diversified Telecommunication Services)		346,100		4,419,974
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		14,700		3,579,465
Woori Bank (Financials, Banks)		178,044		2,649,104
				21,933,998

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 55

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Spain: 2.55%
Banco Santander Central Hispano SA (Financials, Banks)		429,681	$	2,894,104
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		483,500		2,275,174
Gas Natural SDG SA (Utilities, Gas Utilities)		209,300		4,681,757
Iberdrola SA (Utilities, Electric Utilities)		433,600		3,444,272
International Consolidated Airlines Group SA (Industrials, Airlines)		325,200		2,699,647
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		294,900		5,408,490
				21,403,444
Sweden: 1.25%
Boliden AB (Materials, Metals & Mining)		102,400		3,241,505
Electrolux AB Class B (Consumer Discretionary, Household Durables)		104,100		3,457,457
Nordea Bank AB (Financials, Banks)		177,300		2,079,091
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,722,125
				10,500,178
Switzerland: 6.22%
Baloise Holding AG (Financials, Insurance)		28,800		4,441,944
Credit Suisse Group AG (Financials, Capital Markets)		221,500		3,758,783
Georg Fischer AG (Industrials, Machinery)		1,900		2,503,968
Helvetia Holding AG (Financials, Insurance)		4,600		2,540,162
Novartis AG (Health Care, Pharmaceuticals)		46,600		3,998,122
Roche Holding AG (Health Care, Pharmaceuticals)		39,500		9,982,239
Swiss Life Holding AG (Financials, Insurance)		22,100		7,432,753
Swiss Reinsurance AG (Financials, Insurance)		75,700		7,107,517
UBS Group AG (Financials, Capital Markets)		290,700		5,028,630
Valiant Holding AG (Financials, Banks)		22,700		2,469,022
Zurich Insurance Group AG (Financials, Insurance)		9,500		2,875,282
				52,138,422
Taiwan: 0.73%
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,112,000		3,732,867
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,373,140
				6,106,007
Thailand: 1.31%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,513,281
Krung Thai Bank PCL (Financials, Banks)		711,300		420,927
Krung Thai Bank PCL ADR (Financials, Banks)		4,470,600		2,641,843
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		1,003,900		2,858,625
Thanachart Capital PCL (Financials, Banks)		1,481,500		2,551,573
				10,986,249
Turkey: 0.31%
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)		522,900		2,599,817
United Kingdom: 14.70%
3i Group plc (Financials, Capital Markets)		409,100		4,989,850
Anglo American plc (Materials, Metals & Mining)		183,043		3,365,579
Aviva plc (Financials, Insurance)		398,600		2,749,736

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

56 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name				Shares		Value
United Kingdom (continued)
BAE Systems plc (Industrials, Aerospace & Defense)					1,220,400	$	9,088,123
Barclays plc (Financials, Banks)					715,000		1,865,643
Barratt Developments plc (Consumer Discretionary, Household Durables)					410,800		3,369,390
Bellway plc (Consumer Discretionary, Household Durables)					80,100		3,755,330
Bovis Homes Group plc (Consumer Discretionary, Household Durables)					182,700		2,767,336
BP plc (Energy, Oil, Gas & Consumable Fuels)					1,023,400		6,816,079
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					864,700		3,037,631
Carillion plc (Industrials, Construction & Engineering) «					764,400		173,157
Centrica plc (Utilities, Multi-Utilities)					898,500		1,756,644
Chemring Group plc (Industrials, Aerospace & Defense)					294,466		701,891
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)					345,400		2,366,969
Debenhams plc (Consumer Discretionary, Multiline Retail)					1,238,200		657,258
easyJet plc (Industrials, Airlines)					130,900		2,489,031
Firstgroup plc (Industrials, Road & Rail) †					952,400		1,410,624
GKN plc (Consumer Discretionary, Auto Components)					974,500		4,084,133
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					555,600		9,613,236
Highland Gold Mining Limited (Materials, Metals & Mining)					1,164,800		2,379,541
Inchcape plc (Consumer Discretionary, Distributors)					232,100		2,340,787
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)					1,270,500		3,989,292
John Wood Group plc (Energy, Energy Equipment & Services)					62,475		612,756
Johnson Matthey plc (Materials, Chemicals)					104,400		4,279,316
Kingfisher plc (Consumer Discretionary, Specialty Retail)					651,600		2,939,564
Legal & General Group plc (Financials, Insurance)					1,927,000		6,968,529
Lloyds Banking Group plc (Financials, Banks)					5,260,500		4,694,664
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)					705,000		2,986,151
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		869,080
Meggitt plc (Industrials, Aerospace & Defense)					297,600		1,950,687
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					367,200		1,326,422
Old Mutual plc (Financials, Insurance)					698,000		1,864,644
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)					501,100		3,278,876
Premier Foods plc (Consumer Staples, Food Products) †					73,926		42,990
Redrow plc (Consumer Discretionary, Household Durables)					388,600		3,169,023
Royal Mail plc (Industrials, Air Freight & Logistics)					382,800		2,290,003
SSE plc (Utilities, Electric Utilities)					170,900		3,157,789
Tate & Lyle plc (Consumer Staples, Food Products)					309,500		2,816,010
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)					75,800		3,913,409
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					138,516		537,073
TP Icap plc (Financials, Capital Markets)					113,200		774,644
Vesuvius plc (Industrials, Machinery)					145,400		1,102,468
							123,341,358
Total Common Stocks (Cost $712,089,639)							809,533,174
	Dividend yield
Preferred Stocks: 0.78%
Brazil: 0.78%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		5.69	%		471,000		1,870,504
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		10.72			826,900		1,664,653
Itausa Investimentos Itau SA (Financials, Banks)		1.39			945,000		2,995,005
Total Preferred Stocks (Cost $8,528,786)							6,530,162

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 57

INTERNATIONAL VALUE PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 3.93%
Investment Companies: 3.93%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		18,389,273	$	18,391,111
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			14,627,964		14,627,964
Total Short-Term Investments (Cost $33,018,781)							33,019,075

Total investments in securities (Cost $753,637,206)	101.21	%			849,082,411
Other assets and liabilities, net	(1.21	)			(10,186,858	)
Total net assets	100.00	%		$	838,895,553
			��

† Non-income-earning security

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

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

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

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

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

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

The following table shows the percent of total long-term investments by sector as of November 30, 2017:

Financials	26.07	%
Consumer Discretionary	13.91
Industrials	13.52
Materials	10.86
Health Care	6.76
Consumer Staples	6.46
Telecommunication Services	6.05
Utilities	5.84
Energy	5.46
Information Technology	3.55
Real Estate	1.52
	100.00	%

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		29,130,426		110,798,769		121,539,922		18,389,273	$	(164	)	$	0	$	329,795	$	18,391,111
Wells Fargo Government Money Market Fund Select Class		7,366,036		62,151,787		54,889,859		14,627,964		0			0		21,341		14,627,964
									$	(164	)	$	0	$	351,136	$	33,019,075		3.93	%

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

58 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.55%
Consumer Discretionary: 6.40%
Automobiles: 0.96%
General Motors Company		15,306	$	659,536
Hotels, Restaurants & Leisure: 1.23%
Scientific Games Corporation Class A †		1,551		81,660
Yum China Holdings Incorporated		18,728		764,664
				846,324
Household Durables: 0.53%
NVR Incorporated †		105		364,875
Media: 3.68%
Charter Communications Incorporated Class A †		2,248		733,320
Live Nation Incorporated †		24,929		1,131,278
Viacom Incorporated Class B		23,219		657,562
				2,522,160
Consumer Staples: 8.08%
Beverages: 2.12%
PepsiCo Incorporated		12,493		1,455,684
Food & Staples Retailing: 3.84%
US Foods Holding Corporation †		39,265		1,143,397
Walgreens Boots Alliance Incorporated		20,437		1,486,996
				2,630,393
Household Products: 1.61%
The Procter & Gamble Company		12,307		1,107,507
Tobacco: 0.51%
Philip Morris International		3,382		347,501
Energy: 10.53%
Oil, Gas & Consumable Fuels: 10.53%
Chevron Corporation		18,575		2,210,239
Devon Energy Corporation		33,567		1,293,337
Exxon Mobil Corporation		39,037		3,251,392
SRC Energy Incorporated †		8,570		75,073
Valero Energy Corporation		2,218		189,905
World Fuel Services Corporation		7,245		203,367
				7,223,313
Financials: 26.00%
Banks: 12.34%
Bank of America Corporation		102,918		2,899,200
Bank of N.T. Butterfield & Son		3,618		143,924
Citigroup Incorporated		2,004		151,302

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 59

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Banks (continued)
Comerica Incorporated		12,286	$	1,023,547
Fifth Third Bancorp		20,815		635,066
JPMorgan Chase & Company		30,823		3,221,620
US Bancorp		7,044		388,477
				8,463,136
Capital Markets: 2.11%
Bank of New York Mellon Corporation		26,192		1,433,750
Morgan Stanley		256		13,212
				1,446,962
Consumer Finance: 1.18%
Capital One Financial Corporation		8,849		814,108
Diversified Financial Services: 4.96%
Berkshire Hathaway Incorporated Class B †		17,628		3,402,380
Insurance: 5.41%
American International Group Incorporated		1,270		76,149
Assured Guaranty Limited		20,667		750,419
Chubb Limited		1,917		291,595
CNO Financial Group Incorporated		33,711		849,854
The Progressive Corporation		13,980		743,456
The Travelers Companies Incorporated		2,658		360,345
Unum Group		11,268		637,994
				3,709,812
Health Care: 12.45%
Biotechnology: 4.07%
Amgen Incorporated		7,492		1,316,045
Biogen Incorporated		4,384		1,412,393
Bioverativ Incorporated †		1,260		63,025
				2,791,463
Health Care Equipment & Supplies: 2.18%
Baxter International Incorporated		22,725		1,489,169
Medtronic plc		101		8,295
				1,497,464
Health Care Providers & Services: 0.60%
Humana Incorporated		1,569		409,289
Pharmaceuticals: 5.60%
Johnson & Johnson		10,219		1,423,813
Mallinckrodt plc †		20,479		446,852
Merck & Company Incorporated		35,647		1,970,210
				3,840,875

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

60 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Industrials: 6.44%
Aerospace & Defense: 1.35%
Raytheon Company		2,071	$	395,872
The Boeing Company		1,904		527,027
				922,899
Air Freight & Logistics: 0.12%
FedEx Corporation		364		84,251
Airlines: 1.64%
Southwest Airlines Company		18,562		1,126,157
Commercial Services & Supplies: 0.08%
Waste Management Incorporated		632		51,982
Industrial Conglomerates: 2.42%
Honeywell International Incorporated		10,634		1,658,479
Machinery: 0.83%
EnPro Industries Incorporated		3,975		343,321
Mueller Industries Incorporated		6,272		228,301
				571,622
Information Technology: 8.23%
Communications Equipment: 2.05%
Harris Corporation		9,750		1,408,875
Electronic Equipment, Instruments & Components: 0.18%
Arrow Electronics Incorporated †		1,487		120,046
Internet Software & Services: 1.54%
Alphabet Incorporated Class C †		965		985,661
eBay Incorporated †		2,120		73,500
				1,059,161
IT Services: 0.11%
Black Knight Incorporated †		293		13,156
PayPal Holdings Incorporated †		842		63,765
				76,921
Semiconductors & Semiconductor Equipment: 2.85%
Intel Corporation		19,421		870,838
Micron Technology Incorporated †		25,377		1,075,731
Texas Instruments Incorporated		100		9,729
				1,956,298
Software: 1.50%
Dell Technologies Incorporated Class V †		9,255		724,111
Oracle Corporation		6,174		302,896
				1,027,007

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 61

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Materials: 2.38%
Chemicals: 0.63%
LyondellBasell Industries NV Class A		4,116	$	430,945
Metals & Mining: 0.45%
Freeport-McMoRan Incorporated †		22,548		313,868
Paper & Forest Products: 1.30%
Louisiana-Pacific Corporation †		32,246		890,312
Real Estate: 8.00%
Equity REITs: 8.00%
CoreCivic Incorporated		39,532		929,397
Park Hotels & Resorts Incorporated		19,793		577,956
Prologis Incorporated		22,622		1,498,255
Weyerhaeuser Company		32,417		1,146,913
Xenia Hotels & Resorts Incorporated		60,661		1,333,935
				5,486,456
Telecommunication Services: 1.68%
Diversified Telecommunication Services: 1.61%
Verizon Communications Incorporated		21,705		1,104,567
Wireless Telecommunication Services: 0.07%
T-Mobile USA Incorporated †		762		46,535
Utilities: 7.36%
Electric Utilities: 4.71%
American Electric Power Company Incorporated		20,024		1,554,463
Avangrid Incorporated		2,739		145,359
NextEra Energy Incorporated		6,468		1,022,203
PG&E Corporation		7,264		393,999
PPL Corporation		3,093		113,420
				3,229,444
Gas Utilities: 0.63%
UGI Corporation		8,752		428,936
Multi-Utilities: 2.02%
MDU Resources Group Incorporated		10,101		282,323
Vectren Corporation		15,914		1,106,023
				1,388,346
Total Common Stocks (Cost $59,052,408)				66,915,889

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

62 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Yield			Shares			Value
Short-Term Investments: 2.01%
Investment Companies: 2.01%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00	%		1,379,139	��	$	1,379,139
Total Short-Term Investments (Cost $1,379,139)								1,379,139

Total investments in securities (Cost $60,431,547)	99.56	%		68,295,028
Other assets and liabilities, net	0.44			303,537
Total net assets	100.00	%	$	68,598,565

† Non-income-earning security

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		11		12-15-2017	$	1,414,978	$	1,456,345	$	41,367	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,468,513		14,387,409		14,476,783		1,379,139	$	0	$	0	$	5,604	$	1,379,139		2.01	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 63

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.05%
Consumer Discretionary: 10.73%
Auto Components: 0.62%
Fox Factory Holding Corporation †		290,450	$	11,327,547
Diversified Consumer Services: 0.41%
Houghton Mifflin Harcourt Company †		770,692		7,514,247
Hotels, Restaurants & Leisure: 3.86%
Del Taco Restaurants Incorporated †		467,155		5,736,663
Eldorado Resorts Incorporated †«		537,203		16,438,412
Extended Stay America Incorporated		916,351		16,008,652
International Game Technology		872,370		23,981,451
Zoe’s Kitchen Incorporated †«		527,231		8,425,151
				70,590,329
Media: 1.49%
IMAX Corporation †«		421,145		10,697,083
Lions Gate Entertainment Class A		200,397		6,554,986
Lions Gate Entertainment Class B †		321,065		9,965,858
Media General Incorporated (a)		347,897		0
				27,217,927
Specialty Retail: 3.49%
At Home Group Incorporated †«		420,017		11,605,070
Burlington Stores Incorporated †		188,276		20,026,918
Dick’s Sporting Goods Incorporated		321,197		9,462,464
Monro Muffler Brake Incorporated «		206,348		10,410,257
Party City Holdco Incorporated †«		893,227		12,415,855
				63,920,564
Textiles, Apparel & Luxury Goods: 0.86%
G-III Apparel Group Limited †		513,408		15,812,966
Consumer Staples: 2.31%
Food & Staples Retailing: 1.19%
Performance Food Group Company †		731,770		21,696,981
Household Products: 1.12%
Central Garden & Pet Company Class A †		533,041		20,559,391
Energy: 1.22%
Oil, Gas & Consumable Fuels: 1.22%
Diamondback Energy Incorporated †		98,755		10,794,909
GasLog Limited «		641,463		11,546,334
				22,341,243

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

64 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 9.13%
Banks: 2.51%
ServisFirst Bancshares Incorporated		317,091	$	13,314,651
Signature Bank †		50,488		6,930,993
SVB Financial Group †		112,882		25,696,458
				45,942,102
Capital Markets: 3.94%
Evercore Partners Incorporated Class A		295,882		25,697,352
Stifel Financial Corporation		354,531		19,938,823
Virtu Financial Incorporated Class A «		784,293		12,783,976
Virtus Investment Partners Incorporated		114,782		13,779,579
				72,199,730
Insurance: 1.10%
Argo Group International Holdings Limited		327,508		20,059,865
Thrifts & Mortgage Finance: 1.58%
Essent Group Limited †		521,401		23,071,994
Sterling Bancorp Incorporated †«		470,289		5,831,584
				28,903,578
Health Care: 19.62%
Biotechnology: 4.99%
Alnylam Pharmaceuticals Incorporated †		95,124		12,797,983
Bioverativ Incorporated †		194,487		9,728,240
Emergent BioSolutions Incorporated †		286,551		12,588,185
Esperion Therapeutics Incorporated †«		162,458		9,992,792
Flexion Therapeutics Incorporated †«		415,702		10,770,839
Foundation Medicine Incorporated †«		208,663		11,100,872
Galapagos NV †«		74,432		6,563,414
Intercept Pharmaceuticals Incorporated †«		75,810		4,655,492
Intrexon Corporation «		411,870		5,617,907
Tesaro Incorporated †«		89,776		7,595,050
				91,410,774
Health Care Equipment & Supplies: 6.89%
AngioDynamics Incorporated †		347,100		5,963,178
Atricure Incorporated †		623,547		11,535,620
Cerus Corporation †«		1,765,555		6,973,942
DexCom Incorporated †«		179,816		10,506,649
Glaukos Corporation †«		341,928		9,153,413
Inogen Incorporated †		136,134		17,525,891
K2M Group Holdings Incorporated †		551,458		10,841,664
Nevro Corporation †		224,340		16,785,119
Novocure Limited †«		545,437		10,499,662
Tactile Systems Technology Class I †«		376,991		11,245,642
Wright Medical Group NV †«		619,784		15,066,949
				126,097,729

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 65

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Providers & Services: 2.94%
AMN Healthcare Services Incorporated †«		327,306	$	16,430,761
HealthEquity Incorporated †		427,073		22,152,277
Teladoc Incorporated †«		413,525		15,341,778
				53,924,816
Health Care Technology: 2.69%
athenahealth Incorporated †		90,570		12,035,847
Evolent Health Incorporated Class A †«		1,107,692		14,233,842
Medidata Solutions Incorporated †		212,326		14,149,405
Vocera Communications Incorporated †		300,199		8,795,831
				49,214,925
Life Sciences Tools & Services: 1.31%
ICON plc ADR †		204,842		23,927,594
Pharmaceuticals: 0.80%
Optinose Incorporated †«		209,550		4,000,310
Pacira Pharmaceuticals Incorporated †		230,137		10,632,329
				14,632,639
Industrials: 19.55%
Aerospace & Defense: 0.60%
Kratos Defense & Security Solutions Incorporated †		1,049,602		10,947,349
Air Freight & Logistics: 0.67%
Hub Group Incorporated Class A †		256,022		12,237,852
Building Products: 4.83%
A.O. Smith Corporation		353,932		22,446,367
Apogee Enterprises Incorporated		316,976		15,858,309
JELD-WEN Holding Incorporated †		280,740		10,979,741
Masonite International Corporation †		179,023		13,185,044
NCI Building Systems Incorporated †		853,392		14,251,646
PGT Incorporated †		719,275		11,760,146
				88,481,253
Commercial Services & Supplies: 2.53%
Copart Incorporated †		657,633		28,383,440
KAR Auction Services Incorporated		355,991		17,931,267
				46,314,707
Construction & Engineering: 1.67%
Dycom Industries Incorporated †		59,272		6,364,035
Granite Construction Incorporated		365,204		24,238,589
				30,602,624
Machinery: 4.45%
EnPro Industries Incorporated		222,732		19,237,363
Gardner Denver Holdings Incorporated †		629,916		20,415,578

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

66 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Machinery (continued)
REV Group Incorporated		499,651	$	13,645,469
SPX Corporation †		531,944		16,963,694
Wabash National Corporation «		556,575		11,214,986
				81,477,090
Professional Services: 1.90%
On Assignment Incorporated †		420,611		26,902,280
RPX Corporation		599,937		7,913,169
				34,815,449
Road & Rail: 2.90%
Genesee & Wyoming Incorporated Class A †		246,237		19,408,400
Knight-Swift Transportation Holdings Incorporated		354,207		15,117,555
Schneider National Incorporated Class B «		704,545		18,480,215
				53,006,170
Information Technology: 28.69%
Communications Equipment: 0.98%
Ciena Corporation †		821,847		17,875,172
Electronic Equipment, Instruments & Components: 1.72%
OSI Systems Incorporated †		173,626		15,046,429
Tech Data Corporation †		170,060		16,444,802
				31,491,231
Internet Software & Services: 6.86%
2U Incorporated †«		374,322		23,994,040
Benefitfocus Incorporated †«		403,321		10,929,999
Cloudera Incorporated †		747,114		11,826,815
Cornerstone OnDemand Incorporated †		388,396		14,359,000
Hortonworks Incorporated †		544,929		10,359,100
Mimecast Limited †		368,128		11,191,091
New Relic Incorporated †		334,176		18,807,425
Okta Incorporated †		197,857		5,779,403
Shopify Incorporated Class A †«		177,188		18,395,658
				125,642,531
IT Services: 1.13%
Acxiom Corporation †		756,182		20,605,960
Semiconductors & Semiconductor Equipment: 7.06%
Axcelis Technologies Incorporated †		469,657		15,029,024
Cypress Semiconductor Corporation		1,566,963		25,087,078
FormFactor Incorporated †		1,161,867		19,054,619
Microsemi Corporation †		437,436		23,118,493
Nanometrics Incorporated †		347,895		8,753,038
Silicon Motion Technology Corporation ADR «		254,752		13,185,964
Teradyne Incorporated		616,929		24,967,117
				129,195,333

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 67

SMALL COMPANY GROWTH PORTFOLIO

Security name				Shares		Value
Software: 10.94%
Atlassian Corporation plc Class A †					343,591	$	16,042,264
Cadence Design Systems Incorporated †					612,201		26,881,746
CyberArk Software Limited †«					262,991		12,376,356
Nuance Communications Incorporated †					1,014,522		15,765,672
PTC Incorporated †					458,731		29,211,990
RealPage Incorporated †					540,615		24,516,890
Sailpoint Technologies Holding †					26,340		387,198
SS&C Technologies Holdings Incorporated					861,135		35,556,264
Talend SA ADR †					263,371		10,526,939
The Ultimate Software Group Incorporated †					62,838		13,260,703
Zendesk Incorporated †					471,259		15,839,015
							200,365,037
Materials: 3.55%
Chemicals: 0.56%
KMG Chemicals Incorporated					188,641		10,260,184
Metals & Mining: 1.83%
Carpenter Technology Corporation					338,651		16,739,519
Steel Dynamics Incorporated					434,392		16,724,092
							33,463,611
Paper & Forest Products: 1.16%
Boise Cascade Company					554,198		21,336,623
Real Estate: 1.25%
Equity REITs: 1.25%
QTS Realty Trust Incorporated Class A					411,310		22,893,515
Total Common Stocks (Cost $1,220,678,018)							1,758,306,638
	Yield
Short-Term Investments: 16.58%
Investment Companies: 16.58%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		235,213,579		235,237,100
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			68,328,716		68,328,716
Total Short-Term Investments (Cost $303,552,950)							303,565,816

Total investments in securities (Cost $1,524,230,968)	112.63	%		2,061,872,454
Other assets and liabilities, net	(12.63	)		(231,152,167	)
Total net assets	100.00	%	$	1,830,720,287

† Non-income-earning security

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

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

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

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

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

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

68 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		205,550,129		473,115,600		443,452,150		235,213,579	$	715	$	0	$	1,152,106	$	235,237,100
Wells Fargo Government Money Market Fund Select Class		62,006,657		203,531,569		197,209,510		68,328,716		0		0		311,315		68,328,716
									$	715	$	0	$	1,463,421	$	303,565,816		16.58	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 69

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.37%
Consumer Discretionary: 18.48%
Auto Components: 2.33%
American Axle & Manufacturing Holdings Incorporated †		76,335	$	1,370,211
Visteon Corporation †		18,480		2,433,631
				3,803,842
Diversified Consumer Services: 1.50%
Adtalem Global Education Incorporated		59,226		2,454,918
Hotels, Restaurants & Leisure: 4.42%
Eldorado Resorts Incorporated †«		88,176		2,698,186
Extended Stay America Incorporated		79,072		1,381,388
Red Robin Gourmet Burgers Incorporated †		33,872		1,774,893
SeaWorld Entertainment Incorporated †«		117,152		1,376,536
				7,231,003
Household Durables: 3.50%
Century Communities Incorporated †		75,397		2,363,696
Taylor Morrison Home Corporation Class A †		57,172		1,381,276
TRI Pointe Homes Incorporated †		109,509		1,984,303
				5,729,275
Internet & Direct Marketing Retail: 1.03%
1-800-Flowers.com Incorporated Class A †		164,102		1,682,046
Media: 3.14%
AMC Entertainment Holdings Class A «		81,261		1,157,969
IMAX Corporation †«		64,653		1,642,186
Regal Entertainment Group Class A «		115,133		2,326,838
				5,126,993
Specialty Retail: 1.66%
Asbury Automotive Group Incorporated †		19,691		1,295,668
Urban Outfitters Incorporated †«		45,519		1,416,551
				2,712,219
Textiles, Apparel & Luxury Goods: 0.90%
Oxford Industries Incorporated		21,281		1,468,389
Consumer Staples: 1.73%
Food & Staples Retailing: 0.69%
United Natural Foods Incorporated †		23,356		1,121,555
Food Products: 1.04%
Darling Ingredients Incorporated †		94,718		1,700,188

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

70 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Energy: 5.22%
Energy Equipment & Services: 2.21%
Basic Energy Services Incorporated †		40,880	$	914,486
C&J Energy Services Incorporated †		43,195		1,350,276
Unit Corporation †		63,413		1,356,404
				3,621,166
Oil, Gas & Consumable Fuels: 3.01%
Callon Petroleum Company †		99,424		1,097,641
Delek US Holdings Incorporated		58,048		1,928,355
Scorpio Tankers Incorporated		310,064		961,198
SM Energy Company		45,045		929,729
				4,916,923
Financials: 28.11%
Banks: 18.59%
Berkshire Hills Bancorp Incorporated		42,006		1,619,331
Cathay General Bancorp		44,756		1,941,963
Chemical Financial Corporation		33,845		1,908,520
ConnectOne Bancorp Incorporated		49,823		1,352,694
Customers Bancorp Incorporated †		45,909		1,244,134
FCB Financial Holdings Class A †		33,189		1,754,039
First Bancorp Corporation		36,107		1,368,455
FNB Corporation		111,754		1,585,789
Great Western Bancorp Incorporated		41,989		1,734,985
Green Bancorp Incorporated †		58,235		1,304,464
Independent Bank Group Incorporated		32,387		2,231,464
MB Financial Incorporated		37,507		1,745,951
Opus Bank †		41,498		1,157,794
Renasant Corporation		35,782		1,540,057
Simmons First National Corporation Class A		28,151		1,629,943
Sterling BanCorp		66,949		1,697,157
Valley National Bancorp		118,465		1,409,734
WesBanco Incorporated		35,263		1,483,514
Wintrust Financial Corporation		20,024		1,679,012
				30,389,000
Capital Markets: 0.94%
Stifel Financial Corporation		27,460		1,544,350
Consumer Finance: 1.90%
Encore Capital Group Incorporated †«		36,347		1,664,693
PRA Group Incorporated †		41,545		1,445,766
				3,110,459
Insurance: 4.98%
Horace Mann Educators Corporation		44,031		2,056,248
James River Group Holdings Limited		35,044		1,418,581

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 71

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Insurance (continued)
Kemper Corporation		36,118	$	2,492,142
Primerica Incorporated		20,857		2,169,128
				8,136,099
Thrifts & Mortgage Finance: 1.70%
Bofi Holding Incorporated †«		61,382		1,696,598
Dime Community Bancshares		49,282		1,086,668
				2,783,266
Health Care: 7.48%
Health Care Equipment & Supplies: 2.32%
Lantheus Holdings Incorporated †		70,510		1,579,424
Merit Medical Systems Incorporated †		50,814		2,207,868
				3,787,292
Health Care Providers & Services: 4.14%
AMN Healthcare Services Incorporated †		36,978		1,856,296
Magellan Health Services Incorporated †		18,777		1,586,657
MEDNAX Incorporated †		34,905		1,737,920
Premier Incorporated Class A †		54,835		1,591,312
				6,772,185
Life Sciences Tools & Services: 1.02%
Cambrex Corporation †		34,093		1,665,443
Industrials: 8.12%
Aerospace & Defense: 0.71%
Triumph Group Incorporated		37,505		1,158,905
Building Products: 0.91%
Builders FirstSource Incorporated †		73,411		1,497,584
Commercial Services & Supplies: 2.10%
Interface Incorporated		87,264		2,177,237
LSC Communications Incorporated		77,012		1,259,916
				3,437,153
Construction & Engineering: 0.82%
KBR Incorporated		71,350		1,337,813
Road & Rail: 1.02%
Hertz Global Holdings Incorporated †«		87,721		1,662,313
Trading Companies & Distributors: 2.56%
Air Lease Corporation		50,209		2,174,050
Triton International Limited		50,682		2,005,487
				4,179,537

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

72 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Information Technology: 12.78%
Communications Equipment: 1.53%
Comtech Telecommunications Corporation		37,035	$	802,548
Finisar Corporation †«		84,545		1,691,745
				2,494,293
Electronic Equipment, Instruments & Components: 3.75%
Anixter International Incorporated †		21,110		1,509,365
TTM Technologies Incorporated †		118,506		1,935,203
VeriFone Systems Incorporated †		65,172		1,130,082
Vishay Intertechnology Incorporated «		71,022		1,555,382
				6,130,032
IT Services: 1.06%
Virtusa Corporation †		37,546		1,740,257
Semiconductors & Semiconductor Equipment: 4.84%
Cirrus Logic Incorporated †		30,705		1,696,144
Cypress Semiconductor Corporation		166,766		2,669,924
FormFactor Incorporated †		101,781		1,669,208
Synaptics Incorporated †		17,951		677,471
Veeco Instruments Incorporated †		74,180		1,198,007
				7,910,754
Software: 1.18%
Tivo Corporation		108,643		1,933,845
Technology Hardware, Storage & Peripherals: 0.42%
Super Micro Computer Incorporated †		31,241		688,864
Materials: 2.90%
Chemicals: 2.17%
A. Schulman Incorporated		51,598		1,958,144
Cabot Corporation		26,069		1,596,466
				3,554,610
Construction Materials: 0.46%
Forterra Incorporated †«		76,194		749,749
Metals & Mining: 0.27%
AK Steel Holding Corporation †«		90,244		439,488
Real Estate: 8.97%
Equity REITs: 8.28%
Brandywine Realty Trust		92,770		1,598,427
Corporate Office Properties Trust		50,274		1,525,313
Cousins Properties Incorporated		187,202		1,679,202
Equity Commonwealth †		50,674		1,523,260
Four Corners Property Trust Incorporated		51,387		1,341,201
Kite Realty Group Trust		63,176		1,214,874

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 73

SMALL COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Equity REITs (continued)
Pebblebrook Hotel Trust «					39,755	$	1,529,375
Ramco-Gershenson Properties Trust					96,504		1,390,623
Sunstone Hotel Investors Incorporated					104,194		1,741,082
							13,543,357
Real Estate Management & Development: 0.69%
Alexander & Baldwin Incorporated					38,728		1,125,436
Utilities: 3.58%
Electric Utilities: 3.58%
ALLETE Incorporated					20,539		1,653,390
El Paso Electric Company					35,634		2,170,111
Portland General Electric Company					24,014		1,192,055
Spark Energy Incorporated Class A «					67,073		838,413
							5,853,969
Total Common Stocks (Cost $124,496,217)							159,194,570
	Yield
Short-Term Investments: 13.80%
Investment Companies: 13.80%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		19,498,529		19,500,479
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			3,068,712		3,068,712
Total Short-Term Investments (Cost $22,568,547)							22,569,191

Total investments in securities (Cost $147,064,764)	111.17	%		181,763,761
Other assets and liabilities, net	(11.17	)		(18,269,435	)
Total net assets	100.00	%	$	163,494,326

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		13,908,596		82,168,302		76,578,369		19,498,529	$	30	$	0	$	185,687	$	19,500,479
Wells Fargo Government Money Market Fund Select Class		4,735,638		39,645,032		41,311,958		3,068,712		0		0		27,897		3,068,712
									$	30	$	0	$	213,584	$	22,569,191		13.80	%

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

74 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 28.64%
FHLB		3.50	%		6-1-2032	$	2,658,242	$	2,765,770
FHLB		3.50			7-1-2032		6,950,225		7,270,075
FHLB		4.00			6-1-2032		335,828		348,539
FHLB		4.50			3-1-2041		715,526		774,731
FHLB		4.50			5-1-2045		297,796		322,036
FHLMC (12 Month LIBOR +1.63%) ±		2.62			7-1-2046		10,137,610		10,227,162
FHLMC (a)		3.00			10-15-2047		36,778,000		36,736,338
FHLMC (12 Month LIBOR +1.62%) ±		3.09			2-1-2045		2,349,520		2,394,279
FHLMC		3.50			9-1-2026		1,039,625		1,083,167
FHLMC		3.50			12-1-2029		29,684,720		30,885,214
FHLMC		3.50			4-1-2030		6,254,805		6,505,425
FHLMC		3.50			6-1-2030		1,784,825		1,856,375
FHLMC		3.50			7-1-2030		2,200,656		2,288,885
FHLMC		3.50			7-1-2030		2,587,631		2,691,458
FHLMC		3.50			8-1-2030		423,622		440,659
FHLMC		3.50			8-1-2030		2,574,368		2,677,631
FHLMC		3.50			10-1-2030		1,006,313		1,047,094
FHLMC		3.50			10-1-2030		478,321		497,514
FHLMC		3.50			10-1-2030		400,550		416,771
FHLMC		3.50			10-1-2030		748,771		778,754
FHLMC		3.50			10-1-2030		1,172,335		1,220,370
FHLMC		3.50			11-1-2030		1,686,352		1,756,891
FHLMC		3.50			11-1-2030		3,338,965		3,475,776
FHLMC		3.50			11-1-2030		1,915,766		1,993,345
FHLMC		3.50			1-1-2031		2,326,946		2,425,251
FHLMC		3.50			1-1-2031		395,289		411,460
FHLMC		3.50			1-1-2031		5,705,934		5,937,400
FHLMC		3.50			2-1-2031		822,387		857,137
FHLMC		3.50			11-1-2031		524,899		548,021
FHLMC		3.50			5-1-2032		1,568,204		1,626,541
FHLMC		3.50			5-1-2032		4,291,092		4,461,204
FHLMC		3.50			6-1-2032		19,445,349		20,138,566
FHLMC		3.50			10-1-2032		8,558,690		8,864,791
FHLMC		3.50			12-1-2032		798,515		827,079
FHLMC		3.50			11-1-2035		205,971		215,016
FHLMC		3.50			12-1-2035		1,022,638		1,064,140
FHLMC		3.50			12-1-2045		652,863		673,504
FHLMC		4.00			10-1-2029		1,521,628		1,613,132
FHLMC		4.00			1-1-2034		6,384,837		6,744,904
FHLMC		4.00			6-1-2034		221,827		234,240
FHLMC		4.00			1-1-2035		265,241		282,980
FHLMC		4.00			1-1-2036		392,055		415,990
FHLMC		4.00			10-1-2036		2,736,470		2,896,032
FHLMC		4.00			3-1-2037		315,142		335,434
FHLMC		4.00			3-1-2037		417,372		445,274
FHLMC		4.00			3-1-2037		707,066		750,203
FHLMC		4.00			4-1-2037		3,465,269		3,688,291
FHLMC		4.00			4-1-2037		2,911,935		3,089,580
FHLMC		4.00			8-1-2043		3,208,270		3,392,312
FHLMC		4.00			8-1-2044		1,146,677		1,212,095

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 75

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date			Principal		Value
Agency Securities (continued)
FHLMC		4.00	%		10-1-2045		$	2,036,303	$	2,159,306
FHLMC		4.00			12-1-2045			1,811,932		1,921,384
FHLMC		4.00			12-1-2045			1,193,547		1,256,594
FHLMC		4.00			2-1-2046			1,446,635		1,523,124
FHLMC		4.00			6-1-2046			2,381,872		2,510,206
FHLMC		4.00			4-1-2047			1,933,012		2,050,988
FHLMC %%		4.00			1-18-2048			14,500,000		15,127,861
FHLMC		4.50			8-1-2020			2,357,902		2,393,360
FHLMC		4.50			6-1-2039			266,593		282,799
FHLMC		4.50			7-1-2039			290,085		307,787
FHLMC		4.50			1-1-2045			1,793,884		1,945,124
FHLMC		4.50			4-1-2047			2,372,865		2,582,368
FHLMC		4.50			4-1-2047			2,786,219		3,011,166
FHLMC		4.50			4-1-2047			3,104,005		3,341,099
FHLMC		5.00			5-1-2044			1,266,842		1,388,665
FHLMC		5.00			6-1-2044			3,784,329		4,204,092
FHLMC		6.00			2-1-2023			20,267		22,721
FHLMC		6.50			4-1-2021			785		810
FHLMC Series 1590 Class IA (1 Month LIBOR +1.05%) ±		2.30			10-15-2023			21,593		22,060
FHLMC Series 1897 Class K		7.00			9-15-2026			744		825
FHLMC Series 1935 Class FL (1 Month LIBOR +0.70%) ±		1.95			2-15-2027	��		2,111		2,148
FHLMC Series 2423 Class MC		7.00			3-15-2032			13,287		15,141
FHLMC Series 3829 Class ED		3.50			10-15-2028			703,296		705,227
FHLMC Series 3838 Class QE		3.50			1-15-2029			1,542,653		1,550,352
FHLMC Series 4425 Class A		4.00			9-15-2040			3,422,823		3,584,493
FHLMC Series 4529 Class HC		3.00			10-15-2039			2,084,087		2,098,000
FHLMC Series 4604 Class AB		3.00			8-15-2046			4,868,628		4,923,874
FHLMC Series 4640 Class LD		4.00			9-15-2043			18,932,937		19,817,367
FHLMC Series 4700 Class QJ		4.00			7-15-2044			12,645,168		13,250,981
FHLMC Series 4705 Class A		4.50			9-15-2042			8,323,940		8,821,205
FNMA		4.00			7-1-2024			1,996,584		2,075,399
FNMA ¤		0.00			10-9-2019			12,760,000		12,287,939
FNMA		1.50			4-25-2043			2,501,577		2,288,577
FNMA ±±		2.68			12-25-2026			4,247,000		4,145,511
FNMA (12 Month LIBOR +1.61%) ±		2.69			5-1-2046			4,478,006		4,539,786
FNMA ±±		2.94			9-25-2027			4,255,000		4,252,146
FNMA (12 Month LIBOR +1.61%) ±		2.95			10-1-2047			6,466,128		6,592,046
FNMA (12 Month LIBOR +1.62%) ±		2.99			8-1-2047			8,259,253		8,432,778
FNMA		3.00			12-1-2032			13,600,000		13,865,009
FNMA (12 Month LIBOR +1.62%) ±		3.13			3-1-2047			7,352,688		7,530,115
FNMA (12 Month LIBOR +1.56%) ±		3.16			10-1-2043			1,457,879		1,491,006
FNMA (12 Month LIBOR +1.62%) ±		3.17			10-1-2047			5,529,248		5,649,729
FNMA (12 Month LIBOR +1.62%) ±		3.23			6-1-2047			6,935,325		7,102,371
FNMA		3.50			8-1-2028			97,853		101,453
FNMA		3.50			10-1-2028			3,789,677		3,926,362
FNMA		3.50			9-1-2029			218,710		226,450
FNMA		3.50			10-1-2029			1,067,262		1,110,036
FNMA		3.50			1-1-2030			2,194,008		2,281,894
FNMA		3.50			2-1-2030			660,583		687,077
FNMA		3.50			7-1-2030			2,493,615		2,593,694

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

76 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		3.50	%		7-1-2030	$	771,486	$	800,299
FNMA		3.50			8-1-2030		380,136		394,789
FNMA		3.50			8-1-2030		1,634,397		1,700,063
FNMA		3.50			1-1-2031		2,417,259		2,514,034
FNMA		3.50			2-1-2031		1,874,071		1,949,100
FNMA		3.50			4-1-2031		1,707,558		1,778,649
FNMA		3.50			4-1-2031		6,887,841		7,164,061
FNMA		3.50			5-1-2031		1,643,442		1,709,381
FNMA		3.50			12-1-2031		719,912		749,235
FNMA		3.50			1-1-2032		4,504,631		4,692,105
FNMA		3.50			2-1-2032		868,925		902,441
FNMA		3.50			3-1-2032		5,127,209		5,306,631
FNMA		3.50			4-1-2032		1,449,892		1,501,448
FNMA		3.50			4-1-2032		2,880,333		2,992,482
FNMA		3.50			4-1-2032		4,521,686		4,695,080
FNMA		3.50			4-1-2032		7,084,683		7,390,647
FNMA		3.50			5-1-2032		2,744,079		2,851,034
FNMA		3.50			5-1-2032		3,891,828		4,041,217
FNMA		3.50			5-1-2032		5,683,681		5,920,600
FNMA		3.50			6-1-2032		3,700,470		3,844,864
FNMA		3.50			6-1-2032		3,536,000		3,671,758
FNMA		3.50			6-1-2032		3,232,429		3,345,923
FNMA		3.50			8-1-2032		2,645,301		2,759,804
FNMA		3.50			8-1-2032		2,847,214		2,947,515
FNMA		3.50			9-1-2032		3,450,009		3,597,202
FNMA		3.50			9-1-2033		856,727		893,291
FNMA		3.50			9-1-2036		7,859,823		8,195,230
FNMA		3.50			12-1-2036		4,677,464		4,866,908
FNMA		3.50			6-1-2043		878,708		907,322
FNMA %%		3.50			12-13-2047		67,000,000		68,671,127
FNMA %%		3.50			1-18-2048		80,300,000		82,183,663
FNMA %%		3.50			2-13-2048		82,900,000		84,711,884
FNMA		4.00			4-1-2024		2,891,836		3,006,013
FNMA		4.00			1-1-2025		4,265,058		4,433,971
FNMA		4.00			4-1-2025		2,505,718		2,603,769
FNMA		4.00			7-1-2029		8,360,650		8,883,698
FNMA		4.00			11-1-2029		2,346,775		2,487,409
FNMA		4.00			2-1-2032		109,957		116,126
FNMA		4.00			3-1-2032		448,314		476,074
FNMA		4.00			5-1-2032		781,253		821,542
FNMA		4.00			6-1-2032		6,961,799		7,394,618
FNMA		4.00			6-1-2032		831,933		883,793
FNMA		4.00			12-1-2033		626,035		666,369
FNMA		4.00			4-1-2034		5,792,713		6,146,228
FNMA		4.00			7-1-2035		9,979,321		10,622,197
FNMA		4.00			11-1-2035		4,385,334		4,668,163
FNMA		4.00			11-1-2035		1,005,669		1,072,085
FNMA		4.00			1-1-2036		8,877,197		9,449,657
FNMA		4.00			1-1-2036		551,335		587,747
FNMA		4.00			7-1-2036		7,104,386		7,538,824

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 77

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date			Principal		Value
Agency Securities (continued)
FNMA		4.00	%		9-1-2036		$	3,005,229	$	3,186,044
FNMA		4.00			11-1-2036			2,229,907		2,366,206
FNMA		4.00			12-1-2036			462,266		490,554
FNMA		4.00			12-1-2036			7,133,825		7,570,041
FNMA		4.00			12-1-2036			238,242		252,793
FNMA		4.00			1-1-2037			370,463		393,134
FNMA		4.00			2-1-2037			625,645		663,861
FNMA		4.00			2-1-2037			568,454		603,173
FNMA		4.00			3-1-2037			1,124,509		1,193,197
FNMA		4.00			3-1-2037			992,754		1,050,645
FNMA		4.00			3-1-2037			390,768		416,559
FNMA		4.00			3-1-2037			251,761		267,139
FNMA		4.00			3-1-2037			572,406		607,370
FNMA		4.00			3-1-2037			206,941		220,026
FNMA		4.00			3-1-2037			1,696,735		1,806,107
FNMA		4.00			3-1-2037			1,025,250		1,090,081
FNMA		4.00			3-1-2037			2,041,749		2,166,455
FNMA		4.00			3-1-2037			1,559,819		1,650,776
FNMA		4.00			3-1-2037			754,298		801,997
FNMA		4.00			4-1-2037			4,748,400		5,054,473
FNMA		4.00			4-1-2037			918,158		974,243
FNMA		4.00			4-1-2037			1,507,889		1,607,412
FNMA		4.00			4-1-2037			1,608,904		1,712,623
FNMA		4.00			4-1-2037			1,635,862		1,743,837
FNMA		4.00			4-1-2037			2,152,340		2,283,810
FNMA		4.00			5-1-2037			1,031,834		1,094,863
FNMA		4.00			5-1-2037			1,411,267		1,497,466
FNMA		4.00			5-1-2037			1,007,481		1,072,425
FNMA		4.00			5-1-2037			1,006,936		1,071,846
FNMA		4.00			5-1-2037			645,372		686,182
FNMA		4.00			5-1-2037			1,066,189		1,131,313
FNMA		4.00			5-1-2037			611,168		651,506
FNMA		4.00			6-1-2037			1,221,416		1,302,030
FNMA		4.00			6-1-2037			1,751,433		1,864,340
FNMA		4.00			6-1-2037			2,646,143		2,813,473
FNMA		4.00			6-1-2037			1,564,166		1,667,407
FNMA		4.00			7-1-2037			1,364,003		1,443,544
FNMA		4.00			7-1-2037			662,938		701,595
FNMA		4.00			9-1-2037			800,655		853,502
FNMA		4.00			9-1-2037			2,167,594		2,294,000
FNMA		4.00			9-1-2037			2,543,388		2,698,751
FNMA		4.00			9-1-2037			1,252,348		1,331,543
FNMA		4.00			9-1-2037			1,368,892		1,457,143
FNMA		4.00			10-1-2037			1,352,284		1,437,803
FNMA		4.00			11-1-2037			2,006,947		2,123,986
FNMA		4.00			11-1-2037			7,280,427		7,702,538
FNMA		4.00			11-1-2040	��		6,102,018		6,437,880
FNMA		4.00			10-1-2043			4,622,406		4,890,638
FNMA		4.00			4-1-2044			5,084,391		5,394,010
FNMA		4.00			5-1-2045			9,074,771		9,525,602

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

78 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		5-1-2045	$	1,566,406	$	1,654,012
FNMA		4.00			8-1-2045		1,987,013		2,099,294
FNMA		4.00			8-1-2045		1,126,757		1,195,276
FNMA		4.00			9-1-2045		5,217,123		5,534,172
FNMA		4.00			9-1-2045		1,766,060		1,878,474
FNMA		4.00			9-1-2045		1,072,936		1,133,611
FNMA		4.00			10-1-2045		1,100,898		1,161,190
FNMA		4.00			12-1-2045		720,870		755,794
FNMA		4.00			12-1-2045		190,837		201,696
FNMA		4.00			12-1-2045		467,191		493,761
FNMA		4.00			1-1-2046		4,027,321		4,255,454
FNMA		4.00			2-1-2046		640,552		679,327
FNMA		4.00			7-1-2046		374,887		396,219
FNMA		4.00			7-1-2046		1,290,742		1,355,766
FNMA		4.00			11-1-2046		4,489,861		4,753,918
FNMA		4.00			11-1-2046		848,603		891,352
FNMA		4.00			11-1-2046		3,699,177		3,924,347
FNMA		4.00			1-1-2047		601,751		636,146
FNMA		4.00			1-1-2047		918,826		968,879
FNMA		4.00			2-1-2047		2,095,100		2,213,683
FNMA		4.00			2-1-2047		1,072,173		1,131,480
FNMA		4.00			2-1-2047		1,910,115		1,999,758
FNMA		4.00			2-1-2047		3,606,913		3,811,068
FNMA		4.00			3-1-2047		1,188,582		1,253,331
FNMA		4.00			3-1-2047		3,072,059		3,245,944
FNMA		4.00			4-1-2047		1,058,822		1,116,735
FNMA		4.00			4-1-2047		1,024,300		1,089,097
FNMA		4.00			4-1-2047		1,603,096		1,693,835
FNMA		4.00			4-1-2047		1,013,785		1,069,862
FNMA		4.00			4-1-2047		1,584,278		1,671,708
FNMA		4.00			4-1-2047		2,531,720		2,669,641
FNMA		4.00			4-1-2047		3,323,392		3,507,505
FNMA		4.00			4-1-2047		1,158,178		1,222,244
FNMA		4.00			4-1-2047		10,718,319		11,365,951
FNMA		4.00			5-1-2047		4,476,480		4,722,914
FNMA		4.00			5-1-2047		1,032,792		1,091,247
FNMA		4.00			5-1-2047		1,141,228		1,206,190
FNMA		4.00			5-1-2047		1,816,546		1,917,029
FNMA		4.00			5-1-2047		2,415,872		2,549,508
FNMA		4.00			5-1-2047		1,914,483		2,020,386
FNMA		4.00			6-1-2047		1,153,238		1,217,032
FNMA		4.00			7-1-2047		1,814,817		1,926,015
FNMA		4.00			7-1-2047		3,376,863		3,550,482
FNMA		4.00			10-1-2047		921,150		972,105
FNMA		4.00			10-1-2047		2,149,292		2,272,876
FNMA		4.00			10-1-2047		819,857		870,235
FNMA		4.00			10-1-2047		841,218		895,279
FNMA		4.00			11-1-2047		35,646,358		37,414,653
FNMA %%		4.00			1-18-2048		22,200,000		23,163,011
FNMA (12 Month LIBOR +1.78%) ±		4.38			4-1-2040		1,413,161		1,484,124

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 79

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		1-1-2020	$	1,043,018	$	1,060,644
FNMA		4.50			5-1-2034		2,168,371		2,340,592
FNMA		4.50			1-1-2039		6,050,196		6,444,655
FNMA		4.50			3-1-2043		4,807,894		5,153,289
FNMA		4.50			2-1-2044		11,307,901		12,216,992
FNMA		4.50			3-1-2044		1,423,637		1,526,109
FNMA		4.50			4-1-2044		6,283,283		6,789,198
FNMA		4.50			6-1-2044		4,539,343		4,903,843
FNMA		4.50			6-1-2044		508,964		545,818
FNMA		4.50			10-1-2044		318,747		344,370
FNMA		4.50			10-1-2045		8,133,395		8,718,887
FNMA		4.50			12-1-2045		208,670		226,615
FNMA		4.50			12-1-2045		288,215		311,424
FNMA		4.50			2-1-2046		204,871		220,371
FNMA		4.50			2-1-2046		604,741		656,745
FNMA		4.50			3-1-2046		455,514		494,690
FNMA		4.50			4-1-2046		629,083		685,835
FNMA		4.50			6-1-2046		9,392,120		10,200,407
FNMA		4.50			6-1-2046		332,098		360,692
FNMA		4.50			2-1-2047		1,952,762		2,100,553
FNMA		4.50			3-1-2047		265,333		286,465
FNMA		4.50			4-1-2047		2,011,797		2,174,459
FNMA		4.50			4-1-2047		2,621,182		2,822,085
FNMA		4.50			4-1-2047		507,830		549,136
FNMA		4.50			4-1-2047		444,998		481,817
FNMA		4.50			4-1-2047		365,949		396,228
FNMA		4.50			4-1-2047		303,741		328,872
FNMA		4.50			4-1-2047		525,535		571,332
FNMA		4.50			5-1-2047		3,330,382		3,600,089
FNMA		4.50			5-1-2047		4,569,877		4,918,243
FNMA		4.50			5-1-2047		2,698,946		2,898,974
FNMA		4.50			5-1-2047		330,036		357,396
FNMA		4.50			5-1-2047		1,798,829		1,942,697
FNMA		4.50			5-1-2047		623,714		678,874
FNMA		4.50			5-1-2047		613,076		663,981
FNMA		4.50			5-1-2047		533,089		579,268
FNMA		4.50			5-1-2047		404,043		437,252
FNMA		4.50			5-1-2047		407,718		441,572
FNMA		4.50			6-1-2047		1,270,727		1,382,119
FNMA		4.50			6-1-2047		25,925,842		27,991,306
FNMA		4.50			6-1-2047		293,181		321,878
FNMA		4.50			9-1-2047		7,290,293		7,871,116
FNMA		5.00			7-1-2044		820,245		897,392
FNMA		5.00			8-1-2056		25,268,675		27,692,088
FNMA		6.00			4-1-2022		8,305		9,308
FNMA		6.00			2-1-2029		7,889		8,854
FNMA		6.00			3-1-2033		49,032		55,707
FNMA		6.00			11-1-2033		17,481		19,873
FNMA Series 1998-38 Class Pl		6.00			11-25-2028		333,085		368,044
FNMA Series 1999-54 Class LH		6.50			11-25-2029		11,878		13,174

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

80 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2005-31 Class PB		5.50	%		4-25-2035	$	70,000	$	77,700
FNMA Series 2007-108 Class AN ±±		8.05			11-25-2037		623,761		717,460
FNMA Series 2011-43 Class AN		3.50			12-25-2028		1,359,860		1,362,413
FNMA Series 2014-40 Class EP		3.50			10-25-2042		3,923,448		4,045,477
FNMA Series 2015-18 Class HE		4.00			9-25-2041		11,943,272		12,564,585
FNMA Series 2015-M3 Class FA (1 Month LIBOR +0.22%) ±		1.46			6-25-2018		363,740		363,645
FNMA Series 2016-59 Class CA		3.50			9-25-2043		7,160,187		7,423,743
FNMA Series 2017-13 Class PA		3.00			8-25-2046		6,884,994		6,942,088
FNMA Series 2017-33 Class LB		3.00			5-25-2039		7,880,415		7,960,173
FNMA Series 2017-M7 Class A2 ±±		2.96			2-25-2027		3,771,000		3,777,836
GNMA %%		3.50			12-20-2047		84,500,000		87,351,875
GNMA		4.00			6-15-2047		5,433,814		5,744,576
GNMA %%		3.00			12-20-2047		113,800,000		114,671,276
GNMA		4.00			7-15-2045		652,837		690,255
GNMA		4.00			9-15-2045		1,677,338		1,780,630
GNMA		4.00			9-15-2045		812,703		860,473
GNMA		4.00			9-20-2045		3,055,871		3,240,043
GNMA		4.00			10-15-2045		2,761,723		2,931,701
GNMA		4.00			7-15-2047		6,015,274		6,360,519
GNMA (a)		4.00			11-1-2047		3,838,000		4,029,300
GNMA		4.00			11-20-2047		32,220,008		33,808,916
GNMA		4.50			5-20-2045		906,455		974,629
GNMA		4.50			6-20-2045		1,245,087		1,345,282
GNMA		4.50			7-20-2045		1,543,761		1,659,127
GNMA		4.50			8-20-2045		597,030		639,668
GNMA		4.50			12-15-2045		1,633,227		1,766,947
GNMA		4.50			12-15-2045		2,500,016		2,690,475
GNMA		4.50			5-15-2046		117,639		127,405
GNMA		4.50			5-15-2046		422,971		457,582
GNMA		4.50			4-15-2047		1,266,468		1,362,412
GNMA		4.50			4-15-2047		1,901,030		2,046,818
GNMA		4.50			8-15-2047		1,160,381		1,251,459
GNMA		4.50			9-15-2047		1,566,760		1,687,421
GNMA		4.50			10-20-2047		8,454,025		9,126,358
GNMA		4.50			11-20-2047		38,416,508		40,779,449
GNMA		5.00			12-20-2039		333,114		373,565
GNMA		5.00			11-20-2045		476,213		531,097
Total Agency Securities (Cost $1,587,754,032)									1,580,320,675
Asset-Backed Securities: 12.52%
Ally Master Owner Trust Series 2017-1 Class A (1 Month LIBOR +0.40%) ±		1.64			2-15-2021		3,386,000		3,391,072
American Express Credit Account Master Trust Series 2017-1 Class A		1.93			9-15-2022		2,221,000		2,215,382
American Express Credit Account Master Trust Series 2017-7 Class A		2.35			5-15-2025		8,278,000		8,259,350
Avis Budget Rental Car Funding LLC Series 2014-2A Class A 144A		2.50			2-20-2021		10,681,000		10,699,491
Bank of the West Auto Trust Series 2017-1 Class A4 144A		2.33			9-15-2023		3,286,000		3,262,027
California Republic Auto Receivables Trust Series 2016-1 Class A4		2.24			10-15-2021		6,135,000		6,145,654
California Republic Auto Receivables Trust Series 2017-1 Class A3		1.90			3-15-2021		4,397,000		4,383,910
California Republic Auto Receivables Trust Series 2017-1 Class A4		2.28			6-15-2022		2,211,000		2,207,566
Capital Auto Receivables Asset Trust Series 2015-4 Class A2		1.62			3-20-2019		631,696		631,750
Capital Auto Receivables Asset Trust Series 2015-4 Class A4		2.01			7-20-2020		2,387,000		2,388,642

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 81

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Capital Auto Receivables Asset Trust Series 2016-1 Class A4		1.98	%		10-20-2020	$	2,455,000	$	2,453,912
Capital Auto Receivables Asset Trust Series 2016-2 Class A2A		1.32			1-22-2019		6,564		6,562
Capital Auto Receivables Asset Trust Series 2016-3 Class A2A		1.36			4-22-2019		577,051		576,935
Capital Auto Receivables Asset Trust Series 2016-3 Class A4		1.69			3-20-2021		2,417,000		2,401,652
Capital Auto Receivables Asset Trust Series 2017-1 Class A3 144A		2.02			8-20-2021		2,287,000		2,280,519
Capital One Multi Asset Execution Trust Series 2015-A1 Class A		1.39			1-15-2021		86,000		85,974
Capital One Multi Asset Execution Trust Series 2017-A6 Class A6		2.29			7-15-2025		1,435,000		1,427,053
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A±		2.98			11-26-2046		4,682,097		4,799,210
Discover Card Execution Note Trust Series 2017-A7 Class A7 (1 Month LIBOR +0.36%) ±		1.59			4-15-2025		4,173,000		4,190,922
Enterprise Fleet Financing LLC Series 2017-2 Class A3 144A		2.22			1-20-2023		5,793,000		5,759,888
Flagship Credit Auto Owner Trust Series 2016-3 Class A2 144A		2.05			11-15-2020		2,940,000		2,940,132
Hertz Vehicle Financing LLC Series 2015-1A Class A 144A		2.73			3-25-2021		10,225,000		10,247,516
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67			9-25-2021		9,811,000		9,728,546
Hertz Vehicle Financing LLC Series 2016-2A Class A2 144A		2.95			3-25-2022		5,067,000		5,050,724
Hertz Vehicle Financing LLC Series 2016-3A Class A 144A		2.27			7-25-2020		5,551,000		5,523,198
Hertz Vehicle Financing LLC Series 2016-3A Class B 144A		3.11			7-25-2020		2,186,000		2,176,529
Hertz Vehicle Financing LLC Series 2016-4A Class A 144A		2.65			7-25-2022		6,865,000		6,752,736
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29			10-25-2023		9,581,000		9,577,401
Navient Student Loan Trust Series 2014-1 Class A3 (1 Month LIBOR +0.51%) ±		1.75			6-25-2031		5,319,000		5,301,481
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A±		2.84			10-15-2031		6,169,000		6,294,269
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) 144A±		1.94			9-16-2024		2,766,688		2,774,102
Navient Student Loan Trust Series 2015-AA Class A2B (1 Month LIBOR +1.20%) 144A±		2.44			12-15-2028		4,447,752		4,511,775
Navient Student Loan Trust Series 2015-CA Class B 144A		3.25			5-15-2040		2,766,000		2,791,290
Navient Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.70%) 144A±		1.94			2-25-2070		18,995,855		19,055,175
Navient Student Loan Trust Series 2016-5A Class A (1 Month LIBOR +1.25%) 144A±		2.49			6-25-2065		2,941,139		3,003,135
Navient Student Loan Trust Series 2016-7A Class A (1 Month LIBOR +1.15%) 144A±		2.39			3-25-2066		6,096,656		6,240,324
Navient Student Loan Trust Series 2016-AA Class A2A 144A		3.91			12-15-2045		9,901,022		10,198,601
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A±		3.40			12-15-2045		3,741,177		3,902,636
Navient Student Loan Trust Series 2017-1A Class A3 (1 Month LIBOR +1.15%) 144A±		2.39			7-26-2066		22,408,000		22,953,270
Navient Student Loan Trust Series 2017-2A Class A (1 Month LIBOR +0.77%) 144A±		2.01			9-25-2065		10,225,939		10,264,523
Navient Student Loan Trust Series 2017-2A Class A (1 Month LIBOR +1.05%) 144A±		2.29			12-27-2066		15,028,745		15,196,168
Navient Student Loan Trust Series 2017-3A Class A3 (1 Month LIBOR +1.05%) 144A±		2.29			7-26-2066		10,921,000		11,083,488
Navient Student Loan Trust Series 2017-4A Class A3 (1 Month LIBOR +1.00%) 144A±		2.24			9-27-2066		15,903,000		16,058,519
Navient Student Loan Trust Series 2017-5A Class A (1 Month LIBOR +0.80%) 144A±		2.04			7-26-2066		20,852,834		20,965,458
Navient Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +0.40%) 144A±		1.64			12-16-2058		11,503,000		11,502,350
Navient Student Loan Trust Series 2017-A Class A2A 144A		2.88			12-16-2058		6,334,000		6,290,257
Navient Student Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A±		2.14			12-16-2058		6,435,000		6,434,631
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		1.53			1-25-2037		3,265,244		3,230,192
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		1.55			10-27-2036		3,553,763		3,508,271
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		1.48			10-25-2033		18,057,758		17,711,246
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		1.42			3-23-2037		4,495,137		4,447,857

