UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31 Registrant is making a filing for 28 of its series:

Wells Fargo Dynamic Target Today, Wells Fargo Dynamic Target 2015, Wells Fargo Dynamic Target 2020, Wells Fargo Dynamic Target 2025, Wells Fargo Dynamic Target 2030, Wells Fargo Dynamic Target 2035, Wells Fargo Dynamic Target 2040, Wells Fargo Dynamic Target 2045, Wells Fargo Dynamic Target 2050, Wells Fargo Dynamic Target 2055, Wells Fargo Dynamic Target 2060, Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo International Value Fund, Wells Fargo Small Company Growth Fund, Wells Fargo Small Company Value Fund, Wells Fargo Core Bond Fund, Wells Fargo Real Return Fund, Wells Fargo WealthBuilder Conservative Allocation Portfolio, Wells Fargo WealthBuilder Equity Portfolio, Wells Fargo WealthBuilder Growth Allocation Portfolio, Wells Fargo WealthBuilder Growth Balanced Portfolio, Wells Fargo WealthBuilder Moderate Balanced Portfolio and Wells Fargo WealthBuilder Tactical Equity Portfolio.

Date of reporting period: November 30, 2015

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2015

Allocation Funds

n Wells Fargo Growth Balanced Fund

n Wells Fargo Moderate Balanced Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	10
Portfolio of investments
Wells Fargo Growth Balanced Fund	11
Wells Fargo Moderate Balanced Fund	11
Financial statements
Statements of assets and liabilities	12
Statements of operations	13
Statements of changes in net assets	14
Financial highlights	16
Notes to financial statements	20
Master portfolios
Portfolio of investments
Wells Fargo C&B Large Cap Value Portfolio	26
Wells Fargo Diversified Large Cap Growth Portfolio	29
Wells Fargo Emerging Growth Portfolio	34
Wells Fargo Index Portfolio (Summary portfolio of investments)*	38
Wells Fargo International Growth Portfolio	45
Wells Fargo International Value Portfolio	49
Wells Fargo Large Company Value Portfolio	57
Wells Fargo Small Company Growth Portfolio	62
Wells Fargo Small Company Value Portfolio	68

Wells Fargo Core Bond Portfolio (Summary portfolio of investments)**	73
Wells Fargo Managed Fixed Income Portfolio	80
Wells Fargo Real Return Portfolio	91
Wells Fargo Stable Income Portfolio	98
Financial statements
Statements of assets and liabilities	106
Statements of operations	110
Statements of changes in net assets	114
Financial highlights	127
Notes to financial statements	130
Other information	143
List of abbreviations	146

* A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/index-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

** A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/core-bond-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

The views expressed and any forward-looking statements are as of November 30, 2015, 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)

Karla M. Rabusch

President

Wells Fargo Funds

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve.

Dear Valued 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, 2015. Among the most significant influences on investment markets during the period were low interest rates; low prices for oil, natural gas, and other commodities; a strong U.S. dollar; and shifting investor sentiment, which sparked volatility in equity and bond markets at higher levels than during recent years, pushing markets generally lower.

U.S. economic growth remained slow and uneven.

U.S. annualized gross domestic product (GDP) growth was 2.1% for the three-month period ended September 30, 2015, a slower pace than the prior quarter that restrained investor activity during the third and fourth quarters of 2015. Investor concerns about economic growth in the U.S. were compounded by data on retail sales and industrial production. Retail sales increased in August but at a slightly slower pace than expected, and the overall trend remained constrained. Industrial production declined in August, and the trend remained fairly flat overall with the periodic exception of automobile manufacturing.

On a more positive note, unemployment eased to 5.0% in October 2015 and consumer spending was solid as housing demand improved, although corporate results, as measured by profits from current production, decreased in the third quarter after a second-quarter increase, according to the U.S. Bureau of Economic Analysis. Despite sometimes conflicting data, expectations grew throughout the period that the Federal Open Market Committee would announce the first increase in the federal funds rate since June 2006 after its December 2015 meeting. The S&P 500 Index¹ was essentially flat for the period, recording a -0.21% return.

Overseas, central banks diverged from Federal Reserve policy due to economic concerns.

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve. Contentious negotiations between Greece and its debtors to refinance the country’s sovereign debt concerned investors in mid-2015 before the Greek government accepted additional reforms in order to secure new loan agreements with the European Central Bank (ECB). The ECB continued to encourage lending and investing in the region by making funds available to banks at low interest rates, imposing a negative interest rate on bank deposits it held, and purchasing bonds through its quantitative easing program.

During the summer of 2015, the Hang Seng Index² in Hong Kong experienced a dramatic decline. The People’s Bank of China sought to spur growth by cutting interest rates six times in less than a year through October 2015; lowering bank reserve requirements to encourage lending; and allowing the renminbi to depreciate in support of exports and to advance government efforts to transition to a more market-driven economy. Slowing economic growth in China reduced its importing activity, which, combined with continued low prices for many commodities, negatively affected China’s trading partners, particularly emerging markets countries.

Although Japan’s third-quarter 2015 GDP was positive after contracting in the second quarter, the Bank of Japan expanded its economic stimulus programs to increase injections of liquidity into the economy through additional bond purchases. The Government Pension Investment Fund continued to reduce government bond investments and direct those assets to investments in the Japanese stock market.

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 Hang Seng Index is a free-float-adjusted market-capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Allocation Funds 3

Developed European and Asian equity markets returned -7.42%, as measured by the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net),³ for the six-month period that ended November 30, 2015. U.S. investors in overseas markets saw the values of their investments fall as the U.S. dollar strengthened in comparison with other currencies.

Bond performance stumbled as investor concerns increased.

Bond investors were not spared the negative effects that stemmed from uncertain investor sentiment. While low interest rates restrained yields, periodic flights to the perceived quality of U.S. government bonds in the face of equity market volatility helped support domestic bond prices. As a result, U.S. bonds tended to fare better than bonds issued overseas. During the period, the Barclays U.S. Aggregate Bond Index⁴ was essentially flat, recording a -0.12% return, while the Barclays Global Aggregate ex U.S. Dollar Bond Index⁵ recorded a -1.76% return.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds and other investments 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,

Karla M. Rabusch

President

Wells Fargo Funds

Bond investors were not spared the negative effects that stemmed from uncertain investor sentiment.

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Funds and the underlying Master Portfolios approved a change in the name of each Fund and underlying Master Portfolio whereby the word “Advantage” was removed from its name, effective December 15, 2015.

For current information about your fund investments, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. 24 hours a day, 7 days a week.

³  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 U.S. 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. You cannot invest directly in an index. Source: MSCI. MSCI makes norepresentations 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.

⁴  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵  The Barclays Global Aggregate ex U.S. Dollar Bond Index tracks an international basket of government, corporate, agency, and mortgage-related bonds. You cannot invest directly in an index.

4 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund¹

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 master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, INC.

Phocas Financial Corportation

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA^®, FRM

Thomas C. Biwer, CFA^®

Aldo Ceccarelli, CFA^®

Christian Chan, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2015

		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 (WFGBX)	10-14-1998		(4.23	)		8.61		4.95		1.61			9.91		5.57		1.35		1.20
Class B (NVGRX)*	10-1-1998		(4.15	)		8.79		5.02		0.85			9.08		5.02		2.10		1.95
Class C (WFGWX)	10-1-1998		(0.15	)		9.09		4.79		0.85			9.09		4.79		2.10		1.95
Administrator Class (NVGBX)	11-11-1994		–			–		–		1.86			10.18		5.84		1.27		0.95
Growth Balanced Composite Index4	–		–			–		–		1.77			9.53		6.50		–		–
Barclays U.S. Aggregate Bond Index5	–		–			–		–		0.97			3.09		4.65		–		–
MSCI EAFE Index (Net)6	–		–			–		–		(2.94	)		5.52		3.64		–		–
Russell 1000® Growth Index7	–		–			–		–		6.12			15.10		8.66		–		–
Russell 1000® Value Index8	–		–			–		–		(1.11	)		13.47		6.45		–		–
Russell 2000® Index9	–		–			–		–		3.51			12.02		7.31		–		–
S&P 500 Index10	–		–			–		–		2.75			14.40		7.48		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 5-6.

Performance highlights (unaudited) Wells Fargo Allocation Funds 5

Wells Fargo Growth Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201511
Apple Incorporated	1.38
Facebook Incorporated	0.86
Amazon.com Incorporated	0.82
Alphabet Incorporated Class A	0.76
Exxon Mobil Corporation	0.70
JPMorgan Chase & Company	0.69
Alphabet Incorporated Class C	0.65
U.S. Treasury Bonds, 2.87% 8-15-2045	0.64
Visa Incorporated	0.61
Medtronic Plc	0.59

Current target allocation as of November 30, 2015¹²

Neutral target allocation as of November 30, 2015¹²

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

¹  The Fund is a gateway blended fund that invests all of its assets in two or more affiliated master portfolios of Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

6 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund (continued)

⁴  Source: Wells Fargo Funds Management, LLC. The Growth Balanced Composite Index is weighted 35% in the Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Value Index, 16.25% in the S&P 500 Index, 16.25% in the Russell 1000^® Growth Index, 9.75% in the MSCI EAFE Index (Net), 6.50% in the Russell 2000^® Index. You cannot invest directly in an index.

⁵  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. 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 U.S. 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. You cannot invest directly in an index. Source: MSCI. MSCI makes no 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.

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 securities of the affiliated master portfolios 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.

¹²  Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified. Current target allocation is subject to change and may have changed since the date specified.

Performance highlights (unaudited) Wells Fargo Allocation Funds 7

Wells Fargo Moderate Balanced Fund¹

Investment objective

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

Manager

Wells Capital Management Incorporated

Subadviser

Wells Capital Management Incorporated

Subadvisers for the master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, INC.

Phocas Financial Corportation

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA^®, FRM

Thomas C. Biwer, CFA^®

Aldo Ceccarelli, CFA^®

Christian Chan, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2015

		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 (WFMAX)	1-30-2004		(4.36	)		6.12		4.36		1.47			7.38		4.98		1.32		1.15
Class B (WMOBX)*	1-30-2004		(4.29	)		6.27		4.43		0.71			6.58		4.43		2.07		1.90
Class C (WFBCX)	1-30-2004		(0.26	)		6.58		4.19		0.74			6.58		4.19		2.07		1.90
Administrator Class (NVMBX)	11-11-1994		–			–		–		1.71			7.64		5.23		1.24		0.90
Moderate Balanced Composite Index4	–		–			–		–		1.43			6.66		5.48		–		–
Barclays U.S. Short Treasury 9-12 Months Index5	–		–			–		–		0.13			0.28		1.79		–		–
Barclays U.S. Aggregate Bond Index6	–		–			–		–		0.97			3.09		4.65		–		–
MSCI EAFE Index (Net)7	–		–			–		–		(2.94	)		5.52		3.64		–		–
Russell 1000® Growth Index8	–		–			–		–		6.12			15.10		8.66		–		–
Russell 1000® Value Index9	–		–			–		–		(1.11	)		13.47		6.45		–		–
Russell 2000® Index10	–		–			–		–		3.51			12.02		7.31		–		–
S&P 500 Index11	–		–			–		–		2.75			14.40		7.48		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 8-9.

8 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Moderate Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201512
Apple Incorporated	0.84
U.S. Treasury Bond, 2.88%, 8-15-2045	0.83
FHLMC Structured Pass-Through Securities Series T-58 Class 4A, 7.50%, 9-25-2043	0.77
U.S. Treasury Note, 0.63%, 9-30-2017	0.74
FNMA Series 2002-W4 Class A4, 6.25%, 5-25-2042	0.58
FNMA, 3.50%, 9-1-2032	0.56
Facebook Incorporated Class A	0.52
Amazon.com Incorporated	0.50
FHLMC, 3.50%, 4-1-2043	0.48
Alphabet Incorporated Class A	0.46

Current target allocation as of November 30, 2015¹³

Neutral target allocation as of November 30, 2015¹³

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

¹  The Fund is a gateway blended fund that invests all of its assets in two or more affiliated master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

Performance highlights (unaudited) Wells Fargo Allocation Funds 9

Wells Fargo Moderate Balanced Fund (continued)

⁵  The 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 Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁷  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. 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. You cannot invest directly in an index. Source: MSCI. MSCI makes no 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.

⁸  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.

⁹  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.

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

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

¹²  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolios 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.

¹³  Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified. Current target allocation is subject to change and may have changed since the date specified.

10 Wells Fargo Allocation 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, 2015 to November 30, 2015.

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.

Wells Fargo Growth Balanced Fund	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	984.56	$	5.95		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Class B
Actual	$	1,000.00	$	980.76	$	9.66		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.25	$	9.82		1.95	%
Class C
Actual	$	1,000.00	$	980.91	$	9.66		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.25	$	9.82		1.95	%
Administrator Class
Actual	$	1,000.00	$	985.77	$	4.72		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.25	$	4.80		0.95	%
Wells Fargo Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	991.09	$	5.72		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class B
Actual	$	1,000.00	$	987.40	$	9.44		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Class C
Actual	$	1,000.00	$	987.49	$	9.44		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Administrator Class
Actual	$	1,000.00	$	992.42	$	4.48		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%

¹  Expenses paid is equal to the annualized 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, 2015 (unaudited) Wells Fargo Allocation Funds 11

GROWTH BALANCED FUND

Security name	Value
Investment Companies: 100.70%
Affiliated Master Portfolios: 100.70%
Wells Fargo C&B Large Cap Value Portfolio	$	14,068,190
Wells Fargo Core Bond Portfolio		17,933,473
Wells Fargo Diversified Large Cap Growth Portfolio		42,163,363
Wells Fargo Emerging Growth Portfolio		4,271,258
Wells Fargo Index Portfolio		42,125,819
Wells Fargo International Growth Portfolio		12,667,643
Wells Fargo International Value Portfolio		12,205,285
Wells Fargo Large Company Value Portfolio		28,118,616
Wells Fargo Managed Fixed Income Portfolio		62,777,646
Wells Fargo Real Return Portfolio		8,992,991
Wells Fargo Small Company Growth Portfolio		4,214,717
Wells Fargo Small Company Value Portfolio		8,417,459
Total Investment Companies (Cost $230,303,176)		257,956,460

Total investments in securities (Cost $230,303,176) *	100.70	%		257,956,460
Other assets and liabilities, net	(0.70	)		(1,800,197	)
Total net assets	100.00	%	$	256,156,263

* Cost for federal income tax purposes is $231,007,235 and unrealized gains (losses) consists of:

Gross unrealized gains	$	26,949,225
Gross unrealized losses		0
Net unrealized gains	$	26,949,225

MODERATE BALANCED FUND

Security name	Value
Investment Companies: 100.48%
Affiliated Master Portfolios: 100.48%
Wells Fargo C&B Large Cap Value Portfolio	$	6,191,299
Wells Fargo Core Bond Portfolio		16,732,636
Wells Fargo Diversified Large Cap Growth Portfolio		18,562,160
Wells Fargo Emerging Growth Portfolio		1,888,286
Wells Fargo Index Portfolio		18,585,864
Wells Fargo International Growth Portfolio		5,596,364
Wells Fargo International Value Portfolio		5,513,038
Wells Fargo Large Company Value Portfolio		12,450,016
Wells Fargo Managed Fixed Income Portfolio		58,578,908
Wells Fargo Real Return Portfolio		8,388,576
Wells Fargo Small Company Growth Portfolio		1,893,295
Wells Fargo Small Company Value Portfolio		3,788,758
Wells Fargo Stable Income Portfolio		27,871,083
Total Investment Companies (Cost $175,575,274)		186,040,283

Total investments in securities (Cost $175,575,274) *	100.48	%		186,040,283
Other assets and liabilities, net	(0.48	)		(897,499	)
Total net assets	100.00	%	$	185,142,784

* Cost for federal income tax purposes is $174,611,774 and unrealized gains (losses) consists of:

Gross unrealized gains	$	11,428,509
Gross unrealized losses		0
Net unrealized gains	$	11,428,509

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

12 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2015 (unaudited)

	Growth Balanced Fund			Moderate Balanced Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	257,956,460		$	186,040,283
Receivable for Fund shares sold		335,532			385,695
Receivable from manager		0			572
Prepaid expenses and other assets		47,166			34,148
Total assets		258,339,158			186,460,698
Liabilities
Payable for Fund shares redeemed		2,053,195			1,242,033
Management fee payable		6,308			0
Distribution fees payable		9,465			5,077
Administration fees payable		32,586			21,735
Accrued expenses and other liabilities		81,341			49,069
Total liabilities		2,182,895			1,317,914
Total net assets	$	256,156,263		$	185,142,784
NET ASSETS CONSIST OF
Paid-in capital	$	365,138,629		$	165,249,634
Undistributed net investment income		3,909,644			2,141,841
Accumulated net realized gains (losses) on investments		(140,545,294	)		7,286,300
Net unrealized gains on investments		27,653,284			10,465,009
Total net assets	$	256,156,263		$	185,142,784
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	63,962,672		$	25,143,518
Shares outstanding – Class A1		1,592,472			1,076,308
Net asset value per share – Class A		$40.17			$23.36
Maximum offering price per share – Class A2		$42.62			$24.79
Net assets – Class B	$	162,137		$	160,345
Shares outstanding – Class B1		4,543			6,821
Net asset value per share – Class B		$35.69			$23.51
Net assets – Class C	$	15,439,998		$	8,554,713
Shares outstanding – Class C1		441,824			373,786
Net asset value per share – Class C		$34.95			$22.89
Net assets – Administrator Class	$	176,591,456		$	151,284,208
Shares outstanding – Administrator Class1		4,902,009			6,417,875
Net asset value per share – Administrator Class		$36.02			$23.57
Investments in affiliated Master Portfolios, at cost	$	230,303,176		$	175,575,274

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, 2015 (unaudited) Wells Fargo Allocation Funds 13

	Growth Balanced Fund			Moderate Balanced Fund
Investment income
Interest allocated from affiliated Master Portfolios	$	1,420,786		$	1,494,559
Dividends allocated from affiliated Master Portfolios*		1,353,775			595,820
Securities lending income allocated from affiliated Master Portfolios		22,046			10,476
Interest		106			74
Expenses allocated from affiliated Master Portfolios		(721,589	)		(494,050	)
Waivers allocated from affiliated Master Portfolios		61,574			71,209
Total investment income		2,136,698			1,678,088
Expenses
Management fee		384,620			270,992
Administration fees
Class A		69,330			23,784
Class B		207			181
Class C		15,931			7,335
Administrator Class		111,302			94,975
Shareholder servicing fees
Class A		79,361			27,290
Class B		239			206
Class C		18,255			8,433
Administrator Class		222,662			189,897
Distribution fees
Class B		716			618
Class C		54,767			25,299
Custody and accounting fees		5,547			4,107
Professional fees		15,930			16,057
Registration fees		27,502			22,480
Shareholder report expenses		31,032			15,311
Trustees’ fees and expenses		6,430			6,553
Other fees and expenses		5,318			5,776
Total expenses		1,049,149			719,294
Less: Fee waivers and/or expense reimbursements		(337,860	)		(267,313	)
Net expenses		711,289			451,981
Net investment income		1,425,409			1,226,107
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Securities transactions allocated from affiliated Master Portfolios		3,821,382			1,814,995
Futures transactions		631,982			471,956
Net realized gains on investments		4,453,364			2,286,951
Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(9,909,620	)		(5,088,864	)
Unaffiliated securities		(73	)		(53	)
Futures transactions		132,495			92,148
Net change in unrealized gains (losses) on investments		(9,777,198	)		(4,996,769	)
Net realized and unrealized gains (losses) on investments		(5,323,834	)		(2,709,818	)
Net decrease in net assets resulting from operations	$	(3,898,425	)	$	(1,483,711	)
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$19,313			$8,892

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

14 Wells Fargo Allocation Funds Statements of changes in net assets

	Growth Balanced Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	1,425,409					$	2,789,281
Net realized gains on investments					4,453,364						15,701,271
Net change in unrealized gains (losses) on investments					(9,777,198	)					1,114,605
Net increase (decrease) in net assets resulting from operations					(3,898,425	)					19,605,157
Distributions to shareholders from
Net investment income
Class A					0						(268,805	)
Class C					0						(29,178	)
Administrator Class					0						(1,028,262	)
Total distributions to shareholders					0						(1,326,245	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		146,862			5,900,015			185,450			7,274,394
Class B		2,165			78,159			1,558			53,483
Class C		70,893			2,467,172			72,213			2,489,920
Administrator Class		327,507			11,697,535			635,039			22,455,940
					20,142,881						32,273,737
Reinvestment of distributions
Class A		0			0			6,633			261,859
Class C		0			0			788			27,266
Administrator Class		0			0			28,932			1,022,158
					0						1,311,283
Payment for shares redeemed
Class A		(128,624	)		(5,168,709	)		(227,744	)		(8,991,283	)
Class B		(2,132	)		(76,248	)		(11,057	)		(384,245	)
Class C		(31,808	)		(1,108,199	)		(49,378	)		(1,697,172	)
Administrator Class		(415,990	)		(14,844,101	)		(826,937	)		(29,006,446	)
					(21,197,257	)					(40,079,146	)
Net decrease in net assets resulting from capital share transactions					(1,054,376	)					(6,494,126	)
Total increase (decrease) in net assets					(4,952,801	)					11,784,786
Net assets
Beginning of period					261,109,064						249,324,278
End of period				$	256,156,263					$	261,109,064
Undistributed net investment income				$	3,909,644					$	2,484,235

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

Statements of changes in net assets Wells Fargo Allocation Funds 15

	Moderate Balanced Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	1,226,107					$	2,299,319
Net realized gains on investments					2,286,951						7,901,060
Net change in unrealized losses on investments					(4,996,769	)					(22,765	)
Net increase (decrease) in net assets resulting from operations					(1,483,711	)					10,177,614
Distributions to shareholders from
Net investment income
Class A					0						(376,425	)
Class C					0						(52,862	)
Administrator Class					0						(3,267,946	)
Net realized gains
Class A					0						(415,324	)
Class B					0						(4,805	)
Class C					0						(111,625	)
Administrator Class					0						(3,128,190	)
Total distributions to shareholders					0						(7,357,177	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		336,361			7,818,549			255,117			5,957,581
Class B		1,822			43,159			1,624			38,050
Class C		151,215			3,447,311			97,255			2,232,984
Administrator Class		567,978			13,329,438			731,005			17,208,011
					24,638,457						25,436,626
Reinvestment of distributions
Class A		0			0			32,909			762,939
Class B		0			0			156			3,620
Class C		0			0			6,451			147,103
Administrator Class		0			0			270,522			6,320,119
					0						7,233,781
Payment for shares redeemed
Class A		(141,826	)		(3,305,610	)		(189,830	)		(4,466,077	)
Class B		(3,739	)		(88,210	)		(9,450	)		(221,598	)
Class C		(38,139	)		(871,589	)		(39,148	)		(899,068	)
Administrator Class		(610,871	)		(14,236,402	)		(709,375	)		(16,680,708	)
					(18,501,811	)					(22,267,451	)
Net increase in net assets resulting from capital share transactions					6,136,646						10,402,956
Total increase in net assets					4,652,935						13,223,393
Net assets
Beginning of period					180,489,849						167,266,456
End of period				$	185,142,784					$	180,489,849
Undistributed net investment income				$	2,141,841					$	915,734

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

16 Wells Fargo Allocation Funds Financial highlights

Growth Balanced Fund	Beginning net asset value per share		Net investment income1			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, 2015 (unaudited)	$	40.80		0.20			(0.83	)		0.00		$	40.17
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
Year ended May 31, 2012	$	29.34		0.39	4		(1.73	)		(0.23	)	$	27.77
Year ended May 31, 20115	$	25.89		0.23			4.11			(0.89	)	$	29.34
Year ended September 30, 2010	$	24.12		0.40	4		1.75			(0.38	)	$	25.89
Class B
Six months ended November 30, 2015 (unaudited)	$	36.39		0.04	4		(0.74	)		0.00		$	35.69
Year ended May 31, 2015	$	33.97		0.06	4		2.36			0.00		$	36.39
Year ended May 31, 2014	$	29.84		0.08	4		4.10			(0.05	)	$	33.97
Year ended May 31, 2013	$	24.80		0.12	4		5.05			(0.13	)	$	29.84
Year ended May 31, 2012	$	26.17		0.15	4		(1.52	)		0.00		$	24.80
Year ended May 31, 20115	$	23.07		0.12	4		3.62			(0.64	)	$	26.17
Year ended September 30, 2010	$	21.46		0.22	4		1.53			(0.14	)	$	23.07
Class C
Six months ended November 30, 2015 (unaudited)	$	35.63		0.04	4		(0.72	)		0.00		$	34.95
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
Year ended May 31, 2012	$	25.94		0.16	4		(1.53	)		(0.05	)	$	24.52
Year ended May 31, 20115	$	22.93		0.12	4		3.60			(0.71	)	$	25.94
Year ended September 30, 2010	$	21.42		0.19	4		1.56			(0.24	)	$	22.93
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	36.54		0.24			(0.76	)		0.00		$	36.02
Year ended May 31, 2015	$	33.98		0.45	4		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
Year ended May 31, 2012	$	26.39		0.41	4		(1.57	)		(0.30	)	$	24.93
Year ended May 31, 20115	$	23.39		0.31	4		3.64			(0.95	)	$	26.39
Year ended September 30, 2010	$	21.81		0.46	4		1.55			(0.43	)	$	23.39

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

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 investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate and then aggregating the results.

⁴  Calculated based upon average shares outstanding

⁵  For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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

Financial highlights Wells Fargo Allocation Funds 17

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
	0.98	%		1.35	%		1.20	%		(1.54	)%		37	%	$	63,963
	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
	1.40	%		1.36	%		1.20	%		(4.53	)%		107	%	$	49,403
	1.43	%		1.35	%		1.20	%		17.02	%		70	%	$	60,055
	1.61	%		1.38	%		1.20	%		9.00	%		94	%	$	55,284
	0.24	%		2.09	%		1.95	%		(1.92	)%		37	%	$	162
	0.18	%		2.14	%		1.95	%		7.12	%		75	%	$	164
	0.25	%		2.14	%		1.95	%		14.00	%		77	%	$	476
	0.45	%		2.12	%		1.95	%		20.91	%		80	%	$	970
	0.61	%		2.10	%		1.95	%		(5.23	)%		107	%	$	1,704
	0.62	%		2.09	%		1.95	%		16.43	%		70	%	$	4,163
	0.96	%		2.12	%		1.95	%		8.19	%		94	%	$	6,924
	0.23	%		2.11	%		1.95	%		(1.91	)%		37	%	$	15,440
	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
	0.65	%		2.11	%		1.95	%		(5.26	)%		107	%	$	7,656
	0.68	%		2.10	%		1.95	%		16.45	%		70	%	$	8,388
	0.84	%		2.12	%		1.95	%		8.20	%		94	%	$	7,665
	1.23	%		1.26	%		0.95	%		(1.42	)%		37	%	$	176,591
	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
	1.64	%		1.20	%		0.95	%		(4.30	)%		107	%	$	220,021
	1.66	%		1.19	%		0.95	%		17.19	%		70	%	$	273,174
	2.04	%		1.19	%		0.95	%		9.32	%		94	%	$	287,073

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

18 Wells Fargo Allocation Funds Financial highlights

Moderate Balanced Fund	Beginning net asset value per share		Net investment income1			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, 2015 (unaudited)	$	23.57		0.14	4		(0.35	)		0.00			0.00		$	23.36
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
Year ended May 31, 2012	$	19.64		0.32			(0.54	)		(0.58	)		0.00		$	18.84
Year ended May 31, 20115	$	17.97		0.28			1.80			(0.41	)		0.00		$	19.64
Year ended September 30, 2010	$	17.12		0.38	4		1.03			(0.56	)		0.00		$	17.97
Class B
Six months ended November 30, 2015 (unaudited)	$	23.81		0.05	4		(0.35	)		0.00			0.00		$	23.51
Year ended May 31, 2015	$	23.16		0.09	4		1.07			0.00			(0.51	)	$	23.81
Year ended May 31, 2014	$	21.25		0.11	4		1.83			(0.03	)		0.00		$	23.16
Year ended May 31, 2013	$	18.86		0.13	4		2.43			(0.17	)		0.00		$	21.25
Year ended May 31, 2012	$	19.58		0.18	4		(0.53	)		(0.37	)		0.00		$	18.86
Year ended May 31, 20115	$	17.85		0.14	4		1.84			(0.25	)		0.00		$	19.58
Year ended September 30, 2010	$	16.99		0.30			0.97			(0.41	)		0.00		$	17.85
Class C
Six months ended November 30, 2015 (unaudited)	$	23.18		0.05	4		(0.34	)		0.00			0.00		$	22.89
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
Year ended May 31, 2012	$	19.45		0.18	4		(0.53	)		(0.47	)		0.00		$	18.63
Year ended May 31, 20115	$	17.77		0.14	4		1.83			(0.29	)		0.00		$	19.45
Year ended September 30, 2010	$	16.96		0.28	4		0.99			(0.46	)		0.00		$	17.77
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	23.75		0.17			(0.35	)		0.00			0.00		$	23.57
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
Year ended May 31, 2012	$	19.77		0.40			(0.58	)		(0.63	)		0.00		$	18.96
Year ended May 31, 20115	$	18.11		0.29			1.83			(0.46	)		0.00		$	19.77
Year ended September 30, 2010	$	17.23		0.52	4		0.95			(0.59	)		0.00		$	18.11

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

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 investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate and then aggregating the results.

⁴  Calculated based upon average shares outstanding

⁵  For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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

Financial highlights Wells Fargo Allocation Funds 19

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
	1.18	%		1.32	%		1.15	%		(0.89	)%		42	%	$	25,144
	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
	1.68	%		1.33	%		1.15	%		(0.93	)%		115	%	$	9,935
	1.89	%		1.34	%		1.15	%		11.72	%		70	%	$	10,702
	2.42	%		1.37	%		1.15	%		8.41	%		103	%	$	7,992
	0.42	%		2.05	%		1.90	%		(1.26	)%		42	%	$	160
	0.38	%		2.10	%		1.90	%		5.07	%		84	%	$	208
	0.50	%		2.11	%		1.90	%		9.15	%		89	%	$	380
	0.65	%		2.11	%		1.90	%		13.65	%		86	%	$	613
	0.94	%		2.08	%		1.90	%		(1.66	)%		115	%	$	807
	1.11	%		2.09	%		1.90	%		11.16	%		70	%	$	1,097
	1.65	%		2.12	%		1.90	%		7.58	%		103	%	$	1,257
	0.44	%		2.07	%		1.90	%		(1.25	)%		42	%	$	8,555
	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
	0.92	%		2.08	%		1.90	%		(1.67	)%		115	%	$	2,319
	1.16	%		2.09	%		1.90	%		11.17	%		70	%	$	2,364
	1.59	%		2.12	%		1.90	%		7.58	%		103	%	$	1,726
	1.42	%		1.22	%		0.90	%		(0.76	)%		42	%	$	151,284
	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
	1.92	%		1.17	%		0.90	%		(0.66	)%		115	%	$	172,587
	2.14	%		1.18	%		0.90	%		11.93	%		70	%	$	192,305
	3.06	%		1.18	%		0.90	%		8.65	%		103	%	$	176,179

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

20 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 (“FASB”) 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 the Wells Fargo Moderate Balanced Fund (“Moderate Balanced Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund seeks to achieve its investment objective by investing substantially all of its 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, 2015 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2015, the Funds own the following percentages of the affiliated Master Portfolios:

	Growth Balanced Fund			Moderate Balanced Fund
Wells Fargo C&B Large Cap Value Portfolio		4	%		2	%
Wells Fargo Core Bond Portfolio		0	*		0	*
Wells Fargo Diversified Large Cap Growth Portfolio		36			16
Wells Fargo Emerging Growth Portfolio		0	*		0	*
Wells Fargo Index Portfolio		2			1
Wells Fargo International Growth Portfolio		8			4
Wells Fargo International Value Portfolio		2			1
Wells Fargo Large Company Value Portfolio		36			16
Wells Fargo Managed Fixed Income Portfolio		52			48
Wells Fargo Real Return Portfolio		18			16
Wells Fargo Small Company Growth Portfolio		0	*		0	*
Wells Fargo Small Company Value Portfolio		4			2
Wells Fargo Stable Income Portfolio		N/A			100

* The amount owned is less than 1%.

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).

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.

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.

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.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 21

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the 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 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 is subject to interest rate risk, equity price risk and foreign currency exchange rate 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 security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

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 by 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 in each Fund and each affiliated Master Portfolio 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 become doubtful based on consistently applied procedures. 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 conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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 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.

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

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 May 31, 2015, Growth Balanced Fund had capital loss carryforwards that are available to offset future net realized capital gains in the amount of $144,529,745 with $3,749,870 expiring in 2016; $58,201,648 expiring in 2017; and $82,578,227 expiring 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 significant 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:

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

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

n 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.

At November 30, 2015, each Fund’s investments in affiliated Master Portfolios carried at fair valued were designated as Level 2 inputs.

The Funds recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2015, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & 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 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. 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.

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement and was entitled to receive an annual fee which started at 0.25% and declined to 0.19% as the average daily net assets of each Fund increased. In addition, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of each Fund increased. For financial statement purposes, the advisory fee and fund-level administration fee for the six months ended November 30, 2015 have been included in management fee on the Statement of Operations.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 23

For the six months ended November 30, 2015, the management fee was equivalent to an annual rate of 0.30% of each Fund’s average daily net assets.

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

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account 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
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10

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. Funds Management has committed through September 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

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

The Trust has adopted a Distribution Plan for Class B and Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B and 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 B and Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended November 30, 2015, Funds Distributor received the following amounts in front-end sales charges.

	Class A
Growth Balanced Fund	$	9,444
Moderate Balanced Fund		11,737

Shareholder servicing fees

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

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 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	$	57,447,267	$	49,464,561	$	57,349,993	$	47,904,200
Moderate Balanced Fund		56,046,520		33,912,739		54,309,182		28,715,730

* The Funds seek to achieve their investment objective by investing substantially all of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2015, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

As of November 30, 2015, the Fund did not have any open futures contracts.

The Funds had average notional amounts in futures contracts during the six months ended November 30, 2015 as follows:

	Long contracts		Short contracts
Growth Balanced Fund	$	2,757,632	$	4,311,908
Moderate Balanced Fund		1,942,141		3,019,320

A summary of derivative instruments by primary risk exposure is outlined in the following tables, unless the only primary risk exposure category is already reflected in the appropriate financial statements.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for Growth Balanced Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	301,801		$	39,148
Equity contracts		(253,223	)		56,282
Foreign currency exchange contracts		583,404			37,065
	$	631,982		$	132,495

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for Moderate Balanced Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	208,909		$	27,031
Equity contracts		437,127			38,815
Foreign currency exchange contracts		(174,080	)		26,302
	$	471,956		$	92,148

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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

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

the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $25,000,000 with annual commitment fee of 0.15% of the unused balance which was allocated to each participating fund. For the six months ended November 30, 2015, the Growth Balanced Fund and Moderate Balanced Fund paid $341 and $179, respectively, in commitment fees.

For the six months ended November 30, 2015, there were no borrowings by 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 18, 2015, the Funds declared distributions from net investment income to shareholders of record on December 17, 2015. The per share amounts payable on December 21, 2015 were as follows:

	Growth Balanced Fund		Moderate Balanced Fund
Net investment income
Class A	$	0.33446	$	0.26051
Class B		0.00000		0.02797
Class C		0.13594		0.15602
Administrator Class		0.43175		0.30936

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

26 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.68%
Consumer Discretionary: 13.74%
Hotels, Restaurants & Leisure: 3.33%
Brinker International Incorporated		67,300	$	3,070,226
Carnival Corporation		148,100		7,483,493
				10,553,719
Media: 6.18%
Omnicom Group Incorporated		133,500		9,868,320
Twenty-First Century Fox Incorporated Class A		329,300		9,717,643
				19,585,963
Multiline Retail: 1.38%
Kohl’s Corporation		92,900		4,378,377
Textiles, Apparel & Luxury Goods: 2.85%
Gildan Activewear Incorporated		292,100		9,052,179
Consumer Staples: 8.68%
Beverages: 1.83%
Diageo plc ADR		50,620		5,799,027
Household Products: 2.81%
Colgate-Palmolive Company		46,010		3,021,937
The Procter & Gamble Company		78,790		5,896,644
				8,918,581
Personal Products: 1.46%
Unilever NV ADR		105,900		4,632,066
Tobacco: 2.58%
Philip Morris International		93,600		8,179,704
Energy: 8.12%
Oil, Gas & Consumable Fuels: 8.12%
Chevron Corporation		46,540		4,250,033
Devon Energy Corporation		80,900		3,722,209
Exxon Mobil Corporation		100,870		8,237,044
Noble Energy Incorporated		84,100		3,083,947
World Fuel Services Corporation		148,300		6,464,397
				25,757,630
Financials: 25.45%
Banks: 9.00%
Bank of America Corporation		507,200		8,840,496
JPMorgan Chase & Company		160,770		10,720,144
PNC Financial Services Group Incorporated		93,900		8,968,389
				28,529,029

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 27

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Capital Markets: 3.77%
State Street Corporation		164,900	$	11,968,442
Consumer Finance: 2.35%
American Express Company		103,900		7,443,396
Diversified Financial Services: 2.27%
Berkshire Hathaway Incorporated Class B †		53,700		7,200,633
Insurance: 8.06%
FNF Group		218,200		7,822,470
RenaissanceRe Holdings Limited		85,600		9,481,056
The Progressive Corporation		267,700		8,250,514
				25,554,040
Health Care: 15.62%
Health Care Equipment & Supplies: 4.28%
Abbott Laboratories		119,300		5,358,956
Becton Dickinson & Company		54,600		8,203,650
				13,562,606
Health Care Providers & Services: 8.23%
Cardinal Health Incorporated		96,140		8,349,759
Laboratory Corporation of America Holdings †		87,060		10,581,272
UnitedHealth Group Incorporated		63,490		7,155,958
				26,086,989
Pharmaceuticals: 3.11%
Johnson & Johnson		97,400		9,860,776
Industrials: 18.05%
Aerospace & Defense: 1.54%
Rockwell Collins Incorporated		52,600		4,874,968
Air Freight & Logistics: 2.46%
United Parcel Service Incorporated Class B		75,800		7,808,158
Electrical Equipment: 2.42%
Eaton Corporation plc		132,000		7,677,120
Industrial Conglomerates: 1.61%
3M Company		32,600		5,104,508
Machinery: 4.63%
Donaldson Company Incorporated		216,500		6,798,100
Parker-Hannifin Corporation		75,200		7,870,432
				14,668,532

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

28 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
Trading Companies & Distributors: 5.39%
Aercap Holdings NV †					198,300	$	9,010,752
W.W. Grainger Incorporated «					22,112		4,434,340
WESCO International Incorporated †					75,900		3,646,995
							17,092,087
Information Technology: 3.24%
Communications Equipment: 0.69%
QUALCOMM Incorporated					44,830		2,187,256
IT Services: 1.19%
The Western Union Company					200,400		3,779,544
Semiconductors & Semiconductor Equipment: 1.36%
Linear Technology Corporation					94,200		4,306,824
Materials: 3.78%
Containers & Packaging: 3.78%
Ball Corporation					45,920		3,187,766
Crown Holdings Incorporated †					169,300		8,788,363
							11,976,129
Total Common Stocks (Cost $240,460,541)							306,538,283
	Yield
Short-Term Investments: 4.54%
Investment Companies: 4.54%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		4,278,750		4,278,750
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			10,128,152		10,128,152
Total Short-Term Investments (Cost $14,406,902)							14,406,902

Total investments in securities (Cost $254,867,443) *	101.22	%		320,945,185
Other assets and liabilities, net	(1.22	)		(3,871,692	)
Total net assets	100.00	%	$	317,073,493

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $265,027,841 and unrealized gains (losses) consists of:

Gross unrealized gains	$	71,516,145
Gross unrealized losses		(15,598,801	)
Net unrealized gains	$	55,917,344

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 29

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.75%
Consumer Discretionary: 24.23%
Auto Components: 1.31%
Delphi Automotive plc		17,610	$	1,547,567
Distributors: 0.43%
LKQ Corporation †		17,140		505,459
Hotels, Restaurants & Leisure: 3.80%
Chipotle Mexican Grill Incorporated †		1,400		811,370
Hilton Worldwide Holdings Incorporated		54,579		1,267,324
Marriott International Incorporated Class A		8,010		567,989
Starbucks Corporation		29,888		1,834,824
				4,481,507
Internet & Catalog Retail: 4.40%
Amazon.com Incorporated †		6,540		4,347,792
Netflix Incorporated †		4,180		515,519
The Priceline Group Incorporated †		270		337,190
				5,200,501
Media: 1.67%
Charter Communication Incorporated Class A «†		1,740		326,006
Comcast Corporation Class A		5,420		329,861
The Walt Disney Company		11,610		1,317,387
				1,973,254
Multiline Retail: 2.67%
Dollar General Corporation		9,770		639,056
Dollar Tree Incorporated †		28,560		2,155,138
Nordstrom Incorporated		6,390		359,821
				3,154,015
Specialty Retail: 6.67%
CarMax Incorporated †		23,120		1,324,776
O’Reilly Automotive Incorporated †		3,200		844,384
The Home Depot Incorporated		22,660		3,033,721
The TJX Companies Incorporated		17,030		1,202,318
Tractor Supply Company		16,400		1,465,340
				7,870,539
Textiles, Apparel & Luxury Goods: 3.28%
Nike Incorporated Class B		19,780		2,616,498
Under Armour Incorporated Class A †		5,230		450,931
VF Corporation		12,490		808,103
				3,875,532

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

30 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Consumer Staples: 5.07%
Beverages: 1.12%
Constellation Brands Incorporated Class A		6,590	$	924,313
The Coca-Cola Company		9,220		392,956
				1,317,269
Food & Staples Retailing: 2.86%
Costco Wholesale Corporation		8,530		1,376,913
CVS Health Corporation		10,300		969,127
Sprouts Farmers Market Incorporated †		12,088		291,683
Walgreens Boots Alliance Incorporated		8,720		732,742
				3,370,465
Household Products: 0.36%
Colgate-Palmolive Company		6,540		429,547
Personal Products: 0.73%
The Estee Lauder Companies Incorporated Class A		10,300		866,436
Energy: 0.93%
Oil, Gas & Consumable Fuels: 0.93%
Concho Resources Incorporated †		8,780		960,883
EOG Resources Incorporated		1,660		138,494
				1,099,377
Financials: 4.07%
Capital Markets: 1.77%
Charles Schwab Corporation		21,800		734,878
TD Ameritrade Holding Corporation		36,850		1,349,816
				2,084,694
Consumer Finance: 0.57%
Discover Financial Services		11,890		674,876
Diversified Financial Services: 1.42%
Intercontinental Exchange Incorporated		3,320		862,669
McGraw Hill Financial Incorporated		8,420		812,277
				1,674,946
REITs: 0.31%
American Tower Corporation		3,720		369,694
Health Care: 16.22%
Biotechnology: 9.77%
Alexion Pharmaceuticals Incorporated †		18,940		3,379,654
Biogen Incorporated †		930		266,780
BioMarin Pharmaceutical Incorporated †		5,380		513,091
Celgene Corporation †		21,920		2,399,144
Gilead Sciences Incorporated		9,719		1,029,825

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 31

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Biotechnology (continued)
Incyte Corporation †		3,980	$	454,675
Medivation Incorporated †		11,170		472,268
Regeneron Pharmaceuticals Incorporated †		4,610		2,510,145
Vertex Pharmaceuticals Incorporated †		3,990		516,146
				11,541,728
Health Care Equipment & Supplies: 1.15%
Intuitive Surgical Incorporated †		420		218,408
Medtronic plc		15,155		1,141,778
				1,360,186
Health Care Providers & Services: 1.96%
AmerisourceBergen Corporation		11,763		1,160,302
McKesson Corporation		930		176,096
UnitedHealth Group Incorporated		8,710		981,704
				2,318,102
Health Care Technology: 0.46%
Cerner Corporation †		8,981		535,268
Life Sciences Tools & Services: 0.60%
Mettler-Toledo International Incorporated †		430		147,395
Quintiles Transnational Holdings Incorporated †		8,164		555,070
				702,465
Pharmaceuticals: 2.28%
Allergan plc †		2,116		664,191
Bristol-Myers Squibb Company		11,390		763,244
Perrigo Company plc		4,170		622,956
Zoetis Incorporated		13,821		645,441
				2,695,832
Industrials: 8.08%
Aerospace & Defense: 0.78%
The Boeing Company		6,290		914,881
Air Freight & Logistics: 0.53%
United Parcel Service Incorporated Class B		6,100		628,361
Airlines: 1.71%
Delta Air Lines Incorporated		18,720		869,731
Southwest Airlines Company		24,980		1,146,082
				2,015,813
Industrial Conglomerates: 1.43%
3M Company		3,090		483,832
Carlisle Companies Incorporated		6,300		557,235
Danaher Corporation		6,730		648,705
				1,689,772

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

32 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Professional Services: 0.77%
Verisk Analytics Incorporated †		12,200	$	914,390
Road & Rail: 2.86%
Canadian Pacific Railway Limited		2,420		356,877
CSX Corporation		12,230		347,699
Kansas City Southern		8,710		791,913
Norfolk Southern Corporation		3,060		290,884
Union Pacific Corporation		18,970		1,592,532
				3,379,905
Information Technology: 35.85%
Communications Equipment: 0.72%
Cisco Systems Incorporated		6,280		171,130
Palo Alto Networks Incorporated †		3,652		684,166
				855,296
Internet Software & Services: 10.93%
Akamai Technologies Incorporated †		20,730		1,194,255
Alphabet Incorporated Class A †		5,384		4,107,184
Alphabet Incorporated Class C †		2,984		2,215,918
Facebook Incorporated Class A †		45,530		4,746,047
Tencent Holdings Limited ADR		32,050		637,946
				12,901,350
IT Services: 8.45%
Accenture plc Class A		9,000		964,980
Alliance Data Systems Corporation †		7,200		2,065,320
Cognizant Technology Solutions Corporation Class A †		22,520		1,454,342
MasterCard Incorporated Class A		20,660		2,023,027
Visa Incorporated Class A		43,990		3,475,650
				9,983,319
Semiconductors & Semiconductor Equipment: 3.36%
ARM Holdings plc ADR		15,490		785,343
Avago Technologies Limited		3,622		472,490
Broadcom Corporation Class A		2,870		156,788
Microchip Technology Incorporated «		33,949		1,639,058
Texas Instruments Incorporated		15,730		914,228
				3,967,907
Software: 8.17%
Adobe Systems Incorporated †		18,750		1,714,875
Electronic Arts Incorporated †		9,910		671,799
Fortinet Incorporated †		18,980		683,660
Microsoft Corporation		24,360		1,323,966
NetSuite Incorporated †		3,230		275,842
Red Hat Incorporated †		4,110		334,595
Salesforce.com Incorporated †		23,264		1,853,908

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 33

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Software (continued)
ServiceNow Incorporated †					17,650	$	1,535,727
Splunk Incorporated †					12,240		728,280
Tableau Software Incorporated Class A †					5,460		529,784
							9,652,436
Technology Hardware, Storage & Peripherals: 4.22%
Apple Incorporated					42,107		4,981,258
Materials: 3.08%
Chemicals: 3.08%
Airgas Incorporated					1,330		183,806
Axalta Coating Systems Limited †					19,350		561,537
Ecolab Incorporated					10,490		1,249,988
Praxair Incorporated					7,340		827,952
The Sherwin-Williams Company					2,950		814,407
							3,637,690
Telecommunication Services: 1.22%
Diversified Telecommunication Services: 0.41%
Level 3 Communications Incorporated †					9,660		491,018
Wireless Telecommunication Services: 0.81%
SBA Communications Corporation Class A †					9,063		953,063
Total Common Stocks (Cost $75,203,099)							116,615,718
	Yield
Short-Term Investments: 2.37%
Investment Companies: 2.37%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		1,326,875		1,326,875
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			1,475,666		1,475,666
Total Short-Term Investments (Cost $2,802,541)							2,802,541

Total investments in securities (Cost $78,005,640) *	101.12	%		119,418,259
Other assets and liabilities, net	(1.12	)		(1,320,509	)
Total net assets	100.00	%	$	118,097,750

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $78,348,035 and unrealized gains (losses) consists of:

Gross unrealized gains	$	42,394,703
Gross unrealized losses		(1,324,479	)
Net unrealized gains	$	41,070,224

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

34 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.92%
Consumer Discretionary: 15.12%
Auto Components: 2.05%
Gentherm Incorporated †		116,360	$	5,915,742
Motorcar Parts of America Incorporated †		373,282		14,953,677
				20,869,419
Diversified Consumer Services: 1.43%
2U Incorporated †«		167,160		4,031,899
Grand Canyon Education Incorporated †		264,430		10,476,717
				14,508,616
Hotels, Restaurants & Leisure: 5.28%
Fiesta Restaurant Group Incorporated †		499,465		19,194,440
Jack in the Box Incorporated		130,640		9,685,650
La Quinta Holdings Incorporated †		120,505		1,806,370
Planet Fitness Incorporated Class A †		90,381		1,428,924
The Habit Restaurants Incorporated Class A †«		529,098		12,745,971
Wingstop Incorporated †«		241,070		5,195,059
Zoe’s Kitchen Incorporated †«		107,530		3,658,171
				53,714,585
Leisure Products: 0.77%
MCBC Holdings Incorporated †		258,372		3,707,638
Performance Sports Group Limited †		351,552		4,169,407
				7,877,045
Media: 1.28%
IMAX Corporation †		343,190		13,000,037
Specialty Retail: 3.25%
Boot Barn Holdings Incorporated †«		486,299		5,106,140
Five Below Incorporated †		116,497		3,263,081
Lithia Motors Incorporated Class A		140,780		17,490,507
Sportsman’s Warehouse Incorporated †		626,403		7,172,314
				33,032,042
Textiles, Apparel & Luxury Goods: 1.06%
G-III Apparel Group Limited †		236,420		10,844,585
Energy: 2.43%
Oil, Gas & Consumable Fuels: 2.43%
Matador Resources Company †		255,752		6,572,826
PDC Energy Incorporated †		135,170		7,635,753
RSP Permian Incorporated †		371,028		10,529,775
				24,738,354

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 35

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 6.80%
Capital Markets: 0.76%
Financial Engines Incorporated «		213,360	$	7,687,361
Consumer Finance: 0.31%
PRA Group Incorporated †«		77,280		3,192,437
Diversified Financial Services: 4.29%
MarketAxess Holdings Incorporated		408,501		43,619,737
Thrifts & Mortgage Finance: 1.44%
LendingTree Incorporated †		144,203		14,691,402
Health Care: 30.47%
Biotechnology: 5.02%
Exact Sciences Corporation †«		102,372		930,561
Ligand Pharmaceuticals Incorporated †		128,930		13,805,824
PTC Therapeutics Incorporated †«		213,250		6,406,030
Radius Health Incorporated †		135,135		8,217,559
Repligen Corporation †		320,150		9,101,865
Ultragenyx Pharmaceutical Incorporated †		128,494		12,633,530
				51,095,369
Health Care Equipment & Supplies: 12.49%
Abiomed Incorporated †		65,660		5,355,886
Align Technology Incorporated †		92,740		6,189,468
Cardiovascular Systems Incorporated †«		255,644		4,090,304
Cerus Corporation †«		1,161,428		6,585,297
ConforMIS Incorporated †«		249,804		5,328,319
Cynosure Incorporated Class A †		443,088		18,636,281
DexCom Incorporated †		20,670		1,757,363
Entellus Medical Incorporated †		248,145		4,327,649
Glaukos Corporation †		301,295		7,803,541
Inogen Incorporated †		258,888		9,902,466
Natus Medical Incorporated †		199,750		9,743,805
Nevro Corporation †		206,935		12,494,735
NxStage Medical Incorporated †		790,180		15,416,412
The Spectranetics Corporation †		1,079,919		14,935,280
Zeltiq Aesthetics Incorporated †		150,200		4,563,076
				127,129,882
Health Care Providers & Services: 10.12%
AAC Holdings Incorporated †«		138,491		3,398,569
Acadia Healthcare Company Incorporated †		517,400		35,705,774
Adeptus Health Incorporated Class A †«		80,365		4,829,131
Diplomat Pharmacy Incorporated †«		339,176		11,915,253
ExamWorks Group Incorporated †		581,658		15,367,404
HealthEquity Incorporated †		608,962		20,095,746
Team Health Holdings Incorporated †		69,110		3,810,725
Teladoc Incorporated †«		371,579		7,896,054
				103,018,656

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

36 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Life Sciences Tools & Services: 2.23%
ICON plc ADR †		138,610	$	10,302,881
INC Research Holdings Incorporated Class A †		261,113		12,350,645
				22,653,526
Pharmaceuticals: 0.61%
Intersect ENT Incorporated †		316,450		6,237,230
Industrials: 6.67%
Building Products: 1.16%
Apogee Enterprises Incorporated		233,910		11,746,960
Commercial Services & Supplies: 0.58%
Multi-Color Corporation		95,040		5,940,950
Machinery: 0.96%
John Bean Technologies Corporation		66,500		3,251,850
Milacron Holdings Corporation †		443,028		6,521,372
				9,773,222
Professional Services: 3.97%
CEB Incorporated		37,556		2,901,952
On Assignment Incorporated †		426,773		19,921,764
Wageworks Incorporated †		412,800		17,560,512
				40,384,228
Information Technology: 37.43%
Communications Equipment: 1.08%
Infinera Corporation †		489,093		11,014,374
Internet Software & Services: 11.95%
Demandware Incorporated †«		386,350		19,761,803
Envestnet Incorporated †		717,182		23,286,900
HomeAway Incorporated †		387,825		13,713,492
Hortonworks Incorporated †«		153,897		2,614,710
LogMeIn Incorporated †		76,600		5,470,772
Q2 Holdings Incorporated †		683,763		18,789,807
SPS Commerce Incorporated †		439,982		32,699,462
Xactly Corporation †		539,347		5,274,814
				121,611,760
IT Services: 2.11%
InterXion Holding NV †		600,320		18,441,830
MAXIMUS Incorporated		52,370		2,971,998
				21,413,828
Semiconductors & Semiconductor Equipment: 1.67%
Cavium Incorporated †		134,580		9,031,664
Monolithic Power Systems Incorporated		116,760		7,978,211
				17,009,875

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 37

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
Software: 20.62%
Callidus Software Incorporated †					885,592	$	18,376,034
CyberArk Software Limited †«					274,570		11,886,135
Fleetmatics Group plc †					246,730		14,729,781
Guidewire Software Incorporated †					167,951		9,964,533
HubSpot Incorporated †					297,876		16,147,858
Paycom Software Incorporated †					259,110		11,297,196
Paylocity Holding Corporation †					217,203		9,543,900
Proofpoint Incorporated †					549,870		40,310,970
Qlik Technologies Incorporated †					434,250		13,813,493
Qualys Incorporated †					210,080		8,079,677
Rapid7 Incorporated †«					211,879		3,629,487
Ringcentral Incorporated Class A †					715,810		16,399,207
Synchronoss Technologies Incorporated †					446,651		17,584,650
Tyler Technologies Incorporated †					49,735		8,874,713
Ultimate Software Group Incorporated †					46,540		9,191,650
							209,829,284
Total Common Stocks (Cost $760,204,702)							1,006,634,764
	Yield
Short-Term Investments: 10.75%
Investment Companies: 10.75%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		97,288,111		97,288,111
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			12,067,245		12,067,245
Total Short-Term Investments (Cost $109,355,356)							109,355,356

Total investments in securities (Cost $869,560,058) *	109.67	%		1,115,990,120
Other assets and liabilities, net	(9.67	)		(98,394,055	)
Total net assets	100.00	%	$	1,017,596,065

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $871,132,855 and unrealized gains (losses) consists of:

Gross unrealized gains	$	285,010,123
Gross unrealized losses		(40,152,858	)
Net unrealized gains	$	244,857,265

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

38 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

The Summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category.

Security name	Shares		Value		Percent of net assets
Common Stocks: 97.62%
Consumer Discretionary: 12.77%
Auto Components: 0.39%
Other securities			$	9,998,825		0.39	%
Automobiles: 0.62%
Other securities				15,835,624		0.62
Distributors: 0.07%
Other securities				1,853,112		0.07
Diversified Consumer Services: 0.05%
Other securities				1,166,779		0.05
Hotels, Restaurants & Leisure: 1.78%
McDonald’s Corporation		127,027		14,501,402		0.57
Starbucks Corporation		200,181		12,289,112		0.48
Other securities				18,267,723		0.73
				45,058,237		1.78
Household Durables: 0.43%
Other securities				10,889,139		0.43
Internet & Catalog Retail: 2.09%
Amazon.com Incorporated †		51,728		34,388,774		1.36
Other securities				18,541,467		0.73
				52,930,241		2.09
Leisure Products: 0.09%
Other securities				2,243,547		0.09
Media: 3.14%
Comcast Corporation Class A		285,232		17,359,220		0.69
The Walt Disney Company		209,438		23,764,930		0.94
Other securities				38,367,610		1.51
				79,491,760		3.14
Multiline Retail: 0.60%
Other securities				15,106,401		0.60
Specialty Retail: 2.59%
The Home Depot Incorporated		173,193		23,187,079		0.92
Other securities				42,391,885		1.67
				65,578,964		2.59

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 39

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Textiles, Apparel & Luxury Goods: 0.92%
Nike Incorporated Class B		91,431	$	12,094,493		0.48	%
Other securities				11,269,188		0.44
				23,363,681		0.92
Consumer Staples: 9.34%
Beverages: 2.21%
PepsiCo Incorporated		198,130		19,844,701		0.78
The Coca-Cola Company		528,036		22,504,894		0.89
Other securities				13,594,355		0.54
				55,943,950		2.21
Food & Staples Retailing: 2.19%
CVS Health Corporation		150,316		14,143,232		0.56
Wal-Mart Stores Incorporated		212,842		12,523,623		0.49
Other securities				28,723,311		1.14
				55,390,166		2.19
Food Products: 1.60%
Other securities				40,537,489		1.60
Household Products: 1.71%
The Procter & Gamble Company		365,857		27,380,738		1.08
Other securities				15,984,687		0.63
				43,365,425		1.71
Personal Products: 0.10%
Other securities				2,562,548		0.10
Tobacco: 1.53%
Altria Group Incorporated		264,449		15,232,262		0.60
Philip Morris International		208,946		18,259,791		0.72
Other securities				5,170,519		0.21
				38,662,572		1.53
Energy: 6.89%
Energy Equipment & Services: 1.10%
Schlumberger Limited		170,677		13,167,731		0.52
Other securities				14,772,195		0.58
				27,939,926		1.10
Oil, Gas & Consumable Fuels: 5.79%
Chevron Corporation		253,799		23,176,925		0.92
Exxon Mobil Corporation		562,354		45,921,828		1.81
Other securities				77,414,331		3.06
				146,513,084		5.79

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

40 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Financials: 16.19%
Banks: 5.93%
Bank of America Corporation		1,411,945	$	24,610,201		0.97	%
Citigroup Incorporated		405,953		21,957,998		0.87
JPMorgan Chase & Company		498,777		33,258,450		1.31
Wells Fargo & Company (l)		630,049		34,715,700		1.37
Other securities				35,655,337		1.41
				150,197,686		5.93
Capital Markets: 2.15%
Other securities				54,470,876		2.15
Consumer Finance: 0.85%
Other securities				21,480,159		0.85
Diversified Financial Services: 1.97%
Berkshire Hathaway Incorporated Class B †		252,675		33,881,191		1.34
Other securities				16,028,966		0.63
				49,910,157		1.97
Insurance: 2.71%
American International Group Incorporated		174,513		11,095,537		0.44
Other securities				57,427,615		2.27
				68,523,152		2.71
Real Estate Management & Development: 0.06%
Other securities				1,464,927		0.06
REITs: 2.52%
Other securities				63,944,092		2.52
Health Care: 14.26%
Biotechnology: 3.50%
AbbVie Incorporated		223,255		12,982,278		0.51
Amgen Incorporated		102,269		16,475,536		0.65
Celgene Corporation †		106,624		11,669,997		0.46
Gilead Sciences Incorporated		197,943		20,974,040		0.83
Other securities				26,525,613		1.05
				88,627,464		3.50
Health Care Equipment & Supplies: 2.04%
Medtronic plc		190,739		14,370,276		0.57
Other securities				37,264,008		1.47
				51,634,284		2.04
Health Care Providers & Services: 2.53%
UnitedHealth Group Incorporated		128,612		14,495,859		0.57
Other securities				49,608,634		1.96
				64,104,493		2.53

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 41

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Health Care Technology: 0.10%
Other securities			$	2,468,751		0.10	%
Life Sciences Tools & Services: 0.60%
Other securities				15,183,455		0.60
Pharmaceuticals: 5.49%
Allergan plc †		53,092		16,665,048		0.66
Bristol-Myers Squibb Company		224,904		15,070,817		0.59
Johnson & Johnson		373,483		37,811,419		1.49
Merck & Company Incorporated		379,894		20,138,181		0.79
Pfizer Incorporated		831,821		27,258,774		1.08
Other securities				22,291,726		0.88
				139,235,965		5.49
Industrials: 9.88%
Aerospace & Defense: 2.63%
The Boeing Company		86,148		12,530,227		0.49
Other securities				54,223,344		2.14
				66,753,571		2.63
Air Freight & Logistics: 0.70%
Other securities				17,848,289		0.70
Airlines: 0.61%
Other securities				15,411,554		0.61
Building Products: 0.09%
Other securities				2,256,080		0.09
Commercial Services & Supplies: 0.41%
Other securities				10,369,398		0.41
Construction & Engineering: 0.09%
Other securities				2,171,415		0.09
Electrical Equipment: 0.47%
Other securities				11,868,205		0.47
Industrial Conglomerates: 2.43%
3M Company		84,262		13,193,744		0.52
General Electric Company		1,271,254		38,061,345		1.50
Other securities				10,357,588		0.41
				61,612,677		2.43
Machinery: 1.20%
Other securities				30,337,488		1.20
Professional Services: 0.28%
Other securities				7,108,301		0.28

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

42 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Road & Rail: 0.80%
Other securities			$	20,258,328		0.80	%
Trading Companies & Distributors: 0.17%
Other securities				4,241,892		0.17
Information Technology: 20.43%
Communications Equipment: 1.36%
Cisco Systems Incorporated		685,959		18,692,383		0.74
Other securities				15,710,720		0.62
				34,403,103		1.36
Electronic Equipment, Instruments & Components: 0.38%
Other securities				9,611,514		0.38
Internet Software & Services: 4.03%
Alphabet Incorporated Class A †		39,098		29,825,909		1.18
Alphabet Incorporated Class C †		39,893		29,624,542		1.17
Facebook Incorporated Class A †		304,782		31,770,476		1.25
Other securities				11,014,824		0.43
				102,235,751		4.03
IT Services: 3.60%
International Business Machines Corporation		121,545		16,945,804		0.67
MasterCard Incorporated Class A		134,605		13,180,522		0.52
Visa Incorporated Class A		263,193		20,794,879		0.82
Other securities				40,272,752		1.59
				91,193,957		3.60
Semiconductors & Semiconductor Equipment: 2.48%
Intel Corporation		641,196		22,294,385		0.88
Other securities				40,527,079		1.60
				62,821,464		2.48
Software: 4.20%
Microsoft Corporation		1,078,727		58,628,812		2.32
Oracle Corporation		438,621		17,093,060		0.67
Other securities				30,567,637		1.21
				106,289,509		4.20
Technology Hardware, Storage & Peripherals: 4.38%
Apple Incorporated		769,154		90,990,918		3.59
Other securities				19,935,289		0.79
				110,926,207		4.38
Materials: 2.79%
Chemicals: 2.11%
Other securities				53,509,505		2.11

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 43

INDEX PORTFOLIO

Security name						Shares		Value		Percent of net assets
Construction Materials: 0.13%
Other securities								$	3,266,685		0.13	%
Containers & Packaging: 0.22%
Other securities									5,572,841		0.22
Metals & Mining: 0.24%
Other securities									6,008,282		0.24
Paper & Forest Products: 0.09%
Other securities									2,356,828		0.09
Telecommunication Services: 2.28%
Diversified Telecommunication Services: 2.28%
AT&T Incorporated							829,616		27,933,171		1.10
Verizon Communications Incorporated							548,360		24,922,962		0.99
Other securities									4,807,075		0.19
									57,663,208		2.28
Utilities: 2.79%
Electric Utilities: 1.60%
Other securities									40,570,108		1.60
Gas Utilities: 0.04%
Other securities									1,013,446		0.04
Independent Power & Renewable Electricity Producers: 0.06%
Other securities									1,471,258		0.06
Multi-Utilities: 1.09%
Other securities									27,722,609		1.09
Total Common Stocks (Cost $1,203,617,883)									2,472,550,404		97.62
	Yield
Short-Term Investments: 1.79%
Investment Companies: 1.72%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%				13,080,495		13,080,495		0.52
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					30,518,256		30,518,256		1.20
									43,598,751		1.72
				Maturity date		Principal
U.S. Treasury Securities: 0.07%
Treasury Bill (z)#		0.05			4-7-2016	$	1,007,000		1,006,239		0.04
Treasury Bill (z)#		0.10			4-21-2016		255,000		254,796		0.01
Treasury Bill (z)#		0.16			2-25-2016		76,000		75,968		0.00
Treasury Bill (z)#		0.28			5-5-2016		360,000		359,507		0.02
									1,696,510		0.07

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

44 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

	Value		Percent of net assets
Total Short-Term Investments (Cost $45,295,990)	$	45,295,261		1.79	%
Total investments in securities (Cost $1,248,913,873) *		2,517,845,665		99.41
Other assets and liabilities, net		14,857,797		0.59
Total net assets	$	2,532,703,462		100.00	%

† 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 vehicle 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.

* Cost for federal income tax purposes is $1,317,979,628 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,301,718,519
Gross unrealized losses		(101,852,482	)
Net unrealized gains	$	1,199,866,037

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 45

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.66%
Belgium: 3.51%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		22,037	$	2,839,385
Telenet Group Holding NV (Consumer Discretionary, Media) †		22,809		1,245,669
UCB SA (Health Care, Pharmaceuticals)		15,768		1,408,076
				5,493,130
China: 8.44%
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		39,497		8,609,161
Tencent Holdings Limited (Information Technology, Internet Software & Services)		230,500		4,587,139
				13,196,300
France: 5.54%
L’Oreal SA (Consumer Staples, Personal Products)		6,888		1,219,711
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		7,971		1,336,954
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		77,130		1,333,204
Pernod-Ricard SA (Consumer Staples, Beverages)		12,640		1,438,311
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		123,250		3,337,532
				8,665,712
Germany: 11.29%
Allianz AG (Financials, Insurance)		8,871		1,571,325
Bayer AG (Health Care, Pharmaceuticals)		53,082		7,083,380
Beiersdorf AG (Consumer Staples, Personal Products)		24,795		2,309,017
Linde AG (Materials, Chemicals)		25,604		4,470,326
Vonovia SE (Financials, Real Estate Management & Development)		36,076		1,118,135
Wirecard AG (Information Technology, IT Services)		22,432		1,098,875
				17,651,058
Hong Kong: 3.74%
AIA Group Limited (Financials, Insurance)		932,400		5,567,859
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		362,000		282,935
				5,850,794
India: 2.07%
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		110,747		2,012,404
Infosys Limited ADR (Information Technology, IT Services)		73,799		1,230,967
				3,243,371
Ireland: 6.04%
Allegion plc (Industrials, Building Products)		4,928		331,211
Allergan plc (Health Care, Pharmaceuticals) †		5,099		1,600,525
Medtronic plc (Health Care, Health Care Equipment & Supplies)		99,664		7,508,686
				9,440,422
Italy: 0.64%
Mediaset SpA (Consumer Discretionary, Media)		228,906		1,006,582

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

46 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Japan: 9.29%
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		247,000	$	646,093
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		67,654		2,423,673
NGK Insulators Limited (Industrials, Machinery)		122,000		2,829,488
Olympus Corporation (Health Care, Health Care Equipment & Supplies)		75,400		3,007,425
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		8,100		1,296,921
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		69,400		4,316,781
				14,520,381
Mexico: 1.94%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		107,696		3,037,027
Netherlands: 2.28%
ASML Holdings NV (Information Technology, Semiconductors & Semiconductor Equipment)		38,503		3,558,309
South Korea: 0.01%
Orion Corporation (Consumer Staples, Food Products)		18		17,735
Spain: 1.48%
Grifols SA (Health Care, Biotechnology)		21,620		1,026,090
Grifols SA ADR (Health Care, Biotechnology)		37,018		1,286,376
				2,312,466
Sweden: 2.15%
Autoliv Incorporated SDR (Consumer Discretionary, Auto Components)		15,312		1,927,650
Swedbank AB Class A (Financials, Banks)		65,125		1,442,609
				3,370,259
Switzerland: 12.33%
Actelion Limited (Health Care, Biotechnology)		17,043		2,393,657
Adecco SA (Industrials, Professional Services)		22,326		1,527,677
Nestle SA (Consumer Staples, Food Products)		59,015		4,379,448
Novartis AG (Health Care, Pharmaceuticals)		22,069		1,886,542
Roche Holding AG (Health Care, Pharmaceuticals)		16,045		4,296,445
Syngenta AG (Materials, Chemicals)		10,271		3,786,548
TE Connectivity Limited (Information Technology, Electronic Equipment, Instruments & Components)		15,005		1,006,685
				19,277,002
United Kingdom: 20.47%
Aon plc (Financials, Insurance)		8,124		769,668
Babcock International Group plc (Industrials, Commercial Services & Supplies)		53,879		869,086
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		201,076		1,503,451
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		40,059		2,090,532
Croda International plc (Materials, Chemicals)		35,756		1,544,477
Delphi Automotive plc (Consumer Discretionary, Auto Components)		41,127		3,614,241
Diageo plc (Consumer Staples, Beverages)		1,639		47,148
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		32,109		1,735,133
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		37,990		1,462,459
International Consolidated Airlines Group SA (Industrials, Airlines) †		299,860		2,560,679
Johnson Matthey plc (Materials, Chemicals)		83,824		3,572,797

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 47

INTERNATIONAL GROWTH PORTFOLIO

Security name						Shares		Value
United Kingdom (continued)
Liberty Global plc Class A (Consumer Discretionary, Media)							56,548	$	2,398,201
Liberty Global plc Class C (Consumer Discretionary, Media)							94,351		3,868,391
Lloyds Banking Group plc (Financials, Banks)							1,834,497		2,015,835
Worldpay Group plc (Information Technology, IT Services) 144A†							244,315		1,100,208
WPP plc (Consumer Discretionary, Media)							123,555		2,856,421
									32,008,727
United States: 3.44%
Cognizant Technology Solutions Corporation Class A (Information Technology, IT Services) †							43,538		2,811,684
Royal Caribbean Cruises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)							16,934		1,568,258
WABCO Holdings Incorporated (Industrials, Machinery) †							9,256		994,835
									5,374,777
Total Common Stocks (Cost $124,324,775)									148,024,052
				Expiration date
Participation Notes: 1.19%
Ireland: 1.19%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)					10-29-2018		124,515		1,864,418
Total Participation Notes (Cost $1,147,504)									1,864,418
	Dividend yield
Preferred Stocks: 0.89%
Germany: 0.89%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.23	%				12,217		1,387,596
Total Preferred Stocks (Cost $874,798)									1,387,596
	Yield
Short-Term Investments: 3.60%
Investment Companies: 3.60%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					1,302,812		1,302,812
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					4,324,287		4,324,287
Total Short-Term Investments (Cost $5,627,099)									5,627,099

Total investments in securities (Cost $131,974,176) *	100.34	%		156,903,165
Other assets and liabilities, net	(0.34	)		(532,486	)
Total net assets	100.00	%	$	156,370,679

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

48 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

† Non-income-earning security

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

± 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.

(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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $132,399,036 and unrealized gains (losses) consists of:

Gross unrealized gains	$	27,616,019
Gross unrealized losses		(3,111,890	)
Net unrealized gains	$	24,504,129

The following table shows the percent of total long-term investments by sector as of November 30, 2015:

Health Care	21.67	%
Consumer Discretionary	20.31
Information Technology	15.87
Consumer Staples	11.76
Financials	10.82
Materials	8.84
Industrials	8.66
Telecommunication Services	1.88
Utilities	0.19
	100.00	%

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 49

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.94%
Australia: 5.05%
AGL Energy Limited (Utilities, Multi-Utilities)		131,500	$	1,573,919
Arrium Limited (Materials, Metals & Mining)		3,063,400		175,021
Automotive Holdings Group (Consumer Discretionary)		410,016		1,254,295
Bendigo Bank Limited (Financials, Banks)		272,500		2,199,324
Boart Longyear Group Limited (Industrials, Construction & Engineering) †		199,991		10,703
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies) «		207,386		410,950
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,901,751
CSR Limited (Materials, Construction Materials)		754,900		1,665,129
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		1,354,720
Fortescue Metals Group Limited (Materials, Metals & Mining) «		394,700		559,476
Independence Group NL (Materials, Metals & Mining)		404,400		707,758
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		3,231,891
McMillan Shakespeare Limited (Industrials, Professional Services)		158,800		1,535,467
Metcash Limited (Consumer Staples, Food & Staples Retailing) «		785,500		840,749
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		101,171
Mineral Resources Limited (Materials, Metals & Mining) «		144,300		509,266
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,059,500		850,516
Panoramic Resources Limited (Materials, Metals & Mining)		368,800		58,678
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		786,979
Qantas Airways Limited (Industrials, Airlines)		580,020		1,526,873
Rio Tinto Limited (Materials, Metals & Mining)		58,300		1,935,684
Seven Group Holdings Limited (Industrials, Trading Companies & Distributors) «		165,800		621,116
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		269,632
				25,081,068
Austria: 1.07%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		1,173,105
Raiffeisen Bank International AG (Financials, Banks) †«		81,200		1,270,577
RHI AG (Materials, Construction Materials) «		64,721		1,298,896
Voestalpine AG (Materials, Metals & Mining)		47,700		1,552,241
				5,294,819
Belgium: 0.80%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		3,947,589
Brazil: 1.10%
Banco do Brasil SA (Financials, Banks)		309,500		1,303,116
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		253,200		1,238,187
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		305,955
JBS SA (Consumer Staples, Food Products)		805,600		2,586,082
				5,433,340
Canada: 2.11%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		131,600		5,985,536
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		90,100		2,594,815
WestJet Airlines Limited (Industrials, Airlines)		120,000		1,908,570
				10,488,921

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

50 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Cayman Islands: 0.63%
China Resources Cement Holdings Limited (Materials, Construction Materials)		3,186,000	$	1,039,612
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,204,000		932,375
TCL Communication Technology Holdings Limited (Information Technology, Technology Hardware, Storage & Peripherals) «		1,586,000		1,174,141
				3,146,128
China: 2.68%
China BlueChemical Limited H Shares (Materials, Chemicals)		1,984,000		539,920
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,093,660
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		4,152,000		2,543,642
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		1,747,500		2,321,450
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		1,730,000		2,351,753
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		1,225,000		2,657,462
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Pharmaceuticals)		823,400		1,807,488
				13,315,375
Czech Republic: 0.21%
CEZ AS (Utilities, Electric Utilities)		57,500		1,044,660
Denmark: 0.28%
Sydbank AG (Financials, Banks)		43,000		1,410,994
Finland: 0.43%
TietoEnator Oyj (Information Technology, IT Services)		82,700		2,109,273
France: 9.01%
Alstom SA (Industrials, Machinery) †«		83,800		2,604,371
AXA SA (Financials, Insurance)		132,200		3,577,099
BNP Paribas SA (Financials, Banks)		49,100		2,910,796
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,406,398
Credit Agricole SA (Financials, Banks)		219,328		2,646,367
Electricite de France SA (Utilities, Electric Utilities) «		148,600		2,214,531
Engie SA (Utilities, Multi-Utilities)		171,900		2,994,929
Renault SA (Consumer Discretionary, Automobiles)		40,500		4,086,898
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		82,900		7,390,673
SCOR SE (Financials, Insurance)		109,700		4,302,338
Societe Generale SA (Financials, Banks)		39,000		1,861,662
Thales SA (Industrials, Aerospace & Defense)		41,400		3,082,439
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		4,652,939
				44,731,440
Germany: 8.61%
Allianz AG (Financials, Insurance)		35,700		6,323,561
BASF SE (Materials, Chemicals)		46,500		3,848,810
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		31,200		3,405,217
Daimler AG (Consumer Discretionary, Automobiles)		75,700		6,776,774
Deutsche Bank AG (Financials, Capital Markets)		130,100		3,340,895
E.ON SE (Utilities, Multi-Utilities)		87,200		828,812
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		3,627,399

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 51

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Germany (continued)
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		19,700	$	3,970,276
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,613,693
Rhoen Klinikum AG (Health Care, Health Care Providers & Services) †		18,500		235
Rhoen Klinikum AG (Health Care, Health Care Providers & Services) «		73,100		2,113,116
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		56,900		2,172,653
Volkswagen AG (Consumer Discretionary, Automobiles) «		22,600		3,373,965
Wincor Nixdorf AG (Information Technology, Technology Hardware, Storage & Peripherals)		26,600		1,346,333
				42,741,739
Hong Kong: 1.60%
Shenzhen International Holdings Limited (Industrials, Transportation Infrastructure)		1,012,500		1,666,290
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		2,425,346
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,637,529
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,220,137
				7,949,302
Hungary: 0.23%
Richter Gedeon (Health Care, Pharmaceuticals)		59,700		1,134,183
India: 0.89%
Gail Limited (Utilities, Gas Utilities)		28,100		923,085
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		83,800		2,645,566
Tata Steel Limited GDR (Industrials, Machinery) (i)		245,900		850,814
				4,419,465
Ireland: 0.90%
C&C Group plc (Consumer Staples, Beverages)		240,000		930,609
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,557,373
				4,487,982
Israel: 1.20%
Bank Hapoalim Limited (Financials, Banks)		542,900		2,807,366
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		3,148,064
				5,955,430
Italy: 1.24%
Enel SpA (Utilities, Electric Utilities)		688,400		3,035,871
Mediobanca SpA (Financials, Capital Markets)		324,800		3,112,528
				6,148,399
Japan: 22.12%
Adeka Corporation (Materials, Chemicals)		155,300		2,296,068
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,858,262
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		206,300		1,382,595
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		2,713,786
Aozora Bank Limited (Financials, Banks)		588,000		2,073,046
Calsonic Kansei Corporation (Consumer Discretionary, Auto Components)		326,000		2,836,279
Central Glass Company Limited (Industrials, Building Products)		444,000		2,099,171

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

52 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
CKD Corporation (Industrials, Machinery)		171,200	$	1,839,948
Dainippon Ink & Chemicals Incorporated (Materials, Chemicals)		808,700		2,332,157
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		981,124
Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals)		682,000		3,013,875
Eizo Nanao Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		1,486,084
Fujikura Limited (Industrials, Electrical Equipment)		348,000		1,970,398
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		110,300		1,240,987
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,448,833
Japan Airlines Company Limited (Industrials, Airlines)		80,700		2,759,927
JFE Holdings Incorporated (Materials, Metals & Mining)		70,000		1,104,305
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		1,654,869
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		102,800		2,553,716
Kureha Corporation (Materials, Chemicals)		271,000		1,065,508
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		1,869,017
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,459,854
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		2,858,749
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		1,115,329
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		597,530
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		556,400		3,014,775
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		657,100		4,216,970
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,192,957
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		4,530,734
Namura Shipbuilding Company Limited (Industrials, Machinery)		108,800		1,001,384
Nichirei Corporation (Consumer Staples, Food Products)		252,000		1,649,976
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		234,000		8,677,579
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		419,800		4,482,755
Nisshinbo Industries Incorporated (Industrials, Industrial Conglomerates)		117,000		1,383,851
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000		3,404,062
Resona Holdings Incorporated (Financials, Banks)		1,013,300		4,945,497
Ricoh Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		166,000		1,701,803
Sankyu Incorporated (Industrials, Road & Rail)		370,000		1,845,491
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		1,487,084
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,027,112
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		149,000		1,680,032
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		3,830,859
The Keiyo Bank Limited (Financials, Banks)		62,000		296,653
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		95,400		2,062,996
Tsumura & Company (Health Care, Pharmaceuticals)		79,300		2,180,589
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		148,500		2,553,814
				109,778,390
Liechtenstein: 0.11%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		6,558		522,358
Netherlands: 2.22%
Aegon NV (Financials, Insurance)		334,000		2,045,337
ING Groep NV (Financials, Banks)		237,100		3,255,351
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		263,630		5,735,102
				11,035,790

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 53

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Norway: 1.31%
Atea ASA (Information Technology, IT Services)		84,900	$	762,000
DnB Nor ASA (Financials, Banks)		148,800		1,958,762
Marine Harvest ASA (Consumer Staples, Food Products)		97,500		1,318,242
Yara International ASA (Materials, Chemicals)		53,600		2,481,233
				6,520,237
Poland: 0.42%
Asseco Poland SA (Information Technology, Software)		101,800		1,444,731
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		653,036
				2,097,767
Russia: 0.81%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,014		1,680,157
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		9,968
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		2,312,112
				4,002,237
Singapore: 0.85%
DBS Group Holdings Limited (Financials, Banks)		227,000		2,655,347
United Overseas Bank Limited (Financials, Banks)		113,000		1,553,344
				4,208,691
South Africa: 0.44%
Barclays Africa Group Limited (Financials, Banks)		200,300		2,201,554
South Korea: 2.81%
BS Financial Group Incorporated (Financials, Banks)		13,188		110,806
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		1,570,744
Industrial Bank of Korea (Financials, Banks)		192,500		2,210,829
KT&G Corporation (Consumer Staples, Tobacco)		43,000		3,973,058
Kwangju Bank (Financials, Banks) †		13,510		94,379
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		4,506,023
Woori Bank (Financials, Banks)		178,044		1,459,037
				13,924,876
Spain: 1.03%
Banco Santander Central Hispano SA (Financials, Banks)		429,681		2,346,165
Gas Natural SDG SA (Utilities, Gas Utilities)		128,100		2,771,169
				5,117,334
Sweden: 2.34%
Boliden AB (Materials, Metals & Mining)		169,300		3,111,604
Nordea Bank AB (Financials, Banks)		177,300		1,964,737
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,540,906
Telefonaktiebolaget LM Ericsson Class B (Information Technology, Communications Equipment)		304,500		2,965,818
TeliaSonera AB (Telecommunication Services, Diversified Telecommunication Services)		417,000		2,046,799
				11,629,864

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

54 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Switzerland: 5.30%
Baloise Holding AG (Financials, Insurance)		28,800	$	3,499,052
Credit Suisse Group AG (Financials, Capital Markets)		273,395		5,877,919
Georg Fischer AG (Industrials, Machinery)		3,000		1,955,095
Swiss Life Holding AG (Financials, Insurance)		12,600		3,178,014
Swiss Reinsurance AG (Financials, Insurance)		75,700		7,214,254
UBS Group AG (Financials, Capital Markets)		5,400		103,659
Zurich Insurance Group AG (Financials, Insurance)		17,100		4,502,493
				26,330,486
Taiwan: 0.77%
Innolux Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		3,549,000		1,086,162
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,730,026
				3,816,188
Thailand: 0.72%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,122,329
Thanachart Capital PCL (Financials, Banks)		1,481,500		1,457,111
				3,579,440
United Kingdom: 17.65%
3i Group plc (Financials, Capital Markets)		409,100		3,096,129
Alent plc (Materials, Chemicals) (a)		50,200		379,921
AMEC plc (Energy, Energy Equipment & Services)		83,300		546,244
Amlin plc (Financials, Insurance)		93,700		930,696
Anglo American plc (Materials, Metals & Mining)		107,000		658,550
AstraZeneca plc (Health Care, Pharmaceuticals)		38,500		2,610,766
Aviva plc (Financials, Insurance)		314,900		2,425,894
BAE Systems plc (Industrials, Aerospace & Defense)		939,800		7,310,705
Barclays plc (Financials, Banks)		715,000		2,403,553
Barratt Developments plc (Consumer Discretionary, Household Durables)		318,600		2,883,857
Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)		58,800		2,843,617
BP plc (Energy, Oil, Gas & Consumable Fuels)		844,300		4,898,836
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		509,700		3,811,041
Carillion plc (Industrials, Construction & Engineering) «		261,500		1,241,399
Centrica plc (Utilities, Multi-Utilities)		898,500		2,951,394
Chemring Group plc (Industrials, Aerospace & Defense)		247,200		742,754
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		264,876		2,140,257
Debenhams plc (Consumer Discretionary, Multiline Retail)		1,238,200		1,559,016
easyJet plc (Industrials, Airlines)		75,100		1,869,676
Firstgroup plc (Industrials, Road & Rail) †		952,400		1,510,432
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		110,500		2,255,876
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)		290,000		449,435
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,211,800		4,632,080
Kesa Electricals plc (Consumer Discretionary, Specialty Retail)		547,900		821,066
Lloyds Banking Group plc (Financials, Banks)		1,749,400		1,922,328
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		379,900		2,875,139
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		558,800		1,447,566
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		236,800		1,179,422

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 55

INTERNATIONAL VALUE PORTFOLIO

Security name						Shares		Value
United Kingdom (continued)
Mitie Group plc (Industrials, Commercial Services & Supplies)							283,197	$	1,361,034
Mondi plc (Materials, Paper & Forest Products)							67,600		1,571,982
Old Mutual plc (Financials, Insurance)							982,800		3,093,606
Pace plc (Consumer Discretionary, Household Durables)							308,800		1,853,822
Petrofac Limited (Energy, Energy Equipment & Services)							149,300		1,855,100
Premier Foods plc (Consumer Staples, Food Products) †							73,926		43,750
Redrow plc (Consumer Discretionary, Household Durables)							141,600		968,643
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							287,900		7,163,169
Standard Chartered plc (Financials, Banks)							253,000		2,123,172
Tate & Lyle plc (Consumer Staples, Food Products)							158,800		1,411,094
Tullett Prebon plc (Financials, Capital Markets)							279,500		1,472,920
Vesuvius plc (Industrials, Machinery)							145,400		745,869
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)							679,700		1,561,136
									87,622,946
Total Common Stocks (Cost $515,773,545)									481,228,265
	Dividend yield
Preferred Stocks: 0.14%
Brazil: 0.14%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		12.05	%				349,800		492,740
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		11.96					109,056		186,035
Total Preferred Stocks (Cost $3,545,600)									678,775
				Expiration date
Rights: 0.02%
United Kingdom: 0.02%
Standard Chartered plc (Financials, Banks) †					2-23-2016		72,286		99,071
Total Rights (Cost $0)									99,071
	Yield
Short-Term Investments: 3.93%
Investment Companies: 3.93%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					15,597,666		15,597,666
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					3,910,661		3,910,661
Total Short-Term Investments (Cost $19,508,327)									19,508,327

Total investments in securities (Cost $538,827,472) *	101.03	%		501,514,438
Other assets and liabilities, net	(1.03	)		(5,103,501	)
Total net assets	100.00	%	$	496,410,937

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

56 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

† Non-income-earning security

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

(i) Illiquid 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 vehicle purchased with cash collateral received from securities on loan.