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

82 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		1.44	%		12-24-2035	$	19,314,197	$	19,093,096
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		1.50			3-22-2032		4,580,000		4,426,850
Nelnet Student Loan Trust Series 2006-2 Class A6 (3 Month LIBOR +0.12%) ±		1.49			4-25-2031		13,841,000		13,859,317
Nelnet Student Loan Trust Series 2010-4A Class A (1 Month LIBOR +0.80%) 144A±		2.04			4-25-2046		2,190,428		2,212,562
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) 144A±		2.04			9-25-2065		6,782,868		6,876,219
Nissan Master Owner Trust Receivables Series 2017-C Class A (1 Month LIBOR +0.32%) ±		1.50			10-17-2022		11,413,000		11,422,736
Santander Drive Auto Receivables Trust Series 2017-3 Class A3		1.87			6-15-2021		4,665,000		4,649,349
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A±		2.07			12-15-2032		4,374,701		4,338,578
SLM Student Loan Trust Series 2004-10 Class A7A (3 Month LIBOR +0.75%) 144A±		2.12			10-25-2029		10,671,000		10,671,843
SLM Student Loan Trust Series 2005-6 Class A5B (3 Month LIBOR +1.20%) ±		2.57			7-27-2026		357,529		358,915
SLM Student Loan Trust Series 2005-8 Class A5 (3 Month LIBOR +0.17%) ±		1.54			1-25-2040		5,112,000		4,929,961
SLM Student Loan Trust Series 2006-3 Class A5 (3 Month LIBOR +0.10%) ±		1.47			1-25-2021		9,339,881		9,277,641
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		1.43			7-25-2022		11,939,000		11,593,140
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		1.64			3-25-2025		2,298,140		2,272,932
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		2.19			9-25-2028		16,155,045		16,306,820
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		1.94			1-25-2029		6,290,890		6,320,950
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		1.99			5-26-2026		3,749,876		3,727,112
SLM Student Loan Trust Series 2012-6 Class B (1 Month LIBOR +1.00%) ±		2.24			4-27-2043		3,262,000		2,982,900
SLM Student Loan Trust Series 2012-D Class A2 144A		2.95			2-15-2046		914,236		914,714
SLM Student Loan Trust Series 2012-E Class A2 (1 Month LIBOR +1.75%) 144A±		2.99			6-15-2045		2,052,083		2,068,081
SLM Student Loan Trust Series 2013-1 Class B (1 Month LIBOR +1.80%) ±		3.04			11-25-2070		1,264,000		1,267,612
SLM Student Loan Trust Series 2013-B Class A2B (1 Month LIBOR +1.10%) 144A±		2.34			6-17-2030		917,619		921,176
SMB Private Education Loan Trust Series 2015-A Class A2A 144A		2.49			6-15-2027		2,787,000		2,787,258
SMB Private Education Loan Trust Series 2015-A Class A2B (1 Month LIBOR +1.00%) 144A±		2.24			6-15-2027		6,176,000		6,266,840
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98			7-15-2027		3,722,295		3,752,747
SMB Private Education Loan Trust Series 2015-B Class A2B (1 Month LIBOR +1.20%) 144A±		2.44			7-15-2027		10,301,212		10,459,207
SMB Private Education Loan Trust Series 2015-C Class A2A 144A		2.75			7-15-2027		4,766,639		4,785,722
SMB Private Education Loan Trust Series 2015-C Class A2B (1 Month LIBOR +1.40%) 144A±		2.64			7-15-2027		3,605,546		3,686,434
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		10,488,000		10,455,623
SMB Private Education Loan Trust Series 2016-A Class A2B (1 Month LIBOR +1.50%) 144A±		2.74			5-15-2031		16,601,000		17,067,403
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		9,867,000		9,714,950
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A±		2.69			2-17-2032		14,994,000		15,489,999
SMB Private Education Loan Trust Series 2016-C Class A2A 144A		2.34			9-15-2034		10,975,000		10,672,319
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A±		2.34			9-15-2034		10,351,000		10,526,506
SMB Private Education Loan Trust Series 2017-A Class A2A 144A		2.88			9-15-2034		5,777,000		5,799,775
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A±		2.14			9-15-2034		1,631,000		1,651,665
SMB Private Education Loan Trust Series 2017-B Class A2A 144A		2.82			10-15-2035		7,931,000		7,914,393
SMB Private Education Loan Trust Series 2017-B Class A2B (1 Month LIBOR +0.75%) 144A±		2.10			10-15-2035		7,998,000		8,027,755
Synchrony Credit Card Master Note Trust Series 2015-1 Class A		2.37			3-15-2023		2,920,000		2,931,508
Synchrony Credit Card Master Note Trust Series 2016-2 Class A		2.21			5-15-2024		1,924,000		1,915,721
Synchrony Credit Card Master Note Trust Series 2016-3 Class A		1.58			9-15-2022		12,297,000		12,177,970
Synchrony Credit Card Master Note Trust Series 2017-2 Class A		2.62			10-15-2025		8,660,000		8,673,665

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 83

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
TCF Auto Receivables Owner Trust Series 2016-1A Class A 144A		1.93	%		6-15-2022	$	1,067,680	$	1,064,796
TCF Auto Receivables Owner Trust Series 2016-1A Class A3 144A		1.71			4-15-2021		2,235,000		2,229,687
TCF Auto Receivables Owner Trust Series 2016-1A Class A4 144A		2.03			2-15-2022		1,667,000		1,658,678
Toyota Auto Receivables Owner Trust Series 2017-D Class A4		2.12			2-15-2023		7,252,000		7,230,237
Verizon Owner Trust Series 2017-3a Class A1B (1 Month LIBOR +0.27%) 144A±		1.51			4-20-2022		7,693,000		7,702,174
Volvo Financial Equipment LLC Series 2017-A Class A (1 Month LIBOR +0.50%) 144A±		1.74			11-15-2022		4,737,000		4,748,826
World Financial Network Credit Card Master Trust Series 2014-B Class A4		1.68			12-15-2020		2,101,000		2,098,298
World Financial Network Credit Card Master Trust Series 2015-B Class A		2.55			6-17-2024		444,000		446,370
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		12,722,000		12,505,232
World Financial Network Credit Card Master Trust Series 2016-C Class A		1.72			8-15-2023		4,867,000		4,827,894
World Financial Network Credit Card Master Trust Series 2017-A Class A		2.12			3-15-2024		7,015,000		6,984,870
World Financial Network Credit Card Master Trust Series 2017-C Class A		2.31			8-15-2024		11,042,000		11,029,059
Total Asset-Backed Securities (Cost $687,023,464)									691,059,356
Corporate Bonds and Notes: 21.54%
Consumer Discretionary: 1.56%
Hotels, Restaurants & Leisure: 0.02%
McDonald’s Corporation		4.88			12-9-2045		1,077,000		1,219,181
Household Durables: 0.10%
Lennar Corporation 144A		4.75			11-29-2027		5,280,000		5,398,800
Internet & Direct Marketing Retail: 0.52%
Amazon.com Incorporated 144A		1.90			8-21-2020		7,022,000		6,976,084
Amazon.com Incorporated 144A		2.40			2-22-2023		7,456,000		7,364,958
Amazon.com Incorporated 144A		2.80			8-22-2024		1,169,000		1,163,776
Amazon.com Incorporated 144A		3.15			8-22-2027		7,759,000		7,761,534
Amazon.com Incorporated 144A		3.88			8-22-2037		1,100,000		1,146,392
Amazon.com Incorporated 144A		4.05			8-22-2047		2,875,000		2,991,857
Amazon.com Incorporated 144A		4.25			8-22-2057		1,168,000		1,226,701
									28,631,302
Media: 0.92%
CBS Corporation		2.50			2-15-2023		6,655,000		6,499,696
CBS Corporation		3.38			2-15-2028		3,340,000		3,196,927
Charter Communications Operating LLC		4.46			7-23-2022		1,990,000		2,074,265
Charter Communications Operating LLC		4.91			7-23-2025		5,220,000		5,513,782
Charter Communications Operating LLC		5.38			5-1-2047		2,003,000		2,021,788
Comcast Corporation		2.35			1-15-2027		2,835,000		2,652,124
Comcast Corporation		3.15			2-15-2028		7,991,000		7,893,251
Comcast Corporation		4.00			8-15-2047		1,185,000		1,185,854
Discovery Communications LLC		3.95			11-15-2027		3,676,000		3,636,933
Discovery Communications LLC		3.95			3-20-2028		2,200,000		2,152,744
Discovery Communications LLC		4.88			4-1-2043		2,325,000		2,226,726
Discovery Communications LLC		4.95			5-15-2042		1,145,000		1,100,154
Discovery Communications LLC		5.20			9-20-2047		1,331,000		1,323,948
NBCUniversal Media LLC		4.45			1-15-2043		745,000		786,629
Time Warner Cable Incorporated		3.80			2-15-2027		2,920,000		2,911,008

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

84 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Time Warner Cable Incorporated		4.85	%		7-15-2045	$	2,785,000	$	2,861,873
Time Warner Cable Incorporated		6.55			5-1-2037		1,437,000		1,645,235
Viacom Incorporated		4.85			12-15-2034		1,039,000		982,200
									50,665,137
Consumer Staples: 1.67%
Beverages: 0.41%
Anheuser-Busch InBev Finance Company		2.65			2-1-2021		10,960,000		11,041,597
Anheuser-Busch InBev Finance Company		3.30			2-1-2023		3,872,000		3,969,955
Anheuser-Busch InBev Finance Company		4.90			2-1-2046		3,998,000		4,505,465
PepsiCo Incorporated		3.00			10-15-2027		2,886,000		2,856,886
									22,373,903
Food & Staples Retailing: 0.33%
Costco Wholesale Corporation		2.30			5-18-2022		6,464,000		6,433,167
Costco Wholesale Corporation		2.75			5-18-2024		4,474,000		4,470,327
Costco Wholesale Corporation		3.00			5-18-2027		7,475,000		7,441,430
									18,344,924
Food Products: 0.33%
Kraft Heinz Foods Company		2.80			7-2-2020		8,044,000		8,104,171
Kraft Heinz Foods Company		3.00			6-1-2026		4,960,000		4,740,380
Kraft Heinz Foods Company		4.38			6-1-2046		5,777,000		5,569,132
									18,413,683
Household Products: 0.10%
Church & Dwight Company Incorporated		2.45			8-1-2022		1,565,000		1,547,190
Church & Dwight Company Incorporated		3.15			8-1-2027		2,517,000		2,469,767
Church & Dwight Company Incorporated		3.95			8-1-2047		1,565,000		1,540,334
									5,557,291
Tobacco: 0.50%
B.A.T. Capital Corporation 144A		2.76			8-15-2022		8,205,000		8,136,595
B.A.T. Capital Corporation 144A		3.22			8-15-2024		4,085,000		4,071,392
B.A.T. Capital Corporation 144A		3.56			8-15-2027		3,078,000		3,072,608
B.A.T. Capital Corporation 144A		4.54			8-15-2047		2,028,000		2,094,269
British American Tobacco Capital Corporation 144A		2.30			8-14-2020		3,081,000		3,064,815
Reynolds American Incorporated		5.85			8-15-2045		5,600,000		6,819,655
									27,259,334
Energy: 1.97%
Energy Equipment & Services: 0.15%
Schlumberger Holdings Corporation 144A		4.00			12-21-2025		8,053,000		8,401,633
Oil, Gas & Consumable Fuels: 1.82%
Anadarko Petroleum Corporation		4.50			7-15-2044		4,267,000		4,135,663
Anadarko Petroleum Corporation		4.85			3-15-2021		2,291,000		2,425,445
Anadarko Petroleum Corporation «		5.55			3-15-2026		5,550,000		6,169,436

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 85

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Andeavor Logistics LP		3.50	%		12-1-2022	$	2,363,000	$	2,361,431
Andeavor Logistics LP		4.25			12-1-2027		5,032,000		5,023,127
Andeavor Logistics LP		5.20			12-1-2047		2,105,000		2,111,114
Apache Corporation		4.25			1-15-2044		1,860,000		1,750,340
Buckeye Partners LP		4.13			12-1-2027		3,867,000		3,815,633
Chevron Corporation		2.95			5-16-2026		1,935,000		1,926,529
Cimarex Energy Company		4.38			6-1-2024		6,456,000		6,837,847
Concho Resources Incorporated		3.75			10-1-2027		3,479,000		3,502,549
Concho Resources Incorporated		4.88			10-1-2047		1,620,000		1,716,957
Enbridge Energy Partners LP		5.50			9-15-2040		1,424,000		1,520,717
Enbridge Energy Partners LP		7.38			10-15-2045		1,375,000		1,793,815
Energy Transfer Partners LP		2.50			6-15-2018		4,060,000		4,068,393
Energy Transfer Partners LP		6.13			12-15-2045		3,497,000		3,753,652
Enterprise Products Operating LLC		3.35			3-15-2023		1,933,000		1,970,522
Enterprise Products Operating LLC		3.70			2-15-2026		1,940,000		1,978,931
Enterprise Products Operating LLC		4.85			3-15-2044		1,018,000		1,080,884
Kinder Morgan Energy Partners LP		5.40			9-1-2044		2,157,000		2,229,569
Kinder Morgan Incorporated		3.15			1-15-2023		7,765,000		7,711,255
Kinder Morgan Incorporated 144A		5.00			2-15-2021		8,252,000		8,789,314
Kinder Morgan Incorporated		5.55			6-1-2045		2,705,000		2,883,754
Marathon Oil Corporation		6.60			10-1-2037		1,698,000		2,046,340
Marathon Petroleum Corporation		4.75			9-15-2044		1,060,000		1,078,697
Marathon Petroleum Corporation		5.00			9-15-2054		2,368,000		2,365,949
Plains All American Pipeline LP		4.50			12-15-2026		960,000		963,572
Sabine Pass Liquefaction LLC		5.00			3-15-2027		4,054,000		4,317,891
Sabine Pass Liquefaction LLC		5.88			6-30-2026		2,115,000		2,372,118
TC Pipelines LP		3.90			5-25-2027		3,175,000		3,177,019
Williams Partners LP		3.75			6-15-2027		4,485,000		4,449,915
									100,328,378
Financials: 5.29%
Banks: 2.08%
Bank of America Corporation		2.50			10-21-2022		10,410,000		10,267,684
Bank of America Corporation		4.00			4-1-2024		2,920,000		3,082,314
Bank of America Corporation (3 Month LIBOR +1.81%) ±		4.24			4-24-2038		4,424,000		4,728,506
Bank of America Corporation		4.45			3-3-2026		3,149,000		3,342,556
BB&T Corporation		2.85			10-26-2024		2,893,000		2,875,227
Capital One NA		2.65			8-8-2022		8,764,000		8,660,379
Citigroup Incorporated		2.70			10-27-2022		9,702,000		9,616,825
Citigroup Incorporated		4.13			7-25-2028		5,227,000		5,357,391
Citigroup Incorporated		4.45			9-29-2027		7,592,000		7,975,530
Export Import Bank of Korea		2.50			11-1-2020		3,631,000		3,601,709
Export Import Bank of Korea		3.00			11-1-2022		7,686,000		7,674,632
JPMorgan Chase & Company		2.30			8-15-2021		9,179,000		9,107,793
JPMorgan Chase & Company		2.95			10-1-2026		11,177,000		10,916,192
JPMorgan Chase & Company		2.97			1-15-2023		8,211,000		8,256,858
JPMorgan Chase & Company (3 Month LIBOR +1.36%) ±		3.88			7-24-2038		6,965,000		7,069,674
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		5,635,000		5,944,719
PNC Bank		2.45			11-5-2020		6,073,000		6,091,068
									114,569,057

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

86 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets: 1.18%
Bank of New York Mellon Corporation		3.25	%		5-16-2027	$	6,445,000	$	6,470,845
Goldman Sachs Group Incorporated		2.75			9-15-2020		4,845,000		4,870,883
Goldman Sachs Group Incorporated		3.50			11-16-2026		1,530,000		1,531,494
Goldman Sachs Group Incorporated (3 Month LIBOR +1.51%) ±		3.69			6-5-2028		1,932,000		1,949,274
Goldman Sachs Group Incorporated (3 Month LIBOR +1.37%) ±		4.02			10-31-2038		1,944,000		1,979,890
Goldman Sachs Group Incorporated		6.75			10-1-2037		7,334,000		9,671,204
Lazard Group LLC		3.75			2-13-2025		5,510,000		5,616,006
Morgan Stanley		2.63			11-17-2021		10,632,000		10,608,381
Morgan Stanley		2.75			5-19-2022		13,495,000		13,467,614
Morgan Stanley		3.63			1-20-2027		6,693,000		6,798,918
Morgan Stanley (3 Month LIBOR +1.46%) ±		3.97			7-22-2038		1,947,000		1,976,051
									64,940,560
Consumer Finance: 1.42%
Capital One Financial Corporation		2.40			10-30-2020		3,870,000		3,851,130
Capital One Financial Corporation		3.30			10-30-2024		3,870,000		3,846,786
Capital One Financial Corporation		4.20			10-29-2025		1,374,000		1,406,011
ERAC USA Finance LLC 144A		2.70			11-1-2023		1,330,000		1,292,488
ERAC USA Finance LLC 144A		3.30			12-1-2026		4,926,000		4,818,253
ERAC USA Finance LLC 144A		4.50			2-15-2045		975,000		969,241
Ford Motor Credit Company LLC		2.34			11-2-2020		6,214,000		6,153,054
Ford Motor Credit Company LLC		2.98			8-3-2022		3,756,000		3,732,159
Ford Motor Credit Company LLC		3.34			3-28-2022		5,020,000		5,084,265
Ford Motor Credit Company LLC		3.82			11-2-2027		4,308,000		4,292,435
Ford Motor Credit Company LLC		5.29			12-8-2046		4,630,000		4,923,067
General Motors Financial Company		3.50			11-7-2024		5,507,000		5,496,538
General Motors Financial Company		4.35			1-17-2027		5,663,000		5,818,700
General Motors Financial Company		5.15			4-1-2038		4,085,000		4,255,651
General Motors Financial Company		5.40			4-1-2048		1,165,000		1,240,879
John Deere Capital Corporation		2.15			9-8-2022		3,800,000		3,733,054
John Deere Capital Corporation		2.65			6-24-2024		4,835,000		4,792,921
John Deere Capital Corporation		2.80			9-8-2027		4,811,000		4,710,637
Synchrony Financial %%		3.95			12-1-2027		8,183,000		8,077,663
									78,494,932
Diversified Financial Services: 0.04%
General Electric Capital Corporation		5.88			1-14-2038		1,813,000		2,291,813
Insurance: 0.57%
American International Group Incorporated		4.38			1-15-2055		1,540,000		1,520,350
American International Group Incorporated		4.80			7-10-2045		855,000		932,392
American International Group Incorporated		6.25			5-1-2036		3,148,000		3,981,040
Brighthouse Financial Incorporated 144A		3.70			6-22-2027		5,515,000		5,360,434
Brighthouse Financial Incorporated 144A		4.70			6-22-2047		1,990,000		1,948,837
Chubb INA Holdings Incorporated		4.35			11-3-2045		3,160,000		3,478,892
Guardian Life Insurance Company 144A		4.85			1-24-2077		634,000		687,921
Markel Corporation		3.50			11-1-2027		3,320,000		3,286,536

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 87

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
Markel Corporation		4.30	%		11-1-2047	$	1,975,000	$	1,967,559
Northwestern Mutual Life Subordinated 144A		3.85			9-30-2047		3,195,000		3,116,369
Teachers Insurance and Annuity Association 144A		4.27			5-15-2047		1,275,000		1,318,620
Teachers Insurance and Annuity Association 144A		4.90			9-15-2044		1,696,000		1,911,313
XL Capital Limited		6.25			5-15-2027		1,838,000		2,171,845
									31,682,108
Health Care: 2.29%
Biotechnology: 0.71%
AbbVie Incorporated		2.50			5-14-2020		7,789,000		7,828,968
AbbVie Incorporated		4.45			5-14-2046		4,300,000		4,520,782
AbbVie Incorporated		4.50			5-14-2035		1,905,000		2,036,906
Celgene Corporation		2.75			2-15-2023		7,375,000		7,313,369
Celgene Corporation		3.45			11-15-2027		7,720,000		7,683,137
Celgene Corporation		4.35			11-15-2047		5,227,000		5,279,406
Celgene Corporation		5.00			8-15-2045		4,438,000		4,879,579
									39,542,147
Health Care Equipment & Supplies: 0.55%
Abbott Laboratories		3.75			11-30-2026		8,460,000		8,624,352
Abbott Laboratories		4.90			11-30-2046		935,000		1,044,411
Becton Dickinson & Company		2.40			6-5-2020		6,740,000		6,696,871
Becton Dickinson & Company		2.89			6-6-2022		5,635,000		5,594,467
Becton Dickinson & Company		3.70			6-6-2027		4,520,000		4,504,057
Becton Dickinson & Company		4.69			12-15-2044		3,810,000		4,034,047
									30,498,205
Health Care Providers & Services: 0.45%
AmerisourceBergen Corporation %%		4.30			12-15-2047		3,837,000		3,817,720
Anthem Incorporated		2.50			11-21-2020		4,412,000		4,414,157
Anthem Incorporated		2.95			12-1-2022		4,410,000		4,407,065
Anthem Incorporated		3.35			12-1-2024		2,225,000		2,238,499
Anthem Incorporated		3.65			12-1-2027		3,312,000		3,326,752
Laboratory Corporation of America		3.25			9-1-2024		3,240,000		3,233,429
Laboratory Corporation of America		3.60			9-1-2027		3,319,000		3,318,106
									24,755,728
Life Sciences Tools & Services: 0.15%
Thermo Fisher Scientific Incorporated		2.95			9-19-2026		2,895,000		2,811,206
Thermo Fisher Scientific Incorporated		3.20			8-15-2027		5,515,000		5,429,814
									8,241,020
Pharmaceuticals: 0.43%
Eli Lilly and Company		2.35			5-15-2022		1,860,000		1,857,725
Eli Lilly and Company		3.10			5-15-2027		3,341,000		3,365,090
Eli Lilly and Company		3.95			5-15-2047		1,690,000		1,777,011
Johnson & Johnson		2.63			1-15-2025		2,135,000		2,122,902
Johnson & Johnson		2.90			1-15-2028		8,590,000		8,574,645

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

88 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Pharmaceuticals (continued)
Johnson & Johnson		3.40	%		1-15-2038	$	2,610,000	$	2,608,895
Johnson & Johnson		3.50			1-15-2048		3,300,000		3,281,122
									23,587,390
Industrials: 1.32%
Aerospace & Defense: 0.74%
Northrop Grumman Corporation		2.08			10-15-2020		6,625,000		6,569,726
Northrop Grumman Corporation		2.55			10-15-2022		6,619,000		6,571,772
Northrop Grumman Corporation		2.93			1-15-2025		4,420,000		4,396,893
Northrop Grumman Corporation		3.20			2-1-2027		6,780,000		6,806,735
Northrop Grumman Corporation		3.25			8-1-2023		6,107,000		6,238,891
Northrop Grumman Corporation		3.25			1-15-2028		5,535,000		5,535,581
Northrop Grumman Corporation		4.03			10-15-2047		4,465,000		4,551,262
									40,670,860
Air Freight & Logistics: 0.09%
FedEx Corporation		4.40			1-15-2047		1,220,000		1,263,711
FedEx Corporation		4.55			4-1-2046		3,305,000		3,510,581
									4,774,292
Construction & Engineering: 0.05%
Valmont Industries Incorporated		5.25			10-1-2054		2,796,000		2,847,011
Machinery: 0.08%
Wabtec Corporation		3.45			11-15-2026		4,455,000		4,337,752
Road & Rail: 0.19%
Penske Truck Leasing Company LP 144A		2.70			3-14-2023		4,452,000		4,375,502
Penske Truck Leasing Company LP 144A		3.38			2-1-2022		3,562,000		3,632,647
Penske Truck Leasing Company LP 144A		3.40			11-15-2026		2,874,000		2,828,582
									10,836,731
Trading Companies & Distributors: 0.17%
Air Lease Corporation		3.63			4-1-2027		4,990,000		4,962,046
Air Lease Corporation		3.63			12-1-2027		4,655,000		4,627,516
									9,589,562
Information Technology: 2.81%
Communications Equipment: 0.21%
Cisco Systems Incorporated		1.40			9-20-2019		11,560,000		11,442,428
IT Services: 0.11%
Fidelity National Information Services Incorporated		2.25			8-15-2021		3,340,000		3,285,437
Fidelity National Information Services Incorporated		3.63			10-15-2020		2,578,000		2,653,144
									5,938,581
Semiconductors & Semiconductor Equipment: 0.22%
Analog Devices Incorporated		2.50			12-5-2021		4,255,000		4,228,356
Analog Devices Incorporated		3.13			12-5-2023		4,550,000		4,575,363
Analog Devices Incorporated		3.50			12-5-2026		3,470,000		3,491,071
									12,294,790

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 89

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Software: 1.27%
Microsoft Corporation		2.00	%		8-8-2023	$	5,095,000	$	4,940,654
Microsoft Corporation		2.40			2-6-2022		7,580,000		7,598,053
Microsoft Corporation		2.88			2-6-2024		6,600,000		6,672,320
Microsoft Corporation		4.10			2-6-2037		3,810,000		4,178,071
Oracle Corporation		2.63			2-15-2023		8,820,000		8,830,747
Oracle Corporation		2.95			11-15-2024		5,513,000		5,535,940
Oracle Corporation		3.25			11-15-2027		8,078,000		8,179,337
Oracle Corporation		3.80			11-15-2037		4,631,000		4,730,151
Oracle Corporation		4.00			11-15-2047		4,037,000		4,163,115
VMware Incorporated		2.30			8-21-2020		6,655,000		6,608,082
VMware Incorporated		2.95			8-21-2022		5,535,000		5,502,652
VMware Incorporated		3.90			8-21-2027		3,300,000		3,299,797
									70,238,919
Technology Hardware, Storage & Peripherals: 1.00%
Apple Incorporated		2.30			5-11-2022		9,934,000		9,874,361
Apple Incorporated		2.75			1-13-2025		4,834,000		4,793,717
Apple Incorporated		2.85			5-11-2024		8,505,000		8,530,473
Apple Incorporated		3.00			2-9-2024		7,520,000		7,629,369
Apple Incorporated		3.00			11-13-2027		3,870,000		3,835,103
Apple Incorporated		3.20			5-11-2027		5,635,000		5,695,832
Apple Incorporated		3.35			2-9-2027		5,595,000		5,715,874
Apple Incorporated		3.75			11-13-2047		3,093,000		3,087,255
Apple Incorporated		4.38			5-13-2045		1,905,000		2,091,245
Hewlett Packard Enterprise Company		6.35			10-15-2045		3,754,000		3,836,796
									55,090,025
Materials: 0.49%
Chemicals: 0.30%
CF Industries Incorporated 144A		3.40			12-1-2021		4,105,000		4,155,661
CF Industries Incorporated 144A		4.50			12-1-2026		3,176,000		3,317,494
The Sherwin-Williams Company		2.75			6-1-2022		5,010,000		4,979,448
The Sherwin-Williams Company		3.45			6-1-2027		1,921,000		1,939,445
The Sherwin-Williams Company		4.50			6-1-2047		1,835,000		1,930,672
									16,322,720
Construction Materials: 0.04%
Vulcan Materials Company		4.50			6-15-2047		2,205,000		2,221,413
Containers & Packaging: 0.09%
International Paper Company		5.15			5-15-2046		4,457,000		5,086,260
Metals & Mining: 0.06%
Barrick Gold Finance Company LLC		5.70			5-30-2041		2,835,000		3,390,670
Real Estate: 1.06%
Equity REITs: 1.06%
Boston Properties LP %%		3.20			1-15-2025		5,332,000		5,305,456
Brandywine Operating Partnership LP		3.95			2-15-2023		1,102,000		1,126,724

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

90 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
DDR Corporation		3.38	%		5-15-2023	$	5,041,000	$	4,947,438
DDR Corporation		4.63			7-15-2022		5,566,000		5,838,791
Kilroy Realty LP %%		3.45			12-15-2024		3,313,000		3,290,763
Mid-America Apartments LP		3.60			6-1-2027		2,032,000		2,029,616
Mid-America Apartments LP		3.75			6-15-2024		4,930,000		5,053,191
Mid-America Apartments LP		4.00			11-15-2025		2,500,000		2,581,783
Mid-America Apartments LP		4.30			10-15-2023		2,072,000		2,179,799
Public Storage		2.37			9-15-2022		5,594,000		5,526,171
Public Storage		3.09			9-15-2027		4,401,000		4,362,834
Realty Income Corporation		4.65			3-15-2047		1,850,000		1,940,003
Regency Centers LP		3.60			2-1-2027		2,050,000		2,040,509
Tanger Properties LP		3.75			12-1-2024		2,528,000		2,531,143
Tanger Properties LP		3.88			12-1-2023		2,699,000		2,725,011
Washington Prime Group LP		5.95			8-15-2024		1,945,000		1,943,359
WEA Finance LLC 144A		3.15			4-5-2022		5,175,000		5,197,929
									58,620,520
Telecommunication Services: 1.17%
Diversified Telecommunication Services: 1.17%
AT&T Incorporated		3.40			5-15-2025		15,374,000		15,056,814
AT&T Incorporated		3.90			8-14-2027		6,183,000		6,139,891
AT&T Incorporated		4.45			4-1-2024		2,656,000		2,802,002
AT&T Incorporated		4.90			8-14-2037		4,125,000		4,108,357
AT&T Incorporated		5.15			2-14-2050		2,590,000		2,563,746
AT&T Incorporated		5.25			3-1-2037		6,225,000		6,480,675
AT&T Incorporated		5.45			3-1-2047		4,450,000		4,687,787
Verizon Communications Incorporated		2.95			3-15-2022		2,935,000		2,951,770
Verizon Communications Incorporated		4.13			3-16-2027		2,990,000		3,108,230
Verizon Communications Incorporated		4.13			8-15-2046		7,946,000		7,211,311
Verizon Communications Incorporated		4.40			11-1-2034		7,307,000		7,341,124
Verizon Communications Incorporated		5.01			8-21-2054		1,956,000		1,972,570
									64,424,277
Utilities: 1.91%
Electric Utilities: 1.79%
Alabama Power Company		3.70			12-1-2047		3,152,000		3,132,085
American Electric Power Company		1.65			12-15-2017		4,828,000		4,828,002
Appalachian Power Company		3.30			6-1-2027		3,070,000		3,081,462
Avangrid Incorporated		3.15			12-1-2024		3,822,000		3,814,745
Baltimore Gas and Electric Company		3.75			8-15-2047		1,970,000		1,976,694
Charter Communications Operating LLC		3.60			9-15-2047		4,768,000		4,769,394
Commonwealth Edison Company		2.95			8-15-2027		4,440,000		4,378,001
Commonwealth Edison Company		3.75			8-15-2047		1,292,000		1,309,533
Duke Energy Carolinas LLC		2.50			3-15-2023		3,215,000		3,200,778
Duke Energy Carolinas LLC		3.88			3-15-2046		1,131,000		1,169,001
Duke Energy Corporation		1.80			9-1-2021		4,420,000		4,305,895
Duke Energy Corporation		3.15			8-15-2027		974,000		961,967
Duke Energy Florida LLC		3.40			10-1-2046		1,905,000		1,810,127
Duquesne Light Holdings Incorporated 144A		3.62			8-1-2027		5,600,000		5,563,480
Georgia Power Company		4.30			3-15-2042		950,000		983,776

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 91

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
Indiana Michigan Power Company		4.55	%		3-15-2046	$	2,075,000	$	2,301,847
IPALCO Enterprises Incorporated 144A		3.70			9-1-2024		4,925,000		4,903,475
ITC Holdings Corporation 144A		3.35			11-15-2027		8,210,000		8,195,431
New England Power Company 144A%%		3.80			12-5-2047		2,907,000		2,887,407
NiSource Finance Corporation		3.95			3-30-2048		1,148,000		1,147,934
Oklahoma Gas & Electric Company		4.15			4-1-2047		2,194,000		2,347,351
Pacific Gas & Electric Company 144A		3.30			12-1-2027		5,336,000		5,306,347
Pacific Gas & Electric Company		4.00			12-1-2046		1,347,000		1,348,908
PECO Energy Company		3.15			10-15-2025		5,095,000		5,126,941
PPL Electric Utilities Corporation		4.15			10-1-2045		3,413,000		3,720,983
Sierra Pacific Power Company		2.60			5-1-2026		4,485,000		4,326,910
Southern Company		2.45			10-1-2023		2,962,000		2,868,334
Southern Company		4.40			7-1-2046		2,709,000		2,836,275
Southwestern Electric Power Company		3.90			4-1-2045		1,362,000		1,363,833
Southwestern Public Service Company		3.70			8-15-2047		2,921,000		2,930,345
Virginia Electric & Power Company		2.95			11-15-2026		1,898,000		1,873,661
									98,770,922
Multi-Utilities: 0.12%
Dominion Resources Incorporated		1.60			8-15-2019		3,765,000		3,725,690
Dominion Resources Incorporated		2.00			8-15-2021		2,905,000		2,846,973
									6,572,663
Total Corporate Bonds and Notes (Cost $1,177,678,230)									1,188,666,922
Municipal Obligations: 0.64%
California: 0.23%
California Build America Bonds (GO Revenue)		7.60			11-1-2040		3,425,000		5,412,254
Los Angeles CA Community College District Build America Bonds (GO Revenue)		6.75			8-1-2049		4,670,000		7,120,489
									12,532,743
Nevada: 0.12%
Clark County NV Airport Authority Build America Bonds Series C (Airport Revenue)		6.82			7-1-2045		4,380,000		6,731,885
New York: 0.13%
Port Authority of New York & New Jersey Consolidated Bonds Series 174 (Airport Revenue)		4.46			10-1-2062		6,610,000		7,486,089
Ohio: 0.04%
Ohio State University General Receipts Taxable Bonds Series A (Education Revenue)		4.80			6-1-2111		1,957,000		2,150,215
Texas: 0.12%
North Texas Tollway Authority (Transportation Revenue)		6.72			1-1-2049		4,460,000		6,670,108
Total Municipal Obligations (Cost $29,277,919)									35,571,040
Non-Agency Mortgage-Backed Securities: 5.75%
CD Commercial Mortgage Trust Series 2016-CD1 Class A1		1.44			8-10-2049		1,473,591		1,450,916
CD Commercial Mortgage Trust Series 2016-CD1 Class ASB		2.62			8-10-2049		4,881,000		4,824,903
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32			5-10-2050		2,105,000		2,161,951

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

92 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33	%		11-13-2050	$	5,323,000	$	5,461,075
CFCRE Commercial Mortgage Trust Series 2011-C1 Class A4 144A±±		4.96			4-15-2044		3,997,965		4,204,490
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A1		1.79			1-10-2048		2,113,788		2,101,810
CFCRE Commercial Mortgage Trust Series 2016-C4 Class A4		3.28			5-10-2058		2,857,000		2,864,740
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A2		3.59			12-10-2054		2,861,000		2,952,728
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		2,195,000		2,306,858
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		2.03			6-15-2050		1,632,825		1,621,972
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A4		3.57			6-15-2050		1,700,000		1,747,651
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37			6-15-2050		2,014,000		2,064,775
Citigroup Commercial Mortgage Trust Series 2013-GC11 Class A2		1.99			4-10-2046		3,470,449		3,471,299
Citigroup Commercial Mortgage Trust Series 2013-GC11 Class AAB		2.69			4-10-2046		1,885,000		1,894,708
Citigroup Commercial Mortgage Trust Series 2014-GC25 Class A4		3.64			10-10-2047		4,840,000		5,032,504
Citigroup Commercial Mortgage Trust Series 2015-GC129 Class A4		3.19			4-10-2048		2,493,000		2,516,931
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		2,286,000		2,291,782
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		1,038,000		1,075,299
Commercial Mortgage Pass-Through Certificate Series 2013-CR10 Class A2		2.97			8-10-2046		1,392,000		1,402,197
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class A4		4.05			10-10-2046		2,289,000		2,438,983
Commercial Mortgage Pass-Through Certificate Series 2013-CR6 Class A2		2.12			3-10-2046		1,055,912		1,055,528
Commercial Mortgage Pass-Through Certificate Series 2013-CR9 Class ASB		3.83			7-10-2045		6,032,000		6,284,416
Commercial Mortgage Pass-Through Certificate Series 2014-C4 Class A5		3.69			8-10-2047		1,663,000		1,729,093
Commercial Mortgage Pass-Through Certificate Series 2014-UBS2 Class A5		3.96			3-10-2047		1,747,000		1,842,234
Commercial Mortgage Pass-Through Certificate Series 2014-UBS6 Class AM		4.05			12-10-2047		4,230,000		4,415,145
Commercial Mortgage Pass-Through Certificate Series 2016-C1 Class ASB		2.97			10-10-2049		2,071,000		2,080,624
Commercial Mortgage Trust Series 2012-CR4 Class A2		1.80			10-15-2045		506,570		506,225
Commercial Mortgage Trust Series 2013-CR11 Class A1		1.47			8-10-2050		457,521		456,499
Commercial Mortgage Trust Series 2013-CR12 Class A1		1.30			10-10-2046		75,868		75,752
Commercial Mortgage Trust Series 2013-CR12 Class A3		3.77			10-10-2046		1,384,000		1,455,278
Commercial Mortgage Trust Series 2014-UBS6 Class A5		3.64			12-10-2047		4,020,000		4,170,812
Commercial Mortgage Trust Series 2017-CR2 Class A3		3.51			9-10-2050		1,390,000		1,422,465
CSAIL Commercial Mortgage Trust Series 2015-C3 Class A4		3.72			8-15-2048		2,954,000		3,074,142
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		7,385,200		7,729,398
CSAIL Commercial Mortgage Trust Series 2016-C5 Class ASB		3.53			11-15-2048		865,000		893,924
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12			6-10-2050		1,249,000		1,261,419
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		495,454		501,688
GS Mortgage Securities Trust Series 2013-GC14 Class AAB		3.82			8-10-2046		6,754,000		7,028,535
GS Mortgage Securities Trust Series 2013-GC16 Class A2		3.03			11-10-2046		1,716,514		1,728,459
GS Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80			1-10-2047		1,904,000		2,001,373
GS Mortgage Securities Trust Series 2016-GS3 Class A4		2.85			10-10-2049		2,075,000		2,028,361
GS Mortgage Securities Trust Series 2016-GS3 Class AAB		2.78			10-10-2049		3,117,000		3,101,851
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		8,314,473		9,071,514
JPMBB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67			9-15-2047		2,419,000		2,513,877
JPMDB Commercial Mortgage Securities Seris 2017-C5 Class ASB		3.49			3-15-2050		861,000		888,709
JPMorgan Chase Commercial Mortgage Securities Corporation Series 201-C30 Class A5		3.82			7-15-2048		5,662,000		5,967,120
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-A2 Class A2 144A		4.31			8-5-2032		5,814,738		5,972,447
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-CBX Class A4		3.48			6-15-2045		3,623,000		3,732,148
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-LC9 Class A5		2.84			12-15-2047		5,490,738		5,518,410

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 93

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class A2		2.67	%		1-15-2046	$	6,514,273	$	6,543,912
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C15 Class A2		2.98			11-15-2045		2,834,752		2,852,901
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A2		2.87			7-15-2047		1,932,000		1,949,232
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A5		3.80			7-15-2047		4,897,000		5,124,378
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C21 Class A5		3.77			8-15-2047		4,908,000		5,129,420
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C28 Class A4		3.23			10-15-2048		3,312,000		3,343,715
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP2 Class A1		1.32			8-15-2049		3,156,604		3,111,685
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP5 Class ASB		3.55			3-15-2050		6,129,000		6,346,659
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017JP6 Class ASB		3.28			7-15-2050		2,343,000		2,388,847
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A2 144A		3.62			11-15-2043		327,787		332,169
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4 Class A3 144A		4.11			7-15-2046		7,442,036		7,482,166
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		2,053,000		2,071,214
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		10,965,000		10,865,677
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C30 Class AS ±±		4.23			7-15-2048		2,875,000		3,031,343
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C30 Class ASB		3.56			7-15-2048		2,853,000		2,961,031
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class ASB		3.73			1-15-2049		2,582,000		2,700,637
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP2 Class ASB		2.71			8-15-2049		2,765,000		2,738,332
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-C1 Class ASB		3.32			3-15-2049		5,263,000		5,389,881
JPMorgan Mortgage Trust Series 2017-5 Class A1 144A±±		3.19			12-15-2047		28,583,000		28,913,111
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class A2		2.96			7-15-2046		679,248		680,931
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class A2		1.97			5-15-2046		229,263		229,221
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4		3.75			12-15-2047		3,712,000		3,894,933
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A4		3.54			1-15-2049		1,448,000		1,492,582
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class ASB		2.73			9-15-2049		9,888,000		9,678,738
Morgan Stanley Capital I Trust Series 2015-UBS8 Class A3		3.54			12-15-2048		2,084,000		2,153,248
Morgan Stanley Capital I Trust Series 2016-UB11 Class A1		1.45			8-15-2049		3,676,728		3,619,757
Morgan Stanley Capital I Trust Series 2016-UB11 Class ASB		2.61			8-15-2049		2,119,000		2,081,101
Morgan Stanley Capital I Trust Series 2016-UBS9 Class A1		1.71			3-15-2049		1,837,697		1,823,058
Perpetual Savings Bank Series 1990-1 Class 1 ±±		4.93			3-1-2020		12,102		12,166
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		6,476,565		6,476,160
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A±		2.19			1-25-2039		1,426,168		1,440,152
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A±		2.09			7-25-2039		3,609,347		3,643,069
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A±		1.94			3-26-2040		3,404,622		3,422,990
SoFi Professional Loan Program LLC Series 2017-A Class A2B 144A		2.40			3-26-2040		3,470,000		3,421,774
SoFi Professional Loan Program LLC Series 2017-B Class A2 144A		2.74			5-25-2040		3,938,000		3,934,161
SoFi Professional Loan Program LLC Series 2017-C Class A2B 144A		2.63			7-25-2040		5,627,000		5,602,170

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

94 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65	%		9-25-2040	$	1,313,000	$	1,307,656
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A±		1.74			11-26-2040		3,229,619		3,231,207
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72			11-26-2040		9,869,000		9,818,176
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		1.76			2-25-2028		26,141		25,863
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A4		3.53			5-10-2063		3,453,000		3,575,818
UBS Barclays Commercial Mortgage Trust Series 2012-C4 Class A2		1.71			12-10-2045		146,577		146,518
Total Non-Agency Mortgage-Backed Securities (Cost $319,079,810)									317,382,777
U.S. Treasury Securities: 32.23%
U.S. Treasury Bond		2.50			2-15-2046		34,137,000		31,866,089
U.S. Treasury Bond		2.50			5-15-2046		38,269,000		35,700,791
U.S. Treasury Bond		2.75			8-15-2047		55,089,000		54,079,752
U.S. Treasury Bond		2.75			11-15-2047		15,745,000		15,467,617
U.S. Treasury Bond		2.88			11-15-2046		40,006,000		40,268,539
U.S. Treasury Bond ##		3.00			11-15-2045		27,871,000		28,753,945
U.S. Treasury Bond		3.00			2-15-2047		40,200,000		41,471,953
U.S. Treasury Bond		3.00			5-15-2047		8,159,000		8,417,156
U.S. Treasury Note ##		1.13			2-28-2021		32,572,000		31,714,440
U.S. Treasury Note ##		1.13			7-31-2021		61,475,000		59,537,097
U.S. Treasury Note ##		1.25			4-30-2019		86,576,000		85,977,408
U.S. Treasury Note		1.25			5-31-2019		49,977,000		49,611,934
U.S. Treasury Note		1.25			8-31-2019		13,556,000		13,433,149
U.S. Treasury Note		1.38			7-31-2019		47,445,000		47,150,322
U.S. Treasury Note		1.38			9-30-2019		80,001,000		79,419,743
U.S. Treasury Note		1.38			8-31-2020		11,893,000		11,731,794
U.S. Treasury Note		1.38			9-30-2020		21,834,000		21,521,842
U.S. Treasury Note		1.50			10-31-2019		58,778,000		58,451,965
U.S. Treasury Note ##		1.50			5-31-2020		39,306,000		38,957,466
U.S. Treasury Note		1.50			7-15-2020		15,393,000		15,246,285
U.S. Treasury Note		1.50			8-15-2020		46,333,000		45,876,910
U.S. Treasury Note		1.50			8-15-2026		87,042,000		80,894,659
U.S. Treasury Note		1.63			7-31-2020		48,736,000		48,414,266
U.S. Treasury Note		1.63			10-15-2020		65,381,000		64,877,873
U.S. Treasury Note		1.75			11-30-2019		6,887,000		6,881,620
U.S. Treasury Note		1.75			11-15-2020		48,600,000		48,389,273
U.S. Treasury Note		1.75			12-31-2020		10,145,000		10,087,538
U.S. Treasury Note ##		1.88			1-31-2022		57,835,000		57,340,240
U.S. Treasury Note		1.88			3-31-2022		48,674,000		48,210,076
U.S. Treasury Note		1.88			4-30-2022		82,228,000		81,399,296
U.S. Treasury Note		1.88			7-31-2022		53,553,000		52,940,069
U.S. Treasury Note		1.88			9-30-2022		5,354,000		5,288,748
U.S. Treasury Note		2.00			10-31-2021		35,231,000		35,166,318
U.S. Treasury Note		2.00			12-31-2021		47,116,000		46,976,124
U.S. Treasury Note		2.00			10-31-2022		70,538,000		70,086,116
U.S. Treasury Note		2.00			11-30-2022		38,302,000		38,037,178
U.S. Treasury Note ##		2.00			11-15-2026		80,882,000		78,202,784
U.S. Treasury Note		2.25			10-31-2024		5,669,000		5,646,191
U.S. Treasury Note		2.25			2-15-2027		31,648,000		31,195,532

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 95

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.25	%		8-15-2027	$	59,379,000	$	58,441,925
U.S. Treasury Note «		2.25			11-15-2027		96,599,000		95,157,561
Total U.S. Treasury Securities (Cost $1,791,534,931)									1,778,289,584
Yankee Corporate Bonds and Notes: 4.56%
Consumer Staples: 0.20%
Food & Staples Retailing: 0.20%
Alimentation Couche-Tard Incorporated 144A		2.70			7-26-2022		6,865,000		6,785,627
Alimentation Couche-Tard Incorporated 144A		3.55			7-26-2027		4,105,000		4,081,615
									10,867,242
Energy: 0.91%
Energy Equipment & Services: 0.24%
Schlumberger Limited 144A		2.20			11-20-2020		5,093,000		5,072,679
Schlumberger Limited 144A		2.65			11-20-2022		8,183,000		8,155,577
									13,228,256
Oil, Gas & Consumable Fuels: 0.67%
BP Capital Markets plc		3.59			4-14-2027		3,652,000		3,761,242
BP Capital Markets plc		3.72			11-28-2028		845,000		879,626
Cenovus Energy Incorporated 144A		5.40			6-15-2047		2,038,000		2,076,361
Enbridge Incorporated		2.90			7-15-2022		4,859,000		4,831,324
Enbridge Incorporated		3.70			7-15-2027		1,443,000		1,438,384
Encana Corporation		6.50			2-1-2038		3,156,000		3,908,765
Petroleos Mexicanos Company		2.38			4-15-2025		2,721,750		2,718,190
Petroleos Mexicanos Company		2.46			12-15-2025		6,855,250		6,864,533
Petroleos Mexicanos Company		5.63			1-23-2046		3,706,000		3,471,410
Petroleos Mexicanos Company 144A		6.50			3-13-2027		3,305,000		3,644,589
Petroleos Mexicanos Company		6.75			9-21-2047		2,155,000		2,279,128
Petroleos Mexicanos Company 144A		6.75			9-21-2047		780,000		824,928
									36,698,480
Financials: 2.44%
Banks: 2.09%
Banco Santander SA		3.13			2-23-2023		5,000,000		4,976,395
Banco Santander SA		3.50			4-11-2022		3,785,000		3,856,375
Banco Santander SA		3.80			2-23-2028		3,000,000		2,982,567
Banco Santander SA		4.25			4-11-2027		2,800,000		2,881,679
Credit Suisse Group Funding Limited (3 Month LIBOR +1.20%) 144A±		3.00			12-14-2023		8,760,000		8,658,524
Credit Suisse Group Funding Limited		3.80			9-15-2022		4,255,000		4,393,725
Credit Suisse Group Funding Limited		3.80			6-9-2023		2,440,000		2,521,358
Credit Suisse Group Funding Limited		4.55			4-17-2026		5,375,000		5,747,050
DNB Bank ASA 144A		2.13			10-2-2020		10,800,000		10,714,598
HSBC Holdings plc		2.65			1-5-2022		11,745,000		11,694,253
HSBC Holdings plc (3 Month LIBOR +0.92%) ±		3.03			11-22-2023		5,075,000		5,095,705
HSBC Holdings plc		4.38			11-23-2026		3,388,000		3,524,479
ING Groep NV		3.15			3-29-2022		2,675,000		2,704,038

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

96 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
ING Groep NV		3.95	%		3-29-2027	$	2,325,000	$	2,430,624
Intesa Sanpaolo SpA 144A		3.13			7-14-2022		7,275,000		7,236,607
Intesa Sanpaolo SpA 144A		3.88			7-14-2027		6,020,000		6,022,445
Japan Bank for International Cooperation		1.75			5-28-2020		6,052,000		5,970,035
Japan Bank for International Cooperation		1.88			4-20-2021		2,565,000		2,514,768
Japan Bank for International Cooperation		2.25			2-24-2020		8,380,000		8,372,884
Perrigo Finance Unlimited Company		4.38			3-15-2026		3,615,000		3,737,302
UBS Group Funding Company 144A		2.65			2-1-2022		9,465,000		9,377,184
									115,412,595
Consumer Finance: 0.12%
UBS Group Funding Switzerland 144A		3.49			5-23-2023		6,645,000		6,758,692
Diversified Financial Services: 0.22%
AerCap Ireland Capital Limited		3.50			1-15-2025		6,365,000		6,309,997
BHP Billiton Finance USA Limited		5.00			9-30-2043		1,945,000		2,310,497
Shell International Finance BV		4.00			5-10-2046		3,530,000		3,609,926
									12,230,420
Insurance: 0.01%
XLIT Limited		5.25			12-15-2043		320,000		357,032
Health Care: 0.06%
Pharmaceuticals: 0.06%
Perrigo Finance plc		3.90			12-15-2024		3,417,000		3,479,019
Industrials: 0.15%
Metals & Mining: 0.09%
Corporacion Nacional del Cobre de Chile 144A		3.63			8-1-2027		3,260,000		3,248,427
Corporacion Nacional del Cobre de Chile 144A		4.50			8-1-2047		1,580,000		1,645,744
									4,894,171
Transportation Infrastructure: 0.06%
Mexico City Airport Trust 144A		5.50			7-31-2047		3,520,000		3,530,560
Information Technology: 0.43%
Communications Equipment: 0.17%
Nokia Corporation ADR		3.38			6-12-2022		8,545,000		8,523,638
Nokia Corporation ADR		4.38			6-12-2027		1,135,000		1,125,920
									9,649,558
Internet Software & Services: 0.26%
Alibaba Group Holding Limited %%		2.80			6-6-2023		4,114,000		4,122,254
Alibaba Group Holding Limited %%		3.40			12-6-2027		5,087,000		5,058,498
Alibaba Group Holding Limited %%		4.00			12-6-2037		1,191,000		1,209,972
Alibaba Group Holding Limited %%		4.20			12-6-2047		967,000		975,410
Alibaba Group Holding Limited %%		4.40			12-6-2057		2,791,000		2,838,794
									14,204,928

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 97

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Materials: 0.07%
Metals & Mining: 0.07%
Vale Overseas Limited		6.25	%		8-10-2026	$	3,190,000	$	3,700,049
Telecommunication Services: 0.06%
Diversified Telecommunication Services: 0.06%
Telefonica Emisiones SAU		5.21			3-8-2047		2,885,000		3,167,745
Utilities: 0.24%
Electric Utilities: 0.24%
Electricite de France SA 144A		6.00			1-22-2114		4,735,000		5,262,384
Enel Finance International SA 144A		2.75			4-6-2023		8,048,000		7,916,745
									13,179,129
Total Yankee Corporate Bonds and Notes (Cost $249,195,875)									251,357,876
Yankee Government Bonds: 0.97%
Abu Dhabi Government International 144A		2.50			10-11-2022		9,340,000		9,223,362
Abu Dhabi Government International 144A		3.13			10-11-2027		2,960,000		2,908,200
Abu Dhabi Government International 144A		4.13			10-11-2047		4,060,000		4,036,046
Province of Ontario		1.63			1-18-2019		6,045,000		6,025,028
Republic of Chile		3.86			6-21-2047		4,745,000		4,839,900
Republic of Paraguay 144A		6.10			8-11-2044		3,085,000		3,547,750
Saudi International 144A		2.88			3-4-2023		7,390,000		7,287,279
Saudi International 144A		3.63			3-4-2028		3,679,000		3,651,408
Saudi International 144A		4.50			10-26-2046		1,300,000		1,298,653
Saudi International 144A		4.63			10-4-2047		2,225,000		2,271,792
State of Israel		4.50			1-30-2043		1,477,000		1,603,727
United Mexican States		4.60			2-10-2048		3,605,000		3,617,618
United Mexican States		5.75			10-12-2049		3,054,000		3,267,785
Total Yankee Government Bonds (Cost $52,976,484)									53,578,548
	Yield					Shares
Short-Term Investments: 2.89%
Investment Companies: 2.89%
Securities Lending Cash Investment LLC (l)(r)(u)		1.30					50,260,326		50,265,352
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.00					108,987,187		108,987,187
Total Short-Term Investments (Cost $159,252,342)									159,252,539

Total investments in securities (Cost $6,053,773,087)	109.74	%		6,055,479,317
Other assets and liabilities, net	(9.74	)		(537,468,617	)
Total net assets	100.00	%	$	5,518,010,700

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

98 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

CORE BOND PORTFOLIO

± 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.

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

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

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

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 Portfolio as defined in the Investment Company Act of 1940.