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

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

* Cost for federal income tax purposes is $539,229,701 and unrealized gains (losses) consists of:

Gross unrealized gains	$	66,608,097
Gross unrealized losses		(104,323,360
Net unrealized losses	$	(37,715,263	)

The following table shows the percent of total long-term investments by sector as of November 30, 2015:

Financials	29.64	%
Consumer Discretionary	15.67
Industrials	13.25
Materials	8.82
Consumer Staples	6.80
Energy	6.35
Health Care	5.93
Telecommunication Services	5.41
Utilities Services	4.16
Information Technology	3.97
	100.00	%

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 57

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.13%
Consumer Discretionary: 7.36%
Hotels, Restaurants & Leisure: 1.52%
Norwegian Cruise Line Holdings Limited †		20,897	$	1,200,324
Household Durables: 1.50%
Harman International Industries Incorporated		11,488		1,185,102
Leisure Products: 0.98%
Mattel Incorporated		31,070		772,400
Media: 1.22%
Omnicom Group Incorporated		13,026		962,882
Multiline Retail: 0.64%
JCPenny Company Incorporated Ǡ		63,783		508,351
Textiles, Apparel & Luxury Goods: 1.50%
PVH Corporation		6,432		587,177
Skechers U.S.A. Incorporated Class A †		19,787		597,567
				1,184,744
Consumer Staples: 6.11%
Food & Staples Retailing: 2.60%
CVS Health Corporation		21,792		2,050,409
Food Products: 1.03%
TreeHouse Foods Incorporated †		9,442		816,355
Household Products: 1.15%
The Procter & Gamble Company		12,169		910,728
Personal Products: 1.33%
Herbalife Limited Ǡ		18,156		1,048,146
Energy: 11.56%
Energy Equipment & Services: 2.00%
Baker Hughes Incorporated		21,820		1,179,807
Noble Corporation plc «		30,051		398,777
				1,578,584
Oil, Gas & Consumable Fuels: 9.56%
Chevron Corporation		8,779		801,698
ConocoPhillips		18,980		1,025,869
Exxon Mobil Corporation		23,864		1,948,734
Marathon Oil Corporation		56,883		996,021
Noble Energy Incorporated		29,050		1,065,264
Valero Energy Corporation		18,325		1,316,835
Whiting Petroleum Corporation †		24,159		398,865
				7,553,286

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

58 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Financials: 28.69%
Banks: 11.98%
Bank of America Corporation		63,481	$	1,106,474
BOK Financial Corporation «		29,357		2,021,228
Citigroup Incorporated		20,562		1,112,199
First Republic Bank		26,169		1,801,997
JPMorgan Chase & Company		31,756		2,117,490
KeyCorp		31,511		413,109
SunTrust Banks Incorporated		20,443		887,635
				9,460,132
Capital Markets: 3.44%
Ameriprise Financial Incorporated		16,299		1,840,972
Goldman Sachs Group Incorporated		4,631		879,983
				2,720,955
Insurance: 7.42%
ACE Limited		7,047		809,348
American International Group Incorporated		28,732		1,826,781
Endurance Specialty Holdings Limited		24,220		1,597,551
MetLife Incorporated		31,892		1,629,362
				5,863,042
REITs: 5.85%
Alexandria Real Estate Equities Incorporated		18,665		1,718,860
Equity Residential		16,508		1,317,669
Prologis Incorporated		18,090		773,348
VEREIT Incorporated		97,729		814,083
				4,623,960
Health Care: 12.87%
Biotechnology: 1.89%
Baxalta Incorporated		25,511		877,068
Gilead Sciences Incorporated		5,867		621,667
				1,498,735
Health Care Equipment & Supplies: 0.97%
Medtronic plc		10,172		766,358
Health Care Providers & Services: 2.61%
Cigna Corporation		5,529		746,304
HCA Holdings Incorporated †		9,106		619,754
McKesson Corporation		3,672		695,293
				2,061,351
Pharmaceuticals: 7.40%
AbbVie Incorporated		10,488		609,877
Allergan plc †		4,385		1,376,408
Johnson & Johnson		7,594		768,817

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 59

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Pharmaceuticals (continued)
Mallinckrodt plc †		11,924	$	798,059
Merck & Company Incorporated		16,463		872,704
Pfizer Incorporated		43,284		1,418,417
				5,844,282
Industrials: 11.87%
Aerospace & Defense: 2.90%
Curtiss-Wright Corporation		11,473		807,814
Raytheon Company		11,949		1,482,034
				2,289,848
Airlines: 0.44%
United Continental Holdings Incorporated †		6,218		346,529
Commercial Services & Supplies: 1.73%
Progressive Waste Solutions Limited		23,414		553,039
West Corporation		31,792		810,696
				1,363,735
Electrical Equipment: 0.87%
Eaton Corporation plc		11,799		686,230
Industrial Conglomerates: 1.63%
General Electric Company		42,941		1,285,654
Machinery: 1.59%
Stanley Black & Decker Incorporated		11,540		1,259,706
Professional Services: 0.84%
CEB Incorporated		8,546		660,349
Road & Rail: 1.87%
AMERCO		1,434		581,344
Norfolk Southern Corporation		9,471		900,313
				1,481,657
Information Technology: 10.73%
Communications Equipment: 0.96%
Cisco Systems Incorporated		28,008		763,218
Electronic Equipment, Instruments & Components: 2.24%
Synnex Corporation		13,907		1,311,013
TE Connectivity Limited		6,811		456,950
				1,767,963
Internet Software & Services: 1.41%
Alphabet Incorporated Class C †		1,496		1,110,930

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

60 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 2.57%
NXP Semiconductors NV †					8,507	$	795,064
Skyworks Solutions Incorporated					14,885		1,235,753
							2,030,817
Software: 0.52%
Citrix Systems Incorporated †					5,363		411,181
Technology Hardware, Storage & Peripherals: 3.03%
Apple Incorporated					7,011		829,401
NCR Corporation †					48,898		1,325,625
Seagate Technology plc «					6,638		238,570
							2,393,596
Materials: 3.29%
Chemicals: 1.72%
Cabot Corporation					11,863		516,515
FMC Corporation					19,675		845,435
							1,361,950
Containers & Packaging: 1.57%
Crown Holdings Incorporated †					17,021		883,560
WestRock Company					7,059		357,397
							1,240,957
Telecommunication Services: 1.97%
Diversified Telecommunication Services: 1.97%
AT&T Incorporated					22,528		758,518
Verizon Communications Incorporated					17,570		798,557
							1,557,075
Utilities: 3.68%
Electric Utilities: 2.75%
Duke Energy Corporation					15,099		1,023,108
The Southern Company					25,711		1,145,168
							2,168,276
Gas Utilities: 0.93%
Atmos Energy Corporation					11,822		736,629
Total Common Stocks (Cost $67,502,414)							77,526,426
	Yield
Short-Term Investments: 6.19%
Investment Companies: 6.19%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		3,413,200		3,413,200
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			1,477,801		1,477,801
Total Short-Term Investments (Cost $4,891,001)							4,891,001

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 61

LARGE COMPANY VALUE PORTFOLIO

			Value
Total investments in securities (Cost $72,393,415) *	104.32	%	$	82,417,427
Other assets and liabilities, net	(4.32	)		(3,416,112	)
Total net assets	100.00	%	$	79,001,315

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $73,133,631 and unrealized gains (losses) consists of:

Gross unrealized gains	$	13,349,290
Gross unrealized losses		(4,065,494	)
Net unrealized gains	$	9,283,796

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

62 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.77%
Consumer Discretionary: 14.44%
Auto Components: 1.03%
Gentherm Incorporated †		234,165	$	11,904,948
Diversified Consumer Services: 1.87%
2U Incorporated †«		403,201		9,725,208
Houghton Mifflin Harcourt Company †		605,490		11,964,482
				21,689,690
Hotels, Restaurants & Leisure: 3.06%
Brinker International Incorporated		112,145		5,116,055
Del Taco Restaurants Incorporated †		524,230		5,787,499
Extended Stay America Incorporated		540,270		9,244,020
Krispy Kreme Doughnuts Incorporated †		631,710		8,932,379
Zoe’s Kitchen Incorporated †«		184,820		6,287,576
				35,367,529
Household Durables: 0.57%
William Lyon Homes Class A †		380,729		6,651,336
Leisure Products: 0.37%
Malibu Boats Incorporated †		272,830		4,234,322
Media: 2.54%
IMAX Corporation †		352,253		13,343,344
Lions Gate Entertainment Corporation		283,304		9,615,338
Media General Incorporated †«		410,540		6,375,686
				29,334,368
Multiline Retail: 0.66%
Burlington Stores Incorporated †		159,770		7,686,535
Specialty Retail: 3.12%
Chico’s FAS Incorporated		416,917		5,003,004
Dick’s Sporting Goods Incorporated		191,709		7,482,402
Monro Muffler Brake Incorporated		214,091		15,851,298
Party City Holdco Incorporated †		609,380		7,739,126
				36,075,830
Textiles, Apparel & Luxury Goods: 1.22%
Kate Spade & Company †		399,050		7,996,962
Skechers U.S.A. Incorporated Class A †		202,276		6,108,735
				14,105,697
Consumer Staples: 1.42%
Food Products: 1.42%
Amplify Snack Brands Incorporated †«		588,819		7,389,678
Whitewave Foods Company †		221,766		9,010,353
				16,400,031

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 63

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Energy: 2.21%
Oil, Gas & Consumable Fuels: 2.21%
Diamondback Energy Incorporated †		110,719	$	8,638,296
GasLog Limited «		473,043		5,662,325
Memorial Resource Development Corporation †		487,900		7,947,891
Ring Energy Incorporated †«		333,230		3,322,303
				25,570,815
Financials: 11.31%
Banks: 2.74%
ServisFirst Bancshares Incorporated		131,250		6,460,125
Signature Bank †		64,395		10,184,069
SVB Financial Group †		113,762		15,071,190
				31,715,384
Capital Markets: 4.85%
Evercore Partners Incorporated Class A		272,124		15,111,046
LPL Financial Holdings Incorporated «		276,707		12,722,988
Stifel Financial Corporation †		241,601		10,959,021
Virtu Financial Incorporated		434,428		9,666,023
Virtus Investment Partners Incorporated		56,048		7,635,980
				56,095,058
Insurance: 1.58%
Argo Group International Holdings Limited		212,801		13,519,248
Patriot National Incorporated †		324,040		4,724,503
				18,243,751
REITs: 0.98%
QTS Realty Trust Incorporated Class A		269,985		11,398,767
Thrifts & Mortgage Finance: 1.16%
Essent Group Limited †		543,084		13,425,036
Health Care: 22.45%
Biotechnology: 5.13%
Alder Biopharmaceuticals Inc †		123,070		4,585,588
Alnylam Pharmaceuticals Incorporated †		74,822		7,785,977
Celldex Therapeutics Incorporated †«		289,876		5,220,667
Cepheid Incorporated †		265,754		9,551,199
Flexion Therapeutics Incorporated †«		318,310		6,187,946
Intrexon Corporation «		118,354		4,297,434
Oncomed Pharmaceuticals Incorporated †«		234,120		5,349,642
Portola Pharmaceuticals Incorporated †		146,645		7,275,058
Radius Health Incorporated †		73,960		4,497,508
Tesaro Incorporated †		90,122		4,599,827
				59,350,846

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

64 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies: 7.12%
Accuray Incorporated †«		995,078	$	7,005,349
Analogic Corporation		119,440		9,979,212
Atricure Incorporated †		367,123		7,885,802
Cerus Corporation †«		1,706,248		9,674,426
DexCom Incorporated †		146,206		12,430,434
Inogen Incorporated †		283,515		10,844,449
LDR Holding Corporation †		325,109		8,784,445
Nevro Corporation †«		160,860		9,712,727
The Spectranetics Corporation †		437,994		6,057,457
				82,374,301
Health Care Providers & Services: 6.50%
Adeptus Health Incorporated Class A †«		163,877		9,847,369
AMN Healthcare Services Incorporated †		425,705		12,558,298
Capital Senior Living Corporation †		391,700		8,977,764
Ensign Group Incorporated		189,755		9,026,645
HealthEquity Incorporated †		366,830		12,105,390
LifePoint Hospitals Incorporated †		118,756		8,504,117
Surgery Partners Inc †«		409,094		7,817,786
Teladoc Incorporated †«		298,960		6,352,900
				75,190,269
Health Care Technology: 1.20%
Evolent Health Incorporated Class A †		477,820		7,778,910
Medidata Solutions Incorporated †		132,332		6,064,776
				13,843,686
Life Sciences Tools & Services: 1.45%
ICON plc ADR †		225,962		16,795,755
Pharmaceuticals: 1.05%
Akorn Incorporated †		195,388		6,506,420
Cempra Holdings Incorporated †«		176,680		5,637,859
				12,144,279
Industrials: 14.99%
Aerospace & Defense: 1.40%
Astronics Corporation		190,522		7,371,296
Esterline Technologies Corporation †		92,881		8,831,125
				16,202,421
Air Freight & Logistics: 1.03%
Hub Group Incorporated Class A †		307,789		11,859,110
Building Products: 2.63%
A.O. Smith Corporation		176,464		14,074,769
NCI Building Systems Incorporated †		618,414		7,334,390
PGT Incorporated †		813,650		9,047,788
				30,456,947

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 65

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Commercial Services & Supplies: 5.03%
Copart Incorporated †		326,873	$	12,901,677
KAR Auction Services Incorporated		296,190		11,234,487
Mobile Mini Incorporated		277,490		9,837,021
TrueBlue Incorporated †		490,276		14,360,184
West Corporation		386,200		9,848,100
				58,181,469
Construction & Engineering: 1.19%
Comfort Systems USA Incorporated		236,422		7,504,034
Granite Construction Incorporated		152,780		6,228,841
				13,732,875
Machinery: 0.88%
Wabash National Corporation †		787,273		10,210,931
Professional Services: 1.42%
On Assignment Incorporated †		245,704		11,469,463
RPX Corporation †		356,064		4,938,608
				16,408,071
Road & Rail: 1.41%
Genesee & Wyoming Incorporated Class A †		131,797		9,129,578
Swift Transportation Company †«		453,346		7,239,936
				16,369,514
Information Technology: 24.60%
Communications Equipment: 2.68%
Infinera Corporation †		485,952		10,943,639
Radware Limited †		572,960		9,419,462
Ruckus Wireless Incorporated †		933,810		10,692,125
				31,055,226
Electronic Equipment, Instruments & Components: 1.18%
OSI Systems Incorporated †		145,776		13,649,007
Internet Software & Services: 3.58%
Benefitfocus Incorporated †«		245,410		9,944,013
Cornerstone OnDemand Incorporated †		323,120		11,603,239
Marketo Incorporated †		301,040		9,112,481
Pandora Media Incorporated †		419,090		5,783,442
Zillow Group Incorporated Class A «		46,841		1,219,271
Zillow Group Incorporated Class C †«		150,822		3,717,762
				41,380,208
IT Services: 2.95%
Acxiom Corporation †		539,610		12,357,069
MAXIMUS Incorporated		184,690		10,481,158
Vantiv Incorporated Class A †		214,420		11,302,078
				34,140,305

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

66 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 5.72%
Applied Micro Circuits Corporation †					957,597	$	7,009,610
Cypress Semiconductor Corporation					1,138,464		12,318,180
FormFactor Incorporated †					1,013,475		8,827,367
Microsemi Corporation †					347,420		12,510,594
Nanometrics Incorporated †					294,549		4,642,092
Silicon Motion Technology Corporation					241,644		8,039,496
Teradyne Incorporated					619,377		12,870,654
							66,217,993
Software: 8.49%
Bottomline Technologies Incorporated †					311,740		9,635,883
Cadence Design Systems Incorporated †					675,612		15,066,148
PTC Incorporated †					328,825		11,850,853
Qlik Technologies Incorporated †					347,723		11,061,069
Rubicon Project Incorporated †					580,644		8,564,499
SS&C Technologies Holdings					252,358		18,144,540
Synchronoss Technologies Incorporated †					180,230		7,095,655
Ultimate Software Group Incorporated †					40,441		7,987,098
Zendesk Incorporated †					342,773		8,778,417
							98,184,162
Materials: 3.03%
Chemicals: 1.40%
Calgon Carbon Corporation					514,099		8,693,414
Flotek Industries Incorporated †«					657,247		7,505,761
							16,199,175
Metals & Mining: 0.64%
Steel Dynamics Incorporated					424,593		7,383,672
Paper & Forest Products: 0.99%
Boise Cascade Company †					366,107		11,459,149
Utilities: 0.32%
Independent Power & Renewable Electricity Producers: 0.32%
Dynegy Incorporated †					230,660		3,718,239
Total Common Stocks (Cost $995,453,082)							1,096,406,707
	Yield
Short-Term Investments: 15.24%
Investment Companies: 15.24%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		118,989,418		118,989,418
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			57,304,768		57,304,768
Total Short-Term Investments (Cost $176,294,186)							176,294,186

Total investments in securities (Cost $1,171,747,268) *	110.01	%		1,272,700,893
Other assets and liabilities, net	(10.01	)		(115,825,971	)
Total net assets	100.00	%	$	1,156,874,922

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 67

SMALL COMPANY GROWTH PORTFOLIO

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $1,183,487,190 and unrealized gains (losses) consists of:

Gross unrealized gains	$	153,725,982
Gross unrealized losses		(64,512,279	)
Net unrealized gains	$	89,213,703

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

68 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 95.47%
Consumer Discretionary: 11.61%
Auto Components: 2.42%
American Axle & Manufacturing Holdings Incorporated †		127,519	$	2,902,332
Metaldyne Performance Group Incorporated		94,700		2,132,644
				5,034,976
Automobiles: 1.02%
Thor Industries Incorporated		36,550		2,116,976
Hotels, Restaurants & Leisure: 0.97%
ClubCorp Holdings Incorporated		112,094		2,012,087
Media: 2.59%
National CineMedia Incorporated		167,800		2,662,986
Scholastic Corporation		63,693		2,720,965
				5,383,951
Specialty Retail: 4.61%
Asbury Automotive Group Incorporated †		24,109		1,810,586
Ascena Retail Group Incorporated †		121,820		1,380,221
DSW Incorporated Class A		80,188		1,841,116
Outerwall Incorporated «		38,790		2,401,101
The Men’s Wearhouse Incorporated		43,000		859,570
Urban Outfitters Incorporated †		57,550		1,289,120
				9,581,714
Consumer Staples: 1.62%
Food & Staples Retailing: 0.75%
SUPERVALU Incorporated †		231,850		1,558,032
Food Products: 0.87%
Darling Ingredients Incorporated †		165,910		1,816,715
Energy: 5.41%
Energy Equipment & Services: 0.96%
RPC Incorporated «		150,400		1,992,800
Oil, Gas & Consumable Fuels: 4.45%
Carrizo Oil & Gas Incorporated †		48,800		1,970,544
Parsley Energy Incorporated Class A †		112,300		2,206,695
PDC Energy Incorporated †		31,300		1,768,137
Rice Energy Incorporated †		91,500		1,233,420
WPX Energy Incorporated †		241,330		2,070,611
				9,249,407

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 69

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Financials: 40.79%
Banks: 21.24%
Associated Banc-Corp		110,800	$	2,272,508
BancorpSouth Incorporated		97,092		2,611,775
BankUnited Incorporated		67,650		2,557,170
Columbia Banking System Incorporated		54,235		1,927,512
ConnectOne Bancorp Incorporated		76,220		1,487,052
FirstMerit Corporation		96,500		1,952,195
Great Western Bancorp Incorporated		94,640		2,860,021
IBERIABANK Corporation		38,117		2,415,474
Investors Bancorp Incorporated		184,894		2,370,341
National Bank Holdings Corporation Class A		108,825		2,470,328
Pinnacle Financial Partners Incorporated		42,160		2,290,553
PrivateBancorp Incorporated		63,397		2,796,442
Renasant Corporation		71,000		2,593,630
Sterling BanCorp		153,700		2,695,898
Talmer Bancorp Incorporated Class A		145,900		2,665,593
Webster Financial Corporation		66,037		2,655,348
Western Alliance Bancorp †		84,378		3,273,023
Wintrust Financial Corporation		43,077		2,267,143
				44,162,006
Capital Markets: 0.94%
Stifel Financial Corporation †		42,993		1,950,162
Insurance: 6.18%
American Equity Investment Life Holding Company		72,108		1,933,215
Employers Holdings Incorporated		91,224		2,500,450
Horace Mann Educators Corporation		67,210		2,347,645
Kemper Corporation		47,210		1,940,803
OneBeacon Insurance Group Limited Class A		97,056		1,345,196
Primerica Incorporated		54,463		2,790,684
				12,857,993
Real Estate Management & Development: 1.78%
Alexander & Baldwin Incorporated		40,981		1,553,590
Kennedy Wilson Holdings Incorporated		81,900		2,137,590
				3,691,180
REITs: 10.65%
Columbia Property Trust Incorporated		97,400		2,440,844
Corporate Office Properties Trust		94,300		2,101,947
Education Realty Trust Incorporated		57,200		2,107,820
Equity Commonwealth †		99,600		2,750,952
Gramercy Property Trust Incorporated		100,450		2,399,751
Highwoods Properties Incorporated		50,800		2,212,848
Parkway Properties Incorporated		122,297		2,088,833
Physicians Realty Trust		130,900		2,095,709
Ramco-Gershenson Properties Trust		141,021		2,379,024
Sunstone Hotel Investors Incorporated		106,156		1,558,370
				22,136,098

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

70 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Health Care: 5.82%
Health Care Equipment & Supplies: 2.06%
Alere Incorporated †		66,697	$	2,752,585
Halyard Health Incorporated †		47,780		1,528,482
				4,281,067
Health Care Providers & Services: 3.48%
Kindred Healthcare Incorporated		169,300		2,260,155
Select Medical Holdings Corporation		188,360		2,273,505
WellCare Health Plans Incorporated †		32,743		2,700,643
				7,234,303
Health Care Technology: 0.28%
Computer Programs & Systems Incorporated «		12,100		589,512
Industrials: 7.76%
Air Freight & Logistics: 0.88%
Atlas Air Worldwide Holdings Incorporated †		44,005		1,818,287
Commercial Services & Supplies: 1.62%
Essendant Incorporated		47,819		1,732,004
Quad Graphics Incorporated		158,600		1,636,752
				3,368,756
Construction & Engineering: 1.88%
KBR Incorporated		109,190		2,122,654
Tutor Perini Corporation †		94,495		1,780,286
				3,902,940
Electrical Equipment: 1.08%
Generac Holdings Incorporated †		69,560		2,232,876
Machinery: 0.80%
NN Incorporated		63,190		1,077,390
Titan International Incorporated		136,820		593,799
				1,671,189
Professional Services: 0.28%
Hill International Incorporated †		170,166		587,073
Road & Rail: 0.15%
Universal Truckload Services		19,636		318,889
Trading Companies & Distributors: 1.07%
Air Lease Corporation		66,100		2,222,943
Information Technology: 12.55%
Communications Equipment: 0.98%
ARRIS Group Incorporated †		66,983		2,047,670

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 71

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 4.04%
Belden Incorporated		50,350	$	3,160,470
Celestica Incorporated †		180,136		2,031,934
Plexus Corporation †		51,321		1,909,141
Tech Data Corporation †		19,028		1,287,244
				8,388,789
IT Services: 1.79%
Cardtronics Incorporated †		43,840		1,648,822
VeriFone Systems Incorporated †		72,100		2,067,828
				3,716,650
Semiconductors & Semiconductor Equipment: 4.02%
Advanced Energy Industries Incorporated †		86,845		2,533,269
Diodes Incorporated †		113,040		2,632,702
Veeco Instruments Incorporated †		55,250		1,129,863
Xcerra Corporation †		340,471		2,059,850
				8,355,684
Software: 1.13%
Mentor Graphics Corporation		125,417		2,349,060
Technology Hardware, Storage & Peripherals: 0.59%
Avid Technology Incorporated †		162,200		1,231,098
Materials: 5.14%
Chemicals: 4.29%
A. Schulman Incorporated		68,900		2,384,629
Axiall Corporation		69,300		1,444,212
Cabot Corporation		58,600		2,551,444
Chemtura Corporation †		83,013		2,550,159
				8,930,444
Metals & Mining: 0.85%
Globe Specialty Metals Incorporated		173,500		1,764,495
Utilities: 4.77%
Electric Utilities: 3.52%
El Paso Electric Company		64,371		2,487,939
PNM Resources Incorporated		101,017		2,929,493
Portland General Electric Company		51,724		1,909,650
				7,327,082
Multi-Utilities: 1.25%
Avista Corporation		74,910		2,592,632
Total Common Stocks (Cost $174,801,497)				198,475,536

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

72 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name				Expiration date		Shares		Value
Warrants: 0.00%
Health Care: 0.00%
Health Care Equipment & Supplies: 0.00%
EnteroMedics Incorporated †(a)					5-14-2016		9,104	$	2
Total Warrants (Cost $0)									2
	Yield
Short-Term Investments: 6.15%
Investment Companies: 6.15%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%				4,795,850		4,795,850
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					7,987,779		7,987,779
Total Short-Term Investments (Cost $12,783,629)									12,783,629

Total investments in securities (Cost $187,585,126) *	101.62	%		211,259,167
Other assets and liabilities, net	(1.62	)		(3,373,120	)
Total net assets	100.00	%	$	207,886,047

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $188,083,132 and unrealized gains (losses) consists of:

Gross unrealized gains	$	35,807,002
Gross unrealized losses		(12,630,967	)
Net unrealized gains	$	23,176,035

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 73

CORE BOND PORTFOLIO

The Summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 31.34%
FHLMC		0.90-7.00	%		8-1-2017 to 12-10-2045	$	188,381,872	$	197,942,749		5.42	%
FHLMC		3.00			2-15-2045		20,186,411		20,432,393		0.56
FHLMC		3.50			12-1-2043		23,375,730		24,264,399		0.66
FHLMC %%		3.50			1-14-2046		31,900,000		32,901,858		0.90
FHLMC		4.00			8-1-2044		15,390,799		16,470,560		0.45
FHLMC		4.50			8-1-2020		13,649,699		14,164,647		0.39
FHLMC		5.00			8-1-2039		11,904,846		13,373,077		0.37
FHLMC Series 300 Class 300		3.00			1-15-2043		19,758,962		19,895,089		0.54
FHLMC Series 4483 Class PA		2.50			6-15-2045		19,188,169		19,455,398		0.53
FNMA		0.00-8.19			4-1-2017 to 12-10-2045		347,881,570		366,292,589		9.98
FNMA		3.00			10-25-2042		17,545,991		17,668,882		0.48
FNMA		3.00			4-1-2043		13,319,454		13,413,363		0.37
FNMA		3.50			6-1-2045		18,521,741		19,232,513		0.53
FNMA %%		3.50			1-14-2046		38,300,000		39,582,152		1.08
FNMA		4.00			7-1-2029		16,926,160		18,118,228		0.50
FNMA		4.00			2-1-2041		13,768,411		14,683,620		0.40
FNMA		4.00			12-1-2044		13,461,521		14,433,272		0.39
FNMA		4.00			10-1-2045		14,357,970		15,312,521		0.42
FNMA		4.50			2-1-2044		15,370,157		16,895,119		0.46
GNMA %%		3.50			12-17-2045		58,500,000		61,108,503		1.67
GNMA ±		2.50			5-20-2045		14,494,986		14,741,940		0.40
GNMA		2.50-4.50			4-15-2045 to 12-20-2045		35,819,634		38,272,470		1.07
GNMA %%		3.00			12-17-2045		49,600,000		50,433,131		1.38
GNMA %%		3.50			1-21-2046		52,700,000		54,911,957		1.50
GNMA %%		4.00			12-17-2045		14,800,000		15,722,978		0.43
Other securities									16,881,810		0.46
Total Agency Securities (Cost $1,146,474,469)									1,146,605,218		31.34
Asset-Backed Securities: 10.69%
Capital Auto Receivables Asset Trust		1.09-2.01			3-20-2018 to 7-20-2020		79,419,000		79,311,438		2.15
SLM Student Loan Trust		0.36-4.37			1-25-2018 to 2-15-2046		118,260,379		114,446,453		3.13
Other securities									197,416,052		5.41
Total Asset-Backed Securities (Cost $394,809,590)									391,173,943		10.69
Corporate Bonds and Notes: 17.09%
Consumer Discretionary: 1.56%
Automobiles: 0.38%
Other securities									13,803,360		0.38
Internet & Catalog Retail: 0.03%
Other securities									904,402		0.03
Media: 1.01%
Other securities									37,108,689		1.01

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

74 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Multiline Retail: 0.04%
Other securities								$	1,490,024		0.04	%
Specialty Retail: 0.05%
Other securities									1,871,533		0.05
Textiles, Apparel & Luxury Goods: 0.05%
Other securities									1,923,346		0.05
Consumer Staples: 1.01%
Beverages: 0.05%
Other securities									1,894,207		0.05
Food & Staples Retailing: 0.07%
Other securities									2,509,956		0.07
Food Products: 0.75%
Other securities									27,602,973		0.75
Tobacco: 0.14%
Other securities									4,986,445		0.14
Energy: 1.81%
Energy Equipment & Services: 0.10%
Other securities									3,773,695		0.10
Oil, Gas & Consumable Fuels: 1.71%
Other securities									62,432,630		1.71
Financials: 6.34%
Banks: 2.16%
Other securities									78,863,259		2.16
Capital Markets: 1.24%
Morgan Stanley		4.00	%		7-23-2025	$	13,454,000		13,976,096		0.38
Other securities									31,302,504		0.86
									45,278,600		1.24
Consumer Finance: 0.79%
Other securities									28,902,001		0.79
Diversified Financial Services: 0.23%
Other securities									8,535,009		0.23
Insurance: 0.91%
Other securities									33,263,028		0.91
REITs: 1.01%
Other securities									37,137,541		1.01

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 75

CORE BOND PORTFOLIO

Security name	Value		Percent of net assets
Health Care: 1.25%
Biotechnology: 0.91%
Other securities	$	33,306,145		0.91	%
Health Care Providers & Services: 0.04%
Other securities		1,429,515		0.04
Pharmaceuticals: 0.30%
Other securities		11,082,776		0.30
Industrials: 1.02%
Aerospace & Defense: 0.61%
Other securities		22,258,727		0.61
Machinery: 0.05%
Other securities		1,759,143		0.05
Professional Services: 0.01%
Other securities		533,651		0.01
Road & Rail: 0.29%
Other securities		10,521,512		0.29
Transportation Infrastructure: 0.06%
Other securities		2,264,467		0.06
Information Technology: 1.49%
Electronic Equipment, Instruments & Components: 0.04%
Other securities		1,461,020		0.04
IT Services: 0.50%
Other securities		18,223,030		0.50
Semiconductors & Semiconductor Equipment: 0.05%
Other securities		1,802,665		0.05
Software: 0.60%
Other securities		21,998,934		0.60
Technology Hardware, Storage & Peripherals: 0.30%
Other securities		11,029,267		0.30
Materials: 0.21%
Chemicals: 0.10%
Other securities		3,461,538		0.10
Metals & Mining: 0.02%
Other securities		850,298		0.02

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

76 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Paper & Forest Products: 0.09%
Other securities								$	3,191,221		0.09	%
Telecommunication Services: 0.92%
Diversified Telecommunication Services: 0.92%
Other securities									33,506,725		0.92
Utilities: 1.48%
Electric Utilities: 0.83%
Other securities									30,444,217		0.83
Multi-Utilities: 0.65%
Other securities									23,695,295		0.65
Total Corporate Bonds and Notes (Cost $630,838,447)									625,100,844		17.09
Municipal Obligations: 0.94%
California: 0.26%
Other securities									9,548,468		0.26
Nevada: 0.19%
Other securities									7,067,845		0.19
New Jersey: 0.17%
Other securities									6,299,380		0.17
New York: 0.13%
Other securities									4,519,967		0.13
Ohio: 0.04%
Other securities									1,313,630		0.04
Texas: 0.15%
Other securities									5,583,271		0.15
Total Municipal Obligations (Cost $29,677,345)									34,332,561		0.94
Non-Agency Mortgage-Backed Securities: 4.66%
Citigroup Commercial Mortgage Trust Series 2013-GC17 Class A4		4.13	%		11-10-2046	$	12,758,000		13,656,411		0.37
Commercial Mortgage Trust		1.80-4.21			5-15-2045 to 10-10-2053		35,515,821		36,806,796		1.01
Other securities									120,044,696		3.28
Total Non-Agency Mortgage-Backed Securities (Cost $170,318,800)									170,507,903		4.66
U.S. Treasury Securities: 31.96%
U.S. Treasury Bond		2.50			2-15-2045		19,271,000		17,384,543		0.48
U.S. Treasury Bond ##		2.88			8-15-2045		32,694,000		31,964,760		0.87
U.S. Treasury Bond		3.00			5-15-2045		20,774,000		20,802,398		0.57
U.S. Treasury Bond		3.00-4.50			8-15-2039 to 11-15-2045		24,424,000		25,717,746		0.70
U.S. Treasury Bond		3.13			2-15-2043		33,657,000		34,653,550		0.95

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 77

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
U.S. Treasury Securities (continued)
U.S. Treasury Note		0.63	%		5-31-2017	$	37,417,000	$	37,292,776		1.02	%
U.S. Treasury Note		0.63			8-31-2017		16,856,000		16,776,979		0.46
U.S. Treasury Note		0.63-2.13			9-30-2017 to 5-15-2025		59,619,000		59,439,081		1.61
U.S. Treasury Note		0.63			11-30-2017		18,817,000		18,692,036		0.51
U.S. Treasury Note		0.75			10-31-2017		16,200,000		16,144,952		0.44
U.S. Treasury Note		0.75			12-31-2017		12,988,000		12,924,073		0.35
U.S. Treasury Note		0.75			4-15-2018		47,062,000		46,707,200		1.28
U.S. Treasury Note		0.88			5-15-2017		30,929,000		30,949,537		0.85
U.S. Treasury Note		0.88			8-15-2017		74,780,000		74,768,334		2.04
U.S. Treasury Note		0.88			11-30-2017		29,125,000		29,088,594		0.80
U.S. Treasury Note		0.88			1-15-2018		39,731,000		39,614,588		1.08
U.S. Treasury Note		0.88			10-15-2018		49,785,000		49,308,558		1.35
U.S. Treasury Note		1.00			9-15-2018		39,252,000		39,046,555		1.07
U.S. Treasury Note		1.25			11-15-2018		56,808,000		56,852,360		1.55
U.S. Treasury Note		1.38			3-31-2020		13,375,000		13,261,099		0.36
U.S. Treasury Note		1.38			9-30-2020		114,159,000		112,669,568		3.08
U.S. Treasury Note «		1.38			10-31-2020		50,610,000		49,929,903		1.37
U.S. Treasury Note		1.63			3-31-2019		95,667,000		96,548,954		2.64
U.S. Treasury Note		1.63			6-30-2020		71,619,000		71,624,586		1.96
U.S. Treasury Note		1.63			7-31-2020		37,340,000		37,319,575		1.02
U.S. Treasury Note		1.63			11-30-2020		46,024,000		45,968,265		1.26
U.S. Treasury Note		2.00			8-15-2025		40,732,000		39,938,052		1.09
U.S. Treasury Note		2.25			11-15-2025		43,719,000		43,862,442		1.20
Total U.S. Treasury Securities (Cost $1,165,035,704)									1,169,251,064		31.96
Yankee Corporate Bonds and Notes: 5.30%
Consumer Discretionary: 0.20%
Media: 0.20%
Other securities									7,308,961		0.20
Energy: 0.72%
Oil, Gas & Consumable Fuels: 0.72%
Other securities									26,174,223		0.72
Financials: 2.67%
Banks: 2.31%
Other securities									84,348,567		2.31
Consumer Finance: 0.16%
Other securities									5,979,104		0.16
Diversified Financial Services: 0.11%
Other securities									4,212,606		0.11
Insurance: 0.09%
Other securities									3,292,298		0.09

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

78 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name						Value			Percent of net assets
Health Care: 0.50%
Pharmaceuticals: 0.50%
Other securities						$	18,240,012			0.50	%
Industrials: 0.32%
Aerospace & Defense: 0.05%
Other securities							1,761,403			0.05
Transportation Infrastructure: 0.27%
Other securities							9,775,390			0.27
Information Technology: 0.09%
Internet Software & Services: 0.09%
Other securities							3,340,177			0.09
Materials: 0.35%
Chemicals: 0.08%
Other securities							2,799,892			0.08
Metals & Mining: 0.27%
Other securities							9,898,008			0.27
Telecommunication Services: 0.19%
Wireless Telecommunication Services: 0.19%
Other securities							7,117,736			0.19
Utilities: 0.26%
Electric Utilities: 0.26%
Other securities							9,550,779			0.26
Total Yankee Corporate Bonds and Notes (Cost $197,731,012)							193,799,156			5.30
Yankee Government Bonds: 1.32%
Other securities							48,344,874			1.32
Total Yankee Government Bonds (Cost $47,763,128)							48,344,874			1.32
	Yield			Shares
Short-Term Investments: 9.10%
Investment Companies: 9.10%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		60,450,000		60,450,000			1.65
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.17			272,482,327		272,482,327			7.45
Total Short-Term Investments (Cost $332,932,327)							332,932,327			9.10
Total investments in securities (Cost $4,115,580,822) *							4,112,047,890			112.40
Other assets and liabilities, net							(453,594,674	)		(12.40	)
Total net assets						$	3,658,453,216			100.00	%

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 79

CORE BOND PORTFOLIO

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

%% Security issued on a when-issued basis

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

« 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $4,127,741,800 and unrealized gains (losses) consists of:

Gross unrealized gains	$	23,212,447
Gross unrealized losses		(38,906,357	)
Net unrealized losses	$	(15,693,910	)

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

80 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 29.60%
FHLMC		3.50	%		9-1-2032	$	1,089,107	$	1,140,057
FHLMC		3.50			4-1-2043		1,789,259		1,858,652
FHLMC		3.50			5-1-2044		775,289		804,865
FHLMC		4.00			4-1-2044		943,793		1,009,026
FHLMC		4.00			8-1-2044		732,508		780,795
FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.99			9-25-2029		80,833		84,932
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		1,142,783		1,354,320
FNMA		2.57			9-1-2019		532,014		546,376
FNMA		2.57			9-1-2019		532,524		546,900
FNMA		2.73			1-1-2023		580,000		590,110
FNMA		2.73			9-1-2023		597,691		602,295
FNMA		2.76			4-1-2021		1,094,164		1,127,698
FNMA		2.78			10-1-2020		550,000		567,147
FNMA (a)		2.85			1-1-2046		590,000		592,213
FNMA		2.96			6-1-2022		523,758		542,940
FNMA		3.00			12-1-2032		72,325		74,581
FNMA		3.03			11-1-2022		589,091		610,948
FNMA		3.31			6-1-2021		550,000		576,859
FNMA		3.50			9-1-2032		2,080,684		2,188,167
FNMA		3.50			10-1-2032		1,026,915		1,080,293
FNMA		3.50			11-1-2042		391,268		406,258
FNMA		3.50			11-1-2042		570,397		592,062
FNMA		3.50			2-1-2043		288,555		299,620
FNMA		5.00			9-1-2033		288,945		320,333
FNMA		5.50			2-1-2036		479,987		511,798
FNMA Series 2002-90 Class A2		6.50			11-25-2042		481,494		542,865
FNMA Series 2002-T4 Class A2		7.00			12-25-2041		224,519		257,376
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		2,066,505		2,273,179
FNMA Series 2003-86 Class PT		4.50			9-25-2018		264,113		272,983
FNMA Series 2003-W4 Class 3A ±		6.54			10-25-2042		301,522		342,033
FNMA Series 2004-T2 Class 1A1		6.00			11-25-2043		901,816		1,004,850
FNMA Series 2004-T3 Class A1		6.00			2-25-2044		1,245,898		1,418,661
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		207,262		241,871
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,179,876		1,387,431
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		448,638		524,362
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		445,900		465,990
GNMA		6.50			10-15-2023		29,960		34,329
GNMA		6.50			11-15-2023		17,664		20,240
GNMA		6.50			11-15-2023		8,468		9,703
GNMA		6.50			12-15-2023		22,539		25,826
GNMA		6.50			1-15-2024		38,416		44,018
GNMA		7.00			8-15-2027		107,979		124,478
SBA Series 2006-20B Class 1		5.35			2-1-2026		648,053		707,349
SBA Series 2006-20H Class 1		5.70			8-1-2026		351,946		391,494
SBA Series 2007-20J Class 1		5.57			10-1-2027		764,473		857,417
SBA Series 2013-20A Class 1		2.13			1-1-2033		517,979		508,934
SBA Series 2013-20J Class 1		3.37			10-1-2033		541,725		565,261
SBA Series 2014-10A Class 1		3.19			3-10-2024		737,768		768,286
SBA Series 2014-10B Class 1		3.02			9-10-2024		1,130,745		1,171,878
SBA Series 2014-20A Class 1		3.46			1-1-2034		457,566		480,403

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 81

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
SBA Series 2015-10B Class 1		2.83	%		9-10-2025	$	590,000	$	599,517
SBA Series 2015-20C Class 1		2.72			3-1-2035		571,686		576,359
SBA Series 2015-20E Class 1		2.77			5-1-2035		880,926		888,076
SBA Series 2015-20F Class 1		2.98			6-1-2035		600,000		610,567
Total Agency Securities (Cost $34,757,847)									35,924,981
Asset-Backed Securities: 3.74%
American Express Credit Accounts Series 2014-2 Class A		1.26			1-15-2020		570,000		570,600
Barclays Dryrock Issuance Trust Series 2014-3 Class A		2.41			7-15-2022		570,000		577,923
Capital Auto Receivables Asset Trust Series 2014-2 Class A3		1.26			5-21-2018		550,000		549,842
Capital Auto Receivables Asset Trust Series 2014-3 Class A3		1.48			11-20-2018		570,000		569,965
CNH Equipment Trust Series 2014-A Class A3		0.84			5-15-2019		550,000		548,771
CNH Equipment Trust Series 2015-A Class A4		1.85			4-15-2021		580,000		579,199
Green Tree Financial Corporation Series 1997-7 Class A8 ±		6.86			7-15-2028		21,303		21,456
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 ±		0.90			10-25-2035		650,725		635,856
South Carolina Student Loan Corporation Series 2014-1 Class B ±		1.74			8-1-2035		500,000		479,860
Total Asset-Backed Securities (Cost $4,535,609)									4,533,472
Corporate Bonds and Notes: 31.82%
Consumer Discretionary: 4.17%
Automobiles: 0.34%
General Motors Company		4.88			10-2-2023		400,000		414,003
Diversified Consumer Services: 2.31%
Massachusetts Institute of Technology		3.96			7-1-2038		200,000		208,941
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		779,351
Northwestern University		4.64			12-1-2044		350,000		397,498
Service Corporation International		5.38			1-15-2022		360,000		378,000
The President and Fellows of Harvard College		3.53			10-1-2031		250,000		244,168
The President and Fellows of Harvard College		5.63			10-1-2038		250,000		310,912
Trustee of Dartmouth College		4.75			6-1-2019		440,000		480,467
									2,799,337
Media: 1.20%
CCO Safari II LLC 144A		4.91			7-23-2025		325,000		330,067
DIRECTV Holdings LLC		2.40			3-15-2017		400,000		404,750
Lamar Media Corporation		5.88			2-1-2022		315,000		329,963
Time Warner Incorporated		3.40			6-15-2022		140,000		140,326
Time Warner Incorporated		3.60			7-15-2025		260,000		257,380
									1,462,486
Specialty Retail: 0.11%
Home Depot Incorporated		2.63			6-1-2022		130,000		130,134
Textiles, Apparel & Luxury Goods: 0.21%
The William Carter Company		5.25			8-15-2021		250,000		256,875

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

82 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 1.21%
Food & Staples Retailing: 0.76%
CVS Caremark Corporation		4.00	%		12-5-2023	$	275,000	$	289,394
CVS Health Corporation		3.50			7-20-2022		120,000		123,266
SABMiller Holdings Incorporated 144A		3.75			1-15-2022		500,000		514,647
									927,307
Food Products: 0.25%
Kraft Foods Group Incorporated		3.50			6-6-2022		300,000		304,896
Household Products: 0.20%
The Procter & Gamble Company		5.50			2-1-2034		200,000		239,458
Energy: 3.15%
Energy Equipment & Services: 0.13%
Halliburton Company		3.80			11-15-2025		160,000		161,159
Oil, Gas & Consumable Fuels: 3.02%
Chevron Corporation		3.19			6-24-2023		250,000		255,526
Cimarex Energy Company		5.88			5-1-2022		350,000		368,429
Columbia Pipeline Group Incorporated 144A		2.45			6-1-2018		210,000		208,889
Concho Resources Incorporated		6.50			1-15-2022		375,000		382,500
ConocoPhillips Company		3.35			11-15-2024		370,000		364,974
EQT Corporation		8.13			6-1-2019		400,000		456,072
Florida Gas Transmission Company 144A		4.35			7-15-2025		230,000		222,548
Marathon Oil Corporation		3.85			6-1-2025		410,000		367,573
Newfield Exploration Company		5.63			7-1-2024		249,000		234,683
Pioneer Natural Resource Company %%		4.45			1-15-2026		190,000		189,789
Plains All American Pipeline LP		4.65			10-15-2025		400,000		373,103
Southwestern Energy Company «		4.95			1-23-2025		290,000		238,941
									3,663,027
Financials: 12.22%
Banks: 4.59%
Bank of America Corporation		2.60			1-15-2019		155,000		156,712
Bank of America Corporation		3.95			4-21-2025		120,000		118,700
Bank of America Corporation		4.00			4-1-2024		700,000		723,450
Chase Capital VI ±		0.95			8-1-2028		1,000,000		840,000
Citigroup Incorporated		3.30			4-27-2025		130,000		128,538
Citigroup Incorporated		4.40			6-10-2025		100,000		101,696
Citigroup Incorporated		6.13			11-21-2017		435,000		472,388
CoreStates Capital Trust II ±144A		0.97			1-15-2027		750,000		648,863
Manufacturers & Traders Trust Company ±		5.59			12-28-2020		758,000		752,458
National Capital Commerce Incorporated ±(i)		1.31			4-1-2027		400,000		333,000
NTC Capital Trust Series A ±		0.84			1-15-2027		450,000		378,000
UBS Preferred Funding Trust V Series 1 ±		6.24			5-29-2049		700,000		710,500
US Bancorp		2.95			7-15-2022		200,000		200,368
									5,564,673

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 83

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets: 1.52%
Goldman Sachs Capital II ±		4.00	%		12-31-2049	$	115,000	$	82,225
Goldman Sachs Group Incorporated		3.50			1-23-2025		265,000		263,558
Goldman Sachs Group Incorporated		4.25			10-21-2025		120,000		120,353
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		229,439
Morgan Stanley		3.70			10-23-2024		100,000		101,734
Morgan Stanley		3.95			4-23-2027		180,000		176,116
Morgan Stanley		5.50			7-24-2020		350,000		393,498
State Street Corporation		3.55			8-18-2025		220,000		226,875
The Bank of New York Mellon Corporation		3.25			9-11-2024		250,000		252,055
									1,845,853
Consumer Finance: 0.44%
American Honda Finance Corporation		2.45			9-24-2020		120,000		120,631
Caterpillar Financial Services Corporation		3.75			11-24-2023		150,000		155,625
Daimler Finance North America LLC 144A		2.38			8-1-2018		260,000		261,510
									537,766
Diversified Financial Services: 1.19%
Abay Leasing 2014 LLC		2.65			11-9-2026		527,083		534,816
ABB Treasury Center USA Incorporated 144A		4.00			6-15-2021		510,000		530,473
CNH Industrial Capital LLC		3.38			7-15-2019		390,000		374,888
									1,440,177
Insurance: 1.47%
ACE INA Holdings Incorporated		2.88			11-3-2022		110,000		109,354
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		804,076
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		645,646
Pacific LifeCorp 144A		6.00			2-10-2020		200,000		223,830
									1,782,906
REITs: 3.01%
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		187,286
AvalonBay Communities Incorporated		3.63			10-1-2020		40,000		41,703
Boston Properties LP		3.70			11-15-2018		180,000		187,095
Boston Properties LP		5.88			10-15-2019		200,000		224,111
Duke Realty LP		3.88			10-15-2022		150,000		150,890
ERP Operating LP		4.63			12-15-2021		470,000		512,743
Liberty Property LP		3.75			4-1-2025		100,000		96,630
Liberty Property LP		6.63			10-1-2017		400,000		431,410
Potlatch Corporation		7.50			11-1-2019		310,000		345,263
ProLogis LP		3.75			11-1-2025		170,000		170,270
Realty Income Corporation		4.65			8-1-2023		370,000		387,567
Simon Property Group LP		3.38			10-1-2024		300,000		302,432
UDR Incorporated		4.63			1-10-2022		260,000		278,712
Ventas Realty LP		3.50			2-1-2025		150,000		143,725
Vornado Realty LP		2.50			6-30-2019		200,000		198,094
									3,657,931

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

84 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 2.23%
Health Care Equipment & Supplies: 0.35%
Becton Dickinson & Company		3.73	%		12-15-2024	$	290,000	$	295,375
Medtronic Incorporated		3.15			3-15-2022		130,000		132,023
									427,398
Health Care Providers & Services: 1.35%
Allina Health System Incorporated		4.81			11-15-2045		235,000		243,144
Howard Hughes Medical Institute		3.50			9-1-2023		120,000		125,518
Memorial Sloan Kettering Cancer Center		4.20			7-1-2055		375,000		352,761
Texas Health Resources		4.33			11-15-2055		375,000		360,468
The New York and Presbyterian Hospital		4.02			8-1-2045		175,000		165,620
UnitedHealth Group Incorporated		3.75			7-15-2025		380,000		394,114
									1,641,625
Life Sciences Tools & Services: 0.13%
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		150,000		150,310
Pharmaceuticals: 0.40%
Bayer US Finance LLC 144A		3.38			10-8-2024		240,000		241,450
EMD Finance LLC 144A		2.95			3-19-2022		250,000		241,118
									482,568
Industrials: 3.38%
Aerospace & Defense: 0.37%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		100,000		100,052
Lockheed Martin Corporation		3.55			1-15-2026		160,000		161,550
United Technologies Corporation		3.10			6-1-2022		180,000		183,983
									445,585
Air Freight & Logistics: 0.19%
FedEx Corporation		4.00			1-15-2024		225,000		236,100
Commercial Services & Supplies: 0.49%
Clean Harbors Incorporated		5.25			8-1-2020		350,000		354,865
Waste Management Incorporated		3.13			3-1-2025		240,000		233,751
									588,616
Machinery: 1.45%
Actuant Corporation		5.63			6-15-2022		425,000		430,844
Briggs & Stratton Corporation		6.88			12-15-2020		350,000		380,625
Deere & Company		2.60			6-8-2022		340,000		337,131
Oshkosh Corporation		5.38			3-1-2022		375,000		378,750
Valmont Industries Incorporated		5.00			10-1-2044		260,000		226,259
									1,753,609
Road & Rail: 0.58%
Burlington Northern Santa Fe LLC		3.05			9-1-2022		100,000		100,291
Burlington Northern Santa Fe LLC		3.40			9-1-2024		150,000		150,200

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 85

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Road & Rail (continued)
Burlington Northern Santa Fe LLC		3.45	%		9-15-2021	$	250,000	$	257,592
Union Pacific Corporation		7.88			1-15-2019		171,000		199,137
									707,220
Transportation Infrastructure: 0.30%
Vessel Management Service		3.43			8-15-2036		356,000		362,792
Information Technology: 0.99%
Electronic Equipment, Instruments & Components: 0.23%
Jabil Circuit Incorporated		8.25			3-15-2018		250,000		278,750
IT Services: 0.09%
Fiserv Incorporated		4.75			6-15-2021		100,000		107,943
Software: 0.36%
Oracle Corporation		2.50			5-15-2022		220,000		218,150
Oracle Corporation		3.40			7-8-2024		220,000		224,248
									442,398
Technology Hardware, Storage & Peripherals: 0.31%
Hewlett Packard Enterprise Company 144A		4.90			10-15-2025		375,000		370,245
Materials: 1.47%
Chemicals: 0.37%
Ecolab Incorporated		4.35			12-8-2021		330,000		354,872
Valspar Corporation		3.30			2-1-2025		100,000		95,719
									450,591
Containers & Packaging: 0.57%
Ball Corporation		5.00			3-15-2022		350,000		354,375
Sealed Air Corporation 144A		6.50			12-1-2020		300,000		333,000
									687,375
Metals & Mining: 0.25%
Alcoa Incorporated		5.40			4-15-2021		300,000		301,875
Paper & Forest Products: 0.28%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		343,665
Telecommunication Services: 0.63%
Diversified Telecommunication Services: 0.63%
AT&T Incorporated		4.75			5-15-2046		280,000		262,752
Verizon Communications Incorporated		3.50			11-1-2024		110,000		110,391
Verizon Communications Incorporated		5.15			9-15-2023		350,000		391,366
									764,509

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

86 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Utilities: 2.37%
Electric Utilities: 2.05%
Entergy Texas Incorporated		7.13	%		2-1-2019	$	250,000	$	284,867
Great River Energy 144A		5.83			7-1-2017		261,811		269,417
IPALCO Enterprises Incorporated		3.45			7-15-2020		350,000		344,750
ITC Holdings Corporation		3.65			6-15-2024		120,000		119,028
Monongahela Power Company 144A		4.10			4-15-2024		380,000		391,861
Northern States Power Company of Wisconsin		3.30			6-15-2024		370,000		375,412
Otter Tail Corporation (i)		9.00			12-15-2016		350,000		375,249
PacifiCorp		3.35			7-1-2025		130,000		131,973
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		200,000		200,930
									2,493,487
Gas Utilities: 0.32%
AmeriGas Finance LLC		7.00			5-20-2022		375,000		386,250
Total Corporate Bonds and Notes (Cost $38,171,537)									38,610,899
Municipal Obligations: 8.28%
Arizona: 0.94%
Arizona School Facilities Board Refunding Certificates of Participation Series A-3 (Miscellaneous Revenue)		2.38			9-1-2019		235,000		235,872
Maricopa County AZ Elementary School District #28 Kyrene Elementary Build America Bonds Series D (GO Revenue)		5.38			7-1-2019		800,000		904,832
									1,140,704
Arkansas: 0.30%
Arkansas Taxable Bond Amendment 82 Series A (GO Revenue)		2.61			7-1-2021		350,000		362,268
California: 0.21%
California Build America Bonds (GO Revenue)		6.88			11-1-2026		200,000		260,814
Georgia: 0.49%
Cherokee County GA School System Build America Bonds (GO Revenue)		5.87			8-1-2028		500,000		592,395
Indiana: 0.34%
Indiana Housing & CDA Series A-2 (Housing Revenue, GNMA/FNMA/FHLMC Insured)		5.51			1-1-2039		110,000		111,745
Indianapolis In Local Public Improvement Bond Bank Build America Bonds (Miscellaneous Revenue)		5.85			1-15-2030		250,000		297,345
									409,090
Kentucky: 0.07%
Kentucky Housing Corporation Series D (Housing Revenue)		5.75			7-1-2037		85,000		86,184
Maryland: 0.24%
Baltimore County MD (GO Revenue)		3.57			8-1-2032		300,000		295,554
Massachusetts: 0.80%
Boston MA Series C Qualified School Construction Bonds (GO Revenue)		4.40			4-1-2026		400,000		437,476
Massachusetts Build America Bonds Series D (GO Revenue)		4.50			8-1-2031		500,000		539,250
									976,726

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 87

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Minnesota: 0.24%
Minnetonka MN Independent School District #276 Series E (GO Revenue, South Dakota Credit Program Insured)		2.55	%		1-1-2024	$	290,000	$	287,898
Missouri: 0.30%
Missouri Higher Education Loan Authority Notes Class A-1 (Education Revenue) ±		1.24			8-27-2029		365,367		362,444
New Hampshire: 0.02%
New Hampshire HFA SFMR Series D (Housing Revenue)		5.53			7-1-2037		25,000		25,040
New Jersey: 0.99%
Hudson County NJ Improvement Authority Hudson County Lease Project (Miscellaneous Revenue, AGM Insured)		7.40			12-1-2025		1,030,000		1,196,469
North Carolina: 0.31%
Duke University North Carolina Series A (Education Revenue)		5.85			4-1-2037		300,000		371,901
Ohio: 0.54%
Cuyahoga County OH Build America Bonds Series B (GO Revenue)		6.03			12-1-2034		325,000		394,180
Ohio Veterans Compensation (GO Revenue)		3.38			10-1-2021		250,000		263,855
									658,035
Oklahoma: 0.33%
Oklahoma Water Resource Board Revolving Fund Series A (Water & Sewer Revenue)		3.27			4-1-2023		375,000		395,490
Texas: 0.73%
Clear Creek TX Independent School District Taxable Refunding Series B (GO Revenue)		3.40			2-15-2022		375,000		396,585
Harris County TX Taxable Refunding Permanent Improvement Series B (GO Revenue)		2.12			10-1-2021		500,000		493,300
									889,885
Washington: 0.88%
King County WA Build America Bonds Recovery Zone Economic Development Taxable Bond Series C (GO Revenue)		5.03			12-1-2023		230,000		261,597
King County WA School District #210 Federal Way Build America Bonds (GO Revenue, AGM Insured)		4.90			12-1-2022		400,000		435,048
Washington Build America Bonds (GO Revenue)		5.09			8-1-2033		325,000		373,711
									1,070,356
West Virginia: 0.45%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25			3-1-2035		500,000		546,425
Wisconsin: 0.10%
Milwaukee County WI Taxable Pension Promissory Notes Series A (GO Revenue)		6.84			12-1-2028		90,000		115,988
Total Municipal Obligations (Cost $9,494,402)									10,043,666
Non-Agency Mortgage-Backed Securities: 11.44%
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21			7-10-2046		700,000		752,225
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15			8-15-2045		550,000		561,832
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		620,000		620,337
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62			10-10-2046		550,000		580,040
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±		4.19			11-10-2023		600,000		646,695

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

88 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Credit Suisse First Boston Commercial Mortgage Trust Series 2004-AR5 Class 10A1 ±		2.66	%		6-25-2034	$	605,187	$	614,025
Credit Suisse First Boston Commercial Mortgage Trust Series 2007-C1 Class AAB		5.34			2-15-2040		152,278		153,384
GE Equipment Transportation LLC Series 2015-1 Class A4		1.77			5-23-2023		500,000		500,000
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		500,000		547,482
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71			8-10-2044		545,000		575,907
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38			5-10-2045		560,000		580,210
GS Mortgage Securities Trust Series 2013-GC10 Class AAB		2.56			2-10-2046		212,500		213,023
GS Mortgage Securities Trust Series 2013-GC12 Class AAB		2.68			6-10-2046		212,500		213,837
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		615,000		664,823
GS Mortgage Securities Trust Series 2013-GC16 Class A4		4.27			11-10-2046		350,000		379,015
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07			11-15-2043		395,000		419,284
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C12 Class ASB		3.16			7-15-2045		550,000		565,455
MMAF Equipment Finance LLC Series 2015-AA Class A4 144A		1.93			7-16-2021		500,000		499,862
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65			4-15-2047		550,000		576,097
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		500,000		548,011
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12			7-15-2049		530,000		568,563
Motel 6 Trust Series 2015-MTL6 Class B 144A		3.30			2-5-2030		500,000		496,972
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 ±144A		6.50			10-25-2034		1,040,007		1,033,620
Sequoia Mortgage Trust Series 10 Class 1A ±		1.01			10-20-2027		283,045		276,440
Structured Asset Securities Corporation Series 2007-RM1 Class A1 ±144A(i)(a)		0.50			5-25-2047		1,979,516		1,296,583
Total Non-Agency Mortgage-Backed Securities (Cost $14,551,101)									13,883,722
U.S. Treasury Securities: 5.75%
TIPS		0.38			7-15-2025		1,234,219		1,207,413
U.S. Treasury Bond		2.50			2-15-2045		1,370,000		1,235,889
U.S. Treasury Bond		2.88			8-15-2045		3,000,000		2,933,085
U.S. Treasury Bond		3.00			11-15-2045		790,000		792,564
U.S. Treasury Note		2.00			8-15-2025		830,000		813,822
Total U.S. Treasury Securities (Cost $7,067,568)									6,982,773
Yankee Corporate Bonds and Notes: 5.58%
Consumer Discretionary: 0.29%
Media: 0.29%
Pearson Dollar Finance Two plc 144A		6.25			5-6-2018		325,000		353,821
Energy: 2.21%
Energy Equipment & Services: 0.45%
Ensco plc		4.70			3-15-2021		160,000		139,872
Schlumberger Norge AS 144A		4.20			1-15-2021		380,000		405,689
									545,561
Oil, Gas & Consumable Fuels: 1.76%
BP Capital Markets plc		3.81			2-10-2024		110,000		113,226
BP Capital Markets plc		4.50			10-1-2020		350,000		382,883
Petroleos Mexicanos		2.29			2-15-2024		233,750		235,575
Petroleos Mexicanos		2.83			2-15-2024		488,750		503,123
Petroleos Mexicanos		6.38			1-23-2045		250,000		231,875
Statoil ASA		3.25			11-10-2024		310,000		310,458

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 89

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Total Capital International SA		3.70	%		1-15-2024	$	200,000	$	207,068
Weatherford International Limited		4.50			4-15-2022		190,000		149,150
									2,133,358
Financials: 1.06%
Banks: 0.21%
Credit Suisse AG (New York)		3.63			9-9-2024		250,000		252,148
Diversified Financial Services: 0.85%
Shell International Finance BV		3.25			5-11-2025		200,000		198,938
Shell International Finance BV		3.40			8-12-2023		370,000		377,208
Tyco Electronics Group SA		3.50			2-3-2022		450,000		459,351
									1,035,497
Health Care: 0.19%
Pharmaceuticals: 0.19%
Actavis Funding SCS		4.55			3-15-2035		230,000		226,258
Industrials: 0.53%
Aerospace & Defense: 0.41%
BAE Systems plc 144A		4.75			10-11-2021		470,000		502,533
Road & Rail: 0.12%
Canadian Pacific Railway Company		2.90			2-1-2025		150,000		141,156
Information Technology: 0.54%
Semiconductors & Semiconductor Equipment: 0.31%
TSMC Global Limited 144A		1.63			4-3-2018		380,000		373,134
Technology Hardware, Storage & Peripherals: 0.23%
Seagate HDD (Cayman)		4.75			6-1-2023		325,000		287,064
Materials: 0.44%
Metals & Mining: 0.44%
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		370,000		376,794
Teck Resources Limited		3.00			3-1-2019		240,000		161,550
									538,344
Telecommunication Services: 0.32%
Wireless Telecommunication Services: 0.32%
Rogers Communications Incorporated		4.10			10-1-2023		370,000		385,614
Total Yankee Corporate Bonds and Notes (Cost $6,817,312)									6,774,488
Yankee Government Bonds: 0.80%
Hashemite Kingdom of Jordan		3.00			6-30-2025		950,000		975,693
Total Yankee Government Bonds (Cost $950,000)									975,693

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

90 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 3.67%
Investment Companies: 3.67%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		236,500	$	236,500
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.17			4,211,422		4,211,422
Total Short-Term Investments (Cost $4,447,922)							4,447,922

Total investments in securities (Cost $120,793,298) *	100.68	%		122,177,616
Other assets and liabilities, net	(0.68	)		(821,055	)
Total net assets	100.00	%	$	121,356,561

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

± 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.

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

(i) Illiquid 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 vehicle 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.

* Cost for federal income tax purposes is $120,803,524 and unrealized gains (losses) consists of:

Gross unrealized gains	$	3,456,556
Gross unrealized losses		(2,082,464	)
Net unrealized gains	$	1,374,092

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 91

REAL RETURN PORTFOLIO

Security name	Shares		Value
Common Stocks: 12.58%
Consumer Staples: 1.53%
Food Products: 0.70%
Biostime International Holdings Limited		176,000	$	296,456
Marine Harvest ASA		4,555		61,586
				358,042
Household Products: 0.83%
Reckitt Benckiser Group plc		4,568		428,615
Energy: 2.16%
Oil, Gas & Consumable Fuels: 2.16%
BP plc		101,076		586,468
Eni SpA		32,056		522,256
				1,108,724
Financials: 4.48%
REITs: 4.48%
American Tower Corporation		3,884		385,992
AvalonBay Communities Incorporated		1,488		270,504
Boston Properties Incorporated		1,800		224,982
General Growth Properties Incorporated		9,274		236,209
Host Hotels & Resorts Incorporated		9,905		164,423
Mid-America Apartment Communities Incorporated		1,710		151,438
Physicians Realty Trust		8,414		134,708
Prologis Incorporated		3,676		157,149
Public Storage Incorporated		916		219,895
Simon Property Group Incorporated		1,345		250,493
Ventas Incorporated		1,922		102,519
				2,298,312
Materials: 4.41%
Chemicals: 2.60%
Akzo Nobel NV		8,858		630,042
Nitto Denko Corporation		10,400		700,881
				1,330,923
Metals & Mining: 1.81%
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares		6,000		158,700
Detour Gold Corporation †		4,400		45,830
Franco-Nevada Corporation		2,050		98,536
Fresnillo plc		7,800		83,995
Goldcorp Incorporated-U.S. Exchange Traded Shares		12,000		141,720
Newmont Mining Corporation		6,600		121,506
Randgold Resources Limited ADR «		2,850		172,710

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

92 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name						Shares		Value
Metals & Mining (continued)
Royal Gold Incorporated							1,760	$	63,272
Tahoe Resources Incorporated							4,800		42,233
									928,502
Total Common Stocks (Cost $6,733,020)									6,453,118
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 10.08%
Consumer Discretionary: 3.56%
Auto Components: 0.50%
Goodyear Tire & Rubber Company		8.25	%		8-15-2020	$	125,000		130,213
Tenneco Incorporated		6.88			12-15-2020		125,000		129,375
									259,588
Diversified Consumer Services: 0.15%
Service Corporation International		7.00			6-15-2017		70,000		75,250
Hotels, Restaurants & Leisure: 0.32%
Hilton Worldwide Finance LLC		5.63			10-15-2021		50,000		52,060
MGM Resorts International		7.63			1-15-2017		105,000		110,775
									162,835
Household Durables: 0.72%
DR Horton Incorporated		3.63			2-15-2018		135,000		136,688
Jarden Corporation		7.50			5-1-2017		120,000		128,100
Tempur Sealy International Incorporated		6.88			12-15-2020		100,000		105,875
									370,663
Media: 0.91%
CCO Holdings LLC		7.38			6-1-2020		125,000		130,313
CSC Holdings LLC		7.63			7-15-2018		75,000		78,375
DISH DBS Corporation		4.25			4-1-2018		130,000		129,350
Gannett Company Incorporated		5.13			10-15-2019		50,000		52,000
Nexstar Broadcasting Group Incorporated		6.88			11-15-2020		75,000		76,406
									466,444
Specialty Retail: 0.71%
Best Buy Company Incorporated		5.00			8-1-2018		100,000		104,000
Limited Brands Incorporated		6.90			7-15-2017		120,000		128,850
Sally Holdings Incorporated		6.88			11-15-2019		125,000		129,525
									362,375
Textiles, Apparel & Luxury Goods: 0.25%
HanesBrands Incorporated		6.38			12-15-2020		125,000		129,219

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 93

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.50%
Food Products: 0.25%
Smithfield Foods Incorporated		7.75	%		7-1-2017	$	120,000	$	128,850
Household Products: 0.25%
Spectrum Brands Incorporated		6.38			11-15-2020		120,000		128,400
Energy: 1.03%
Energy Equipment & Services: 0.38%
SESI LLC		6.38			5-1-2019		70,000		68,075
Targa Resources Partners 144A		5.00			1-15-2018		130,000		127,725
									195,800
Oil, Gas & Consumable Fuels: 0.65%
Kinder Morgan Incorporated		7.00			6-15-2017		60,000		62,550
Sabine Pass LNG LP		7.50			11-30-2016		65,000		66,300
Tesoro Corporation		4.25			10-1-2017		65,000		66,463
Tesoro Logistics LP		5.88			10-1-2020		65,000		66,788
WPX Energy Incorporated		5.25			1-15-2017		70,000		69,300
									331,401
Financials: 1.50%
Banks: 0.26%
CIT Group Incorporated		4.25			8-15-2017		130,000		132,560
Consumer Finance: 1.05%
Ally Financial Incorporated		6.25			12-1-2017		125,000		131,875
General Motors Financial Company Incorporated		3.25			5-15-2018		135,000		136,279
SLM Corporation		4.63			9-25-2017		130,000		130,000
Toll Brothers Finance Corporation		4.00			12-31-2018		135,000		139,725
									537,879
REITs: 0.19%
ARC Properties Operating Partnership LP		2.00			2-6-2017		100,000		98,750
Health Care: 0.52%
Health Care Providers & Services: 0.52%
Fresenius Medical Care Holdings Incorporated		6.88			7-15-2017		125,000		134,375
HCA Incorporated		8.00			10-1-2018		115,000		129,088
									263,463
Industrials: 0.93%
Building Products: 0.18%
USG Corporation		9.75			1-15-2018		80,000		89,800
Diversified Consumer Services: 0.13%
ADT Corporation		2.25			7-15-2017		70,000		69,125

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

94 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Machinery: 0.36%
Case New Holland Industrial Incorporated		7.88	%		12-1-2017	$	65,000	$	69,540
Manitowoc Company Incorporated		8.50			11-1-2020		30,000		31,200
SPX Flow Incorporated		6.88			9-1-2017		80,000		84,600
									185,340
Trading Companies & Distributors: 0.26%
United Rentals North America Incorporated		7.38			5-15-2020		125,000		132,500
Information Technology: 0.46%
Communications Equipment: 0.20%
ViaSat Incorporated		6.88			6-15-2020		100,000		103,761
Internet Software & Services: 0.26%
IAC/InterActiveCorp		4.88			11-30-2018		130,000		133,088
Materials: 0.70%
Chemicals: 0.16%
Ashland Incorporated		3.88			4-15-2018		80,000		81,900
Containers & Packaging: 0.51%
Crown Americas LLC		6.25			2-1-2021		125,000		129,214
Owens-Illinois Incorporated		7.80			5-15-2018		120,000		133,200
									262,414
Metals & Mining: 0.03%
US Steel Corporation		7.00			2-1-2018		25,000		15,500
Telecommunication Services: 0.64%
Diversified Telecommunication Services: 0.28%
Frontier Communications Corporation		8.13			10-1-2018		60,000		62,775
Hughes Satelite Systems Corporation		6.50			6-15-2019		75,000		81,000
									143,775
Wireless Telecommunication Services: 0.36%
SBA Communications Corporation		5.63			10-1-2019		80,000		83,200
T-Mobile USA Incorporated		6.46			4-28-2019		100,000		102,750
									185,950
Utilities: 0.24%
Independent Power & Renewable Electricity Producers: 0.24%
NRG Energy Incorporated		7.63			1-15-2018		120,000		124,800
Total Corporate Bonds and Notes (Cost $5,227,053)									5,171,430
Loans: 4.07%
Consumer Discretionary: 0.43%
Media: 0.17%
Virgin Media Investment Holdings Limited ±		3.50			6-30-2023		90,898		89,444

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 95

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Multiline Retail: 0.26%
Michaels Stores Incorporated ±		3.75	%		1-28-2020	$	133,629	$	132,245
Financials: 0.26%
Diversified Financial Services: 0.26%
Delos Finance SARL ±		3.50			3-6-2021		135,000		134,353
Health Care: 0.51%
Health Care Providers & Services: 0.40%
Community Health Systems Incorporated ±		3.66			12-31-2018		133,987		131,441
Iasis Healthcare LLC ±		4.50			5-3-2018		74,616		73,451
									204,892
Pharmaceuticals: 0.11%
Valeant Pharmaceuticals International Incorporated ±		3.50			2-13-2019		60,000		56,475
Industrials: 1.46%
Aerospace & Defense: 0.23%
TransDigm Incorporated ±		3.75			2-28-2020		119,134		116,057
Airlines: 0.26%
Delta Air Lines Incorporated ±		3.25			8-24-2022		135,000		134,606
Commercial Services & Supplies: 0.78%
Hertz Corporation ±		3.00			3-11-2018		133,629		131,709
KAR Auction Services Incorporated ±		3.50			3-11-2021		133,477		132,643
ServiceMaster Company ±		4.25			7-1-2021		133,985		133,052
									397,404
Diversified Consumer Services: 0.19%
NXP BV ±<		0.00			10-30-2020		100,000		99,375
Information Technology: 0.38%
Communications Equipment: 0.25%
Cequel Communications LLC ±		3.50			2-14-2019		130,495		128,537
Internet Software & Services: 0.13%
Zayo Group LLC ±		3.75			5-6-2021		69,472		68,614
Materials: 0.51%
Chemicals: 0.25%
Ineos US Finance LLC ±		3.75			12-15-2020		133,646		129,053
Containers & Packaging: 0.26%
Berry Plastics Group Incorporated ±		3.50			2-8-2020		133,629		131,068

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

96 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.52%
Diversified Telecommunication Services: 0.52%
Level 3 Financing Incorporated ±		3.50	%		5-31-2022	$	135,000	$	133,583
West Corporation ±		3.25			6-30-2018		135,000		132,806
									266,389
Total Loans (Cost $2,112,047)									2,088,512
U.S. Treasury Securities: 65.92%
TIPS		0.13			4-15-2017		670,509		669,636
TIPS		0.13			4-15-2018		1,410,278		1,410,260
TIPS		0.13			4-15-2019		2,142,747		2,136,750
TIPS		0.13			4-15-2020		975,485		967,458
TIPS		0.13			1-15-2022		1,534,971		1,499,155
TIPS		0.13			7-15-2022		1,671,137		1,633,580
TIPS		0.13			1-15-2023		1,448,429		1,400,524
TIPS		0.13			7-15-2024		1,538,300		1,475,407
TIPS		0.25			1-15-2025		1,557,223		1,501,219
TIPS		0.38			7-15-2023		1,451,964		1,431,716
TIPS		0.38			7-15-2025		1,364,665		1,335,026
TIPS		0.63			7-15-2021		1,414,759		1,435,538
TIPS		0.63			1-15-2024		1,499,150		1,496,748
TIPS		0.63			2-15-2043		445,050		384,829
TIPS		0.75			2-15-2042		679,243		609,497
TIPS		0.75			2-15-2045		884,196		787,740
TIPS		1.13			1-15-2021		1,321,665		1,372,328
TIPS		1.25			7-15-2020		976,552		1,021,515
TIPS		1.38			7-15-2018		1,064,868		1,105,674
TIPS		1.38			1-15-2020		632,730		661,409
TIPS		1.38			2-15-2044		755,555		785,581
TIPS		1.63			1-15-2018		613,359		634,124
TIPS		1.75			1-15-2028		675,831		749,952
TIPS		1.88			7-15-2019		523,796		558,102
TIPS		2.00			1-15-2026		719,346		809,059
TIPS		2.13			1-15-2019		459,957		488,836
TIPS		2.13			2-15-2040		269,730		324,010
TIPS		2.13			2-15-2041		347,715		419,771
TIPS		2.38			1-15-2025		871,049		1,001,967
TIPS		2.38			1-15-2027		648,984		760,731
TIPS		2.50			1-15-2029		509,832		614,327
TIPS		2.63			7-15-2017		597,028		625,153
TIPS		3.38			4-15-2032		201,090		277,132
TIPS		3.63			4-15-2028		426,657		566,626
TIPS		3.88			4-15-2029		622,421		859,954
Total U.S. Treasury Securities (Cost $33,559,816)									33,811,334
Yankee Corporate Bonds and Notes: 0.77%
Consumer Discretionary: 0.20%
Automobiles: 0.20%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		100,000		101,625

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 97

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 0.16%
Banks: 0.16%
Royal Bank of Scotland Group plc		4.70	%		7-3-2018	$	80,000	$	82,957
Health Care: 0.13%
Pharmaceuticals: 0.13%
Mallinckrodt International Finance SA		3.50			4-15-2018		70,000		64,575
Information Technology: 0.04%
Communications Equipment: 0.04%
Nokia Corporation		5.38			5-15-2019		20,000		21,374
Materials: 0.24%
Metals & Mining: 0.24%
ArcelorMittal SA		6.13			6-1-2018		125,000		121,563
Total Yankee Corporate Bonds and Notes (Cost $406,389)									392,094
	Yield					Shares
Short-Term Investments: 6.72%
Investment Companies: 6.67%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					166,050		166,050
Wells Fargo Government Money Market Fund, Select Class (l)(u)		0.04					3,255,779		3,255,779
									3,421,829
						Principal
U.S. Treasury Securities: 0.05%
U.S. Treasury Bill (z)#		0.08			12-17-2015	$	25,000		24,999
Total Short-Term Investments (Cost $3,446,828)									3,446,828

Total investments in securities (Cost $51,485,153) *	100.14	%		51,363,316
Other assets and liabilities, net	(0.14	)		(69,676	)
Total net assets	100.00	%	$	51,293,640

† 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.

(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 vehicle 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.