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		109,666,213		1,343,156,994		1,402,562,881		50,260,326	$	0	$	0	$	53,739	$	50,265,352
Wells Fargo Government Money Market Fund Select Class		85,527,614		2,025,539,402		2,002,079,829		108,987,187		0		0		244,346		108,987,187
									$	0	$	0	$	298,085	$	159,252,539		2.89	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 99

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 30.07%
FHLMC		3.00	%		7-1-2046	$	681,180	$	682,621
FHLMC		3.00			7-1-2046		966,631		967,945
FHLMC		3.50			9-1-2032		738,214		767,615
FHLMC		3.50			4-1-2043		1,278,355		1,316,957
FHLMC		3.50			5-1-2044		593,974		612,756
FHLMC		3.50			6-1-2046		524,876		539,964
FHLMC		3.50			4-1-2047		511,777		527,830
FHLMC		4.00			4-1-2044		749,201		794,386
FHLMC		4.00			8-1-2044		517,845		547,095
FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.09			9-25-2029		35,659		36,910
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		886,954		1,052,574
FNMA		2.50			8-1-2031		464,796		464,143
FNMA		2.51			9-1-2024		951,876		947,499
FNMA		2.69			5-1-2023		568,546		571,416
FNMA		2.73			1-1-2023		560,890		568,671
FNMA		2.73			9-1-2023		577,904		586,091
FNMA		2.85			12-1-2023		590,000		598,434
FNMA		3.00			12-1-2032		53,100		54,157
FNMA		3.00			7-1-2046		552,315		552,347
FNMA		3.05			11-1-2022		341,523		349,012
FNMA		3.07			2-1-2026		360,000		367,020
FNMA		3.08			1-1-2026		480,000		489,699
FNMA		3.35			1-1-2028		280,000		289,793
FNMA		3.50			9-1-2032		1,365,834		1,418,075
FNMA		3.50			10-1-2032		809,150		840,105
FNMA		3.50			11-1-2042		293,458		302,890
FNMA		3.50			11-1-2042		390,473		402,015
FNMA		3.50			2-1-2043		212,681		218,997
FNMA		3.50			4-1-2046		256,538		264,101
FNMA		4.00			8-1-2046		581,528		614,280
FNMA		4.00			7-1-2056		662,365		697,691
FNMA		4.50			6-1-2056		611,252		658,033
FNMA		4.50			6-1-2056		588,223		629,197
FNMA		4.50			6-1-2056		883,705		943,854
FNMA		5.00			9-1-2033		174,482		190,638
FNMA		5.50			2-1-2036		130,257		136,865
FNMA Series 2002-90 Class A2		6.50			11-25-2042		362,198		410,862
FNMA Series 2002-T4 Class A2		7.00			12-25-2041		161,570		184,256
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		1,544,302		1,738,050
FNMA Series 2003-86 Class PT		4.50			9-25-2018		40,176		40,342
FNMA Series 2003-W4 Class 3A ±±		6.07			10-25-2042		245,644		279,421
FNMA Series 2004-T2 Class 1A1		6.00			11-25-2043		605,081		677,802
FNMA Series 2004-T3 Class A1		6.00			2-25-2044		836,567		945,135
FNMA Series 2004-W01 Class 2A2		7.00			12-25-2033		148,224		171,477
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		889,575		1,034,942
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		280,298		325,515
FNMA Series 2006-M2 Class A2F ±±		5.26			5-25-2020		43,531		43,493
GNMA		6.50			10-15-2023		15,791		17,556
GNMA		6.50			11-15-2023		12,076		13,426

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

100 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		6.50	%		12-15-2023	$	12,825	$	14,259
GNMA		6.50			1-15-2024		27,625		30,714
GNMA		7.00			8-15-2027		67,333		76,545
SBA Series 2006-20B Class 1		5.35			2-1-2026		308,946		327,568
SBA Series 2006-20H Class 1		5.70			8-1-2026		151,589		161,746
SBA Series 2007-20J Class 1		5.57			10-1-2027		409,534		437,597
SBA Series 2013-20A Class 1		2.13			1-1-2033		379,279		371,279
SBA Series 2013-20J Class 1		3.37			10-1-2033		421,303		432,513
SBA Series 2014-10A Class 1		3.19			3-10-2024		527,104		540,150
SBA Series 2014-10B Class 1		3.02			9-10-2024		917,643		936,231
SBA Series 2014-20A Class 1		3.46			1-1-2034		359,964		371,080
SBA Series 2015-10B Class 1		2.83			9-10-2025		541,434		547,911
SBA Series 2015-20C Class 1		2.72			3-1-2035		475,726		478,194
SBA Series 2015-20E Class 1		2.77			5-1-2035		742,237		747,585
SBA Series 2015-20F Class 1		2.98			6-1-2035		526,324		532,949
Total Agency Securities (Cost $32,391,778)									32,890,274
Asset-Backed Securities: 2.73%
Barclays Dryrock Issuance Trust Series 2014-3 Class A		2.41			7-15-2022		570,000		573,489
Ford Credit Auto Owner Trust Series 2015-2 Class A 144A		2.44			1-15-2027		600,000		603,686
Ford Credit Auto Owner Trust Series 2016-1 Class A 144A		2.31			8-15-2027		600,000		599,956
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ±		1.92			10-25-2035		479,921		480,606
MMAF Equipment Finance LLC Series 2015-AA Class A4 144A		1.93			7-16-2021		240,000		239,405
South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ±		2.74			8-1-2035		500,000		488,754
Total Asset-Backed Securities (Cost $2,969,721)									2,985,896
Corporate Bonds and Notes: 33.28%
Consumer Discretionary: 4.71%
Auto Components: 0.38%
Allison Transmission Incorporated 144A		5.00			10-1-2024		400,000		416,620
Automobiles: 0.40%
General Motors Company		4.88			10-2-2023		400,000		432,366
Diversified Consumer Services: 2.34%
Duke University		3.20			10-1-2038		175,000		169,443
Massachusetts Institute of Technology		3.96			7-1-2038		200,000		217,290
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		838,938
Northwestern University		3.69			12-1-2038		500,000		521,798
President and Fellows of Harvard College		3.62			10-1-2037		275,000		290,533
Service Corporation International		5.38			1-15-2022		260,000		266,825
University of Southern California		3.03			10-1-2039		275,000		256,140
									2,560,967
Internet & Direct Marketing Retail: 0.04%
Amazon.com Incorporated 144A		2.80			8-22-2024		47,000		46,790

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 101

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Media: 1.13%
Charter Communications Operating LLC		4.91	%		7-23-2025	$	325,000	$	343,291
Comcast Corporation		3.00			2-1-2024		170,000		171,305
Lamar Media Corporation		5.88			2-1-2022		315,000		322,481
Time Warner Incorporated		3.40			6-15-2022		140,000		142,844
Time Warner Incorporated		3.60			7-15-2025		260,000		260,893
									1,240,814
Textiles, Apparel & Luxury Goods: 0.42%
HanesBrands Incorporated 144A		4.63			5-15-2024		200,000		203,250
The William Carter Company		5.25			8-15-2021		250,000		257,188
									460,438
Consumer Staples: 1.49%
Beverages: 0.37%
Anheuser-Busch InBev Finance Incorporated		3.65			2-1-2026		140,000		143,610
Anheuser-Busch InBev Finance Incorporated		3.75			1-15-2022		250,000		260,884
									404,494
Food & Staples Retailing: 0.11%
CVS Health Corporation		3.50			7-20-2022		120,000		122,220
Food Products: 1.01%
General Mills Incorporated		2.60			10-12-2022		120,000		119,300
Ingredion Incorporated		3.20			10-1-2026		150,000		147,268
Kraft Foods Group Incorporated		3.50			6-6-2022		300,000		306,832
McCormick & Company Incorporated		3.40			8-15-2027		220,000		221,445
Unilever Capital Corporation		2.60			5-5-2024		310,000		306,201
									1,101,046
Energy: 3.90%
Energy Equipment & Services: 0.15%
Halliburton Company		3.80			11-15-2025		160,000		164,822
Oil, Gas & Consumable Fuels: 3.75%
Anadarko Petroleum Corporation «		5.55			3-15-2026		150,000		166,742
Cimarex Energy Company		3.90			5-15-2027		90,000		91,413
Columbia Pipeline Group Company		2.45			6-1-2018		210,000		210,352
Concho Resources Incorporated		3.75			10-1-2027		325,000		327,200
ConocoPhillips Company		3.35			11-15-2024		370,000		378,611
EQT Corporation		8.13			6-1-2019		400,000		433,238
Florida Gas Transmission Company 144A		4.35			7-15-2025		230,000		245,721
Magellan Midstream Partners LP		5.00			3-1-2026		170,000		188,397
Marathon Oil Corporation		3.85			6-1-2025		410,000		413,915
MPLX LP		4.13			3-1-2027		250,000		254,013
Newfield Exploration Company		5.38			1-1-2026		75,000		79,875
Newfield Exploration Company		5.63			7-1-2024		249,000		268,920
Pioneer Natural Resource Company		4.45			1-15-2026		190,000		203,421
Plains All American Pipeline LP		4.65			10-15-2025		400,000		407,979

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

102 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Range Resources Corporation		5.00	%		3-15-2023	$	250,000	$	247,500
Southwestern Energy Company		6.70			1-23-2025		175,000		182,000
									4,099,297
Financials: 7.47%
Banks: 3.71%
Bank of America Corporation		3.95			4-21-2025		120,000		123,365
Bank of America Corporation		4.00			4-1-2024		700,000		738,911
BB&T Corporation		2.85			10-26-2024		180,000		178,894
Citigroup Incorporated		2.75			4-25-2022		210,000		209,493
Citigroup Incorporated		3.30			4-27-2025		130,000		130,740
Citigroup Incorporated		3.40			5-1-2026		250,000		250,446
Citigroup Incorporated		4.40			6-10-2025		100,000		105,029
Corestates Capital Trust II (3 Month LIBOR +0.65%) 144A±		2.01			1-15-2027		750,000		701,250
JPMorgan Chase & Company (3 Month LIBOR +0.94%) ±		2.78			4-25-2023		240,000		239,824
JPMorgan Chase & Company		2.97			1-15-2023		150,000		150,838
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78			2-1-2028		175,000		180,066
Manufacturers & Traders Trust Company		3.40			8-17-2027		250,000		251,614
National Capital Commerce Incorporated (3 Month LIBOR +0.98%) ±		2.32			4-1-2027		400,000		374,000
NTC Capital Trust Series A (3 Month LIBOR +0.52%) ±		1.88			1-15-2027		450,000		418,500
									4,052,970
Capital Markets: 1.58%
Bank of New York Mellon Corporation		3.25			9-11-2024		250,000		254,212
Goldman Sachs Capital II (3 Month LIBOR +0.77%) ±		4.00			12-29-2049		6,000		5,284
Goldman Sachs Group Incorporated		3.50			1-23-2025		265,000		268,168
Goldman Sachs Group Incorporated		3.85			1-26-2027		190,000		193,908
Goldman Sachs Group Incorporated		4.25			10-21-2025		120,000		125,322
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		222,333
Morgan Stanley		3.70			10-23-2024		100,000		103,227
Morgan Stanley		3.95			4-23-2027		180,000		182,416
Morgan Stanley		5.50			7-24-2020		350,000		376,245
									1,731,115
Consumer Finance: 0.22%
American Express Credit Corporation		2.70			3-3-2022		240,000		241,209
Diversified Financial Services: 0.40%
Abay Leasing 2014 LLC		2.65			11-9-2026		431,250		434,996
Insurance: 1.56%
Berkshire Hathaway Incorporated		2.75			3-15-2023		210,000		211,352
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		804,223
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		693,432
									1,709,007

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 103

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 3.80%
Health Care Equipment & Supplies: 0.32%
Becton Dickinson & Company		3.73	%		12-15-2024	$	134,000	$	136,362
Teleflex Incorporated		4.88			6-1-2026		200,000		207,178
									343,540
Health Care Providers & Services: 2.89%
Allina Health System Incorporated		4.81			11-15-2045		235,000		264,169
Ascension Health		3.95			11-15-2046		225,000		231,712
Baptist Health South Florida Incorporated		4.34			11-15-2041		170,000		180,470
Cleveland Clinic Foundation		4.86			1-1-2114		120,000		131,902
Duke University Health System Incorporated		3.92			6-1-2047		165,000		169,379
Howard Hughes Medical Institute		3.50			9-1-2023		107,000		112,297
Mayo Clinic		3.77			11-15-2043		120,000		119,746
Mayo Clinic		4.13			11-15-2052		165,000		172,603
Mednax Incorporated 144A		5.25			12-1-2023		475,000		486,875
Memorial Sloan Kettering Cancer Center		4.20			7-1-2055		195,000		206,808
Southern Baptist Hospital		4.86			7-15-2045		205,000		232,492
Texas Health Resources		4.33			11-15-2055		375,000		398,080
The New York and Presbyterian Hospital		3.56			8-1-2036		275,000		273,186
The New York and Presbyterian Hospital		4.06			8-1-2056		180,000		183,684
									3,163,403
Life Sciences Tools & Services: 0.14%
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		150,000		152,931
Pharmaceuticals: 0.45%
Bayer US Finance LLC 144A		3.38			10-8-2024		240,000		241,498
EMD Finance LLC 144A		2.95			3-19-2022		250,000		251,882
									493,380
Industrials: 2.59%
Aerospace & Defense: 0.30%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		100,000		104,159
Hexcel Corporation		3.95			2-15-2027		190,000		193,016
Northrop Grumman Corporation		3.25			1-15-2028		30,000		30,003
									327,178
Commercial Services & Supplies: 0.26%
Clean Harbors Incorporated		5.25			8-1-2020		278,000		282,170
Construction & Engineering: 0.24%
Valmont Industries Incorporated		5.00			10-1-2044		260,000		267,791
Electrical Equipment: 0.22%
Eaton Corporation		3.10			9-15-2027		250,000		245,095
Machinery: 1.40%
Actuant Corporation		5.63			6-15-2022		425,000		433,500
Briggs & Stratton Corporation		6.88			12-15-2020		350,000		385,070

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

104 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Machinery (continued)
Oshkosh Corporation		5.38	%		3-1-2022	$	375,000	$	388,594
Vessel Management Services Incorporated		3.43			8-15-2036		323,000		319,945
									1,527,109
Road & Rail: 0.17%
Union Pacific Corporation		7.88			1-15-2019		171,000		181,548
Information Technology: 1.01%
Internet Software & Services: 0.19%
Verisign Incorporated		4.75			7-15-2027		200,000		206,250
IT Services: 0.10%
Fiserv Incorporated		4.75			6-15-2021		100,000		106,762
Semiconductors & Semiconductor Equipment: 0.04%
Maxim Integrated Product		3.45			6-15-2027		50,000		50,153
Software: 0.32%
Activision Blizzard Incorporated		2.60			6-15-2022		50,000		49,557
Oracle Corporation		2.95			11-15-2024		80,000		80,333
Oracle Corporation		3.40			7-8-2024		220,000		227,082
									356,972
Technology Hardware, Storage & Peripherals: 0.36%
Hewlett Packard Enterprise Company		4.90			10-15-2025		375,000		390,468
Materials: 2.20%
Chemicals: 1.25%
Ecolab Incorporated 144A		3.25			12-1-2027		110,000		109,114
Mosaic Company		4.05			11-15-2027		250,000		248,002
Scotts Miracle-Gro Company		6.00			10-15-2023		390,000		414,863
The Sherwin-Williams Company		3.30			2-1-2025		100,000		99,307
The Sherwin-Williams Company		3.45			6-1-2027		160,000		161,536
Valvoline Incorporated 144A		5.50			7-15-2024		185,000		196,563
W.R. Grace & Company 144A		5.63			10-1-2024		130,000		140,400
									1,369,785
Construction Materials: 0.18%
CRH America Finance Incorporated 144A		3.40			5-9-2027		200,000		199,092
Containers & Packaging: 0.45%
Ball Corporation		5.00			3-15-2022		100,000		107,375
International Paper Company		3.00			2-15-2027		210,000		202,955
Westrock Company 144A		3.00			9-15-2024		180,000		177,996
									488,326
Paper & Forest Products: 0.32%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		354,547

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 105

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Real Estate: 3.39%
Equity REITs: 3.39%
Alexandria Real Estate Equities Incorporated		3.95	%		1-15-2027	$	240,000	$	244,327
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		192,284
AvalonBay Communities Incorporated		3.63			10-1-2020		40,000		41,296
Boston Properties LP %%		3.20			1-15-2025		250,000		248,755
DDR Corporation		3.90			8-15-2024		200,000		199,168
Duke Realty LP		3.25			6-30-2026		130,000		128,277
Duke Realty LP		3.88			10-15-2022		150,000		156,222
ERP Operating LP		4.63			12-15-2021		281,000		302,168
Host Hotels & Resorts Incorporated		3.88			4-1-2024		265,000		269,388
Kimco Realty Corporation		3.30			2-1-2025		100,000		98,906
Liberty Property LP		3.75			4-1-2025		100,000		102,061
Potlatch Corporation		7.50			11-1-2019		310,000		335,656
ProLogis LP		3.75			11-1-2025		35,000		36,791
Realty Income Corporation		4.65			8-1-2023		370,000		399,589
Simon Property Group LP		3.38			10-1-2024		300,000		306,314
UDR Incorporated		4.63			1-10-2022		260,000		276,580
Ventas Realty LP		3.50			2-1-2025		150,000		151,026
Ventas Realty LP		3.85			4-1-2027		220,000		223,582
									3,712,390
Telecommunication Services: 0.83%
Diversified Telecommunication Services: 0.83%
AT&T Incorporated		4.75			5-15-2046		280,000		267,678
AT&T Incorporated		4.90			8-14-2037		10,000		9,960
AT&T Incorporated		5.25			3-1-2037		60,000		62,464
Verizon Communications Incorporated		4.50			8-10-2033		40,000		41,411
Verizon Communications Incorporated		4.81			3-15-2039		391,000		402,073
Verizon Communications Incorporated		5.25			3-16-2037		110,000		120,252
									903,838
Utilities: 1.89%
Electric Utilities: 1.56%
AEP Texas Incorporated 144A		2.40			10-1-2022		90,000		88,376
ITC Holdings Corporation		3.65			6-15-2024		120,000		123,185
Monongahela Power Company 144A		4.10			4-15-2024		380,000		402,777
Northern States Power Company of Wisconsin		3.30			6-15-2024		370,000		379,416
PacifiCorp		3.35			7-1-2025		130,000		133,206
Southern California Edison Company		6.00			1-15-2034		188,000		241,588
Tenaska Alabama II Partners LP 144A		7.00			6-30-2021		123,255		126,491
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		200,000		207,438
									1,702,477
Gas Utilities: 0.33%
Boardwalk Pipelines Company		5.95			6-1-2026		325,000		361,544
Total Corporate Bonds and Notes (Cost $35,090,515)									36,405,920

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

106 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 8.79%
Alaska: 0.28%
Alaska Taxable Build America Bonds Series 2010-A (GO Revenue)		5.74	%		8-1-2033	$	250,000	$	309,880
Georgia: 0.53%
Cherokee County GA School System Build America Bonds (GO Revenue)		5.87			8-1-2028		500,000		582,160
Illinois: 0.14%
Lake County IL Community Consolidated School District Series A (GO Revenue) %%		3.40			11-1-2027		150,000		148,646
Indiana: 0.20%
Indiana Finance Authority Taxable Facilities Series A (Miscellaneous Revenue)		2.37			7-1-2024		225,000		219,816
Massachusetts: 0.68%
Boston MA Series C Qualified School Construction Bonds (GO Revenue)		4.40			4-1-2026		400,000		424,648
Massachusetts State Build America Bonds Consolidated Loan Series E (Tax Revenue)		5.46			12-1-2039		250,000		316,355
									741,003
Missouri: 0.36%
Missouri HEFA Washington University Series A (Education Revenue)		3.65			8-15-2057		130,000		129,464
Missouri Higher Education Loan Authority Notes Class A-1 (3 Month LIBOR +0.85%) (Education Revenue) ±		2.17			8-27-2029		259,488		260,116
									389,580
New Jersey: 0.98%
Hudson County NJ Improvement Authority Hudson County Lease Project (Miscellaneous Revenue, AGM Insured)		7.40			12-1-2025		945,000		1,077,376
New York: 0.47%
New York City Transitional Finance Authority Series 2017-A2 (Tax Revenue)		2.00			5-1-2024		250,000		238,348
New York City Transitional Finance Authority Series 2017-F2 (Tax Revenue)		2.75			5-1-2024		170,000		169,509
New York Urban Development Corporation Series 2017-B (Tax Revenue)		2.86			3-15-2024		105,000		104,460
									512,317
North Carolina: 1.47%
Duke University Series A (Education Revenue)		5.85			4-1-2037		300,000		395,022
North Carolina Education Assistance Authority Student Loan Series A-3 (Education Revenue)		2.27			10-25-2041		650,000		654,199
University of North Carolina Chapel Hill (Education Revenue)		3.85			12-1-2034		375,000		403,718
University of North Carolina Chapel Hill Refunding Bonds Series C (Education Revenue)		3.33			12-1-2036		150,000		152,084
									1,605,023
Ohio: 0.60%
Cuyahoga County OH Build America Bonds Series B (GO Revenue)		6.03			12-1-2034		325,000		400,605
Ohio Veterans Compensation (GO Revenue)		3.38			10-1-2021		250,000		260,180
									660,785
Texas: 1.18%
Texas A&M University Taxable Financing System Series B (Education Revenue)		3.11			5-15-2028		220,000		222,211
Texas State (Miscellaneous Revenue)		3.45			10-1-2028		285,000		294,171

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 107

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Texas (continued)
Texas Tech University Taxable Refunding Financing System Series B (Education Revenue)		3.61	%		2-15-2029	$	180,000	$	185,587
Texas Transportation Commission Highway Improvement Taxable Series A (Miscellaneous Revenue)		4.63			4-1-2033		250,000		284,653
Texas Transportation Commission Series B (Tax Revenue)		5.18			4-1-2030		250,000		303,075
									1,289,697
Virginia: 0.25%
University of Virginia Revenue Bond Series C (Education Revenue)		4.18			9-1-2117		70,000		71,294
Virginia State HDA (Housing Revenue)		3.10			6-25-2041		197,117		196,948
									268,242
Washington: 1.16%
King County WA Economic Development Taxable Bond Series C (GO Revenue)		5.03			12-1-2023		230,000		259,514
King County WA School District #210 (GO Revenue, AGM Insured)		4.90			12-1-2022		400,000		418,400
Washington Build America Bonds (Tax Revenue)		5.09			8-1-2033		500,000		594,295
									1,272,209
West Virginia: 0.49%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25			3-1-2035		475,000		531,948
Total Municipal Obligations (Cost $9,144,606)									9,608,682
Non-Agency Mortgage-Backed Securities: 11.04%
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15			8-15-2045		550,000		562,508
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		620,000		621,568
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		630,000		652,638
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62			10-10-2046		550,000		570,739
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±±		4.19			11-12-2046		600,000		642,983
Commercial Mortgage Pass-Through Certificate Series 2013-CR7 Class A4		3.21			3-10-2046		630,000		642,185
Commercial Mortgage Trust Series 2010-C1 Class A3 144A		4.21			7-10-2046		659,419		682,383
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		455,782		481,536
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71			8-10-2044		545,000		565,440
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38			5-10-2045		545,330		559,437
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		615,000		659,661
GS Mortgage Securities Trust Series 2013-GC16 Class A4		4.27			11-10-2046		350,000		376,325
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07			11-15-2043		395,000		409,980
MMAF Equipment Finance LLC Series 2017-AA Class A5 144A		2.68			7-16-2027		695,000		689,731
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65			4-15-2047		550,000		571,279
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		500,000		530,068
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12			7-15-2049		530,000		556,544
Small Business Administration Series 2017-10A Class 1		2.51			3-10-2027		568,940		575,360
Small Business Administration Series 2017-20F Class1		2.81			6-1-2037		300,000		299,337
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±±		2.75			8-25-2055		311,682		311,525
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±		2.25			4-25-2056		444,338		440,887
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4		4.02			12-15-2046		630,000		667,924
Total Non-Agency Mortgage-Backed Securities (Cost $12,152,619)									12,070,038
U.S. Treasury Securities: 6.28%
U.S. Treasury Bond		2.75			8-15-2047		1,015,000		996,405
U.S. Treasury Bond		2.88			11-15-2046		1,422,000		1,431,332

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

108 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		3.00	%		2-15-2047	$	150,000	$	154,746
U.S. Treasury Bond		3.00			5-15-2047		725,000		747,939
U.S. Treasury Bond		5.00			5-15-2037		1,000,000		1,361,094
U.S. Treasury Note		1.50			5-15-2020		2,200,000		2,181,180
Total U.S. Treasury Securities (Cost $6,778,955)									6,872,696
Yankee Corporate Bonds and Notes: 5.63%
Energy: 1.59%
Energy Equipment & Services: 0.36%
Schlumberger Norge AS 144A		4.20			1-15-2021		380,000		398,369
Oil, Gas & Consumable Fuels: 1.23%
BP Capital Markets plc		3.28			9-19-2027		155,000		155,448
BP Capital Markets plc		3.81			2-10-2024		110,000		115,786
Canadian National Resources Limited		2.95			1-15-2023		50,000		49,713
Petroleos Mexicanos		2.29			2-15-2024		178,750		178,352
Petroleos Mexicanos		2.83			2-15-2024		373,750		379,092
Petroleos Mexicanos		6.38			1-23-2045		250,000		255,000
Total Capital International SA		3.70			1-15-2024		200,000		211,123
									1,344,514
Financials: 1.49%
Banks: 0.94%
Bank of Nova Scotia		4.50			12-16-2025		80,000		83,924
Credit Suisse New York		3.63			9-9-2024		250,000		258,276
HSBC Holdings plc (3 Month LIBOR +1.06%) ±		3.26			3-13-2023		220,000		223,221
HSBC Holdings plc		3.60			5-25-2023		250,000		258,215
Mitsubishi UFJ Financial Group Incorporated		2.67			7-25-2022		80,000		79,339
Royal Bank of Canada		4.65			1-27-2026		120,000		128,569
									1,031,544
Consumer Finance: 0.36%
UBS Group Funding Switzerland 144A		4.25			3-23-2028		380,000		397,716
Diversified Financial Services: 0.19%
Shell International Finance BV		3.25			5-11-2025		200,000		203,782
Health Care: 0.61%
Pharmaceuticals: 0.61%
Actavis Funding SCS		4.55			3-15-2035		230,000		238,632
Teva Pharmaceutical Finance BV		2.20			7-21-2021		150,000		137,837
Teva Pharmaceutical Finance BV		3.15			10-1-2026		350,000		291,931
									668,400
Industrials: 0.60%
Aerospace & Defense: 0.46%
BAE Systems plc 144A		4.75			10-11-2021		470,000		502,259

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 109

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Road & Rail: 0.14%
Canadian Pacific Railway Company		2.90	%		2-1-2025	$	150,000	$	148,476
Information Technology: 0.74%
Semiconductors & Semiconductor Equipment: 0.35%
TSMC Global Limited 144A		1.63			4-3-2018		380,000		379,264
Technology Hardware, Storage & Peripherals: 0.39%
Seagate HDD		4.75			6-1-2023		425,000		430,844
Materials: 0.24%
Metals & Mining: 0.24%
Anglo American Capital plc 144A		4.75			4-10-2027		250,000		259,692
Telecommunication Services: 0.36%
Wireless Telecommunication Services: 0.36%
Rogers Communications Incorporated		4.10			10-1-2023		370,000		390,372
Total Yankee Corporate Bonds and Notes (Cost $5,986,828)									6,155,232
	Yield					Shares
Short-Term Investments: 2.19%
Investment Companies: 2.19%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29					163,708		163,724
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.00					2,232,824		2,232,824
Total Short-Term Investments (Cost $2,396,532)									2,396,548

Total investments in securities (Cost $106,911,554)	100.01	%		109,385,286
Other assets and liabilities, net	(0.01	)		(8,429	)
Total net assets	100.00	%	$	109,376,857

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

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

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

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

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

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

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

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

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

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

110 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		164,418		23,783		24,493		163,708	$	0	$	0	$	943	$	163,724
Wells Fargo Government Money Market Fund Select Class		1,870,651		15,062,030		14,699,857		2,232,824		0		0		6,271		2,232,824
									$	0	$	0	$	7,214	$	2,396,548		2.19	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 111

REAL RETURN PORTFOLIO

Security name	Shares		Value
Common Stocks: 17.60%
Consumer Discretionary: 0.28%
Specialty Retail: 0.28%
Ceconomy AG		30,658	$	402,456
Consumer Staples: 3.97%
Beverages: 0.46%
The Coca-Cola Company		14,277		653,458
Food & Staples Retailing: 0.85%
Metro AG †		20,794		406,174
Wal-Mart Stores Incorporated		4,141		402,629
Walgreens Boots Alliance Incorporated		5,671		412,622
				1,221,425
Food Products: 1.25%
Health & Happiness International Holdings Limited †		98,000		537,672
Marine Harvest ASA		21,439		378,135
Mondelez International Incorporated Class A		7,465		320,547
The Hershey Company		1,916		212,542
The Kraft Heinz Company		4,112		334,593
				1,783,489
Household Products: 0.91%
Church & Dwight Company Incorporated		6,868		323,414
The Clorox Company		1,673		233,032
The Procter & Gamble Company		8,335		750,067
				1,306,513
Personal Products: 0.14%
The Estee Lauder Companies Incorporated Class A		1,613		201,351
Tobacco: 0.36%
Philip Morris International		4,992		512,925
Energy: 4.43%
Energy Equipment & Services: 0.38%
Halliburton Company		8,300		346,774
Schlumberger Limited		3,112		195,589
				542,363
Oil, Gas & Consumable Fuels: 4.05%
Anadarko Petroleum Corporation		3,903		187,695
BP plc		120,226		800,733
Chevron Corporation		8,254		982,143
Concho Resources Incorporated †		2,385		333,566
Cosan Limited Class A		114,111		1,056,668
Eni SpA		33,641		553,420
EOG Resources Incorporated		6,124		626,608

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

112 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

REAL RETURN PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corporation		6,327	$	446,054
Phillips 66 Company		3,269		318,924
Pioneer Natural Resources Company		2,122		331,117
RSP Permian Incorporated †		4,299		157,902
				5,794,830
Health Care: 0.66%
Pharmaceuticals: 0.66%
Bayer AG		7,395		943,921
Materials: 5.16%
Chemicals: 2.24%
Axalta Coating Systems Limited †		8,613		272,688
DowDuPont Incorporated		5,150		370,594
Ecolab Incorporated		2,110		286,791
International Flavors & Fragrances Incorporated		857		133,212
LyondellBasell Industries NV Class A		3,650		382,155
OCI NV Ǡ		34,605		774,898
Sasol Limited		18,069		567,487
The Sherwin-Williams Company		1,038		414,598
				3,202,423
Construction Materials: 0.11%
Martin Marietta Materials Incorporated		777		161,919
Containers & Packaging: 0.12%
Crown Holdings Incorporated †		2,991		178,652
Metals & Mining: 2.69%
Agnico Eagle Mines Limited		5,300		231,663
Alamos Gold Incorporated Class A		8,800		55,931
B2Gold Corporation †		71,000		181,056
Barrick Gold Corporation		6,850		94,393
Detour Gold Corporation †		15,500		168,198
Endeavour Mining Corporation †		3,400		61,535
Franco-Nevada Corporation		2,100		171,089
Fresnillo plc		9,500		165,990
Goldcorp Incorporated-U.S. Exchange Traded Shares		29,977		378,909
IAMGOLD Corporation †		17,000		92,633
Kinross Gold Corporation †		44,000		183,824
Kirkland Lake Gold Limited		5,000		72,046
Lundin Mining Corporation		107,049		623,965
Newcrest Mining Limited		7,400		129,895
Newmont Mining Corporation		6,600		244,134
Pretium Resources Incorporated †		6,500		69,678
Randgold Resources Limited ADR		2,600		238,576
Royal Gold Incorporated		5,001		413,683
Semafo Incorporated †		13,000		32,144
Steel Dynamics Incorporated		6,100		234,850
				3,844,192

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 113

REAL RETURN PORTFOLIO

Security name						Shares		Value
Real Estate: 3.10%
Equity REITs: 3.10%
Alexandria Real Estate Equities Incorporated							1,463	$	185,889
American Homes 4 Rent Class A							8,494		182,451
American Tower Corporation							3,153		453,811
AvalonBay Communities Incorporated							1,165		211,249
Boston Properties Incorporated							1,243		155,847
Camden Property Trust							1,988		181,465
Equinix Incorporated							848		393,888
Essex Property Trust Incorporated							928		229,207
Host Hotels & Resorts Incorporated							12,334		244,090
Hudson Pacific Properties Incorporated							6,702		238,792
Mid-America Apartment Communities Incorporated							2,119		217,070
Physicians Realty Trust							22,116		395,213
Prologis Incorporated							4,868		322,408
Public Storage Incorporated							935		199,267
Retail Opportunity Investment Corporation							11,427		223,626
Simon Property Group Incorporated							2,169		350,836
Ventas Incorporated							3,839		245,734
									4,430,843
Total Common Stocks (Cost $23,207,641)									25,180,760
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 8.92%
Consumer Discretionary: 2.86%
Auto Components: 0.10%
American Axle & Manufacturing Incorporated «		6.25	%		3-15-2021	$	100,000		102,500
American Axle & Manufacturing Incorporated		7.75			11-15-2019		25,000		27,281
Cooper Tire & Rubber Company		8.00			12-15-2019		20,000		22,050
									151,831
Diversified Consumer Services: 0.14%
Service Corporation International		5.38			1-15-2022		100,000		102,625
TRI Pointe Group Incorporated		4.38			6-15-2019		92,000		93,840
									196,465
Hotels, Restaurants & Leisure: 0.67%
GLP Capital LP/GLP Financing II Incorporated		4.88			11-1-2020		205,000		215,539
International Game Technology plc 144A		5.63			2-15-2020		200,000		210,250
MGM Resorts International		5.25			3-31-2020		165,000		173,663
MGM Resorts International		6.75			10-1-2020		120,000		131,213
NCL Corporation Limited 144A		4.75			12-15-2021		220,000		227,700
									958,365
Household Durables: 0.37%
CalAtlantic Group Incorporated		6.63			5-1-2020		165,000		179,438
KB Home		4.75			5-15-2019		60,000		61,275

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

114 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Household Durables (continued)
Lennar Corporation		4.50	%		6-15-2019	$	150,000	$	153,750
Lennar Corporation		4.50			11-15-2019		50,000		51,438
Pulte Group Incorporated		4.25			3-1-2021		80,000		82,968
									528,869
Internet & Direct Marketing Retail: 0.18%
Netflix Incorporated		5.38			2-1-2021		250,000		265,000
Media: 0.86%
Cable One Incorporated 144A		5.75			6-15-2022		260,000		269,100
CSC Holdings LLC		7.63			7-15-2018		75,000		76,500
DISH DBS Corporation		4.25			4-1-2018		90,000		90,666
DISH DBS Corporation		7.88			9-1-2019		125,000		133,776
Lin Television Corporation		5.88			11-15-2022		45,000		46,856
National CineMedia LLC		6.00			4-15-2022		100,000		101,250
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		105,000		108,675
Outfront Media Capital Corporation		5.25			2-15-2022		95,000		97,671
Scientific Games International Incorporated 144A		7.00			1-1-2022		80,000		84,400
Sinclair Television Group Incorporated		6.13			10-1-2022		100,000		103,750
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		55,000		55,424
TEGNA Incorporated		5.13			10-15-2019		27,000		27,371
TEGNA Incorporated		5.13			7-15-2020		30,000		30,788
									1,226,227
Multiline Retail: 0.07%
Dollar Tree Incorporated		5.25			3-1-2020		100,000		102,000
Specialty Retail: 0.38%
Gap Incorporated		5.95			4-12-2021		100,000		107,977
Group 1 Automotive Incorporated		5.00			6-1-2022		85,000		87,656
L Brands Incorporated		6.63			4-1-2021		195,000		214,521
Penske Auto Group Incorporated		3.75			8-15-2020		20,000		20,325
Penske Auto Group Incorporated		5.75			10-1-2022		110,000		113,300
									543,779
Textiles, Apparel & Luxury Goods: 0.09%
The William Carter Company		5.25			8-15-2021		120,000		123,450
Consumer Staples: 0.18%
Food Products: 0.18%
B&G Foods Incorporated		4.63			6-1-2021		155,000		157,372
Pinnacle Foods Incorporated		4.88			5-1-2021		100,000		101,750
									259,122
Energy: 0.79%
Oil, Gas & Consumable Fuels: 0.79%
DCP Midstream Operating LP		2.70			4-1-2019		100,000		99,375
DCP Midstream Operating LP 144A		5.35			3-15-2020		100,000		103,500

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 115

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Rockies Express Pipeline LLC 144A		5.63	%		4-15-2020	$	105,000	$	109,988
Rockies Express Pipeline LLC 144A		6.00			1-15-2019		125,000		129,025
Sabine Pass Liquefaction LLC		5.63			2-1-2021		355,000		381,420
Targa Resources Partners LP		4.13			11-15-2019		160,000		161,200
Tesoro Logistics LP		5.50			10-15-2019		75,000		78,540
Tesoro Logistics LP		5.88			10-1-2020		65,000		66,040
									1,129,088
Financials: 0.85%
Banks: 0.21%
CIT Group Incorporated		3.88			2-19-2019		300,000		304,680
Consumer Finance: 0.53%
Ally Financial Incorporated		3.75			11-18-2019		155,000		157,713
Ally Financial Incorporated		6.25			12-1-2017		60,000		60,000
Navient Corporation		5.50			1-15-2019		225,000		230,513
OneMain Financial Group LLC 144A		7.25			12-15-2021		160,000		166,112
Toll Brothers Finance Corporation		4.00			12-31-2018		135,000		137,194
									751,532
Real Estate Management & Development: 0.11%
Realogy Group LLC 144A		4.50			4-15-2019		100,000		102,000
Realogy Group LLC 144A		5.25			12-1-2021		50,000		52,000
									154,000
Health Care: 0.74%
Health Care Equipment & Supplies: 0.18%
Hologic Incorporated 144A		5.25			7-15-2022		95,000		99,156
Kinetics Concepts Incorporated 144A		7.88			2-15-2021		155,000		162,347
									261,503
Health Care Providers & Services: 0.56%
Acadia Healthcare Company Incorporated		5.13			7-1-2022		162,000		161,820
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		70,000		72,188
Fresenius Medical Care Holdings Incorporated 144A		5.63			7-31-2019		55,000		57,739
HCA Incorporated		6.50			2-15-2020		155,000		166,431
Lifepoint Hospitals Incorporated		5.50			12-1-2021		110,000		111,238
Select Medical Corporation		6.38			6-1-2021		155,000		159,069
Tenet Healthcare Corporation		6.00			10-1-2020		65,000		68,494
									796,979
Industrials: 0.95%
Aerospace & Defense: 0.34%
Alcoa Incorporated		6.15			8-15-2020		100,000		107,640
Huntington Ingalls Industries Incorporated 144A		5.00			12-15-2021		170,000		174,420
Moog Incorporated 144A		5.25			12-1-2022		200,000		207,750
									489,810

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

116 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Airlines: 0.14%
American Airlines Group Incorporated		6.13	%		6-1-2018	$	100,000	$	101,750
United Continental Holdings Incorporated		6.38			6-1-2018		100,000		101,750
									203,500
Commercial Services & Supplies: 0.07%
Clean Harbors Incorporated		5.13			6-1-2021		100,000		101,250
Machinery: 0.18%
CNH Industrial Capital LLC		3.88			7-16-2018		245,000		247,450
Trading Companies & Distributors: 0.22%
Aircastle Limited		4.63			12-15-2018		100,000		101,750
Aircastle Limited		6.25			12-1-2019		200,000		213,000
									314,750
Information Technology: 0.72%
Electronic Equipment, Instruments & Components: 0.17%
Dell International LLC/EMC Corporation 144A		3.48			6-1-2019		40,000		40,514
Jabil Circuit Incorporated		8.25			3-15-2018		75,000		76,054
Sanmina Corporation 144A		4.38			6-1-2019		105,000		107,756
Zebra Technologies Corporation		7.25			10-15-2022		20,000		21,090
								��	245,414
Internet Software & Services: 0.09%
Match Group Incorporated		6.75			12-15-2022		120,000		123,000
Software: 0.11%
CDK Global Incorporated		3.80			10-15-2019		110,000		112,063
Symantec Corporation		4.20			9-15-2020		50,000		51,361
									163,424
Technology Hardware, Storage & Peripherals: 0.35%
EMC Corporation		2.65			6-1-2020		275,000		271,790
NCR Corporation		4.63			2-15-2021		80,000		80,400
Western Digital Corporation 144A		7.38			4-1-2023		130,000		141,375
									493,565
Materials: 0.65%
Chemicals: 0.15%
CF Industries Incorporated		6.88			5-1-2018		145,000		147,900
Huntsman International LLC		4.88			11-15-2020		65,000		67,925
									215,825
Containers & Packaging: 0.18%
Ball Corporation		4.38			12-15-2020		160,000		166,400
Reynolds Group Issuer Incorporated		5.75			10-15-2020		85,000		86,434
									252,834

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 117

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date			Principal		Value
Metals & Mining: 0.32%
Freeport-McMoRan Incorporated		3.10	%		3-15-2020		$	160,000	$	160,200
United States Steel Corporation 144A		8.38			7-1-2021			270,000		294,975
										455,175
Real Estate: 0.59%
Equity REITs: 0.45%
CoreCivic Incorporated		4.13			4-1-2020			230,000		234,853
Equinix Incorporated		5.38			1-1-2022			120,000		124,950
Sabra Health Care REIT Incorporated		5.50			2-1-2021			150,000		154,688
VEREIT Operating Partnership LP		3.00			2-6-2019			120,000		120,748
VEREIT Operating Partnership LP		4.13			6-1-2021			10,000		10,396
										645,635
Real Estate Management & Development: 0.14%
Taylor Morrison Communities Incorporated 144A		5.25			4-15-2021			195,000		198,623
Telecommunication Services: 0.59%
Diversified Telecommunication Services: 0.15%
CenturyLink Incorporated		5.63			4-1-2020			90,000		90,225
Hughes Satellite Systems Corporation		6.50			6-15-2019			115,000		120,894
										211,119
Wireless Telecommunication Services: 0.44%
SBA Communications Corporation 144A		4.00			10-1-2022			80,000		80,400
Sprint Communications Incorporated 144A		9.00			11-15-2018			295,000		311,594
Sprint Spectrum LP 144A		3.36			3-20-2023			65,000		65,507
T-Mobile USA Incorporated		6.13			1-15-2022			50,000		51,750
T-Mobile USA Incorporated		6.63			4-1-2023			125,000		130,738
										639,989
						��
Total Corporate Bonds and Notes (Cost $12,799,141)										12,754,253
Loans: 3.49%
Consumer Discretionary: 0.50%
Auto Components: 0.04%
Allison Transmission Incorporated (1 Month LIBOR +2.00%) ±		3.35			9-23-2022			56,145		56,523
Household Products: 0.25%
Michaels Stores Incorporated (1 Month LIBOR +2.75%) ±<		4.07			1-30-2023			230,783		228,563
The ServiceMaster Company LLC (1 Month LIBOR +2.50%) ±		3.85			11-8-2023			133,988		134,197
										362,760
Media: 0.19%
Altice US Finance I Corporation (1 Month LIBOR +2.25%) ±		3.60			7-28-2025			129,675		128,648
Live Nation Entertainment Incorporated (1 Month LIBOR +2.25%) ±		3.63			10-31-2023			139,649		140,522
										269,170

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

118 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 0.02%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.50%) ±‡		3.88	%		7-5-2024	$	25,000	$	24,906
Consumer Staples: 0.18%
Food Products: 0.18%
Pinnacle Foods Incorporated (1 Month LIBOR +2.00%) ±		3.24			2-2-2024		59,550		59,866
Post Holdings Incorporated (1 Month LIBOR +2.25%) ±		3.60			5-24-2024		124,688		125,096
Prestige Brands Incorporated (1 Month LIBOR +2.75%) ±		4.10			1-26-2024		74,874		75,236
									260,198
Financials: 0.28%
Diversified Financial Services: 0.28%
Delos Finance SARL (3 Month LIBOR +2.00%) ±		3.33			10-6-2023		200,000		201,438
LPL Holdings Incorporated (3 Month LIBOR +2.25%) ±		3.65			9-23-2024		196,686		197,095
									398,533
Health Care: 0.31%
Health Care Providers & Services: 0.22%
HCA Incorporated (1 Month LIBOR +2.00%) ±		3.35			3-17-2023		89,550		89,819
Select Medical Corporation (3 Month LIBOR +3.50%) ±		4.85			3-1-2021		54,725		55,249
Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%) ±		4.60			9-2-2024		90,000		88,594
TeamHealth Incorporated (1 Month LIBOR +2.75%) ±		4.10			2-6-2024		79,600		77,760
									311,422
Health Care Technology: 0.03%
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.10			3-1-2024		44,775		44,876
Pharmaceuticals: 0.06%
Endo Finance LLC (1 Month LIBOR +4.25%) ±		5.63			4-29-2024		89,775		90,304
Industrials: 0.98%
Airlines: 0.14%
Delta Air Lines Incorporated (1 Month LIBOR +2.50%) ±		3.85			8-24-2022		132,300		133,193
United Airlines Incorporated (3 Month LIBOR +2.00%) ±		3.38			4-1-2024		69,650		69,781
									202,974
Commercial Services & Supplies: 0.50%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		3.45			11-10-2023		98,902		98,953
Aramark Services Incorporated (1 Month LIBOR +2.00%) ±		3.35			3-28-2024		56,425		56,654
Columbus McKinnon Corporation (3 Month LIBOR +3.00%) ±‡		4.33			1-31-2024		59,197		59,567
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±		3.63			3-11-2021		151,178		151,744
Multi-Color Corporation (1 Month LIBOR +2.25%) ±<		0.00			10-31-2024		180,000		181,575
Sensata Technologies BV (1 Month LIBOR +1.75%) ±		2.99			10-14-2021		160,000		160,485
									708,978
Communications Equipment: 0.34%
Charter Communications Operating LLC (1 Month LIBOR +2.00%) ±<		3.35			1-3-2021		353,316		354,333
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		3.75			1-31-2026		135,000		134,916
									489,249

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 119

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.61%
Communications Equipment: 0.06%
CommScope Incorporated (3 Month LIBOR +2.00%) ±		3.38	%		12-29-2022	$	88,238	$	88,680
Electronic Equipment, Instruments & Components: 0.12%
Dell Incorporated (1 Month LIBOR +2.00%) ±		3.35			9-7-2023		41,002		41,012
Zebra Technologies Corporation (3 Month LIBOR +2.00%) ±		3.37			10-27-2021		130,553		130,952
									171,964
Internet Software & Services: 0.18%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±		4.50			10-19-2023		54,450		54,705
Zayo Group LLC (1 Month LIBOR +2.25%) ±		3.56			1-19-2024		195,805		196,293
									250,998
IT Services: 0.10%
First Data Corporation (1 Month LIBOR +2.25%) ±		3.56			7-8-2022		141,619		141,611
Semiconductors & Semiconductor Equipment: 0.15%
Micron Technology Incorporated (3 Month LIBOR +2.00%) ±		3.39			4-26-2022		219,799		221,503
Materials: 0.38%
Chemicals: 0.17%
Ashland LLC (3 Month LIBOR +2.00%) ±		3.30			5-24-2024		54,863		55,045
Huntsman International LLC (1 Month LIBOR +3.00%) ±‡		4.35			4-1-2023		37,155		37,387
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±<		0.00			3-31-2024		145,434		145,550
									237,982
Containers & Packaging: 0.21%
Berry Plastics Corporation (1 Month LIBOR +2.00%) ±<		3.41			2-8-2020		271,176		271,448
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.10			2-5-2023		29,701		29,833
									301,281
Real Estate: 0.08%
Equity REITs: 0.08%
MGM Growth Properties LLC (1 Month LIBOR +2.25%) ±		3.60			4-25-2023		113,559		114,005
Telecommunication Services: 0.17%
Diversified Telecommunication Services: 0.09%
Level 3 Financing Incorporated (3 Month LIBOR +2.25%) ±		3.70			2-22-2024		129,470		129,308
Wireless Telecommunication Services: 0.08%
SBA Communications Corporation (1 Month LIBOR +2.25%) ±		3.60			3-24-2021		119,077		119,358
Total Loans (Cost $5,005,638)									4,996,583

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

120 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

REAL RETURN PORTFOLIO

Security name				Expiration date		Shares		Value
Participation Notes: 0.39%
Financials: 0.39%
Capital Markets: 0.39%
UBS AG (Kweichow Moutai Company Limited) †(a)					8-15-2018		5,800	$	554,465
Total Participation Notes (Cost $430,489)									554,465
	Interest rate			Maturity date		Principal
U.S. Treasury Securities: 65.88%
TIPS		0.13	%		4-15-2019	$	1,848,296		1,840,234
TIPS		0.13			4-15-2020		4,478,565		4,457,653
TIPS		0.13			4-15-2021		3,894,163		3,866,706
TIPS		0.13			1-15-2022		3,592,571		3,570,415
TIPS		0.13			4-15-2022		2,587,536		2,563,285
TIPS		0.13			7-15-2022		4,775,340		4,752,499
TIPS		0.13			1-15-2023		3,720,538		3,677,422
TIPS		0.13			7-15-2024		3,621,926		3,559,067
TIPS		0.13			7-15-2026		3,067,940		2,966,234
TIPS		0.25			1-15-2025		3,630,987		3,572,976
TIPS		0.38			7-15-2023		3,695,529		3,707,041
TIPS		0.38			7-15-2025		3,626,561		3,602,918
TIPS		0.38			1-15-2027		3,039,260		2,983,451
TIPS		0.38			7-15-2027		2,057,993		2,023,803
TIPS		0.63			7-15-2021		3,257,357		3,313,197
TIPS		0.63			1-15-2024		3,685,806		3,733,760
TIPS		0.63			1-15-2026		3,266,303		3,288,550
TIPS		0.63			2-15-2043		1,218,252		1,150,232
TIPS		0.75			2-15-2042		1,654,562		1,614,775
TIPS		0.75			2-15-2045		2,048,762		1,979,507
TIPS		0.88			2-15-2047		2,039,489		2,036,472
TIPS		1.00			2-15-2046		1,504,953		1,546,465
TIPS		1.13			1-15-2021		3,068,432		3,155,887
TIPS		1.25			7-15-2020		2,681,797		2,765,569
TIPS		1.38			1-15-2020		1,746,005		1,789,797
TIPS		1.38			2-15-2044		1,847,693		2,060,089
TIPS		1.75			1-15-2028		1,389,981		1,545,127
TIPS		1.88			7-15-2019		1,438,921		1,482,694
TIPS		2.00			1-15-2026		2,548,847		2,843,638
TIPS		2.13			1-15-2019		477,001		486,640
TIPS		2.13			2-15-2040		753,548		953,951
TIPS		2.13			2-15-2041		940,945		1,198,115
TIPS		2.38			1-15-2025		2,382,708		2,698,521
TIPS		2.38			1-15-2027		1,401,125		1,623,605
TIPS		2.50			1-15-2029		1,350,545		1,617,706
TIPS		3.38			4-15-2032		542,213		738,951
TIPS		3.63			4-15-2028		1,182,464		1,535,960
TIPS		3.88			4-15-2029		1,433,579		1,931,318
Total U.S. Treasury Securities (Cost $93,751,544)									94,234,230

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 121

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 0.91%
Consumer Discretionary: 0.07%
Automobiles: 0.07%
Jaguar Land Rover Automotive plc 144A		4.13	%		12-15-2018	$	100,000	$	101,483
Financials: 0.20%
Banks: 0.15%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		125,000		128,594
Royal Bank of Scotland Group plc		4.70			7-3-2018		80,000		81,016
									209,610
Diversified Financial Services: 0.05%
Virgin Media Finance plc		5.25			1-15-2021		75,000		79,500
Health Care: 0.37%
Pharmaceuticals: 0.37%
Mallinckrodt International Finance SA		3.50			4-15-2018		105,000		104,475
Teva Pharmaceuticals Industries Incorporated		1.70			7-19-2019		250,000		242,062
Valeant Pharmaceuticals International Incorporated 144A		6.50			3-15-2022		180,000		189,000
									535,537
Information Technology: 0.11%
Communications Equipment: 0.02%
Nokia Corporation		5.38			5-15-2019		31,000		32,008
Semiconductors & Semiconductor Equipment: 0.09%
NXP BV / NXP Funding LLC 144A		3.75			6-1-2018		120,000		120,570
Materials: 0.16%
Metals & Mining: 0.16%
ArcelorMittal		6.00			3-1-2021		205,000		221,170
Total Yankee Corporate Bonds and Notes (Cost $1,304,599)									1,299,878
	Yield					Shares
Short-Term Investments: 3.58%
Investment Companies: 3.55%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29					561,994		562,051
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.00					4,513,660		4,513,660
									5,075,711
						Principal
U.S. Treasury Securities: 0.03%
U.S. Treasury Bill (z)#		0.76			12-14-2017	$	50,000		49,984
Total Short-Term Investments (Cost $5,125,693)									5,125,695

Total investments in securities (Cost $141,624,745)	100.77	%		144,145,864
Other assets and liabilities, net	(0.77	)		(1,101,637	)
Total net assets	100.00	%	$	143,044,227

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

122 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

REAL RETURN PORTFOLIO

† Non-income-earning security

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

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

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

< All or a portion of the position represents an unfunded loan commitment. The rate represents current interest rate if the loan is partially funded.

‡ Security is valued using significant unobservable inputs.

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

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

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

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

## All or a portion of this security is segregated for unfunded loans.

(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
10-Year U.S. Treasury Notes		3		11-29-2017	$	374,063		$	372,141		$	0	$	(1,922	)
Short
U.S. Ultra Bond		(2)		11-20-2017		(332,413	)		(329,750	)		2,663		0
2-Year U.S. Treasury Notes		(19)		11-20-2017		(4,076,064	)		(4,073,719	)		2,345		0
5-Year U.S. Treasury Notes		(4)		11-20-2017		(466,445	)		(465,375	)		1,070		0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		213,729		3,122,413		2,774,148		561,994	$	(24	)	$	0	$	3,701	$	562,051
Wells Fargo Government Money Market Fund Select Class		3,404,176		73,628,070		72,518,586		4,513,660		0			0		16,952		4,513,660
									$	(24	)	$	0	$	20,653	$	5,075,711		3.55	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 123

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 23.19%
FHLMC Series T-54 Class 4A ±±		3.52	%		2-25-2043	$	334,117	$	339,688
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		453,880		535,040
FHLMC Series T-63 Class 1A1 (12 Month Treasury Average +1.20%) ±		2.09			2-25-2045		280,774		282,238
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-2043		319,184		369,141
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		466,403		530,495
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		521,086		618,387
FNMA (11th District Cost of Funds +1.25%) ±		1.96			4-1-2034		207,337		209,668
FNMA (12 Month Treasury Average +1.20%) ±		2.14			10-1-2034		161,143		163,919
FNMA (12 Month Treasury Average +1.20%) ±		2.14			4-1-2044		131,455		133,740
FNMA (12 Month Treasury Average +1.20%) ±		2.14			10-1-2044		150,418		153,045
FNMA (6 Month LIBOR +0.97%) ±		2.46			4-1-2037		143,865		145,829
FNMA (1 Year Treasury Constant Maturity +1.62%) ±		2.78			9-1-2033		38,570		39,993
FNMA (1 Year Treasury Constant Maturity +1.66%) ±		2.84			10-1-2033		259,777		268,896
FNMA (6 Month LIBOR +1.56%) ±		2.93			6-1-2033		211,665		219,427
FNMA (6 Month LIBOR +1.63%) ±		3.03			12-1-2033		234,214		243,444
FNMA (12 Month LIBOR +1.45%) ±		3.06			1-1-2036		120,933		125,960
FNMA (12 Month LIBOR +1.38%) ±		3.13			8-1-2035		212,807		221,226
FNMA (6 Month LIBOR +1.66%) ±		3.14			6-1-2033		186,760		191,739
FNMA (12 Month LIBOR +1.56%) ±		3.31			7-1-2035		116,872		122,134
FNMA Series 2003-W4 Class 3A ±±		6.07			10-25-2042		205,249		233,471
FNMA Series 2004-W2 Class 2A2		7.00			2-25-2044		126,578		144,582
FNMA Series 2007-88 Class HC ±±		3.29			9-25-2037		117,866		124,314
HUD		5.45			8-1-2019		95,000		95,633
Total Agency Securities (Cost $5,159,857)									5,512,009
Asset-Backed Securities: 24.23%
Ally Auto Receivables Trust Series 2016-3 Class A2		1.19			12-17-2018		1,329		1,329
Ally Auto Receivables Trust Series 2017-1 Class A2		1.38			10-15-2019		102,659		102,568
Ally Auto Receivables Trust Series 2017-2 Class A2		1.49			11-15-2019		123,720		123,653
AmeriCredit Automobile Receivables Trust Series 2015-2 Class A3		1.27			1-8-2020		24,479		24,471
AmeriCredit Automobile Receivables Trust Series 2016-2 Class A2A		1.42			10-8-2019		20,528		20,524
AmeriCredit Automobile Receivables Trust Series 2016-3 Class A2A		1.37			11-8-2019		42,336		42,323
AmeriCredit Automobile Receivables Trust Series 2017-1 Class A2A		1.51			5-18-2020		101,695		101,565
AmeriCredit Automobile Receivables Trust Series 2017-4 Class A2A		1.91			5-18-2021		100,000		99,936
BMW Vehicle Owner Trust Series 2016-1 Class A2A		0.99			5-28-2019		51,300		51,240
BMW Vehicle Owner Trust Series 2017-1 Class A2		1.64			7-22-2019		125,403		125,382
BMW Vehicle Owner Trust Series 2017-2 Class A2A		1.80			2-20-2020		120,000		119,831
Capital Auto Receivables Asset Trust Series 2016-2 Class A2A		1.32			1-22-2019		737		737
Capital Auto Receivables Asset Trust Series 2016-3 Class A2A		1.36			4-22-2019		25,846		25,841
Capital Auto Receivables Asset Trust Series 2017-1 Class A2 144A		1.76			6-22-2020		115,000		114,882
CarMax Auto Owner Trust Series 2015-1 Class A3		1.38			11-15-2019		46,078		46,036
CarMax Auto Owner Trust Series 2016-1 Class A2		1.30			4-15-2019		4,073		4,073
CarMax Auto Owner Trust Series 2016-2 Class A2A		1.24			6-17-2019		21,071		21,065
CarMax Auto Owner Trust Series 2017-1 Class A2		1.54			2-18-2020		104,089		104,024
CarMax Auto Owner Trust Series 2017-2 Class A2		1.63			6-15-2020		130,048		129,962
CarMax Auto Owner Trust Series 2017-4 Class A2A		1.80			4-15-2021		100,000		99,877
CIT Education Loan Trust Series 2005-1 Class A3 (3 Month LIBOR +0.12%) ±		1.44			3-15-2026		22,289		22,266
CNH Equipment Trust Series 2016-B Class A2A		1.31			10-15-2019		55,740		55,705
CNH Equipment Trust Series 2017-A Class A2		1.80			7-15-2020		135,000		134,934
Dell Equipment Finance Trust Series 2016-1 Class A2 144A		1.43			9-24-2018		42,938		42,925

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

124 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Dell Equipment Finance Trust Series 2017-1 Class A2 144A		1.86	%		6-24-2019	$	160,000	$	159,983
Dell Equipment Finance Trust Series 2017-2 Class A2A 144A		1.97			2-24-2020		100,000		99,886
Fifth Third Auto Trust Series 2017-1 Class A2A		1.59			4-15-2020		100,000		99,819
Ford Credit Auto Owner Trust Series 2014-C Class A3		1.06			5-15-2019		29,582		29,565
Ford Credit Auto Owner Trust Series 2016-B Class A2A		1.08			3-15-2019		22,090		22,080
Ford Credit Auto Owner Trust Series 2017-A Class A2A		1.33			12-15-2019		63,436		63,322
Ford Credit Auto Owner Trust Series 2017-A Class A2A		1.56			11-15-2019		126,249		126,125
Ford Credit Auto Owner Trust Series 2017-B Class A2A		1.49			5-15-2020		130,000		129,869
Ford Credit Auto Owner Trust Series 2017B Class A2A		1.80			6-15-2020		115,000		114,810
GM Financial Automobile Lease Series 2016-2 Class A2A		1.28			10-22-2018		44,317		44,299
GM Financial Automobile Lease Series 2017-1A Class A2A 144A		1.51			3-16-2020		130,412		130,292
GM Financial Automobile Lease Series 2017-3 Class A2A 144A		1.71			9-16-2020		110,000		109,821
GM Financial Automobile Lease Series 2017-3 Class A2A		1.72			1-21-2020		110,000		109,715
Honda Auto Receivables Owner Trust Series 2014-4 Class A3		0.99			9-17-2018		3,905		3,904
Honda Auto Receivables Owner Trust Series 2016-2 Class A2		1.13			9-17-2018		8,686		8,684
Honda Auto Receivables Owner Trust Series 2016-3 Class A2		1.01			10-18-2018		22,018		22,009
Honda Auto Receivables Owner Trust Series 2017-1 Class A2		1.42			7-22-2019		102,102		102,002
Honda Auto Receivables Owner Trust Series 2017-3 Class A2		1.57			1-21-2020		120,000		119,728
Huntington Auto Trust Series 2016-1 Class A2		1.29			5-15-2019		60,647		60,622
Hyundai Auto Lease Securitization Trust Series 2015-B Class A3 144A		1.40			11-15-2018		18,236		18,236
Hyundai Auto Lease Securitization Trust Series 2016-B Class A2A 144A		1.24			11-15-2018		35,318		35,308
Hyundai Auto Receivables Trust Series 2015-A Class A3		1.05			4-15-2019		15,166		15,158
Hyundai Auto Receivables Trust Series 2016-A Class A2		1.21			6-17-2019		30,310		30,291
Hyundai Auto Receivables Trust Series 2017-A Class A2A		1.48			2-18-2020		127,920		127,794
John Deere Owner Trust Series 2015-A Class A3		1.32			6-17-2019		45,835		45,808
John Deere Owner Trust Series 2016-B Class A2		1.09			2-15-2019		51,042		51,011
John Deere Owner Trust Series 2017-A Class A2		1.50			10-15-2019		140,000		139,885
Kubota Credit Owner Trust Series 2016-1A Class A2 144A		1.25			4-15-2019		69,068		68,982
Kubota Credit Owner Trust Series 2017-1A Class A2 144A		1.66			5-15-2020		140,000		139,641
Mercedes Benz Auto Lease Trust Series 2016-1 Class A2A		1.11			3-15-2019		39,635		39,611
Mercedes Benz Auto Lease Trust Series 2017-A Class A2A		1.53			8-15-2019		135,000		134,918
MMAF Equipment Finance LLC Series 2016-AA Class A2 144A		1.39			12-17-2018		57,358		57,333
Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR +1.00%) ±		2.24			5-20-2030		180,433		182,289
Nissan Auto Receivables Owner Trust Series 2014-B Class A3		1.11			5-15-2019		23,259		23,248
Nissan Auto Receivables Owner Trust Series 2015-A Class A3		1.05			10-15-2019		41,863		41,788
Nissan Auto Receivables Owner Trust Series 2016-A Class A2A		1.22			8-15-2018		17,040		17,037
Nissan Auto Receivables Owner Trust Series 2016-C Class A2A		1.07			5-15-2019		66,441		66,385
Nissan Auto Receivables Owner Trust Series 2017-A Class A2A		1.47			1-15-2020		134,321		134,129
Nissan Auto Receivables Owner Trust Series 2017-A Class A2A		1.64			9-16-2019		90,000		89,867
Nissan Auto Receivables Owner Trust Series 2017-B Class A2A		1.83			12-16-2019		80,000		79,863
Santander Drive Auto Receivables Trust Series 2017-1 Class A2		1.49			2-18-2020		92,113		92,056
SLM Student Loan Trust Series 2005-8 Class A4 (3 Month LIBOR +0.55%) ±		1.92			1-25-2028		98,888		99,429
SLM Student Loan Trust Series 2006-1 Class A5 (3 Month LIBOR +0.11%) ±		1.48			7-26-2021		134,282		132,576
Toyota Auto Receivables Owner Trust Series 2016-B Class A2A		1.02			10-15-2018		8,521		8,518
Toyota Auto Receivables Owner Trust Series 2016-C Class A2A		1.00			1-15-2019		41,322		41,294
Toyota Auto Receivables Owner Trust Series 2017-A Class A2A		1.42			9-16-2019		127,804		127,689
Toyota Auto Receivables Owner Trust Series 2017-D Class A2A		2.03			8-17-2020		100,000		99,921
Volvo Financial Equipment LLC Series 2015-1A Class A3 144A		1.51			6-17-2019		56,447		56,415
Volvo Financial Equipment LLC Series 2017-1A Class A2 144A		1.55			10-15-2019		140,000		139,825
World Omni Auto Receivables Trust Series 2016-A Class A2A		1.20			2-15-2019		71,496		71,377