* Cost for federal income tax purposes is $51,526,026 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,224,576
Gross unrealized losses		(1,387,286	)
Net unrealized losses	$	(162,710	)

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

98 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 27.91%
FHLMC		6.00	%		7-1-2017	$	10,705	$	10,978
FHLMC		7.50			7-17-2017		13,417		13,580
FHLMC Series T-54 Class 4A ±		3.07			2-25-2043		445,625		479,468
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		549,999		662,697
FHLMC Series T-63 Class 1A1 ±		1.42			2-25-2045		384,879		393,433
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-2043		411,991		482,477
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		606,854		672,116
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		671,385		795,663
FNMA ±		1.42			10-1-2034		237,123		242,987
FNMA ±		1.42			4-1-2044		200,456		205,437
FNMA ±		1.42			10-1-2044		226,745		232,391
FNMA ±		1.48			4-1-2037		250,820		258,018
FNMA ±		1.59			7-1-2017		1,310		1,309
FNMA ±		1.87			9-1-2033		147,202		153,971
FNMA ±		1.90			4-1-2034		348,944		368,421
FNMA ±		1.93			6-1-2033		312,226		327,597
FNMA ±		1.94			10-1-2033		361,064		377,711
FNMA ±		2.03			12-1-2033		256,567		270,320
FNMA ±		2.03			1-1-2036		190,740		201,391
FNMA ±		2.13			6-1-2033		205,586		211,620
FNMA ±		2.16			8-1-2035		246,536		258,819
FNMA ±		2.33			7-1-2035		220,765		235,117
FNMA		5.50			2-1-2017		25,998		26,374
FNMA Series 2003-W4 Class 3A ±		6.54			10-25-2042		251,938		285,788
FNMA Series 2004-W2 Class 2A2		7.00			2-25-2044		194,162		225,319
FNMA Series 2007-88 Class HC ±		2.41			9-25-2037		234,621		243,868
HUD		0.83			8-1-2016		150,000		149,874
Total Agency Securities (Cost $7,286,206)									7,786,744
Asset-Backed Securities: 25.21%
Ally Auto Receivables Trust Series 2013-2 Class A3		0.79			1-15-2018		66,463		66,428
Ally Auto Receivables Trust Series 2014-SN1 Class A3		0.75			2-21-2017		110,000		109,948
Ally Auto Receivables Trust Series 2014-SN2 Class A2B ±		0.51			3-20-2017		72,321		72,297
Ally Auto Receivables Trust Series 2015-1 Class A2		0.92			2-15-2018		130,000		129,871
American Express Credit Account Master Trust Series 2014-4 Class A		1.43			6-15-2020		130,000		130,236
AmeriCredit Automobile Receivables Trust Series 2013-5 Class A3		0.90			9-10-2018		79,007		78,941
AmeriCredit Automobile Receivables Trust Series 2014-1 Class A3		0.90			2-8-2019		98,668		98,534
AmeriCredit Automobile Receivables Trust Series 2014-4 Class A3		1.27			7-8-2019		125,000		124,734
AmeriCredit Automobile Receivables Trust Series 2015-2 Class A3		1.27			1-8-2020		135,000		133,923
Bank of the West Auto Trust Series 2014-1 Class A3 144A		1.09			3-15-2019		125,000		124,769
Bank of the West Auto Trust Series 2015-1 Class A2 144A±		0.55			4-16-2018		100,000		99,906
BMW Vehicle Lease Trust Series 2014-1 Class A3		0.73			2-21-2017		90,384		90,342
Capital Auto Receivables Asset Trust Series 2015-1 Class A2		1.42			6-20-2018		130,000		129,920
Capital Auto Receivables Asset Trust Series 2015-2 Class A1B ±		0.61			10-20-2017		150,000		149,661
Capital One Multi-Asset Execution Trust Series 2014-A2 Class A2		1.26			1-15-2020		100,000		100,150
CarMax Auto Owner Trust Series 2014-1 Class A3		0.79			10-15-2018		101,980		101,735
CarMax Auto Owner Trust Series 2015-1 Class A3		1.38			11-15-2019		130,000		129,655
CarMax Auto Owner Trust Series 2015-3 Class A2B ±		0.65			11-15-2018		140,000		139,886
Chase Issuance Trust Series 2014-A6 Class A6		1.26			7-15-2019		120,000		120,083
Chrysler Capital Auto Receivables Trust Series 2014-AA Class A3 144A		0.83			9-17-2018		68,875		68,792

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 99

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
CNH Equipment Trust Series 2014-A Class A3		0.84	%		5-15-2019	$	100,000	$	99,777
College Loan Corporation Trust Series 2004-1 Class A4 ±		0.51			4-25-2024		110,000		109,388
Fifth Third Auto Trust Series 2014-1 Class A3		0.68			4-16-2018		70,774		70,711
Fifth Third Auto Trust Series 2014-2 Class A3		0.89			11-15-2018		130,000		129,762
Ford Credit Auto Lease Trust Series 2014-A Class A3		0.68			4-15-2017		73,178		73,148
Ford Credit Auto Owner Trust Series 2014-A Class A3		0.79			5-15-2018		162,165		162,080
Ford Credit Auto Owner Trust Series 2014-B Class A3		0.90			10-15-2018		120,000		119,895
Ford Credit Auto Owner Trust Series 2014-C Class A3		1.06			5-15-2019		250,000		249,695
GE Equipment LLC Series 2013-2 Class A3		0.92			9-25-2017		81,513		81,503
GE Equipment Small Ticket LLC Series 2014-1A Class A3 144A		0.95			9-25-2017		110,000		110,003
GM Financial Automobile Lease Series 2014-1A Class A3 144A		1.01			5-22-2017		120,000		119,941
GSAMP Trust Series 2005-SEA2 Class A1 144A±		0.57			1-25-2045		196,657		192,668
Honda Auto Receivables Owner Trust Series 2014-1 Class A3		0.67			11-21-2017		100,000		99,885
Honda Auto Receivables Owner Trust Series 2014-4 Class A3		0.99			9-17-2018		100,000		99,808
Honda Auto Receivables Owner Trust Series 2015-3 Class A2		0.92			11-20-2017		140,000		140,041
Hyundai Auto Lease Securitization Trust Series 2015-A Class A3 144A		1.42			9-17-2018		130,000		130,132
Hyundai Auto Lease Securitization Trust Series 2015-B Class A3 144A		1.40			11-15-2018		140,000		139,536
Hyundai Auto Receivables Trust Series 2014-A Class A3		0.79			7-16-2018		88,535		88,462
Hyundai Auto Receivables Trust Series 2015-A Class A3		1.05			4-15-2019		130,000		129,580
John Deere Owner Trust Series 2014-A Class A3		0.92			4-16-2018		110,000		109,806
John Deere Owner Trust Series 2015-A Class A3		1.32			6-17-2019		130,000		130,059
Mercedes Benz Auto Receivables Trust 2015-1 Class A2B ±		0.47			6-15-2018		130,000		129,891
Mercedes-Benz Auto Lease Trust Series 2015-A Class A3		1.10			8-15-2017		130,000		130,015
Nissan Auto Receivables Owner Trust Series 2014-A Class A3		0.72			8-15-2018		88,346		88,196
Nissan Auto Receivables Owner Trust Series 2014-B Class A3		1.11			5-15-2019		130,000		129,771
Nissan Auto Receivables Owner Trust Series 2015-A Class A3		1.05			10-15-2019		135,000		134,395
Nissan Auto Receivables Owner Trust Series 2015-B Class A2B ±		0.48			7-16-2018		130,000		129,938
Santander Drive Auto Receivables Trust Series 2015-3 Class A2A		1.02			9-17-2018		135,210		135,068
Santander Drive Auto Receivables Trust Series 2015-4 Class A2B ±		0.90			12-17-2018		130,000		129,948
SunTrust Auto Receivables Trust Series 2015-1A Class A2 144A		0.99			6-15-2018		140,000		140,066
Toyota Auto Receivables Owner Trust Series 2014-A Class A3		0.67			12-15-2017		93,514		93,408
Toyota Auto Receivables Owner Trust Series 2014-B Class A3		0.76			3-15-2018		110,000		109,873
Toyota Auto Receivables Owner Trust Series 2015-B Class A2B ±		0.41			11-15-2017		135,000		134,897
Toyota Auto Receivables Owner Trust Series 2015-C Class A2B ±		0.53			2-15-2018		120,000		119,952
Volkswagen Auto Lease Trust Series 2014-A Class A3		0.80			4-20-2017		133,846		133,643
Volkswagen Auto Lease Trust Series 2015-A Class A3		1.25			12-20-2017		130,000		129,003
Volvo Financial Equipment LLC Series 2014-1A Class A3 144A		0.82			4-16-2018		100,000		99,820
Volvo Financial Equipment LLC Series 2015-1A Class A3 144A		1.51			6-17-2019		150,000		150,217
World Omni Auto Receivables Trust 2015-B		0.96			7-15-2019		130,000		129,807
Total Asset-Backed Securities (Cost $7,044,803)									7,033,599
Corporate Bonds and Notes: 22.63%
Consumer Discretionary: 0.58%
Specialty Retail: 0.58%
Lowe’s Companies Incorporated		1.63			4-15-2017		160,000		161,319
Consumer Staples: 2.47%
Beverages: 0.75%
Brown-Forman Corporation		2.50			1-15-2016		120,000		120,236
PepsiCo Incorporated ±		0.57			7-17-2017		90,000		89,986
									210,222

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

100 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Food Products: 1.72%
Cargill Incorporated 144A		1.90	%		3-1-2017	$	114,000	$	114,769
Diageo Capital plc		1.50			5-11-2017		90,000		90,049
General Mills Incorporated		5.70			2-15-2017		85,000		89,487
H.J. Heinz Company 144A		1.60			6-30-2017		90,000		90,089
Kellogg Company		4.45			5-30-2016		94,000		95,592
									479,986
Energy: 0.77%
Oil, Gas & Consumable Fuels: 0.77%
Chevron Corporation ±		0.48			2-22-2017		110,000		109,933
Chevron Corporation		1.34			11-9-2017		30,000		30,045
Marathon Oil Corporation		6.00			10-1-2017		70,000		74,249
									214,227
Financials: 9.42%
Banks: 2.93%
Bank of America Corporation		1.25			1-11-2016		70,000		70,032
Bank of America Corporation		3.88			3-22-2017		70,000		72,130
Branch Banking & Trust Company ±		0.66			9-13-2016		250,000		249,569
Citigroup Incorporated		1.85			11-24-2017		40,000		40,020
Citigroup Incorporated		4.59			12-15-2015		90,000		90,136
HSBC USA Incorporated ±		1.11			8-7-2018		110,000		109,835
JPMorgan Chase & Company		3.15			7-5-2016		120,000		121,620
JPMorgan Chase & Company		6.00			1-15-2018		60,000		65,211
									818,553
Capital Markets: 1.64%
Bank of New York Mellon Corporation		2.50			1-15-2016		115,000		115,286
Goldman Sachs Group Incorporated		2.38			1-22-2018		40,000		40,511
Goldman Sachs Group Incorporated		5.35			1-15-2016		90,000		90,493
Morgan Stanley		4.75			3-22-2017		50,000		52,075
Morgan Stanley		5.55			4-27-2017		115,000		121,374
State Street Corporation		2.88			3-7-2016		37,000		37,230
									456,969
Consumer Finance: 2.36%
American Honda Finance Corporation		0.95			5-5-2017		60,000		59,761
American Honda Finance Corporation		1.13			10-7-2016		50,000		50,118
American Honda Finance Corporation		1.55			12-11-2017		30,000		30,081
BMW Bank North America		0.70			7-18-2016		245,000		245,476
Daimler Finance North America LLC 144A		2.63			9-15-2016		150,000		151,657
Toyota Motor Credit Corporation		2.05			1-12-2017		120,000		121,345
									658,438
Diversified Financial Services: 0.67%
AIG Global Funding 144A		1.65			12-15-2017		100,000		100,166
General Electric Capital Corporation		5.63			9-15-2017		80,000		86,087
									186,253

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 101

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Insurance: 0.61%
MetLife Global Funding 144A		3.13	%		1-11-2016	$	100,000	$	100,266
New York Life Global Funding 144A		1.55			11-2-2018		70,000		69,601
									169,867
REITs: 1.21%
AvalonBay Communities Incorporated		5.70			3-15-2017		80,000		84,077
Boston Properties LP		3.70			11-15-2018		90,000		93,548
ERP Operating LP		5.38			8-1-2016		89,000		91,362
ERP Operating LP		5.75			6-15-2017		66,000		70,109
									339,096
Health Care: 0.83%
Health Care Equipment & Supplies: 0.18%
Becton Dickinson & Company		1.80			12-15-2017		50,000		50,112
Health Care Providers & Services: 0.25%
UnitedHealth Group Incorporated		1.45			7-17-2017		70,000		70,225
Pharmaceuticals: 0.40%
AbbVie Incorporated		1.80			5-14-2018		20,000		19,977
Merck & Company Incorporated ±		0.47			2-10-2017		90,000		89,946
									109,923
Industrials: 2.51%
Aerospace & Defense: 0.11%
Lockheed Martin Corporation		1.85			11-23-2018		30,000		30,041
Commercial Services & Supplies: 0.72%
Cintas Corporation No. 2		2.85			6-1-2016		80,000		80,691
Cooper US Incorporated		2.38			1-15-2016		120,000		120,236
									200,927
Electrical Equipment: 0.33%
ABB Treasury Center USA Incorporated 144A		2.50			6-15-2016		90,000		90,719
Machinery: 0.32%
Caterpillar Financial Service		1.80			11-13-2018		90,000		90,274
Road & Rail: 1.03%
Burlington Northern Santa Fe LLC		5.65			5-1-2017		80,000		84,766
Norfolk Southern Corporation		5.75			1-15-2016		106,000		106,626
Union Pacific Corporation		5.75			11-15-2017		90,000		97,390
									288,782
Information Technology: 1.33%
Communications Equipment: 0.32%
Cisco Systems Incorporated ±		0.65			6-15-2018		90,000		89,928

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

102 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Software: 0.33%
Oracle Corporation ±		0.52	%		7-7-2017	$	90,000	$	89,984
Technology Hardware, Storage & Peripherals: 0.68%
Apple Incorporated		0.90			5-12-2017		90,000		89,967
HP Enterprise Company 144A		2.45			10-5-2017		100,000		100,230
									190,197
Materials: 0.97%
Chemicals: 0.97%
Ecolab Incorporated		3.00			12-8-2016		90,000		91,631
Praxair Incorporated		1.05			11-7-2017		90,000		89,251
Sherwin-Williams Company		1.35			12-15-2017		90,000		89,376
									270,258
Telecommunication Services: 0.79%
Diversified Telecommunication Services: 0.79%
AT&T Incorporated		1.60			2-15-2017		90,000		90,349
Verizon Communications Incorporated		1.35			6-9-2017		130,000		130,075
									220,424
Utilities: 2.96%
Electric Utilities: 1.66%
Commonwealth Edison Company		5.95			8-15-2016		120,000		124,199
Connecticut Light & Power		5.38			3-1-2017		75,000		78,215
Sierra Pacific Power Company		6.00			5-15-2016		120,000		122,715
Southern California Edison Company		1.13			5-1-2017		90,000		89,843
Xcel Energy Incorporated		1.20			6-1-2017		50,000		49,771
									464,743
Gas Utilities: 0.52%
Questar Corporation		2.75			2-1-2016		144,000		144,408
Multi-Utilities: 0.78%
Consumers Energy Company		5.15			2-15-2017		130,000		135,885
Entergy Mississippi Incorporated		3.25			6-1-2016		80,000		80,700
									216,585
Total Corporate Bonds and Notes (Cost $6,314,291)									6,312,460
Municipal Obligations: 1.89%
Arizona: 0.25%
Arizona School Facilities Board Certificate of Participation Series A-3 (Miscellaneous Revenue)		0.95			9-1-2016		70,000		69,981
Michigan: 0.70%
Chippewa Valley MI School District (GO Revenue, Qualified School Board Loan Fund Insured)		1.18			5-1-2017		60,000		60,037
Saranac MI School District (GO Revenue, Qualified School Board Loan Fund Insured)		1.03			5-1-2016		135,000		135,050
									195,087

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 103

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Minnesota: 0.11%
Saint Paul MN Housing & Redevelopment Authority HealthPartners Obligated Group Series B (Health Revenue)		1.04	%		7-1-2016	$	30,000	$	29,969
North Carolina: 0.55%
North Carolina Education Assistance Authority Student Loan Backed notes Series 2011-1 Tranche A-2 (Education Revenue) ±		1.22			1-26-2026		152,245		152,712
Pennsylvania: 0.28%
Chester County PA (GO Revenue)		0.59			5-15-2016		80,000		79,947
Total Municipal Obligations (Cost $527,711)									527,696
Non-Agency Mortgage-Backed Securities: 6.34%
Bear Stearns Commercial Mortgage Securities Trust Series 2007 PW16 Class A1A ±		5.91			6-11-2040		106,814		112,383
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17 Class A1A ±		5.65			6-11-2050		129,713		136,971
CIT Education Loan Trust Series 2005-1 Class A3 ±		0.46			3-15-2026		79,047		77,906
CNH Equipment Trust Series 2014-B Class A3		0.91			5-15-2019		125,000		124,611
CNH Equipment Trust Series 2015 Class A2B ±		0.67			12-17-2018		140,000		140,102
Commercial Mortgage Trust Pass-Through Certificates Series 2007-C9 Class A4 ±		5.99			12-10-2049		140,000		147,045
Dell Equipment Finance Trust 2015-1 Class A2 144A		1.01			7-24-2017		140,000		139,856
GAHR Commercial Mortgage Trust Series 2015 144A±		1.50			12-15-2016		140,000		139,911
GE Equipment Transportation LLC Series 2014-1 Class A3		0.97			4-23-2018		120,000		119,825
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class A1A		5.44			1-15-2049		105,598		109,715
Morgan Stanley Capital I Series 2007-T27 Class A4 ±		5.82			6-11-2042		123,072		129,381
SLMA Series 2014-1 Class A1 ±		0.50			5-28-2019		17,706		17,684
SLMA Series 2006 1 A5 ±		0.43			7-26-2021		135,000		131,994
Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A		6.00			10-25-2036		138,737		139,027
Towd Point Mortgage Trust Series 2015-6-A1 144A±(a)		3.50			4-25-2055		100,000		101,269
Total Non-Agency Mortgage-Backed Securities (Cost $1,788,989)									1,767,680
U.S. Treasury Securities: 5.89%
U.S. Treasury Note		0.63			7-31-2017		300,000		298,828
U.S. Treasury Note		0.63			9-30-2017		1,350,000		1,343,250
Total U.S. Treasury Securities (Cost $1,646,147)									1,642,078
Yankee Corporate Bonds and Notes: 3.69%
Energy: 1.22%
Oil, Gas & Consumable Fuels: 1.22%
Schlumberger SA 144A		2.65			1-15-2016		100,000		100,238
Shell International Finance Company ±		0.66			5-10-2017		90,000		89,975
Total Capital SA		2.30			3-15-2016		150,000		150,725
									340,938
Financials: 1.65%
Banks: 0.92%
Bank of Nova Scotia ±		0.80			6-11-2018		90,000		89,819
BNP Paribas		3.60			2-23-2016		75,000		75,477
Toronto Dominion Bank ±		0.86			7-23-2018		90,000		89,891
									255,187

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

104 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 0.73%
ConocoPhillips Canada Funding Company		5.63	%		10-15-2016	$	100,000	$	103,780
Deutsche Bank AG (London)		3.25			1-11-2016		100,000		100,239
									204,019
Industrials: 0.82%
Machinery: 0.29%
Pentair Finance SA		1.35			12-1-2015		80,000		80,000
Road & Rail: 0.53%
Canadian National Railway Company		1.45			12-15-2016		90,000		90,553
Canadian National Railway Company		5.80			6-1-2016		57,000		58,436
									148,989
Total Yankee Corporate Bonds and Notes (Cost $1,029,708)									1,029,133
	Yield					Shares
Short-Term Investments: 6.17%
Investment Companies: 4.11%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					1,145,992		1,145,992
						Principal
U.S. Treasury Securities: 2.06%
U.S Treasury Bill (z)#		0.22			3-3-2016	$	575,000		574,678
Total Short-Term Investments (Cost $1,720,647)									1,720,670

Total investments in securities (Cost $27,348,502) *	99.73	%		27,820,060
Other assets and liabilities, net	0.27			76,663
Total net assets	100.00	%	$	27,896,723

± 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.

(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.

(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.

* Cost for federal income tax purposes is $26,784,231 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,101,788
Gross unrealized losses		(65,959	)
Net unrealized gains	$	1,035,829

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

This page is intentionally left blank.

106 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2015 (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)	$	306,538,283	$	116,615,718
In affiliated securities, at value (see cost below)		14,406,902		2,802,541
Total investments, at value (see cost below)		320,945,185		119,418,259
Cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		0		121,450
Receivable for dividends		597,245		103,426
Receivable for securities lending income		966		641
Prepaid expenses and other assets		4,408		5,307
Total assets		321,547,804		119,649,083
Liabilities
Payable for investments purchased		0		146,808
Payable upon receipt of securities loaned		4,278,750		1,326,875
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		169,545		52,402
Accrued expenses and other liabilities		26,016		25,248
Total liabilities		4,474,311		1,551,333
Total net assets	$	317,073,493	$	118,097,750
Investments in unaffiliated securities (including securities on loan), at cost	$	240,460,541	$	75,203,099
Investments in affiliated securities, at cost	$	14,406,902	$	2,802,541
Total investments, at cost	$	254,867,443	$	78,005,640
Securities on loan, at value	$	4,192,650	$	1,298,417
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 107

Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	1,006,634,764	$	2,439,531,214	$	151,276,066	$	482,006,111	$	77,526,426	$	1,096,406,707	$	198,475,538
	109,355,356		78,314,451		5,627,099		19,508,327		4,891,001		176,294,186		12,783,629
	1,115,990,120		2,517,845,665		156,903,165		501,514,438		82,417,427		1,272,700,893		211,259,167
	0		0		0		0		0		0		9,762
	0		0		55,488		9,263,631		0		0		0
	2,900,476		22,479,271		684,540		0		678,828		3,235,001		2,799,733
	6,402		5,820,405		209,219		1,575,575		173,142		362,879		238,835
	335,217		15,506		5,635		28,485		2,440		290,585		4,653
	3,410		21,849		18,636		11,613		6,885		17,022		3,350
	1,119,235,625		2,546,182,696		157,876,683		512,393,742		83,278,722		1,276,606,380		214,315,500
	3,644,031		0		53,395		0		798,059		0		1,474,888
	97,288,111		13,080,495		1,302,812		15,597,666		3,413,200		118,989,418		4,795,850
	0		181,800		0		0		0		0		0
	666,423		176,909		108,660		346,379		40,928		717,492		134,522
	40,995		40,030		41,137		38,760		25,220		24,548		24,193
	101,639,560		13,479,234		1,506,004		15,982,805		4,277,407		119,731,458		6,429,453
$	1,017,596,065	$	2,532,703,462	$	156,370,679	$	496,410,937	$	79,001,315	$	1,156,874,922	$	207,886,047
$	760,204,702	$	1,188,428,645	$	126,347,077	$	519,319,145	$	67,502,414	$	995,453,082	$	174,801,497
$	109,355,356	$	60,485,228	$	5,627,099	$	19,508,327	$	4,891,001	$	176,294,186	$	12,783,629
$	869,560,058	$	1,248,913,873	$	131,974,176	$	538,827,472	$	72,393,415	$	1,171,747,268	$	187,585,126
$	94,857,530	$	12,747,497	$	1,240,646	$	14,809,795	$	3,325,447	$	115,718,547	$	4,677,670
$	0	$	0	$	55,503	$	9,665,860	$	0	$	0	$	0

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

108 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2015 (unaudited)

	Core Bond Portfolio		Managed Fixed Income Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,779,115,563	$	117,729,694
In affiliated securities, at value (see cost below)		332,932,327		4,447,922
Total investments, at value (see cost below)		4,112,047,890		122,177,616
Cash		3,585,903		0
Segregated cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		297,335,015		92,075
Receivable for interest		14,859,972		951,310
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		22,100		42
Prepaid expenses and other assets		37,966		5,652
Total assets		4,427,888,846		123,226,695
Liabilities
Payable for investments purchased		707,879,734		1,576,449
Payable upon receipt of securities loaned		60,450,000		236,500
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		1,011,736		29,946
Professional fees payable		37,201		25,310
Accrued expenses and other liabilities		56,959		1,929
Total liabilities		769,435,630		1,870,134
Total net assets	$	3,658,453,216	$	121,356,561
Investments in unaffiliated securities (including securities on loan), at cost	$	3,782,648,495	$	116,345,376
Investments in affiliated securities, at cost	$	332,932,327	$	4,447,922
Total investments, at cost	$	4,115,580,822	$	120,793,298
Securities on loan, at value	$	59,259,188	$	231,503
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 109

Real Return Portfolio		Stable Income Portfolio
$	47,941,487	$	26,674,068
	3,421,829		1,145,992
	51,363,316		27,820,060
	171		0
	0		13,500
	5,124		0
	5,139		0
	216,420		86,114
	0		703
	87		0
	3,006		2,369
	51,593,263		27,922,746
	103,035		0
	166,050		0
	406		0
	11,646		2,595
	17,754		22,193
	732		1,235
	299,623		26,023
$	51,293,640	$	27,896,723
$	48,063,324	$	26,202,510
$	3,421,829	$	1,145,992
$	51,485,153	$	27,348,502
$	162,486	$	0
$	5,147	$	0

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

110 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2015 (unaudited)

	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio
Investment income
Dividends*	$	3,185,662		$	520,296
Income from affiliated securities		9,012			1,195
Securities lending income, net		4,606			3,218
Interest		0			0
Total investment income		3,199,280			524,709
Expenses
Advisory fee		1,068,535			387,876
Custody and accounting fees		12,147			11,724
Professional fees		22,130			24,088
Shareholder report expenses		531			1,025
Trustees’ fees and expenses		6,301			6,473
Other fees and expenses		4,550			6,702
Total expenses		1,114,194			437,888
Less: Fee waivers and/or expense reimbursements		0			(66,660	)
Net expenses		1,114,194			371,228
Net investment income (loss)		2,085,086			153,481
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		10,230,399			4,189,078
Affiliated securities		0			0
Futures transactions		0			0
Net realized gain (losses) on investments		10,230,399			4,189,078
Net change in unrealized gains (losses) on:
Unaffiliated securities		(20,364,413	)		(2,879,730	)
Affiliated securities		0			0
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		(20,364,413	)		(2,879,730	)
Net realized and unrealized gains (losses) on investments		(10,134,014	)		1,309,348
Net increase (decrease) in net assets resulting from operations	$	(8,048,928	)	$	1,462,829
* Net of foreign dividend withholding taxes in the amount of		$17,263			$1,173

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

Statements of operations—six months ended November 30, 2015 (unaudited) Wells Fargo Allocation Funds 111

Emerging Growth Portfolio			Index Portfolio			International Growth Portfolio			International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
$	446,429		$	27,262,952		$	785,935		$	5,888,648		$	828,105		$	2,031,225		$	1,673,963
	18,887			505,801			3,876			4,240			1,585			38,880			4,714
	974,921			62,626			15,220			183,620			13,516			852,443			15,804
	0			264			0			0			0			0			0
	1,440,237			27,831,643			805,031			6,076,508			843,206			2,922,548			1,694,481
	4,318,734			1,090,712			652,569			2,142,625			257,317			3,793,458			828,526
	31,798			73,520			49,094			94,192			5,761			32,910			11,363
	23,493			30,361			26,642			30,417			23,654			24,297			23,329
	2,262			3,562			756			1,323			615			992			1,394
	6,125			4,773			6,430			5,982			6,121			5,971			6,023
	17,017			193,132			24,191			26,968			7,765			12,515			4,721
	4,399,429			1,396,060			759,682			2,301,507			301,233			3,870,143			875,356
	0			(11,554	)		0			0			(8,922	)		0			0
	4,399,429			1,384,506			759,682			2,301,507			292,311			3,870,143			875,356
	(2,959,192	)		26,447,137			45,349			3,775,001			550,895			(947,595	)		819,125
	30,516,698			76,603,043			(2,006,489	)		68,474			1,589,301			(33,533,955	)		14,137,854
	0			1,061,279			0			0			0			0			0
	0			40,989			0			0			0			0			0
	30,516,698			77,705,311			(2,006,489	)		68,474			1,589,301			(33,533,955	)		14,137,854
	(115,631,449	)		(111,490,822	)		(10,962,419	)		(53,900,425	)		(4,975,347	)		(33,388,318	)		(23,027,705	)
	0			(1,620,608	)		0			0			0			0			0
	0			935			0			0			0			0			0
	(115,631,449	)		(113,110,495	)		(10,962,419	)		(53,900,425	)		(4,975,347	)		(33,388,318	)		(23,027,705	)
	(85,114,751	)		(35,405,184	)		(12,968,908	)		(53,831,951	)		(3,386,046	)		(66,922,273	)		(8,889,851	)
$	(88,073,943	)	$	(8,958,047	)	$	(12,923,559	)	$	(50,056,950	)	$	(2,835,151	)	$	(67,869,868	)	$	(8,070,726	)
	$0			$3,832			$10,924			$657,280			$784			$6,205			$0

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

112 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2015 (unaudited)

	Core Bond Portfolio			Managed Fixed Income Portfolio
Investment income
Interest*	$	41,053,852		$	2,148,391
Income from affiliated securities		122,031			1,312
Securities lending income, net		63,914			276
Dividends		0			0
Total investment income		41,239,797			2,149,979
Expenses
Advisory fee		6,666,958			239,896
Custody and accounting fees		101,992			7,613
Professional fees		39,202			27,765
Shareholder report expenses		2,033			1,318
Trustees’ fees and expenses		5,722			6,544
Other fees and expenses		11,526			3,669
Total expenses		6,827,433			286,805
Less: Fee waivers and/or expense reimbursements		(268,428	)		(53,626	)
Net expenses		6,559,005			233,179
Net investment income		34,680,792			1,916,800
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,762,633	)		955,253
Futures transactions		0			0
TBA sale commitments		305,506			0
Net realized gain (losses) on investments		(1,457,127	)		955,253
Net change in unrealized gains (losses) on:
Unaffiliated securities		(36,347,983	)		(2,407,955	)
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		(36,347,983	)		(2,407,955	)
Net realized and unrealized gains (losses) on investments		(37,805,110	)		(1,452,702	)
Net increase (decrease) in net assets resulting from operations	$	(3,124,318	)	$	464,098
* Net of foreign interest 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, 2015 (unaudited) Wells Fargo Allocation Funds 113

Real Return Portfolio			Stable Income Portfolio
$	495,671		$	214,645
	152			512
	5,818			165
	85,388			0
	587,029			215,322
	101,540			40,654
	6,179			4,728
	22,216			26,399
	717			862
	7,328			7,050
	4,289			3,470
	142,269			83,163
	(30,930	)		(28,213	)
	111,339			54,950
	475,690			160,372
	(61,660	)		(179	)
	7,530			(6,450	)
	0			0
	(54,130	)		(6,629	)
	(1,916,517	)		(92,713	)
	(2,851	)		8,251
	(1,919,368	)		(84,462	)
	(1,973,498	)		(91,091	)
$	(1,497,808	)	$	69,281
	$5,397			$0

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

114 Wells Fargo Allocation Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	2,085,086		$	3,962,347
Net realized gains on investments		10,230,399			41,880,494
Net change in unrealized gains (losses) on investments		(20,364,413	)		(13,267,776	)
Net increase (decrease) in net assets resulting from operations		(8,048,928	)		32,575,065
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		26,534,974			32,358,693
Withdrawals		(36,947,357	)		(46,347,409	)
Net decrease in net assets resulting from capital share transactions		(10,412,383	)		(13,988,716	)
Total increase (decrease) in net assets		(18,461,311	)		18,586,349
Net assets
Beginning of period		335,534,804			316,948,455
End of period	$	317,073,493		$	335,534,804

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

Statements of changes in net assets Wells Fargo Allocation Funds 115

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	153,481		$	378,418
Net realized gains on investments		4,189,078			13,356,513
Net change in unrealized gains (losses) on investments		(2,879,730	)		2,762,375
Net increase in net assets resulting from operations		1,462,829			16,497,306
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,990,449			1,385,145
Withdrawals		(8,685,389	)		(38,000,934	)
Net decrease in net assets resulting from capital share transactions		(6,694,940	)		(36,615,789	)
Total decrease in net assets		(5,232,111	)		(20,118,483	)
Net assets
Beginning of period		123,329,861			143,448,344
End of period	$	118,097,750		$	123,329,861

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

116 Wells Fargo Allocation Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment loss	$	(2,959,192	)	$	(7,075,125	)
Net realized gains on investments		30,516,698			124,199,895
Net change in unrealized gains (losses) on investments		(115,631,449	)		125,177,937
Net increase (decrease) in net assets resulting from operations		(88,073,943	)		242,302,707
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		70,849,193			45,776,720
Withdrawals		(112,946,618	)		(236,510,647	)
Net decrease in net assets resulting from capital share transactions		(42,097,425	)		(190,733,927	)
Total increase (decrease) in net assets		(130,171,368	)		51,568,780
Net assets
Beginning of period		1,147,767,433			1,096,198,653
End of period	$	1,017,596,065		$	1,147,767,433

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

Statements of changes in net assets Wells Fargo Allocation Funds 117

	Index Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	26,447,137		$	54,937,429
Net realized gains on investments		77,705,311			151,694,995
Net change in unrealized gains (losses) on investments		(113,110,495	)		106,085,589
Net increase (decrease) in net assets resulting from operations		(8,958,047	)		312,718,013
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		35,484,942			163,917,502
Withdrawals		(264,067,367	)		(543,742,749	)
Net decrease in net assets resulting from capital share transactions		(228,582,425	)		(379,825,247	)
Total decrease in net assets		(237,540,472	)		(67,107,234	)
Net assets
Beginning of period		2,770,243,934			2,837,351,168
End of period	$	2,532,703,462		$	2,770,243,934

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

118 Wells Fargo Allocation Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	45,349		$	1,168,188
Net realized gains (losses) on investments		(2,006,489	)		5,764,586
Net change in unrealized gains (losses) on investments		(10,962,419	)		1,080,710
Net increase (decrease) in net assets resulting from operations		(12,923,559	)		8,013,484
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		13,012,480			9,541,797
Withdrawals		(2,122,571	)		(15,259,152	)
Net increase (decrease) in net assets resulting from capital share transactions		10,889,909			(5,717,355	)
Total increase (decrease) in net assets		(2,033,650	)		2,296,129
Net assets
Beginning of period		158,404,329			156,108,200
End of period	$	156,370,679		$	158,404,329

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

Statements of changes in net assets Wells Fargo Allocation Funds 119

	International Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	3,775,001		$	12,375,837
Net realized gains on investments		68,474			12,459,307
Net change in unrealized gains (losses) on investments		(53,900,425	)		(27,933,255	)
Net decrease in net assets resulting from operations		(50,056,950	)		(3,098,111	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		16,809,245			42,159,536
Withdrawals		(4,555,006	)		(17,083,113	)
Net increase in net assets resulting from capital share transactions		12,254,239			25,076,423
Total increase (decrease) in net assets		(37,802,711	)		21,978,312
Net assets
Beginning of period		534,213,648			512,235,336
End of period	$	496,410,937		$	534,213,648

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

120 Wells Fargo Allocation Funds Statements of changes in net assets

	Large Company Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	550,895		$	964,436
Net realized gains on investments		1,589,301			9,724,164
Net change in unrealized gains (losses) on investments		(4,975,347	)		(3,904,014	)
Net increase (decrease) in net assets resulting from operations		(2,835,151	)		6,784,586
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,593,477			1,636,829
Withdrawals		(3,253,299	)		(21,975,522	)
Net decrease in net assets resulting from capital share transactions		(659,822	)		(20,338,693	)
Total decrease in net assets		(3,494,973	)		(13,554,107	)
Net assets
Beginning of period		82,496,288			96,050,395
End of period	$	79,001,315		$	82,496,288

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

Statements of changes in net assets Wells Fargo Allocation Funds 121

	Small Company Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment loss	$	(947,595	)	$	(1,603,331	)
Net realized gains (losses) on investments		(33,533,955	)		17,519,892
Net change in unrealized gains (losses) on investments		(33,388,318	)		73,745,204
Net increase (decrease) in net assets resulting from operations		(67,869,868	)		89,661,765
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		502,985,505			343,108,775
Withdrawals		(29,626,135	)		(37,300,648	)
Net increase in net assets resulting from capital share transactions		473,359,370			305,808,127
Total increase in net assets		405,489,502			395,469,892
Net assets
Beginning of period		751,385,420			355,915,528
End of period	$	1,156,874,922		$	751,385,420

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

122 Wells Fargo Allocation Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	819,125		$	1,850,375
Net realized gains on investments		14,137,854			16,879,349
Net change in unrealized gains (losses) on investments		(23,027,705	)		(3,678,556	)
Net increase (decrease) in net assets resulting from operations		(8,070,726	)		15,051,168
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		9,367,320			22,862,632
Withdrawals		(9,106,770	)		(28,565,086	)
Net increase (decrease) in net assets resulting from capital share transactions		260,550			(5,702,454	)
Total increase (decrease) in net assets		(7,810,176	)		9,348,714
Net assets
Beginning of period		215,696,223			206,347,509
End of period	$	207,886,047		$	215,696,223

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

Statements of changes in net assets Wells Fargo Allocation Funds 123

	Core Bond Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	34,680,792		$	58,488,996
Net realized gains (losses) on investments		(1,457,127	)		54,777,871
Net change in unrealized gains (losses) on investments		(36,347,983	)		(15,603,380	)
Net increase (decrease) in net assets resulting from operations		(3,124,318	)		97,663,487
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		303,917,312			1,275,843,092
Withdrawals		(394,886,755	)		(517,501,361	)
Net increase (decrease) in net assets resulting from capital share transactions		(90,969,443	)		758,341,731
Total increase (decrease) in net assets		(94,093,761	)		856,005,218
Net assets
Beginning of period		3,752,546,977			2,896,541,759
End of period	$	3,658,453,216		$	3,752,546,977

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

124 Wells Fargo Allocation Funds Statements of changes in net assets

	Managed Fixed Income Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	1,916,800		$	3,704,473
Net realized gains on investments		955,253			1,635,962
Net change in unrealized gains (losses) on investments		(2,407,955	)		(507,703	)
Net increase in net assets resulting from operations		464,098			4,832,732
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,875,167			17,767,001
Withdrawals		(9,068,438	)		(14,012,007	)
Net increase (decrease) in net assets resulting from capital share transactions		(193,271	)		3,754,994
Total increase in net assets		270,827			8,587,726
Net assets
Beginning of period		121,085,734			112,498,008
End of period	$	121,356,561		$	121,085,734

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

Statements of changes in net assets Wells Fargo Allocation Funds 125

	Real Return Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	475,690		$	400,921
Net realized gains (losses) on investments		(54,130	)		1,132,514
Net change in unrealized gains (losses) on investments		(1,919,368	)		(896,307	)
Net increase (decrease) in net assets resulting from operations		(1,497,808	)		637,128
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,862,425			12,526,145
Withdrawals		(4,467,761	)		(11,966,906	)
Net increase in net assets resulting from capital share transactions		4,394,664			559,239
Total increase in net assets		2,896,856			1,196,367
Net assets
Beginning of period		48,396,784			47,200,417
End of period	$	51,293,640		$	48,396,784

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

126 Wells Fargo Allocation Funds Statements of changes in net assets

	Stable Income Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	160,372		$	308,337
Net realized gains (losses) on investments		(6,629	)		148
Net change in unrealized gains (losses) on investments		(84,462	)		(79,402	)
Net increase in net assets resulting from operations		69,281			229,083
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,484,007			3,703,378
Withdrawals		(1,732,369	)		(1,665,191	)
Net increase in net assets resulting from capital share transactions		751,638			2,038,187
Total increase in net assets		820,919			2,267,270
Net assets
Beginning of period		27,075,804			24,808,534
End of period	$	27,896,723		$	27,075,804

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

Financial highlights Wells Fargo Allocation Funds 127

	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, 2015 (unaudited)		1.27	%		0.68	%		0.68	%		(2.13	)%		18	%
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	%
Year ended May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
Year ended May 31, 20112		1.27	%		0.67	%		0.67	%		18.08	%		17	%
Year ended September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
Diversified Large Cap Growth Portfolio
Six months ended November 30, 2015 (unaudited)		0.26	%		0.73	%		0.62	%		1.28	%		28	%
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	%
Year ended May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
Year ended May 31, 20112,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
Year ended September 30, 20103		0.66	%		0.70	%		0.62	%		7.51	%		11	%
Emerging Growth Portfolio
Six months ended November 30, 2015 (unaudited)		(0.54	)%		0.80	%		0.80	%		(7.70	)%		40	%
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	%
Year ended May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
Year ended May 31, 20112		(0.77	)%		0.94	%		0.91	%		37.91	%		59	%
Year ended September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
Index Portfolio
Six months ended November 30, 2015 (unaudited)		2.05	%		0.11	%		0.11	%		(0.27	)%		2	%
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	%
Year ended May 31, 2012		2.09	%		0.10	%		0.10	%		(0.52	)%		9	%
Year ended May 31, 20112		1.93	%		0.10	%		0.10	%		19.39	%		3	%
Year ended September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
International Growth Portfolio
Six months ended November 30, 2015 (unaudited)		0.06	%		0.99	%		0.99	%		(8.10	)%		22	%
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	%
Year ended May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
Year ended May 31, 20112		1.62	%		1.10	%		1.10	%		14.50	%		53	%
Year ended September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
International Value Portfolio
Six months ended November 30, 2015 (unaudited)		1.50	%		0.91	%		0.91	%		(9.32	)%		5	%
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	%
Year ended May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
Year ended May 31, 20112		3.14	%		0.94	%		0.94	%		14.00	%		16	%
Year ended September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%

Please see footnotes on page 131.

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

128 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
Large Company Value Portfolio
Six months ended November 30, 2015 (unaudited)		1.39	%		0.76	%		0.74	%		(3.40	)%		30	%
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	%
Year ended May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
Year ended May 31, 20112		1.58	%		0.78	%		0.74	%		21.46	%		38	%
Year ended September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
Small Company Growth Portfolio
Six months ended November 30, 2015 (unaudited)		(0.20	)%		0.80	%		0.80	%		(6.99	)%		24	%
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	%
Year ended May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
Year ended May 31, 20112		(0.42	)%		0.83	%		0.83	%		39.64	%		70	%
Year ended September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
Small Company Value Portfolio
Six months ended November 30, 2015 (unaudited)		0.79	%		0.85	%		0.85	%		(3.82	)%		34	%
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	%
Year ended May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
Year ended May 31, 20112		1.60	%		0.84	%		0.84	%		26.72	%		47	%
Year ended September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%
Core Bond Portfolio
Six months ended November 30, 2015 (unaudited)		1.85	%		0.36	%		0.35	%		(0.10	)%		303	%
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	%
Year ended May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
Year ended May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
Managed Fixed Income Portfolio
Six months ended November 30, 2015 (unaudited)		3.20	%		0.48	%		0.39	%		0.35	%		14	%
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	%
Year ended May 31, 2012		3.83	%		0.46	%		0.39	%		6.97	%		51	%
Year ended May 31, 2011		3.97	%		0.45	%		0.39	%		8.84	%		104	%
Real Return Portfolio
Six months ended November 30, 2015 (unaudited)		1.87	%		0.56	%		0.44	%		(3.03	)%		9	%
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	%
Year ended May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
Year ended May 31, 2011		3.25	%		0.44	%		0.43	%		8.19	%		19	%
Stable Income Portfolio
Six months ended November 30, 2015 (unaudited)		1.18	%		0.61	%		0.41	%		0.28	%		13	%
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	%
Year ended May 31, 2012		1.76	%		0.59	%		0.41	%		1.71	%		11	%
Year ended May 31, 2011		2.02	%		0.54	%		0.40	%		2.97	%		14	%

Please see footnotes on page 131.

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

Financial highlights Wells Fargo Allocation Funds 129

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

²  For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

³  After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio, and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

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

130 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following portfolios: the Wells Fargo C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), the Wells Fargo Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), the Wells Fargo Emerging Growth Portfolio (“Emerging Growth Portfolio”), the Wells Fargo Index Portfolio (“Index Portfolio”), the Wells Fargo International Growth Portfolio (“International Growth Portfolio”), the Wells Fargo International Value Portfolio (“International Value Portfolio”), the Wells Fargo Large Company Value Portfolio (“Large Company Value Portfolio”), the Wells Fargo Small Company Growth Portfolio (“Small Company Growth Portfolio”), the Wells Fargo Small Company Value Portfolio (“Small Company Value Portfolio”), the Wells Fargo Core Bond Portfolio (“Core Bond Portfolio”), the Wells Fargo Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), the Wells Fargo Real Return Portfolio (“Real Return Portfolio”), and the Wells Fargo Stable Income Portfolio (“Stable Income Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and other affiliated master portfolios rather than directly to the public.

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).

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 primary exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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.

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, 2015, such fair value pricing was not used in pricing foreign securities.

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

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

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 131

Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Security loans

The Portfolios may lend their 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 Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive 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 Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios 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 Portfolios fluctuate from time to time, In the event of default or bankruptcy by the borrower, the Portfolios 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 Portfolios have the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolios lend their 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”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statements of Operations.