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 125

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
World Omni Auto Receivables Trust Series 2016-B Class A2		1.10	%		1-15-2020	$	79,846	$	79,724
World Omni Auto Receivables Trust Series 2017-A Class A2A		1.50			8-17-2020		100,207		100,071
Total Asset-Backed Securities (Cost $5,761,126)									5,759,161
Corporate Bonds and Notes: 28.03%
Consumer Discretionary: 0.80%
Automobiles: 0.59%
Toyota Motor Credit Corporation		1.70			1-9-2019		140,000		139,687
Consumer Finance: 0.21%
American Honda Finance Corporation		1.20			7-12-2019		50,000		49,307
Consumer Staples: 0.64%
Beverages: 0.42%
Brown Forman Corporation		1.00			1-15-2018		100,000		99,931
Food Products: 0.22%
Kraft Foods Group Incorporated		6.13			8-23-2018		50,000		51,464
Energy: 1.05%
Oil, Gas & Consumable Fuels: 1.05%
Chevron Corporation		1.69			2-28-2019		40,000		39,908
Enterprise Products Operating LLC		1.65			5-7-2018		70,000		69,926
Exxon Mobil Corporation (3 Month LIBOR +0.60%) ±		2.07			2-28-2018		90,000		90,129
Marathon Petroleum Corporation		2.70			12-14-2018		50,000		50,295
									250,258
Financials: 10.26%
Banks: 3.68%
Bank of America Corporation		2.00			1-11-2018		50,000		50,013
Bank of America Corporation		2.60			1-15-2019		50,000		50,274
Bank of America Corporation		2.65			4-1-2019		50,000		50,330
Bank of America Corporation		5.65			5-1-2018		50,000		50,773
Citigroup Incorporated		1.80			2-5-2018		150,000		150,017
HSBC USA Incorporated (3 Month LIBOR +0.77%) ±		2.16			8-7-2018		110,000		110,448
JPMorgan Chase & Company		1.80			1-25-2018		60,000		60,008
JPMorgan Chase & Company (3 Month LIBOR +0.55%) ±		1.87			3-9-2021		30,000		30,074
JPMorgan Chase & Company		6.00			1-15-2018		60,000		60,282
JPMorgan Chase & Company		6.30			4-23-2019		40,000		42,242
KeyCorp		2.30			12-13-2018		90,000		90,082
Suntrust Bank (3 Month LIBOR +0.53%) ±		1.91			1-31-2020		75,000		75,423
US Bancorp (3 Month LIBOR +0.49%) ±		1.91			11-15-2018		55,000		55,179
									875,145
Capital Markets: 2.76%
Bank of New York Mellon Corporation (3 Month LIBOR +0.87%) ±		2.29			8-17-2020		90,000		91,629
Charles Schwab Corporation		2.20			7-25-2018		90,000		90,166

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

126 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal			Value
Capital Markets (continued)
Goldman Sachs Group Incorporated		2.38	%		1-22-2018	$	40,000		$	40,032
Goldman Sachs Group Incorporated (3 Month LIBOR +1.04%) ±		2.41			4-25-2019		70,000			70,688
Goldman Sachs Group Incorporated		2.60			12-27-2020		50,000			50,119
Goldman Sachs Group Incorporated		5.95			1-18-2018		50,000			50,255
Morgan Stanley		2.38			7-23-2019		50,000			50,075
Morgan Stanley		2.45			2-1-2019		50,000			50,160
Morgan Stanley		2.50			1-24-2019		40,000			40,158
Morgan Stanley		2.65			1-27-2020		50,000			50,315
State Street Bank & Trust Company		5.25			10-15-2018		70,000			72,032
										655,629
Consumer Finance: 1.82%
American Express Credit Corporation (3 Month LIBOR +0.43%) ±		1.75			3-3-2020		50,000			50,157
American Honda Finance Corporation		1.55			12-11-2017		30,000			30,002
American Honda Finance Corporation (3 Month LIBOR +0.27%) ±		1.63			7-20-2020		40,000			40,114
American Honda Finance Corporation (3 Month LIBOR +0.83%) ±		2.27			2-22-2019		50,000			50,430
Caterpillar Financial Services Corporation		1.80			11-13-2018		90,000			89,957
Caterpillar Financial Services Corporation (3 Month LIBOR +0.51%) ±		1.86			1-10-2020		50,000			50,366
Hyundai Capital America 144A		2.00			3-19-2018		45,000			44,980
John Deere Capital Corporation (3 Month LIBOR +0.57%) ±		1.92			1-8-2019		75,000			75,395
										431,401
Diversified Financial Services: 0.97%
AIG Global Funding 144A		1.65			12-15-2017		100,000			100,004
AIG Global Funding (3 Month LIBOR +0.48%) 144A±		1.82			7-2-2020		30,000			30,068
General Electric Capital Corporation		5.50			1-8-2020		35,000			37,312
PNC Funding Corporation		5.13			2-8-2020		60,000			63,571
										230,955
Insurance: 1.03%
Marsh & McLennan Company Incorporated		2.55			10-15-2018		75,000			75,283
New York Life Global Funding 144A		1.55			11-2-2018		70,000			69,824
Travelers Company Incorporated		5.80			5-15-2018		97,000			98,736
										243,843
								��
Health Care: 1.96%
Biotechnology: 0.36%
AbbVie Incorporated		1.80			5-14-2018		65,000			64,994
Gilead Sciences Incorporated		1.85			9-20-2019		20,000			19,904
										84,898
Health Care Equipment & Supplies: 0.38%
Medtronic plc (3 Month LIBOR +0.80%) ±		2.12			3-15-2020		90,000			91,308
Health Care Providers & Services: 0.42%
Cardinal Health Incorporated		1.95			6-15-2018		40,000			40,004
Cardinal Health Incorporated		1.95			6-14-2019		30,000			29,839
UnitedHealth Group Incorporated		1.70			2-15-2019		30,000			29,921
										99,764

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 127

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Life Sciences Tools & Services: 0.25%
Thermo Fisher Scientific		2.15	%		12-14-2018	$	60,000	$	60,109
Pharmaceuticals: 0.55%
EMD Finance LLC Company 144A		1.70			3-19-2018		40,000		39,991
Johnson & Johnson (3 Month LIBOR +0.27%) ±		1.59			3-1-2019		90,000		90,260
									130,251
Industrials: 2.71%
Aerospace & Defense: 0.94%
Lockheed Martin Corporation		1.85			11-23-2018		30,000		29,956
Lockheed Martin Corporation		4.25			11-15-2019		40,000		41,621
Northrop Grumman Corporation		1.75			6-1-2018		90,000		89,920
Rockwell Collins Incorporated		1.95			7-15-2019		10,000		9,963
Rockwell Collins Incorporated		5.25			7-15-2019		50,000		52,352
									223,812
Electrical Equipment: 0.79%
Eaton Corporation		5.60			5-15-2018		70,000		71,168
Eaton Corporation		6.95			3-20-2019		40,000		42,267
Rockwell Automation Incorporated		5.65			12-1-2017		75,000		75,000
									188,435
Industrial Conglomerates: 0.25%
General Electric Capital Corporation		2.20			1-9-2020		60,000		59,894
Machinery: 0.39%
Parker Hannifin Corporation		5.50			5-15-2018		90,000		91,462
Road & Rail: 0.34%
Norfolk Southern Corporation		5.75			4-1-2018		80,000		80,977
Information Technology: 0.94%
Electronic Equipment, Instruments & Components: 0.25%
Corning Incorporated		1.50			5-8-2018		60,000		59,919
Semiconductors & Semiconductor Equipment: 0.23%
Maxim Integrated Product Incorporated		2.50			11-15-2018		55,000		55,247
Software: 0.21%
Microsoft Corporation		1.10			8-8-2019		50,000		49,343
Technology Hardware, Storage & Peripherals: 0.25%
Apple Incorporated		1.55			2-8-2019		50,000		49,786
HP Enterprise Company 144A		2.10			10-4-2019		10,000		9,931
									59,717
Materials: 1.59%
Chemicals: 1.16%
Chevron Phillips Chemical Company 144A		1.70			5-1-2018		75,000		74,995
E. I. du Pont de Nemours and Company (3 Month LIBOR +0.53%) ±		1.91			5-1-2020		50,000		50,417

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

i

128 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Ecolab Incorporated		1.45	%		12-8-2017	$	60,000	$	59,998
The Sherwin-Williams Company		1.35			12-15-2017		90,000		89,991
									275,401
Containers & Packaging: 0.22%
Westrock Company		4.45			3-1-2019		50,000		51,250
Paper & Forest Products: 0.21%
Georgia Pacific LLC 144A		2.54			11-15-2019		50,000		50,255
Real Estate: 1.92%
Equity REITs: 1.92%
Alexandria Real Estate Equities Incorporated		2.75			1-15-2020		50,000		50,258
Boston Properties LP		3.70			11-15-2018		90,000		91,136
Realty Income Corporation		2.00			1-31-2018		73,000		73,008
UDR Incorporated		4.25			6-1-2018		90,000		90,999
Ventas Realty LP		2.00			2-15-2018		50,000		50,025
Ventas Realty LP		4.00			4-30-2019		50,000		51,032
Vornado Realty LP		2.50			6-30-2019		50,000		50,059
									456,517
Telecommunication Services: 0.21%
Diversified Telecommunication Services: 0.21%
AT&T Incorporated		2.30			3-11-2019		50,000		50,062
Utilities: 5.95%
Electric Utilities: 4.49%
Commonwealth Edison Company		2.15			1-15-2019		50,000		50,009
Connecticut Light & Power Company		5.65			5-1-2018		60,000		60,957
Duke Energy Carolinas LLC		5.25			1-15-2018		55,000		55,229
Duke Energy Progress LLC (3 Month LIBOR +0.18%) ±		1.50			9-8-2020		35,000		35,000
Entergy Gulf States Louisiana LLC		6.00			5-1-2018		90,000		91,590
Kansas City Power & Light Company		6.38			3-1-2018		75,000		75,828
Kansas City Power & Light Company		7.15			4-1-2019		70,000		74,439
MidAmerican Energy Holdings Company		5.30			3-15-2018		55,000		55,573
PacifiCorp		5.50			1-15-2019		100,000		103,644
Public Service Company of Colorado		5.80			8-1-2018		109,000		111,726
Public Service Electric & Gas Company		2.00			8-15-2019		50,000		49,912
Public Service Electric & Gas Company		5.30			5-1-2018		84,000		85,236
Southern California Edison Company		5.50			8-15-2018		80,000		82,036
The Connecticut Light & Power Company		5.50			2-1-2019		60,000		62,183
Union Electric Company		6.70			2-1-2019		70,000		73,514
									1,066,876
Gas Utilities: 0.36%
Southern California Gas Company		5.45			4-15-2018		85,000		86,173

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 129

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Multi-Utilities: 1.10%
Avista Corporation		5.95	%		6-1-2018	$	80,000	$	81,556
Consumers Energy Company		5.65			9-15-2018		80,000		82,312
Peco Energy Company		5.35			3-1-2018		96,000		96,908
									260,776
Total Corporate Bonds and Notes (Cost $6,664,671)									6,660,066
Municipal Obligations: 3.92%
Alaska: 0.21%
Anchorage AK Water Revenue Series C (Water & Sewer Revenue)		1.43			5-1-2018		50,000		49,966
California: 0.42%
Santa Clara County CA Series A (GO Revenue)		1.65			8-1-2018		100,000		99,897
Kentucky: 0.48%
Kentucky Higher Education Student Loan Corporation Series 2013-1 Class A1 (1 Month LIBOR +0.50%) (Education Revenue) ±		1.74			6-1-2026		113,550		113,270
Michigan: 0.17%
L’Anse Creuse MI Public Schools Series B (GO Revenue, Qualified School Board Loan Fund Insured)		2.16			5-1-2020		40,000		40,066
New Jersey: 0.42%
Bergen County NJ Improvement Authority Guaranteed Project Notes (Health Revenue)		2.25			3-1-2019		100,000		100,401
New York: 0.44%
New York City Transitional Finance Authority Future Tax Secured Bonds Fiscal 2010 Series A-2 (Tax Revenue)		4.85			5-1-2019		100,000		103,910
North Carolina: 0.07%
North Carolina Education Assistance Authority Student Loan Notes Series 2011-1 Tranche A-2 (Education Revenue)		2.27			1-26-2026		17,387		17,426
Ohio: 0.32%
Ohio Taxable Hospital Refunding Bonds Series B (Health Revenue)		1.56			1-1-2019		75,000		74,689
South Carolina: 0.28%
South Carolina Student Loan Corporation Series 2010-1 Class A2 (3 Month LIBOR +1.00%) (Education Revenue) ±		2.37			7-25-2025		65,882		66,296
Texas: 0.48%
Texas A&M University Revenue Series D (Education Revenue) %%		1.80			5-15-2018		55,000		55,000
Texas Tech Univeristy Revenues Financing System Refunding and Improvement Bonds Taxable Series 2017-B (Education Revenue)		1.56			2-15-2019		60,000		59,698
									114,698
Virginia: 0.40%
Virginia College Building Authority Educational Facilities Series D (Education Revenue)		2.00			2-1-2019		95,000		95,064

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

130 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Wisconsin: 0.23%
WIsconsin Public Finance Authority Taxable Refunding Bond Series A (Education Revenue)		1.48	%		7-1-2018	$	55,000	$	54,929
Total Municipal Obligations (Cost $932,643)									930,612
Non-Agency Mortgage-Backed Securities: 1.18%
GAHR Commercial Mortgage Trust Series 2015 Class AFL1 (1 Month LIBOR +1.30%) 144A±		2.54			12-15-2034		20,070		20,082
Towd Point Mortgage Trust Series 2015-6 Class A1 144A±±		3.50			4-25-2055		65,498		66,694
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±		2.25			4-25-2056		76,371		75,777
Towd Point Mortgage Trust Series 2017-1 Class A1 144A±±		2.75			10-25-2056		117,373		117,619
Total Non-Agency Mortgage-Backed Securities (Cost $280,118)									280,172
U.S. Treasury Securities: 13.69%
U.S. Treasury Note		0.75			9-30-2018		350,000		347,498
U.S. Treasury Note		1.25			5-31-2019		750,000		744,521
U.S. Treasury Note		1.25			6-30-2019		475,000		471,215
U.S. Treasury Note		1.25			8-31-2019		500,000		495,469
U.S. Treasury Note		1.38			7-31-2019		475,000		472,050
U.S. Treasury Note		1.50			10-31-2019		250,000		248,613
U.S. Treasury Note		1.75			11-30-2019		475,000		474,797
Total U.S. Treasury Securities (Cost $3,271,532)									3,254,163
Yankee Corporate Bonds and Notes: 3.46%
Energy: 0.25%
Oil, Gas & Consumable Fuels: 0.25%
Statoil ASA		2.25			11-8-2019		60,000		60,233
Financials: 2.26%
Banks: 2.26%
Bank of Montreal		1.35			8-28-2018		30,000		29,890
Bank of Nova Scotia (3 Month LIBOR +0.47%) ±		1.79			6-11-2018		90,000		90,178
Bank of Nova Scotia		2.13			9-11-2019		100,000		99,975
Royal Bank of Canada Incorporated		2.00			10-1-2018		150,000		150,188
Royal Bank of Canada Incorporated (3 Month LIBOR +0.73%) ±		2.11			2-1-2022		75,000		75,787
Toronto Dominion Bank (3 Month LIBOR +0.54%) ±		1.90			7-23-2018		90,000		90,261
									536,279
Health Care: 0.25%
Health Care Equipment & Supplies: 0.13%
Medtronic Incorporated		1.70			3-28-2019		30,000		29,883
Pharmaceuticals: 0.12%
Teva Pharmaceutical Finance Netherlands III BV		1.40			7-20-2018		30,000		29,727

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 131

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 0.50%
Electrical Equipment: 0.50%
Tyco Electronics Group SA		2.35	%		8-1-2019	$	50,000	$	49,973
Tyco Electronics Group SA		2.38			12-17-2018		69,000		69,221
									119,194
Telecommunication Services: 0.20%
Wireless Telecommunication Services: 0.20%
Rogers Communications Incorporated		6.80			8-15-2018		45,000		46,498
Total Yankee Corporate Bonds and Notes (Cost $822,835)									821,814
	Yield					Shares
Short-Term Investments: 4.25%
Investment Companies: 4.25%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.00					1,009,851		1,009,851
Total Short-Term Investments (Cost $1,009,851)									1,009,851

Total investments in securities (Cost $23,902,633)	101.95	%		24,227,848
Other assets and liabilities, net	(1.95	)		(463,057	)
Total net assets	100.00	%	$	23,764,791

±± 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.

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

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

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

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

(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.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
5-Year U.S. Treasury Notes		(10)		3-29-2018	$	(1,159,787	)	$	(1,163,438	)	$	3,651	$	0

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

132 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2017 (unaudited)

STABLE INCOME PORTFOLIO

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		352,626		5,942,744		5,285,519		1,009,851	$	0	$	0	$	2,251	$	1,009,851		4.25	%

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

This page is intentionally left blank.

134 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2017 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Assets
Investments in unaffiliated securities (including securities on loan), at value (see cost below)	$	396,544,140	$	92,188,540
Investments in affiliated securities, at value (see cost below)		36,676,363		1,898,220
Segregated cash for futures transactions		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		1,204,040		426,540
Receivable for dividends		841,480		150,130
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		3,347		400
Prepaid expenses and other assets		14,493		1,225
Total assets		435,283,863		94,665,055
Liabilities
Payable upon receipt of securities loaned		13,373,325		1,113,825
Payable for investments purchased		0		283,485
Management fee payable		213,640		43,327
Trustees’ fees and expenses payable		2,338		2,340
Due to custodian bank		0		11
Professional fees payable		16,983		20,042
Accrued expenses and other liabilities		13,144		55,401
Total liabilities		13,619,430		1,518,431
Total net assets	$	421,664,433	$	93,146,624
Investments in unaffiliated securities, at cost	$	295,034,960	$	55,648,651
Investments in affiliated securities, at cost	$	36,676,314	$	1,898,210
Securities on loan, at value	$	13,088,401	$	1,090,300
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 135

Emerging Growth Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	819,971,524	$	41,449,325	$	816,063,336	$	66,915,889	$	1,758,306,638	$	159,194,570
	49,514,609		9,307,998		33,019,075		1,379,139		303,565,816		22,569,191
	0		0		0		150,000		0		0
	0		6,216		7,883,760		0		0		0
	6,487,270		10,086		71,715		0		7,248,262		1,308,660
	156,350		357,501		3,293,279		185,326		1,093,075		770,694
	0		0		0		10,769		0		0
	46,394		12		31,142		0		149,243		21,633
	0		6,761		5,312		2,495		12,736		14,347
	876,176,147		51,137,899		860,367,619		68,643,618		2,070,375,770		183,879,095
	37,018,173		0		18,388,755		0		235,219,267		19,499,762
	9,313,152		9,161,906		2,459,943		0		1,591,063		731,449
	532,450		13,267		521,628		14,895		1,131,086		123,576
	2,217		2,322		2,384		2,358		2,351		2,306
	0		0		0		855		1,670,769		0
	18,994		30,360		31,593		22,667		18,069		19,913
	59,542		51,266		67,763		4,278		22,878		7,763
	46,944,528		9,259,121		21,472,066		45,053		239,655,483		20,384,769
$	829,231,619	$	41,878,778	$	838,895,553	$	68,598,565	$	1,830,720,287	$	163,494,326
$	532,402,444	$	32,614,233	$	720,618,425	$	59,052,408	$	1,220,678,018	$	124,496,217
$	49,511,794	$	9,307,998	$	33,018,781	$	1,379,139	$	303,552,950	$	22,568,547
$	36,170,154	$	0	$	17,490,685	$	0	$	228,494,698	$	19,012,448
$	0	$	6,207	$	7,835,016	$	0	$	0	$	0

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

136 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2017 (unaudited)

	Core Bond Portfolio		Managed Fixed Income Portfolio
Assets
Investments in unaffiliated securities (including securities on loan), at value (see cost below)	$	5,894,696,145	$	106,988,738
Investments in affiliated securities, at value (see cost below)		159,252,539		2,396,548
Cash		14,893,583		875
Segregated cash for future transactions		0		0
Receivable for investments sold		715,603,764		85,000
Principal paydown receivable		82,923		0
Receivable for dividends and interest		25,183,965		795,082
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		46,724		178
Receivable from manager		0		0
Prepaid expenses and other assets		110,185		3,028
Total assets		6,809,869,828		110,269,449
Liabilities
Payable for investments purchased		1,239,957,501		672,359
Payable upon receipt of securities loaned		50,259,982		163,655
Management fee payable		1,553,187		26,694
Trustees’ fees and expenses payable		2,308		2,201
Payable for daily variation margin on open futures contracts		0		0
Due to custodian bank		0		0
Professional fees payable		29,497		21,042
Accrued expenses and other liabilities		56,653		6,641
Total liabilities		1,291,859,128		892,592
Total net assets	$	5,518,010,700	$	109,376,857
Investments in unaffiliated securities, at cost	$	5,894,493,620	$	104,515,022
Investments in affiliated securities, at cost	$	159,252,342	$	2,396,532
Securities on loan, at value	$	49,109,601	$	160,179

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

Statements of assets and liabilities—November 30, 2017 (unaudited) Wells Fargo Allocation Funds 137

Real Return Portfolio		Stable Income Portfolio
$	139,070,153	$	23,217,997
	5,075,711		1,009,851
	135,102		0
	0		7,000
	0		0
	0		0
	494,487		92,613
	4,375		2,813
	55		0
	0		306
	2,498		2,019
	144,782,381		24,332,599
	1,122,657		529,822
	562,074		0
	33,324		0
	2,295		2,316
	1,266		0
	0		13
	16,065		30,491
	473		5,166
	1,738,154		567,808
$	143,044,227	$	23,764,791
$	136,549,034	$	22,892,781
$	5,075,711	$	1,009,852
$	538,093	$	0

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

138 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2017 (unaudited)

	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio
Investment income
Dividends*	$	3,145,480		$	575,641
Income from affiliated securities		103,323			4,485
Securities lending income from affiliates, net		28,015			2,447
Total investment income		3,276,818			582,573
Expenses
Management fee		1,283,381			329,517
Custody and accounting fees		7,841			27,492
Professional fees		22,130			24,088
Shareholder report expenses		1,031			1,025
Trustees’ fees and expenses		10,801			10,722
Other fees and expenses		4,550			6,702
Total expenses		1,329,734			399,546
Less: Fee waivers and/or expense reimbursements		(15,198	)		(84,173	)
Net expenses		1,314,536			315,373
Net investment income (loss)		1,962,282			267,200
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		21,721,193			10,794,225
Affiliated securities		(35	)		36
Futures transactions		0			0
Net realized gains on investments		21,721,158			10,794,261
Net change in unrealized gains (losses) on:
Unaffiliated securities		11,480,149			1,716,644
Affiliated securities		(2	)		(16	)
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		11,480,147			1,716,628
Net realized and unrealized gains (losses) on investments		33,201,305			12,510,889
Net increase in net assets resulting from operations	$	35,163,587		$	12,778,089
* Net of foreign dividend withholding taxes in the amount of		$27,583			$526

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

Statements of operations—six months ended November 30, 2017 (unaudited) Wells Fargo Allocation Funds 139

Emerging Growth Portfolio			International Growth Portfolio			International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
$	740,201		$	578,653		$	12,477,247		$	717,719		$	4,379,936		$	2,049,417
	53,739			10,112			21,341			5,604			311,315			27,897
	244,346			24,760			329,795			0			1,152,106			185,687
	1,038,286			613,525			12,828,383			723,323			5,843,357			2,263,001
	3,200,215			439,258			3,100,391			121,817			6,730,260			849,435
	25,935			38,031			97,942			5,086			42,573			10,610
	23,493			34,775			30,416			24,502			24,297			21,829
	2,262			1,798			1,323			1,317			1,492			1,394
	10,625			10,845			10,982			10,742			10,471			10,523
	12,517			27,186			21,969			5,734			12,515			2,721
	3,275,047			551,893			3,263,023			169,198			6,821,608			896,512
	0			(10,756	)		0			(14,972	)		0			0
	3,275,047			541,137			3,263,023			154,226			6,821,608			896,512
	(2,236,761	)		72,388			9,565,360			569,097			(978,251	)		1,366,489
	57,757,303			27,940,439			3,014,353			2,160,501			11,498,961			20,706,828
	3,355			6			(164	)		0			715			30
	0			0			0			39,449			0			0
	57,760,658			27,940,445			3,014,189			2,199,950			11,499,676			20,706,858
	53,419,156			(16,732,880	)		52,088,189			4,029,153			200,812,889			3,266,049
	(2,900	)		0			0			0			0			0
	0			0			0			41,367			0			0
	53,416,256			(16,732,880	)		52,088,189			4,070,520			200,812,889			3,266,049
	111,176,914			11,207,565			55,102,378			6,270,470			212,312,565			23,972,907
$	108,940,153		$	11,279,953		$	64,667,738		$	6,839,567		$	211,334,314		$	25,339,396
	$0			$95,995			$1,163,786			$63			$23			$0

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

140 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2017 (unaudited)

	Core Bond Portfolio			Managed Fixed Income Portfolio
Investment income
Interest*	$	65,934,185		$	1,856,922
Dividends**		0			0
Income from affiliated securities		244,346			6,271
Securities lending income from affiliates, net		53,739			943
Total investment income		66,232,270			1,864,136
Expenses
Management fee		9,288,854			219,888
Custody and accounting fees		125,944			8,597
Professional fees		39,202			25,526
Shareholder report expenses		2,033			1,297
Trustees’ fees and expenses		10,722			10,843
Other fees and expenses		11,526			3,684
Total expenses		9,478,281			269,835
Less: Fee waivers and/or expense reimbursements		(52,092	)		(56,105	)
Net expenses		9,426,189			213,730
Net investment income		56,806,081			1,650,406
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		16,377,373			322,198
Affiliated securities		0			0
Futures transactions		0			0
Net realized gain (losses) on investments		16,377,373			322,198
Net change in unrealized gains (losses) on:
Unaffiliated securities		(34,147,561	)		(751,970	)
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		(34,147,561	)		(751,970	)
Net realized and unrealized gains (losses) on investments		(17,770,188	)		(429,772	)
Net increase in net assets resulting from operations	$	39,035,893		$	1,220,634
*   Net of foreign interest withholding taxes in the amount of		$0			$75
** Net of foreign dividend withholding taxes in the amount of		$0			$0

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

Statements of operations—six months ended November 30, 2017 (unaudited) Wells Fargo Allocation Funds 141

Real Return Portfolio			Stable Income Portfolio
$	1,293,318		$	237,510
	202,388			0
	16,952			2,251
	3,701			0
	1,516,359			239,761
	211,091			35,982
	7,183			5,287
	23,413			29,875
	1,717			1,663
	10,627			10,790
	4,788			2,452
	258,819			86,049
	(34,628	)		(37,413	)
	224,191			48,636
	1,292,168			191,125
	(282,494	)		(6,826	)
	(24	)		0
	23,408			9,604
	(259,110	)		2,778
	251,004			(122,276	)
	5,444			5,312
	256,448			(116,964	)
	(2,662	)		(114,186	)
$	1,289,506		$	76,939
	$0			$0
	$9,288			$0

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

142 Wells Fargo Allocation Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	1,962,282		$	3,655,932
Net realized gains on investments		21,721,158			33,005,051
Net change in unrealized gains (losses) on investments		11,480,147			22,347,142
Net increase in net assets resulting from operations		35,163,587			59,008,125
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		41,986,399			92,843,484
Withdrawals		(19,338,933	)		(80,962,518	)
Net increase in net assets resulting from capital share transactions		22,647,466			11,880,966
Total increase in net assets		57,811,053			70,889,091
Net assets
Beginning of period		363,853,380			292,964,289
End of period	$	421,664,433		$	363,853,380

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

Statements of changes in net assets Wells Fargo Allocation Funds 143

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2017 (unaudited)				Year ended May 31, 2017
Operations
Net investment income	$	267,200			$	559,502
Net realized gains on investments		10,794,261				16,539,222
Net change in unrealized gains (losses) on investments		1,716,628				(1,622,597	)
Net increase in net assets resulting from operations		12,778,089		��		15,476,127
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		473,194				1,745,319
Withdrawals		(26,357,072	)			(26,727,509	)
Net decrease in net assets resulting from capital share transactions		(25,883,878	)			(24,982,190	)
Total decrease in net assets		(13,105,789	)			(9,506,063	)
Net assets
Beginning of period		106,252,413				115,758,476
End of period	$	93,146,624			$	106,252,413

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

144 Wells Fargo Allocation Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment loss	$	(2,236,761	)	$	(1,240,591	)
Net realized gains on investments		57,760,658			135,595,165
Net change in unrealized gains (losses) on investments		53,416,256			47,322,234
Net increase in net assets resulting from operations		108,940,153			181,676,808
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		5,445,214			56,931,248
Withdrawals		(79,793,760	)		(342,455,709	)
Net decrease in net assets resulting from capital share transactions		(74,348,546	)		(285,524,461	)
Total increase (decrease) in net assets		34,591,607			(103,847,653	)
Net assets
Beginning of period		794,640,012			898,487,665
End of period	$	829,231,619		$	794,640,012

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

Statements of changes in net assets Wells Fargo Allocation Funds 145

	International Growth Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	72,388		$	1,772,360
Net realized gains on investments		27,940,445			1,901,476
Net change in unrealized gains (losses) on investments		(16,732,880	)		9,943,224
Net increase in net assets resulting from operations		11,279,953			13,617,060
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		12,249,110			4,029,844
Withdrawals		(119,141,315	)		(28,532,489	)
Net decrease in net assets resulting from capital share transactions		(106,892,205	)		(24,502,645	)
Total decrease in net assets		(95,612,252	)		(10,885,585	)
Net assets
Beginning of period		137,491,030			148,376,615
End of period	$	41,878,778		$	137,491,030

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

146 Wells Fargo Allocation Funds Statements of changes in net assets

	International Value Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	9,565,360		$	17,160,119
Net realized gains (losses) on investments		3,014,189			(10,175,083	)
Net change in unrealized gains (losses) on investments		52,088,189			100,789,122
Net increase in net assets resulting from operations		64,667,738			107,774,158
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		69,240,560			236,560,483
Withdrawals		(47,650,472	)		(100,015,884	)
Net increase in net assets resulting from capital share transactions		21,590,088			136,544,599
Total increase in net assets		86,257,826			244,318,757
Net assets
Beginning of period		752,637,727			508,318,970
End of period	$	838,895,553		$	752,637,727

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

Statements of changes in net assets Wells Fargo Allocation Funds 147

	Large Company Value Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	569,097		$	1,094,138
Net realized gains on investments		2,199,950			16,081,914
Net change in unrealized gains (losses) on investments		4,070,520			(7,786,892	)
Net increase in net assets resulting from operations		6,839,567			9,389,160
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		480,432			911,057
Withdrawals		(9,940,243	)		(18,196,238	)
Net decrease in net assets resulting from capital share transactions		(9,459,811	)		(17,285,181	)
Total decrease in net assets		(2,620,244	)		(7,896,021	)
Net assets
Beginning of period		71,218,809			79,114,830
End of period	$	68,598,565		$	71,218,809

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

148 Wells Fargo Allocation Funds Statements of changes in net assets

	Small Company Growth Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment loss	$	(978,251	)	$	(2,125,287	)
Net realized gains (losses) on investments		11,499,676			(16,225,835	)
Net change in unrealized gains (losses) on investments		200,812,889			257,670,175
Net increase in net assets resulting from operations		211,334,314			239,319,053
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		38,513,574			485,927,559
Withdrawals		(92,652,047	)		(248,318,606	)
Net increase (decrease) in net assets resulting from capital share transactions		(54,138,473	)		237,608,953
Total increase in net assets		157,195,841			476,928,006
Net assets
Beginning of period		1,673,524,446			1,196,596,440
End of period	$	1,830,720,287		$	1,673,524,446

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

Statements of changes in net assets Wells Fargo Allocation Funds 149

	Small Company Value Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	1,366,489		$	1,579,627
Net realized gains on investments		20,706,858			28,865,439
Net change in unrealized gains (losses) on investments		3,266,049			9,357,164
Net increase in net assets resulting from operations		25,339,396			39,802,230
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		6,081,013			22,385,660
Withdrawals		(82,150,882	)		(65,532,861	)
Net decrease in net assets resulting from capital share transactions		(76,069,869	)		(43,147,201	)
Total decrease in net assets		(50,730,473	)		(3,344,971	)
Net assets
Beginning of period		214,224,799			217,569,770
End of period	$	163,494,326		$	214,224,799

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

150 Wells Fargo Allocation Funds Statements of changes in net assets

	Core Bond Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	56,806,081		$	95,331,543
Net realized gains (losses) on investments		16,377,373			(15,997,975	)
Net change in unrealized gains (losses) on investments		(34,147,561	)		(1,098,782	)
Net increase in net assets resulting from operations		39,035,893			78,234,786
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		427,993,948			1,503,144,065
Withdrawals		(139,564,963	)		(731,668,087	)
Net increase in net assets resulting from capital share transactions		288,428,985			771,475,978
Total increase in net assets		327,464,878			849,710,764
Net assets
Beginning of period		5,190,545,822			4,340,835,058
End of period	$	5,518,010,700		$	5,190,545,822

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

Statements of changes in net assets Wells Fargo Allocation Funds 151

	Managed Fixed Income Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	1,650,406		$	3,585,348
Net realized gains on investments		322,198			563,446
Net change in unrealized gains (losses) on investments		(751,970	)		(308,772	)
Net increase in net assets resulting from operations		1,220,634			3,840,022
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,435,361			9,672,229
Withdrawals		(6,237,111	)		(28,308,008	)
Net decrease in net assets resulting from capital share transactions		(3,801,750	)		(18,635,779	)
Total decrease in net assets		(2,581,116	)		(14,795,757	)
Net assets
Beginning of period		111,957,973			126,753,730
End of period	$	109,376,857		$	111,957,973

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

152 Wells Fargo Allocation Funds Statements of changes in net assets

	Real Return Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	1,292,168		$	1,793,711
Net realized gains (losses) on investments		(259,110	)		76,421
Net change in unrealized gains (losses) on investments		256,448			(10,813	)
Net increase in net assets resulting from operations		1,289,506			1,859,319
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		75,660,934			36,734,228
Withdrawals		(23,500,068	)		(13,097,573	)
Net increase in net assets resulting from capital share transactions		52,160,866			23,636,655
Total increase in net assets		53,450,372			25,495,974
Net assets
Beginning of period		89,593,855			64,097,881
End of period	$	143,044,227		$	89,593,855

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

Statements of changes in net assets Wells Fargo Allocation Funds 153

	Stable Income Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	191,125		$	389,666
Net realized gains on investments		2,778			68,947
Net change in unrealized gains (losses) on investments		(116,964	)		(27,594	)
Net increase in net assets resulting from operations		76,939			431,019
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		523,118			2,825,563
Withdrawals		(1,733,445	)		(8,776,604	)
Net decrease in net assets resulting from capital share transactions		(1,210,327	)		(5,951,041	)
Total decrease in net assets		(1,133,388	)		(5,520,022	)
Net assets
Beginning of period		24,898,179			30,418,201
End of period	$	23,764,791		$	24,898,179

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

154 Wells Fargo Allocation Funds Financial highlights

	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return1
C&B Large Cap Value Portfolio
Six months ended November 30, 2017 (unaudited)		0.99	%		0.67	%		0.67	%		9.33	%		18	%
Year ended May 31, 2017		1.09	%		0.68	%		0.68	%		19.17	%		89	%
Year ended May 31, 2016		1.33	%		0.68	%		0.68	%		0.35	%		29	%
Year ended May 31, 2015		1.20	%		0.68	%		0.68	%		10.29	%		35	%
Year ended May 31, 2014		1.35	%		0.68	%		0.68	%		17.80	%		22	%
Year ended May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
Diversified Large Cap Growth Portfolio
Six months ended November 30, 2017 (unaudited)		0.53	%		0.79	%		0.62	%		13.51	%		19	%
Year ended May 31, 2017		0.51	%		0.78	%		0.62	%		15.36	%		98	%
Year ended May 31, 2016		0.29	%		0.74	%		0.62	%		(2.28	)%		59	%
Year ended May 31, 2015		0.28	%		0.72	%		0.62	%		13.11	%		46	%
Year ended May 31, 2014		0.15	%		0.72	%		0.62	%		21.70	%		54	%
Year ended May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
Emerging Growth Portfolio
Six months ended November 30, 2017 (unaudited)		(0.55	)%		0.81	%		0.81	%		14.43	%		26	%
Year ended May 31, 2017		(0.15	)%		0.81	%		0.81	%		23.97	%		115	%
Year ended May 31, 2016		(0.40	)%		0.80	%		0.80	%		(14.47	)%		66	%
Year ended May 31, 2015		(0.63	)%		0.80	%		0.80	%		24.02	%		56	%
Year ended May 31, 2014		(0.62	)%		0.80	%		0.80	%		11.92	%		63	%
Year ended May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
International Growth Portfolio
Six months ended November 30, 2017 (unaudited)		0.13	%		1.01	%		0.99	%		10.19	%		37	%
Year ended May 31, 2017		1.25	%		0.98	%		0.98	%		10.31	%		121	%
Year ended May 31, 2016		1.16	%		0.99	%		0.99	%		(12.40	)%		62	%
Year ended May 31, 2015		0.76	%		1.00	%		1.00	%		5.13	%		51	%
Year ended May 31, 2014		1.13	%		1.00	%		1.00	%		16.45	%		46	%
Year ended May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
International Value Portfolio
Six months ended November 30, 2017 (unaudited)		2.41	%		0.82	%		0.82	%		8.48	%		6	%
Year ended May 31, 2017		3.03	%		0.87	%		0.87	%		19.16	%		41	%
Year ended May 31, 2016		2.50	%		0.91	%		0.91	%		(11.85	)%		14	%
Year ended May 31, 2015		2.45	%		0.91	%		0.91	%		(1.04	)%		18	%
Year ended May 31, 2014		3.09	%		0.91	%		0.91	%		18.22	%		11	%
Year ended May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
Large Company Value Portfolio
Six months ended November 30, 2017 (unaudited)		1.64	%		0.49	%		0.44	%		10.36	%		117	%
Year ended May 31, 2017		1.45	%		0.68	%		0.66	%		13.22	%		203	%
Year ended May 31, 2016		1.54	%		0.76	%		0.74	%		(3.92	)%		50	%
Year ended May 31, 2015		1.09	%		0.74	%		0.74	%		7.90	%		72	%
Year ended May 31, 2014		0.99	%		0.73	%		0.73	%		20.26	%		62	%
Year ended May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
Small Company Growth Portfolio
Six months ended November 30, 2017 (unaudited)		(0.11	)%		0.78	%		0.78	%		12.83	%		17	%
Year ended May 31, 2017		(0.14	)%		0.79	%		0.79	%		18.15	%		82	%
Year ended May 31, 2016		(0.03	)%		0.80	%		0.80	%		(13.86	)%		49	%
Year ended May 31, 2015		(0.32	)%		0.82	%		0.82	%		18.07	%		58	%
Year ended May 31, 2014		(0.37	)%		0.83	%		0.83	%		23.47	%		77	%
Year ended May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%

Please see footnote on page 155.

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

Financial highlights Wells Fargo Allocation Funds 155

	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total return1
Small Company Value Portfolio
Six months ended November 30, 2017 (unaudited)		1.28	%		0.84	%		0.84	%		13.83	%		27	%
Year ended May 31, 2017		0.72	%		0.84	%		0.84	%		19.44	%		110	%
Year ended May 31, 2016		0.62	%		0.85	%		0.85	%		(4.96	)%		72	%
Year ended May 31, 2015		0.89	%		0.84	%		0.84	%		7.29	%		54	%
Year ended May 31, 2014		0.89	%		0.85	%		0.85	%		18.09	%		47	%
Year ended May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
Core Bond Portfolio
Six months ended November 30, 2017 (unaudited)		2.10	%		0.35	%		0.35	%		0.75	%		270	%
Year ended May 31, 2017		1.87	%		0.35	%		0.35	%		1.89	%		614	%
Year ended May 31, 2016		1.86	%		0.36	%		0.35	%		2.78	%		667	%
Year ended May 31, 2015		1.82	%		0.37	%		0.35	%		3.22	%		586	%
Year ended May 31, 2014		1.94	%		0.37	%		0.35	%		2.90	%		646	%
Year ended May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
Managed Fixed Income Portfolio
Six months ended November 30, 2017 (unaudited)		3.00	%		0.49	%		0.39	%		1.10	%		12	%
Year ended May 31, 2017		2.99	%		0.48	%		0.39	%		3.13	%		47	%
Year ended May 31, 2016		3.12	%		0.48	%		0.39	%		3.95	%		25	%
Year ended May 31, 2015		3.20	%		0.48	%		0.39	%		4.23	%		31	%
Year ended May 31, 2014		3.33	%		0.48	%		0.39	%		3.07	%		35	%
Year ended May 31, 2013		3.42	%		0.47	%		0.39	%		4.81	%		49	%
Real Return Portfolio
Six months ended November 30, 2017 (unaudited)		2.45	%		0.49	%		0.43	%		1.16	%		19	%
Year ended May 31, 2017		2.36	%		0.52	%		0.44	%		2.65	%		25	%
Year ended May 31, 2016		1.45	%		0.56	%		0.44	%		1.29	%		29	%
Year ended May 31, 2015		0.89	%		0.57	%		0.44	%		1.50	%		57	%
Year ended May 31, 2014		1.45	%		0.53	%		0.44	%		(0.26	)%		9	%
Year ended May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
Stable Income Portfolio
Six months ended November 30, 2017 (unaudited)		1.59	%		0.72	%		0.41	%		0.32	%		19	%
Year ended May 31, 2017		1.36	%		0.65	%		0.41	%		1.50	%		46	%
Year ended May 31, 2016		1.22	%		0.62	%		0.41	%		0.83	%		20	%
Year ended May 31, 2015		1.20	%		0.64	%		0.41	%		0.89	%		26	%
Year ended May 31, 2014		1.41	%		0.66	%		0.41	%		1.52	%		33	%
Year ended May 31, 2013		1.50	%		0.58	%		0.41	%		2.78	%		20	%

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

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

156 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following portfolios: Wells Fargo C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), Wells Fargo Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), Wells Fargo Emerging Growth Portfolio (“Emerging Growth Portfolio”), Wells Fargo International Growth Portfolio (“International Growth Portfolio”), Wells Fargo International Value Portfolio (“International Value Portfolio”), Wells Fargo Large Company Value Portfolio (“Large Company Value Portfolio”), Wells Fargo Small Company Growth Portfolio (“Small Company Growth Portfolio”), Wells Fargo Small Company Value Portfolio (“Small Company Value Portfolio”), Wells Fargo Core Bond Portfolio (“Core Bond Portfolio”), Wells Fargo Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), Wells Fargo Real Return Portfolio (“Real Return Portfolio”), and Wells Fargo Stable Income Portfolio (“Stable Income Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio 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 each Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolios 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 Portfolios’ Valuation Procedures.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2017, such fair value pricing was used in pricing foreign securities.

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

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

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 157

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

Participation notes

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

Security loans

Each Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. Each Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

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

158 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

When-issued transactions

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

Loans

Each Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

Each Portfolio may enter into futures contracts and may be subject to interest rate risk or equity price risk in the normal course of pursuing its investment objectives. A Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

TBA sale commitments

Each Portfolio may enter into To Be Announced (“TBA”) sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities or offsetting TBA purchase commitments, which are deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Securities valuation”. The contract is marked-to-market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or a loss

Inflation-indexed bonds and TIPS

Each Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 159

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.

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

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

Federal and other taxes

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

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

As of November 30, 2017, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains (losses)
C&B Large Cap Value Portfolio	$	337,269,887	$	107,820,240	$	(11,869,624	)	$	95,950,616
Diversified Large Cap Growth Portfolio		57,478,387		36,771,433		(163,060	)		36,608,373
Emerging Growth Portfolio		581,001,147		292,824,064		(4,339,078	)		288,484,986
International Growth Portfolio		42,096,472		8,884,273		(223,422	)		8,660,851
International Value Portfolio		756,728,329		152,755,154		(60,401,072	)		92,354,082
Large Company Value Portfolio		60,850,246		8,287,561		(792,412	)		7,486,149
Small Company Growth Portfolio		1,543,991,402		574,992,701		(57,111,649	)		517,881,052
Small Company Value Portfolio		147,806,459		39,399,149		(5,441,847	)		33,957,302
Core Bond Portfolio		6,067,126,333		36,355,318		(48,002,334	)		(11,647,016	)
Managed Fixed Income Portfolio		106,939,751		3,260,870		(815,335	)		2,445,535
Real Return Portfolio		141,628,350		3,431,356		(909,686	)		2,521,670
Stable Income Portfolio		23,902,633		379,215		(50,349	)		328,866

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

160 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

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

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

C&B Large Cap Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	65,748,351	$	0	$	0	$	65,748,351
Consumer staples		15,376,229		0		0		15,376,229
Energy		23,896,484		0		0		23,896,484
Financials		120,555,322		0		0		120,555,322
Health care		59,449,612		0		0		59,449,612
Industrials		56,367,536		0		0		56,367,536
Information technology		28,797,109		0		0		28,797,109
Materials		20,183,369		0		0		20,183,369
Real estate		6,170,128		0		0		6,170,128
Short-term investments
Investment companies		23,303,022		0		0		23,303,022
Investments measured at net asset value*								13,373,341
Total assets	$	419,847,162	$	0	$	0	$	433,220,503

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $13,373,341 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Diversified Large Cap Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	13,445,142	$	0	$	0	$	13,445,142
Consumer staples		3,098,819		0		0		3,098,819
Energy		2,271,298		0		0		2,271,298
Financials		7,843,769		0		0		7,843,769
Health care		11,163,735		0		0		11,163,735
Industrials		11,187,758		0		0		11,187,758
Information technology		37,527,492		0		0		37,527,492
Materials		3,725,264		0		0		3,725,264
Real estate		1,393,906		0		0		1,393,906
Utilities		531,357		0		0		531,357
Short-term investments
Investment companies		784,307		0		0		784,307
Investments measured at net asset value*								1,113,913
Total assets	$	92,972,847	$	0	$	0	$	94,086,760

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $1,113,913 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 161

Emerging Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	109,882,655	$	0		$	0	$	109,882,655
Energy		13,309,639		0			0		13,309,639
Financials		32,754,037		0			0		32,754,037
Health care		185,133,276		0			0		185,133,276
Industrials		180,929,250		0	��		0		180,929,250
Information technology		286,304,355		0			0		286,304,355
Materials		3,141,600		0			0		3,141,600
Exchage-traded funds		8,516,712		0			0		8,516,712
Short-term investments
Investment companies		12,485,937		0			0		12,485,937
Investments measured at net asset value*									37,028,672
Total assets	$	832,457,461	$	0		$	0	$	869,486,133

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $37,028,672 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

162 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

International Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Brazil	$	116,446	$	0	$	0	$	116,446
Canada		1,038,292		0		0		1,038,292
Cayman Islands		566,039		0		0		566,039
Chile		48,942		0		0		48,942
China		2,654,603		0		0		2,654,603
Denmark		52,716		0		0		52,716
France		1,185,734		0		0		1,185,734
Germany		9,971,855		0		0		9,971,855
Hong Kong		1,132,540		0		0		1,132,540
Indonesia		253,648		0		0		253,648
Ireland		1,081,981		0		0		1,081,981
Italy		1,993,900		0		0		1,993,900
Japan		4,633,630		0		0		4,633,630
Netherlands		3,218,540		0		0		3,218,540
Russia		446,311		0		0		446,311
South Africa		269,725		0		0		269,725
South Korea		1,229,739		0		0		1,229,739
Spain		613,409		0		0		613,409
Switzerland		1,400,364		0		0		1,400,364
Taiwan		173,732		0		0		173,732
United Kingdom		6,350,991		0		0		6,350,991
United States		1,173,582		0		0		1,173,582
Participation notes
Ireland		0		1,260,294		0		1,260,294
Preferred stocks
Germany		582,312		0		0		582,312
Short-term investments
Investment companies		9,307,998		0		0		9,307,998
Total assets	$	49,497,029	$	1,260,294	$	0	$	50,757,323

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 163

International Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	45,544,164	$	2	$	0	$	45,544,166
Austria		10,491,189		0		0		10,491,189
Belgium		3,147,375		0		0		3,147,375
Brazil		7,013,561		0		0		7,013,561
Canada		11,024,210		0		0		11,024,210
China		23,076,105		0		0		23,076,105
Denmark		9,836,780		0		0		9,836,780
France		66,666,686		0		0		66,666,686
Germany		70,719,317		0		0		70,719,317
Hong Kong		19,135,440		0		0		19,135,440
India		3,028,221		0		0		3,028,221
Ireland		7,013,997		0		0		7,013,997
Israel		3,766,111		0		0		3,766,111
Italy		20,117,000		0		0		20,117,000
Japan		191,654,824		0		0		191,654,824
Liechtenstein		869,956		0		0		869,956
Malaysia		2,712,825		0		0		2,712,825
Netherlands		27,315,149		0		0		27,315,149
Norway		11,007,114		0		0		11,007,114
Poland		1,280,051		0		0		1,280,051
Portugal		3,532,626		0		0		3,532,626
Russia		10,319,028		0		0		10,319,028
Singapore		7,778,592		0		0		7,778,592
South Africa		3,473,378		0		0		3,473,378
South Korea		21,933,998		0		0		21,933,998
Spain		21,403,444		0		0		21,403,444
Sweden		10,500,178		0		0		10,500,178
Switzerland		52,138,422		0		0		52,138,422
Taiwan		6,106,007		0		0		6,106,007
Thailand		10,986,249		0		0		10,986,249
Turkey		2,599,817		0		0		2,599,817
United Kingdom		123,341,358		0		0		123,341,358
Preferred stocks
Brazil		6,530,162		0		0		6,530,162
Short-term investments
Investment companies		14,627,964		0		0		14,627,964
Investments measured at net asset value*								18,391,111
Total assets	$	830,691,298	$	2	$	0	$	849,082,411

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $18,391,111 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

164 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

Large Company Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	4,392,895	$	0	$	0	$	4,392,895
Consumer staples		5,541,085		0		0		5,541,085
Energy		7,223,313		0		0		7,223,313
Financials		17,836,398		0		0		17,836,398
Health care		8,539,091		0		0		8,539,091
Industrials		4,415,390		0		0		4,415,390
Information technology		5,648,308		0		0		5,648,308
Materials		1,635,125		0		0		1,635,125
Real estate		5,486,456		0		0		5,486,456
Telecommunication services		1,151,102		0		0		1,151,102
Utilities		5,046,726		0		0		5,046,726
Short-term investments
Investment companies		1,379,139		0		0		1,379,139
		68,295,028		0		0		68,295,028
Futures contracts		10,769		0		0		10,769
Total assets	$	68,305,797	$	0	$	0	$	68,305,797

Small Company Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	196,383,580	$	0	$	0	$	196,383,580
Consumer staples		42,256,372		0		0		42,256,372
Energy		22,341,243		0		0		22,341,243
Financials		167,105,275		0		0		167,105,275
Health care		359,208,477		0		0		359,208,477
Industrials		357,882,494		0		0		357,882,494
Information technology		525,175,264		0		0		525,175,264
Materials		65,060,418		0		0		65,060,418
Real estate		22,893,515		0		0		22,893,515
Short-term investments
Investment companies		68,328,716		0		0		68,328,716
Investments measured at net asset value*								235,237,100
Total assets	$	1,826,635,354	$	0	$	0	$	2,061,872,454

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $235,237,100 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 165

Small Company Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	30,208,685	$	0	$	0	$	30,208,685
Consumer staples		2,821,743		0		0		2,821,743
Energy		8,538,089		0		0		8,538,089
Financials		45,963,174		0		0		45,963,174
Health care		12,224,920		0		0		12,224,920
Industrials		13,273,305		0		0		13,273,305
Information technology		20,898,045		0		0		20,898,045
Materials		4,743,847		0		0		4,743,847
Real estate		14,668,793		0		0		14,668,793
Utilities		5,853,969		0		0		5,853,969
Short-term investments
Investment companies		3,068,712		0		0		3,068,712
Investments measured at net asset value*								19,500,479
Total assets	$	162,263,282	$	0	$	0	$	181,763,761

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $19,500,479 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Core Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,580,320,675	$	0	$	1,580,320,675
Asset-backed securities		0		691,059,356		0		691,059,356
Corporate bonds and notes		0		1,188,666,922		0		1,188,666,922
Municipal obligations		0		35,571,040		0		35,571,040
Non-agency mortgage-back securities		0		317,382,777		0		317,382,777
U.S. Treasury securities		1,778,289,584		0		0		1,778,289,584
Yankee corporate bonds and notes		0		251,357,876		0		251,357,876
Yankee government bonds		0		53,578,548		0		53,578,548
Short-term investments
Investment companies		108,987,187		0		0		108,987,187
Investments measured at net asset value*								50,265,352
Total assets	$	1,887,276,771	$	4,117,937,194	$	0	$	6,055,479,317

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $50,265,352 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

166 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

Managed Fixed Income Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	32,890,274	$	0	$	32,890,274
Asset-backed securities		0		2,985,896		0		2,985,896
Corporate bonds and notes		0		36,405,920		0		36,405,920
Municipal obligations		0		9,608,682		0		9,608,682
Non-agency mortgage-back securities		0		12,070,038		0		12,070,038
U.S. Treasury securities		6,872,696		0		0		6,872,696
Yankee corporate bonds and notes		0		6,155,232		0		6,155,232
Short-term investments
Investment companies		2,232,824		0		0		2,232,824
Investments measured at net asset value*								163,724
Total assets	$	9,105,520	$	100,116,042	$	0	$	109,385,286

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $163,724 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Real Return Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		��	Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	402,456	$	0		$	0	$	402,456
Consumer staples		5,679,161		0			0		5,679,161
Energy		6,337,193		0			0		6,337,193
Health care		943,921		0			0		943,921
Materials		7,387,186		0			0		7,387,186
Real estate		4,430,843		0			0		4,430,843
Corporate bonds and notes		0		12,754,253			0		12,754,253
Loans		0		4,874,723			121,860		4,996,583
Participation notes
Financials		0		554,465			0		554,465
U.S. Treasury securities		94,234,230		0			0		94,234,230
Yankee corporate bonds and notes		0		1,299,878			0		1,299,878
Short-term investments
Investment companies		4,513,660		0			0		4,513,660
U.S. Treasury securities		49,984		0			0		49,984
Investments measured at net asset value*									562,051
		123,978,634		19,483,319			121,860		144,145,864
Futures contracts		4,375		0			0		4,375
Total assets	$	123,983,009	$	19,483,319		$	121,860	$	144,150,239
Liabilities
Futures contracts	$	1,266	$	0		$	0	$	1,266
Total liabilities	$	1,266	$	0		$	0	$	1,266

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $562,051 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 167

Stable Income Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	5,512,009	$	0	$	5,512,009
Asset-backed securities		0		5,759,161		0		5,759,161
Corporate bonds and notes		0		6,660,066		0		6,660,066
Municipal obligations		0		930,612		0		930,612
Non-agency mortgage-backed securities		0		280,172		0		280,172
U.S. Treasury securities		3,254,163		0		0		3,254,163
Yankee corporate bonds and notes		0		821,814		0		821,814
Short-term investments
Investment companies		1,009,851		0		0		1,009,851
		4,264,014		19,963,834		0		24,227,848
Futures contracts		2,813		0		0		2,813
Total assets	$	4,266,827	$	19,963,834	$	0	$	24,230,661

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Portfolios at that date. All other assets and liabilities are reported at their market value at measurement date.

The Portfolios recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2017, the Portfolios, except Real Return Portfolio, did not have any transfers into/out of Level 1, Level 2, or Level 3. Real Return Portfolio did not have any transfers into/out of Level 1 and had no material transfers between Level 2 and Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the applicable subadvisers, who are responsible for day-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee which is calculated based on the average daily net assets of each Portfolio.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management for the Portfolios. Funds Management has engaged Analytic Investors, LLC, Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Galliard Capital Management, Inc., Golden Capital Management, LLC, LSV Asset Management, Peregrine Capital Management, LLC (“Peregrine”), and WellsCap as subadvisers. Analytic Investors, LLC, Galliard Capital Management, Inc., Golden Capital Management, LLC and WellsCap are each affiliates of Funds Management and an indirect wholly owned subsidiary of Wells Fargo. Effective January 1, 2018, Golden Capital Management, LLC merged into WellsCap. Artisan Partners Limited Partnership, Cooke & Bieler, L.P., LSV Asset Management and Peregrine are not affiliates of Funds Management.

The fees for subadvisory services are borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each Portfolio.

168 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

The annual advisory and subadvisory fee rates for each Portfolio are as follows:

	Advisory fee						Effective rate for the six month ended November 30, 2017			Subadviser	Subadvisory fee
	starting at			declining to							starting at	declining to
C&B Large Cap Value Portfolio		0.65	%		0.475	%		0.65	%	Cooke & Bieler, L.P.	0.38%		0.30	%
Diversified Large Cap Growth Portfolio		0.65			0.475			0.65		WellsCap+	0.30		0.20
										Golden Capital Management, LLC+	0.35		0.30
Emerging Growth Portfolio		0.80			0.68			0.79		WellsCap	0.55		0.40
International Growth Portfolio		0.80			0.65			0.80		Artisan Partners Limited Partnership	0.80		0.50
International Value Portfolio		0.80			0.65			0.78		LSV Asset Management	0.35		0.30
Large Company Value Portfolio		0.35			0.30			0.35		Analytic Investor, LLC	0.25		0.15
Small Company Growth Portfolio		0.80			0.68			0.77		Peregrine	0.50		0.45
Small Company Value Portfolio		0.80			0.68			0.80		Peregrine	0.45		0.40
Core Bond Portfolio		0.40	*		0.29	*		0.34		WellsCap	0.20		0.10
Managed Fixed Income Portfolio		0.40	*		0.29	*		0.40		Galliard Capital Management, Inc.	0.20		0.10
Real Return Portfolio		0.40	*		0.29	*		0.40		WellsCap	0.28		0.18
Stable Income Portfolio		0.30			0.225			0.30		Galliard Capital Management, Inc.	0.15		0.05

+ The subadvisory fee is calculated based on the average daily net assets managed by the subadviser.

* Prior to October 1, 2017, the advisory fee started at 0.40% and declined to 0.30% as the average daily net assets increased.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2017 were as follows:

	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
C&B Large Cap Value Portfolio	$	0	$	85,170,599	$	0	$	68,671,701
Diversified Large Cap Growth Portfolio		0		19,290,473		0		44,890,800
Emerging Growth Portfolio		0		205,421,103		0		272,724,054
International Growth Portfolio		0		38,133,834		0		140,265,171
International Value Portfolio		0		66,524,606		0		43,419,826
Large Company Value Portfolio		0		79,623,196		0		88,551,795
Small Company Growth Portfolio		0		281,008,653		0		342,076,939
Small Company Value Portfolio		0		55,445,457		0		128,763,747
Core Bond Portfolio		14,029,495,466		2,082,601,879		13,659,733,800		1,978,544,495
Managed Fixed Income Portfolio		8,839,241		5,462,356		5,528,381		7,364,383
Real Return Portfolio		47,866,597		26,201,535		12,956,955		7,196,373
Stable Income Portfolio		2,921,081		4,323,419		1,495,725		3,019,482

As of November 30, 2017, Real Return Portfolio had unfunded term loan commitments of $687,109.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 169

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2017, Large Company Value Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2017, Real Return Portfolio and Stable Income Portfolio entered into futures contract to speculate on interest rates and to help manage the duration of each portfolio.

The table below discloses the volume of each Portfolio’s derivative transactions during the six months ended November 30, 2017 and any segregated cash on November 30, 2017.

	Large Company Value Portfolio		Real Return Portfolio			Stable Income Portfolio
Average notional balance on long futures	$	1,414,978	$	379,974		$	0
Average notional balance on short futures		0		(4,884,432	)		(1,189,962	)
Segregated cash at November 30, 2017		150,000		0			7,000

The receivable and payable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

For certain types of derivative transactions, the Portfolios have 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 Portfolio 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 Portfolios under ISDA Master Agreements or similar agreements, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose 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 Statements of Assets and Liabilities are not offset across transactions between the Portfolio and the applicable counterparty. A reconciliation of the gross amounts on the Statements 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 Statements of Assets and Liabilities		Amounts subject to netting agreements			Collateral received		Net amount of assets
Large Company Value Portfolio	Morgan Stanley	$	10,769	$	0		$	0	$	10,769
Real Return Portfolio	JPMorgan		4,375		(1,266	)		0		3,109
Stable Income Portfolio	JPMorgan		2,813		0			0		2,813

	Counterparty	Gross amounts of liabilities in the Statements of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Real Return Portfolio	JPMorgan	$1,266	$	(1,266	)	$	0	$	0

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Portfolios that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector. The Portfolio of Investments includes information on each Portfolio’s holdings, including sector composition, country and/or geographical composition as relevant.

170 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

8. INDEMNIFICATION

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

9. REDEMPTION IN-KIND

After the close of business on July 15, 2016, Wells Fargo Emerging Growth Fund, which invests all of its assets in Emerging Growth Portfolio, redeemed assets through an in-kind redemption. In the redemption transaction, Wells Fargo Emerging Growth Fund issued securities which it received from Emerging Growth Portfolio with a value of $80,953,334 along with cash in the amount of $2,716,932. Emerging Growth Portfolio recognized gains in the amount of $30,973,586. The redemption in-kind represented 9.01% of Emerging Growth Portfolio and is reflected on the Statements of Changes in Net Assets.

Other information (unaudited) Wells Fargo Allocation Funds 171

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
Peter G. Gordon*** (Born 1942)	Trustee, since 1998; Chairman, from 2005 to 2017	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

172 Wells Fargo Allocation Funds Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell**** (Born 1953)	Trustee, since 2006; 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 Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

*** Peter Gordon retired on December 31, 2017.

**** 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 Allocation Funds 173

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 the Growth Balanced Fund, Moderate Balanced Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 72 other funds and Assistant Treasurer of 67 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 67 other 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.

174 Wells Fargo Allocation Funds 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 Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Funds’ 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 Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Funds’ website at 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

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

307648 01-18 SAAFNLD/SAR109 11-17

Semi-Annual Report

November 30, 2017

Equity Gateway Funds

∎ Wells Fargo C&B Large Cap Value Fund

∎ Wells Fargo Diversified Equity Fund

∎ Wells Fargo Emerging Growth Fund

∎ Wells Fargo Index Fund

∎ Wells Fargo International Value Fund

∎ Wells Fargo Small Company Growth Fund

∎ Wells Fargo Small Company Value Fund

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	18
Portfolios of investments
Wells Fargo C&B Large Cap Value Fund	21
Wells Fargo Diversified Equity Fund	22
Wells Fargo Emerging Growth Fund	23
Wells Fargo Index Fund	23
Wells Fargo International Value Fund	24
Wells Fargo Small Company Growth Fund	24
Wells Fargo Small Company Value Fund	25
Financial statements
Statements of assets and liabilities	26
Statements of operations	28
Statements of changes in net assets	30
Financial highlights	38
Notes to financial statements	52

Master portfolios
Portfolio of investments
Wells Fargo C&B Large Cap Value Portfolio	59
Wells Fargo Diversified Large Cap Growth Portfolio	63
Wells Fargo Emerging Growth Portfolio	69
Wells Fargo Index Portfolio	74
Wells Fargo International Growth Portfolio	90
Wells Fargo International Value Portfolio	94
Wells Fargo Large Company Value Portfolio	102
Wells Fargo Small Company Growth Portfolio	107
Wells Fargo Small Company Value Portfolio	113
Financial statements
Statements of assets and liabilities	118
Statements of operations	120
Statements of changes in net assets	122
Financial highlights	131
Notes to financial statements	133
Other information	144
List of abbreviations	148

The views expressed and any forward-looking statements are as of November 30, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Equity Gateway Funds Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Equity Gateway Funds for the six-month period that ended November 30, 2017. In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well. U.S. and international stocks returned 10.89% and 9.38%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net),² respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 0.68% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.40%.

Global growth strengthened in June and through the third quarter of 2017, and investment markets generally advanced.

From June through September, most stock markets worldwide moved higher and were at or near all-time highs as September ended. Moderate acceleration in global economic growth was supported by improving corporate earnings, low inflation pressure, and still-low interest rates. Corporate earnings reports were favorable overall as companies continued to benefit from healthy operating leverage. Global commodity prices climbed; oil prices rebounded, partly due to a better balance between supply and demand. While North Korea’s missile launches and nuclear testing raised serious concerns around the world, the heightened geopolitical risk had relatively minimal impact on stock returns.

In the U.S., economic data released in the third quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate, and consumers displayed more willingness to spend. Meanwhile, after raising the target interest rate by a quarter percentage point in June—to a range of 1.00% to 1.25%—the Federal Reserve (Fed) chose to maintain that target throughout the third quarter, noting that inflation had remained below the Fed’s 2.00% objective. Reflecting continued confidence in the U.S. economy, the Fed also stated the possibility of one more 0.25% increase in the federal funds rate by the end of 2017 and announced plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets in October.

Outside the U.S., stocks in the Asia Pacific region benefited from solid earnings reports and investors’ willingness to take on risk despite the rising tensions between North Korea and the U.S. In Europe, markets were supported by better-than-expected economic growth, which has led to narrowing of the gap between Europe’s growth rate and that of the U.S. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar. Also, commodity prices were on an upward trajectory, which benefited many companies that rely on natural resources for exports.

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

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

³  The Bloomberg Barclays U.S. Aggregate Bond Index 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.

⁴  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.

Letter to shareholders (unaudited) Wells Fargo Equity Gateway Funds 3

Positive economic and market news generally continued into October and November.

October proved to be a strong month for U.S. stocks. The S&P 500 Index delivered 11 record closes amid rising consumer confidence and signs the economy was continuing to gain momentum, including news in late October that economic output was estimated to have grown at a 3.0% annual rate in the third quarter. At its October meeting, the Fed, in a unanimous vote, left short-term interest rates unchanged but signaled it could make another rate increase before the end of 2017 if the economy remains on track. The Fed also began the process of unwinding its quantitative easing program. Outside the U.S., international stocks generally delivered positive results in October as global economic growth continued to strengthen.

Economic data released in November indicated that the U.S. economy was continuing its steady expansion, even though inflation remained low. The U.S. Bureau of Economic Analysis raised its estimate of third-quarter economic growth to 3.3% during November, consumers increased their spending, and U.S. companies continued to deliver solid earnings gains. As November ended, major U.S. stock indexes climbed to record levels, propelled by investors’ rising confidence that the U.S. Senate would pass its version of a tax-overhaul bill. The optimism led many investors to sell U.S. Treasury bonds in order to purchase stocks, which pushed government bond yields higher. Outside the U.S., stock markets generally delivered favorable monthly results, and economies continued to improve. Within the eurozone, for example, accelerating growth and falling unemployment helped boost the eurozone economic indicator to its highest level in 17 years in November.

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

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo C&B Large Cap Value Fund¹

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Cooke & Bieler, L.P.

Portfolio managers

Andrew Armstrong, CFA^®

Steve Lyons, CFA^®

Michael M. Meyer, CFA^®

Edward W. O’Connor, CFA^®

R. James O’Neil, CFA^®

Mehul Trivedi, CFA^®

William Weber, CFA^®

Average annual total returns (%) as of November 30, 2017

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (CBEAX)	7-26-2004		13.45		13.64		6.35		20.35		15.00		6.99		1.24		1.08
Class C (CBECX)	7-26-2004		18.39		14.13		6.19		19.39		14.13		6.19		1.99		1.83
Class R6 (CBEJX)4	10-31-2016		–		–		–		20.84		15.37		7.34		0.81		0.65
Administrator Class (CBLLX)	7-26-2004		–		–		–		20.45		15.18		7.18		1.16		1.00
Institutional Class (CBLSX)	7-26-2004		–		–		–		20.74		15.46		7.45		0.91		0.75
Russell 1000® Value Index5	–		–		–		–		14.83		14.17		6.84		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 5

Wells Fargo C&B Large Cap Value Fund¹ (continued)

Ten largest holdings (%) as of November 30, 20176
JPMorgan Chase & Company	3.13
AerCap Holdings NV	3.01
Gildan Activewear Incorporated	2.93
Intercontinental Exchange Incorporated	2.81
Berkshire Hathaway Incorporated Class B	2.77
Omnicom Group Incorporated	2.75
Snap-on Incorporated	2.64
State Street Corporation	2.59
Twenty-First Century Fox Incorporated Class A	2.58
Exxon Mobil Corporation	2.52

Sector distribution as of November 30, 2017⁷

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

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

³  The manager has contractually committed through September 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

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

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

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

6 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Diversified Equity Fund

Investment objective

The Fund seeks long-term total capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadvisers for the affiliated master portfolios

Analytic Investors, LLC

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, LLC

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Biwer, CFA^®

Aldo Ceccarelli, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2017

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (NVDAX)	5-2-1996		16.12		11.64		5.39		23.20		12.97		6.01		1.41		1.25
Class C (WFDEX)	10-1-1998		21.31		12.13		5.22		22.31		12.13		5.22		2.16		2.00
Administrator Class (NVDEX)	11-11-1994		–		–		–		23.48		13.25		6.28		1.33		1.00
Diversified Equity Blended Index3	–		–		–		–		22.99		14.56		7.44		–		–
MSCI EAFE Index (Net)4	–		–		–		–		27.27		8.24		1.55		–		–
Russell 1000® Growth Index5	–		–		–		–		30.81		17.14		9.87		–		–
Russell 1000® Value Index6	–		–		–		–		14.83		14.17		6.84		–		–
Russell 2000® Index7	–		–		–		–		18.34		15.02		8.75		–		–
S&P 500 Index8	–		–		–		–		22.87		15.74		8.30		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 7

Wells Fargo Diversified Equity Fund (continued)

Fund holdings (%) as of November 30, 20179
Wells Fargo Index Portfolio	25.13
Wells Fargo Diversified Large Cap Growth Portfolio	24.95
Wells Fargo Large Company Value Portfolio	16.75
Wells Fargo C&B Large Cap Value Portfolio	8.34
Wells Fargo International Growth Portfolio	7.42
Wells Fargo International Value Portfolio	7.41
Wells Fargo Small Company Value Portfolio	5.07
Wells Fargo Small Company Growth Portfolio	2.52
Wells Fargo Emerging Growth Portfolio	2.50

Neutral target allocation

Current target allocation as of November 30, 2017¹⁰

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.57% in acquired fund fees and expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, and extraordinary expenses are excluded from the expense cap. Acquired fund fees and expenses from the affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

³  Source: Wells Fargo Funds Management, LLC. The Diversified Equity Blended Index is weighted 25% in the S&P 500 Index, 25% in the Russell 1000^® Growth Index, 25% in the Russell 1000^® Value Index, 15% in the MSCI EAFE Index (Net), and 10% in the Russell 2000^® Index. You cannot invest directly in an index.

⁴  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

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

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

⁹  The Fund 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.

¹⁰  Current target allocation is subject to change and may have changed since the date specified.

8 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Emerging Growth Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

Average annual total returns (%) as of November 30, 2017²

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WEMAX)	3-31-2008		16.57		12.97		6.53		23.69		14.32		7.16		1.36		1.35
Class C (WEMCX)	3-31-2008		21.72		13.47		6.36		22.72		13.47		6.36		2.11		2.10
Administrator Class (WFGDX)	1-31-2007		–		–		–		23.86		14.48		7.37		1.28		1.20
Institutional Class (WEMIX)	3-31-2008		–		–		–		24.20		14.83		7.67		1.03		0.90
Russell 2000® Growth Index5	–		–		–		–		23.69		15.84		9.25		–		–

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 9.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 9

Wells Fargo Emerging Growth Fund¹ (continued)

Ten largest holdings (%) as of November 30, 20176
On Assignment Incorporated	3.11
Q2 Holdings Incorporated	3.07
InterXion Holding NV	2.97
Proofpoint Incorporated	2.72
WageWorks Incorporated	2.44
Ligand Pharmaceuticals Incorporated	2.42
John Bean Technologies Corporation	2.27
Inogen Incorporated	2.12
Envestnet Incorporated	1.89
HealthEquity Incorporated	1.80

Sector distribution as of November 30, 2017⁷

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

²  Historical performance shown for Class A shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Class A shares would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class C 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.

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

⁴  The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

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

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

10 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Index Fund¹

Investment objective

The Fund seeks to replicate the total return of S&P 500 Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®

David Neal, CFA^®

Robert M. Wicentowski, CFA^®

Average annual total returns (%) as of November 30, 2017²

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFILX)	11-4-1998		15.31		13.82		7.12		22.35		15.17		7.76		0.62		0.45
Class C (WFINX)	4-30-1999		20.43		14.31		6.95		21.43		14.31		6.95		1.37		1.20
Administrator Class (WFIOX)	2-14-1985		–		–		–		22.59		15.47		8.05		0.39		0.25
S&P 500 Index5	–		–		–		–		22.87		15.74		8.30		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 11.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 11

Wells Fargo Index Fund¹ (continued)

Ten largest holdings (%) as of November 30, 20176
Apple Incorporated	3.85
Microsoft Corporation	2.81
Amazon.com Incorporated	2.03
Facebook Incorporated Class A	1.82
Johnson & Johnson	1.62
Berkshire Hathaway Incorporated Class B	1.61
JPMorgan Chase & Company	1.59
Exxon Mobil Corporation	1.53
Alphabet Incorporated Class A	1.34
Alphabet Incorporated Class C	1.34

Sector distribution as of November 30, 2017⁷

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

²  Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Equity Index Fund.

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

⁴  The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁵  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

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

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

12 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo International Value Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

LSV Asset Management

Portfolio managers

Josef Lakonishok, Ph.D

Puneet Mansharamani, CFA^®

Menno Vermeulen, CFA^®

Average annual total returns (%) as of November 30, 2017

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year		5 year		10 year			1 year		5 year		10 year			Gross		Net3
Class A (WFFAX)	10-31-2003		19.43		6.20		0.06			26.72		7.47		0.65			1.40		1.35
Class C (WFVCX)	4-8-2005		24.70		6.65		(0.12	)		25.70		6.65		(0.12	)		2.15		2.10
Administrator Class (WFVDX)	4-8-2005		–		–		–			26.87		7.62		0.83			1.32		1.25
Institutional Class (WFVIX)	8-31-2006		–		–		–			27.12		7.90		1.06			1.07		1.00
MSCI EAFE Value Index (Net)4	–		–		–		–			25.08		7.47		0.75			–		–

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

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

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

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

Please see footnotes on page 13.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 13

Wells Fargo International Value Fund¹ (continued)

Ten largest holdings (%) as of November 30, 20175
Nippon Telegraph & Telephone Corporation	1.54
Sanofi SA	1.54
Enel SpA	1.32
KDDI Corporation	1.21
Roche Holding AG	1.19
GlaxoSmithKline plc	1.14
BAE Systems plc	1.08
Deutsche Post AG	1.06
Allianz AG	1.00
Swiss Life Holding AG	0.88

Sector distribution as of November 30, 2017⁶

Country allocation as of November 30, 2017⁶

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

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

³  The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East (EAFE) Value Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of value securities within developed equity markets, excluding the United States and Canada. The MSCI EAFE Value Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

⁶  Amounts represent the composition of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

14 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Small Company Growth Fund¹

The Fund is currently closed to most new investors.²

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Peregrine Capital Management, LLC

Portfolio managers

William A. Grierson, CFA^®

Daniel J. Hagen, CFA^®

James P. Ross, CFA^®

Paul E. von Kuster, CFA^®

Average annual total returns (%) as of November 30, 2017³

		Including sales charge						Excluding sales charge						Expense ratios4 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net5
Class A (WFSAX)	1-30-2004		12.40		13.36		8.03		19.25		14.71		8.67		1.33		1.33
Class C (WSMCX)	1-30-2004		17.38		13.86		7.87		18.38		13.86		7.87		2.08		2.08
Class R6 (WSCRX)	10-31-2014		–		–		–		19.79		15.24		9.18		0.90		0.90
Administrator Class (NVSCX)	11-11-1994		–		–		–		19.40		14.92		8.92		1.25		1.20
Institutional Class (WSCGX)	3-31-2008		–		–		–		19.72		15.20		9.16		1.00		0.95
Russell 2000® Growth Index6	–		–		–		–		23.69		15.84		9.25		–		–

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 15.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 15

Wells Fargo Small Company Growth Fund¹ (continued)

Ten largest holdings (%) as of November 30, 20177
SS&C Technologies Holdings Incorporated	1.94
PTC Incorporated	1.60
Copart Incorporated	1.55
On Assignment Incorporated	1.47
Cadence Design Systems Incorporated	1.47
Evercore Partners Incorporated Class A	1.40
SVB Financial Group	1.40
Cypress Semiconductor Corporation	1.37
Teradyne Incorporated	1.36
RealPage Incorporated	1.34

Sector distribution as of November 30, 2017⁸

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

²  Please see the Fund’s current Statement of Additional Information for further details.

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher. 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.

⁴  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.

⁵  The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.35% for Class A, 2.10% for Class C, 0.90% for Class R6, 1.20% for Administrator Class, and 0.95% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁶  The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. 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 securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁸  Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

16 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Small Company Value Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Peregrine Capital Management, LLC

Portfolio managers

Jason R. Ballsrud, CFA^®

Tasso H. Coin, Jr., CFA^®

Douglas G. Pugh, CFA^®

Average annual total returns (%) as of November 30, 2017²

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (SCVAX)	1-31-2002		10.27		12.90		8.00		17.00		14.25		8.64		1.47		1.35
Class C (SCVFX)	8-30-2002		15.07		13.37		7.85		16.07		13.37		7.85		2.22		2.10
Class R6 (SCVJX)	10-31-2016		–		–		–		17.51		14.51		8.96		1.04		0.90
Administrator Class (SCVIX)	1-31-2002		–		–		–		17.16		14.45		8.90		1.39		1.20
Institutional Class (SCVNX)	7-30-2010		–		–		–		17.35		14.67		9.06		1.14		1.00
Russell 2000® Value Index5	–		–		–		–		13.37		14.16		8.18		–		–

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

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

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

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

Please see footnotes on page 17.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 17

Wells Fargo Small Company Value Fund¹ (continued)

Ten largest holdings (%) as of November 30, 20176
Eldorado Resorts Incorporated	1.65
Cypress Semiconductor Corporation	1.64
Kemper Corporation	1.53
Adtalem Global Education Incorporated	1.50
Visteon Corporation	1.49
Century Communities Incorporated	1.45
Regal Entertainment Group Class A	1.43
Independent Bank Group Incorporated	1.37
Merit Medical Systems Incorporated	1.35
Interface Incorporated	1.33

Sector distribution as of November 30, 2017⁷

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

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

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

⁴  The manager has contractually committed through September 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

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

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

18 Wells Fargo Equity Gateway Funds Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2017 to November 30, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

C&B Large Cap Value Fund1	Beginning account value 6-1-2017		Ending account value 11-30-2017		Expenses paid during the period2		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,091.47	$	5.92		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.40	$	5.72		1.13	%
Class C
Actual	$	1,000.00	$	1,087.26	$	9.78		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.69	$	9.45		1.87	%
Class R6
Actual	$	1,000.00	$	1,093.21	$	3.57		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.66	$	3.45		0.68	%
Administrator Class
Actual	$	1,000.00	$	1,091.35	$	5.24		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,093.28	$	4.09		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%

Please see footnotes on page 20.

Fund expenses (unaudited) Wells Fargo Equity Gateway Funds 19

Diversified Equity Fund1	Beginning account value 6-1-2017		Ending account value 11-30-2017		Expenses paid during the period2		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,109.97	$	6.61		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class C
Actual	$	1,000.00	$	1,106.11	$	10.56		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,111.34	$	5.29		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Emerging Growth Fund1
Class A
Actual	$	1,000.00	$	1,141.39	$	7.25		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Class C
Actual	$	1,000.00	$	1,137.05	$	11.25		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.54	$	10.61		2.10	%
Administrator Class
Actual	$	1,000.00	$	1,142.00	$	6.44		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,143.60	$	4.84		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Index Fund1
Class A
Actual	$	1,000.00	$	1,106.51	$	2.38		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%
Class C
Actual	$	1,000.00	$	1,102.37	$	6.32		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Administrator Class
Actual	$	1,000.00	$	1,107.67	$	1.32		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82	$	1.27		0.25	%
International Value Fund1
Class A
Actual	$	1,000.00	$	1,081.32	$	7.04		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Class C
Actual	$	1,000.00	$	1,077.40	$	10.94		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.54	$	10.61		2.10	%
Administrator Class
Actual	$	1,000.00	$	1,082.45	$	6.53		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,083.78	$	5.22		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

Please see footnotes on page 20.

20 Wells Fargo Equity Gateway Funds Fund expenses (unaudited)

Small Company Growth Fund1	Beginning account value 6-1-2017		Ending account value 11-30-2017		Expenses paid during the period2		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,125.17	$	7.03		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.68		1.32	%
Class C
Actual	$	1,000.00	$	1,121.06	$	11.01		2.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.69	$	10.45		2.07	%
Class R6
Actual	$	1,000.00	$	1,127.69	$	4.75		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.51		0.89	%
Administrator Class
Actual	$	1,000.00	$	1,125.90	$	6.40		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,127.43	$	5.07		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Small Company Value Fund1
Class A
Actual	$	1,000.00	$	1,135.36	$	7.23		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Class C
Actual	$	1,000.00	$	1,130.84	$	11.22		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.54	$	10.61		2.10	%
Class R6
Actual	$	1,000.00	$	1,137.71	$	4.82		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Administrator Class
Actual	$	1,000.00	$	1,136.57	$	6.43		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,136.95	$	5.36		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

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

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 21

C&B LARGE CAP VALUE FUND

Security name	Value
Investment Companies: 99.87%
Affiliated Master Portfolio: 99.87%
Wells Fargo C&B Large Cap Value Portfolio	$	391,212,469
Total Investment Companies (Cost $301,866,089)		391,212,469

Total investments in securities (Cost $301,866,089)	99.87	%		391,212,469
Other assets and liabilities, net	0.13			526,715
Total net assets	100.00	%	$	391,739,184

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo C&B Large Cap Value Portfolio		90	%		93	%	$	19,754,588	$	10,510,711	$	2,862,318	$	94,024	$	25,422	$	391,212,469		99.87	%

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

22 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

DIVERSIFIED EQUITY FUND

Security name	Value
Investment Companies: 100.10%
Affiliated Master Portfolios: 100.10%
Wells Fargo C&B Large Cap Value Portfolio	$	15,046,093
Wells Fargo Diversified Large Cap Growth Portfolio		45,002,323
Wells Fargo Emerging Growth Portfolio		4,507,437
Wells Fargo Index Portfolio		45,327,330
Wells Fargo International Growth Portfolio		13,376,905
Wells Fargo International Value Portfolio		13,373,924
Wells Fargo Large Company Value Portfolio		30,217,803
Wells Fargo Small Company Growth Portfolio		4,550,383
Wells Fargo Small Company Value Portfolio		9,147,495
Total Investment Companies (Cost $136,044,858)		180,549,693

Total investments in securities (Cost $136,044,858)	100.10	%		180,549,693
Other assets and liabilities, net	(0.10	)		(183,269	)
Total net assets	100.00	%	$	180,366,424

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		Interest allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo C&B Large Cap Value Portfolio		5	%		4	%	$	825,354	$	483,139		$	118,440	$	3,874	$	1,091	$	0	$	15,046,093
Wells Fargo Diversified Large Cap Growth Portfolio		46			48			4,905,780.00		682,807			257,029		2,000.00		1,091		0		45,002,323
Wells Fargo Emerging Growth Portfolio		1			1			324,705		312,689			4,088		294		1,353		0		4,507,437
Wells Fargo Index Portfolio		2			2			3,458,611		748,421			463,629		2,140		748		142		45,327,330
Wells Fargo International Growth Portfolio		11			32			2,984,791		(1,668,795	)		70,989		638		2,602		0		13,376,905
Wells Fargo International Value Portfolio		2			2			51169		884,029			216,290		365		5,922		0		13,373,924
Wells Fargo Large Company Value Portfolio		45			44			924,932		1,818,244			308,445		2,418.00		0		90		30,217,803
Wells Fargo Small Company Growth Portfolio		0	*		0	*		29,992		531,227			11,217		800		2,949		0		4,550,383
Wells Fargo Small Company Value Portfolio		4			6			876,643		280,242			67,609		1,161		7,893		0		9,147,495
							$	14,381,977	$	4,072,003		$	1,517,736	$	13,690	$	23,649	$	232	$	180,549,693		100.10	%

* The amount owned is less than 0.5%.

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

Portfolios of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 23

EMERGING GROWTH FUND

Security name	Value
Investment Companies: 100.01%
Affiliated Master Portfolio: 100.01%
Wells Fargo Emerging Growth Portfolio	$	759,951,603
Total Investment Companies (Cost $507,345,275)		759,951,603

Total investments in securities (Cost $507,345,275)	100.01	%		759,951,603
Other assets and liabilities, net	(0.01	)		(71,191	)
Total net assets	100.00	%	$	759,880,412

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Emerging Growth Portfolio		90	%		92	%	$	52,558,829	$	48,451,794	$	673,130	$	48,874	$	222,064	$	759,951,603		100.01	%

INDEX FUND

Security name	Value
Investment Companies: 100.34%
Affiliated Master Portfolio: 100.34%
Wells Fargo Index Portfolio	$	1,903,246,091
Total Investment Companies (Cost $515,322,936)		1,903,246,091

Total investments in securities (Cost $515,322,936)	100.34	%		1,903,246,091
Other assets and liabilities, net	(0.34	)		(6,509,931	)
Total net assets	100.00	%	$	1,896,736,160

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		Interest allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Index Portfolio		95	%		98	%	$	144,556,106	$	30,340,353	$	19,349,982	$	89,339	$	31,194	$	5,917	$	1,903,246,091		100.34	%

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

24 Wells Fargo Equity Gateway Funds Portfolios of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE FUND

Security name	Value
Investment Companies: 99.84%
Affiliated Master Portfolio: 99.84%
Wells Fargo International Value Portfolio	$	796,570,457
Total Investment Companies (Cost $704,918,282)		796,570,457

Total investments in securities (Cost $704,918,282)	99.84	%		796,570,457
Other assets and liabilities, net	0.16			1,240,967
Total net assets	100.00	%	$	797,811,424

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo International Value Portfolio		96	%		95	%	$	2,898,280	$	49,993,854	$	11,991,939	$	20,506	$	316,638	$	796,570,457		99.84	%

SMALL COMPANY GROWTH FUND

Security name	Value
Investment Companies: 99.99%
Affiliated Master Portfolio: 99.99%
Wells Fargo Small Company Growth Portfolio	$	1,818,949,157
Total Investment Companies (Cost $1,328,835,953)		1,818,949,157

Total investments in securities (Cost $1,328,835,953)	99.99	%		1,818,949,157
Other assets and liabilities, net	0.01			138,066
Total net assets	100.00	%	$	1,819,087,223

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Small Company Growth Portfolio		99	%		99	%	$	11,425,700	$	199,462,112	$	4,350,939	$	309,253	$	1,144,479	$	1,818,949,157		99.99	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 25

SMALL COMPANY VALUE FUND

Security name	Value
Investment Companies: 100.20%
Affiliated Master Portfolio: 100.20%
Wells Fargo Small Company Value Portfolio	$	141,370,082
Total Investment Companies (Cost $121,892,712)		141,370,082

Total investments in securities (Cost $121, 892,712)	100.20	%		141,370,082
Other assets and liabilities, net	(0.20	)		(285,775	)
Total net assets	100.00	%	$	141,084,307

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Small Company Value Portfolio		60	%		86	%	$	12,588,239	$	3,712,730	$	1,430,447	$	17,169	$	115,426	$	141,370,082		100.20	%

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

26 Wells Fargo Equity Gateway Funds Statements of assets and liabilities—November 30, 2017 (unaudited)

	C&B Large Cap Value Fund		Diversified Equity Fund
Assets
Investments in affiliated Master Portfolio(s), at value (see cost below)	$	391,212,469	$	180,549,693
Receivable for Fund shares sold		1,460,335		35,661
Receivable from manager		22,676		0
Prepaid expenses and other assets		129,529		61,434
Total assets		392,825,009		180,646,788
Liabilities
Payable for Fund shares redeemed		994,869		174,839
Administration fees payable		46,821		23,754
Distribution fee payable		6,561		1,471
Management fee payable		0		9,356
Trustees’ fees and expenses payable		2,237		2,263
Shareholder servicing fees payable		23,521		36,462
Accrued expenses and other liabilities		11,816		32,219
Total liabilities		1,085,825		280,364
Total net assets	$	391,739,184	$	180,366,424
NET ASSETS CONSIST OF
Paid-in capital	$	263,186,274	$	102,625,644
Undistributed (accumulated) net investment income (loss)		2,196,067		459,494
Accumulated net realized gains (losses) on investments		37,010,463		32,776,451
Net unrealized gains on investments		89,346,380		44,504,835
Total net assets	$	391,739,184	$	180,366,424
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	91,805,640	$	71,670,182
Shares outstanding – Class A1		5,786,430		2,198,807
Net asset value per share – Class A		$15.87		$32.60
Maximum offering price per share – Class A2		$16.84		$34.59
Net assets – Class C	$	10,888,332	$	2,428,786
Shares outstanding – Class C1		693,699		81,755
Net asset value per share – Class C		$15.70		$29.71
Net assets – Class R6	$	4,335,957		N/A
Shares outstanding – Class R61		271,854		N/A
Net asset value per share – Class R6		$15.95		N/A
Net assets – Administrator Class	$	14,991,210	$	106,267,456
Shares outstanding – Administrator Class1		943,326		3,246,131
Net asset value per share – Administrator Class		$15.89		$32.74
Net assets – Institutional Class	$	269,718,045		N/A
Shares outstanding – Institutional Class1		16,925,508		N/A
Net asset value per share – Institutional Class		$15.94		N/A
Investments in affiliated Master Portfolio(s), at cost	$	301,866,089	$	136,044,858

¹  Each Fund has an unlimited number of authorized shares.

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

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

Statements of assets and liabilities—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 27

Emerging Growth Fund			Index Fund		International Value Fund			Small Company Growth Fund			Small Company Value Fund
$	759,951,603		$	1,903,246,091	$	796,570,457		$	1,818,949,157		$	141,370,082
	785,149			2,522,712		1,781,446			2,229,037			125,108
	30,814			169,622		0			0			12,535
	46,213			75,897		308,339			155,856			104,427
	760,813,779			1,906,014,322		798,660,242			1,821,334,050			141,612,152
	716,567			8,641,423		716,384			1,953,156			479,893
	89,164			250,999		84,053			156,576			15,816
	2,118			42,234		643			12,572			1,269
	0			0		19,442			31,741			0
	2,159			2,299		2,310			2,297			2,243
	39,126			249,272		1,964			40,950			16,220
	84,233			91,935		24,022			49,535			12,404
	933,367			9,278,162		848,818			2,246,827			527,845
$	759,880,412		$	1,896,736,160	$	797,811,424		$	1,819,087,223		$	141,084,307
$	417,417,600		$	161,370,441	$	730,981,104		$	1,447,545,831		$	173,483,273
	(4,932,739	)		28,738,783		19,040,877			(5,376,371	)		1,011,050
	94,789,223			318,703,781		(43,862,732	)		(113,195,441	)		(52,887,386	)
	252,606,328			1,387,923,155		91,652,175			490,113,204			19,477,370
$	759,880,412		$	1,896,736,160	$	797,811,424		$	1,819,087,223		$	141,084,307
$	138,449,494		$	720,653,834	$	3,310,115		$	76,985,314		$	17,338,751
	8,325,602			9,742,393		205,686			1,545,887			636,195
	$16.63			$73.97		$16.09			$49.80			$27.25
	$17.64			$78.48		$17.07			$52.84			$28.91
$	3,451,717		$	69,708,912	$	1,037,669		$	20,717,936		$	2,117,438
	228,660			942,254		65,960			466,134			87,501
	$15.10			$73.98		$15.73			$44.45			$24.20
	N/A			N/A		N/A		$	493,376,490		$	381,892
	N/A			N/A		N/A			9,327,419			13,598
	N/A			N/A		N/A			$52.90			$28.08
$	51,272,321		$	1,106,373,414	$	4,768,719		$	104,141,032		$	61,934,538
	3,006,960			14,812,442		292,969			2,014,676			2,222,017
	$17.05			$74.69		$16.28			$51.69			$27.87
$	566,706,880			N/A	$	788,694,921		$	1,123,866,451		$	59,311,688
	32,056,856			N/A		49,185,666			21,279,062			2,113,578
	$17.68			N/A		$16.04			$52.82			$28.06
$	507,345,275		$	515,322,936	$	704,918,282		$	1,328,835,953		$	121,892,712

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

28 Wells Fargo Equity Gateway Funds Statements of operations—six months ended November 30, 2017 (unaudited)

	C&B Large Cap Value Fund			Diversified Equity Fund
Investment income
Dividends allocated from affiliated Master Portfolio(s)*	$	2,862,318		$	1,517,736
Affiliated income allocated from affiliated Master Portfolio(s)		94,024			13,690
Securities lending income from affiliates allocated from affiliated Master Portfolio(s)		25,422			23,649
Interest allocated from affiliated Master Portfolio(s)		0			232
Expenses allocated from affiliated Master Portfolio(s)		(1,208,914	)		(528,174	)
Waivers allocated from affiliated Master Portfolio(s)		13,901			49,196
Total investment income		1,786,751			1,076,329
Expenses
Management fee		89,933			270,776
Administration fees
Class A		91,855			72,956
Class C		10,143			2,490
Class R6		563			N/A
Administrator Class		8,369			70,631
Institutional Class		159,878			N/A
Shareholder servicing fees
Class A		109,351			86,853
Class C		12,075			2,964
Administrator Class		16,095			135,590
Distribution fee
Class C		36,225			8,893
Custody and accounting fees		6,850			4,425
Professional fees		16,463			15,789
Registration fees		28,099			25,984
Shareholder report expenses		13,641			15,507
Trustees’ fees and expenses		11,129			11,509
Other fees and expenses		6,216			4,690
Total expenses		616,885			729,057
Less: Fee waivers and/or expense reimbursements		(189,118	)		(206,739	)
Net expenses		427,767			522,318
Net investment income (loss)		1,358,984			554,011
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transaction allocated from affiliated Master Portfolio(s)		19,754,588			14,381,977
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		10,510,711			4,072,003
Net realized and unrealized gains (losses) on investments		30,265,299			18,453,980
Net increase in net assets resulting from operations	$	31,624,283		$	19,007,991
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolio(s) in the amount of		$25,234			$33,687

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

Statements of operations—six months ended November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 29

Emerging Growth Fund			Index Fund			International Value Fund			Small Company Growth Fund			Small Company Value Fund
$	673,130		$	19,349,982		$	11,991,939		$	4,350,939		$	1,430,447
	48,874			89,339			20,506			309,253			17,169
	222,064			31,194			316,638			1,144,479			115,426
	0			5,917			0			0			0
	(2,975,505	)		(940,472	)		(3,137,654	)		(6,776,363	)		(558,660	)
	0			0			0			0			0
	(2,031,437	)		18,535,960			9,191,429			(971,692	)		1,004,382
	183,913			471,214			190,981			433,431			33,081
	140,021			726,165			2,956			82,430			17,235
	3,560			70,771			1,013			22,431			2,102
	N/A			N/A			N/A			68,484			11
	33,488			731,815			3,509			75,837			38,092
	355,802			N/A			490,585			689,406			35,899
	166,691			864,482			3,520			98,130			20,518
	4,238			84,252			1,206			26,703			2,502
	64,400			551,281			6,748			145,162			73,046
	12,714			252,755			3,617			80,109			7,506
	14,053			37,413			8,000			33,191			3,071
	16,465			15,963			16,928			15,011			13,597
	35,582			38,844			26,680			86,746			35,707
	50,358			47,725			16,702			121,181			8,052
	11,973			11,267			11,024			11,118			11,547
	11,616			16,007			5,131			11,774			4,493
	1,104,874			3,919,954			788,600			2,001,144			306,459
	(372,299	)		(1,492,612	)		(89,665	)		(257,941	)		(105,200	)
	732,575			2,427,342			698,935			1,743,203			201,259
	(2,764,012	)		16,108,618			8,492,494			(2,714,895	)		803,123
	52,558,829			144,556,106			2,898,280			11,425,700			12,588,239
	48,451,794			30,340,353			49,993,854			199,462,112			3,712,730
	101,010,623			174,896,459			52,892,134			210,887,812			16,300,969
$	98,246,611		$	191,005,077		$	61,384,628		$	208,172,917		$	17,104,092
	$0			$38,535			$1,118,365			$23			$0

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

30 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	C&B Large Cap Value Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment income				$	1,358,984					$	2,441,983
Net realized gains on investments					19,754,588						28,429,697
Net change in unrealized gains (losses) on investments					10,510,711						20,576,353
Net increase in net assets resulting from operations					31,624,283						51,448,033
Distributions to shareholders from
Net investment income
Class A					0						(508,998	)
Class R6					0						(247	)1
Administrator Class					0						(89,812	)
Institutional Class					0						(1,662,224	)
Net realized gains
Class A					0						(1,560,447	)
Class C					0						(132,219	)
Class R6					0						(462	)1
Administrator Class					0						(260,235	)
Institutional Class					0						(3,224,709	)
Total distributions to shareholders					0						(7,439,353	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		618,096			9,425,149			343,881			4,625,261
Class C		194,245			2,927,623			90,681			1,227,446
Class R6		29,736			458,776			244,820	1		3,471,021	1
Administrator Class		192,616			2,962,528			88,498			1,179,784
Institutional Class		3,270,535			49,967,125			8,708,468			116,569,551
					65,741,201						127,073,063
Reinvestment of distributions
Class A		0			0			149,087			2,020,559
Class C		0			0			9,313			125,264
Class R6		0			0			52	1		709	1
Administrator Class		0			0			21,954			297,736
Institutional Class		0			0			96,800			1,316,884
					0						3,761,152
Payment for shares redeemed
Class A		(539,618	)		(8,201,254	)		(1,830,336	)		(25,105,145	)
Class B		N/A			N/A			(8,260	)2		(110,160	)2
Class C		(57,450	)		(867,290	)		(126,360	)		(1,716,056	)
Class R6		(14	)		(211	)		(2,740	)1		(39,885	)1
Administrator Class		(36,915	)		(559,749	)		(1,173,095	)		(15,742,381	)
Institutional Class		(1,448,976	)		(22,313,160	)		(4,327,353	)		(58,430,077	)
					(31,941,664	)					(101,143,704	)
Net increase in net assets resulting from capital share transactions					33,799,537						29,690,511
Total increase in net assets					65,423,820						73,699,191
Net assets
Beginning of period					326,315,364						252,616,173
End of period				$	391,739,184					$	326,315,364
Undistributed net investment income				$	2,196,067					$	837,083

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

²  For the period from June 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.

Statements of changes in net assets Wells Fargo Equity Gateway Funds 31

	Diversified Equity Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment income				$	554,011					$	1,565,401
Net realized gains on investments					14,381,977						32,629,072
Net change in unrealized gains (losses) on investments					4,072,003						(5,119,193	)
Net increase in net assets resulting from operations					19,007,991						29,075,280
Distributions to shareholders from
Net investment income
Class A					0						(548,238	)
Class C					0						(1,824	)
Administrator Class					0						(1,387,107	)
Net realized gains
Class A					0						(4,106,482	)
Class C					0						(169,044	)
Administrator Class					0						(8,001,631	)
Total distributions to shareholders					0						(14,214,326	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		17,494			538,089			42,128			1,184,822
Class C		1,920			52,661			4,298			110,293
Administrator Class		104,021			3,194,725			341,788			9,569,423
					3,785,475						10,864,538
Reinvestment of distributions
Class A		0			0			170,486			4,632,094
Class C		0			0			6,571			162,767
Administrator Class		0			0			342,333			9,334,511
					0						14,129,372
Payment for shares redeemed
Class A		(157,306	)		(4,802,809	)		(349,791	)		(9,766,859	)
Class B		N/A			N/A			(29	)1		(717	)1
Class C		(7,851	)		(217,847	)		(36,485	)		(935,925	)
Administrator Class		(927,892	)		(28,332,320	)		(1,762,777	)		(49,632,984	)
					(33,352,976	)					(60,336,485	)
Net decrease in net assets resulting from capital share transactions					(29,567,501	)					(35,342,575	)
Total decrease in net assets					(10,559,510	)					(20,481,621	)
Net assets
Beginning of period					190,925,934						211,407,555
End of period				$	180,366,424					$	190,925,934
Undistributed (overdistributed) net investment income				$	459,494					$	(94,517	)

¹  For the period from June 1, 2016 to June 6, 2016, Class B shares of the Fund were no longer offered to shareholders effective June 7, 2016.

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

32 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Emerging Growth Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment loss				$	(2,764,012	)				$	(2,619,840	)
Net realized gains on investments					52,558,829						123,332,487
Net change in unrealized gains (losses) on investments					48,451,794						42,152,657
Net increase in net assets resulting from operations					98,246,611						162,865,304
Distributions to shareholders from
Net realized gains
Class A					0						(7,691,724	)
Class C					0						(232,220	)
Administrator Class					0						(3,593,519	)
Institutional Class					0						(29,583,940	)
Total distributions to shareholders					0						(41,101,403	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		97,058			1,526,451			354,305			4,952,578
Class C		299			4,167			6,263			79,203
Administrator Class		189,987			3,030,008			600,645			8,457,464
Institutional Class		2,143,113			35,470,492			9,771,457			141,529,618
					40,031,118						155,018,863
Reinvestment of distributions
Class A		0			0			557,154			7,488,146
Class C		0			0			17,121			210,416
Administrator Class		0			0			260,373			3,582,735
Institutional Class		0			0			1,883,866			26,788,571
					0						38,069,868
Payment for shares redeemed
Class A		(674,094	)		(10,402,734	)		(2,144,553	)		(29,759,112	)
Class C		(22,297	)		(316,959	)		(102,153	)		(1,314,199	)
Administrator Class		(589,979	)		(9,413,113	)		(5,239,427	)		(72,373,307	)
Institutional Class		(4,691,688	)		(77,027,382	)		(21,269,486	)		(307,246,770	)
					(97,160,188	)					(410,693,388	)
Net decrease in net assets resulting from capital share transactions					(57,129,070	)					(217,604,657	)
Total increase (decrease) in net assets					41,117,541						(95,840,756	)
Net assets
Beginning of period					718,762,871						814,603,627
End of period				$	759,880,412					$	718,762,871
Accumulated net investment loss				$	(4,932,739	)				$	(2,168,727	)

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 33

	Index Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment income				$	16,108,618					$	37,135,511
Net realized gains on investments					144,556,106						288,140,341
Net change in unrealized gains (losses) on investments					30,340,353						4,215,968
Net increase in net assets resulting from operations					191,005,077						329,491,820
Distributions to shareholders from
Net investment income
Class A					0						(12,057,501	)
Class B					N/A						(1,670	)1
Class C					0						(961,619	)
Administrator Class					0						(26,746,411	)
Net realized gains
Class A					0						(48,387,882	)
Class B					N/A						(40,358	)1
Class C					0						(6,310,548	)
Administrator Class					0						(100,426,479	)
Total distributions to shareholders					0						(194,932,468	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		175,230			12,292,399			809,943			52,845,528
Class B		N/A			N/A			306	1		20,189	1
Class C		33,483			2,317,837			285,395			18,338,691
Administrator Class		789,902			55,429,342			3,211,238			208,171,913
					70,039,578						279,376,321
Reinvestment of distributions
Class A		0			0			940,207			58,910,725
Class B		N/A			N/A			647	1		41,477	1
Class C		0			0			69,637			4,372,382
Administrator Class		0			0			1,336,944			84,513,107
					0						147,837,691
Payment for shares redeemed
Class A		(665,112	)		(45,960,854	)		(1,693,335	)		(109,256,032	)
Class B		N/A			N/A			(17,611	)1		(1,171,622	)1
Class C		(99,907	)		(6,901,985	)		(611,575	)		(40,211,291	)
Administrator Class		(3,054,276	)		(214,661,903	)		(11,192,888	)		(730,619,271	)
					(267,524,742	)					(881,258,216	)
Net decrease in net assets resulting from capital share transactions					(197,485,164	)					(454,044,204	)
Total decrease in net assets					(6,480,087	)					(319,484,852	)
Net assets
Beginning of period					1,903,216,247						2,222,701,099
End of period				$	1,896,736,160					$	1,903,216,247
Undistributed net investment income				$	28,738,783					$	12,630,165

¹  For the period from June 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.

34 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	International Value Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment income				$	8,492,494					$	15,432,785
Net realized gains (losses) on investments					2,898,280						(9,069,569	)
Net change in unrealized gains (losses) on investments					49,993,854						94,840,293
Net increase in net assets resulting from operations					61,384,628						101,203,509
Distributions to shareholders from
Net investment income
Class A					0						(1,089,141	)
Class C					0						(9,142	)
Administrator Class					0						(89,969	)
Institutional Class					0						(10,969,077	)
Total distributions to shareholders					0						(12,157,329	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		59,695			936,766			3,968,788			51,693,187
Class C		14,663			221,211			4,105			56,334
Administrator Class		32,068			511,524			424,972			5,925,715
Institutional Class		8,047,039			124,072,217			23,856,910			327,309,805
					125,741,718						384,985,041
Reinvestment of distributions
Class A		0			0			82,922			1,086,269
Class C		0			0			706			9,116
Administrator Class		0			0			6,623			87,749
Institutional Class		0			0			841,957			10,962,276
					0						12,145,410
Payment for shares redeemed
Class A		(26,858	)		(415,117	)		(4,267,186	)		(58,463,760	)
Class C		(5,678	)		(86,818	)		(10,177	)		(132,714	)
Administrator Class		(98,634	)		(1,553,947	)		(992,010	)		(13,484,274	)
Institutional Class		(7,059,263	)		(109,249,029	)		(12,328,866	)		(165,982,459	)
					(111,304,911	)					(238,063,207	)
Net increase in net assets resulting from capital share transactions					14,436,807						159,067,244
Total increase in net assets					75,821,435						248,113,424
Net assets
Beginning of period					721,989,989						473,876,565
End of period				$	797,811,424					$	721,989,989
Undistributed net investment income				$	19,040,877					$	10,548,383

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 35

	Small Company Growth Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment loss				$	(2,714,895	)				$	(5,413,378	)
Net realized gains (losses) on investments					11,425,700						(16,807,576	)
Net change in unrealized gains (losses) on investments					199,462,112						256,174,246
Net increase in net assets resulting from operations					208,172,917						233,953,292
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		263,412			12,305,189			518,956			21,673,433
Class C		13,135			541,125			122,580			4,701,028
Class R6		1,226,450			60,185,165			4,713,702			208,089,796
Administrator Class		154,906			7,434,118			619,478			27,040,038
Institutional Class		2,312,763			113,625,325			13,237,225			581,310,282
					194,090,922						842,814,577
Payment for shares redeemed
Class A		(436,770	)		(20,370,603	)		(2,213,853	)		(92,531,770	)
Class B		N/A			N/A			(508	)1		(18,660	)1
Class C		(112,226	)		(4,620,497	)		(349,435	)		(13,079,140	)
Class R6		(812,869	)		(40,176,679	)		(1,567,477	)		(69,312,644	)
Administrator Class		(978,747	)		(47,210,962	)		(1,113,084	)		(48,269,172	)
Institutional Class		(2,696,196	)		(132,562,717	)		(8,650,898	)		(385,622,480	)
					(244,941,458	)					(608,833,866	)
Net increase (decrease) in net assets resulting from capital share transactions					(50,850,536	)					233,980,711
Total increase in net assets					157,322,381						467,934,003
Net assets
Beginning of period					1,661,764,842						1,193,830,839
End of period				$	1,819,087,223					$	1,661,764,842
Accumulated net investment loss				$	(5,376,371	)				$	(2,661,476	)

¹  For the period from June 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.

36 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Small Company Value Fund
	Six months ended November 30, 2017 (unaudited)						Year ended May 31, 2017
Operations
Net investment income				$	803,123					$	487,396
Net realized gains on investments					12,588,239						15,215,549
Net change in unrealized gains (losses) on investments					3,712,730						6,325,340
Net increase in net assets resulting from operations					17,104,092						22,028,285
Distributions to shareholders from
Net investment income
Class A					0						(11,489	)
Class R6					0						(105	)1
Administrator Class					0						(118,026	)
Institutional Class					0						(162,397	)
Total distributions to shareholders					0						(292,017	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		29,404			747,544			185,512			4,192,321
Class C		8,883			188,323			16,069			347,199
Class R6		12,435			335,029			1,170	1		25,000	1
Administrator Class		52,655			1,362,298			312,867			7,239,116
Institutional Class		175,871			4,545,638			1,237,044			29,029,010
					7,178,832						40,832,646
Reinvestment of distributions
Class A		0			0			448			10,909
Class R6		0			0			4	1		105	1
Administrator Class		0			0			4,742			117,980
Institutional Class		0			0			6,429			160,737
					0						289,731
Payment for shares redeemed
Class A		(71,355	)		(1,773,774	)		(653,039	)		(15,208,819	)
Class C		(13,075	)		(290,065	)		(34,801	)		(715,917	)
Class R6		(11	)		(291	)		0	1		0	1
Administrator Class		(178,059	)		(4,575,200	)		(1,069,748	)		(24,687,202	)
Institutional Class		(172,576	)		(4,492,754	)		(662,555	)		(15,259,116	)
					(11,132,084	)					(55,871,054	)
Net decrease in net assets resulting from capital share transactions					(3,953,252	)					(14,748,677	)
Total increase in net assets					13,150,840						6,987,591
Net assets
Beginning of period					127,933,467						120,945,876
End of period				$	141,084,307					$	127,933,467
Undistributed net investment income				$	1,011,050					$	207,927

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

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

This page is intentionally left blank.

38 Wells Fargo Equity Gateway Funds Financial highlights

C&B Large Cap Value Fund	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	14.54		0.04			1.29			0.00			0.00		$	15.87
Year ended May 31, 2017	$	12.55		0.08			2.23			(0.08	)		(0.24	)	$	14.54
Year ended May 31, 2016	$	13.07		0.11	4		(0.14	)		(0.10	)		(0.39	)	$	12.55
Year ended May 31, 2015	$	11.99		0.10			1.07			(0.09	)		0.00		$	13.07
Year ended May 31, 2014	$	10.32		0.09			1.68			(0.10	)		0.00		$	11.99
Year ended May 31, 2013	$	8.13		0.12			2.20			(0.13	)		0.00		$	10.32
Class C
Six months ended November 30, 2017 (unaudited)	$	14.44		(0.02	)		1.28			0.00			0.00		$	15.70
Year ended May 31, 2017	$	12.48		(0.02	)		2.22			0.00			(0.24	)	$	14.44
Year ended May 31, 2016	$	13.01		0.01			(0.14	)		(0.01	)		(0.39	)	$	12.48
Year ended May 31, 2015	$	11.95		(0.00	)5		1.07			(0.01	)		0.00		$	13.01
Year ended May 31, 2014	$	10.29		0.01			1.67			(0.02	)		0.00		$	11.95
Year ended May 31, 2013	$	8.11		0.04			2.20			(0.06	)		0.00		$	10.29
Class R6
Six months ended November 30, 2017 (unaudited)	$	14.59		0.07			1.29			0.00			0.00		$	15.95
Year ended May 31, 20176	$	12.73		0.16			2.06			(0.12	)		(0.24	)	$	14.59
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	14.56		0.05	4		1.28			0.00			0.00		$	15.89
Year ended May 31, 2017	$	12.54		0.10	4		2.24			(0.08	)		(0.24	)	$	14.56
Year ended May 31, 2016	$	13.07		0.13	4		(0.15	)		(0.12	)		(0.39	)	$	12.54
Year ended May 31, 2015	$	12.00		0.13			1.06			(0.12	)		0.00		$	13.07
Year ended May 31, 2014	$	10.32		0.12	4		1.68			(0.12	)		0.00		$	12.00
Year ended May 31, 2013	$	8.13		0.13	4		2.21			(0.15	)		0.00		$	10.32
Institutional Class
Six months ended November 30, 2017 (unaudited)	$	14.58		0.07			1.29			0.00			0.00		$	15.94
Year ended May 31, 2017	$	12.58		0.14			2.22			(0.12	)		(0.24	)	$	14.58
Year ended May 31, 2016	$	13.11		0.16			(0.14	)		(0.16	)		(0.39	)	$	12.58
Year ended May 31, 2015	$	12.03		0.15			1.08			(0.15	)		0.00		$	13.11
Year ended May 31, 2014	$	10.35		0.14			1.69			(0.15	)		0.00		$	12.03
Year ended May 31, 2013	$	8.16		0.17			2.19			(0.17	)		0.00		$	10.35

¹  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.66	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Class C		0.66			0.68			0.68			0.68			0.68			0.68
Class R6		0.66			0.68	6		N/A			N/A			N/A			N/A
Administrator Class		0.66			0.68			0.68			0.68			0.68			0.68
Institutional Class		0.66			0.68			0.68			0.68			0.68			0.68

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  Calculated based upon average shares outstanding

⁵  Amount is less than $0.005.