When-issued transactions

The Portfolios 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

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

to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

The Portfolios 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

The Portfolios are 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 security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the 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

The Portfolios 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 from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Inflation-indexed bonds and TIPS

The Portfolios 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.

Mortgage dollar roll transactions

The Portfolios may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 133

Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

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.

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 become doubtful based on consistently applied procedures. 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. The Portfolios are not required to pay federal income taxes on their 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 interestholders 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.

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 significant 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:

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

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

n 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.

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

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of November 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	43,570,238	$	0	$	0	$	43,570,238
Consumer staples		27,529,378		0		0		27,529,378
Energy		25,757,630		0		0		25,757,630
Financials		80,695,540		0		0		80,695,540
Health care		49,510,371		0		0		49,510,371
Industrials		57,225,373		0		0		57,225,373
Information technology		10,273,624		0		0		10,273,624
Materials		11,976,129		0		0		11,976,129
Short-term investments
Investment companies		10,128,152		4,278,750		0		14,406,902
Total assets	$	316,666,435	$	4,278,750	$	0	$	320,945,185
Diversified Large Cap Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	28,608,374	$	0	$	0	$	28,608,374
Consumer staples		5,983,717		0		0		5,983,717
Energy		1,099,377		0		0		1,099,377
Financials		4,804,210		0		0		4,804,210
Health care		19,153,581		0		0		19,153,581
Industrials		9,543,122		0		0		9,543,122
Information technology		41,703,620		637,946		0		42,341,566
Materials		3,637,690		0		0		3,637,690
Telecommunication services		1,444,081		0		0		1,444,081
Short-term investments
Investment companies		1,475,666		1,326,875		0		2,802,541
Total assets	$	117,453,438	$	1,964,821	$	0	$	119,418,259
Emerging Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	153,846,329	$	0	$	0	$	153,846,329
Energy		24,738,354		0		0		24,738,354
Financials		69,190,937		0		0		69,190,937
Health care		310,134,663		0		0		310,134,663
Industrials		67,845,360		0		0		67,845,360
Information technology		380,879,121		0		0		380,879,121
Short-term investments
Investment companies		12,067,245		97,288,111		0		109,355,356
Total assets	$	1,018,702,009	$	97,288,111	$	0	$	1,115,990,120

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 135

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	323,516,310	$	0	$	0	$	323,516,310
Consumer staples		236,462,150		0		0		236,462,150
Energy		174,453,010		0		0		174,453,010
Financials		409,991,049		0		0		409,991,049
Health care		361,254,412		0		0		361,254,412
Industrials		250,237,198		0		0		250,237,198
Information technology		517,481,505		0		0		517,481,505
Materials		70,714,141		0		0		70,714,141
Telecommunication services		57,663,208		0		0		57,663,208
Utilities		70,777,421		0		0		70,777,421
Short-term investments
Investment companies		30,518,256		13,080,495		0		43,598,751
U.S. Treasury Securities		1,696,510		0		0		1,696,510
Total assets	$	2,504,765,170	$	13,080,495	$	0	$	2,517,845,665
Liabilities
Futures contracts	$	181,800	$	0	$	0	$	181,800
Total liabilities	$	181,800	$	0	$	0	$	181,800
International Growth Portfolio
Assets
Investments in:
Common stocks
Belgium	$	5,493,130	$	0	$	0	$	5,493,130
China		13,196,300		0		0		13,196,300
France		8,665,712		0		0		8,665,712
Germany		17,651,058		0		0		17,651,058
Hong Kong		5,850,794		0		0		5,850,794
India		3,243,371		0		0		3,243,371
Ireland		9,440,422		0		0		9,440,422
Italy		1,006,582		0		0		1,006,582
Japan		14,520,381		0		0		14,520,381
Mexico		3,037,027		0		0		3,037,027
Netherlands		3,558,309		0		0		3,558,309
South Korea		17,735		0		0		17,735
Spain		2,312,466		0		0		2,312,466
Sweden		3,370,259		0		0		3,370,259
Switzerland		19,277,002		0		0		19,277,002
United Kingdom		32,008,727		0		0		32,008,727
United States		5,374,777		0		0		5,374,777
Participation Notes
Ireland		0		1,864,418		0		1,864,418
Preferred stocks
Germany		1,387,596		0		0		1,387,596
Short-term investments
Investment companies		4,324,287		1,302,812		0		5,627,099
Total assets	$	153,735,935	$	3,167,230	$	0	$	156,903,165

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
International Value Portfolio
Assets
Investments in:
Common stocks
Australia	$	25,081,068	$	0	$	0	$	25,081,068
Austria		5,294,819		0		0		5,294,819
Belgium		3,947,589		0		0		3,947,589
Bermuda		6,311,773		0		0		6,311,773
Brazil		5,433,340		0		0		5,433,340
Canada		10,488,921		0		0		10,488,921
Cayman Islands		3,146,128		0		0		3,146,128
China		13,315,375		0		0		13,315,375
Czech Republic		1,044,660		0		0		1,044,660
Denmark		1,410,994		0		0		1,410,994
Finland		2,109,273		0		0		2,109,273
France		44,731,440		0		0		44,731,440
Germany		42,741,504		235		0		42,741,739
Hong Kong		1,637,529		0		0		1,637,529
Hungary		1,134,183		0		0		1,134,183
India		4,419,465		0		0		4,419,465
Ireland		4,487,982		0		0		4,487,982
Israel		5,955,430		0		0		5,955,430
Italy		6,148,399		0		0		6,148,399
Japan		109,778,390		0		0		109,778,390
Liechtenstein		522,358		0		0		522,358
Netherlands		11,035,790		0		0		11,035,790
Norway		6,520,237		0		0		6,520,237
Poland		2,097,767		0		0		2,097,767
Russia		4,002,237		0		0		4,002,237
Singapore		4,208,691		0		0		4,208,691
South Africa		2,201,554		0		0		2,201,554
South Korea		13,924,876		0		0		13,924,876
Spain		5,117,334		0		0		5,117,334
Sweden		11,629,864		0		0		11,629,864
Switzerland		26,330,486		0		0		26,330,486
Taiwan		3,816,188		0		0		3,816,188
Thailand		3,579,440		0		0		3,579,440
United Kingdom		87,143,954		478,992		0		87,622,946
Preferred stocks
Brazil		678,775		0		0		678,775
Rights
United Kingdom		99,071		0		0		99,071
Short-term investments
Investment companies		3,910,661		15,597,666		0		19,508,327
Total assets	$	485,437,545	$	16,076,893	$	0	$	501,514,438

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 137

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Large Company Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	5,813,803	$	0	$	0	$	5,813,803
Consumer staples		4,825,638		0		0		4,825,638
Energy		9,131,870		0		0		9,131,870
Financials		22,668,089		0		0		22,668,089
Health care		10,170,726		0		0		10,170,726
Industrials		9,373,708		0		0		9,373,708
Information technology		8,477,705		0		0		8,477,705
Materials		2,602,907		0		0		2,602,907
Telecommunication services		1,557,075		0		0		1,557,075
Utilities		2,904,905		0		0		2,904,905
Short-term investments
Investment companies		1,477,801		3,413,200		0		4,891,001
Total assets	$	79,004,227	$	3,413,200	$	0	$	82,417,427
Small Company Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	167,050,255	$	0	$	0	$	167,050,255
Consumer staples		16,400,031		0		0		16,400,031
Energy		25,570,815		0		0		25,570,815
Financials		130,877,996		0		0		130,877,996
Health care		259,699,136		0		0		259,699,136
Industrials		173,421,338		0		0		173,421,338
Information technology		284,626,901		0		0		284,626,901
Materials		35,041,996		0		0		35,041,996
Utilities		3,718,239		0		0		3,718,239
Short-term investments
Investment companies		57,304,768		118,989,418		0		176,294,186
Total assets	$	1,153,711,475	$	118,989,418	$	0	$	1,272,700,893
Small Company Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	24,129,704	$	0	$	0	$	24,129,704
Consumer staples		3,374,747		0		0		3,374,747
Energy		11,242,207		0		0		11,242,207
Financials		84,797,439		0		0		84,797,439
Health care		12,104,882		0		0		12,104,882
Industrials		16,122,953		0		0		16,122,953
Information technology		26,088,951		0		0		26,088,951
Materials		10,694,939		0		0		10,694,939
Utilities		9,919,714		0		0		9,919,714
Warrants
Health care		0		2		0		2
Short-term investments
Investment companies		7,987,779		4,795,850		0		12,783,629
Total assets	$	206,463,315	$	4,795,852	$	0	$	211,259,167

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Core Bond Portfolio
Assets
Investments in:
Agency securities	$	0	$	1,146,605,218	$	0	$	1,146,605,218
Asset-backed securities		0		391,173,943		0		391,173,943
Corporate bonds and notes		0		625,100,844		0		625,100,844
Municipal obligations		0		34,332,561		0		34,332,561
Non-agency mortgage-backed securities		0		170,507,903		0		170,507,903
U.S. Treasury securities		1,169,251,064		0		0		1,169,251,064
Yankee corporate bonds and notes		0		193,799,156		0		193,799,156
Yankee government bonds		0		48,344,874		0		48,344,874
Short-term investments
Investment companies		272,482,327		60,450,000		0		332,932,327
Total assets	$	1,441,733,391	$	2,670,314,499	$	0	$	4,112,047,890
Managed Fixed Income Portfolio
Assets
Investments in:
Agency securities	$	0	$	35,924,981	$	0	$	35,924,981
Asset-backed securities		0		4,533,472		0		4,533,472
Corporate bonds and notes		0		38,610,899		0		38,610,899
Municipal obligations		0		10,043,666		0		10,043,666
Non-agency mortgage-backed securities		0		12,587,139		1,296,583		13,883,722
U.S. Treasury securities		6,982,773		0		0		6,982,773
Yankee corporate bonds and notes		0		6,774,488		0		6,774,488
Yankee government bonds		0		975,693		0		975,693
Short-term investments
Investment companies		4,211,422		236,500		0		4,447,922
Total assets	$	11,194,195	$	109,686,838	$	1,296,583	$	122,177,616
Real Return Portfolio
Assets
Investments in:
Common stocks
Consumer staples	$	786,657	$	0	$	0	$	786,657
Energy		1,108,724		0		0		1,108,724
Financials		2,298,312		0		0		2,298,312
Materials		2,259,425		0		0		2,259,425
Corporate bonds and notes		0		5,171,430		0		5,171,430
Loans		0		2,088,512		0		2,088,512
U.S. Treasury securities		33,811,334		0		0		33,811,334
Yankee corporate bonds and notes		0		392,094		0		392,094
Short-term investments
Investment companies		3,255,779		166,050		0		3,421,829
U. S. Treasury securities		24,999		0		0		24,999
Total assets	$	43,545,230	$	7,818,086	$	0	$	51,363,316
Liabilities
Futures contract	$	406	$	0	$	0	$	406
Total liabilities	$	406	$	0	$	0	$	406

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 139

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Stable Income Portfolio
Assets
Investments in:
Agency securities	$	0	$	7,786,744	$	0	$	7,786,744
Asset-backed securities		0		7,033,599		0		7,033,599
Corporate bonds and notes		0		6,312,460		0		6,312,460
Municipal obligations		0		527,696		0		527,696
Non-agency mortgage-backed securities		0		1,767,680		0		1,767,680
U.S. Treasury securities		1,642,078		0		0		1,642,078
Yankee corporate bonds and notes		0		1,029,133		0		1,029,133
Short-term investments
Investment companies		1,145,992		0		0		1,145,992
U.S. Treasury securities		574,678		0		0		574,678
		3,362,748		24,457,312		0		27,820,060
Futures contracts		703		0		0		703
Total assets	$	3,363,451	$	24,457,312	$	0	$	27,820,763

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Portfolio 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, 2015, the Portfolios did not have any transfers into/out of Level 1 or Level 2.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Managed Fixed Income Portfolio	Non-agency mortgage-backed securities
Balance as of May 31, 2015	$	1,351,797
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		61,078
Purchases		0
Sales		(116,292	)
Transfers into Level 3		0
Transfers out of Level 3		0
Transfers in from acquisition		0
Balance as of November 30, 2015	$	1,296,583
Change in unrealized gains (losses) relating to securities still held at November 30, 2015	$	19,795

The investment type categorized above was valued using an indicative broker quote. The indicative broker quote is considered a Level 3 input. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Portfolio and therefore the disclosure that would address these inputs is not included above.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the 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.

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

Funds Management has retained the services of certain subadvisers to provide daily portfolio management for the Portfolios. Funds Management has engaged WellsCap (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), Peregrine Capital Management, Inc. (an affiliate of Funds Management and a direct wholly owned subsidiary of Wells Fargo), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Galliard Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), Golden Capital Management, LLC (an affiliate of Funds Management), LSV Asset Management, and Phocas Financial Corporation as subadvisers.

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.

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

	Advisory fee						Effective rate for the six months ended November 30, 2015			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
Emerging Growth Portfolio		0.80			0.68			0.78		WellsCap	0.55		0.40
Index Portfolio		0.10			0.05			0.08		Golden Capital Management, LLC	0.05		0.02
International Growth Portfolio		0.85			0.70			0.85		Artisan Partners Limited Partnership	0.80		0.50
International Value Portfolio		0.85			0.70			0.85		LSV Asset Management	0.35		0.30
Large Company Value Portfolio		0.65			0.475			0.65		Phocas Financial Corporation	0.29		0.20
Small Company Growth Portfolio		0.80			0.68			0.79		Peregrine Capital Management, Inc.	0.50		0.45
Small Company Value Portfolio		0.80			0.68			0.80		Peregrine Capital Management, Inc.	0.45		0.40
Core Bond Portfolio		0.40			0.30			0.35		WellsCap	0.20		0.10
Managed Fixed Income Portfolio		0.40			0.30			0.40		Galliard Capital Management, Inc.	0.20		0.10
Real Return Portfolio		0.40			0.30			0.40		WellsCap	0.28		0.18
Stable Income Portfolio		0.30			0.225			0.30		Galliard Capital Management, Inc.	0.15		0.05

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 141

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 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	$	57,405,351	$	0	$	62,971,984
Diversified Large Cap Growth Portfolio		0		32,564,848		0		38,940,011
Emerging Growth Portfolio		0		426,627,598		0		463,548,625
Index Portfolio		0		51,565,968		0		219,216,738
International Growth Portfolio		0		41,302,536		0		33,178,491
International Value Portfolio		0		42,162,582		0		25,390,877
Large Company Value Portfolio		0		23,533,763		0		23,142,265
Small Company Growth Portfolio		0		696,517,890		0		220,797,193
Small Company Value Portfolio		0		67,171,241		0		67,655,397
Core Bond Portfolio		10,589,875,023		1,491,007,478		10,554,847,450		1,433,738,469
Managed Fixed Income Portfolio		8,862,470		13,187,438		9,790,260		6,312,513
Real Return Portfolio		5,429,363		2,828,542		3,116,428		1,309,226
Stable Income Portfolio		2,445,838		4,836,467		799,123		2,367,314

As of November 30, 2015, Real Return Portfolio Portfolio had unfunded term loan commitments of $99,750.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2015, Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2015, Real Return Portfolio and Stable Income Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of each portfolio.

At November 30, 2015, the Portfolios had long and short futures contracts outstanding as follows:

	Expiration date	Counterparty	Contracts	Type	Contract value at November 30, 2015		Unrealized gains (losses)
Index Portfolio	12-17-2015	Societe Generale	72 Long	S&P 500 Index	$	37,436,400	$	168,015
Real Return Portfolio	03-21-2016	JPMorgan	2 Short	U.S. Treasury Bonds		308,000		(3,066	)
Real Return Portfolio	03-21-2016	JPMorgan	2 Long	5 Year U.S. Treasury Notes		237,359		215
Stable Income Portfolio	03-03-2016	JPMorgan	15 Short	5 Year U.S. Treasury Notes		1,780,195		555

As of November 30, 2015, Stable Income Portfolio had segregated $13,500 as cash collateral for open futures contracts.

The Portfolios had average notional amounts in futures contracts during the six months ended November 30, 2015 as follows:

	Long contracts		Short contracts
Index Portfolio	$	28,358,824	$	0
Real Return Portfolio		143,629		454,141
Stable Income Portfolio		0		2,132,298

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.

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

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 clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolios 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 or Summary 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:

	Derivative type	Counterparty	Gross amounts of assets in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
Stable Income Portfolio	Futures – variation margin	JPMorgan	$	703	$	0	$	0	$	703

	Derivative type	Counterparty	Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
Index Portfolio	Futures – variation margin	Societe Generale	$	181,800	$	0	$	(181,800	)	$	0
Real Return Portfolio	Futures – variation margin	JPMorgan		406		0		(406	)		0

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

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 or Summary 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.

Other information (unaudited) Wells Fargo Allocation Funds 143

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.

144 Wells Fargo Allocation Funds Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director 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 lead 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. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Allocation Funds 145

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996**	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** Donald Willeke retired as a Trustee effective December 31, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
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.
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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
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 68 other funds and Assistant Treasurer of 61 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 61 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.

146 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

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

239078 01-16 SAAFNLD/SAR109 11-15

Semi-Annual Report

November 30, 2015

Equity Gateway Funds

n Wells Fargo C&B Large Cap Value Fund

n Wells Fargo Diversified Equity Fund

n Wells Fargo Emerging Growth Fund

n Wells Fargo Index Fund

n Wells Fargo International Value Fund

n Wells Fargo Small Company Growth Fund

n Wells Fargo Small Company Value Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	18
Portfolio of investments
Wells Fargo C&B Large Cap Value Fund	21
Wells Fargo Diversified Equity Fund	21
Wells Fargo Emerging Growth Fund	22
Wells Fargo Index Fund	22
Wells Fargo International Value Fund	23
Wells Fargo Small Company Growth Fund	23
Wells Fargo Small Company Value Fund	24
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	62
Wells Fargo Emerging Growth Portfolio	67
Wells Fargo Index Portfolio (Summary portfolio of investments)*	71
Wells Fargo International Growth Portfolio	78
Wells Fargo International Value Portfolio	82
Wells Fargo Large Company Value Portfolio	90
Wells Fargo Small Company Growth Portfolio	95
Wells Fargo Small Company Value Portfolio	101
Financial statements
Statements of assets and liabilities	106
Statements of operations	108
Statements of changes in net assets	110
Financial highlights	119
Notes to financial statements	121
Other information	131
List of abbreviations	134

* A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/index-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

The views expressed and any forward-looking statements are as of November 30, 2015, 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)

Karla M. Rabusch

President

Wells Fargo Funds

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve.

Dear Valued 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, 2015. Among the most significant influences on equity markets during the period were low interest rates; low prices for oil, natural gas, and other commodities; a strong U.S. dollar; and shifting investor sentiment, which sparked volatility in equity and bond markets at higher levels than during recent years, pushing markets generally lower for the period.

U.S. economic growth remained slow and uneven.

U.S. annualized gross domestic product (GDP) growth was 2.1% for the three-month period ended September 30, 2015, a slower pace than the prior quarter that restrained investor activity during the third and fourth quarters of 2015. Investor concerns about economic growth in the U.S. were compounded by data on retail sales and industrial production. Retail sales increased in August but at a slightly slower pace than expected, and the overall trend remained constrained. Industrial production declined in August, and the trend remained fairly flat overall with the periodic exception of automobile manufacturing.

On a more positive note, unemployment eased to 5.0% in October 2015 and consumer spending was solid as housing demand improved, although corporate results, as measured by profits from current production, decreased in the third quarter after a second-quarter increase, according to the U.S. Bureau of Economic Analysis. The S&P 500 Index,¹ a common gauge of U.S. large-cap stock performance, was essentially flat for the period, recording a -0.21% return. U.S. small-cap stocks, as measured by the Russell 2500^TM Index,² felt the effects of investor uncertainty more severely than large-cap domestic stocks, recording a -4.09% return for the period. Despite sometimes conflicting data, expectations grew throughout the period that the Federal Open Market Committee would announce the first increase in the federal funds rate since June 2006 after its December 2015 meeting.

Overseas, central banks diverged from Federal Reserve policy due to economic concerns.

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve. Contentious negotiations between Greece and its debtors to refinance the country’s sovereign debt concerned investors in mid-2015 before the Greek government accepted additional reforms in order to secure new loan agreements with the European Central Bank (ECB). The ECB continued to encourage lending and investing in the region by making funds available to banks at low interest rates, imposing a negative interest rate on bank deposits it held, and purchasing bonds through its quantitative easing program.

During the summer of 2015, Hong Kong’s Hang Seng Index³ experienced a dramatic decline. The People’s Bank of China sought to spur growth by cutting interest rates six times in less than a year through October 2015; lowering bank reserve requirements to encourage lending; and allowing the renminbi to depreciate in support of exports and to advance government efforts to transition to a more market-driven economy. Slowing economic growth in China reduced its importing activity, which, combined with continued low prices for many commodities, negatively affected China’s trading partners, particularly emerging markets countries.

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 Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

³  The Hang Seng Index is a free-float-adjusted market-capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. You cannot invest directly in an index.

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

Although Japan’s third-quarter 2015 GDP was positive after contracting in the second quarter, the Bank of Japan expanded its economic stimulus programs to increase injections of liquidity into the economy through additional bond purchases. The Government Pension Investment Fund continued to reduce government bond investments and direct those assets to investments in the Japanese stock market.

Developed European and Asian equity markets returned -7.42%, as measured by the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net)⁴ for the six-month period that ended November 30, 2015. U.S. investors in overseas markets saw the values of their investments fall as the U.S. dollar strengthened in comparison with other currencies. Emerging markets tended to bear the negative effects of investor uncertainty, a strong U.S. dollar, and sustained commodity-price weakness to a greater degree than developed markets. For the period, the MSCI Emerging Markets Index (Net)⁵ recorded a return of -17.67%.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds and other investments 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,

Karla M. Rabusch

President

Wells Fargo Funds

U.S. investors in overseas markets saw the values of their investments fall as the U.S. dollar strengthened in comparison with other currencies.

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Funds and the underlying Master Portfolios approved a change in the name of each Fund and underlying Master Portfolio whereby the word “Advantage” was removed from its name, effective December 15, 2015.

For current information about your fund investments, 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  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 U.S. 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. You cannot invest directly in an index. Source: MSCI. MSCI makes no 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.

⁵  The MSCI Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.

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, 2015

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (CBEAX)	7-26-2004		(4.95	)		10.52		5.49		0.86			11.83		6.12		1.24		1.15
Class B (CBEBX)*	7-26-2004		(4.92	)		10.71		5.58		0.08			10.98		5.58		1.99		1.90
Class C (CBECX)	7-26-2004		(0.94	)		10.97		5.34		0.06			10.97		5.34		1.99		1.90
Administrator Class (CBLLX)	7-26-2004		–			–		–		1.01			12.02		6.34		1.16		1.00
Institutional Class (CBLSX)	7-26-2004		–			–		–		1.32			12.31		6.62		0.91		0.80
Russell 1000® Value Index4	–		–			–		–		(1.11	)		13.47		6.45		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 Fund (continued)

Ten largest holdings (%) as of November 30, 20155
State Street Corporation	3.78
JPMorgan Chase & Company	3.38
Laboratory Corporation of America Holdings	3.34
Omnicom Group Incorporated	3.12
Johnson & Johnson	3.11
Twenty-First Century Fox Incorporated Class A	3.07
RenaissanceRe Holdings Limited	2.99
Gildan Activewear Incorporated	2.86
Aercap Holdings NV	2.85
PNC Financial Services Group Incorporated	2.83

Sector distribution as of November 30, 2015⁶

¹  The Fund is a gateway feeder fund that invests all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially similar 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁴  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.

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 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 Fund¹

Investment objective

The Fund seeks long-term total capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadvisers for the affiliated master portfolios

Artisan Partners Limited Partnership	Peregrine Capital Management, Inc.
Cooke & Bieler, L.P.	Phocas Financial Corporation
Golden Capital Management, LLC	Wells Capital Management Incorporated
LSV Asset Management

Portfolio managers

Thomas C. Biwer CFA^®

Aldo Ceccarelli, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2015

		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 (NVDAX)	5-2-1996		(4.70	)		10.21		5.05		1.11			11.52		5.67		1.39		1.25
Class B (NVDBX)*	5-6-1996		(4.69	)		10.41		5.11		0.31			10.67		5.11		2.14		2.00
Class C (WFDEX)	10-1-1998		(0.63	)		10.70		4.88		0.37			10.70		4.88		2.14		2.00
Administrator Class (NVDEX)	11-11-1994		–			–		–		1.35			11.80		5.94		1.31		1.00
Diversified Equity Composite Index4	–		–			–		–		1.88			12.81		7.02		–		–
MSCI EAFE Index (Net)5	–		–			–		–		(2.94	)		5.52		3.64		–		–
Russell 1000® Growth Index6	–		–			–		–		6.12			15.10		8.66		–		–
Russell 1000® Value Index7	–		–			–		–		(1.11	)		13.47		6.45		–		–
Russell 2000® Index8	–		–			–		–		3.51			12.02		7.31		–		–
S&P 500 Index9	–		–			–		–		2.75			14.40		7.48		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 7

Wells Fargo Diversified Equity Fund (continued)

Ten largest holdings (%) as of November 30, 201510
Apple Incorporated	2.13
Facebook Incorporated	1.32
Amazon.com Incorporated	1.26
Alphabet Incorporated Class A	1.16
Exxon Mobil Corporation	1.08
JPMorgan Chase & Company	1.06
Alphabet Incorporated Class C	1.00
Visa Incorporated	0.94
Medtronic plc	0.91
The Home Depot Incorporated	0.87

Sector distribution as of November 30, 2015¹¹

¹ The Fund is a gateway feeder fund that invests all of its assets in two or more affiliated master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁴  Source: Wells Fargo Funds Management, LLC. The Diversified Equity Composite Index is weighted 25% in the Russell 1000^® Value Index, 25% in the S&P 500 Index, 25% in the Russell 1000^® Growth Index, 15% in the MSCI EAFE Index (Net) and 10% in the Russell 2000^® Index. You cannot invest directly in an index.

⁵ 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 U.S. 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. You cannot invest directly in an index. 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.

⁶ 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.

⁷ 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.

⁸  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.

⁹  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.

¹⁰  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolios 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.

¹¹  Amounts represent the sector distribution of the affiliated master portfolios which are calculated based on the total long-term investments of the affiliated master portfolios. These amounts are 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

The Fund is 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

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, 2015³

		Including sales charge							Excluding sales charge					Expense ratios4 (%)
	Inception date	1 year			5 year		Since inception		1 year		5 year		Since inception	Gross		Net5
Class A (WEMAX)	3-31-2008		(4.17	)		10.98		6.78		1.67		12.30	7.50		1.34		1.34
Class C (WEMCX)	3-31-2008		(0.07	)		11.48		6.71		0.93		11.48	6.71		2.09		2.09
Administrator Class (WFGDX)	1-31-2007		–			–		–		1.84		12.48	7.73		1.26		1.20
Institutional Class (WEMIX)	3-31-2008		–			–		–		2.11		12.83	7.99		1.01		0.90
Russell 2000® Growth Index6	–		–			–		–		6.63		13.41	7.89		–		–

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 Fund (continued)

Ten largest holdings (%) as of November 30, 20157
MarketAxess Holdings Incorporated	4.29
Proofpoint Incorporated	3.96
Acadia Healthcare Company Incorporated	3.51
SPS Commerce Incorporated	3.21
Envestnet Incorporated	2.29
HealthEquity Incorporated	1.97
On Assignment Incorporated	1.96
Demandware Incorporated	1.94
Fiesta Restaurant Group Incorporated	1.89
Q2 Holdings Incorporated	1.85

Sector distribution as of November 30, 2015⁸

¹  The Fund is a gateway feeder fund that invests all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially similar 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 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 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 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 1.35% for Class A, 2.10% for Class C, 1.20% for Administrator Class, and 0.90% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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.

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

Golden Capital Management, LLC

Portfolio managers

John R. Campbell, CFA^®

Justin Carr, CFA^®

David Neal, CFA^®

Average annual total returns (%) as of November 30, 2015²

		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		(3.64	)		12.45		6.29		2.23		13.79		6.92		0.63		0.56
Class B (WFMIX)*	11-3-1998		(3.53	)		12.69		6.36		1.46		12.93		6.36		1.38		1.31
Class C (WFINX)	4-30-1999		0.46			12.94		6.12		1.46		12.94		6.12		1.38		1.31
Administrator Class (WFIOX)	2-14-1985		–			–		–		2.53		14.14		7.22		0.40		0.25
S&P 500 Index5	–		–			–		–		2.75		14.40		7.48		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distribution and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class 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 Fund (continued)

Ten largest holdings (%) as of November 30, 20156
Apple Incorporated	3.82
Microsoft Corporation	2.46
Exxon Mobil Corporation	1.93
General Electric Company	1.60
Johnson & Johnson	1.59
Wells Fargo & Company	1.46
Amazon.com Incorporated	1.44
Berkshire Hathaway Incorporated Class B	1.42
JPMorgan Chase & Company	1.39
Facebook Incorporated Class A	1.33

Sector distribution as of November 30, 2015⁷

¹  The Fund is a gateway feeder fund that invests all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially similar 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, 2017 (September 30, 2016 for Administrator Class), to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 0.45% for Class A, 1.20% for Class B, 1.20% for Class C, and 0.25% for Administrator Class. After this time, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

Puneed Mansharamani, CFA^®

Menno Vermeulen, CFA^®

Average annual total returns (%) as of November 30, 2015²

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (WFFAX)	10-31-2003		(10.09	)		2.88		1.39		(4.61	)		4.10		1.99		1.45		1.35
Class B (WFMIX)*	4-8-2005		(10.26	)		2.99		1.44		(5.26	)		3.34		1.44		2.20		2.10
Class C (WFINX)	4-8-2005		(6.36	)		3.32		1.21		(5.36	)		3.32		1.21		2.20		2.10
Administrator Class (WFIOX)	4-8-2005		–			–		–		(4.65	)		4.28		2.19		1.37		1.25
Institutional Class (WFVIX)	8-31-2006		–			–		–		(4.21	)		4.55		2.40		1.12		1.00
MSCI EAFE Value Index (Net)5	–		–			–		–		(7.14	)		4.61		2.56		–		–

* Effective December 9, 2015, Class B shares are no longer offered by the Fund.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Ten largest holdings (%) as of November 30, 20156
Nippon Telegraph & Telephone Corporation	1.75
Sanofi-Aventis SA	1.49
BAE Systems plc	1.47
Swiss Reinsurance AG	1.45
Royal Dutch Shell plc Class B	1.44
Daimler AG	1.37
Allianz AG	1.27
Magna International Incorporated Class A	1.21
Credit Suisse Group AG	1.18
Koninklijke Ahold NV	1.16

Sector distribution as of November 30, 2015⁷

Country allocation as of November 30, 2015⁷

¹  The Fund is a gateway feeder fund that invests all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially similar 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 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 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁵  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 U.S. 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. You cannot invest directly in an index. 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.

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.

14 Wells Fargo Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Small Company Growth 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, Inc.

Portfolio managers

William A. Grierson, CFA^®

Daniel J. Hageni, CFA^®

Robert B. Mersky, CFA^®

James P. Ross, CFA^®

Paul E. von Kuster, CFA^®

Average annual total returns (%) as of November 30, 2015²

		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 (WFSAX)	1-30-2004		(2.27	)		12.78		7.59		3.69		14.13		8.23		1.36		1.35
Class B (WFSBX)*	1-30-2004		(2.08	)		13.02		7.66		2.92		13.27		7.66		2.11		2.10
Class C (WSMCX)	1-30-2004		1.91			13.27		7.43		2.91		13.27		7.43		2.11		2.10
Class R6 (WBHWJ)	10-31-2014		–			–		–		4.15		14.67		8.69		0.93		0.90
Administrator Class (NVSCX)	11-11-1994		–			–		–		3.89		14.38		8.49		1.28		1.20
Institutional Class (WSCG)	3-31-2008		–			–		–		4.13		14.66		8.69		1.03		0.95
Russell 2000® Growth Index5	–		–			–		–		6.63		13.41		8.46		–		–

* Class B shares are closed to investment, except with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 Fund (continued)

Ten largest holdings (%) as of November 30, 20156
SS&C Technologies Holdings	1.55
ICON plc ADR	1.44
Monro Muffler Brake Incorporated	1.35
Evercore Partners Incorporated Class A	1.29
SVB Financial Group	1.29
Cadence Design Systems Incorporated	1.29
TrueBlue Incorporated	1.23
A.O. Smith Corporation	1.20
OSI Systems Incorporated	1.17
Argo Group International Holdings Limited	1.16

Sector distribution as of November 30, 2015⁷

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

²  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns 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 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁵  The Russell 2000^® Growth Index measures the performance shown 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.

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, Inc.

Portfolio managers

Jason R. Ballsrud, CFA^®

Tasso H. Coin, Jr., CFA^®

Douglas G. Pugh, CFA^®

Average annual total returns (%) as of November 30, 2015²

		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		(3.64	)		9.89		4.87		2.24		11.20		5.49		1.45		1.35
Class B (SCVBX)*	1-31-2002		(3.53	)		10.13		4.96		1.47		10.40		4.96		2.20		2.10
Class C (SCVFX)	8-30-2002		0.48			10.36		4.73		1.48		10.36		4.73		2.20		2.10
Administrator Class (SCVIX)	1-31-2002		–			–		–		2.44		11.43		5.76		1.37		1.20
Institutional Class (SCVNX)	7-30-2010		–			–		–		2.62		11.65		5.87		1.12		1.00
Russell 2000® Value Index5	–		–			–		–		0.35		10.60		6.07		–		–

* Effective January 8, 2016, Class B shares are no longer offered by the Fund.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 17.

Performance highlights (unaudited) Wells Fargo Equity Gateway Funds 17

Wells Fargo Small Company Value Fund (continued)

Ten largest holdings (%) as of November 30, 20156
Western Alliance Bancorp	2.59
Belden Incorporated	2.50
PNM Resources Incorporated	2.32
American Axle & Manufacturing Holdings Incorporated	2.30
Great Western Bancorp Incorporated	2.26
PrivateBancorp Incorporated	2.21
Primerica Incorporated	2.21
Alere Incorporated	2.18
Equity Commonwealth	2.18
Scholastic Corporation	2.15

Sector distribution as of November 30, 2015⁷

¹  The Fund is a gateway feeder fund that invests all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially similar 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 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 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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, 2015 to November 30, 2015.

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.

Wells Fargo C&B Large Cap Value Fund	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	977.05	$	5.68		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class B
Actual	$	1,000.00	$	973.53	$	9.37		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Class C
Actual	$	1,000.00	$	973.10	$	9.37		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Administrator Class
Actual	$	1,000.00	$	977.81	$	4.75		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.20	$	4.85		0.96	%
Institutional Class
Actual	$	1,000.00	$	979.41	$	3.61		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.35	$	3.69		0.73	%

Please see footnote on page 20.

Fund expenses (unaudited) Wells Fargo Equity Gateway Funds 19

Wells Fargo Diversified Equity Fund	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	973.12	$	6.17		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Class B
Actual	$	1,000.00	$	969.45	$	9.85		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.00	$	10.08		2.00	%
Class C
Actual	$	1,000.00	$	969.56	$	9.85		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.00	$	10.08		2.00	%
Administrator Class
Actual	$	1,000.00	$	974.42	$	4.94		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.00	$	5.05		1.00	%
Wells Fargo Emerging Growth Fund
Class A
Actual	$	1,000.00	$	920.36	$	6.43		1.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.76		1.34	%
Class C
Actual	$	1,000.00	$	917.68	$	10.02		2.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.55	$	10.53		2.09	%
Administrator Class
Actual	$	1,000.00	$	921.72	$	5.72		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.01		1.19	%
Institutional Class
Actual	$	1,000.00	$	922.41	$	4.33		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Wells Fargo Index Fund
Class A
Actual	$	1,000.00	$	995.25	$	2.64		0.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.35	$	2.68		0.53	%
Class B
Actual	$	1,000.00	$	991.53	$	6.42		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.51		1.29	%
Class C
Actual	$	1,000.00	$	991.56	$	6.42		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.51		1.29	%
Administrator Class
Actual	$	1,000.00	$	996.76	$	1.25		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75	$	1.26		0.25	%
Wells Fargo International Value Fund
Class A
Actual	$	1,000.00	$	904.38	$	6.81		1.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.21		1.43	%
Class B
Actual	$	1,000.00	$	902.38	$	9.65		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.85	$	10.23		2.03	%
Class C
Actual	$	1,000.00	$	900.96	$	10.36		2.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.10	$	10.98		2.18	%
Administrator Class
Actual	$	1,000.00	$	902.92	$	5.95		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Institutional Class
Actual	$	1,000.00	$	906.44	$	4.86		1.02	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.15		1.02	%

Please see footnote on page 20.

20 Wells Fargo Equity Gateway Funds Fund expenses (unaudited)

Wells Fargo Small Company Growth Fund	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	928.33	$	6.46		1.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.76		1.34	%
Class B
Actual	$	1,000.00	$	924.76	$	10.01		2.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.60	$	10.48		2.08	%
Class C
Actual	$	1,000.00	$	924.72	$	10.06		2.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.55	$	10.53		2.09	%
Class R6
Actual	$	1,000.00	$	930.25	$	4.34		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Administrator Class
Actual	$	1,000.00	$	929.15	$	5.79		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Institutional Class
Actual	$	1,000.00	$	930.23	$	4.58		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.25	$	4.80		0.95	%
Wells Fargo Small Company Value Fund
Class A
Actual	$	1,000.00	$	959.83	$	6.76		1.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.96		1.38	%
Class B
Actual	$	1,000.00	$	955.81	$	10.41		2.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.35	$	10.73		2.13	%
Class C
Actual	$	1,000.00	$	956.05	$	10.42		2.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.35	$	10.73		2.13	%
Administrator Class
Actual	$	1,000.00	$	960.27	$	5.88		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Institutional Class
Actual	$	1,000.00	$	961.40	$	4.90		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.00	$	5.05		1.00	%

¹ Expenses paid is equal to the annualized 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, 2015 (unaudited) Wells Fargo Equity Gateway Funds 21

C&B LARGE CAP VALUE FUND

Security name	Value
Investment Companies: 100.13%
Affiliated Master Portfolios: 100.13%
Wells Fargo C&B Large Cap Value Portfolio	$	277,595,614
Total Investment Companies (Cost $220,801,135)		277,595,614

Total investments in securities (Cost $220,801,135) *	100.13	%		277,595,614
Other assets and liabilities, net	(0.13	)		(363,219	)
Total net assets	100.00	%	$	277,232,395

* Cost for federal income tax purposes is $227,552,861 and unrealized gains (losses) consists of:

Gross unrealized gains	$	50,042,753
Gross unrealized losses		0
Net unrealized gains	$	50,042,753

DIVERSIFIED EQUITY FUND

Security name	Value
Investment Companies: 100.02%
Affiliated Master Portfolios: 100.02%
Wells Fargo C&B Large Cap Value Portfolio	$	19,217,623
Wells Fargo Diversified Large Cap Growth Portfolio		57,372,228
Wells Fargo Emerging Growth Portfolio		5,711,359
Wells Fargo Index Portfolio		57,479,562
Wells Fargo International Growth Portfolio		17,334,197
Wells Fargo International Value Portfolio		16,892,228
Wells Fargo Large Company Value Portfolio		38,432,683
Wells Fargo Small Company Growth Portfolio		5,728,626
Wells Fargo Small Company Value Portfolio		11,599,168
Total Investment Companies (Cost $174,927,427)		229,767,674

Total investments in securities (Cost $174,927,427) *	100.02	%		229,767,674
Other assets and liabilities, net	(0.02	)		(35,731	)
Total net assets	100.00	%	$	229,731,943

* Cost for federal income tax purposes is $182,122,044 and unrealized gains (losses) consists of:

Gross unrealized gains	$	54,840,247
Gross unrealized losses		(7,194,617	)
Net unrealized gains	$	47,645,630

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

22 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

EMERGING GROWTH FUND

Security name	Value
Investment Companies: 100.25%
Affiliated Master Portfolios: 100.25%
Wells Fargo Emerging Growth Portfolio	$	933,853,800
Total Investment Companies (Cost $716,308,529)		933,853,800

Total investments in securities (Cost $716,308,529) *	100.25	%		933,853,800
Other assets and liabilities, net	(0.25	)		(2,350,517	)
Total net assets	100.00	%	$	931,503,283

* Cost for federal income tax purposes is $715,038,541 and unrealized gains (losses) consists of:

Gross unrealized gains	$	218,815,259
Gross unrealized losses		0
Net unrealized gains	$	218,815,259

INDEX FUND

Security name	Value
Investment Companies: 101.27%
Affiliated Master Portfolios: 101.27%
Wells Fargo Index Portfolio	$	2,414,512,217
Total Investment Companies (Cost $998,282,721)		2,414,512,217

Total investments in securities (Cost $998,282,721) *	101.27	%		2,414,512,217
Other assets and liabilities, net	(1.27	)		(30,338,789	)
Total net assets	100.00	%	$	2,384,173,428

* Cost for federal income tax purposes is $1,057,676,929 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,356,835,288
Gross unrealized losses		0
Net unrealized gains	$	1,356,835,288

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 23

INTERNATIONAL VALUE FUND

Security name	Value
Investment Companies: 99.82%
Affiliated Master Portfolios: 99.82%
Wells Fargo International Value Portfolio	$	461,800,401
Total Investment Companies (Cost $496,785,503)		461,800,401

Total investments in securities (Cost $496,785,503) *	99.82	%		461,800,401
Other assets and liabilities, net	0.18			816,699
Total net assets	100.00	%	$	462,617,100

* Cost for federal income tax purposes is $497,901,468 and unrealized gains (losses) consists of:

Gross unrealized gains	$	0
Gross unrealized losses		(36,101,067	)
Net unrealized losses	$	(36,101,067	)

SMALL COMPANY GROWTH FUND

Security name	Value
Investment Companies: 98.87%
Affiliated Master Portfolios: 98.87%
Wells Fargo Small Company Growth Portfolio	$	1,145,038,284
Total Investment Companies (Cost $1,090,092,035)		1,145,038,284

Total investments in securities (Cost $1,090,092,035) *	98.87	%		1,145,038,284
Other assets and liabilities, net	1.13			13,041,652
Total net assets	100.00	%	$	1,158,079,936

* Cost for federal income tax purposes is $1,090,620,551 and unrealized gains (losses) consists of:

Gross unrealized gains	$	54,417,733
Gross unrealized losses		0
Net unrealized gains	$	54,417,733

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

24 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE FUND

Security name	Value
Investment Companies: 87.56%
Affiliated Master Portfolios: 87.56%
Wells Fargo Small Company Value Portfolio	$	110,577,929
Total Investment Companies (Cost $100,817,730)		110,577,929

Total investments in securities (Cost $100,817,730) *	87.56	%		110,577,929
Other assets and liabilities, net	12.44			15,715,533
Total net assets	100.00	%	$	126,293,462

* Cost for federal income tax purposes is $105,903,175 and unrealized gains (losses) consists of:

Gross unrealized gains	$	4,674,754
Gross unrealized losses		0
Net unrealized gains	$	4,674,754

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

This page is intentionally left blank.