⁶  For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

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

Financial highlights Wells Fargo Equity Gateway Funds 39

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)1			Gross expenses1			Net expenses1
	0.53	%		1.22	%		1.13	%		9.15	%		18	%	$	91,806
	0.62	%		1.24	%		1.15	%		18.62	%		89	%	$	83,016
	0.89	%		1.25	%		1.15	%		(0.08	)%		29	%	$	88,387
	0.73	%		1.29	%		1.15	%		9.78	%		35	%	$	27,085
	0.86	%		1.31	%		1.15	%		17.25	%		22	%	$	29,537
	1.25	%		1.30	%		1.15	%		28.82	%		18	%	$	23,571
	(0.21	)%		1.97	%		1.87	%		8.73	%		18	%	$	10,888
	(0.13	)%		1.99	%		1.90	%		17.73	%		89	%	$	8,043
	0.11	%		2.00	%		1.90	%		(0.82	)%		29	%	$	7,282
	(0.02	)%		2.04	%		1.90	%		8.93	%		35	%	$	7,654
	0.11	%		2.06	%		1.90	%		16.39	%		22	%	$	7,262
	0.51	%		2.05	%		1.90	%		27.76	%		18	%	$	5,818
	0.98	%		0.79	%		0.68	%		9.32	%		18	%	$	4,336
	1.04	%		0.81	%		0.70	%		17.65	%		89	%	$	3,532
	0.67	%		1.14	%		1.00	%		9.13	%		18	%	$	14,991
	0.77	%		1.16	%		1.00	%		18.82	%		89	%	$	11,467
	1.03	%		1.16	%		0.98	%		0.11	%		29	%	$	23,210
	0.92	%		1.13	%		0.95	%		9.93	%		35	%	$	55,705
	1.08	%		1.14	%		0.95	%		17.49	%		22	%	$	53,884
	1.48	%		1.13	%		0.95	%		29.09	%		18	%	$	70,727
	0.88	%		0.89	%		0.78	%		9.33	%		18	%	$	269,718
	0.96	%		0.91	%		0.80	%		19.05	%		89	%	$	220,257
	1.25	%		0.92	%		0.77	%		0.33	%		29	%	$	133,632
	1.18	%		0.86	%		0.70	%		10.15	%		35	%	$	132,768
	1.34	%		0.88	%		0.70	%		17.86	%		22	%	$	104,758
	1.68	%		0.87	%		0.70	%		29.32	%		18	%	$	130,015

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

40 Wells Fargo Equity Gateway Funds Financial highlights

Diversified Equity Fund	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	29.37		0.03			3.20			0.00			0.00		$	32.60
Year ended May 31, 2017	$	27.30		0.13			3.94			(0.22	)		(1.78	)	$	29.37
Year ended May 31, 2016	$	32.37		0.16			(1.55	)		(0.08	)		(3.60	)	$	27.30
Year ended May 31, 2015	$	32.78		0.14			2.79			(0.15	)		(3.19	)	$	32.37
Year ended May 31, 2014	$	30.65		0.16			5.48			(0.17	)		(3.34	)	$	32.78
Year ended May 31, 2013	$	26.08		0.23	4		6.14			(0.24	)		(1.56	)	$	30.65
Class C
Six months ended November 30, 2017 (unaudited)	$	26.86		(0.04	)4		2.89			0.00			0.00		$	29.71
Year ended May 31, 2017	$	25.12		(0.03	)4		3.57			(0.02	)		(1.78	)	$	26.86
Year ended May 31, 2016	$	30.22		(0.05	)4		(1.45	)		0.00			(3.60	)	$	25.12
Year ended May 31, 2015	$	30.88		(0.12	)		2.65			0.00			(3.19	)	$	30.22
Year ended May 31, 2014	$	29.13		(0.08	)4		5.18			(0.01	)		(3.34	)	$	30.88
Year ended May 31, 2013	$	24.88		0.02	4		5.84			(0.05	)		(1.56	)	$	29.13
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	29.46		0.11	4		3.17			0.00			0.00		$	32.74
Year ended May 31, 2017	$	27.38		0.24	4		3.91			(0.29	)		(1.78	)	$	29.46
Year ended May 31, 2016	$	32.45		0.24			(1.55	)		(0.16	)		(3.60	)	$	27.38
Year ended May 31, 2015	$	32.84		0.22	4		2.81			(0.23	)		(3.19	)	$	32.45
Year ended May 31, 2014	$	30.70		0.23	4		5.49			(0.24	)		(3.34	)	$	32.84
Year ended May 31, 2013	$	26.12		0.30	4		6.15			(0.31	)		(1.56	)	$	30.70

¹  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.53	%		0.57	%		0.59	%		0.59	%		0.58	%		0.57	%
Class C		0.53			0.57			0.59			0.59			0.58			0.57
Administrator Class		0.53			0.57			0.59			0.59			0.58			0.57

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

³  Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Equity Gateway Funds 41

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)1			Gross expenses1			Net expenses1
	0.51	%		1.38	%		1.25	%		11.00	%		32	%	$	71,670
	0.63	%		1.40	%		1.25	%		15.59	%		90	%	$	68,678
	0.60	%		1.41	%		1.25	%		(4.24	)%		39	%	$	67,597
	0.44	%		1.44	%		1.25	%		9.39	%		38	%	$	81,502
	0.48	%		1.43	%		1.25	%		19.10	%		37	%	$	82,186
	0.81	%		1.43	%		1.25	%		25.42	%		44	%	$	75,640
	(0.24	)%		2.13	%		2.00	%		10.61	%		32	%	$	2,429
	(0.13	)%		2.15	%		2.00	%		14.71	%		90	%	$	2,355
	(0.17	)%		2.16	%		2.00	%		(4.96	)%		39	%	$	2,846
	(0.31	)%		2.19	%		2.00	%		8.58	%		38	%	$	4,165
	(0.25	)%		2.19	%		2.00	%		18.23	%		37	%	$	4,292
	0.07	%		2.18	%		2.00	%		24.50	%		44	%	$	2,667
	0.75	%		1.30	%		1.00	%		11.13	%		32	%	$	106,267
	0.87	%		1.32	%		1.00	%		15.86	%		90	%	$	119,893
	0.85	%		1.33	%		1.00	%		(3.98	)%		39	%	$	140,963
	0.67	%		1.28	%		1.00	%		9.65	%		38	%	$	167,371
	0.71	%		1.27	%		1.00	%		19.40	%		37	%	$	225,584
	1.06	%		1.27	%		1.00	%		25.75	%		44	%	$	290,011

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

42 Wells Fargo Equity Gateway Funds Financial highlights

Emerging Growth Fund	Beginning net asset value per share		Net investment loss			Net realized and unrealized gains (losses) on investments			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	14.57		(0.11	)		2.17			0.00		$	16.63
Year ended May 31, 2017	$	12.55		(0.10	)4		2.96			(0.84	)	$	14.57
Year ended May 31, 2016	$	16.70		(0.13	)4		(2.28	)		(1.74	)	$	12.55
Year ended May 31, 2015	$	14.61		(0.22	)		3.51			(1.20	)	$	16.70
Year ended May 31, 2014	$	14.10		(0.19	)		1.88			(1.18	)	$	14.61
Year ended May 31, 2013	$	12.44		(0.15	)		2.49			(0.68	)	$	14.10
Class C
Six months ended November 30, 2017 (unaudited)	$	13.28		(0.13	)4		1.95			0.00		$	15.10
Year ended May 31, 2017	$	11.58		(0.19	)4		2.73			(0.84	)	$	13.28
Year ended May 31, 2016	$	15.67		(0.21	)		(2.14	)		(1.74	)	$	11.58
Year ended May 31, 2015	$	13.88		(0.33	)		3.32			(1.20	)	$	15.67
Year ended May 31, 2014	$	13.55		(0.32	)		1.83			(1.18	)	$	13.88
Year ended May 31, 2013	$	12.06		(0.27	)		2.44			(0.68	)	$	13.55
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	14.93		(0.08	)4		2.20			0.00		$	17.05
Year ended May 31, 2017	$	12.82		(0.07	)4		3.02			(0.84	)	$	14.93
Year ended May 31, 2016	$	17.00		(0.12	)4		(2.32	)		(1.74	)	$	12.82
Year ended May 31, 2015	$	14.83		(0.16	)4		3.53			(1.20	)	$	17.00
Year ended May 31, 2014	$	14.28		(0.17	)4		1.90			(1.18	)	$	14.83
Year ended May 31, 2013	$	12.56		(0.12	)		2.52			(0.68	)	$	14.28
Institutional Class
Six months ended November 30, 2017 (unaudited)	$	15.46		(0.05	)		2.27			0.00		$	17.68
Year ended May 31, 2017	$	13.20		(0.04	)4		3.14			(0.84	)	$	15.46
Year ended May 31, 2016	$	17.40		(0.07	)		(2.39	)		(1.74	)	$	13.20
Year ended May 31, 2015	$	15.11		(0.12	)		3.61			(1.20	)	$	17.40
Year ended May 31, 2014	$	14.49		(0.11	)		1.91			(1.18	)	$	15.11
Year ended May 31, 2013	$	12.70		(0.08	)		2.55			(0.68	)	$	14.49

¹  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.81	%		0.81	%		0.80	%		0.80	%		0.80	%		0.80	%
Class C		0.81			0.81			0.80			0.80			0.80			0.80
Administrator Class		0.81			0.81			0.80			0.80			0.80			0.80
Institutional Class		0.81			0.81			0.80			0.80			0.80			0.80

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Equity Gateway Funds 43

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment loss1			Gross expenses1			Net expenses1
	(1.09	)%		1.36	%		1.35	%		14.14	%		26	%	$	138,449
	(0.72	)%		1.36	%		1.35	%		23.39	%		115	%	$	129,724
	(0.92	)%		1.35	%		1.35	%		(14.94	)%		68	%	$	127,154
	(1.20	)%		1.39	%		1.37	%		23.32	%		56	%	$	131,638
	(1.20	)%		1.39	%		1.37	%		11.30	%		63	%	$	130,403
	(1.04	)%		1.40	%		1.37	%		19.89	%		65	%	$	125,070
	(1.84	)%		2.11	%		2.10	%		13.70	%		26	%	$	3,452
	(1.46	)%		2.10	%		2.10	%		22.56	%		115	%	$	3,328
	(1.70	)%		2.14	%		2.10	%		(15.59	)%		68	%	$	3,815
	(1.95	)%		2.14	%		2.12	%		22.35	%		56	%	$	5,101
	(1.95	)%		2.14	%		2.12	%		10.40	%		63	%	$	4,816
	(1.79	)%		2.15	%		2.12	%		19.09	%		65	%	$	4,878
	(0.94	)%		1.28	%		1.20	%		14.20	%		26	%	$	51,272
	(0.48	)%		1.26	%		1.20	%		23.60	%		115	%	$	50,865
	(0.80	)%		1.23	%		1.20	%		(14.80	)%		68	%	$	99,792
	(1.03	)%		1.21	%		1.20	%		23.45	%		56	%	$	159,813
	(1.03	)%		1.22	%		1.20	%		11.45	%		63	%	$	190,126
	(0.87	)%		1.23	%		1.20	%		20.19	%		65	%	$	200,140
	(0.64	)%		1.03	%		0.90	%		14.36	%		26	%	$	566,707
	(0.24	)%		1.03	%		0.90	%		24.08	%		115	%	$	534,846
	(0.50	)%		1.01	%		0.90	%		(14.62	)%		68	%	$	583,843
	(0.73	)%		0.96	%		0.90	%		23.89	%		56	%	$	723,946
	(0.73	)%		0.96	%		0.90	%		11.77	%		63	%	$	650,650
	(0.57	)%		0.97	%		0.90	%		20.52	%		65	%	$	578,841

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

44 Wells Fargo Equity Gateway Funds Financial highlights

Index Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	66.85		0.57			6.55			0.00			0.00		$	73.97
Year ended May 31, 2017	$	62.85		1.05			9.09			(1.16	)		(4.98	)	$	66.85
Year ended May 31, 2016	$	67.32		0.81			(0.17	)		(1.08	)		(4.03	)	$	62.85
Year ended May 31, 2015	$	62.14		1.00			5.91			(0.96	)		(0.77	)	$	67.32
Year ended May 31, 2014	$	54.00		0.90			9.59			(0.85	)		(1.50	)	$	62.14
Year ended May 31, 2013	$	44.25		0.86			10.66			(0.83	)		(0.94	)	$	54.00
Class C
Six months ended November 30, 2017 (unaudited)	$	67.11		0.34			6.53			0.00			0.00		$	73.98
Year ended May 31, 2017	$	63.12		0.66			9.02			(0.71	)		(4.98	)	$	67.11
Year ended May 31, 2016	$	67.55		0.62	4		(0.45	)		(0.57	)		(4.03	)	$	63.12
Year ended May 31, 2015	$	62.37		0.50			5.94			(0.49	)		(0.77	)	$	67.55
Year ended May 31, 2014	$	54.22		0.47			9.62			(0.44	)		(1.50	)	$	62.37
Year ended May 31, 2013	$	44.41		0.48	4		10.71			(0.44	)		(0.94	)	$	54.22
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	67.43		0.79			6.47			0.00			0.00		$	74.69
Year ended May 31, 2017	$	63.33		1.41			8.94			(1.27	)		(4.98	)	$	67.43
Year ended May 31, 2016	$	67.80		1.31			(0.51	)		(1.24	)		(4.03	)	$	63.33
Year ended May 31, 2015	$	62.56		1.27			5.90			(1.16	)		(0.77	)	$	67.80
Year ended May 31, 2014	$	54.34		1.08			9.66			(1.02	)		(1.50	)	$	62.56
Year ended May 31, 2013	$	44.52		1.02			10.71			(0.97	)		(0.94	)	$	54.34

¹  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.10	%		0.10	%		0.10	%		0.11	%		0.10	%		0.09	%
Class C		0.10			0.10			0.10			0.11			0.10			0.09
Administrator Class		0.10			0.10			0.10			0.11			0.10			0.09

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Equity Gateway Funds 45

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.62	%		0.63	%		0.45	%		10.65	%		2	%	$	720,654
	1.68	%		0.62	%		0.45	%		16.94	%		9	%	$	684,004
	1.78	%		0.63	%		0.48	%		1.24	%		4	%	$	639,496
	1.50	%		0.68	%		0.56	%		11.21	%		4	%	$	445,088
	1.53	%		0.67	%		0.56	%		19.77	%		5	%	$	432,448
	1.72	%		0.67	%		0.56	%		26.63	%		4	%	$	407,533
	0.87	%		1.38	%		1.20	%		10.24	%		2	%	$	69,709
	0.93	%		1.37	%		1.20	%		16.07	%		9	%	$	67,691
	0.99	%		1.38	%		1.24	%		0.48	%		4	%	$	79,858
	0.75	%		1.43	%		1.31	%		10.38	%		4	%	$	83,718
	0.78	%		1.42	%		1.31	%		18.89	%		5	%	$	78,118
	0.97	%		1.42	%		1.31	%		25.67	%		4	%	$	70,322
	1.81	%		0.40	%		0.25	%		10.77	%		2	%	$	1,106,373
	1.88	%		0.39	%		0.25	%		17.18	%		9	%	$	1,151,522
	1.97	%		0.40	%		0.25	%		1.49	%		4	%	$	1,502,276
	1.81	%		0.37	%		0.25	%		11.56	%		4	%	$	1,832,814
	1.84	%		0.36	%		0.25	%		20.13	%		5	%	$	1,984,845
	2.03	%		0.36	%		0.25	%		27.02	%		4	%	$	1,832,524

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

46 Wells Fargo Equity Gateway Funds Financial highlights

International Value Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	14.88		0.14	4		1.07			0.00		$	16.09
Year ended May 31, 2017	$	12.83		0.09	4		2.26			(0.30	)	$	14.88
Year ended May 31, 2016	$	14.85		0.26			(2.08	)		(0.20	)	$	12.83
Year ended May 31, 2015	$	15.45		0.26	4		(0.53	)		(0.33	)	$	14.85
Year ended May 31, 2014	$	13.40		0.36			1.97			(0.28	)	$	15.45
Year ended May 31, 2013	$	10.64		0.31			2.71			(0.26	)	$	13.40
Class C
Six months ended November 30, 2017 (unaudited)	$	14.60		0.05			1.08			0.00		$	15.73
Year ended May 31, 2017	$	12.56		0.23			1.97			(0.16	)	$	14.60
Year ended May 31, 2016	$	14.54		0.17			(2.05	)		(0.10	)	$	12.56
Year ended May 31, 2015	$	15.16		0.13			(0.51	)		(0.24	)	$	14.54
Year ended May 31, 2014	$	13.18		0.19			2.00			(0.21	)	$	15.16
Year ended May 31, 2013	$	10.47		0.19			2.70			(0.18	)	$	13.18
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	15.04		0.16	4		1.08			0.00		$	16.28
Year ended May 31, 2017	$	12.91		0.33	4		2.05			(0.25	)	$	15.04
Year ended May 31, 2016	$	14.73		0.14	4		(1.96	)		0.00		$	12.91
Year ended May 31, 2015	$	15.35		0.28			(0.52	)		(0.38	)	$	14.73
Year ended May 31, 2014	$	13.31		0.38			1.98			(0.32	)	$	15.35
Year ended May 31, 2013	$	10.57		0.33	4		2.70			(0.29	)	$	13.31
Institutional Class
Six months ended November 30, 2017 (unaudited)	$	14.80		0.17			1.07			0.00		$	16.04
Year ended May 31, 2017	$	12.73		0.39			1.99			(0.31	)	$	14.80
Year ended May 31, 2016	$	14.75		0.36			(2.12	)		(0.26	)	$	12.73
Year ended May 31, 2015	$	15.38		0.29			(0.51	)		(0.41	)	$	14.75
Year ended May 31, 2014	$	13.34		0.41			1.98			(0.35	)	$	15.38
Year ended May 31, 2013	$	10.58		0.35			2.73			(0.32	)	$	13.34

¹  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.82	%		0.85	%		0.91	%		0.91	%		0.91	%		0.91	%
Class C		0.82			0.87			0.91			0.91			0.91			0.91
Administrator Class		0.82			0.87			0.91			0.91			0.91			0.91
Institutional Class		0.82			0.86			0.91			0.91			0.91			0.91

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Equity Gateway Funds 47

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.83	%		1.35	%		1.35	%		8.13	%		6	%	$	3,310
	0.69	%		1.39	%		1.35	%		18.65	%		41	%	$	2,571
	1.98	%		1.46	%		1.39	%		(12.31	)%		14	%	$	4,981
	1.80	%		1.50	%		1.49	%		(1.55	)%		18	%	$	5,768
	2.45	%		1.51	%		1.50	%		17.48	%		11	%	$	6,725
	2.35	%		1.51	%		1.50	%		28.58	%		16	%	$	5,922
	1.10	%		2.10	%		2.10	%		7.74	%		6	%	$	1,038
	1.57	%		2.16	%		2.10	%		17.69	%		41	%	$	832
	1.25	%		2.21	%		2.14	%		(12.95	)%		14	%	$	783
	1.07	%		2.25	%		2.24	%		(2.37	)%		18	%	$	920
	1.88	%		2.26	%		2.25	%		16.64	%		11	%	$	920
	1.67	%		2.26	%		2.25	%		27.67	%		16	%	$	595
	2.00	%		1.27	%		1.25	%		8.24	%		6	%	$	4,769
	2.46	%		1.33	%		1.25	%		18.66	%		41	%	$	5,407
	0.99	%		1.36	%		1.25	%		(12.36	)%		14	%	$	11,873
	2.12	%		1.34	%		1.25	%		(1.35	)%		18	%	$	487,582
	2.76	%		1.34	%		1.25	%		17.81	%		11	%	$	459,415
	2.67	%		1.34	%		1.25	%		28.90	%		16	%	$	372,187
	2.23	%		1.02	%		1.00	%		8.38	%		6	%	$	788,695
	2.95	%		1.07	%		1.00	%		19.04	%		41	%	$	713,180
	2.81	%		1.13	%		1.01	%		(11.98	)%		14	%	$	456,239
	2.42	%		1.07	%		1.05	%		(1.19	)%		18	%	$	3,793
	2.91	%		1.08	%		1.05	%		18.07	%		11	%	$	2,359
	2.81	%		1.08	%		1.05	%		29.20	%		16	%	$	1,941

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

48 Wells Fargo Equity Gateway Funds Financial highlights

Small Company Growth Fund	Beginning net asset value per share		Net investment loss			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	44.26		(0.15	)4		5.69			0.00			0.00		$	49.80
Year ended May 31, 2017	$	37.69		(0.28	)4		6.85			0.00			0.00		$	44.26
Year ended May 31, 2016	$	44.23		(0.22	)4		(6.05	)		0.00			(0.27	)	$	37.69
Year ended May 31, 2015	$	39.44		(0.37	)4		7.08			0.00			(1.92	)	$	44.23
Year ended May 31, 2014	$	34.23		(0.37	)4		7.98			0.00			(2.40	)	$	39.44
Year ended May 31, 2013	$	26.21		(0.15	)		8.17			0.00			0.00		$	34.23
Class C
Six months ended November 30, 2017 (unaudited)	$	39.65		(0.29	)4		5.09			0.00			0.00		$	44.45
Year ended May 31, 2017	$	34.02		(0.54	)4		6.17			0.00			0.00		$	39.65
Year ended May 31, 2016	$	40.25		(0.46	)4		(5.50	)		0.00			(0.27	)	$	34.02
Year ended May 31, 2015	$	36.32		(0.63	)4		6.48			0.00			(1.92	)	$	40.25
Year ended May 31, 2014	$	31.91		(0.62	)4		7.43			0.00			(2.40	)	$	36.32
Year ended May 31, 2013	$	24.62		(0.37	)4		7.66			0.00			0.00		$	31.91
Class R6
Six months ended November 30, 2017 (unaudited)	$	46.91		(0.06	)		6.05			0.00			0.00		$	52.90
Year ended May 31, 2017	$	39.77		(0.11	)		7.25			0.00			0.00		$	46.91
Year ended May 31, 2016	$	46.45		(0.03	)		(6.38	)		0.00			(0.27	)	$	39.77
Year ended May 31, 20155	$	42.98		(0.09	)4		5.48			0.00			(1.92	)	$	46.45
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	45.91		(0.13	)4		5.91			0.00			0.00		$	51.69
Year ended May 31, 2017	$	39.05		(0.24	)4		7.10			0.00			0.00		$	45.91
Year ended May 31, 2016	$	45.73		(0.19	)4		(6.22	)		0.00			(0.27	)	$	39.05
Year ended May 31, 2015	$	40.64		(0.30	)4		7.31			0.00			(1.92	)	$	45.73
Year ended May 31, 2014	$	35.13		(0.26	)4		8.17			0.00			(2.40	)	$	40.64
Year ended May 31, 2013	$	26.90		(0.09	)4		8.38			(0.06	)		0.00		$	35.13
Institutional Class
Six months ended November 30, 2017 (unaudited)	$	46.85		(0.07	)		6.04			0.00			0.00		$	52.82
Year ended May 31, 2017	$	39.75		(0.15	)		7.25			0.00			0.00		$	46.85
Year ended May 31, 2016	$	46.44		(0.09	)		(6.33	)		0.00			(0.27	)	$	39.75
Year ended May 31, 2015	$	41.14		(0.20	)4		7.42			0.00			(1.92	)	$	46.44
Year ended May 31, 2014	$	35.46		(0.20	)4		8.28			0.00			(2.40	)	$	41.14
Year ended May 31, 2013	$	27.15		(0.06	)4		8.51			(0.14	)		0.00		$	35.46

¹  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.78	%		0.78	%		0.80	%		0.81	%		0.83	%		0.86	%
Class C		0.78			0.78			0.80			0.81			0.83			0.86
Class R6		0.78			0.78			0.80			0.81	5		N/A			N/A
Administrator Class		0.78			0.78			0.80			0.81			0.83			0.86
Institutional Class		0.78			0.78			0.80			0.81			0.83			0.86

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  Calculated based upon average shares outstanding

⁵  For the period from October 31, 2014 (commencement of class operations) to May 31, 2015

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

Financial highlights Wells Fargo Equity Gateway Funds 49

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment loss1			Gross expenses1			Net expenses1
	(0.65	)%		1.32	%		1.32	%		12.52	%		17	%	$	76,985
	(0.68	)%		1.33	%		1.33	%		17.43	%		82	%	$	76,087
	(0.57	)%		1.34	%		1.34	%		(14.20	)%		49	%	$	128,675
	(0.90	)%		1.41	%		1.40	%		17.51	%		58	%	$	85,588
	(0.96	)%		1.45	%		1.41	%		22.63	%		77	%	$	30,364
	(0.58	)%		1.53	%		1.45	%		30.55	%		109	%	$	9,357
	(1.41	)%		2.07	%		2.07	%		12.11	%		17	%	$	20,718
	(1.43	)%		2.08	%		2.08	%		16.55	%		82	%	$	22,410
	(1.32	)%		2.09	%		2.09	%		(14.84	)%		49	%	$	26,946
	(1.64	)%		2.16	%		2.15	%		16.62	%		58	%	$	17,334
	(1.71	)%		2.20	%		2.16	%		21.75	%		77	%	$	6,546
	(1.31	)%		2.28	%		2.20	%		29.56	%		109	%	$	2,406
	(0.22	)%		0.89	%		0.89	%		12.77	%		17	%	$	493,376
	(0.25	)%		0.90	%		0.90	%		17.95	%		82	%	$	418,111
	(0.09	)%		0.91	%		0.90	%		(13.83	)%		49	%	$	229,391
	(0.34	)%		0.91	%		0.90	%		13.00	%		58	%	$	644
	(0.54	)%		1.24	%		1.20	%		12.59	%		17	%	$	104,141
	(0.55	)%		1.25	%		1.20	%		17.57	%		82	%	$	130,311
	(0.46	)%		1.25	%		1.20	%		(14.04	)%		49	%	$	130,104
	(0.70	)%		1.24	%		1.20	%		17.73	%		58	%	$	185,267
	(0.74	)%		1.29	%		1.20	%		22.92	%		77	%	$	118,456
	(0.30	)%		1.37	%		1.20	%		30.89	%		109	%	$	98,445
	(0.28	)%		0.99	%		0.95	%		12.74	%		17	%	$	1,123,866
	(0.31	)%		1.00	%		0.95	%		17.86	%		82	%	$	1,014,847
	(0.18	)%		1.01	%		0.95	%		(13.85	)%		49	%	$	678,699
	(0.45	)%		0.98	%		0.95	%		18.03	%		58	%	$	457,542
	(0.49	)%		1.02	%		0.95	%		23.19	%		77	%	$	186,581
	(0.19	)%		1.10	%		0.95	%		31.25	%		109	%	$	71,336

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

50 Wells Fargo Equity Gateway Funds Financial highlights

Small Company Value Fund	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Ending net asset value per share
Class A
Six months ended November 30, 2017 (unaudited)	$	24.01		0.12			3.12			0.00		$	27.25
Year ended May 31, 2017	$	20.22		0.05			3.75			(0.01	)	$	24.01
Year ended May 31, 2016	$	21.42		0.08			(1.25	)		(0.03	)	$	20.22
Year ended May 31, 2015	$	20.08		0.07			1.27			0.00		$	21.42
Year ended May 31, 2014	$	17.10		0.06			2.92			0.00		$	20.08
Year ended May 31, 2013	$	13.17		(0.00	)4		3.93			0.00		$	17.10
Class C
Six months ended November 30, 2017 (unaudited)	$	21.40		0.03	5		2.77			0.00		$	24.20
Year ended May 31, 2017	$	18.15		(0.11	)5		3.36			0.00		$	21.40
Year ended May 31, 2016	$	19.34		(0.11	)5		(1.08	)		0.00		$	18.15
Year ended May 31, 2015	$	18.27		(0.08	)5		1.15			0.00		$	19.34
Year ended May 31, 2014	$	15.68		(0.07	)5		2.66			0.00		$	18.27
Year ended May 31, 2013	$	12.16		(0.10	)5		3.62			0.00		$	15.68
Class R6
Six months ended November 30, 2017 (unaudited)	$	24.69		0.25			3.14			0.00		$	28.08
Year ended May 31, 20176	$	21.37		0.08			3.33			(0.09	)	$	24.69
Administrator Class
Six months ended November 30, 2017 (unaudited)	$	24.53		0.17			3.17			0.00		$	27.87
Year ended May 31, 2017	$	20.66		0.08	5		3.83			(0.04	)	$	24.53
Year ended May 31, 2016	$	21.90		0.13			(1.30	)		(0.07	)	$	20.66
Year ended May 31, 2015	$	20.49		0.11			1.30			0.00		$	21.90
Year ended May 31, 2014	$	17.42		0.12			2.95			0.00		$	20.49
Year ended May 31, 2013	$	13.39		0.03	5		4.01			(0.01	)	$	17.42
Institutional Class
Six months ended November 30, 2017 (unaudited)	$	24.68		0.18			3.20			0.00		$	28.06
Year ended May 31, 2017	$	20.77		0.11			3.89			(0.09	)	$	24.68
Year ended May 31, 2016	$	22.02		0.08	5		(1.22	)		(0.11	)	$	20.77
Year ended May 31, 2015	$	20.57		0.14			1.31			0.00		$	22.02
Year ended May 31, 2014	$	17.45		0.13			2.99			0.00		$	20.57
Year ended May 31, 2013	$	13.41		0.06	5		4.03			(0.05	)	$	17.45

¹  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

	Six months ended November 30, 2017 (unaudited)			Year ended May 31
				2017			2016			2015			2014			2013
Class A		0.84	%		0.84	%		0.84	%		0.84	%		0.85	%		0.85	%
Class C		0.84			0.84			0.84			0.84			0.85			0.85
Class R6		0.85			0.83	6		N/A			N/A			N/A			N/A
Administrator Class		0.84			0.84			0.84			0.84			0.85			0.85
Institutional Class		0.84			0.84			0.84			0.84			0.85			0.85

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  Amount is less than $0.005.

⁵  Calculated based upon average shares outstanding

⁶  For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

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

Financial highlights Wells Fargo Equity Gateway Funds 51

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)1			Gross expenses1			Net expenses1
	1.00	%		1.47	%		1.35	%		13.54	%		27	%	$	17,339
	0.20	%		1.47	%		1.35	%		18.86	%		110	%	$	16,280
	0.11	%		1.48	%		1.37	%		(5.48	)%		72	%	$	23,151
	0.33	%		1.50	%		1.40	%		6.62	%		54	%	$	26,339
	0.33	%		1.56	%		1.42	%		17.43	%		47	%	$	26,517
	(0.02	)%		1.57	%		1.45	%		29.84	%		57	%	$	21,652
	0.26	%		2.22	%		2.10	%		13.08	%		27	%	$	2,117
	(0.54	)%		2.22	%		2.10	%		17.97	%		110	%	$	1,962
	(0.62	)%		2.23	%		2.12	%		(6.20	)%		72	%	$	2,004
	(0.42	)%		2.26	%		2.15	%		5.86	%		54	%	$	2,602
	(0.42	)%		2.31	%		2.17	%		16.52	%		47	%	$	2,192
	(0.76	)%		2.32	%		2.20	%		28.95	%		57	%	$	1,814
	4.57	%		1.04	%		0.90	%		13.77	%		27	%	$	382
	0.58	%		1.02	%		0.90	%		15.95	%		110	%	$	29
	1.16	%		1.39	%		1.20	%		13.66	%		27	%	$	61,935
	0.36	%		1.39	%		1.20	%		19.00	%		110	%	$	57,591
	0.28	%		1.39	%		1.20	%		(5.36	)%		72	%	$	64,023
	0.52	%		1.34	%		1.20	%		6.88	%		54	%	$	71,034
	0.55	%		1.39	%		1.20	%		17.62	%		47	%	$	68,358
	0.23	%		1.40	%		1.20	%		30.21	%		57	%	$	60,550
	1.37	%		1.14	%		1.00	%		13.70	%		27	%	$	59,312
	0.55	%		1.14	%		1.00	%		13.70	%		110	%	$	52,072
	0.40	%		1.14	%		1.00	%		(5.13	)%		72	%	$	31,768
	0.75	%		1.07	%		1.00	%		7.05	%		54	%	$	16,850
	0.75	%		1.13	%		1.00	%		17.88	%		47	%	$	11,967
	0.40	%		1.14	%		1.00	%		30.54	%		57	%	$	8,185

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

52 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

1. ORGANIZATION

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

Class B shares of the respective Funds were converted to Class A shares on the close of business on the following dates and are no longer offered by the respective Funds. Information for Class B shares reflected in the financial statements represents activity through the date of conversion

	Date of conversion
C&B Large Cap Value Fund	December 5, 2016
Index Fund	May 5, 2017
Small Company Growth Fund	December 5, 2016

Effective June 6, 2016, Class B shares of Diversified Equity Fund are no longer offered. Information for Class B shares reflected in the financial statements represents activity through June 6, 2016.

Each Fund, except Diversified Equity Fund, is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. Each Fund seeks to achieve its investment objective by investing all investable assets in separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2017 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2017, the Funds own the following percentages of the affiliated Master Portfolios:

C&B Large Cap Value Fund

Emerging Growth Fund

Index Fund

International Value Fund

Small Company Growth Fund

Small Company Value Fund

Wells Fargo C&B Large Cap Value Portfolio

93

%

N/A

N/A

N/A

N/A

N/A

Wells Fargo Emerging Growth Portfolio

N/A

92

%

N/A

N/A

N/A

N/A

Wells Fargo Index Portfolio

N/A

N/A

98

%

N/A

N/A

N/A

Wells Fargo International Value Portfolio

N/A

N/A

N/A

95

%

N/A

N/A

Wells Fargo Small Company Growth Portfolio

N/A

N/A

N/A

N/A

99

%

N/A

Wells Fargo Small Company Value Portfolio

N/A

N/A

N/A

N/A

N/A

86

%

Diversified Equity Fund is a fund-of-funds that invests in various affiliated mutual funds employing a multi-style equity investment approach.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 53

Securities valuation

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

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in each affiliated Master Portfolio. Realized gains or losses in each affiliated Master Portfolio are recorded on the basis of identified cost.

Dividend income in each affiliated Master Portfolio 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 in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each affiliated Master Portfolio. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when 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.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2017, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

	Tax cost		Gross unrealized gains		Gross unrealized losses		Net unrealized gains
C&B Large Cap Value Fund	$	306,060,271	$	85,152,198	$	0	$	85,152,198
Diversified Equity Fund		142,917,340		37,632,353		0		37,632,353
Emerging Growth Fund		506,941,584		253,010,019		0		253,010,019
Index Fund		544,735,251		1,358,510,840		0		1,358,510,840
International Value Fund		707,498,661		89,071,796		0		89,071,796
Small Company Growth Fund		1,345,629,128		473,320,029		0		473,320,029
Small Company Value Fund		126,977,700		14,392,382		0		14,392,382

54 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. At May 31, 2017, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

							No expiration
	2018			2019			Short-term			Long-term
International Value Fund	$	(31,783,032	)	$	(4,561,591	)	$	0		$	(9,762,032	)
Small Company Growth Fund		0			0			(65,147,877	)		(42,576,110	)
Small Company Value Fund		(60,390,637	)		0			0			0

At May 31, 2017, late-year ordinary losses which were recognized on the first day of the current fiscal year were as follows:

	Late-year ordinary loss
Emerging Growth Fund	$	(2,168,727	)
Small Company Growth Fund		(2,765,455	)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2017, each Fund’s investment in an affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate value of affiliated Master Portfolio(s) of each Fund was as follows:

	Aggregate value of affiliated Master Portfolio(s)
C&B Large Cap Value Fund	$	391,212,469
Diversified Equity Fund		180,549,693
Emerging Growth Fund		759,951,603
Index Fund		1,903,246,091
International Value Fund		796,570,457
Small Company Growth Fund		1,818,949,157
Small Company Value Fund		141,370,082

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

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

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 55

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the applicable subadvisers, providing fund-level administrative services in connection with each Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of each Fund. For each Fund that continues to invest substantially all of its assets in a single affiliated Master Portfolio, each Fund pays Funds Management an investment management fee only for fund-level administrative services at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase. For Diversified Equity Fund which invests in multiple affiliated Master Portfolios, Funds Management receives a management fee for providing advisory and fund-level administrative services, including the determination of the asset allocations of its investments in the various affiliated Master Portfolios, at an annual rate starting at 0.30% and declining to 0.22% as the average daily net assets of Diversified Equity Fund increase. For the six months ended November 30, 2017, the management fee was equivalent to an annual rate for each Fund as follows:

	Management fee
C&B Large Cap Value Fund		0.05	%
Diversified Equity Fund		0.30
Emerging Growth Fund		0.05
Index Fund		0.05
International Value Fund		0.05
Small Company Growth Fund		0.05
Small Company Value Fund		0.05

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. 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

56 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

specific expenses. Net expenses from affiliated Master Portfolios are included in the expense caps. Funds Management has committed through September 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Class A			Class C			Class R6			Administrator Class			Institutional Class
C&B Large Cap Value Fund		1.08	%1		1.83	%1		0.65	%		1.00	%		0.75	%1
Diversified Equity Fund		1.25			2.00			N/A			1.00			N/A
Emerging Growth Fund		1.35			2.10			N/A			1.20			0.90
Index Fund		0.45			1.20			N/A			0.25			N/A
International Value Fund		1.35			2.10			N/A			1.25			1.00
Small Company Growth Fund		1.35			2.10			0.90			1.20			0.95
Small Company Value Fund		1.35			2.10			0.90	2		1.20			1.00

¹  Prior to October 1, 2017, the Fund’s expenses were capped as 1.15% for Class A shares, 1.90% for Class C shares, 0.70% for Class R6 shares, and 0.80% for Institutional Class shares.

After the expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2017, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2017.

	Front-end sales charges		Contingent deferred sales charges
	Class A		Class C
C&B Large Cap Value Fund	$	6,142	$	145
Diversified Equity Fund		1,726		0
Emerging Growth Fund		702		0
Index Fund		3,200		0
International Value Fund		911		0
Small Company Growth Fund		2,463		13
Small Company Value Fund		179		0

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Administrator Class of the Index Fund is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 57

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations (if any) and short-term securities, for the six months ended November 30, 2017 were as follows:

	Purchases at cost			Sales proceeds
C&B Large Cap Value Fund	$	79,019,708	*	$	63,712,335	*
Diversified Equity Fund		66,361,918	**		124,821,385	**
Emerging Growth Fund		188,258,736	*		249,938,711	*
Index Fund		32,342,206	*		278,923,763	*
International Value Fund		63,168,217	*		41,229,150	*
Small Company Growth Fund		279,201,829	*		339,877,459	*
Small Company Value Fund		47,942,512	*		111,339,286	*

* The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales.

** The Fund seeks to achieve its investment objective by investing its investable assets in affiliated Master Portfolios in varying proportions. Purchases and sales related have been calculated by aggregating the results of multiplying the Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.

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 each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended November 30, 2017, there were no borrowings by the Funds under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Through their investments in affiliated Master Portfolio(s), Funds that invest a substantial portion of their assets in a 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 Funds and, therefore, cannot be estimated.

9. REDEMPTION IN-KIND

After the close of business on July 15, 2016, Emerging Growth Fund redeemed assets through an in-kind redemption. In the redemption transaction, Emerging Growth Fund made a corresponding in-kind redemption from Wells Fargo Emerging Growth Portfolio which distributed securities to Emerging Growth Fund. These securities with a value of $80,953,334 along with cash in the amount of $2,716,932, were then in turn distributed to the shareholder. The redemption in-kind by a shareholder of Institutional Class represented 9.89% of Emerging Growth Fund and is reflected on the Statements of Changes in Net Assets.

58 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

10. SUBSEQUENT DISTRIBUTIONS

On December 11, 2017, the following Funds declared distributions from capital gains to shareholders of record on December 8, 2017. The per share amounts payable on December 12, 2017 were as follows:

	C&B Large Cap Value Fund		Diversified Equity Fund		Emerging Growth Fund		Index Fund
Short-term capital gains
Class A	$	0.26241	$	0.77127	$	0.00262	$	0.13113
Class C		0.26241		0.77127		0.00262		0.13113
Class R6		0.26241		N/A		N/A		N/A
Administrator Class		0.26241		0.77127		0.00262		0.13113
Institutional Class		0.26241		N/A		0.00262		N/A
Long-term capital gains
Class A	$	1.26875	$	6.03948	$	1.94850	$	11.32787
Class C		1.26875		6.03948		1.94850		11.32787
Class R6		1.26875		N/A		N/A		N/A
Administrator Class		1.26875		6.03948		1.94850		11.32787
Institutional Class		1.26875		N/A		1.94850		N/A

On December 19, 2017, the following Funds declared distributions from net investment income to shareholders of record on December 18, 2017. The per share amounts payable on December 20, 2017 were as follows:

	C&B Large Cap Value Fund		Diversified Equity Fund		Index Fund		Small Company Value Fund
Net investment income
Class A	$	0.06367	$	0.16817	$	1.02361	$	0.08279
Class C		N/A		0.00387		0.47842		N/A
Class R6		0.12225		N/A		N/A		0.18575
Administrator Class		0.08433		0.22927		1.13445		0.12834
Institutional Class		0.11139		N/A		N/A		0.18165

These distributions are not reflected in the accompanying financial statements.

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 59

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.04%
Consumer Discretionary: 15.59%
Hotels, Restaurants & Leisure: 2.63%
Brinker International Incorporated «		86,400	$	3,173,472
Carnival Corporation		120,900		7,935,876
				11,109,348
Household Durables: 2.48%
Whirlpool Corporation		62,000		10,451,340
Media: 5.34%
Omnicom Group Incorporated		162,500		11,609,000
Twenty-First Century Fox Incorporated Class A		341,100		10,894,734
				22,503,734
Textiles, Apparel & Luxury Goods: 5.14%
Gildan Activewear Incorporated		389,700		12,369,078
HanesBrands Incorporated «		445,900		9,314,851
				21,683,929
Consumer Staples: 3.65%
Beverages: 1.37%
Diageo plc ADR		41,700		5,774,199
Personal Products: 0.92%
Unilever NV ADR «		67,000		3,868,580
Tobacco: 1.36%
Philip Morris International		55,800		5,733,450
Energy: 5.67%
Energy Equipment & Services: 1.77%
Schlumberger Limited		118,400		7,441,440
Oil, Gas & Consumable Fuels: 3.90%
Exxon Mobil Corporation		127,700		10,636,133
World Fuel Services Corporation		207,300		5,818,911
				16,455,044
Financials: 28.59%
Banks: 6.51%
Bank of America Corporation		223,900		6,307,263
JPMorgan Chase & Company		126,300		13,200,876
PNC Financial Services Group Incorporated		56,600		7,955,696
				27,463,835

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

60 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Capital Markets: 7.92%
Brookfield Asset Management Incorporated Class A		255,900	$	10,619,850
Intercontinental Exchange Incorporated		165,800		11,846,410
State Street Corporation		114,700		10,936,645
				33,402,905
Consumer Finance: 1.85%
Synchrony Financial		217,600		7,809,664
Diversified Financial Services: 2.77%
Berkshire Hathaway Incorporated Class B †		60,500		11,677,105
Insurance: 9.54%
Chubb Limited		67,200		10,221,792
FNF Group		229,200		9,273,432
Markel Corporation †		3,911		4,329,086
RenaissanceRe Holdings Limited		68,500		9,086,525
The Progressive Corporation		137,100		7,290,978
				40,201,813
Health Care: 14.10%
Health Care Equipment & Supplies: 3.93%
Abbott Laboratories		174,900		9,859,113
Becton Dickinson & Company		29,500		6,732,195
				16,591,308
Health Care Providers & Services: 6.16%
Cardinal Health Incorporated		106,800		6,321,492
Laboratory Corporation of America Holdings †		64,300		10,176,761
UnitedHealth Group Incorporated		41,500		9,469,055
				25,967,308
Pharmaceuticals: 4.01%
Allergan plc		60,700		10,551,481
Johnson & Johnson		45,500		6,339,515
				16,890,996
Industrials: 13.37%
Air Freight & Logistics: 2.33%
United Parcel Service Incorporated Class B		81,000		9,837,450
Building Products: 1.98%
Johnson Controls International plc		221,700		8,344,788
Electrical Equipment: 3.39%
AMETEK Incorporated		87,800		6,382,182
Eaton Corporation plc		101,700		7,910,226
				14,292,408
Machinery: 2.65%
Snap-on Incorporated		65,900		11,165,437

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 61

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
Trading Companies & Distributors: 3.02%
AerCap Holdings NV †					244,900	$	12,727,453
Information Technology: 6.83%
Electronic Equipment, Instruments & Components: 2.92%
Arrow Electronics Incorporated †					93,000		7,507,890
TE Connectivity Limited					50,600		4,778,664
							12,286,554
IT Services: 2.83%
Accenture plc Class A					40,300		5,964,803
Alliance Data Systems Corporation					25,000		5,981,750
							11,946,553
Semiconductors & Semiconductor Equipment: 1.08%
Analog Devices Incorporated					53,002		4,564,002
Materials: 4.78%
Chemicals: 0.99%
Axalta Coating Systems Limited †					132,600		4,198,116
Containers & Packaging: 3.79%
Ball Corporation					193,700		7,730,567
Crown Holdings Incorporated †					138,200		8,254,686
							15,985,253
Real Estate: 1.46%
Real Estate Management & Development: 1.46%
CBRE Group Incorporated Class A †					142,300		6,170,128
Total Common Stocks (Cost $295,034,960)							396,544,140
	Yield
Short-Term Investments: 8.70%
Investment Companies: 8.70%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		13,372,004		13,373,341
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			23,303,022		23,303,022
Total Short-Term Investments (Cost $36,676,314)							36,676,363

Total investments in securities (Cost $331,711,274)	102.74	%		433,220,503
Other assets and liabilities, net	(2.74	)		(11,556,070	)
Total net assets	100.00	%	$	421,664,433

« 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 Portfolio as defined in the Investment Company Act of 1940.

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

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

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

62 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		24,100,596		90,970,022		101,698,614		13,372,004	$	(35	)	$	(2	)	$	28,015	$	13,373,341
Wells Fargo Government Money Market Fund Select Class		12,499,686		77,943,849		67,140,513		23,303,022		0			0			103,323		23,303,022
									$	(35	)	$	(2	)	$	131,338	$	36,676,363		8.70	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 63

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.97%
Consumer Discretionary: 14.43%
Auto Components: 0.75%
Lear Corporation		3,877	$	701,311
Automobiles: 0.64%
General Motors Company		13,710		590,764
Hotels, Restaurants & Leisure: 0.94%
Marriott International Incorporated Class A		1,910		242,570
Norwegian Cruise Line Holdings Limited †		6,616		358,323
Royal Caribbean Cruises Limited		2,220		275,014
				875,907
Household Durables: 0.68%
Mohawk Industries Incorporated †		2,240		633,046
Internet & Direct Marketing Retail: 5.50%
Amazon.com Incorporated †		3,490		4,106,858
Netflix Incorporated †		2,930		549,609
The Priceline Group Incorporated †		270		469,722
				5,126,189
Media: 0.91%
Comcast Corporation Class A		14,909		559,684
Live Nation Incorporated †		6,390		289,978
				849,662
Multiline Retail: 1.81%
Dollar Tree Incorporated †		11,060		1,136,526
Target Corporation		9,170		549,283
				1,685,809
Specialty Retail: 3.20%
Burlington Stores Incorporated †		2,480		263,798
Lowe’s Companies Incorporated		6,827		569,167
The Home Depot Incorporated		9,539		1,715,303
The TJX Companies Incorporated		5,747		434,186
				2,982,454
Consumer Staples: 3.33%
Beverages: 0.69%
Constellation Brands Incorporated Class A		2,960		644,066
Food & Staples Retailing: 1.81%
Costco Wholesale Corporation		3,160		582,799
Sysco Corporation		8,570		494,746
Wal-Mart Stores Incorporated		6,243		607,007
				1,684,552

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

64 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Personal Products: 0.83%
The Estee Lauder Companies Incorporated Class A		6,170	$	770,201
Energy: 2.44%
Oil, Gas & Consumable Fuels: 2.44%
Chevron Corporation		4,145		493,214
Concho Resources Incorporated †		5,550		776,223
Exxon Mobil Corporation		5,209		433,858
Valero Energy Corporation		6,634		568,003
				2,271,298
Financials: 8.42%
Banks: 2.13%
Bank of America Corporation		21,062		593,317
Citizens Financial Group Incorporated		13,310		541,717
JPMorgan Chase & Company		6,850		715,962
Webster Financial Corporation		2,250		129,083
				1,980,079
Capital Markets: 4.82%
CME Group Incorporated		7,200		1,076,688
MarketAxess Holdings Incorporated		2,190		427,641
Morgan Stanley		17,110		883,047
Raymond James Financial Incorporated		11,371		1,004,059
TD Ameritrade Holding Corporation		3,210		164,256
The Charles Schwab Corporation		19,250		939,208
				4,494,899
Insurance: 1.47%
Lincoln National Corporation		7,620		583,311
Prudential Financial Incorporated		4,949		573,292
The Progressive Corporation		3,990		212,188
				1,368,791
Health Care: 11.98%
Biotechnology: 2.77%
Amgen Incorporated		2,723		478,322
BioMarin Pharmaceutical Incorporated †		3,110		266,838
Exelixis Incorporated †		4,220		114,278
Gilead Sciences Incorporated		6,031		450,998
Incyte Corporation †		1,250		123,738
Neurocrine Biosciences Incorporated †		2,220		159,596
Vertex Pharmaceuticals Incorporated †		6,860		989,829
				2,583,599
Health Care Equipment & Supplies: 2.71%
Abbott Laboratories		10,163		572,888
Boston Scientific Corporation †		25,300		664,884

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 65

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corporation †		6,800	$	796,960
Intuitive Surgical Incorporated †		420		167,908
Stryker Corporation		850		132,600
West Pharmaceutical Services Incorporated		1,860		185,870
				2,521,110
Health Care Providers & Services: 2.37%
Aetna Incorporated		4,329		779,999
Centene Corporation †		7,108		725,656
UnitedHealth Group Incorporated		3,099		707,099
				2,212,754
Health Care Technology: 0.21%
Veeva Systems Incorporated Class A †		3,200		192,672
Life Sciences Tools & Services: 1.17%
Agilent Technologies Incorporated		11,175		773,757
PRA Health Sciences Incorporated †		3,850		317,125
				1,090,882
Pharmaceuticals: 2.75%
Bristol-Myers Squibb Company		7,440		470,134
Johnson & Johnson		4,009		558,574
Merck & Company Incorporated		6,969		385,177
Zoetis Incorporated		15,892		1,148,833
				2,562,718
Industrials: 12.01%
Aerospace & Defense: 1.81%
Northrop Grumman Corporation		2,184		671,362
Raytheon Company		1,980		378,477
The Boeing Company		2,310		639,408
				1,689,247
Air Freight & Logistics: 0.91%
FedEx Corporation		3,530		817,054
XPO Logistics Incorporated †		430		33,983
				851,037
Airlines: 0.86%
Delta Air Lines Incorporated		9,410		497,977
Southwest Airlines Company		5,003		303,532
				801,509
Commercial Services & Supplies: 1.46%
KAR Auction Services Incorporated		9,521		479,573
Waste Connections Incorporated		12,810		881,712
				1,361,285

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

66 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Construction & Engineering: 0.57%
EMCOR Group Incorporated		6,534	$	527,751
Electrical Equipment: 0.44%
Rockwell Automation Incorporated		2,130		411,260
Industrial Conglomerates: 0.98%
3M Company		1,940		471,692
Honeywell International Incorporated		2,810		438,248
				909,940
Machinery: 2.46%
Cummins Incorporated		3,340		559,116
Fortive Corporation		7,785		581,150
Nordson Corporation		520		66,747
Stanley Black & Decker Incorporated		3,572		605,918
The Toro Company		7,257		473,519
				2,286,450
Professional Services: 0.24%
IHS Markit Limited †		2,120		94,594
TransUnion †		2,380		132,138
				226,732
Road & Rail: 2.28%
CSX Corporation		4,369		243,572
Norfolk Southern Corporation		4,000		554,520
Union Pacific Corporation		10,470		1,324,455
				2,122,547
Information Technology: 40.29%
Electronic Equipment, Instruments & Components: 1.32%
CDW Corporation of Delaware		9,995		699,750
Jabil Circuit Incorporated		18,239		526,195
				1,225,945
Internet Software & Services: 10.78%
Alibaba Group Holding Limited ADR †		1,040		184,163
Alphabet Incorporated Class A †		2,794		2,895,059
Alphabet Incorporated Class C †		1,790		1,828,324
CoStar Group Incorporated †		740		225,678
eBay Incorporated †		8,560		296,775
Facebook Incorporated Class A †		21,080		3,734,954
LogMeIn Incorporated		2,930		348,670
MercadoLibre Incorporated		830		228,366
Shopify Incorporated Class A «†		2,880		299,002
				10,040,991

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 67

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
IT Services: 7.07%
Euronet Worldwide Incorporated †		3,420	$	312,417
Global Payments Incorporated		1,760		176,986
MasterCard Incorporated Class A		12,660		1,904,950
PayPal Holdings Incorporated †		18,340		1,388,888
Square Incorporated Class A «†		14,300		560,846
Switch Incorporated Ǡ		6,198		106,234
Visa Incorporated Class A		18,980		2,136,958
				6,587,279
Semiconductors & Semiconductor Equipment: 7.22%
Broadcom Limited		4,931		1,370,522
Intel Corporation		11,896		533,417
Microchip Technology Incorporated		21,529		1,872,808
NVIDIA Corporation		4,980		999,536
ON Semiconductor Corporation †		26,409		530,293
Texas Instruments Incorporated		14,550		1,415,570
				6,722,146
Software: 10.47%
Activision Blizzard Incorporated		8,290		517,296
Adobe Systems Incorporated †		5,761		1,045,449
Electronic Arts Incorporated †		5,803		617,149
Microsoft Corporation		43,562		3,666,613
Proofpoint Incorporated †		2,520		226,926
PTC Incorporated †		1,140		72,595
Salesforce.com Incorporated †		8,824		920,520
ServiceNow Incorporated †		7,480		920,040
Splunk Incorporated †		2,488		199,264
Take-Two Interactive Software Incorporated †		1,770		197,444
The Ultimate Software Group Incorporated †		2,456		518,290
VMware Incorporated Class A «†		7,103		853,141
				9,754,727
Technology Hardware, Storage & Peripherals: 3.43%
Apple Incorporated		10,852		1,864,916
HP Incorporated		26,561		569,733
NetApp Incorporated		13,480		761,755
				3,196,404
Materials: 4.00%
Chemicals: 3.24%
DowDuPont Incorporated		8,615		619,935
Ecolab Incorporated		7,940		1,079,205
Praxair Incorporated		8,580		1,320,634
				3,019,774
Containers & Packaging: 0.76%
Avery Dennison Corporation		6,182		705,490

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

68 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Real Estate: 1.50%
Equity REITs: 1.50%
American Tower Corporation					5,841	$	840,696
Prologis Incorporated					8,353		553,210
							1,393,906
Utilities: 0.57%
Multi-Utilities: 0.57%
CenterPoint Energy Incorporated					17,706		531,357
Total Common Stocks (Cost $55,648,651)							92,188,540
	Yield
Short-Term Investments: 2.04%
Investment Companies: 2.04%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		1,113,802		1,113,913
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			784,307		784,307
Total Short-Term Investments (Cost $1,898,210)							1,898,220

Total investments in securities (Cost $57,546,861)	101.01	%		94,086,760
Other assets and liabilities, net	(1.01	)		(940,136	)
Total net assets	100.00	%	$	93,146,624

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliates securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		1,105,508		15,226,727		15,218,433		1,113,802	$	36	$	(16	)	$	2,447	$	1,113,913
Wells Fargo Government Money Market Fund Select Class		568,057		13,002,952		12,786,702		784,307		0		0			4,485		784,307
									$	36	$	(16	)	$	6,932	$	1,898,220		2.04	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 69

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.85%
Consumer Discretionary: 13.25%
Auto Components: 2.43%
Cooper-Standard Holdings Incorporated †		93,660	$	11,807,716
LCI Industries		63,630		8,329,167
				20,136,883
Diversified Consumer Services: 1.93%
Chegg Incorporated Ǡ		439,414		6,683,487
Grand Canyon Education Incorporated †		98,160		9,321,274
				16,004,761
Hotels, Restaurants & Leisure: 2.89%
Dave & Buster’s Entertainment Incorporated †		11,800		625,754
Planet Fitness Incorporated Class A		371,991		12,041,349
Playa Hotels & Resorts NV †		427,900		4,552,856
Wingstop Incorporated «		171,498		6,721,007
				23,940,966
Leisure Products: 0.56%
MCBC Holdings Incorporated †		198,706		4,689,462
Media: 1.26%
Nexstar Broadcasting Group Incorporated «		153,800		10,443,020
Multiline Retail: 1.27%
Ollie’s Bargain Outlet Holdings Incorporated †		221,660		10,517,767
Specialty Retail: 2.91%
Camping World Holdings Incorporated Class A		101,844		4,721,488
Five Below Incorporated †		43,897		2,712,835
Lithia Motors Incorporated Class A		126,630		14,852,433
National Vision Holdings Incorporated †		57,166		1,863,040
				24,149,796
Energy: 1.60%
Oil, Gas & Consumable Fuels: 1.60%
Matador Resources Company †		148,536		4,248,130
PDC Energy Incorporated †		59,190		2,719,781
RSP Permian Incorporated †		172,658		6,341,728
				13,309,639
Financials: 3.95%
Capital Markets: 1.45%
MarketAxess Holdings Incorporated		13,181		2,573,854
Stifel Financial Corporation		168,000		9,448,320
				12,022,174

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

70 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Insurance: 1.29%
Kinsale Capital Group Incorporated		239,230	$	10,667,266
Thrifts & Mortgage Finance: 1.21%
LendingTree Incorporated †		33,332		10,064,597
Health Care: 22.32%
Biotechnology: 7.01%
Clovis Oncology Incorporated †		119,000		7,481,530
Exact Sciences Corporation †		108,800		6,471,424
Ligand Pharmaceuticals Incorporated †		152,501		20,107,257
Portola Pharmaceuticals Incorporated †		33,500		1,692,671
Repligen Corporation †		417,180		14,789,031
Sarepta Therapeutics Incorporated Ǡ		73,247		4,077,660
Spark Therapeutics Incorporated †		47,985		3,513,942
				58,133,515
Health Care Equipment & Supplies: 10.19%
Axogen Incorporated †		199,507		5,326,837
Cantel Medical Corporation		63,800		6,793,424
Glaukos Corporation Ǡ		97,759		2,617,008
Heska Corporation †		43,600		3,742,188
Inogen Incorporated †		136,750		17,605,195
Integra LifeSciences Holdings Corporation †		291,040		14,150,365
iRhythm Technologies Incorporated †		156,112		8,664,216
Merit Medical Systems Incorporated †		107,400		4,666,530
Nevro Corporation †		182,355		13,643,801
NxStage Medical Incorporated †		285,170		7,326,017
				84,535,581
Health Care Providers & Services: 2.60%
HealthEquity Incorporated †		287,112		14,892,499
Teladoc Incorporated Ǡ		179,479		6,658,671
				21,551,170
Health Care Technology: 0.60%
Vocera Communications Incorporated †		171,200		5,016,160
Pharmaceuticals: 1.92%
Dova Pharmaceuticals Incorporated Ǡ		163,989		4,898,351
Kala Pharmaceuticals Incorporated †		119,217		2,283,006
Optinose Incorporated †		150,227		2,867,833
Supernus Pharmaceuticals Incorporated †		154,700		5,847,660
				15,896,850
Industrials: 21.82%
Aerospace & Defense: 1.74%
HEICO Corporation «		9,025		815,499
Mercury Computer Systems Incorporated †		260,745		13,608,282
				14,423,781

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 71

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Airlines: 1.01%
SkyWest Incorporated		160,930	$	8,376,407
Building Products: 1.53%
Apogee Enterprises Incorporated		185,460		9,278,564
JELD-WEN Holding Incorporated †		85,966		3,362,130
				12,640,694
Commercial Services & Supplies: 1.26%
Advanced Disposal Services Incorporated †		265,322		6,189,962
Healthcare Services Group Incorporated		81,700		4,242,681
				10,432,643
Construction & Engineering: 3.23%
Dycom Industries Incorporated †		91,430		9,816,839
Granite Construction Incorporated		104,450		6,932,347
MasTec Incorporated †		223,700		10,032,945
				26,782,131
Machinery: 5.73%
John Bean Technologies Corporation		156,890		18,787,578
Milacron Holdings Corporation †		517,128		9,116,967
Mueller Water Products Incorporated Class A		410,420		5,126,146
REV Group Incorporated		155,983		4,259,896
Rexnord Corporation †		410,110		10,219,941
				47,510,528
Professional Services: 5.54%
On Assignment Incorporated †		402,943		25,772,234
WageWorks Incorporated †		314,864		20,198,526
				45,970,760
Road & Rail: 0.15%
Daseke Incorporated †		98,413		1,248,861
Trading Companies & Distributors: 1.63%
Beacon Roofing Supply Incorporated †		122,110		7,824,809
BMC Stock Holdings Incorporated †		247,560		5,718,636
				13,543,445
Information Technology: 34.53%
Communications Equipment: 0.26%
Quantenna Communications Incorporated Ǡ		173,722		2,124,620
Electronic Equipment, Instruments & Components: 1.48%
Littelfuse Incorporated		60,740		12,324,146
Internet Software & Services: 13.05%
2U Incorporated †		185,250		11,874,525
Alarm.com Holdings Incorporated †		91,900		3,766,981