26 Wells Fargo Equity Gateway Funds Statements of assets and liabilities—November 30, 2015 (unaudited)

	C&B Large Cap Value Fund			Diversified Equity Fund
Assets
Investments in affiliated Master Portfolio(s), at value (see cost below)	$	277,595,614		$	229,767,674
Receivable for Fund shares sold		149,399			147,895
Receivable from manager		15,429			0
Prepaid expenses and other assets		41,158			35,826
Total assets		277,801,600			229,951,395
Liabilities
Payable for Fund shares redeemed		475,453			103,402
Management fee payable		0			7,485
Distribution fees payable		4,546			2,399
Administration fees payable		36,066			29,770
Shareholder report expenses payable		11,120			16,388
Shareholder servicing fees payable		28,212			46,989
Professional fees payable		13,153			13,019
Accrued expenses and other liabilities		655			0
Total liabilities		569,205			219,452
Total net assets	$	277,232,395		$	229,731,943
NET ASSETS CONSIST OF
Paid-in capital	$	218,900,129		$	154,095,731
Undistributed (accumulated) net investment income (loss)		2,519,307			688,614
Accumulated net realized gains (losses) on investments		(981,520	)		20,107,351
Net unrealized gains (losses) on investments		56,794,479			54,840,247
Total net assets	$	277,232,395		$	229,731,943
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	89,729,147		$	75,528,691
Shares outstanding – Class A1		7,028,880			2,397,451
Net asset value per share – Class A		$12.77			$31.50
Maximum offering price per share – Class A2		$13.55			$33.42
Net assets – Class B	$	146,067		$	41,908
Shares outstanding – Class B1		11,353			1,467
Net asset value per share – Class B		$12.87			$28.57
Net assets – Class C	$	7,262,416		$	3,867,316
Shares outstanding – Class C1		573,649			132,002
Net asset value per share – Class C		$12.66			$29.30
Net assets – Class R6		N/A			N/A
Shares outstanding – Class R61		N/A			N/A
Net asset value per share – Class R6		N/A			N/A
Net assets – Administrator Class	$	40,123,747		$	150,294,028
Shares outstanding – Administrator Class1		3,139,586			4,752,872
Net asset value per share – Administrator Class		$12.78			$31.62
Net assets – Institutional Class	$	139,971,018			N/A
Shares outstanding – Institutional Class1		10,904,226			N/A
Net asset value per share – Institutional Class		$12.84			N/A
Investments in affiliated Master Portfolio(s), at cost	$	220,801,135		$	174,927,427

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, 2015 (unaudited) Wells Fargo Equity Gateway Funds 27

Emerging Growth Fund			Index Fund		International Value Fund			Small Company Growth Fund			Small Company Value Fund
$	933,853,800		$	2,414,512,217	$	461,800,401		$	1,145,038,284		$	110,577,929
	805,438			1,593,288		1,261,874			14,482,718			15,817,631
	26,432			214,405		28,382			0			10,839
	41,544			79,312		37,052			146,494			31,628
	934,727,214			2,416,399,222		463,127,709			1,159,667,496			126,438,027
	2,964,931			31,478,631		430,075			1,348,734			94,670
	0			0		0			15,546			0
	2,758			50,718		494			17,383			1,371
	111,885			306,966		49,751			118,313			13,354
	67,714			44,077		12,127			3,692			4,335
	56,257			287,641		2,883			66,285			19,134
	13,119			13,555		13,906			11,719			9,932
	7,267			44,206		1,373			5,888			1,769
	3,223,931			32,225,794		510,609			1,587,560			144,565
$	931,503,283		$	2,384,173,428	$	462,617,100		$	1,158,079,936		$	126,293,462
$	625,349,690		$	819,378,552	$	525,637,056		$	1,133,659,023		$	195,047,484
	(7,670,541	)		40,022,824		8,901,780			(3,081,969	)		654,791
	96,278,863			108,542,556		(36,936,634	)		(27,443,367	)		(79,169,012	)
	217,545,271			1,416,229,496		(34,985,102	)		54,946,249			9,760,199
$	931,503,283		$	2,384,173,428	$	462,617,100		$	1,158,079,936		$	126,293,462
$	156,017,393		$	654,767,467	$	5,104,535		$	144,645,763		$	24,086,328
	10,148,631			9,772,786		380,149			3,523,110			1,172,077
	$15.37			$67.00		$13.43			$41.06			$20.55
	$16.31			$71.09		$14.25			$43.56			$21.80
	N/A		$	1,479,419	$	1,833		$	57,051		$	23,521
	N/A			21,802		134			1,552			1,264
	N/A			$67.86		$13.68			$36.75			$18.60
$	4,543,267		$	80,717,835	$	756,159		$	29,477,114		$	2,246,202
	316,042			1,205,165		57,708			791,888			121,483
	$14.38			$66.98		$13.10			$37.22			$18.49
	N/A			N/A		N/A		$	140,804,413			N/A
	N/A			N/A		N/A			3,258,356			N/A
	N/A			N/A		N/A			$43.21			N/A
$	124,257,788		$	1,647,208,707	$	15,154,189		$	164,463,374		$	68,150,919
	7,935,861			24,374,455		1,138,974			3,870,252			3,240,562
	$15.66			$67.58		$13.31			$42.49			$21.03
$	646,684,835			N/A	$	441,600,384		$	678,632,221		$	31,786,492
	40,284,575			N/A		33,024,706			15,710,397			1,501,286
	$16.05			N/A		$13.37			$43.20			$21.17
$	716,308,529		$	998,282,721	$	496,785,503		$	1,090,092,035		$	100,817,730

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, 2015 (unaudited)

	C&B Large Cap Value Fund			Diversified Equity Fund
Investment income
Dividends allocated from affiliated Master Portfolio(s)*	$	2,810,465		$	1,916,435
Securities lending income allocated from affiliated Master Portfolio(s)		4,050			29,087
Interest allocated from affiliated Master Portfolio(s)		0			6
Expenses allocated from affiliated Master Portfolio(s)		(979,844	)		(733,271	)
Waivers allocated from affiliated Master Portfolio(s)		0			38,008
Total investment income (loss)		1,834,671			1,250,265
Expenses
Management fee		72,414			356,169
Administration fees
Class A		40,856			84,233
Class B		210			50
Class C		8,061			4,304
Class R6		N/A			N/A
Administrator Class		31,117			97,536
Institutional Class		85,206			N/A
Investor Class		87,078	1		N/A
Shareholder servicing fees
Class A		47,316			96,301
Class B		237			57
Class C		9,222			4,920
Administrator Class		62,479			195,317
Investor Class		68,029	1		N/A
Distribution fees
Class B		710			170
Class C		27,666			14,761
Custody and accounting fees		6,128			5,213
Professional fees		16,463			15,789
Registration fees		33,099			18,895
Shareholder report expenses		13,641			15,507
Trustees’ fees and expenses		6,129			6,509
Interest expense		0			0
Other fees and expenses		6,214			4,690
Total expenses		622,275			920,421
Less: Fee waivers and/or expense reimbursements		(233,422	)		(312,245	)
Net expenses		388,853			608,176
Net investment income (loss)		1,445,818			642,089
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		8,588,889			9,278,117
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		(17,557,966	)		(16,863,433	)
Net realized and unrealized gains (losses) on investments		(8,969,077	)		(7,585,316	)
Net decrease in net assets resulting from operations	$	(7,523,259	)	$	(6,943,227	)
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolio(s) in the amount of		$15,175			$26,458

¹  For the period from June 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class 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 operations—six months ended November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 29

Emerging Growth Fund			Index Fund			International Value Fund			Small Company Growth Fund			Small Company Value Fund
$	430,091		$	26,481,290		$	5,479,355		$	2,044,779		$	900,898
	899,622			59,723			170,889			842,741			8,458
	0			252			0			0			0
	(4,066,116	)		(1,331,426	)		(2,140,098	)		(3,822,978	)		(470,137	)
	0			11,023			0			0			0
	(2,736,403	)		25,220,862			3,510,146			(935,458	)		439,219
	254,718			614,399			117,498			239,484			27,828
	145,271			513,950			5,701			124,021			26,854
	N/A			1,852			2			60			25
	5,342			88,191			951			25,860			2,662
	N/A			N/A			N/A			12,900			N/A
	85,060			1,073,463			130,886			104,921			42,456
	430,334			N/A			158,551			347,907			9,875
	55,252	1		290,084	1		N/A			N/A			N/A
	166,291			589,271			6,511			142,989			30,670
	N/A			2,107			2			68			29
	6,100			100,914			1,088			29,861			3,041
	156,486			855,201			271,995			209,770			85,065
	43,166	1		223,991	1		N/A			N/A			N/A
	N/A			6,322			7			208			88
	18,300			302,742			3,263			89,584			9,122
	19,801			46,777			9,188			18,659			2,784
	16,464			15,963			16,928			17,879			16,695
	35,583			38,844			26,680			45,898			28,985
	56,359			56,225			16,702			14,689			6,109
	5,973			2,767			6,024			6,394			6,171
	0			510			0			0			0
	11,617			16,007			5,131			10,033			4,651
	1,512,117			4,839,580			777,108			1,441,185			303,110
	(382,443	)		(1,823,683	)		(253,168	)		(167,855	)		(87,597	)
	1,129,674			3,015,897			523,940			1,273,330			215,513
	(3,866,077	)		22,204,965			2,986,206			(2,208,788	)		223,706
	27,376,073			73,566,616			61,568			(33,618,771	)		6,879,514
	(106,413,812	)		(107,025,702	)		(50,130,376	)		(32,499,359	)		(11,666,550	)
	(79,037,739	)		(33,459,086	)		(50,068,808	)		(66,118,130	)		(4,787,036	)
$	(82,903,816	)	$	(11,254,121	)	$	(47,082,602	)	$	(68,326,918	)	$	(4,563,330	)
	$0			$3,654			$611,228			$6,128			$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, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	1,445,818					$	2,657,630
Net realized gains on investments					8,588,889						35,718,120
Net change in unrealized gains (losses) on investments					(17,557,966	)					(10,878,572	)
Net increase (decrease) in net assets resulting from operations					(7,523,259	)					27,497,178
Distributions to shareholders from
Net investment income
Class A					0						(191,216	)
Class C					0						(4,396	)
Administrator Class					0						(542,158	)
Institutional Class					0						(1,502,171	)
Investor Class					0	1					(465,119	)
Total distributions to shareholders					0						(2,705,060	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		5,323,734			67,070,928			130,294			1,649,118
Class B		1,042			13,731			2,800			33,928
Class C		25,970			332,025			79,178			996,261
Administrator Class		155,673			1,965,412			918,168			11,427,828
Institutional Class		2,591,237			32,995,465			3,151,544			39,122,654
Investor Class		97,970	1		1,221,665	1		516,799			6,496,956
					103,599,226						59,726,745
Reinvestment of distributions
Class A		0			0			13,941			178,728
Class C		0			0			328			4,197
Administrator Class		0			0			40,849			523,278
Institutional Class		0			0			39,316			504,812
Investor Class		0	1		0	1		35,187			451,449
					0						1,662,464
Payment for shares redeemed
Class A		(367,262	)		(4,687,065	)		(534,599	)		(6,629,667	)
Class B		(10,870	)		(141,667	)		(20,246	)		(256,296	)
Class C		(40,680	)		(505,028	)		(98,840	)		(1,234,205	)
Administrator Class		(1,277,546	)		(15,971,380	)		(1,188,416	)		(14,887,845	)
Institutional Class		(1,810,884	)		(22,392,425	)		(1,771,504	)		(22,562,089	)
Investor Class		(5,539,205	)1		(69,791,666	)1		(1,183,734	)		(14,758,082	)
					(113,489,231	)					(60,328,184	)
Net increase (decrease) in net assets resulting from capital share transactions					(9,890,005	)					1,061,025
Total increase (decrease) in net assets					(17,413,264	)					25,853,143
Net assets
Beginning of period					294,645,659						268,792,516
End of period				$	277,232,395					$	294,645,659
Undistributed net investment income				$	2,519,307					$	1,073,489

¹  For the period from June 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class 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, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	642,089					$	1,736,992
Net realized gains on investments					9,278,117						29,109,484
Net change in unrealized gains (losses) on investments					(16,863,433	)					(4,344,945	)
Net increase (decrease) in net assets resulting from operations					(6,943,227	)					26,501,531
Distributions to shareholders from
Net investment income
Class A					0						(390,822	)
Administrator Class					0						(1,510,404	)
Net realized gains
Class A					0						(7,603,395	)
Class B					0						(21,431	)
Class C					0						(406,484	)
Administrator Class					0						(19,427,983	)
Total distributions to shareholders					0						(29,360,519	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		62,315			1,947,128			72,592			2,360,097
Class B		156			4,615			1,406			41,124
Class C		6,634			191,835			18,482			554,242
Administrator Class		200,635			6,364,585			481,984			15,640,677
					8,508,163						18,596,140
Reinvestment of distributions
Class A		0			0			255,678			7,964,368
Class B		0			0			757			21,428
Class C		0			0			13,515			392,475
Administrator Class		0			0			663,957			20,758,097
					0						29,136,368
Payment for shares redeemed
Class A		(182,528	)		(5,704,874	)		(318,000	)		(10,362,321	)
Class B		(205	)		(5,702	)		(27,329	)		(827,317	)
Class C		(12,455	)		(359,275	)		(33,140	)		(1,009,906	)
Administrator Class		(605,159	)		(18,844,783	)		(2,856,844	)		(92,459,859	)
					(24,914,634	)					(104,659,403	)
Net decrease in net assets resulting from capital share transactions					(16,406,471	)					(56,926,895	)
Total decrease in net assets					(23,349,698	)					(59,785,883	)
Net assets
Beginning of period					253,081,641						312,867,524
End of period				$	229,731,943					$	253,081,641
Undistributed net investment income				$	688,614					$	46,525

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, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment loss				$	(3,866,077	)				$	(9,024,176	)
Net realized gains on investments					27,376,073						112,708,948
Net change in unrealized gains (losses) on investments					(106,413,812	)					117,750,083
Net increase (decrease) in net assets resulting from operations					(82,903,816	)					221,434,855
Distributions to shareholders from
Net realized gains
Class A					0						(9,447,019	)
Class C					0						(383,862	)
Administrator Class					0						(11,952,978	)
Institutional Class					0						(49,504,949	)
Investor Class					0	1					(3,083,544	)
Total distributions to shareholders					0						(74,372,352	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,936,817			43,729,557			589,286			9,273,753
Class C		6,318			98,116			4,497			66,858
Administrator Class		1,113,232			18,629,575			2,507,269			40,410,865
Institutional Class		6,392,615			109,040,085			10,077,065			166,502,610
Investor Class		89,491	1		1,444,439	1		128,783			2,057,466
					172,941,772						218,311,552
Reinvestment of distributions
Class A		0			0			606,373			9,247,183
Class C		0			0			24,422			350,946
Administrator Class		0			0			665,028			10,314,584
Institutional Class		0			0			2,893,200			45,886,151
Investor Class		0	1		0	1		196,696			2,981,905
					0						68,780,769
Payment for shares redeemed
Class A		(671,703	)		(10,785,497	)		(2,238,922	)		(35,052,130	)
Class C		(15,744	)		(231,585	)		(50,484	)		(748,028	)
Administrator Class		(2,580,884	)		(43,937,043	)		(6,591,370	)		(106,561,035	)
Institutional Class		(7,720,633	)		(127,912,512	)		(14,421,358	)		(236,697,488	)
Investor Class		(2,736,791	)1		(40,078,311	)1		(409,799	)		(6,362,087	)
					(222,944,948	)					(385,420,768	)
Net decrease in net assets resulting from capital share transactions					(50,003,176	)					(98,328,447	)
Total increase (decrease) in net assets					(132,906,992	)					48,734,056
Net assets
Beginning of period					1,064,410,275						1,015,676,219
End of period				$	931,503,283					$	1,064,410,275
Accumulated net investment loss				$	(7,670,541	)				$	(3,804,464	)

¹  For the period from June 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class 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 33

	Index Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	22,204,965					$	45,846,902
Net realized gains on investments					73,566,616						143,388,775
Net change in unrealized gains (losses) on investments					(107,025,702	)					102,650,064
Net increase (decrease) in net assets resulting from operations					(11,254,121	)					291,885,741
Distributions to shareholders from
Net investment income
Class A					0						(6,566,177	)
Class B					0						(12,077	)
Class C					0						(604,147	)
Administrator Class					0						(34,295,290	)
Investor Class					0	1					(3,502,692	)
Net realized gains
Class A					0						(5,235,617	)
Class B					0						(31,633	)
Class C					0						(945,801	)
Administrator Class					0						(22,741,125	)
Investor Class					0	1					(2,537,733	)
Total distributions to shareholders					0						(76,472,292	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,532,983			235,451,063			388,150			25,178,381
Class B		0			0			146			9,762
Class C		25,900			1,699,763			86,074			5,639,238
Administrator Class		1,812,249			118,010,553			5,874,897			384,950,475
Investor Class		142,837	1		9,251,031	1		810,418			52,754,953
					364,412,410						468,532,809
Reinvestment of distributions
Class A		0			0			174,805			11,529,519
Class B		0			0			614			41,109
Class C		0			0			13,660			904,452
Administrator Class		0			0			829,053			55,036,997
Investor Class		0	1		0	1		90,165			5,962,586
					0						73,474,663
Payment for shares redeemed
Class A		(372,092	)		(24,533,827	)		(910,851	)		(59,490,312	)
Class B		(8,848	)		(593,877	)		(24,275	)		(1,605,163	)
Class C		(60,142	)		(3,931,168	)		(112,909	)		(7,341,983	)
Administrator Class		(4,469,582	)		(296,547,791	)		(11,398,138	)		(748,386,873	)
Investor Class		(3,630,262	)1		(242,534,901	)1		(480,314	)		(31,414,981	)
					(568,141,564	)					(848,239,312	)
Net decrease in net assets resulting from capital share transactions					(203,729,154	)					(306,231,840	)
Total decrease in net assets					(214,983,275	)					(90,818,391	)
Net assets
Beginning of period					2,599,156,703						2,689,975,094
End of period				$	2,384,173,428					$	2,599,156,703
Undistributed net investment income				$	40,022,824					$	17,817,859

¹  For the period from June 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class 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, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	2,986,206					$	9,858,076
Net realized gains on investments					61,568						11,094,516
Net change in unrealized gains (losses) on investments					(50,130,376	)					(25,271,313	)
Net decrease in net assets resulting from operations					(47,082,602	)					(4,318,721	)
Distributions to shareholders from
Net investment income
Class A					0						(124,398	)
Class C					0						(15,574	)
Administrator Class					0						(11,810,387	)
Institutional Class					0						(99,504	)
Total distributions to shareholders					0						(12,049,863	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		42,203			585,466			96,792			1,420,552
Class C		7,550			106,001			16,755			237,604
Administrator Class		1,245,709			17,806,172			6,638,872			95,650,707
Institutional Class		33,924,088			462,278,364			125,680			1,859,946
					480,776,003						99,168,809
Reinvestment of distributions
Class A		0			0			9,086			123,662
Class C		0			0			1,125			15,035
Administrator Class		0			0			874,917			11,802,625
Institutional Class		0			0			6,675			90,113
					0						12,031,435
Payment for shares redeemed
Class A		(50,610	)		(714,864	)		(152,548	)		(2,261,304	)
Class B		0			0			(1,476	)		(21,755	)
Class C		(13,111	)		(172,626	)		(15,291	)		(213,669	)
Administrator Class		(33,214,972	)		(452,913,754	)		(4,339,458	)		(63,303,960	)
Institutional Class		(1,156,455	)		(15,340,163	)		(28,692	)		(410,073	)
					(469,141,407	)					(66,210,761	)
Net increase in net assets resulting from capital share transactions					11,634,596						44,989,483
Total increase (decrease) in net assets					(35,448,006	)					28,620,899
Net assets
Beginning of period					498,065,106						469,444,207
End of period				$	462,617,100					$	498,065,106
Undistributed net investment income				$	8,901,780					$	5,915,574

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, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment loss				$	(2,208,788	)				$	(2,896,434	)
Net realized gains (losses) on investments					(33,618,771	)					16,034,580
Net change in unrealized gains (losses) on investments					(32,499,359	)					73,081,605
Net increase (decrease) in net assets resulting from operations					(68,326,918	)					86,219,751
Distributions to shareholders from
Net realized gains
Class A					0						(1,858,139	)
Class B					0						(3,974	)
Class C					0						(460,132	)
Class R6					0						(1,115	)1
Administrator Class					0						(5,745,406	)
Institutional Class					0						(12,434,827	)
Total distributions to shareholders					0						(20,503,593	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,882,370			79,981,749			1,510,052			64,079,862
Class B		549			20,518			529			19,657
Class C		413,050			15,987,587			290,683			11,238,963
Class R6		3,416,108			153,960,206			13,839	1		637,602	1
Administrator Class		1,274,091			56,264,655			2,449,329			104,749,365
Institutional Class		7,851,132			350,532,263			6,506,083			283,139,829
					656,746,978						463,865,278
Reinvestment of distributions
Class A		0			0			43,783			1,755,706
Class B		0			0			93			3,360
Class C		0			0			9,491			347,563
Class R6		0			0			27	1		1,115	1
Administrator Class		0			0			138,133			5,721,481
Institutional Class		0			0			218,839			9,195,633
					0						17,024,858
Payment for shares redeemed
Class A		(294,476	)		(12,331,358	)		(388,500	)		(16,048,290	)
Class B		(905	)		(36,072	)		(1,539	)		(58,026	)
Class C		(51,845	)		(1,932,695	)		(49,730	)		(1,913,997	)
Class R6		(171,605	)		(7,517,234	)		(13	)1		(614	)1
Administrator Class		(1,455,187	)		(65,427,981	)		(1,451,172	)		(62,196,609	)
Institutional Class		(1,992,848	)		(89,545,050	)		(1,407,660	)		(61,985,956	)
					(176,790,390	)					(142,203,492	)
Net increase in net assets resulting from capital share transactions					479,956,588						338,686,644
Total increase in net assets					411,629,670						404,402,802
Net assets
Beginning of period					746,450,266						342,047,464
End of period				$	1,158,079,936					$	746,450,266
Accumulated net investment loss				$	(3,081,969	)				$	(873,181	)

¹  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.

36 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Small Company Value Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	223,706					$	542,897
Net realized gains on investments					6,879,514						7,943,351
Net change in unrealized gains (losses) on investments					(11,666,550	)					(915,138	)
Net increase (decrease) in net assets resulting from operations					(4,563,330	)					7,571,110
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		69,062			1,416,643			194,148			3,976,608
Class B		708			13,845			179			3,340
Class C		14,549			275,590			31,950			594,610
Administrator Class		243,144			5,086,733			558,083			11,639,194
Institutional Class		823,413			17,453,417			450,222			9,191,898
					24,246,228						25,405,650
Payment for shares redeemed
Class A		(126,891	)		(2,633,213	)		(284,709	)		(5,834,552	)
Class B		0			0			(2,794	)		(51,063	)
Class C		(27,609	)		(507,460	)		(17,350	)		(318,222	)
Administrator Class		(246,794	)		(5,238,848	)		(649,811	)		(13,424,863	)
Institutional Class		(87,197	)		(1,845,628	)		(266,922	)		(5,603,780	)
					(10,225,149	)					(25,232,480	)
Net increase in net assets resulting from capital share transactions					14,021,079						173,170
Total increase in net assets					9,457,749						7,744,280
Net assets
Beginning of period					116,835,713						109,091,433
End of period				$	126,293,462					$	116,835,713
Undistributed net investment income				$	654,791					$	431,085

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)1			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, 2015 (unaudited)	$	13.07		0.05	5		(0.35	)		0.00		$	12.77
Year ended May 31, 2015	$	11.99		0.10			1.07			(0.09	)	$	13.07
Year ended May 31, 2014	$	10.32		0.09			1.68			(0.10	)	$	11.99
Year ended May 31, 2013	$	8.13		0.12			2.20			(0.13	)	$	10.32
Year ended May 31, 2012	$	8.70		0.12			(0.58	)		(0.11	)	$	8.13
Year ended May 31, 20114	$	7.48		0.06			1.26			(0.10	)	$	8.70
Year ended September 30, 2010	$	7.06		0.08			0.42			(0.08	)	$	7.48
Class B
Six months ended November 30, 2015 (unaudited)	$	13.22		(0.00	)5,6		(0.35	)		0.00		$	12.87
Year ended May 31, 2015	$	12.14		(0.01	)5		1.09			0.00		$	13.22
Year ended May 31, 2014	$	10.43		0.02	5		1.69			0.00		$	12.14
Year ended May 31, 2013	$	8.16		0.05	5		2.22			0.00		$	10.43
Year ended May 31, 2012	$	8.68		0.05	5		(0.56	)		(0.01	)	$	8.16
Year ended May 31, 20114	$	7.44		0.01			1.26			(0.03	)	$	8.68
Year ended September 30, 2010	$	7.02		0.03			0.42			(0.03	)	$	7.44
Class C
Six months ended November 30, 2015 (unaudited)	$	13.01		0.00	6		(0.35	)		0.00		$	12.66
Year ended May 31, 2015	$	11.95		(0.00	)6		1.07			(0.01	)	$	13.01
Year ended May 31, 2014	$	10.29		0.01			1.67			(0.02	)	$	11.95
Year ended May 31, 2013	$	8.11		0.04			2.20			(0.06	)	$	10.29
Year ended May 31, 2012	$	8.66		0.05			(0.56	)		(0.04	)	$	8.11
Year ended May 31, 20114	$	7.43		0.00	6		1.27			(0.04	)	$	8.66
Year ended September 30, 2010	$	7.02		0.02			0.42			(0.03	)	$	7.43
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	13.07		0.06	5		(0.35	)		0.00		$	12.78
Year ended May 31, 2015	$	12.00		0.13			1.06			(0.12	)	$	13.07
Year ended May 31, 2014	$	10.32		0.12	5		1.68			(0.12	)	$	12.00
Year ended May 31, 2013	$	8.13		0.13	5		2.21			(0.15	)	$	10.32
Year ended May 31, 2012	$	8.69		0.13	5		(0.56	)		(0.13	)	$	8.13
Year ended May 31, 20114	$	7.47		0.05	5		1.28			(0.11	)	$	8.69
Year ended September 30, 2010	$	7.06		0.08	5		0.42			(0.09	)	$	7.47
Institutional Class
Six months ended November 30, 2015 (unaudited)	$	13.11		0.08			(0.35	)		0.00		$	12.84
Year ended May 31, 2015	$	12.03		0.15			1.08			(0.15	)	$	13.11
Year ended May 31, 2014	$	10.35		0.14			1.69			(0.15	)	$	12.03
Year ended May 31, 2013	$	8.16		0.17			2.19			(0.17	)	$	10.35
Year ended May 31, 2012	$	8.73		0.14			(0.56	)		(0.15	)	$	8.16
Year ended May 31, 20114	$	7.51		0.07			1.28			(0.13	)	$	8.73
Year ended September 30, 2010	$	7.09		0.11	5		0.42			(0.11	)	$	7.51

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

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 investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

⁵  Calculated based upon average shares outstanding

⁶  Amount is less than $0.005.

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
	0.80	%		1.25	%		1.15	%		(2.30	)%		18	%	$	89,729
	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
	1.33	%		1.30	%		1.15	%		(5.23	)%		21	%	$	21,380
	0.78	%		1.31	%		1.15	%		17.73	%		17	%	$	25,912
	0.96	%		1.32	%		1.15	%		7.14	%		13	%	$	31,038
	(0.01	)%		2.00	%		1.90	%		(2.65	)%		18	%	$	146
	(0.04	)%		2.04	%		1.90	%		8.90	%		35	%	$	280
	0.17	%		2.06	%		1.90	%		16.40	%		22	%	$	469
	0.57	%		2.03	%		1.89	%		27.82	%		18	%	$	1,167
	0.61	%		2.05	%		1.90	%		(5.84	)%		21	%	$	2,418
	0.04	%		2.06	%		1.90	%		17.15	%		17	%	$	6,607
	0.20	%		2.07	%		1.90	%		6.36	%		13	%	$	6,951
	0.04	%		2.00	%		1.90	%		(2.69	)%		18	%	$	7,262
	(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
	0.58	%		2.05	%		1.90	%		(5.81	)%		21	%	$	5,524
	0.05	%		2.07	%		1.90	%		17.15	%		17	%	$	7,046
	0.21	%		2.07	%		1.90	%		6.29	%		13	%	$	6,607
	0.98	%		1.16	%		0.96	%		(2.22	)%		18	%	$	40,124
	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
	1.54	%		1.13	%		0.95	%		(4.90	)%		21	%	$	81,999
	1.00	%		1.15	%		0.95	%		17.74	%		17	%	$	120,613
	1.13	%		1.13	%		0.95	%		7.33	%		13	%	$	114,664
	1.22	%		0.91	%		0.73	%		(2.06	)%		18	%	$	139,971
	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
	1.78	%		0.87	%		0.70	%		(4.72	)%		21	%	$	96,653
	1.25	%		0.88	%		0.70	%		18.16	%		17	%	$	110,061
	1.48	%		0.88	%		0.70	%		7.51	%		13	%	$	95,466

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)1			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, 2015 (unaudited)	$	32.37		0.03			(0.90	)		0.00			0.00		$	31.50
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
Year ended May 31, 2012	$	29.71		0.15			(2.01	)		(0.18	)		(1.59	)	$	26.08
Year ended May 31, 20115	$	24.89		0.12			4.85			(0.15	)		0.00		$	29.71
Year ended September 30, 2010	$	23.41		0.18			1.66			(0.36	)		0.00		$	24.89
Class B
Six months ended November 30, 2015 (unaudited)	$	29.46		(0.05	)4		(0.84	)		0.00			0.00		$	28.57
Year ended May 31, 2015	$	30.20		(0.14	)4		2.59			0.00			(3.19	)	$	29.46
Year ended May 31, 2014	$	28.54		(0.10	)4		5.10			0.00			(3.34	)	$	30.20
Year ended May 31, 2013	$	24.36		0.01	4		5.73			0.00			(1.56	)	$	28.54
Year ended May 31, 2012	$	27.87		(0.01	)4		(1.91	)		0.00			(1.59	)	$	24.36
Year ended May 31, 20115	$	23.35		(0.05	)4		4.57			0.00			0.00		$	27.87
Year ended September 30, 2010	$	21.96		(0.01	)4		1.57			(0.17	)		0.00		$	23.35
Class C
Six months ended November 30, 2015 (unaudited)	$	30.22		(0.05	)4		(0.87	)		0.00			0.00		$	29.30
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
Year ended May 31, 2012	$	28.43		(0.59	)4		(1.37	)		0.00			(1.59	)	$	24.88
Year ended May 31, 20115	$	23.81		(0.04	)4		4.66			0.00			0.00		$	28.43
Year ended September 30, 2010	$	22.43		(0.01	)4		1.60			(0.21	)		0.00		$	23.81
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	32.45		0.10	4		(0.93	)		0.00			0.00		$	31.62
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
Year ended May 31, 2012	$	29.78		0.33			(2.13	)		(0.27	)		(1.59	)	$	26.12
Year ended May 31, 20115	$	24.98		0.14	4		4.89			(0.23	)		0.00		$	29.78
Year ended September 30, 2010	$	23.47		0.20	4		1.70			(0.39	)		0.00		$	24.98

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

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 investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate and then aggregating the results.

⁴  Calculated based upon average shares outstanding

⁵  For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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
	0.39	%		1.44	%		1.25	%		(2.69	)%		19	%	$	75,529
	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
	0.74	%		1.41	%		1.25	%		(5.91	)%		57	%	$	75,751
	0.59	%		1.40	%		1.25	%		20.04	%		48	%	$	95,532
	0.71	%		1.48	%		1.25	%		7.90	%		44	%	$	85,735
	(0.37	)%		2.13	%		2.00	%		(3.06	)%		19	%	$	42
	(0.47	)%		2.18	%		2.00	%		8.54	%		38	%	$	45
	(0.34	)%		2.18	%		2.00	%		18.20	%		37	%	$	806
	0.04	%		2.18	%		2.00	%		24.48	%		44	%	$	2,029
	(0.05	)%		2.16	%		2.00	%		(6.61	)%		57	%	$	2,922
	(0.20	)%		2.15	%		2.00	%		19.36	%		48	%	$	5,754
	(0.04	)%		2.23	%		2.00	%		7.15	%		44	%	$	7,825
	(0.36	)%		2.16	%		2.00	%		(3.04	)%		19	%	$	3,867
	(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
	(0.02	)%		2.16	%		2.00	%		(6.62	)%		57	%	$	2,499
	(0.17	)%		2.15	%		2.00	%		19.40	%		48	%	$	3,383
	(0.05	)%		2.23	%		2.00	%		7.10	%		44	%	$	3,280
	0.64	%		1.32	%		1.00	%		(2.56	)%		19	%	$	150,294
	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
	0.99	%		1.25	%		1.00	%		(5.67	)%		57	%	$	293,895
	0.84	%		1.24	%		1.00	%		20.22	%		48	%	$	386,429
	0.83	%		1.29	%		1.00	%		8.18	%		44	%	$	359,109

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 income (loss)1			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, 2015 (unaudited)	$	16.70		(0.10	)		(1.23	)		0.00		$	15.37
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
Year ended May 31, 2012	$	13.12		(0.14	)4		(0.54	)		0.00		$	12.44
Year ended May 31, 20115	$	9.50		(0.11	)4		3.73			0.00		$	13.12
Year ended September 30, 2010	$	7.93		(0.12	)		1.69			0.00		$	9.50
Class C
Six months ended November 30, 2015 (unaudited)	$	15.67		(0.14	)4		(1.15	)		0.00		$	14.38
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
Year ended May 31, 2012	$	12.81		(0.23	)4		(0.52	)		0.00		$	12.06
Year ended May 31, 20115	$	9.32		(0.16	)4		3.65			0.00		$	12.81
Year ended September 30, 2010	$	7.85		(0.16	)4		1.63			0.00		$	9.32
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	17.00		(0.08	)4		(1.26	)		0.00		$	15.66
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
Year ended May 31, 2012	$	13.22		(0.12	)4		(0.54	)		0.00		$	12.56
Year ended May 31, 20115	$	9.56		(0.09	)4		3.75			0.00		$	13.22
Year ended September 30, 2010	$	8.08		(0.01	)		1.49			0.00		$	9.56
Institutional Class
Six months ended November 30, 2015 (unaudited)	$	17.40		(0.05	)4		(1.30	)		0.00		$	16.05
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
Year ended May 31, 2012	$	13.33		(0.08	)4		(0.55	)		0.00		$	12.70
Year ended May 31, 20115	$	9.62		(0.07	)4		3.78			0.00		$	13.33
Year ended September 30, 2010	$	8.00		(0.07	)		1.69			0.00		$	9.62

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

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 investment 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 eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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 income (loss)1			Gross expenses1			Net expenses1
	(1.06	)%		1.35	%		1.34	%		(7.96	)%		40	%	$	156,017
	(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
	(1.13	)%		1.41	%		1.37	%		(5.18	)%		75	%	$	125,113
	(1.32	)%		3.03	%		1.45	%		38.11	%		59	%	$	3,425
	(1.17	)%		4.65	%		1.46	%		19.80	%		97	%	$	142
	(1.83	)%		2.10	%		2.09	%		(8.23	)%		40	%	$	4,543
	(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
	(1.89	)%		2.17	%		2.12	%		(5.85	)%		75	%	$	5,114
	(2.05	)%		3.83	%		2.20	%		37.30	%		59	%	$	516
	(1.93	)%		5.40	%		2.22	%		18.85	%		97	%	$	58
	(0.93	)%		1.23	%		1.19	%		(7.83	)%		40	%	$	124,258
	(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
	(0.95	)%		1.22	%		1.19	%		(4.99	)%		75	%	$	185,744
	(1.08	)%		2.41	%		1.20	%		38.28	%		59	%	$	1,915
	(0.78	)%		4.54	%		1.20	%		19.95	%		97	%	$	51
	(0.63	)%		1.00	%		0.90	%		(7.76	)%		40	%	$	646,685
	(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
	(0.67	)%		0.98	%		0.90	%		(4.73	)%		75	%	$	526,865
	(0.82	)%		1.98	%		0.95	%		38.57	%		59	%	$	8,170
	(0.67	)%		4.32	%		0.95	%		20.40	%		97	%	$	10

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 income1			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, 2015 (unaudited)	$	67.32		0.56	4		(0.88	)		0.00			0.00		$	67.00
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
Year ended May 31, 2012	$	47.17		0.73			(1.35	)		(0.65	)		(1.65	)	$	44.25
Year ended May 31, 20115	$	40.42		0.56			8.77			(0.70	)		(1.88	)	$	47.17
Year ended July 31, 20106	$	41.72		0.64			4.89			(0.63	)		(6.20	)	$	40.42
Class B
Six months ended November 30, 2015 (unaudited)	$	68.44		0.29	4		(0.87	)		0.00			0.00		$	67.86
Year ended May 31, 2015	$	62.99		0.49	4		6.02			(0.29	)		(0.77	)	$	68.44
Year ended May 31, 2014	$	54.57		0.45	4		9.70			(0.23	)		(1.50	)	$	62.99
Year ended May 31, 2013	$	44.53		0.47	4		10.78			(0.27	)		(0.94	)	$	54.57
Year ended May 31, 2012	$	47.23		0.38	4		(1.29	)		(0.14	)		(1.65	)	$	44.53
Year ended May 31, 20115	$	40.32		0.29	4		8.76			(0.26	)		(1.88	)	$	47.23
Year ended July 31, 20106	$	41.63		0.28			4.88			(0.27	)		(6.20	)	$	40.32
Class C
Six months ended November 30, 2015 (unaudited)	$	67.55		0.29	4		(0.86	)		0.00			0.00		$	66.98
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
Year ended May 31, 2012	$	47.27		0.39	4		(1.31	)		(0.29	)		(1.65	)	$	44.41
Year ended May 31, 20115	$	40.32		0.27			8.78			(0.22	)		(1.88	)	$	47.27
Year ended July 31, 20106	$	41.62		0.30			4.88			(0.28	)		(6.20	)	$	40.32
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	67.80		0.63	4		(0.85	)		0.00			0.00		$	67.58
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
Year ended May 31, 2012	$	47.45		0.83			(1.32	)		(0.79	)		(1.65	)	$	44.52
Year ended May 31, 20115	$	40.56		0.67			8.82			(0.72	)		(1.88	)	$	47.45
Year ended July 31, 20106	$	41.88		0.86			4.76			(0.75	)		(6.20	)	$	40.56

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

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 investment 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 ten months ended May 31, 2011. The Fund changed its fiscal year end from July 31 to May 31, effective May 31, 2011.

⁶  At the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Index Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Evergreen Equity Index Fund. The per share information has been adjusted to give effect to this transaction.