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

72 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Internet Software & Services (continued)
Coupa Software Incorporated †		153,174	$	5,426,955
Envestnet Incorporated †		318,792		15,668,627
Five9 Incorporated †		546,500		13,394,715
GrubHub Incorporated Ǡ		49,200		3,323,952
LogMeIn Incorporated		105,520		12,556,880
MongoDB Incorporated †		6,306		179,910
Q2 Holdings Incorporated †		607,743		25,434,045
Sendgrid Incorporated †		200,073		4,193,530
SPS Commerce Incorporated †		133,938		6,758,511
Wix.com Limited †		102,510		5,627,799
				108,206,430
IT Services: 3.32%
InterXion Holding NV †		426,820		24,640,319
Switch Incorporated †		169,750		2,909,515
				27,549,834
Semiconductors & Semiconductor Equipment: 4.42%
Aquantia Corporation †		71,210		850,960
MaxLinear Incorporated Class A †		274,278		7,243,682
Microsemi Corporation †		144,150		7,618,328
Monolithic Power Systems Incorporated		113,380		13,418,523
Semtech Corporation †		220,000		7,491,000
				36,622,493
Software: 12.00%
Altair Engineering Incorporated †		39,636		887,450
BlackLine Incorporated †		133,703		4,902,889
CyberArk Software Limited †		53,610		2,522,887
Forescout Technologies Incorporated †		32,754		790,026
HubSpot Incorporated †		169,976		13,759,557
Paycom Software Incorporated †		92,930		7,620,260
Paylocity Holding Corporation †		104,393		4,816,693
Proofpoint Incorporated †		250,230		22,533,212
Rapid7 Incorporated †		107,554		2,033,846
RealPage Incorporated †		237,500		10,770,625
RingCentral Incorporated Class A †		218,160		10,286,244
Sailpoint Technologies Holding †		116,005		1,705,274
Talend SA ADR †		246,778		9,863,717
Zendesk Incorporated †		207,800		6,984,152
				99,476,832
Materials: 0.38%
Chemicals: 0.38%
PQ Group Holdings Incorporated †		190,400		3,141,600
Total Common Stocks (Cost $524,202,862)				811,454,812

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 73

EMERGING GROWTH PORTFOLIO

Security name					Shares		Value
Exchange-Traded Funds: 1.03%	��
iShares Russell 2000 Growth Index ETF «						45,600	$	8,516,712
Total Exchange-Traded Funds (Cost $8,199,582)								8,516,712
		Yield
Short-Term Investments: 5.97%
Investment Companies: 5.97%
Securities Lending Cash Investment LLC (l)(r)(u)			1.29	%		37,024,970		37,028,672
Wells Fargo Government Money Market Fund Select Class (l)(u)			1.00			12,485,937		12,485,937
Total Short-Term Investments (Cost $49,511,794)								49,514,609

Total investments in securities (Cost $581,914,238) *	104.85	%		869,486,133
Other assets and liabilities, net	(4.85	)		(40,254,514	)
Total net assets	100.00	%	$	829,231,619

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliates securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		57,161,425		204,685,027		224,821,482		37,024,970	$	3,355	$	(2,900	)	$	244,346	$	37,028,672
Wells Fargo Government Money Market Fund Select Class		13,424,042		140,959,230		141,897,335		12,485,937		0		0			53,739		12,485,937
									$	3,355	$	(2,900	)	$	298,085	$	49,514,609		5.97	%

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

74 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.98%
Consumer Discretionary: 11.87%
Auto Components: 0.20%
BorgWarner Incorporated		16,701	$	929,912
Delphi Automotive plc		22,462		2,351,098
The Goodyear Tire & Rubber Company		21,193		686,017
				3,967,027
Automobiles: 0.49%
Ford Motor Company		329,227		4,121,922
General Motors Company		110,397		4,757,007
Harley-Davidson Incorporated «		14,360		720,872
				9,599,801
Distributors: 0.11%
Genuine Parts Company		12,360		1,149,109
LKQ Corporation †		25,999		1,024,881
				2,173,990
Diversified Consumer Services: 0.02%
H&R Block Incorporated		17,598		460,716
Hotels, Restaurants & Leisure: 1.84%
Carnival Corporation		34,330		2,253,421
Chipotle Mexican Grill Incorporated †		2,112		642,872
Darden Restaurants Incorporated		10,552		889,745
Hilton Worldwide Holdings Incorporated		17,193		1,333,489
Marriott International Incorporated Class A		26,333		3,344,291
McDonald’s Corporation		68,183		11,725,431
MGM Resorts International		43,576		1,486,813
Norwegian Cruise Line Holdings Limited †		14,981		811,371
Royal Caribbean Cruises Limited		14,483		1,794,154
Starbucks Corporation		121,543		7,027,616
Wyndham Worldwide Corporation		8,652		972,398
Wynn Resorts Limited		6,734		1,064,511
Yum! Brands Incorporated		29,022		2,422,466
				35,768,578
Household Durables: 0.42%
D.R. Horton Incorporated		28,670		1,462,170
Garmin Limited		9,341		579,889
Leggett & Platt Incorporated		11,135		537,152
Lennar Corporation Class A		17,104		1,073,789
Lennar Corporation Class B		1		26
Mohawk Industries Incorporated †		5,319		1,503,203
Newell Rubbermaid Incorporated		41,255		1,277,667
Pulte Group Incorporated		23,365		797,447
Whirlpool Corporation		6,143		1,035,526
				8,266,869

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 75

INDEX PORTFOLIO

Security name	Shares		Value
Internet & Direct Marketing Retail: 2.83%
Amazon.com Incorporated †		33,563	$	39,495,260
Expedia Incorporated		10,284		1,259,790
Netflix Incorporated †		36,343		6,817,220
The Priceline Group Incorporated †		4,130		7,185,002
TripAdvisor Incorporated †		9,118		315,665
				55,072,937
Leisure Products: 0.07%
Hasbro Incorporated		9,581		891,225
Mattel Incorporated «		28,850		526,513
				1,417,738
Media: 2.64%
CBS Corporation Class B		30,645		1,717,959
Charter Communications Incorporated Class A †		16,932		5,523,388
Comcast Corporation Class A		395,962		14,864,413
Discovery Communications Incorporated Class A †		12,958		246,461
Discovery Communications Incorporated Class C †		17,107		309,295
DISH Network Corporation Class A †		19,165		970,707
Interpublic Group of Companies Incorporated		33,104		654,797
News Corporation Class A		32,171		519,883
News Corporation Class B		10,251		168,116
Omnicom Group Incorporated		19,424		1,387,651
Scripps Networks Interactive Incorporated Class A		8,078		661,104
The Walt Disney Company		129,925		13,618,739
Time Warner Incorporated		65,473		5,991,434
Twenty-First Century Fox Incorporated Class A		88,599		2,829,852
Twenty-First Century Fox Incorporated Class B		36,969		1,151,584
Viacom Incorporated Class B		29,691		840,849
				51,456,232
Multiline Retail: 0.44%
Dollar General Corporation		21,929		1,931,506
Dollar Tree Incorporated †		19,937		2,048,726
Kohl’s Corporation		14,191		680,742
Macy’s Incorporated		25,637		610,161
Nordstrom Incorporated «		9,795		445,183
Target Corporation		45,976		2,753,962
				8,470,280
Specialty Retail: 2.15%
Advance Auto Parts Incorporated		6,218		628,018
AutoZone Incorporated †		2,360		1,620,754
Best Buy Company Incorporated		22,334		1,331,330
CarMax Incorporated †		15,425		1,062,937
Foot Locker Incorporated		10,438		447,164
L Brands Incorporated		21,007		1,177,862
Lowe’s Companies Incorporated		71,064		5,924,606
O’Reilly Automotive Incorporated †		7,409		1,750,080

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

76 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value
Specialty Retail (continued)
Ross Stores Incorporated		32,760	$	2,490,743
Signet Jewelers Limited «		5,089		266,104
The Gap Incorporated		18,486		597,283
The Home Depot Incorporated		99,229		17,843,359
The TJX Companies Incorporated		53,560		4,046,458
Tiffany & Company		8,594		812,133
Tractor Supply Company		10,665		727,780
ULTA Beauty Incorporated †		4,913		1,089,261
				41,815,872
Textiles, Apparel & Luxury Goods: 0.66%
HanesBrands Incorporated		30,681		640,926
Michael Kors Holdings Limited †		12,762		745,811
Nike Incorporated Class B		110,604		6,682,694
PVH Corporation		6,517		876,862
Ralph Lauren Corporation		4,662		443,589
Tapestry Incorporated		23,787		991,680
Under Armour Incorporated Class A «†		15,569		206,912
Under Armour Incorporated Class C Ǡ		15,668		186,919
VF Corporation		27,501		2,006,473
				12,781,866
Consumer Staples: 7.95%
Beverages: 1.94%
Brown-Forman Corporation Class B		16,484		985,743
Constellation Brands Incorporated Class A		14,470		3,148,527
Dr Pepper Snapple Group Incorporated		15,297		1,379,636
Molson Coors Brewing Company Class B		15,547		1,214,221
Monster Beverage Corporation †		34,913		2,187,998
PepsiCo Incorporated		120,247		14,011,180
The Coca-Cola Company		323,136		14,789,935
				37,717,240
Food & Staples Retailing: 1.79%
Costco Wholesale Corporation		36,919		6,808,971
CVS Health Corporation		85,571		6,554,739
Sysco Corporation		40,881		2,360,060
The Kroger Company		75,536		1,953,361
Wal-Mart Stores Incorporated		123,212		11,979,903
Walgreens Boots Alliance Incorporated		73,083		5,317,519
				34,974,553
Food Products: 1.23%
Archer Daniels Midland Company		47,353		1,888,438
Campbell Soup Company		16,327		804,921
ConAgra Foods Incorporated		34,989		1,306,139
General Mills Incorporated		48,578		2,747,572
Hormel Foods Corporation		22,691		827,087

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 77

INDEX PORTFOLIO

Security name	Shares		Value
Food Products (continued)
Kellogg Company		20,918	$	1,383,935
McCormick & Company Incorporated		10,010		1,022,822
Mondelez International Incorporated Class A		126,908		5,449,430
The Hershey Company		11,895		1,319,512
The J.M. Smucker Company		9,561		1,115,482
The Kraft Heinz Company		50,249		4,088,761
Tyson Foods Incorporated Class A		24,350		2,002,788
				23,956,887
Household Products: 1.58%
Church & Dwight Company Incorporated		21,003		989,031
Colgate-Palmolive Company		74,147		5,371,950
Kimberly-Clark Corporation		29,740		3,561,662
The Clorox Company		10,865		1,513,386
The Procter & Gamble Company		214,652		19,316,533
				30,752,562
Personal Products: 0.16%
Coty Incorporated Class A «		39,704		684,100
The Estee Lauder Companies Incorporated Class A		18,845		2,352,421
				3,036,521
Tobacco: 1.25%
Altria Group Incorporated		161,499		10,954,477
Philip Morris International		130,739		13,433,432
				24,387,909
Energy: 5.73%
Energy Equipment & Services: 0.73%
Baker Hughes Incorporated		36,030		1,071,172
Halliburton Company		73,054		3,052,196
Helmerich & Payne Incorporated «		9,140		535,421
National Oilwell Varco Incorporated		31,991		1,073,298
Schlumberger Limited		116,962		7,351,062
TechnipFMC plc		36,970		1,058,821
				14,141,970
Oil, Gas & Consumable Fuels: 5.00%
Anadarko Petroleum Corporation		47,168		2,268,309
Andeavor Corporation		12,151		1,281,566
Apache Corporation		32,066		1,341,321
Cabot Oil & Gas Corporation		38,931		1,127,052
Chesapeake Energy Corporation Ǡ		76,438		311,103
Chevron Corporation		159,515		18,980,690
Cimarex Energy Company		8,020		931,202
Concho Resources Incorporated †		12,518		1,750,767
ConocoPhillips		102,439		5,212,096
Devon Energy Corporation		44,252		1,705,030

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

78 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources Incorporated		48,608	$	4,973,571
EQT Corporation		20,186		1,203,086
Exxon Mobil Corporation		356,680		29,707,877
Hess Corporation		22,747		1,043,632
Kinder Morgan Incorporated		161,611		2,784,558
Marathon Oil Corporation		71,550		1,061,802
Marathon Petroleum Corporation		42,615		2,668,977
Newfield Exploration Company †		16,768		518,634
Noble Energy Incorporated		40,956		1,077,143
Occidental Petroleum Corporation		64,360		4,537,380
ONEOK Incorporated		31,979		1,659,710
Phillips 66 Company		36,168		3,528,550
Pioneer Natural Resources Company		14,318		2,234,181
Range Resources Corporation		19,007		342,506
The Williams Companies Incorporated		69,585		2,021,444
Valero Energy Corporation		37,178		3,183,180
				97,455,367
Financials: 14.46%
Banks: 6.41%
Bank of America Corporation		825,947		23,266,927
BB&T Corporation		68,023		3,361,697
Citigroup Incorporated		229,345		17,315,548
Citizens Financial Group Incorporated		42,145		1,715,302
Comerica Incorporated		14,808		1,233,654
Fifth Third Bancorp		62,015		1,892,078
Huntington Bancshares Incorporated		91,754		1,321,258
JPMorgan Chase & Company		296,215		30,960,392
KeyCorp		91,546		1,737,543
M&T Bank Corporation		12,789		2,160,702
People’s United Financial Incorporated		28,986		551,314
PNC Financial Services Group Incorporated		40,338		5,669,909
Regions Financial Corporation		100,598		1,668,921
SunTrust Banks Incorporated		40,400		2,489,852
US Bancorp		133,768		7,377,305
Wells Fargo & Company (l)		376,065		21,236,391
Zions Bancorporation		17,018		843,242
				124,802,035
Capital Markets: 2.99%
Affiliated Managers Group Incorporated		4,711		935,934
Ameriprise Financial Incorporated		12,622		2,060,289
Bank of New York Mellon Corporation		86,968		4,760,628
BlackRock Incorporated		10,434		5,229,416
CBOE Holdings Incorporated		9,493		1,171,721
CME Group Incorporated		28,612		4,278,638
E*TRADE Financial Corporation †		23,153		1,114,585
Franklin Resources Incorporated		27,698		1,200,708
Intercontinental Exchange Incorporated		49,538		3,539,490
Invesco Limited		34,248		1,238,750

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 79

INDEX PORTFOLIO

Security name	Shares		Value
Capital Markets (continued)
Moody’s Corporation		13,988	$	2,123,658
Morgan Stanley		119,040		6,143,654
Northern Trust Corporation		18,079		1,767,765
Raymond James Financial Incorporated		10,802		953,817
S&P Global Incorporated		21,633		3,579,829
State Street Corporation		31,478		3,001,427
T. Rowe Price Group Incorporated		20,233		2,082,380
The Charles Schwab Corporation		100,323		4,894,759
The Goldman Sachs Group Incorporated		30,286		7,500,025
The NASDAQ OMX Group Incorporated		9,828		777,984
				58,355,457
Consumer Finance: 0.75%
American Express Company		61,761		6,034,667
Capital One Financial Corporation		40,716		3,745,872
Discover Financial Services		31,343		2,212,816
Navient Corporation		23,073		290,951
Synchrony Financial		62,932		2,258,629
				14,542,935
Diversified Financial Services: 1.64%
Berkshire Hathaway Incorporated Class B †		161,970		31,261,830
Leucadia National Corporation		26,654		701,267
				31,963,097
Insurance: 2.67%
AFLAC Incorporated		33,269		2,915,695
American International Group Incorporated		76,046		4,559,718
Aon plc		21,409		3,001,970
Arthur J. Gallagher & Company		15,166		998,378
Assurant Incorporated		4,536		457,546
Brighthouse Financial Incorporated †		8,066		474,200
Chubb Limited		39,177		5,959,213
Cincinnati Financial Corporation		12,561		938,684
Everest Reinsurance Group Limited		3,457		759,157
Lincoln National Corporation		18,648		1,427,504
Loews Corporation		23,234		1,168,206
Marsh & McLennan Companies Incorporated		43,143		3,620,992
MetLife Incorporated		89,469		4,802,696
Principal Financial Group Incorporated		22,621		1,601,341
Prudential Financial Incorporated		35,944		4,163,753
The Allstate Corporation		30,418		3,122,712
The Hartford Financial Services Group Incorporated		30,666		1,761,455
The Progressive Corporation		48,983		2,604,916
The Travelers Companies Incorporated		23,228		3,149,020
Torchmark Corporation		9,106		809,068
Unum Group		18,997		1,075,610
Willis Towers Watson plc		11,304		1,817,683
XL Group Limited		21,713		842,899
				52,032,416

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

80 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value
Health Care: 13.77%
Biotechnology: 2.73%
AbbVie Incorporated		134,186	$	13,005,307
Alexion Pharmaceuticals Incorporated †		18,787		2,063,000
Amgen Incorporated		61,422		10,789,389
Biogen Idec Incorporated		17,798		5,733,982
Celgene Corporation †		65,856		6,640,260
Gilead Sciences Incorporated		109,929		8,220,491
Incyte Corporation †		14,372		1,422,684
Regeneron Pharmaceuticals Incorporated †		6,467		2,340,149
Vertex Pharmaceuticals Incorporated †		21,223		3,062,267
				53,277,529
Health Care Equipment & Supplies: 2.81%
Abbott Laboratories		146,253		8,244,282
Align Technology Incorporated †		6,072		1,584,063
Baxter International Incorporated		42,196		2,765,104
Becton Dickinson & Company		19,156		4,371,591
Boston Scientific Corporation †		115,501		3,035,366
C.R. Bard Incorporated		6,117		2,054,945
Danaher Corporation		51,460		4,855,766
Dentsply Sirona Incorporated		19,319		1,294,566
Edwards Lifesciences Corporation †		17,775		2,083,230
Hologic Incorporated †		23,609		984,967
IDEXX Laboratories Incorporated †		7,347		1,149,144
Intuitive Surgical Incorporated †		9,415		3,763,929
Medtronic plc		114,025		9,364,873
ResMed Incorporated		11,971		1,022,323
Stryker Corporation		27,079		4,224,324
The Cooper Companies Incorporated		4,113		991,973
Varian Medical Systems Incorporated		7,728		863,604
Zimmer Biomet Holdings Incorporated		17,020		1,993,042
				54,647,092
Health Care Providers & Services: 2.78%
Aetna Incorporated		27,921		5,030,806
AmerisourceBergen Corporation		13,649		1,157,708
Anthem Incorporated		22,104		5,193,556
Cardinal Health Incorporated		26,638		1,576,703
Centene Corporation †		14,518		1,482,143
CIGNA Corporation		21,194		4,487,406
DaVita HealthCare Partners Incorporated †		12,876		786,209
Envision Healthcare Corporation †		10,171		324,760
Express Scripts Holding Company †		48,616		3,168,791
HCA Holdings Incorporated †		24,327		2,067,795
Henry Schein Incorporated †		13,355		954,215
Humana Incorporated		12,165		3,173,362
Laboratory Corporation of America Holdings †		8,569		1,356,216
McKesson Corporation		17,699		2,614,850
Patterson Companies Incorporated		6,933		253,401
Quest Diagnostics Incorporated		11,482		1,130,518

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 81

INDEX PORTFOLIO

Security name	Shares		Value
Health Care Providers & Services (continued)
UnitedHealth Group Incorporated		81,387	$	18,570,072
Universal Health Services Incorporated Class B		7,439		806,016
				54,134,527
Health Care Technology: 0.10%
Cerner Corporation †		26,516		1,874,416
Life Sciences Tools & Services: 0.81%
Agilent Technologies Incorporated		27,049		1,872,873
Illumina Incorporated †		12,290		2,827,069
IQVIA Holdings Incorporated †		12,759		1,301,546
Mettler-Toledo International Incorporated †		2,161		1,359,723
PerkinElmer Incorporated		9,278		683,603
Thermo Fisher Scientific Incorporated		33,688		6,493,699
Waters Corporation †		6,719		1,324,785
				15,863,298
Pharmaceuticals: 4.54%
Allergan plc		28,141		4,891,750
Bristol-Myers Squibb Company		138,044		8,723,000
Eli Lilly & Company		81,557		6,902,984
Johnson & Johnson		225,931		31,478,966
Merck & Company Incorporated		230,238		12,725,254
Mylan NV †		45,142		1,649,037
Perrigo Company plc		11,164		973,612
Pfizer Incorporated		502,355		18,215,392
Zoetis Incorporated		41,314		2,986,589
				88,546,584
Industrials: 9.89%
Aerospace & Defense: 2.45%
Arconic Incorporated		35,573		875,452
General Dynamics Corporation		23,443		4,856,452
L-3 Technologies Incorporated		6,584		1,307,517
Lockheed Martin Corporation		21,091		6,730,560
Northrop Grumman Corporation		14,659		4,506,177
Raytheon Company		24,432		4,670,177
Rockwell Collins Incorporated		13,677		1,809,604
Textron Incorporated		22,283		1,241,386
The Boeing Company		46,770		12,945,936
TransDigm Group Incorporated		4,064		1,153,323
United Technologies Corporation		62,532		7,594,511
				47,691,095
Air Freight & Logistics: 0.71%
C.H. Robinson Worldwide Incorporated «		11,812		1,023,510
Expeditors International of Washington Incorporated		15,214		985,563
FedEx Corporation		20,775		4,808,582
United Parcel Service Incorporated Class B		57,979		7,041,550
				13,859,205

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

82 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value
Airlines: 0.50%
Alaska Air Group Incorporated		10,398	$	719,230
American Airlines Group Incorporated		36,485		1,842,128
Delta Air Lines Incorporated		56,071		2,967,277
Southwest Airlines Company		46,355		2,812,358
United Continental Holdings Incorporated †		21,767		1,378,286
				9,719,279
Building Products: 0.33%
A.O. Smith Corporation		12,325		781,652
Allegion plc		7,996		672,783
Fortune Brands Home & Security Incorporated		12,964		886,997
Johnson Controls International plc		78,486		2,954,213
Masco Corporation		26,818		1,150,760
				6,446,405
Commercial Services & Supplies: 0.29%
Cintas Corporation		7,189		1,131,836
Republic Services Incorporated		19,276		1,251,783
Stericycle Incorporated †		7,184		476,371
Waste Management Incorporated		34,078		2,802,916
				5,662,906
Construction & Engineering: 0.09%
Fluor Corporation		11,776		570,076
Jacobs Engineering Group Incorporated		10,128		664,701
Quanta Services Incorporated †		12,726		482,315
				1,717,092
Electrical Equipment: 0.54%
Acuity Brands Incorporated		3,543		607,341
AMETEK Incorporated		19,428		1,412,221
Eaton Corporation plc		37,442		2,912,239
Emerson Electric Company		53,875		3,492,178
Rockwell Automation Incorporated		10,805		2,086,229
				10,510,208
Industrial Conglomerates: 1.94%
3M Company		50,234		12,213,895
General Electric Company		728,799		13,329,734
Honeywell International Incorporated		64,171		10,008,109
Roper Industries Incorporated		8,605		2,299,342
				37,851,080
Machinery: 1.67%
Caterpillar Incorporated		49,746		7,021,648
Cummins Incorporated		13,263		2,220,226
Deere & Company		26,925		4,034,981
Dover Corporation		13,104		1,280,392

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 83

INDEX PORTFOLIO

Security name	Shares		Value
Machinery (continued)
Flowserve Corporation		10,997	$	468,252
Fortive Corporation		25,673		1,916,489
Illinois Tool Works Incorporated		26,072		4,412,686
Ingersoll-Rand plc		21,353		1,870,950
Paccar Incorporated		29,578		2,080,221
Parker-Hannifin Corporation		11,206		2,101,013
Pentair plc		13,901		989,195
Snap-on Incorporated		4,847		821,227
Stanley Black & Decker Incorporated		12,892		2,186,870
Xylem Incorporated		15,115		1,048,074
				32,452,224
Professional Services: 0.28%
Equifax Incorporated		10,133		1,156,378
IHS Markit Limited †		30,579		1,364,435
Nielsen Holdings plc		28,272		1,038,148
Robert Half International Incorporated		10,622		605,879
Verisk Analytics Incorporated †		13,083		1,261,463
				5,426,303
Road & Rail: 0.92%
CSX Corporation		76,880		4,286,060
J.B. Hunt Transport Services Incorporated		7,185		798,541
Kansas City Southern		8,874		995,130
Norfolk Southern Corporation		24,258		3,362,887
Union Pacific Corporation		67,374		8,522,811
				17,965,429
Trading Companies & Distributors: 0.17%
Fastenal Company		24,241		1,269,986
United Rentals Incorporated †		7,114		1,134,541
W.W. Grainger Incorporated		4,419		977,969
				3,382,496
Information Technology: 23.54%
Communications Equipment: 1.03%
Cisco Systems Incorporated		420,889		15,699,160
F5 Networks Incorporated †		5,349		717,836
Harris Corporation		10,081		1,456,705
Juniper Networks Incorporated		32,013		888,681
Motorola Solutions Incorporated		13,692		1,288,554
				20,050,936
Electronic Equipment, Instruments & Components: 0.42%
Amphenol Corporation Class A		25,711		2,329,159
Corning Incorporated		76,027		2,462,515
FLIR Systems Incorporated		11,549		537,952
TE Connectivity Limited		29,747		2,809,307
				8,138,933

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

84 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value
Internet Software & Services: 4.71%
Akamai Technologies Incorporated †		14,430	$	804,905
Alphabet Incorporated Class A †		25,089		25,996,469
Alphabet Incorporated Class C †		25,410		25,954,028
eBay Incorporated †		83,789		2,904,965
Facebook Incorporated Class A †		199,527		35,352,194
VeriSign Incorporated Ǡ		7,233		832,518
				91,845,079
IT Services: 3.99%
Accenture plc Class A		52,020		7,699,480
Alliance Data Systems Corporation		4,063		972,154
Automatic Data Processing Incorporated		37,406		4,281,491
Cognizant Technology Solutions Corporation Class A		49,717		3,593,545
CSRA Incorporated		13,761		398,106
DXC Technology Company		23,961		2,303,611
Fidelity National Information Services Incorporated		27,981		2,639,448
Fiserv Incorporated †		17,716		2,328,768
Gartner Incorporated †		7,626		921,907
Global Payments Incorporated		12,836		1,290,788
International Business Machines Corporation		72,956		11,233,035
MasterCard Incorporated Class A		78,602		11,827,243
Paychex Incorporated		26,925		1,812,322
PayPal Holdings Incorporated †		95,141		7,205,028
Total System Services Incorporated		14,113		1,049,443
Visa Incorporated Class A		153,991		17,337,847
Western Union Company		39,058		769,052
				77,663,268
Semiconductors & Semiconductor Equipment: 3.87%
Advanced Micro Devices Incorporated Ǡ		67,742		737,710
Analog Devices Incorporated		30,949		2,665,018
Applied Materials Incorporated		89,774		4,737,374
Broadcom Limited		34,226		9,512,774
Intel Corporation		395,547		17,736,327
KLA-Tencor Corporation		13,202		1,349,772
Lam Research Corporation		13,675		2,630,113
Microchip Technology Incorporated		19,590		1,704,134
Micron Technology Incorporated †		93,779		3,975,292
NVIDIA Corporation		50,506		10,137,059
Qorvo Incorporated †		10,713		820,402
QUALCOMM Incorporated		124,366		8,250,440
Skyworks Solutions Incorporated		15,467		1,620,014
Texas Instruments Incorporated		83,338		8,107,954
Xilinx Incorporated		20,927		1,454,636
				75,439,019
Software: 5.19%
Activision Blizzard Incorporated		63,547		3,965,333
Adobe Systems Incorporated †		41,533		7,536,994

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 85

INDEX PORTFOLIO

Security name	Shares		Value
Software (continued)
Ansys Incorporated †		7,135	$	1,057,336
Autodesk Incorporated †		18,451		2,024,075
CA Incorporated		26,596		879,530
Cadence Design Systems Incorporated †		23,586		1,035,661
Citrix Systems Incorporated		12,116		1,061,725
Electronic Arts Incorporated †		25,988		2,763,824
Intuit Incorporated		20,489		3,221,281
Microsoft Corporation		648,351		54,571,704
Oracle Corporation		254,196		12,470,856
Red Hat Incorporated †		14,938		1,893,541
Salesforce.com Incorporated †		57,473		5,995,583
Symantec Corporation		51,730		1,498,618
Synopsys Incorporated †		12,647		1,143,036
				101,119,097
Technology Hardware, Storage & Peripherals: 4.33%
Apple Incorporated		434,793		74,719,177
Hewlett Packard Enterprise Company		138,272		1,928,894
HP Incorporated		140,597		3,015,806
NetApp Incorporated		22,707		1,283,173
Seagate Technology plc		24,229		934,270
Western Digital Corporation		24,822		1,957,463
Xerox Corporation		17,970		532,990
				84,371,773
Materials: 2.90%
Chemicals: 2.17%
Air Products & Chemicals Incorporated		18,347		2,991,295
Albemarle Corporation		9,299		1,249,042
CF Industries Holdings Incorporated		19,634		735,686
DowDuPont Incorporated		196,405		14,133,304
Eastman Chemical Company		12,195		1,126,452
Ecolab Incorporated		21,923		2,979,774
FMC Corporation		11,290		1,065,776
International Flavors & Fragrances Incorporated		6,648		1,033,365
LyondellBasell Industries NV Class A		27,320		2,860,404
Monsanto Company		36,981		4,376,332
PPG Industries Incorporated		21,590		2,522,792
Praxair Incorporated		24,080		3,706,394
The Mosaic Company		29,548		717,721
The Sherwin-Williams Company		6,919		2,763,587
				42,261,924
Construction Materials: 0.13%
Martin Marietta Materials Incorporated		5,290		1,102,383
Vulcan Materials Company		11,134		1,398,987
				2,501,370

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

86 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value
Containers & Packaging: 0.36%
Avery Dennison Corporation		7,440	$	849,053
Ball Corporation		29,612		1,181,815
International Paper Company		34,756		1,967,537
Packaging Corporation of America		7,942		941,921
Sealed Air Corporation		15,185		729,639
WestRock Company		21,381		1,334,388
				7,004,353
Metals & Mining: 0.24%
Freeport-McMoRan Incorporated †		113,263		1,576,621
Newmont Mining Corporation		44,886		1,660,333
Nucor Corporation		26,888		1,546,060
				4,783,014
Real Estate: 2.87%
Equity REITs: 2.82%
Alexandria Real Estate Equities Incorporated		7,881		1,001,360
American Tower Corporation		36,127		5,199,759
Apartment Investment & Management Company Class A		13,218		582,782
AvalonBay Communities Incorporated		11,623		2,107,599
Boston Properties Incorporated		12,990		1,628,686
Crown Castle International Corporation		34,198		3,864,374
Digital Realty Trust Incorporated		17,224		2,010,041
Duke Realty Corporation		29,944		842,325
Equinix Incorporated		6,558		3,046,125
Equity Residential Company Limited		30,919		2,066,008
Essex Property Trust Incorporated		5,555		1,372,029
Extra Space Storage Incorporated		10,599		904,731
Federal Realty Investment Trust		6,082		804,101
GGP Incorporated		52,555		1,235,043
HCP Incorporated		39,476		1,043,745
Host Hotels & Resorts Incorporated		62,295		1,232,818
Iron Mountain Incorporated		22,256		909,603
Kimco Realty Corporation		35,830		663,572
Mid-America Apartment Communities Incorporated		9,563		979,634
Prologis Incorporated		44,771		2,965,183
Public Storage Incorporated		12,596		2,684,460
Realty Income Corporation		23,071		1,275,826
Regency Centers Corporation		12,455		844,574
SBA Communications Corporation †		10,131		1,719,737
Simon Property Group Incorporated		26,165		4,232,189
SL Green Realty Corporation		8,331		851,678
The Macerich Company		9,166		593,499
UDR Incorporated		22,523		885,830
Ventas Incorporated		29,980		1,919,020
Vornado Realty Trust		14,513		1,126,499
Welltower Incorporated		31,051		2,094,700
Weyerhaeuser Company		63,380		2,242,384
				54,929,914

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 87

INDEX PORTFOLIO

Security name	Shares		Value
Real Estate Management & Development: 0.05%
CBRE Group Incorporated Class A †		25,317	$	1,097,745
Telecommunication Services: 1.92%
Diversified Telecommunication Services: 1.92%
AT&T Incorporated		516,846		18,802,857
CenturyLink Incorporated		81,791		1,193,331
Verizon Communications Incorporated		343,389		17,475,066
				37,471,254
Utilities: 3.08%
Electric Utilities: 1.91%
Alliant Energy Corporation		19,450		877,390
American Electric Power Company Incorporated		41,402		3,214,037
Duke Energy Corporation		58,914		5,253,951
Edison International		27,426		2,228,911
Entergy Corporation		15,111		1,306,799
Eversource Energy		26,674		1,729,809
Exelon Corporation		80,817		3,370,877
FirstEnergy Corporation		37,400		1,276,836
NextEra Energy Incorporated		39,409		6,228,198
PG&E Corporation		43,168		2,341,432
Pinnacle West Capital Corporation		9,396		862,647
PPL Corporation		57,508		2,108,818
The Southern Company		84,133		4,307,610
Xcel Energy Incorporated		42,742		2,205,915
				37,313,230
Independent Power & Renewable Electricity Producers: 0.07%
AES Corporation		55,578		588,015
NRG Energy Incorporated		25,307		699,739
				1,287,754
Multi-Utilities: 1.03%
Ameren Corporation		20,424		1,306,311
CenterPoint Energy Incorporated		36,282		1,088,823
CMS Energy Corporation		23,739		1,184,576
Consolidated Edison Incorporated		26,080		2,322,163
Dominion Resources Incorporated		54,091		4,550,676
DTE Energy Company		15,100		1,745,107
NiSource Incorporated		27,431		755,175
Public Service Enterprise Group Incorporated		42,583		2,259,454
SCANA Corporation		12,030		519,335
Sempra Energy		21,135		2,557,124
WEC Energy Group Incorporated		26,564		1,845,932
				20,134,676
Water Utilities: 0.07%
American Water Works Company Incorporated		15,007		1,374,041
Total Common Stocks (Cost $673,496,600)				1,909,185,403

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

88 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INDEX PORTFOLIO

Security name	Yield				Shares		Value
Short-Term Investments: 1.66%
Investment Companies: 1.57%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%			6,196,896	$	6,197,515
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00				24,370,786		24,370,786
								30,568,301
U.S. Treasury Securities: 0.09%
U.S. Treasury Bill (z)#		0.88		12-7-2017		282,000		281,954
U.S. Treasury Bill (z)#		1.02		1-4-2018		329,000		328,657
U.S. Treasury Bill (z)#		1.22		2-15-2018		749,000		747,118
U.S. Treasury Bill (z)#		1.25		2-22-2018		374,000		372,987
								1,730,716
Total Short-Term Investments (Cost $32,298,451)								32,299,017

Total investments in securities (Cost $705,795,051) *	99.64	%		1,941,484,420
Other assets and liabilities, net	0.36			7,089,000
Total net assets	100.00	%	$	1,948,573,420

« 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 Portfolio as defined in the Investment Company Act of 1940.

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

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

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 Index		56		12-14-2017	$	36,353,830	$	37,070,600	$	716,770	$	0

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 89

INDEX PORTFOLIO

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stock
Financials
Banks
Wells Fargo & Company		432,148		321		56,404		376,065	$	1,436,813	$	717,322		$	316,071	$	21,236,391		1.09	%
Short-Term Investments
Investment companies
Securities Lending Cash Investment LLC		10,256,007		56,282,664		60,341,775		6,196,896		209		(217	)		32,864		6,197,515
Wells Fargo Government Money Market Fund Select Class		17,511,265		216,475,099		209,615,578		24,370,786		0		0			94,071		24,370,786		1.57
									$	1,437,022	$	717,105		$	443,006	$	51,804,692		2.66	%

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

90 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name		Shares		Value
Common Stocks: 94.57%
Brazil: 0.28%
Ambev SA ADR (Consumer Staples, Beverages)			18,812	$	116,446
Canada: 2.48%
Canadian Pacific Railway Limited (Industrials, Road & Rail)			5,927		1,038,292
Cayman Islands: 1.35%
NetEase Incorporated ADR (Information Technology, Internet Software & Services)			1,722		566,039
Chile: 0.12%
Sociedad Quimica Minera de Chile (Materials, Chemicals)			901		48,942
China: 6.34%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †			10,116		1,791,341
China Literature Limited (Consumer Discretionary, Internet & Direct Marketing Retail) †			200		2,305
Ping An Insurance (Group) Company of China Limited H Shares (Financials, Insurance)			46,000		456,468
Tencent Holdings Limited (Information Technology, Internet Software & Services)			7,900		404,489
					2,654,603
Denmark: 0.13%
Genmab AS (Health Care, Biotechnology) †			268		52,716
France: 2.83%
BNP Paribas SA (Financials, Banks)			1,709		129,393
Eiffage SA (Industrials, Construction & Engineering)			4,777		523,652
Schneider Electric SE (Industrials, Electrical Equipment)			5,319		457,117
Zodiac Aerospace SA (Industrials, Aerospace & Defense)			2,571		75,572
					1,185,734
Germany: 23.81%
Allianz AG (Financials, Insurance)			6,767		1,598,192
Beiersdorf AG (Consumer Staples, Personal Products)			6,787		808,266
Deutsche Boerse AG (Financials, Capital Markets)			17,879		2,029,140
Deutsche Post AG (Industrials, Air Freight & Logistics)			21,925		1,043,643
Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)			27,683		494,376
Linde AG (Materials, Chemicals)			8,872		2,058,990
SAP SE (Information Technology, Software)			4,358		492,681
Wirecard AG (Information Technology, IT Services)			13,544		1,446,567
					9,971,855
Hong Kong: 2.70%
AIA Group Limited (Financials, Insurance)			139,000		1,132,540
Indonesia: 0.61%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)			1,068,800		253,648
Ireland: 2.58%
Medtronic plc (Health Care, Health Care Equipment & Supplies)	��		13,174		1,081,981

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 91

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Italy: 4.76%
Assicurazioni Generali SpA (Financials, Insurance)		41,011	$	750,778
Intesa Sanpaolo SpA (Financials, Banks)		229,350		772,749
UniCredit SpA (Financials, Banks)		23,332		470,373
				1,993,900
Japan: 11.06%
CALBEE Incorporated (Consumer Staples, Food Products)		12,200		427,320
FANUC Corporation (Industrials, Machinery)		1,800		450,187
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		30,054		995,336
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		40,100		285,838
Nintendo Company Limited (Information Technology, Software)		3,100		1,264,128
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		18,793		485,273
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		2,800		288,570
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		11,178		436,978
				4,633,630
Netherlands: 7.69%
Airbus SE (Industrials, Aerospace & Defense)		6,410		667,032
Akzo Nobel NV (Materials, Chemicals)		5,258		473,756
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		3,599		631,558
ING Groep NV (Financials, Banks)		80,032		1,446,194
				3,218,540
Russia: 1.07%
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)		25,696		446,311
South Africa: 0.64%
Naspers Limited (Consumer Discretionary, Media)		1,005		269,725
South Korea: 2.94%
LG Household & Health Care Limited (Consumer Staples, Personal Products)		178		191,862
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		441		1,037,877
				1,229,739
Spain: 1.46%
Amadeus IT Holding SA Class A (Information Technology, IT Services)		1,175		84,733
Grifols SA (Health Care, Biotechnology)		6,722		196,025
Grifols SA ADR (Health Care, Biotechnology)		14,622		332,651
				613,409
Switzerland: 3.34%
Idorsia Limited (Health Care, Biotechnology) †		804		17,285
Nestle SA (Consumer Staples, Food Products)		16,167		1,383,079
				1,400,364
Taiwan: 0.41%
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		23,000		173,732

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

92 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name						Shares		Value
United Kingdom: 15.17%
Aon plc (Financials, Insurance)							6,305	$	884,087
BAE Systems plc (Industrials, Aerospace & Defense)							73,683		548,706
Coca-Cola European Partners plc (Consumer Staples, Beverages)							26,084		1,017,015
ConvaTec Limited (Health Care, Health Care Equipment & Supplies) 144A							167,783		441,595
Experian Group Limited plc (Industrials, Professional Services)							20,030		416,769
Glencore International plc (Materials, Metals & Mining)							120,022		552,142
Liberty Global plc Class A (Consumer Discretionary, Media) †							9,443		299,910
Liberty Global plc Class C (Consumer Discretionary, Media) †							18,239		562,308
London Stock Exchange Group plc (Financials, Capital Markets)							6,066		310,131
Prudential plc (Financials, Insurance)							25,078		630,406
Wolseley plc (Industrials, Trading Companies & Distributors)							9,540		687,922
									6,350,991
United States: 2.80%
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) †							621		730,762
WABCO Holdings Incorporated (Industrials, Machinery) †							2,963		442,820
									1,173,582
Total Common Stocks (Cost $31,533,841)									39,606,719
				Expiration date
Participation Notes: 3.01%
Ireland: 3.01%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines) (a)					10-29-2018		60,115		1,260,294
Total Participation Notes (Cost $698,674)									1,260,294
	Dividend yield
Preferred Stocks: 1.39%
Germany: 1.39%
Henkel AG & Company KGaA (Consumer Staples, Household Products)		1.53	%				4,286		582,312
Total Preferred Stocks (Cost $381,718)									582,312
	Yield
Short-Term Investments: 22.23%
Investment Companies: 22.23%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00					9,307,998		9,307,998
Total Short-Term Investments (Cost $9,307,998)									9,307,998

Total investments in securities (Cost $41,922,231)	121.20	%		50,757,323
Other assets and liabilities, net	(21.20	)		(8,878,545	)
Total net assets	100.00	%	$	41,878,778

† Non-income-earning security

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

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

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

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

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 93

INTERNATIONAL GROWTH PORTFOLIO

The following table shows the percent of total long-term investments by sector as of November 30, 2017:

Financials	26.90	%
Information Technology	19.74
Industrials	18.36
Consumer Staples	13.33
Materials	9.69
Health Care	5.12
Consumer Discretionary	4.50
Telecommunication Services	2.36
	100.00	%

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		5,192,235		10,632,712		15,824,947		0	$	6	$	0	$	24,760	$	0
Wells Fargo Government Money Market Fund Select Class		1,660,070		121,595,842		113,947,914		9,307,998		0		0		10,112		9,307,998
									$	6	$	0	$	34,872	$	9,307,998		22.23	%

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

94 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.50%
Australia: 5.43%
Arrium Limited (Materials, Metals & Mining) †(a)		3,063,400	$	2
Asaleo Care Limited (Consumer Staples, Personal Products)		1,262,800		1,474,030
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail) «		410,016		1,150,861
Bendigo Bank Limited (Financials, Banks)		272,500		2,413,095
BlueScope Steel Limited (Materials, Metals & Mining)		246,000		2,554,459
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies)		207,386		263,536
CSR Limited (Materials, Construction Materials)		754,900		2,641,220
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		2,778,478
Fortescue Metals Group Limited (Materials, Metals & Mining)		602,200		2,104,731
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) «		693,400		2,116,576
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		407,700		4,935,789
Macquarie Group Limited (Financials, Capital Markets)		69,800		5,237,357
McMillan Shakespeare Limited (Industrials, Professional Services)		158,800		2,147,621
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,164,200		2,443,709
Mineral Resources Limited (Materials, Metals & Mining)		300,500		4,471,346
Mirvac Group (Real Estate, Equity REITs)		1,327,400		2,467,210
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,702,400		1,015,212
Qantas Airways Limited (Industrials, Airlines)		1,021,400		4,406,474
Retail Food Group Limited (Consumer Discretionary, Food Products) «		269,500		922,460
				45,544,166
Austria: 1.25%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		69,400		4,321,213
Raiffeisen Bank International AG (Financials, Banks) †		81,200		2,870,119
Voestalpine AG (Materials, Metals & Mining)		56,800		3,299,857
				10,491,189
Belgium: 0.38%
Bpost SA (Industrials, Air Freight & Logistics) «		101,900		3,147,375
Brazil: 0.84%
Banco de Brasil SA (Financials, Banks)		245,800		2,244,637
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		226,100		2,822,263
JBS SA (Consumer Staples, Food Products)		805,600		1,946,661
				7,013,561
Canada: 1.31%
Magna International Incorporated (Consumer Discretionary, Auto Components)		131,600		7,382,004
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		28,100		880,146
Open Text Corporation (Information Technology, Software)		8,400		273,977
WestJet Airlines Limited (Industrials, Airlines)		120,000		2,488,083
				11,024,210
China: 2.75%
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,806,203
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		2,970,000		2,131,793
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		2,089,500		2,480,746

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 95

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
China (continued)
China Telecom Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		10,590,000	$	5,130,358
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		1,730,000		2,184,540
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		1,302,000		2,480,263
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		676,200		1,703,936
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		1,167,000		2,101,001
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,502,000		3,057,265
				23,076,105
Denmark: 1.17%
Danske Bank AS (Financials, Banks)		150,300		5,610,836
DFDS AS (Industrials, Marine)		37,600		2,029,777
Sydbank AS (Financials, Banks)		56,100		2,196,167
				9,836,780
France: 7.95%
Atos Origin SA (Information Technology, IT Services)		25,900		3,825,758
AXA SA (Financials, Insurance)		132,200		3,988,780
BNP Paribas SA (Financials, Banks)		72,900		5,519,472
Carrefour SA (Consumer Staples, Food & Staples Retailing)		152,700		3,203,004
Cie Generale des Establissements Michelin (Consumer Discretionary, Auto Components)		32,700		4,741,680
Credit Agricole SA (Financials, Banks)		219,328		3,695,467
Electricite de France SA (Utilities, Electric Utilities)		148,600		1,947,351
Engie SA (Utilities, Multi-Utilities)		171,900		3,008,700
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals)		66,600		2,217,992
Orange SA (Telecommunication Services, Diversified Telecommunication Services) «		333,800		5,744,454
Renault SA (Consumer Discretionary, Automobiles)		40,500		4,112,257
Sanofi SA (Health Care, Pharmaceuticals)		141,800		12,934,927
SCOR SE (Financials, Insurance)		109,700		4,467,928
Societe Generale SA (Financials, Banks)		39,000		1,962,534
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		5,296,382
				66,666,686
Germany: 8.43%
Allianz AG (Financials, Insurance)		35,700		8,431,424
Aurubis AG (Materials, Metals & Mining)		25,900		2,152,000
BASF SE (Materials, Chemicals)		46,500		5,214,187
Bayer AG (Health Care, Pharmaceuticals)		38,000		4,850,439
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		31,200		3,149,806
Ceconomy AG (Consumer Discretionary, Specialty Retail)		108,100		1,419,059
Covestro AG (Materials, Chemicals) 144A		30,200		3,145,197
Daimler AG (Consumer Discretionary, Automobiles)		75,700		6,271,368
Deutsche Bank AG (Financials, Capital Markets)		141,800		2,674,274
Deutsche Post AG (Industrials, Air Freight & Logistics)		186,300		8,867,991
Hannover Rueck SE (Financials, Insurance)		16,300		2,145,380
Metro AG (Consumer Staples, Food & Staples Retailing) †		108,100		2,111,544
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		23,200		5,170,183
Siemens AG (Industrials, Industrial Conglomerates)		34,200		4,649,039
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers) «		194,200		5,777,505
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		4,689,921
				70,719,317

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

96 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Hong Kong: 2.28%
China Resources Cement Holdings Limited (Materials, Construction Materials)		3,222,000	$	2,135,989
I Cable Communications Limited (Consumer Discretionary, Media) †		96,300		2,759
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,633,000		2,713,376
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		2,338,000		2,755,527
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		1,575,816
WH Group Limited (Consumer Staples, Food Products) 144A		4,840,500		5,155,694
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		379,000		2,608,272
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,188,007
				19,135,440
India: 0.36%
Tech Mahindra Limited (Information Technology, IT Services)		399,100		3,028,221
Ireland: 0.84%
C&C Group plc (Consumer Staples, Beverages)		240,000		816,469
Grafton Group plc (Industrials, Trading Companies & Distributors)		195,665		2,042,769
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		4,154,759
				7,013,997
Israel: 0.45%
Bank Hapoalim Limited (Financials, Banks)		440,000		3,005,286
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		760,825
				3,766,111
Italy: 2.40%
A2A SpA (Utilities, Multi-Utilities)		1,078,900		2,029,867
Enel SpA (Utilities, Electric Utilities)		1,706,600		11,087,787
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		271,900		3,250,562
Mediobanca SpA (Financials, Banks) «		324,800		3,748,784
				20,117,000
Japan: 22.85%
Adeka Corporation (Materials, Chemicals)		155,300		2,628,879
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		61,200		3,293,441
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		24,800		945,949
Aozora Bank Limited (Financials, Banks)		66,100		2,573,668
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		314,200		3,994,229
Central Glass Company Limited (Industrials, Building Products)		88,800		1,986,289
Cocokara Fine Incorporated (Consumer Staples, Food & Staples Retailing)		44,700		2,794,528
Daikyo Incorporated (Real Estate, Real Estate Management & Development)		124,380		2,425,711
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail)		183,000		1,769,332
Denka Company Limited (Materials, Chemicals)		136,400		5,044,781
DIC Incorporated (Materials, Chemicals)		100,700		3,779,043
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		2,712,806
Fujikura Limited (Industrials, Electrical Equipment)		348,000		3,257,704
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		91,700		1,864,039
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		481,800		3,609,973
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		221,400		3,522,756
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		3,488,894
Japan Airlines Company Limited (Industrials, Airlines)		80,700		2,960,651

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 97

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
JTEKT Corporation (Industrials, Machinery)		143,600	$	2,486,399
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		754,900		4,265,210
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		44,700		2,238,712
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		357,100		10,190,190
Keihin Corporation (Consumer Discretionary, Auto Components)		103,500		2,046,074
Kureha Corporation (Materials, Chemicals)		27,100		1,789,117
Kyorin Company Limited (Health Care, Pharmaceuticals)		88,200		1,686,939
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		3,346,895
Makino Milling Machine Company Limited (Industrials, Machinery)		286,000		2,870,128
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,444,449
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		48,900		4,049,738
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		224,300		3,030,194
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		195,500		5,488,754
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		921,500		6,568,561
Mitsui Chemicals Incorporated (Materials, Chemicals)		163,400		5,304,626
Mixi Incorporated (Information Technology, Internet Software & Services)		45,500		2,119,388
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		4,082,639
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		247,900		12,941,365
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		505,000		4,910,801
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		226,100		3,176,011
NTN Corporation (Industrials, Machinery)		501,000		2,495,077
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		98,600		2,546,051
ORIX Corporation (Financials, Diversified Financial Services)		325,300		5,635,535
Resona Holdings Incorporated (Financials, Banks)		1,013,300		5,395,424
Ryobi Limited (Industrials, Machinery)		32,300		838,359
Sankyu Incorporated (Industrials, Road & Rail)		74,000		3,177,980
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		42,000		2,053,745
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,638,500		4,753,635
Sumitomo Heavy Industries Limited (Industrials, Machinery)		51,200		2,106,669
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		4,093,442
Sumitomo Osaka Cement Company (Materials, Construction Materials)		444,000		2,078,509
T-Gaia Corporation (Consumer Discretionary, Specialty Retail)		105,900		2,313,638
Teijin Limited (Materials, Chemicals)		121,300		2,625,725
The Keiyo Bank Limited (Financials, Banks)		201,000		919,636
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		148,500		3,346,560
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		63,000		1,312,762
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		375,000		2,177,643
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		95,400		1,963,422
UBE Industries Limited (Materials, Chemicals)		107,200		3,132,149
				191,654,824
Liechtenstein: 0.10%
VP Bank AG (Financials, Capital Markets)		6,558		869,956
Malaysia: 0.32%
Tenaga Nasional Bhd (Utilities, Electric Utilities)		717,600		2,712,825
Netherlands: 3.26%
ABN AMRO Group NV (Financials, Banks) 144A		142,600		4,226,579
Aegon NV (Financials, Insurance)		483,700		3,004,645
ASR Nederland NV (Financials, Insurance)		60,500		2,464,017

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

98 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Netherlands (continued)
ING Groep NV (Financials, Banks)		282,500	$	5,104,830
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		214,800		4,595,798
Philips Lighting NV (Industrials, Electrical Equipment)		59,400		2,247,587
RHI Magnesita NV (Materials, Construction Materials)		64,721		3,505,053
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing) †		58,400		2,166,640
				27,315,149
Norway: 1.31%
Atea ASA (Information Technology, IT Services)		84,900		1,132,755
Den Norske Bank ASA (Financials, Banks)		148,800		2,710,443
Grieg Seafood ASA (Consumer Staples, Food Products)		245,946		2,243,482
Marine Harvest ASA (Consumer Staples, Food Products)		143,900		2,538,068
Yara International ASA (Materials, Chemicals)		53,600		2,382,366
				11,007,114
Poland: 0.15%
Asseco Poland SA (Information Technology, Software)		101,800		1,280,051
Portugal: 0.42%
Energias de Portugal SA (Utilities, Electric Utilities)		1,007,800		3,532,626
Russia: 1.23%
Gazprom ADR (Energy, Oil, Gas & Consumable Fuels)		832,900		3,725,531
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		18,819
Gazprom Neft Sponsored ADR - London Exchange (Energy, Oil, Gas & Consumable Fuels)		150,014		3,195,298
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		3,379,380
				10,319,028
Singapore: 0.93%
DBS Group Holdings Limited (Financials, Banks)		262,300		4,777,226
United Overseas Bank Limited (Financials, Banks)		154,100		3,001,366
				7,778,592
South Africa: 0.41%
Barclays Africa Group Limited (Financials, Banks)		236,000		2,699,766
Petra Diamonds Limited (Materials, Metals & Mining) †		850,600		773,612
				3,473,378
South Korea: 2.61%
BNK Financial Group Incorporated (Financials, Banks)		127,000		1,111,229
E-MART Limited (Consumer Staples, Food & Staples Retailing)		8,500		2,146,915
Industrial Bank of Korea (Financials, Banks)		192,500		2,812,982
KT&G Corporation (Consumer Staples, Tobacco)		45,200		5,067,218
Kwangju Bank (Financials, Banks)		13,510		147,111
LG Uplus Corporation (Telecommunication Services, Diversified Telecommunication Services)		346,100		4,419,974
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		14,700		3,579,465
Woori Bank (Financials, Banks)		178,044		2,649,104
				21,933,998

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 99

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Spain: 2.55%
Banco Santander Central Hispano SA (Financials, Banks)		429,681	$	2,894,104
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		483,500		2,275,174
Gas Natural SDG SA (Utilities, Gas Utilities)		209,300		4,681,757
Iberdrola SA (Utilities, Electric Utilities)		433,600		3,444,272
International Consolidated Airlines Group SA (Industrials, Airlines)		325,200		2,699,647
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		294,900		5,408,490
				21,403,444
Sweden: 1.25%
Boliden AB (Materials, Metals & Mining)		102,400		3,241,505
Electrolux AB Class B (Consumer Discretionary, Household Durables)		104,100		3,457,457
Nordea Bank AB (Financials, Banks)		177,300		2,079,091
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,722,125
				10,500,178
Switzerland: 6.22%
Baloise Holding AG (Financials, Insurance)		28,800		4,441,944
Credit Suisse Group AG (Financials, Capital Markets)		221,500		3,758,783
Georg Fischer AG (Industrials, Machinery)		1,900		2,503,968
Helvetia Holding AG (Financials, Insurance)		4,600		2,540,162
Novartis AG (Health Care, Pharmaceuticals)		46,600		3,998,122
Roche Holding AG (Health Care, Pharmaceuticals)		39,500		9,982,239
Swiss Life Holding AG (Financials, Insurance)		22,100		7,432,753
Swiss Reinsurance AG (Financials, Insurance)		75,700		7,107,517
UBS Group AG (Financials, Capital Markets)		290,700		5,028,630
Valiant Holding AG (Financials, Banks)		22,700		2,469,022
Zurich Insurance Group AG (Financials, Insurance)		9,500		2,875,282
				52,138,422
Taiwan: 0.73%
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,112,000		3,732,867
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,373,140
				6,106,007
Thailand: 1.31%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,513,281
Krung Thai Bank PCL (Financials, Banks)		711,300		420,927
Krung Thai Bank PCL ADR (Financials, Banks)		4,470,600		2,641,843
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		1,003,900		2,858,625
Thanachart Capital PCL (Financials, Banks)		1,481,500		2,551,573
				10,986,249
Turkey: 0.31%
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)		522,900		2,599,817
United Kingdom: 14.70%
3i Group plc (Financials, Capital Markets)		409,100		4,989,850
Anglo American plc (Materials, Metals & Mining)		183,043		3,365,579
Aviva plc (Financials, Insurance)		398,600		2,749,736

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

100 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name				Shares		Value
United Kingdom (continued)
BAE Systems plc (Industrials, Aerospace & Defense)					1,220,400	$	9,088,123
Barclays plc (Financials, Banks)					715,000		1,865,643
Barratt Developments plc (Consumer Discretionary, Household Durables)					410,800		3,369,390
Bellway plc (Consumer Discretionary, Household Durables)					80,100		3,755,330
Bovis Homes Group plc (Consumer Discretionary, Household Durables)					182,700		2,767,336
BP plc (Energy, Oil, Gas & Consumable Fuels)					1,023,400		6,816,079
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					864,700		3,037,631
Carillion plc (Industrials, Construction & Engineering) «					764,400		173,157
Centrica plc (Utilities, Multi-Utilities)					898,500		1,756,644
Chemring Group plc (Industrials, Aerospace & Defense)					294,466		701,891
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)					345,400		2,366,969
Debenhams plc (Consumer Discretionary, Multiline Retail)					1,238,200		657,258
easyJet plc (Industrials, Airlines)					130,900		2,489,031
Firstgroup plc (Industrials, Road & Rail) †					952,400		1,410,624
GKN plc (Consumer Discretionary, Auto Components)					974,500		4,084,133
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					555,600		9,613,236
Highland Gold Mining Limited (Materials, Metals & Mining)					1,164,800		2,379,541
Inchcape plc (Consumer Discretionary, Distributors)					232,100		2,340,787
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)					1,270,500		3,989,292
John Wood Group plc (Energy, Energy Equipment & Services)					62,475		612,756
Johnson Matthey plc (Materials, Chemicals)					104,400		4,279,316
Kingfisher plc (Consumer Discretionary, Specialty Retail)					651,600		2,939,564
Legal & General Group plc (Financials, Insurance)					1,927,000		6,968,529
Lloyds Banking Group plc (Financials, Banks)					5,260,500		4,694,664
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)					705,000		2,986,151
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		869,080
Meggitt plc (Industrials, Aerospace & Defense)					297,600		1,950,687
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					367,200		1,326,422
Old Mutual plc (Financials, Insurance)					698,000		1,864,644
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)					501,100		3,278,876
Premier Foods plc (Consumer Staples, Food Products) †					73,926		42,990
Redrow plc (Consumer Discretionary, Household Durables)					388,600		3,169,023
Royal Mail plc (Industrials, Air Freight & Logistics)					382,800		2,290,003
SSE plc (Utilities, Electric Utilities)					170,900		3,157,789
Tate & Lyle plc (Consumer Staples, Food Products)					309,500		2,816,010
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)					75,800		3,913,409
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					138,516		537,073
TP Icap plc (Financials, Capital Markets)					113,200		774,644
Vesuvius plc (Industrials, Machinery)					145,400		1,102,468
							123,341,358
Total Common Stocks (Cost $712,089,639)							809,533,174
	Dividend yield
Preferred Stocks: 0.78%
Brazil: 0.78%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		5.69	%		471,000		1,870,504
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		10.72			826,900		1,664,653
Itausa Investimentos Itau SA (Financials, Banks)		1.39			945,000		2,995,005
Total Preferred Stocks (Cost $8,528,786)							6,530,162

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 101

INTERNATIONAL VALUE PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 3.93%
Investment Companies: 3.93%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		18,389,273	$	18,391,111
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			14,627,964		14,627,964
Total Short-Term Investments (Cost $33,018,781)							33,019,075

Total investments in securities (Cost $753,637,206)	101.21	%		849,082,411
Other assets and liabilities, net	(1.21	)		(10,186,858	)
Total net assets	100.00	%	$	838,895,553

† Non-income-earning security

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

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

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

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

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

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

The following table shows the percent of total long-term investments by sector as of November 30, 2017:

Financials	26.07	%
Consumer Discretionary	13.91
Industrials	13.52
Materials	10.86
Health Care	6.76
Consumer Staples	6.46
Telecommunication Services	6.05
Utilities	5.84
Energy	5.46
Information Technology	3.55
Real Estate	1.52
	100.00	%

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		29,130,426		110,798,769		121,539,922		18,389,273	$	(164	)	$	0	$	329,795	$	18,391,111
Wells Fargo Government Money Market Fund Select Class		7,366,036		62,151,787		54,889,859		14,627,964		0			0		21,341		14,627,964
									$	(164	)	$	0	$	351,136	$	33,019,075		3.93	%

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

102 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.55%
Consumer Discretionary: 6.40%
Automobiles: 0.96%
General Motors Company		15,306	$	659,536
Hotels, Restaurants & Leisure: 1.23%
Scientific Games Corporation Class A †		1,551		81,660
Yum China Holdings Incorporated		18,728		764,664
				846,324
Household Durables: 0.53%
NVR Incorporated †		105		364,875
Media: 3.68%
Charter Communications Incorporated Class A †		2,248		733,320
Live Nation Incorporated †		24,929		1,131,278
Viacom Incorporated Class B		23,219		657,562
				2,522,160
Consumer Staples: 8.08%
Beverages: 2.12%
PepsiCo Incorporated		12,493		1,455,684
Food & Staples Retailing: 3.84%
US Foods Holding Corporation †		39,265		1,143,397
Walgreens Boots Alliance Incorporated		20,437		1,486,996
				2,630,393
Household Products: 1.61%
The Procter & Gamble Company		12,307		1,107,507
Tobacco: 0.51%
Philip Morris International		3,382		347,501
Energy: 10.53%
Oil, Gas & Consumable Fuels: 10.53%
Chevron Corporation		18,575		2,210,239
Devon Energy Corporation		33,567		1,293,337
Exxon Mobil Corporation		39,037		3,251,392
SRC Energy Incorporated †		8,570		75,073
Valero Energy Corporation		2,218		189,905
World Fuel Services Corporation		7,245		203,367
				7,223,313
Financials: 26.00%
Banks: 12.34%
Bank of America Corporation		102,918		2,899,200
Bank of N.T. Butterfield & Son		3,618		143,924
Citigroup Incorporated		2,004		151,302

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 103

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Banks (continued)
Comerica Incorporated		12,286	$	1,023,547
Fifth Third Bancorp		20,815		635,066
JPMorgan Chase & Company		30,823		3,221,620
US Bancorp		7,044		388,477
				8,463,136
Capital Markets: 2.11%
Bank of New York Mellon Corporation		26,192		1,433,750
Morgan Stanley		256		13,212
				1,446,962
Consumer Finance: 1.18%
Capital One Financial Corporation		8,849		814,108
Diversified Financial Services: 4.96%
Berkshire Hathaway Incorporated Class B †		17,628		3,402,380
Insurance: 5.41%
American International Group Incorporated		1,270		76,149
Assured Guaranty Limited		20,667		750,419
Chubb Limited		1,917		291,595
CNO Financial Group Incorporated		33,711		849,854
The Progressive Corporation		13,980		743,456
The Travelers Companies Incorporated		2,658		360,345
Unum Group		11,268		637,994
				3,709,812
Health Care: 12.45%
Biotechnology: 4.07%
Amgen Incorporated		7,492		1,316,045
Biogen Incorporated		4,384		1,412,393
Bioverativ Incorporated †		1,260		63,025
				2,791,463
Health Care Equipment & Supplies: 2.18%
Baxter International Incorporated		22,725		1,489,169
Medtronic plc		101		8,295
				1,497,464
Health Care Providers & Services: 0.60%
Humana Incorporated		1,569		409,289
Pharmaceuticals: 5.60%
Johnson & Johnson		10,219		1,423,813
Mallinckrodt plc †		20,479		446,852
Merck & Company Incorporated		35,647		1,970,210
				3,840,875

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

104 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Industrials: 6.44%
Aerospace & Defense: 1.35%
Raytheon Company		2,071	$	395,872
The Boeing Company		1,904		527,027
				922,899
Air Freight & Logistics: 0.12%
FedEx Corporation		364		84,251
Airlines: 1.64%
Southwest Airlines Company		18,562		1,126,157
Commercial Services & Supplies: 0.08%
Waste Management Incorporated		632		51,982
Industrial Conglomerates: 2.42%
Honeywell International Incorporated		10,634		1,658,479
Machinery: 0.83%
EnPro Industries Incorporated		3,975		343,321
Mueller Industries Incorporated		6,272		228,301
				571,622
Information Technology: 8.23%
Communications Equipment: 2.05%
Harris Corporation		9,750		1,408,875
Electronic Equipment, Instruments & Components: 0.18%
Arrow Electronics Incorporated †		1,487		120,046
Internet Software & Services: 1.54%
Alphabet Incorporated Class C †		965		985,661
eBay Incorporated †		2,120		73,500
				1,059,161
IT Services: 0.11%
Black Knight Incorporated †		293		13,156
PayPal Holdings Incorporated †		842		63,765
				76,921
Semiconductors & Semiconductor Equipment: 2.85%
Intel Corporation		19,421		870,838
Micron Technology Incorporated †		25,377		1,075,731
Texas Instruments Incorporated		100		9,729
				1,956,298
Software: 1.50%
Dell Technologies Incorporated Class V †		9,255		724,111
Oracle Corporation		6,174		302,896
				1,027,007

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 105

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Materials: 2.38%
Chemicals: 0.63%
LyondellBasell Industries NV Class A		4,116	$	430,945
Metals & Mining: 0.45%
Freeport-McMoRan Incorporated †		22,548		313,868
Paper & Forest Products: 1.30%
Louisiana-Pacific Corporation †		32,246		890,312
Real Estate: 8.00%
Equity REITs: 8.00%
CoreCivic Incorporated		39,532		929,397
Park Hotels & Resorts Incorporated		19,793		577,956
Prologis Incorporated		22,622		1,498,255
Weyerhaeuser Company		32,417		1,146,913
Xenia Hotels & Resorts Incorporated		60,661		1,333,935
				5,486,456
Telecommunication Services: 1.68%
Diversified Telecommunication Services: 1.61%
Verizon Communications Incorporated		21,705		1,104,567
Wireless Telecommunication Services: 0.07%
T-Mobile USA Incorporated †		762		46,535
Utilities: 7.36%
Electric Utilities: 4.71%
American Electric Power Company Incorporated		20,024		1,554,463
Avangrid Incorporated		2,739		145,359
NextEra Energy Incorporated		6,468		1,022,203
PG&E Corporation		7,264		393,999
PPL Corporation		3,093		113,420
				3,229,444
Gas Utilities: 0.63%
UGI Corporation		8,752		428,936
Multi-Utilities: 2.02%
MDU Resources Group Incorporated		10,101		282,323
Vectren Corporation		15,914		1,106,023
				1,388,346
Total Common Stocks (Cost $59,052,408)				66,915,889

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

106 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 2.01%
Investment Companies: 2.01%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00	%		1,379,139	$	1,379,139
Total Short-Term Investments (Cost $1,379,139)							1,379,139

Total investments in securities (Cost $60,431,547)	99.56	%		68,295,028
Other assets and liabilities, net	0.44			303,537
Total net assets	100.00	%	$	68,598,565

† Non-income-earning security

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		11		12-15-2017	$	1,414,978	$	1,456,345	$	41,367	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,468,513		14,387,409		14,476,783		1,379,139	$	0	$	0	$	5,604	$	1,379,139		2.01	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 107

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.05%
Consumer Discretionary: 10.73%
Auto Components: 0.62%
Fox Factory Holding Corporation †		290,450	$	11,327,547
Diversified Consumer Services: 0.41%
Houghton Mifflin Harcourt Company †		770,692		7,514,247
Hotels, Restaurants & Leisure: 3.86%
Del Taco Restaurants Incorporated †		467,155		5,736,663
Eldorado Resorts Incorporated †«		537,203		16,438,412
Extended Stay America Incorporated		916,351		16,008,652
International Game Technology		872,370		23,981,451
Zoe’s Kitchen Incorporated †«		527,231		8,425,151
				70,590,329
Media: 1.49%
IMAX Corporation †«		421,145		10,697,083
Lions Gate Entertainment Class A		200,397		6,554,986
Lions Gate Entertainment Class B †		321,065		9,965,858
Media General Incorporated (a)		347,897		0
				27,217,927
Specialty Retail: 3.49%
At Home Group Incorporated †«		420,017		11,605,070
Burlington Stores Incorporated †		188,276		20,026,918
Dick’s Sporting Goods Incorporated		321,197		9,462,464
Monro Muffler Brake Incorporated «		206,348		10,410,257
Party City Holdco Incorporated †«		893,227		12,415,855
				63,920,564
Textiles, Apparel & Luxury Goods: 0.86%
G-III Apparel Group Limited †		513,408		15,812,966
Consumer Staples: 2.31%
Food & Staples Retailing: 1.19%
Performance Food Group Company †		731,770		21,696,981
Household Products: 1.12%
Central Garden & Pet Company Class A †		533,041		20,559,391
Energy: 1.22%
Oil, Gas & Consumable Fuels: 1.22%
Diamondback Energy Incorporated †		98,755		10,794,909
GasLog Limited «		641,463		11,546,334
				22,341,243

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

108 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 9.13%
Banks: 2.51%
ServisFirst Bancshares Incorporated		317,091	$	13,314,651
Signature Bank †		50,488		6,930,993
SVB Financial Group †		112,882		25,696,458
				45,942,102
Capital Markets: 3.94%
Evercore Partners Incorporated Class A		295,882		25,697,352
Stifel Financial Corporation		354,531		19,938,823
Virtu Financial Incorporated Class A «		784,293		12,783,976
Virtus Investment Partners Incorporated		114,782		13,779,579
				72,199,730
Insurance: 1.10%
Argo Group International Holdings Limited		327,508		20,059,865
Thrifts & Mortgage Finance: 1.58%
Essent Group Limited †		521,401		23,071,994
Sterling Bancorp Incorporated †«		470,289		5,831,584
				28,903,578
Health Care: 19.62%
Biotechnology: 4.99%
Alnylam Pharmaceuticals Incorporated †		95,124		12,797,983
Bioverativ Incorporated †		194,487		9,728,240
Emergent BioSolutions Incorporated †		286,551		12,588,185
Esperion Therapeutics Incorporated †«		162,458		9,992,792
Flexion Therapeutics Incorporated †«		415,702		10,770,839
Foundation Medicine Incorporated †«		208,663		11,100,872
Galapagos NV †«		74,432		6,563,414
Intercept Pharmaceuticals Incorporated †«		75,810		4,655,492
Intrexon Corporation «		411,870		5,617,907
Tesaro Incorporated †«		89,776		7,595,050
				91,410,774
Health Care Equipment & Supplies: 6.89%
AngioDynamics Incorporated †		347,100		5,963,178
Atricure Incorporated †		623,547		11,535,620
Cerus Corporation †«		1,765,555		6,973,942
DexCom Incorporated †«		179,816		10,506,649
Glaukos Corporation †«		341,928		9,153,413
Inogen Incorporated †		136,134		17,525,891
K2M Group Holdings Incorporated †		551,458		10,841,664
Nevro Corporation †		224,340		16,785,119
Novocure Limited †«		545,437		10,499,662
Tactile Systems Technology Class I †«		376,991		11,245,642
Wright Medical Group NV †«		619,784		15,066,949
				126,097,729

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 109

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Providers & Services: 2.94%
AMN Healthcare Services Incorporated †«		327,306	$	16,430,761
HealthEquity Incorporated †		427,073		22,152,277
Teladoc Incorporated †«		413,525		15,341,778
				53,924,816
Health Care Technology: 2.69%
athenahealth Incorporated †		90,570		12,035,847
Evolent Health Incorporated Class A †«		1,107,692		14,233,842
Medidata Solutions Incorporated †		212,326		14,149,405
Vocera Communications Incorporated †		300,199		8,795,831
				49,214,925
Life Sciences Tools & Services: 1.31%
ICON plc ADR †		204,842		23,927,594
Pharmaceuticals: 0.80%
Optinose Incorporated †«		209,550		4,000,310
Pacira Pharmaceuticals Incorporated †		230,137		10,632,329
				14,632,639
Industrials: 19.55%
Aerospace & Defense: 0.60%
Kratos Defense & Security Solutions Incorporated †		1,049,602		10,947,349
Air Freight & Logistics: 0.67%
Hub Group Incorporated Class A †		256,022		12,237,852
Building Products: 4.83%
A.O. Smith Corporation		353,932		22,446,367
Apogee Enterprises Incorporated		316,976		15,858,309
JELD-WEN Holding Incorporated †		280,740		10,979,741
Masonite International Corporation †		179,023		13,185,044
NCI Building Systems Incorporated †		853,392		14,251,646
PGT Incorporated †		719,275		11,760,146
				88,481,253
Commercial Services & Supplies: 2.53%
Copart Incorporated †		657,633		28,383,440
KAR Auction Services Incorporated		355,991		17,931,267
				46,314,707
Construction & Engineering: 1.67%
Dycom Industries Incorporated †		59,272		6,364,035
Granite Construction Incorporated		365,204		24,238,589
				30,602,624
Machinery: 4.45%
EnPro Industries Incorporated		222,732		19,237,363
Gardner Denver Holdings Incorporated †		629,916		20,415,578

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

110 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Machinery (continued)
REV Group Incorporated		499,651	$	13,645,469
SPX Corporation †		531,944		16,963,694
Wabash National Corporation «		556,575		11,214,986
				81,477,090
Professional Services: 1.90%
On Assignment Incorporated †		420,611		26,902,280
RPX Corporation		599,937		7,913,169
				34,815,449
Road & Rail: 2.90%
Genesee & Wyoming Incorporated Class A †		246,237		19,408,400
Knight-Swift Transportation Holdings Incorporated		354,207		15,117,555
Schneider National Incorporated Class B «		704,545		18,480,215
				53,006,170
Information Technology: 28.69%
Communications Equipment: 0.98%
Ciena Corporation †		821,847		17,875,172
Electronic Equipment, Instruments & Components: 1.72%
OSI Systems Incorporated †		173,626		15,046,429
Tech Data Corporation †		170,060		16,444,802
				31,491,231
Internet Software & Services: 6.86%
2U Incorporated †«		374,322		23,994,040
Benefitfocus Incorporated †«		403,321		10,929,999
Cloudera Incorporated †		747,114		11,826,815
Cornerstone OnDemand Incorporated †		388,396		14,359,000
Hortonworks Incorporated †		544,929		10,359,100
Mimecast Limited †		368,128		11,191,091
New Relic Incorporated †		334,176		18,807,425
Okta Incorporated †		197,857		5,779,403
Shopify Incorporated Class A †«		177,188		18,395,658
				125,642,531
IT Services: 1.13%
Acxiom Corporation †		756,182		20,605,960
Semiconductors & Semiconductor Equipment: 7.06%
Axcelis Technologies Incorporated †		469,657		15,029,024
Cypress Semiconductor Corporation		1,566,963		25,087,078
FormFactor Incorporated †		1,161,867		19,054,619
Microsemi Corporation †		437,436		23,118,493
Nanometrics Incorporated †		347,895		8,753,038
Silicon Motion Technology Corporation ADR «		254,752		13,185,964
Teradyne Incorporated		616,929		24,967,117
				129,195,333

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 111

SMALL COMPANY GROWTH PORTFOLIO

Security name				Shares		Value
Software: 10.94%
Atlassian Corporation plc Class A †					343,591	$	16,042,264
Cadence Design Systems Incorporated †					612,201		26,881,746
CyberArk Software Limited †«					262,991		12,376,356
Nuance Communications Incorporated †					1,014,522		15,765,672
PTC Incorporated †					458,731		29,211,990
RealPage Incorporated †					540,615		24,516,890
Sailpoint Technologies Holding †					26,340		387,198
SS&C Technologies Holdings Incorporated					861,135		35,556,264
Talend SA ADR †					263,371		10,526,939
The Ultimate Software Group Incorporated †					62,838		13,260,703
Zendesk Incorporated †					471,259		15,839,015
							200,365,037
Materials: 3.55%
Chemicals: 0.56%
KMG Chemicals Incorporated					188,641		10,260,184
Metals & Mining: 1.83%
Carpenter Technology Corporation					338,651		16,739,519
Steel Dynamics Incorporated					434,392		16,724,092
							33,463,611
Paper & Forest Products: 1.16%
Boise Cascade Company					554,198		21,336,623
Real Estate: 1.25%
Equity REITs: 1.25%
QTS Realty Trust Incorporated Class A					411,310		22,893,515
Total Common Stocks (Cost $1,220,678,018)							1,758,306,638
	Yield
Short-Term Investments: 16.58%
Investment Companies: 16.58%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		235,213,579		235,237,100
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			68,328,716		68,328,716
Total Short-Term Investments (Cost $303,552,950)							303,565,816

Total investments in securities (Cost $1,524,230,968)	112.63	%		2,061,872,454
Other assets and liabilities, net	(12.63	)		(231,152,167	)
Total net assets	100.00	%	$	1,830,720,287

† Non-income-earning security

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

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

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

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

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

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

112 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		205,550,129		473,115,600		443,452,150		235,213,579	$	715	$	0	$	1,152,106	$	235,237,100
Wells Fargo Government Money Market Fund Select Class		62,006,657		203,531,569		197,209,510		68,328,716		0		0		311,315		68,328,716
									$	715	$	0	$	1,463,421	$	303,565,816		16.58	%

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 113

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.37%
Consumer Discretionary: 18.48%
Auto Components: 2.33%
American Axle & Manufacturing Holdings Incorporated †		76,335	$	1,370,211
Visteon Corporation †		18,480		2,433,631
				3,803,842
Diversified Consumer Services: 1.50%
Adtalem Global Education Incorporated		59,226		2,454,918
Hotels, Restaurants & Leisure: 4.42%
Eldorado Resorts Incorporated †«		88,176		2,698,186
Extended Stay America Incorporated		79,072		1,381,388
Red Robin Gourmet Burgers Incorporated †		33,872		1,774,893
SeaWorld Entertainment Incorporated †«		117,152		1,376,536
				7,231,003
Household Durables: 3.50%
Century Communities Incorporated †		75,397		2,363,696
Taylor Morrison Home Corporation Class A †		57,172		1,381,276
TRI Pointe Homes Incorporated †		109,509		1,984,303
				5,729,275
Internet & Direct Marketing Retail: 1.03%
1-800-Flowers.com Incorporated Class A †		164,102		1,682,046
Media: 3.14%
AMC Entertainment Holdings Class A «		81,261		1,157,969
IMAX Corporation †«		64,653		1,642,186
Regal Entertainment Group Class A «		115,133		2,326,838
				5,126,993
Specialty Retail: 1.66%
Asbury Automotive Group Incorporated †		19,691		1,295,668
Urban Outfitters Incorporated †«		45,519		1,416,551
				2,712,219
Textiles, Apparel & Luxury Goods: 0.90%
Oxford Industries Incorporated		21,281		1,468,389
Consumer Staples: 1.73%
Food & Staples Retailing: 0.69%
United Natural Foods Incorporated †		23,356		1,121,555
Food Products: 1.04%
Darling Ingredients Incorporated †		94,718		1,700,188

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

114 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Energy: 5.22%
Energy Equipment & Services: 2.21%
Basic Energy Services Incorporated †		40,880	$	914,486
C&J Energy Services Incorporated †		43,195		1,350,276
Unit Corporation †		63,413		1,356,404
				3,621,166
Oil, Gas & Consumable Fuels: 3.01%
Callon Petroleum Company †		99,424		1,097,641
Delek US Holdings Incorporated		58,048		1,928,355
Scorpio Tankers Incorporated		310,064		961,198
SM Energy Company		45,045		929,729
				4,916,923
Financials: 28.11%
Banks: 18.59%
Berkshire Hills Bancorp Incorporated		42,006		1,619,331
Cathay General Bancorp		44,756		1,941,963
Chemical Financial Corporation		33,845		1,908,520
ConnectOne Bancorp Incorporated		49,823		1,352,694
Customers Bancorp Incorporated †		45,909		1,244,134
FCB Financial Holdings Class A †		33,189		1,754,039
First Bancorp Corporation		36,107		1,368,455
FNB Corporation		111,754		1,585,789
Great Western Bancorp Incorporated		41,989		1,734,985
Green Bancorp Incorporated †		58,235		1,304,464
Independent Bank Group Incorporated		32,387		2,231,464
MB Financial Incorporated		37,507		1,745,951
Opus Bank †		41,498		1,157,794
Renasant Corporation		35,782		1,540,057
Simmons First National Corporation Class A		28,151		1,629,943
Sterling BanCorp		66,949		1,697,157
Valley National Bancorp		118,465		1,409,734
WesBanco Incorporated		35,263		1,483,514
Wintrust Financial Corporation		20,024		1,679,012
				30,389,000
Capital Markets: 0.94%
Stifel Financial Corporation		27,460		1,544,350
Consumer Finance: 1.90%
Encore Capital Group Incorporated †«		36,347		1,664,693
PRA Group Incorporated †		41,545		1,445,766
				3,110,459
Insurance: 4.98%
Horace Mann Educators Corporation		44,031		2,056,248
James River Group Holdings Limited		35,044		1,418,581

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 115

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Insurance (continued)
Kemper Corporation		36,118	$	2,492,142
Primerica Incorporated		20,857		2,169,128
				8,136,099
Thrifts & Mortgage Finance: 1.70%
Bofi Holding Incorporated †«		61,382		1,696,598
Dime Community Bancshares		49,282		1,086,668
				2,783,266
Health Care: 7.48%
Health Care Equipment & Supplies: 2.32%
Lantheus Holdings Incorporated †		70,510		1,579,424
Merit Medical Systems Incorporated †		50,814		2,207,868
				3,787,292
Health Care Providers & Services: 4.14%
AMN Healthcare Services Incorporated †		36,978		1,856,296
Magellan Health Services Incorporated †		18,777		1,586,657
MEDNAX Incorporated †		34,905		1,737,920
Premier Incorporated Class A †		54,835		1,591,312
				6,772,185
Life Sciences Tools & Services: 1.02%
Cambrex Corporation †		34,093		1,665,443
Industrials: 8.12%
Aerospace & Defense: 0.71%
Triumph Group Incorporated		37,505		1,158,905
Building Products: 0.91%
Builders FirstSource Incorporated †		73,411		1,497,584
Commercial Services & Supplies: 2.10%
Interface Incorporated		87,264		2,177,237
LSC Communications Incorporated		77,012		1,259,916
				3,437,153
Construction & Engineering: 0.82%
KBR Incorporated		71,350		1,337,813
Road & Rail: 1.02%
Hertz Global Holdings Incorporated †«		87,721		1,662,313
Trading Companies & Distributors: 2.56%
Air Lease Corporation		50,209		2,174,050
Triton International Limited		50,682		2,005,487
				4,179,537

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

116 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2017 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Information Technology: 12.78%
Communications Equipment: 1.53%
Comtech Telecommunications Corporation		37,035	$	802,548
Finisar Corporation †«		84,545		1,691,745
				2,494,293
Electronic Equipment, Instruments & Components: 3.75%
Anixter International Incorporated †		21,110		1,509,365
TTM Technologies Incorporated †		118,506		1,935,203
VeriFone Systems Incorporated †		65,172		1,130,082
Vishay Intertechnology Incorporated «		71,022		1,555,382
				6,130,032
IT Services: 1.06%
Virtusa Corporation †		37,546		1,740,257
Semiconductors & Semiconductor Equipment: 4.84%
Cirrus Logic Incorporated †		30,705		1,696,144
Cypress Semiconductor Corporation		166,766		2,669,924
FormFactor Incorporated †		101,781		1,669,208
Synaptics Incorporated †		17,951		677,471
Veeco Instruments Incorporated †		74,180		1,198,007
				7,910,754
Software: 1.18%
Tivo Corporation		108,643		1,933,845
Technology Hardware, Storage & Peripherals: 0.42%
Super Micro Computer Incorporated †		31,241		688,864
Materials: 2.90%
Chemicals: 2.17%
A. Schulman Incorporated		51,598		1,958,144
Cabot Corporation		26,069		1,596,466
				3,554,610
Construction Materials: 0.46%
Forterra Incorporated †«		76,194		749,749
Metals & Mining: 0.27%
AK Steel Holding Corporation †«		90,244		439,488
Real Estate: 8.97%
Equity REITs: 8.28%
Brandywine Realty Trust		92,770		1,598,427
Corporate Office Properties Trust		50,274		1,525,313
Cousins Properties Incorporated		187,202		1,679,202
Equity Commonwealth †		50,674		1,523,260
Four Corners Property Trust Incorporated		51,387		1,341,201
Kite Realty Group Trust		63,176		1,214,874

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

Portfolio of investments—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 117

SMALL COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Equity REITs (continued)
Pebblebrook Hotel Trust «					39,755	$	1,529,375
Ramco-Gershenson Properties Trust					96,504		1,390,623
Sunstone Hotel Investors Incorporated					104,194		1,741,082
							13,543,357
Real Estate Management & Development: 0.69%
Alexander & Baldwin Incorporated					38,728		1,125,436
Utilities: 3.58%
Electric Utilities: 3.58%
ALLETE Incorporated					20,539		1,653,390
El Paso Electric Company					35,634		2,170,111
Portland General Electric Company					24,014		1,192,055
Spark Energy Incorporated Class A «					67,073		838,413
							5,853,969
Total Common Stocks (Cost $124,496,217)							159,194,570
	Yield
Short-Term Investments: 13.80%
Investment Companies: 13.80%
Securities Lending Cash Investment LLC (l)(r)(u)		1.29	%		19,498,529		19,500,479
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.00			3,068,712		3,068,712
Total Short-Term Investments (Cost $22,568,547)							22,569,191

Total investments in securities (Cost $147,064,764)	111.17	%		181,763,761
Other assets and liabilities, net	(11.17	)		(18,269,435	)
Total net assets	100.00	%	$	163,494,326

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		13,908,596		82,168,302		76,578,369		19,498,529	$	30	$	0	$	185,687	$	19,500,479
Wells Fargo Government Money Market Fund Select Class		4,735,638		39,645,032		41,311,958		3,068,712		0		0		27,897		3,068,712
									$	30	$	0	$	213,584	$	22,569,191		13.80	%

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

118 Wells Fargo Equity Gateway Funds Statements of assets and liabilities—November 30, 2017 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Assets
Investments in unaffiliated securities (including securities on loan), at value (see cost below)	$	396,544,140	$	92,188,540
Investments in affiliated securities, at value (see cost below)		36,676,363		1,898,220
Segregated cash for futures transactions		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		1,204,040		426,540
Receivable for dividends		841,480		150,130
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		3,347		400
Prepaid expenses and other assets		14,493		1,225
Total assets		435,283,863		94,665,055
Liabilities
Payable upon receipt of securities loaned		13,373,325		1,113,825
Payable for investments purchased		0		283,485
Management fee payable		213,640		43,327
Trustees’ fees and expenses payable		2,338		2,340
Due to custodian bank		0		11
Professional fees payable		16,983		20,042
Accrued expenses and other liabilities		13,144		55,401
Total liabilities		13,619,430		1,518,431
Total net assets	$	421,664,433	$	93,146,624
Investments in unaffiliated securities, at cost	$	295,034,960	$	55,648,651
Investments in affiliated securities, at cost	$	36,676,314	$	1,898,210
Securities on loan, at value	$	13,088,401	$	1,090,300
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 119

Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	819,971,524	$	1,889,679,728	$	41,449,325	$	816,063,336	$	66,915,889	$	1,758,306,638	$	159,194,570
	49,514,609		51,804,692		9,307,998		33,019,075		1,379,139		303,565,816		22,569,191
	0		0		0		0		150,000		0		0
	0		0		6,216		7,883,760		0		0		0
	6,487,270		8,203,184		10,086		71,715		0		7,248,262		1,308,660
	156,350		4,725,735		357,501		3,293,279		185,326		1,093,075		770,694
	0		328,990		0		0		10,769		0		0
	46,394		3,756		12		31,142		0		149,243		21,633
	0		194,957		6,761		5,312		2,495		12,736		14,347
	876,176,147		1,954,941,042		51,137,899		860,367,619		68,643,618		2,070,375,770		183,879,095
	37,018,173		6,195,416		0		18,388,755		0		235,219,267		19,499,762
	9,313,152		0		9,161,906		2,459,943		0		1,591,063		731,449
	532,450		141,973		13,267		521,628		14,895		1,131,086		123,576
	2,217		2,362		2,322		2,384		2,358		2,351		2,306
	0		0		0		0		855		1,670,769		0
	18,994		21,873		30,360		31,593		22,667		18,069		19,913
	59,542		5,998		51,266		67,763		4,278		22,878		7,763
	46,944,528		6,367,622		9,259,121		21,472,066		45,053		239,655,483		20,384,769
$	829,231,619	$	1,948,573,420	$	41,878,778	$	838,895,553	$	68,598,565	$	1,830,720,287	$	163,494,326
$	532,402,444	$	665,745,634	$	32,614,233	$	720,618,425	$	59,052,408	$	1,220,678,018	$	124,496,217
$	49,511,794	$	40,049,417	$	9,307,998	$	33,018,781	$	1,379,139	$	303,552,950	$	22,568,547
$	36,170,154	$	6,039,585	$	0	$	17,490,685	$	0	$	228,494,698	$	19,012,448
$	0	$	0	$	6,207	$	7,835,016	$	0	$	0	$	0

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

120 Wells Fargo Equity Gateway Funds Statements of operations—six months ended November 30, 2017 (unaudited)

	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio
Investment income
Dividends*	$	3,145,480		$	575,641
Income from affiliated securities		103,323			4,485
Securities lending income from affiliates, net		28,015			2,447
Interest		0			0
Total investment income		3,276,818			582,573
Expenses
Management fee		1,283,381			329,517
Custody and accounting fees		7,841			27,492
Professional fees		22,130			24,088
Shareholder report expenses		1,031			1,025
Trustees’ fees and expenses		10,801			10,722
Other fees and expenses		4,550			6,702
Total expenses		1,329,734			399,546
Less: Fee waivers and/or expense reimbursements		(15,198	)		(84,173	)
Net expenses		1,314,536			315,373
Net investment income (loss)		1,962,282			267,200
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		21,721,193			10,794,225
Affiliated securities		(35	)		36
Futures transactions		0			0
Net realized gains on investments		21,721,158			10,794,261
Net change in unrealized gains (losses) on:
Unaffiliated securities		11,480,149			1,716,644
Affiliated securities		(2	)		(16	)
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		11,480,147			1,716,628
Net realized and unrealized gains (losses) on investments		33,201,305			12,510,889
Net increase in net assets resulting from operations	$	35,163,587		$	12,778,089
* Net of foreign dividend withholding taxes in the amount of		$27,583			$526

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

Statements of operations—six months ended November 30, 2017 (unaudited) Wells Fargo Equity Gateway Funds 121

Emerging Growth Portfolio			Index Portfolio			International Growth Portfolio			International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
$	740,201		$	20,043,815		$	578,653		$	12,477,247		$	717,719		$	4,379,936		$	2,049,417
	53,739			410,142			10,112			21,341			5,604			311,315			27,897
	244,346			32,864			24,760			329,795			0			1,152,106			185,687
	0			6,230			0			0			0			0			0
	1,038,286			20,493,051			613,525			12,828,383			723,323			5,843,357			2,263,001
	3,200,215			870,026			439,258			3,100,391			121,817			6,730,260			849,435
	25,935			66,319			38,031			97,942			5,086			42,573			10,610
	23,493			30,361			34,775			30,416			24,502			24,297			21,829
	2,262			3,561			1,798			1,323			1,317			1,492			1,394
	10,625			10,773			10,845			10,982			10,742			10,471			10,523
	12,517			9,565	��		27,186			21,969			5,734			12,515			2,721
	3,275,047			990,605			551,893			3,263,023			169,198			6,821,608			896,512
	0			0			(10,756	)		0			(14,972	)		0			0
	3,275,047			990,605			541,137			3,263,023			154,226			6,821,608			896,512
	(2,236,761	)		19,502,446			72,388			9,565,360			569,097			(978,251	)		1,366,489
	57,757,303			147,894,545			27,940,439			3,014,353			2,160,501			11,498,961			20,706,828
	3,355			1,437,022			6			(164	)		0			715			30
	0			2,829,411			0			0			39,449			0			0
	57,760,658			152,160,978			27,940,445			3,014,189			2,199,950			11,499,676			20,706,858
	53,419,156			30,215,707			(16,732,880	)		52,088,189			4,029,153			200,812,889			3,266,049
	(2,900	)		717,105			0			0			0			0			0
	0			233,310			0			0			41,367			0			0
	53,416,256			31,166,122			(16,732,880	)		52,088,189			4,070,520			200,812,889			3,266,049
	111,176,914			183,327,100			11,207,565			55,102,378			6,270,470			212,312,565			23,972,907
$	108,940,153		$	202,829,546		$	11,279,953		$	64,667,738		$	6,839,567		$	211,334,314		$	25,339,396
	$0			$40,647			$95,995			$1,163,786			$63			$23			$0

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

122 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	1,962,282		$	3,655,932
Net realized gains on investments		21,721,158			33,005,051
Net change in unrealized gains (losses) on investments		11,480,147			22,347,142
Net increase in net assets resulting from operations		35,163,587			59,008,125
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		41,986,399			92,843,484
Withdrawals		(19,338,933	)		(80,962,518	)
Net increase in net assets resulting from capital share transactions		22,647,466			11,880,966
Total increase in net assets		57,811,053			70,889,091
Net assets
Beginning of period		363,853,380			292,964,289
End of period	$	421,664,433		$	363,853,380

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 123

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	267,200		$	559,502
Net realized gains on investments		10,794,261			16,539,222
Net change in unrealized gains (losses) on investments		1,716,628			(1,622,597	)
Net increase in net assets resulting from operations		12,778,089			15,476,127
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		473,194			1,745,319
Withdrawals		(26,357,072	)		(26,727,509	)
Net decrease in net assets resulting from capital share transactions		(25,883,878	)		(24,982,190	)
Total decrease in net assets		(13,105,789	)		(9,506,063	)
Net assets
Beginning of period		106,252,413			115,758,476
End of period	$	93,146,624		$	106,252,413

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

124 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment loss	$	(2,236,761	)	$	(1,240,591	)
Net realized gains on investments		57,760,658			135,595,165
Net change in unrealized gains (losses) on investments		53,416,256			47,322,234
Net increase in net assets resulting from operations		108,940,153			181,676,808
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		5,445,214			56,931,248
Withdrawals		(79,793,760	)		(342,455,709	)
Net decrease in net assets resulting from capital share transactions		(74,348,546	)		(285,524,461	)
Total increase (decrease) in net assets		34,591,607			(103,847,653	)
Net assets
Beginning of period		794,640,012			898,487,665
End of period	$	829,231,619		$	794,640,012

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 125

	Index Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	19,502,446		$	44,665,747
Net realized gains on investments		152,160,978			304,897,871
Net change in unrealized gains (losses) on investments		31,166,122			2,704,619
Net increase in net assets resulting from operations		202,829,546			352,268,237
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		6,569,713			39,021,343
Withdrawals		(276,360,437	)		(716,167,440	)
Net decrease in net assets resulting from capital share transactions		(269,790,724	)		(677,146,097	)
Total decrease in net assets		(66,961,178	)		(324,877,860	)
Net assets
Beginning of period		2,015,534,598			2,340,412,458
End of period	$	1,948,573,420		$	2,015,534,598

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

126 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	72,388		$	1,772,360
Net realized gains on investments		27,940,445			1,901,476
Net change in unrealized gains (losses) on investments		(16,732,880	)		9,943,224
Net increase in net assets resulting from operations		11,279,953			13,617,060
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		12,249,110			4,029,844
Withdrawals		(119,141,315	)		(28,532,489	)
Net decrease in net assets resulting from capital share transactions		(106,892,205	)		(24,502,645	)
Total decrease in net assets		(95,612,252	)		(10,885,585	)
Net assets
Beginning of period		137,491,030			148,376,615
End of period	$	41,878,778		$	137,491,030

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 127

	International Value Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	9,565,360		$	17,160,119
Net realized gains (losses) on investments		3,014,189			(10,175,083	)
Net change in unrealized gains (losses) on investments		52,088,189			100,789,122
Net increase in net assets resulting from operations		64,667,738			107,774,158
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		69,240,560			236,560,483
Withdrawals		(47,650,472	)		(100,015,884	)
Net increase in net assets resulting from capital share transactions		21,590,088			136,544,599
Total increase in net assets		86,257,826			244,318,757
Net assets
Beginning of period		752,637,727			508,318,970
End of period	$	838,895,553		$	752,637,727

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

128 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Large Company Value Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment income	$	569,097		$	1,094,138
Net realized gains on investments		2,199,950			16,081,914
Net change in unrealized gains (losses) on investments		4,070,520			(7,786,892	)
Net increase in net assets resulting from operations		6,839,567			9,389,160
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		480,432			911,057
Withdrawals		(9,940,243	)		(18,196,238	)
Net decrease in net assets resulting from capital share transactions		(9,459,811	)		(17,285,181	)
Total decrease in net assets		(2,620,244	)		(7,896,021	)
Net assets
Beginning of period		71,218,809			79,114,830
End of period	$	68,598,565		$	71,218,809

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 129

	Small Company Growth Portfolio
	Six months ended November 30, 2017 (unaudited)			Year ended May 31, 2017
Operations
Net investment loss	$	(978,251	)	$	(2,125,287	)
Net realized gains (losses) on investments		11,499,676			(16,225,835	)
Net change in unrealized gains (losses) on investments		200,812,889			257,670,175
Net increase in net assets resulting from operations		211,334,314			239,319,053
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		38,513,574			485,927,559
Withdrawals		(92,652,047	)		(248,318,606	)
Net increase (decrease) in net assets resulting from capital share transactions		(54,138,473	)		237,608,953
Total increase in net assets		157,195,841			476,928,006
Net assets
Beginning of period		1,673,524,446			1,196,596,440
End of period	$	1,830,720,287		$	1,673,524,446

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

130 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2017 (unaudited)				Year ended May 31, 2017
Operations
Net investment income	$	1,366,489			$	1,579,627
Net realized gains on investments		20,706,858				28,865,439
Net change in unrealized gains (losses) on investments		3,266,049				9,357,164
Net increase in net assets resulting from operations		25,339,396				39,802,230
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		6,081,013				22,385,660
Withdrawals		(82,150,882	)	��		(65,532,861	)
Net decrease in net assets resulting from capital share transactions		(76,069,869	)			(43,147,201	)
Total decrease in net assets		(50,730,473	)			(3,344,971	)
Net assets
Beginning of period		214,224,799				217,569,770
End of period	$	163,494,326			$	214,224,799

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

Financial highlights Wells Fargo Equity Gateway Funds 131

	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return1
C&B Large Cap Value Portfolio
Six months ended November 30, 2017 (unaudited)		0.99	%		0.67	%		0.67	%		9.33	%		18	%
Year ended May 31, 2017		1.09	%		0.68	%		0.68	%		19.17	%		89	%
Year ended May 31, 2016		1.33	%		0.68	%		0.68	%		0.35	%		29	%
Year ended May 31, 2015		1.20	%		0.68	%		0.68	%		10.29	%		35	%
Year ended May 31, 2014		1.35	%		0.68	%		0.68	%		17.80	%		22	%
Year ended May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
Diversified Large Cap Growth Portfolio
Six months ended November 30, 2017 (unaudited)		0.53	%		0.79	%		0.62	%		13.51	%		19	%
Year ended May 31, 2017		0.51	%		0.78	%		0.62	%		15.36	%		98	%
Year ended May 31, 2016		0.29	%		0.74	%		0.62	%		(2.28	)%		59	%
Year ended May 31, 2015		0.28	%		0.72	%		0.62	%		13.11	%		46	%
Year ended May 31, 2014		0.15	%		0.72	%		0.62	%		21.70	%		54	%
Year ended May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
Emerging Growth Portfolio
Six months ended November 30, 2017 (unaudited)		(0.55	)%		0.81	%		0.81	%		14.43	%		26	%
Year ended May 31, 2017		(0.15	)%		0.81	%		0.81	%		23.97	%		115	%
Year ended May 31, 2016		(0.40	)%		0.80	%		0.80	%		(14.47	)%		66	%
Year ended May 31, 2015		(0.63	)%		0.80	%		0.80	%		24.02	%		56	%
Year ended May 31, 2014		(0.62	)%		0.80	%		0.80	%		11.92	%		63	%
Year ended May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
Index Portfolio
Six months ended November 30, 2017 (unaudited)		1.96	%		0.10	%		0.10	%		10.85	%		2	%
Year ended May 31, 2017		2.03	%		0.10	%		0.10	%		17.36	%		9	%
Year ended May 31, 2016		2.12	%		0.11	%		0.10	%		1.62	%		4	%
Year ended May 31, 2015		1.96	%		0.11	%		0.11	%		11.69	%		4	%
Year ended May 31, 2014		1.99	%		0.10	%		0.10	%		20.33	%		5	%
Year ended May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
International Growth Portfolio
Six months ended November 30, 2017 (unaudited)		0.13	%		1.01	%		0.99	%		10.19	%		37	%
Year ended May 31, 2017		1.25	%		0.98	%		0.98	%		10.31	%		121	%
Year ended May 31, 2016		1.16	%		0.99	%		0.99	%		(12.40	)%		62	%
Year ended May 31, 2015		0.76	%		1.00	%		1.00	%		5.13	%		51	%
Year ended May 31, 2014		1.13	%		1.00	%		1.00	%		16.45	%		46	%
Year ended May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
International Value Portfolio
Six months ended November 30, 2017 (unaudited)		2.41	%		0.82	%		0.82	%		8.48	%		6	%
Year ended May 31, 2017		3.03	%		0.87	%		0.87	%		19.16	%		41	%
Year ended May 31, 2016		2.50	%		0.91	%		0.91	%		(11.85	)%		14	%
Year ended May 31, 2015		2.45	%		0.91	%		0.91	%		(1.04	)%		18	%
Year ended May 31, 2014		3.09	%		0.91	%		0.91	%		18.22	%		11	%
Year ended May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
Large Company Value Portfolio
Six months ended November 30, 2017 (unaudited)		1.64	%		0.49	%		0.44	%		10.36	%		117	%
Year ended May 31, 2017		1.45	%		0.68	%		0.66	%		13.22	%		203	%
Year ended May 31, 2016		1.54	%		0.76	%		0.74	%		(3.92	)%		50	%
Year ended May 31, 2015		1.09	%		0.74	%		0.74	%		7.90	%		72	%
Year ended May 31, 2014		0.99	%		0.73	%		0.73	%		20.26	%		62	%
Year ended May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%

Please see footnote on page 132.

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

132 Wells Fargo Equity Gateway Funds Financial highlights

	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return1
Small Company Growth Portfolio
Six months ended November 30, 2017 (unaudited)		(0.11	)%		0.78	%		0.78	%		12.83	%		17	%
Year ended May 31, 2017		(0.14	)%		0.79	%		0.79	%		18.15	%		82	%
Year ended May 31, 2016		(0.03	)%		0.80	%		0.80	%		(13.86	)%		49	%
Year ended May 31, 2015		(0.32	)%		0.82	%		0.82	%		18.07	%		58	%
Year ended May 31, 2014		(0.37	)%		0.83	%		0.83	%		23.47	%		77	%
Year ended May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
Small Company Value Portfolio
Six months ended November 30, 2017 (unaudited)		1.28	%		0.84	%		0.84	%		13.83	%		27	%
Year ended May 31, 2017		0.72	%		0.84	%		0.84	%		19.44	%		110	%
Year ended May 31, 2016		0.62	%		0.85	%		0.85	%		(4.96	)%		72	%
Year ended May 31, 2015		0.89	%		0.84	%		0.84	%		7.29	%		54	%
Year ended May 31, 2014		0.89	%		0.85	%		0.85	%		18.09	%		47	%
Year ended May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%

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

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

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 133

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following portfolios: Wells Fargo C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), Wells Fargo Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), Wells Fargo Emerging Growth Portfolio (“Emerging Growth Portfolio”), Wells Fargo Index Portfolio (“Index Portfolio”), Wells Fargo International Growth Portfolio (“International Growth Portfolio”), Wells Fargo International Value Portfolio (“International Value Portfolio”), Wells Fargo Large Company Value Portfolio (“Large Company Value Portfolio”), Wells Fargo Small Company Growth Portfolio (“Small Company Growth Portfolio”), and Wells Fargo Small Company Value Portfolio (“Small Company Value Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio 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 each Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolios 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 Portfolios’ Valuation Procedures.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2017, such fair value pricing was used in pricing foreign securities.

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant

134 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

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

Participation notes

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

Security loans

Each Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

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

Futures contracts

Each Portfolio may enter into futures contracts and may be subject to interest rate risk or equity price risk in the normal course of pursuing its investment objectives. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 135

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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.

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

Federal and other taxes

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

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

As of November 30, 2017, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains
C&B Large Cap Value Portfolio	$	337,269,887	$	107,820,240	$	(11,869,624	)	$	95,950,616
Diversified Large Cap Growth Portfolio		57,478,387		36,771,433		(163,060	)		36,608,373
Emerging Growth Portfolio		581,001,147		292.824,064		(4,339,078	)		288,484,986
Index Portfolio		703,431,534		1,251,543,834		(12,774,178	)		1,238,769,656
International Growth Portfolio		42,096,472		8,884,273		(223,422	)		8,660,851
International Value Portfolio		756,728,329		152,755,154		(60,401,072	)		92,354,082
Large Company Value Portfolio		60,850,246		8,278,561		(792,412	)		7,486,149
Small Company Growth Portfolio		1,543,991,402		574,992,701		(57,111,649	)		517,881,052
Small Company Value Portfolio		147,806,459		39,399,149		(5,441,847	)		33,957,302

3. FAIR VALUATION MEASUREMENTS

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

136 Wells Fargo Equity Gateway Funds 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 Portfolio’s own assumptions in determining the fair value of investments)

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

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

C&B Large Cap Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	65,748,351	$	0	$	0	$	65,748,351
Consumer staples		15,376,229		0		0		15,376,229
Energy		23,896,484		0		0		23,896,484
Financials		120,555,322		0		0		120,555,322
Health care		59,449,612		0		0		59,449,612
Industrials		56,367,536		0		0		56,367,536
Information technology		28,797,109		0		0		28,797,109
Materials		20,183,369		0		0		20,183,369
Real estate		6,170,128		0		0		6,170,128
Short-term investments
Investment companies		23,303,022		0		0		23,303,022
Investments measured at net asset value*								13,373,341
Total assets	$	419,847,162	$	0	$	0	$	433,220,503

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $13,373,341 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Diversified Large Cap Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	13,445,142	$	0	$	0	$	13,445,142
Consumer staples		3,098,819		0		0		3,098,819
Energy		2,271,298		0		0		2,271,298
Financials		7,843,769		0		0		7,843,769
Health care		11,163,735		0		0		11,163,735
Industrials		11,187,758		0		0		11,187,758
Information technology		37,527,492		0		0		37,527,492
Materials		3,725,264		0		0		3,725,264
Real estate		1,393,906		0		0		1,393,906
Utilities		531,357		0		0		531,357
Short-term investments
Investment companies		784,307		0		0		784,307
Investments measured at net asset value*								1,113,913
Total assets	$	92,972,847	$	0	$	0	$	94,086,760

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $1,113,913 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 137

Emerging Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	109,882,655	$	0	$	0	$	109,882,655
Energy		13,309,639		0		0		13,309,639
Financials		32,754,037		0		0		32,754,037
Health care		185,133,276		0		0		185,133,276
Industrials		180,929,250		0		0		180,929,250
Information technology		286,304,355		0		0		286,304,355
Materials		3,141,600		0		0		3,141,600
Exchage-traded funds		8,516,712		0		0		8,516,712
Short-term investments
Investment companies		12,485,937		0		0		12,485,937
Investments measured at net asset value*								37,028,672
Total assets	$	832,457,461	$	0	$	0	$	869,486,133

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $37,028,672 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Index Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	231,251,906	$	0	$	0	$	231,251,906
Consumer staples		154,825,672		0		0		154,825,672
Energy		111,597,337		0		0		111,597,337
Financials		281,695,940		0		0		281,695,940
Health care		268,343,446		0		0		268,343,446
Industrials		192,683,722		0		0		192,683,722
Information technology		458,628,105		0		0		458,628,105
Materials		56,550,661		0		0		56,550,661
Real estate		56,027,659		0		0		56,027,659
Telecommunication services		37,471,254		0		0		37,471,254
Utilities		60,109,701		0		0		60,109,701
Short-term investments
Investment companies		24,370,786		0		0		24,370,786
U.S. Treasury securities		1,730,716		0		0		1,730,716
Investments measured at net asset value*								6,197,515
		1,935,286,905		0		0		1,941,484,420
Futures contracts		328,990		0		0		328,990
Total assets	$	1,935,615,895	$	0	$	0	$	1,941,813,410

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $6,197,515 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

138 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

International Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Brazil	$	116,446	$	0	$	0	$	116,446
Canada		1,038,292		0		0		1,038,292
Cayman Islands		566,039		0		0		566,039
Chile		48,942		0		0		48,942
China		2,654,603		0		0		2,654,603
Denmark		52,716		0		0		52,716
France		1,185,734		0		0		1,185,734
Germany		9,971,855		0		0		9,971,855
Hong Kong		1,132,540		0		0		1,132,540
Indonesia		253,648		0		0		253,648
Ireland		1,081,981		0		0		1,081,981
Italy		1,993,900		0		0		1,993,900
Japan		4,633,630		0		0		4,633,630
Netherlands		3,218,540		0		0		3,218,540
Russia		446,311		0		0		446,311
South Africa		269,725		0		0		269,725
South Korea		1,229,739		0		0		1,229,739
Spain		613,409		0		0		613,409
Switzerland		1,400,364		0		0		1,400,364
Taiwan		173,732		0		0		173,732
United Kingdom		6,350,991		0		0		6,350,991
United States		1,173,582		0		0		1,173,582
Participation notes
Ireland		0		1,260,294		0		1,260,294
Preferred stocks
Germany		582,312		0		0		582,312
Short-term investments
Investment companies		9,307,998		0		0		9,307,998
Total assets	$	49,497,029	$	1,260,294	$	0	$	50,757,323

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 139

International Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	45,544,164	$	2	$	0	$	45,544,166
Austria		10,491,189		0		0		10,491,189
Belgium		3,147,375		0		0		3,147,375
Brazil		7,013,561		0		0		7,013,561
Canada		11,024,210		0		0		11,024,210
China		23,076,105		0		0		23,076,105
Denmark		9,836,780		0		0		9,836,780
France		66,666,686		0		0		66,666,686
Germany		70,719,317		0		0		70,719,317
Hong Kong		19,135,440		0		0		19,135,440
India		3,028,221		0		0		3,028,221
Ireland		7,013,997		0		0		7,013,997
Israel		3,766,111		0		0		3,766,111
Italy		20,117,000		0		0		20,117,000
Japan		191,654,824		0		0		191,654,824
Liechtenstein		869,956		0		0		869,956
Malaysia		2,712,825		0		0		2,712,825
Netherlands		27,315,149		0		0		27,315,149
Norway		11,007,114		0		0		11,007,114
Poland		1,280,051		0		0		1,280,051
Portugal		3,532,626		0		0		3,532,626
Russia		10,319,028		0		0		10,319,028
Singapore		7,778,592		0		0		7,778,592
South Africa		3,473,378		0		0		3,473,378
South Korea		21,933,998		0		0		21,933,998
Spain		21,403,444		0		0		21,403,444
Sweden		10,500,178		0		0		10,500,178
Switzerland		52,138,422		0		0		52,138,422
Taiwan		6,106,007		0		0		6,106,007
Thailand		10,986,249		0		0		10,986,249
Turkey		2,599,817		0		0		2,599,817
United Kingdom		123,341,358		0		0		123,341,358
Preferred stocks
Brazil		6,530,162		0		0		6,530,162
Short-term investments
Investment companies		14,627,964		0		0		14,627,964
Investments measured at net asset value*								18,391,111
Total assets	$	830,691,298	$	2	$	0	$	849,082,411

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $18,391,111 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

140 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

Large Company Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	4,392,895	$	0	$	0	$	4,392,895
Consumer staples		5,541,085		0		0		5,541,085
Energy		7,223,313		0		0		7,223,313
Financials		17,836,398		0		0		17,836,398
Health care		8,539,091		0		0		8,539,091
Industrials		4,415,390		0		0		4,415,390
Information technology		5,648,308		0		0		5,648,308
Materials		1,635,125		0		0		1,635,125
Real estate		5,486,456		0		0		5,486,456
Telecommunication services		1,151,102		0		0		1,151,102
Utilities		5,046,726		0		0		5,046,726
Short-term investments
Investment companies		1,379,139		0		0		1,379,139
		68,295,028						68,295,028
Futures contracts		10,769						10,769
Total assets	$	68,305,797	$	0	$	0	$	68,305,797

Small Company Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	196,383,580	$	0	$	0	$	196,383,580
Consumer staples		42,256,372		0		0		42,256,372
Energy		22,341,243		0		0		22,341,243
Financials		167,105,275		0		0		167,105,275
Health care		359,208,477		0		0		359,208,477
Industrials		357,882,494		0		0		357,882,494
Information technology		525,175,264		0		0		525,175,264
Materials		65,060,418		0		0		65,060,418
Real estate		22,893,515		0		0		22,893,515
Short-term investments
Investment companies		68,328,716		0		0		68,328,716
Investments measured at net asset value*								235,237,100
Total assets	$	1,826,635,354	$	0	$	0	$	2,061,872,454

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $235,237,100 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 141

Small Company Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	30,208,685	$	0	$	0	$	30,208,685
Consumer staples		2,821,743		0		0		2,821,743
Energy		8,538,089		0		0		8,538,089
Financials		45,963,174		0		0		45,963,174
Health care		12,224,920		0		0		12,224,920
Industrials		13,273,305		0		0		13,273,305
Information technology		20,898,045		0		0		20,898,045
Materials		4,743,847		0		0		4,743,847
Real estate		14,668,793		0		0		14,668,793
Utilities		5,853,969		0		0		5,853,969
Short-term investments
Investment companies		3,068,712		0		0		3,068,712
Investments measured at net asset value*								19,500,479
Total assets	$	162,263,282	$	0	$	0	$	181,763,761

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investment, LLC valued at $19,500,479 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to the Portfolios at that date. All other assets and liabilities are reported at their market value at measurement date.

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the applicable subadvisers, who are responsible for day-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee which is calculated based on the average daily net assets of each Portfolio.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management for the Portfolios. Funds Management has engaged Analytic Investors, LLC, Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Golden Capital Management, LLC, LSV Asset Management, Peregrine Capital Management, LLC (“Peregrine”), and WellsCap as subadvisers. Analytic Investors, LLC, Galliard Capital Management, Inc., Golden Capital Management, LLC and WellsCap are each affiliates of Funds Management and an indirect wholly owned subsidiary of Wells Fargo. Effective January 1, 2018, Golden Capital Management, LLC merged into WellsCap. Artisan Partners Limited Partnership, Cooke & Bieler, L.P., LSV Asset Management and Peregrine are not affiliates of Funds Management.

The fees for subadvisory services are borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each Portfolio.

142 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

The annual advisory and subadvisory fee rates for each Portfolio are as follows:

	Advisory fee						Effective rate for the six month ended November 30, 2017			Subadviser	Subadvisory fee
	starting at			declining to							starting at	declining to
C&B Large Cap Value Portfolio		0.65	%		0.475	%		0.65	%	Cooke & Bieler, L.P.	0.38%		0.30	%
Diversified Large Cap Growth Portfolio		0.65			0.475			0.65		WellsCap+	0.30		0.20
										Golden Capital Management, LLC+	0.35		0.30
Emerging Growth Portfolio		0.80			0.68			0.79		WellsCap	0.55		0.40
Index Portfolio		0.10			0.05			0.09		Golden Capital Management, LLC	0.05		0.02
International Growth Portfolio		0.80			0.65			0.80		Artisan Partners, LLC	0.80		0.50
International Value Portfolio		0.80			0.65			0.78		LSV Asset Management	0.35		0.30
Large Company Value Portfolio		0.35			0.30			0.35		Analytic Investors, LLC	0.25		0.15
Small Company Growth Portfolio		0.80			0.68			0.77		Peregrine	0.50		0.45
Small Company Value Portfolio		0.80			0.68			0.80		Peregrine	0.45		0.40

+ The subadvisory fee is calculated based on the average daily net assets managed by the subadviser.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

Interfund transactions

The Portfolios 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 month ended November 30, 2017 were as follows:

	Purchases at cost		Sales proceeds
C&B Large Cap Value Portfolio	$	85,170,599	$	68,671,701
Diversified Large Cap Growth Portfolio		19,290,473		44,890,800
Emerging Growth Portfolio		205,421,103		272,724,054
Index Portfolio		33,112,462		285,566,556
International Growth Portfolio		38,133,834		140,265,171
International Value Portfolio		66,524,606		43,419,826
Large Company Value Portfolio		79,623,196		88,551,795
Small Company Growth Portfolio		281,008,653		342,076,939
Small Company Value Portfolio		55,445,457		128,763,747

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2017, Index Portfolio and Large Company Value Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

The table below discloses the volume of each Portfolio’s derivative transactions during the six months ended November 30, 2017 and any segregated cash on November 30, 2017.

	Index Portfolio		Large Company Value Portfolio
Average notional balance on long futures	$	37,070,600	$	1,414,978
Segregated cash at November 30, 2017		0		150,000

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 143

The receivable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

For certain types of derivative transactions, the Portfolios have 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 Portfolios 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 Portfolios under ISDA Master Agreements or similar agreements, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose 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 Statements of Assets and Liabilities are not offset across transactions between each Portfolio and the applicable counterparty. A reconciliation of the gross amounts on the Statements 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 Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
Index Portfolio	Societe Generale	$	328,990	$	0	$	0	$	328,990
Large Company Value Portfolio	Morgan Stanley		10,769		0		0		10,769

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Portfolios that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector. The Portfolio of Investments includes information on each Portfolio’s holdings, including sector composition, country and/or geographical composition as relevant.

8. INDEMNIFICATION

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

9. REDEMPTION IN-KIND

After the close of business on July 15, 2016, Wells Fargo Emerging Growth Fund, which invests all of its assets in Emerging Growth Portfolio, redeemed assets through an in-kind redemption. In the redemption transaction, Wells Fargo Emerging Growth Fund issued securities which it received from Emerging Growth Portfolio with a value of $80,953,334 along with cash in the amount of $2,716,932 Emerging Growth Portfolio recognized gains in the amount of $30,973,586. The redemption in-kind represented 9.01% of Emerging Growth Portfolio and is reflected on the Statements of Changes in Net Assets.

144 Wells Fargo Equity Gateway Funds Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended May 31, 2017. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

	Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
International Value Fund	$1,512,695	$0.03101	100%

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Equity Gateway Funds 145

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
Peter G. Gordon*** (Born 1942)	Trustee, since 1998; Chairman, from 2005 to 2017	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

146 Wells Fargo Equity Gateway Funds Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell**** (Born 1953)	Trustee, since 2006; 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 Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

*** Peter Gordon retired on December 31, 2017.

**** 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 Equity Gateway Funds 147

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael 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 the International Value Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 73 other funds and Assistant Treasurer of 64 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 64 other 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.

148 Wells Fargo Equity Gateway Funds 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 Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Funds’ 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 Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Funds’ website at 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

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

307649 01-18 SEGF/SAR111 11-17

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each Portfolio 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 Master Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Master Trust

By:	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 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 Master Trust

By:	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 2018
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	January 25, 2018
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	January 25, 2018