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
	1.70	%		0.64	%		0.53	%		(0.48	)%		2	%	$	654,767
	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
	1.63	%		0.68	%		0.56	%		(0.95	)%		9	%	$	347,412
	1.53	%		0.67	%		0.56	%		23.66	%		3	%	$	388,113
	1.49	%		1.00	%		0.60	%		13.29	%		7	%	$	358,953
	0.86	%		1.39	%		1.29	%		(0.85	)%		2	%	$	1,479
	0.74	%		1.43	%		1.31	%		10.39	%		4	%	$	2,098
	0.77	%		1.42	%		1.31	%		18.86	%		5	%	$	3,412
	0.95	%		1.42	%		1.31	%		25.66	%		4	%	$	5,453
	0.85	%		1.43	%		1.31	%		(1.68	)%		9	%	$	8,869
	0.78	%		1.42	%		1.31	%		22.90	%		3	%	$	19,894
	0.69	%		1.76	%		1.35	%		12.44	%		7	%	$	26,295
	0.88	%		1.39	%		1.29	%		(0.84	)%		2	%	$	80,718
	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
	0.87	%		1.43	%		1.31	%		(1.67	)%		9	%	$	65,245
	0.78	%		1.42	%		1.31	%		22.89	%		3	%	$	80,981
	0.68	%		1.76	%		1.35	%		12.44	%		7	%	$	81,848
	1.91	%		0.40	%		0.25	%		(0.32	)%		2	%	$	1,647,209
	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
	1.94	%		0.37	%		0.25	%		(0.63	)%		9	%	$	1,682,905
	1.84	%		0.37	%		0.25	%		23.98	%		3	%	$	1,709,455
	1.94	%		0.63	%		0.31	%		13.55	%		7	%	$	1,404,098

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 income1			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, 2015 (unaudited)	$	14.85		0.08			(1.50	)		0.00		$	13.43
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
Year ended May 31, 2012	$	14.03		0.34			(3.36	)		(0.37	)	$	10.64
Year ended May 31, 20115	$	12.58		0.22	4		1.46			(0.23	)	$	14.03
Year ended September 30, 2010	$	12.67		0.23	4		(0.17	)		(0.15	)	$	12.58
Class B
Six months ended November 30, 2015 (unaudited)	$	15.16		0.03			(1.51	)		0.00		$	13.68
Year ended May 31, 2015	$	15.52		0.07	4		(0.43	)		0.00		$	15.16
Year ended May 31, 2014	$	13.43		0.13	4		2.09			(0.13	)	$	15.52
Year ended May 31, 2013	$	10.60		0.17	4		2.76			(0.10	)	$	13.43
Year ended May 31, 2012	$	13.94		0.21	4		(3.29	)		(0.26	)	$	10.60
Year ended May 31, 20115	$	12.42		0.11	4		1.49			(0.08	)	$	13.94
Year ended September 30, 2010	$	12.57		0.12	4		(0.14	)		(0.13	)	$	12.42
Class C
Six months ended November 30, 2015 (unaudited)	$	14.54		0.03			(1.47	)		0.00		$	13.10
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
Year ended May 31, 2012	$	13.79		0.23	4		(3.28	)		(0.27	)	$	10.47
Year ended May 31, 20115	$	12.33		0.15	4		1.44			(0.13	)	$	13.79
Year ended September 30, 2010	$	12.51		0.15			(0.18	)		(0.15	)	$	12.33
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	14.73		0.06	4		(1.48	)		0.00		$	13.31
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
Year ended May 31, 2012	$	13.95		0.35			(3.33	)		(0.40	)	$	10.57
Year ended May 31, 20115	$	12.52		0.24	4		1.46			(0.27	)	$	13.95
Year ended September 30, 2010	$	12.68		0.25			(0.15	)		(0.26	)	$	12.52
Institutional Class
Six months ended November 30, 2015 (unaudited)	$	14.75		0.13			(1.51	)		0.00		$	13.37
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
Year ended May 31, 2012	$	13.98		0.36			(3.33	)		(0.43	)	$	10.58
Year ended May 31, 20115	$	12.58		0.28			1.44			(0.32	)	$	13.98
Year ended September 30, 2010	$	12.71		0.32			(0.20	)		(0.25	)	$	12.58

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

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 investment 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 eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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
	0.97	%		1.46	%		1.43	%		(9.56	)%		5	%	$	5,105
	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
	2.81	%		1.46	%		1.46	%		(21.53	)%		9	%	$	4,742
	2.41	%		1.55	%		1.47	%		13.55	%		16	%	$	6,213
	1.92	%		1.69	%		1.46	%		0.52	%		27	%	$	6,792
	0.38	%		2.03	%		2.03	%		(9.76	)%		5	%	$	2
	0.45	%		2.16	%		2.16	%		(2.32	)%		18	%	$	2
	0.94	%		2.26	%		2.25	%		16.57	%		11	%	$	25
	1.34	%		2.26	%		2.25	%		27.69	%		16	%	$	70
	1.79	%		2.21	%		2.21	%		(22.15	)%		9	%	$	110
	1.28	%		2.32	%		2.22	%		12.97	%		16	%	$	194
	0.99	%		2.44	%		2.21	%		(0.16	)%		27	%	$	339
	0.22	%		2.21	%		2.18	%		(9.90	)%		5	%	$	756
	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
	1.96	%		2.21	%		2.21	%		(22.14	)%		9	%	$	441
	1.75	%		2.30	%		2.22	%		13.00	%		16	%	$	665
	1.11	%		2.45	%		2.21	%		(0.21	)%		27	%	$	665
	0.87	%		1.36	%		1.25	%		(9.71	)%		5	%	$	15,154
	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
	3.04	%		1.29	%		1.25	%		(21.37	)%		9	%	$	259,969
	2.84	%		1.38	%		1.25	%		13.73	%		16	%	$	313,423
	2.26	%		1.53	%		1.21	%		0.80	%		27	%	$	259,768
	1.64	%		1.13	%		1.02	%		(9.36	)%		5	%	$	441,600
	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
	3.20	%		1.03	%		1.03	%		(21.26	)%		9	%	$	1,505
	3.04	%		1.11	%		1.03	%		13.92	%		16	%	$	1,797
	2.51	%		1.08	%		1.01	%		1.01	%		27	%	$	1,518

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 loss1			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, 2015 (unaudited)	$	44.23		(0.15	)4		(3.02	)		0.00			0.00		$	41.06
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
Year ended May 31, 2012	$	29.53		(0.18	)4		(3.14	)		0.00			0.00		$	26.21
Year ended May 31, 20115	$	21.23		(0.15	)		8.45			0.00			0.00		$	29.53
Year ended September 30, 2010	$	18.56		(0.21	)4		2.88			0.00			0.00		$	21.23
Class B
Six months ended November 30, 2015 (unaudited)	$	39.74		(0.28	)4		(2.71	)		0.00			0.00		$	36.75
Year ended May 31, 2015	$	35.88		(0.62	)4		6.40			0.00			(1.92	)	$	39.74
Year ended May 31, 2014	$	31.55		(0.60	)4		7.33			0.00			(2.40	)	$	35.88
Year ended May 31, 2013	$	24.35		(0.36	)4		7.56			0.00			0.00		$	31.55
Year ended May 31, 2012	$	27.63		(0.37	)4		(2.91	)		0.00			0.00		$	24.35
Year ended May 31, 20115	$	19.97		(0.29	)4		7.95			0.00			0.00		$	27.63
Year ended September 30, 2010	$	17.58		(0.34	)4		2.73			0.00			0.00		$	19.97
Class C
Six months ended November 30, 2015 (unaudited)	$	40.25		(0.28	)4		(2.75	)		0.00			0.00		$	37.22
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
Year ended May 31, 2012	$	27.95		(0.36	)4		(2.97	)		0.00			0.00		$	24.62
Year ended May 31, 20115	$	20.19		(0.30	)4		8.06			0.00			0.00		$	27.95
Year ended September 30, 2010	$	17.77		(0.34	)4		2.76			0.00			0.00		$	20.19
Class R6
Six months ended November 30, 2015 (unaudited)	$	46.45		(0.04	)		(3.20	)		0.00			0.00		$	43.21
Year ended May 31, 20156	$	42.98		(0.09	)4		5.48			0.00			(1.92	)	$	46.45
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	45.73		(0.14	)		(3.10	)		0.00			0.00		$	42.49
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	)		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
Year ended May 31, 2012	$	30.22		(0.13	)4		(3.19	)		0.00			0.00		$	26.90
Year ended May 31, 20115	$	21.70		(0.14	)4		8.66			0.00			0.00		$	30.22
Year ended September 30, 2010	$	18.90		(0.16	)4		2.96			0.00			0.00		$	21.70
Institutional Class
Six months ended November 30, 2015 (unaudited)	$	46.44		(0.09	)		(3.15	)		0.00			0.00		$	43.20
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
Year ended May 31, 2012	$	30.44		(0.07	)4		(3.22	)		0.00			0.00		$	27.15
Year ended May 31, 20115	$	21.81		(0.12	)4		8.75			0.00			0.00		$	30.44
Year ended September 30, 2010	$	18.94		(0.05	)4		2.92			0.00			0.00		$	21.81

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

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 investment 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 eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

⁶  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
	(0.73	)%		1.34	%		1.34	%		(7.17	)%		24	%	$	144,646
	(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
	(0.70	)%		1.46	%		1.44	%		(11.18	)%		107	%	$	6,450
	(1.04	)%		1.45	%		1.44	%		39.11	%		70	%	$	7,201
	(1.05	)%		1.50	%		1.45	%		14.39	%		129	%	$	4,042
	(1.48	)%		2.08	%		2.08	%		(7.52	)%		24	%	$	57
	(1.65	)%		2.15	%		2.15	%		16.63	%		58	%	$	76
	(1.71	)%		2.20	%		2.16	%		21.74	%		77	%	$	101
	(1.33	)%		2.28	%		2.20	%		29.57	%		109	%	$	164
	(1.48	)%		2.21	%		2.19	%		(11.87	)%		107	%	$	193
	(1.78	)%		2.19	%		2.19	%		38.43	%		70	%	$	380
	(1.83	)%		2.24	%		2.20	%		13.54	%		129	%	$	251
	(1.48	)%		2.09	%		2.09	%		(7.53	)%		24	%	$	29,477
	(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
	(1.45	)%		2.22	%		2.19	%		(11.85	)%		107	%	$	1,628
	(1.80	)%		2.20	%		2.19	%		38.39	%		70	%	$	1,736
	(1.81	)%		2.24	%		2.20	%		13.62	%		129	%	$	820
	(0.29	)%		0.90	%		0.90	%		(6.98	)%		24	%	$	140,804
	(0.34	)%		0.91	%		0.90	%		13.00	%		58	%	$	644
	(0.61	)%		1.24	%		1.20	%		(7.08	)%		24	%	$	164,463
	(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
	(0.48	)%		1.30	%		1.20	%		(10.99	)%		107	%	$	97,776
	(0.78	)%		1.28	%		1.20	%		39.33	%		70	%	$	177,938
	(0.82	)%		1.32	%		1.20	%		14.76	%		129	%	$	237,761
	(0.35	)%		1.00	%		0.95	%		(6.98	)%		24	%	$	678,632
	(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
	(0.27	)%		1.03	%		0.95	%		(10.78	)%		107	%	$	9,692
	(0.61	)%		1.01	%		0.95	%		39.59	%		70	%	$	91,704
	(0.25	)%		1.05	%		0.95	%		14.98	%		129	%	$	1,175

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)1			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, 2015 (unaudited)	$	21.42		0.03			(0.90	)		0.00		$	20.55
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
Year ended May 31, 2012	$	14.36		0.03			(1.11	)		(0.11	)	$	13.17
Year ended May 31, 20115	$	11.38		0.11			2.87			0.00		$	14.36
Year ended September 30, 2010	$	9.84		(0.02	)		1.56			0.00		$	11.38
Class B
Six months ended November 30, 2015 (unaudited)	$	19.46		(0.05	)6		(0.81	)		0.00		$	18.60
Year ended May 31, 2015	$	18.38		(0.08	)6		1.16			0.00		$	19.46
Year ended May 31, 2014	$	15.74		(0.05	)6		2.69			0.00		$	18.38
Year ended May 31, 2013	$	12.21		(0.10	)6		3.63			0.00		$	15.74
Year ended May 31, 2012	$	13.30		(0.08	)6		(1.01	)		0.00		$	12.21
Year ended May 31, 20115	$	10.59		0.04	6		2.67			0.00		$	13.30
Year ended September 30, 2010	$	9.20		(0.10	)6		1.49			0.00		$	10.59
Class C
Six months ended November 30, 2015 (unaudited)	$	19.34		(0.05	)6		(0.80	)		0.00		$	18.49
Year ended May 31, 2015	$	18.27		(0.08	)6		1.15			0.00		$	19.34
Year ended May 31, 2014	$	15.68		(0.07	)6		2.66			0.00		$	18.27
Year ended May 31, 2013	$	12.16		(0.10	)6		3.62			0.00		$	15.68
Year ended May 31, 2012	$	13.30		(0.08	)6		(1.02	)		(0.04	)	$	12.16
Year ended May 31, 20115	$	10.59		0.02	6		2.69			0.00		$	13.30
Year ended September 30, 2010	$	9.20		(0.09	)6		1.48			0.00		$	10.59
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	21.90		0.05			(0.92	)		0.00		$	21.03
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	6		4.01			(0.01	)	$	17.42
Year ended May 31, 2012	$	14.60		0.06			(1.13	)		(0.14	)	$	13.39
Year ended May 31, 20115	$	11.55		0.12	6		2.93			0.00		$	14.60
Year ended September 30, 2010	$	9.94		(0.02	)		1.63			0.00		$	11.55
Institutional Class
Six months ended November 30, 2015 (unaudited)	$	22.02		0.07	6		(0.92	)		0.00		$	21.17
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	6		4.03			(0.05	)	$	17.45
Year ended May 31, 2012	$	14.63		0.11			(1.17	)		(0.16	)	$	13.41
Year ended May 31, 20115	$	11.55		0.13	6		2.95			0.00		$	14.63
Year ended September 30, 20107	$	11.26		0.02			0.27			0.00		$	11.55

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

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 investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

⁴  Amount is less than $0.005.

⁵  For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

⁶  Calculated based upon average shares outstanding

⁷  For the period from July 30, 2010 (commencement of class operations) to September 30, 2010

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
	0.25	%		1.48	%		1.38	%		(4.02	)%		34	%	$	24,086
	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
	0.08	%		1.50	%		1.45	%		(7.44	)%		60	%	$	18,605
	1.07	%		1.49	%		1.42	%		26.19	%		47	%	$	26,222
	(0.21	)%		1.65	%		1.45	%		15.53	%		60	%	$	22,492
	(0.51	)%		2.20	%		2.13	%		(4.42	)%		34	%	$	24
	(0.44	)%		2.24	%		2.15	%		5.88	%		54	%	$	11
	(0.29	)%		2.15	%		2.02	%		16.77	%		47	%	$	58
	(0.75	)%		2.31	%		2.20	%		28.91	%		57	%	$	197
	(0.67	)%		2.25	%		2.20	%		(8.20	)%		60	%	$	500
	0.45	%		2.25	%		2.17	%		25.59	%		47	%	$	1,340
	(0.99	)%		2.40	%		2.20	%		14.98	%		60	%	$	2,079
	(0.50	)%		2.23	%		2.13	%		(4.40	)%		34	%	$	2,246
	(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
	(0.68	)%		2.25	%		2.20	%		(8.20	)%		60	%	$	1,557
	0.29	%		2.24	%		2.17	%		25.59	%		47	%	$	2,150
	(0.94	)%		2.40	%		2.20	%		14.98	%		60	%	$	1,763
	0.43	%		1.39	%		1.20	%		(3.97	)%		34	%	$	68,151
	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
	0.32	%		1.33	%		1.20	%		(7.24	)%		60	%	$	60,333
	1.34	%		1.33	%		1.20	%		26.41	%		47	%	$	70,022
	(0.05	)%		1.47	%		1.20	%		16.20	%		60	%	$	60,081
	0.64	%		1.13	%		1.00	%		(3.86	)%		34	%	$	31,786
	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
	0.59	%		1.05	%		1.00	%		(7.14	)%		60	%	$	62
	1.42	%		1.02	%		0.96	%		26.67	%		47	%	$	16
	1.02	%		1.15	%		1.00	%		2.58	%		60	%	$	10

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 (“FASB”) 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.

After the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class in the applicable funds received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the applicable funds.

Each Fund seeks to achieve its investment objective by investing all investable assets 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 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, 2015 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2015, the Funds own the following percentages of the affiliated Master Portfolios:

C&B Large Cap Value Fund

Diversified Equity 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

88

%

6

%

N/A

N/A

N/A

N/A

N/A

Wells Fargo Diversified Large Cap Growth Portfolio

N/A

49

%

N/A

N/A

N/A

N/A

N/A

Wells Fargo Emerging Growth Portfolio

N/A

1

%

92

%

N/A

N/A

N/A

N/A

Wells Fargo Index Portfolio

N/A

2

%

N/A

95

%

N/A

N/A

N/A

Wells Fargo International Growth Portfolio

N/A

11

%

N/A

N/A

N/A

N/A

N/A

Wells Fargo International Value Portfolio

N/A

3

%

N/A

N/A

93%

N/A

N/A

Wells Fargo Large Company Value Portfolio

N/A

49

%

N/A

N/A

N/A

N/A

N/A

Wells Fargo Small Company Growth Portfolio

N/A

1

%

N/A

N/A

N/A

99

%

N/A

Wells Fargo Small Company Value Portfolio

N/A

6

%

N/A

N/A

N/A

N/A

53

%

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).

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.

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 53

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.

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 the collection of all or a portion of interest has become doubtful based on consistently applied procedures. 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 conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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.

At May 31, 2015, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	2016		2017		2018		2019
C&B Large Cap Value Fund	$	0	$	0	$	0	$	2,818,684
International Value Fund		0		0		31,783,032		4,561,591
Small Company Growth Fund		273,409		273,409		0		0
Small Company Value Fund		0		550,192		80,412,918		0

At May 31, 2015, qualified 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	$	3,804,464
Small Company Growth Fund		977,160

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.

54 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of 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 significant 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:

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

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

n 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.

At November 30, 2015, each Fund’s investments in an affiliated Master Portfolio carried at fair value were designated as Level 2 inputs. Further details on the investments of the affiliated Master Portfolios can be found in the Portfolio of Investments or Summary Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.

The Funds recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2015, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

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. For each Fund that invests all of its assets in a single affiliated Master Portfolio, Funds Management does not currently receive a management fee. For Diversified Equity Fund which invests in multiple affiliated Master Portfolios, Funds Management is entitled to receive a management fee for providing advisory and fund-level administrative services under an investment management agreement, including the determination of the asset allocations of its investments in the various affiliated Master Portfolios. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of Diversified Equity Fund, supervising the applicable subadvisers, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.30% and declining to 0.22% as the average daily net assets of Diversified Equity Fund increase.

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement for Diversified Equity Fund and was entitled to receive an annual fee which started at 0.25% and declined to 0.19% as its average daily net assets increased. In addition, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of Diversified Equity Fund increased. For each Fund that invested all of its assets in a single affiliated Master Portfolio prior to July 1, 2015, Funds Management did not receive an advisory fee. For financial statement purposes, the advisory fee and fund-level administration fee for the six months ended November 30,2015 have been included in management fee on the Statement of Operations for Diversified Equity Fund.

For the six months ended November 30, 2015, the management fee for Diversified Equity Fund was equivalent to an annual rate of 0.30% of its average daily net assets.

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

Administration fees

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

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 55

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
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C		0.21	%		0.26	%
Class R6		0.03			0.03
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08
Investor Class		0.32			0.32

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. Funds Management has committed to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Expiration date		Class A			Class B			Class C			Class R6			Administrator Class			Institutional Class
C&B Large Cap Value Fund		September 30, 2016		1.15	%		1.90	%		1.90	%		N/A			1.00	%		0.80	%
Diversified Equity Fund		September 30, 2016		1.25			2.00			2.00			N/A			1.00			N/A
Emerging Growth Fund		September 30, 2016		1.35			N/A			2.10			N/A			1.20			0.90
Index Fund		September 30, 2017		0.45			1.20			1.20			N/A			0.25	*		N/A
International Value Fund		September 30, 2016		1.35			2.10			2.10			N/A			1.25			1.00
Small Company Growth Fund		September 30, 2016		1.35			2.10			2.10			0.90	%		1.20			0.95
Small Company Value Fund		September 30, 2016		1.35			2.10			2.10			N/A			1.20			1.00

* The expiration date for Administrator Class is September 30, 2016.

After November 30, 2015, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Prior to the following dates, the expense caps for the following Funds and classes were as follows:

	Prior to		Class A			Class B			Class C			Class R6			Administrator Class			Institutional Class
C&B Large Cap Value Fund		September 30, 2015		1.15	%		1.90	%		1.90	%		N/A			0.95	%		0.70	%
Diversified Equity Fund		September 30, 2015		1.25			2.00			2.00			N/A			1.00			N/A
Emerging Growth Fund		September 30, 2015		1.37			N/A			2.12			N/A			1.20			0.90
Index Fund		September 30, 2015		0.56			1.31			1.31			N/A			0.25			N/A
International Value Fund		September 30, 2015		1.50			2.25			2.25			N/A			1.25			1.05
Small Company Growth Fund		September 30, 2015		1.40			2.15			2.15			0.90	%		1.20			0.95
Small Company Value Fund		September 30, 2015		1.40			2.15			2.15			N/A			1.20			1.00

Distribution fees

The Trust has adopted a Distribution Plan for Class B and Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B and 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 B and Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive

56 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended November 30, 2015, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges Class A		Contingent deferred sales charges
			Class B		Class C
C&B Large Cap Value Fund	$	275	$	0	$	50
Diversified Equity Fund		7,141		0		0
Emerging Growth Fund		867		N/A		0
Index Fund		4,110		1,109		11
International Value Fund		1,902		0		0
Small Company Growth Fund		32,170		0		499
Small Company Value Fund		435		0		0

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Administrator Class and Investor Class of each applicable Fund is 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.

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, 2015 were as follows:

	Purchases at cost*		Sales proceeds*
C&B Large Cap Value Fund	$	50,258,103	$	55,131,663
Diversified Equity Fund		47,523,082		50,979,175
Emerging Growth Fund		391,518,616		425,401,257
Index Fund		49,159,589		208,986,760
International Value Fund		39,222,942		23,620,586
Small Company Growth Fund		689,391,434		218,538,092
Small Company Value Fund		35,729,463		35,986,993

* The Funds seek to achieve their investment objective by investing all of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. The results of these amounts are then aggregated.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $200,000,000 revolving credit agreement whereby the Funds are 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 0.20% of the unused balance is allocated to each participating fund.

Prior to September 1, 2015, the Funds, except Diversified Equity Fund, were are parties to a $150,000,000 revolving credit agreement. Diversified Equity Fund and certain other funds in the Trust were parties to a $25,000,000 revolving credit agreement. Interest under each credit agreement was 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, the applicable Funds paid an annual commitment fee equal to 0.10% under the $150,000,000 credit agreement and an annual commitment fee equal to 0.15% under the $25,000,000 credit agreement. The annual commitment fee applied on the unused balance for each credit agreement was allocated to each participating fund.

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 57

For the six months ended November 30, 2015, the Funds paid the following amounts in commitment fees:

	Commitment fee
C&B Large Cap Value Fund	$	285
Diversified Equity Fund		326
Emerging Growth Fund		1,004
Index Fund		2,425
International Value Fund		573
Small Company Growth Fund		1,018
Small Company Value Fund		135

During the six months ended November 30, 2015, the Index Fund had average borrowings outstanding of $36,187 (on an annualized basis) at an average rate of 1.39% and paid interest in the amount of $510.

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. SUBSEQUENT DISTRIBUTIONS

On December 9, 2015, the following Funds declared distributions from capital gains to shareholders of record on December 8, 2015. The per share amounts payable on December 10, 2015 were as follows:

	Diversified Equity Fund		Index Fund
Short-term capital gains
Class A	$	0.10552	$	0.03608
Class B		0.10552		0.03608
Class C		0.10552		0.03608
Administrator Class		0.10552		0.03608

	C&B Large Cap Value Fund		Diversified Equity Fund		Emerging Growth Fund		Index Fund		Small Company Growth Fund
Long-term capital gains
Class A	$	0.39460	$	3.48987	$	1.74140	$	3.99679	$	0.26844
Class B		0.39460		3.48987		N/A		3.99679		0.26844
Class C		0.39460		3.48987		1.74140		3.99679		0.26844
Classs R6		N/A		N/A		N/A		N/A		0.26844
Administrator Class		0.39460		3.48987		1.74140		3.99679		0.26844
Institutional Class		0.39460		N/A		1.74140		N/A		0.26844

58 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

On December 18, 2015, the following Funds declared distributions from net investment income to shareholders of record on December 17, 2015. The per share amounts payable on December 21, 2015 were as follows:

	C&B Large Cap Value Fund		Diversified Equity Fund		Index Fund		Small Company Value Fund
Net investment income
Class A	$	0.09766	$	0.08303	$	1.07806	$	0.02553
Class B		0.00000		0.00000		0.29237		0.00000
Class C		0.00954		0.00000		0.57356		0.00000
Administrator Class		0.12102		0.15643		1.23985		0.07120
Institutional Class		0.15703		N/A		N/A		0.11320

On December 30, 2015, the following Fund declared distributions from net investment income to shareholders of record on December 29, 2015. The per share amounts payable on December 31, 2015 were as follows:

	International Value Fund
Net investment income
Class A	$	0.19562
Class C		0.09875
Institutional Class		0.25790

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 59

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.68%
Consumer Discretionary: 13.74%
Hotels, Restaurants & Leisure: 3.33%
Brinker International Incorporated		67,300	$	3,070,226
Carnival Corporation		148,100		7,483,493
				10,553,719
Media: 6.18%
Omnicom Group Incorporated		133,500		9,868,320
Twenty-First Century Fox Incorporated Class A		329,300		9,717,643
				19,585,963
Multiline Retail: 1.38%
Kohl’s Corporation		92,900		4,378,377
Textiles, Apparel & Luxury Goods: 2.85%
Gildan Activewear Incorporated		292,100		9,052,179
Consumer Staples: 8.68%
Beverages: 1.83%
Diageo plc ADR		50,620		5,799,027
Household Products: 2.81%
Colgate-Palmolive Company		46,010		3,021,937
The Procter & Gamble Company		78,790		5,896,644
				8,918,581
Personal Products: 1.46%
Unilever NV ADR		105,900		4,632,066
Tobacco: 2.58%
Philip Morris International		93,600		8,179,704
Energy: 8.12%
Oil, Gas & Consumable Fuels: 8.12%
Chevron Corporation		46,540		4,250,033
Devon Energy Corporation		80,900		3,722,209
Exxon Mobil Corporation		100,870		8,237,044
Noble Energy Incorporated		84,100		3,083,947
World Fuel Services Corporation		148,300		6,464,397
				25,757,630
Financials: 25.45%
Banks: 9.00%
Bank of America Corporation		507,200		8,840,496
JPMorgan Chase & Company		160,770		10,720,144
PNC Financial Services Group Incorporated		93,900		8,968,389
				28,529,029

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

60 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Capital Markets: 3.77%
State Street Corporation		164,900	$	11,968,442
Consumer Finance: 2.35%
American Express Company		103,900		7,443,396
Diversified Financial Services: 2.27%
Berkshire Hathaway Incorporated Class B †		53,700		7,200,633
Insurance: 8.06%
FNF Group		218,200		7,822,470
RenaissanceRe Holdings Limited		85,600		9,481,056
The Progressive Corporation		267,700		8,250,514
				25,554,040
Health Care: 15.62%
Health Care Equipment & Supplies: 4.28%
Abbott Laboratories		119,300		5,358,956
Becton Dickinson & Company		54,600		8,203,650
				13,562,606
Health Care Providers & Services: 8.23%
Cardinal Health Incorporated		96,140		8,349,759
Laboratory Corporation of America Holdings †		87,060		10,581,272
UnitedHealth Group Incorporated		63,490		7,155,958
				26,086,989
Pharmaceuticals: 3.11%
Johnson & Johnson		97,400		9,860,776
Industrials: 18.05%
Aerospace & Defense: 1.54%
Rockwell Collins Incorporated		52,600		4,874,968
Air Freight & Logistics: 2.46%
United Parcel Service Incorporated Class B		75,800		7,808,158
Electrical Equipment: 2.42%
Eaton Corporation plc		132,000		7,677,120
Industrial Conglomerates: 1.61%
3M Company		32,600		5,104,508
Machinery: 4.63%
Donaldson Company Incorporated		216,500		6,798,100
Parker-Hannifin Corporation		75,200		7,870,432
				14,668,532

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 61

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
Trading Companies & Distributors: 5.39%
Aercap Holdings NV †					198,300	$	9,010,752
W.W. Grainger Incorporated «					22,112		4,434,340
WESCO International Incorporated †					75,900		3,646,995
							17,092,087
Information Technology: 3.24%
Communications Equipment: 0.69%
QUALCOMM Incorporated					44,830		2,187,256
IT Services: 1.19%
The Western Union Company					200,400		3,779,544
Semiconductors & Semiconductor Equipment: 1.36%
Linear Technology Corporation					94,200		4,306,824
Materials: 3.78%
Containers & Packaging: 3.78%
Ball Corporation					45,920		3,187,766
Crown Holdings Incorporated †					169,300		8,788,363
							11,976,129
Total Common Stocks (Cost $240,460,541)							306,538,283
	Yield
Short-Term Investments: 4.54%
Investment Companies: 4.54%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		4,278,750		4,278,750
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			10,128,152		10,128,152
Total Short-Term Investments (Cost $14,406,902)							14,406,902

Total investments in securities (Cost $254,867,443) *	101.22	%		320,945,185
Other assets and liabilities, net	(1.22	)		(3,871,692	)
Total net assets	100.00	%	$	317,073,493

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $265,027,841 and unrealized gains (losses) consists of:

Gross unrealized gains	$	71,516,145
Gross unrealized losses		(15,598,801	)
Net unrealized gains	$	55,917,344

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

62 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.75%
Consumer Discretionary: 24.23%
Auto Components: 1.31%
Delphi Automotive plc		17,610	$	1,547,567
Distributors: 0.43%
LKQ Corporation †		17,140		505,459
Hotels, Restaurants & Leisure: 3.80%
Chipotle Mexican Grill Incorporated †		1,400		811,370
Hilton Worldwide Holdings Incorporated		54,579		1,267,324
Marriott International Incorporated Class A		8,010		567,989
Starbucks Corporation		29,888		1,834,824
				4,481,507
Internet & Catalog Retail: 4.40%
Amazon.com Incorporated †		6,540		4,347,792
Netflix Incorporated †		4,180		515,519
The Priceline Group Incorporated †		270		337,190
				5,200,501
Media: 1.67%
Charter Communication Incorporated Class A «†		1,740		326,006
Comcast Corporation Class A		5,420		329,861
The Walt Disney Company		11,610		1,317,387
				1,973,254
Multiline Retail: 2.67%
Dollar General Corporation		9,770		639,056
Dollar Tree Incorporated †		28,560		2,155,138
Nordstrom Incorporated		6,390		359,821
				3,154,015
Specialty Retail: 6.67%
CarMax Incorporated †		23,120		1,324,776
O’Reilly Automotive Incorporated †		3,200		844,384
The Home Depot Incorporated		22,660		3,033,721
The TJX Companies Incorporated		17,030		1,202,318
Tractor Supply Company		16,400		1,465,340
				7,870,539
Textiles, Apparel & Luxury Goods: 3.28%
Nike Incorporated Class B		19,780		2,616,498
Under Armour Incorporated Class A †		5,230		450,931
VF Corporation		12,490		808,103
				3,875,532

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 63

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Consumer Staples: 5.07%
Beverages: 1.12%
Constellation Brands Incorporated Class A		6,590	$	924,313
The Coca-Cola Company		9,220		392,956
				1,317,269
Food & Staples Retailing: 2.86%
Costco Wholesale Corporation		8,530		1,376,913
CVS Health Corporation		10,300		969,127
Sprouts Farmers Market Incorporated †		12,088		291,683
Walgreens Boots Alliance Incorporated		8,720		732,742
				3,370,465
Household Products: 0.36%
Colgate-Palmolive Company		6,540		429,547
Personal Products: 0.73%
The Estee Lauder Companies Incorporated Class A		10,300		866,436
Energy: 0.93%
Oil, Gas & Consumable Fuels: 0.93%
Concho Resources Incorporated †		8,780		960,883
EOG Resources Incorporated		1,660		138,494
				1,099,377
Financials: 4.07%
Capital Markets: 1.77%
Charles Schwab Corporation		21,800		734,878
TD Ameritrade Holding Corporation		36,850		1,349,816
				2,084,694
Consumer Finance: 0.57%
Discover Financial Services		11,890		674,876
Diversified Financial Services: 1.42%
Intercontinental Exchange Incorporated		3,320		862,669
McGraw Hill Financial Incorporated		8,420		812,277
				1,674,946
REITs: 0.31%
American Tower Corporation		3,720		369,694
Health Care: 16.22%
Biotechnology: 9.77%
Alexion Pharmaceuticals Incorporated †		18,940		3,379,654
Biogen Incorporated †		930		266,780
BioMarin Pharmaceutical Incorporated †		5,380		513,091
Celgene Corporation †		21,920		2,399,144
Gilead Sciences Incorporated		9,719		1,029,825

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

64 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Biotechnology (continued)
Incyte Corporation †		3,980	$	454,675
Medivation Incorporated †		11,170		472,268
Regeneron Pharmaceuticals Incorporated †		4,610		2,510,145
Vertex Pharmaceuticals Incorporated †		3,990		516,146
				11,541,728
Health Care Equipment & Supplies: 1.15%
Intuitive Surgical Incorporated †		420		218,408
Medtronic plc		15,155		1,141,778
				1,360,186
Health Care Providers & Services: 1.96%
AmerisourceBergen Corporation		11,763		1,160,302
McKesson Corporation		930		176,096
UnitedHealth Group Incorporated		8,710		981,704
				2,318,102
Health Care Technology: 0.46%
Cerner Corporation †		8,981		535,268
Life Sciences Tools & Services: 0.60%
Mettler-Toledo International Incorporated †		430		147,395
Quintiles Transnational Holdings Incorporated †		8,164		555,070
				702,465
Pharmaceuticals: 2.28%
Allergan plc †		2,116		664,191
Bristol-Myers Squibb Company		11,390		763,244
Perrigo Company plc		4,170		622,956
Zoetis Incorporated		13,821		645,441
				2,695,832
Industrials: 8.08%
Aerospace & Defense: 0.78%
The Boeing Company		6,290		914,881
Air Freight & Logistics: 0.53%
United Parcel Service Incorporated Class B		6,100		628,361
Airlines: 1.71%
Delta Air Lines Incorporated		18,720		869,731
Southwest Airlines Company		24,980		1,146,082
				2,015,813
Industrial Conglomerates: 1.43%
3M Company		3,090		483,832
Carlisle Companies Incorporated		6,300		557,235
Danaher Corporation		6,730		648,705
				1,689,772

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 65

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Professional Services: 0.77%
Verisk Analytics Incorporated †		12,200	$	914,390
Road & Rail: 2.86%
Canadian Pacific Railway Limited		2,420		356,877
CSX Corporation		12,230		347,699
Kansas City Southern		8,710		791,913
Norfolk Southern Corporation		3,060		290,884
Union Pacific Corporation		18,970		1,592,532
				3,379,905
Information Technology: 35.85%
Communications Equipment: 0.72%
Cisco Systems Incorporated		6,280		171,130
Palo Alto Networks Incorporated †		3,652		684,166
				855,296
Internet Software & Services: 10.93%
Akamai Technologies Incorporated †		20,730		1,194,255
Alphabet Incorporated Class A †		5,384		4,107,184
Alphabet Incorporated Class C †		2,984		2,215,918
Facebook Incorporated Class A †		45,530		4,746,047
Tencent Holdings Limited ADR		32,050		637,946
				12,901,350
IT Services: 8.45%
Accenture plc Class A		9,000		964,980
Alliance Data Systems Corporation †		7,200		2,065,320
Cognizant Technology Solutions Corporation Class A †		22,520		1,454,342
MasterCard Incorporated Class A		20,660		2,023,027
Visa Incorporated Class A		43,990		3,475,650
				9,983,319
Semiconductors & Semiconductor Equipment: 3.36%
ARM Holdings plc ADR		15,490		785,343
Avago Technologies Limited		3,622		472,490
Broadcom Corporation Class A		2,870		156,788
Microchip Technology Incorporated «		33,949		1,639,058
Texas Instruments Incorporated		15,730		914,228
				3,967,907
Software: 8.17%
Adobe Systems Incorporated †		18,750		1,714,875
Electronic Arts Incorporated †		9,910		671,799
Fortinet Incorporated †		18,980		683,660
Microsoft Corporation		24,360		1,323,966
NetSuite Incorporated †		3,230		275,842
Red Hat Incorporated †		4,110		334,595
Salesforce.com Incorporated †		23,264		1,853,908

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

66 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Software (continued)
ServiceNow Incorporated †					17,650	$	1,535,727
Splunk Incorporated †					12,240		728,280
Tableau Software Incorporated Class A †					5,460		529,784
							9,652,436
Technology Hardware, Storage & Peripherals: 4.22%
Apple Incorporated					42,107		4,981,258
Materials: 3.08%
Chemicals: 3.08%
Airgas Incorporated					1,330		183,806
Axalta Coating Systems Limited †					19,350		561,537
Ecolab Incorporated					10,490		1,249,988
Praxair Incorporated					7,340		827,952
The Sherwin-Williams Company					2,950		814,407
							3,637,690
Telecommunication Services: 1.22%
Diversified Telecommunication Services: 0.41%
Level 3 Communications Incorporated †					9,660		491,018
Wireless Telecommunication Services: 0.81%
SBA Communications Corporation Class A †					9,063		953,063
Total Common Stocks (Cost $75,203,099)							116,615,718
	Yield
Short-Term Investments: 2.37%
Investment Companies: 2.37%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		1,326,875		1,326,875
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			1,475,666		1,475,666
Total Short-Term Investments (Cost $2,802,541)							2,802,541

Total investments in securities (Cost $78,005,640) *	101.12	%		119,418,259
Other assets and liabilities, net	(1.12	)		(1,320,509	)
Total net assets	100.00	%	$	118,097,750

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $78,348,035 and unrealized gains (losses) consists of:

Gross unrealized gains	$	42,394,703
Gross unrealized losses		(1,324,479	)
Net unrealized gains	$	41,070,224

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 67

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.92%
Consumer Discretionary: 15.12%
Auto Components: 2.05%
Gentherm Incorporated †		116,360	$	5,915,742
Motorcar Parts of America Incorporated †		373,282		14,953,677
				20,869,419
Diversified Consumer Services: 1.43%
2U Incorporated †«		167,160		4,031,899
Grand Canyon Education Incorporated †		264,430		10,476,717
				14,508,616
Hotels, Restaurants & Leisure: 5.28%
Fiesta Restaurant Group Incorporated †		499,465		19,194,440
Jack in the Box Incorporated		130,640		9,685,650
La Quinta Holdings Incorporated †		120,505		1,806,370
Planet Fitness Incorporated Class A †		90,381		1,428,924
The Habit Restaurants Incorporated Class A †«		529,098		12,745,971
Wingstop Incorporated †«		241,070		5,195,059
Zoe’s Kitchen Incorporated †«		107,530		3,658,171
				53,714,585
Leisure Products: 0.77%
MCBC Holdings Incorporated †		258,372		3,707,638
Performance Sports Group Limited †		351,552		4,169,407
				7,877,045
Media: 1.28%
IMAX Corporation †		343,190		13,000,037
Specialty Retail: 3.25%
Boot Barn Holdings Incorporated †«		486,299		5,106,140
Five Below Incorporated †		116,497		3,263,081
Lithia Motors Incorporated Class A		140,780		17,490,507
Sportsman’s Warehouse Incorporated †		626,403		7,172,314
				33,032,042
Textiles, Apparel & Luxury Goods: 1.06%
G-III Apparel Group Limited †		236,420		10,844,585
Energy: 2.43%
Oil, Gas & Consumable Fuels: 2.43%
Matador Resources Company †		255,752		6,572,826
PDC Energy Incorporated †		135,170		7,635,753
RSP Permian Incorporated †		371,028		10,529,775
				24,738,354

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

68 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 6.80%
Capital Markets: 0.76%
Financial Engines Incorporated «		213,360	$	7,687,361
Consumer Finance: 0.31%
PRA Group Incorporated †«		77,280		3,192,437
Diversified Financial Services: 4.29%
MarketAxess Holdings Incorporated		408,501		43,619,737
Thrifts & Mortgage Finance: 1.44%
LendingTree Incorporated †		144,203		14,691,402
Health Care: 30.47%
Biotechnology: 5.02%
Exact Sciences Corporation †«		102,372		930,561
Ligand Pharmaceuticals Incorporated †		128,930		13,805,824
PTC Therapeutics Incorporated †«		213,250		6,406,030
Radius Health Incorporated †		135,135		8,217,559
Repligen Corporation †		320,150		9,101,865
Ultragenyx Pharmaceutical Incorporated †		128,494		12,633,530
				51,095,369
Health Care Equipment & Supplies: 12.49%
Abiomed Incorporated †		65,660		5,355,886
Align Technology Incorporated †		92,740		6,189,468
Cardiovascular Systems Incorporated †«		255,644		4,090,304
Cerus Corporation †«		1,161,428		6,585,297
ConforMIS Incorporated †«		249,804		5,328,319
Cynosure Incorporated Class A †		443,088		18,636,281
DexCom Incorporated †		20,670		1,757,363
Entellus Medical Incorporated †		248,145		4,327,649
Glaukos Corporation †		301,295		7,803,541
Inogen Incorporated †		258,888		9,902,466
Natus Medical Incorporated †		199,750		9,743,805
Nevro Corporation †		206,935		12,494,735
NxStage Medical Incorporated †		790,180		15,416,412
The Spectranetics Corporation †		1,079,919		14,935,280
Zeltiq Aesthetics Incorporated †		150,200		4,563,076
				127,129,882
Health Care Providers & Services: 10.12%
AAC Holdings Incorporated †«		138,491		3,398,569
Acadia Healthcare Company Incorporated †		517,400		35,705,774
Adeptus Health Incorporated Class A †«		80,365		4,829,131
Diplomat Pharmacy Incorporated †«		339,176		11,915,253
ExamWorks Group Incorporated †		581,658		15,367,404
HealthEquity Incorporated †		608,962		20,095,746
Team Health Holdings Incorporated †		69,110		3,810,725
Teladoc Incorporated †«		371,579		7,896,054
				103,018,656

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 69

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Life Sciences Tools & Services: 2.23%
ICON plc ADR †		138,610	$	10,302,881
INC Research Holdings Incorporated Class A †		261,113		12,350,645
				22,653,526
Pharmaceuticals: 0.61%
Intersect ENT Incorporated †		316,450		6,237,230
Industrials: 6.67%
Building Products: 1.16%
Apogee Enterprises Incorporated		233,910		11,746,960
Commercial Services & Supplies: 0.58%
Multi-Color Corporation		95,040		5,940,950
Machinery: 0.96%
John Bean Technologies Corporation		66,500		3,251,850
Milacron Holdings Corporation †		443,028		6,521,372
				9,773,222
Professional Services: 3.97%
CEB Incorporated		37,556		2,901,952
On Assignment Incorporated †		426,773		19,921,764
Wageworks Incorporated †		412,800		17,560,512
				40,384,228
Information Technology: 37.43%
Communications Equipment: 1.08%
Infinera Corporation †		489,093		11,014,374
Internet Software & Services: 11.95%
Demandware Incorporated †«		386,350		19,761,803
Envestnet Incorporated †		717,182		23,286,900
HomeAway Incorporated †		387,825		13,713,492
Hortonworks Incorporated †«		153,897		2,614,710
LogMeIn Incorporated †		76,600		5,470,772
Q2 Holdings Incorporated †		683,763		18,789,807
SPS Commerce Incorporated †		439,982		32,699,462
Xactly Corporation †		539,347		5,274,814
				121,611,760
IT Services: 2.11%
InterXion Holding NV †		600,320		18,441,830
MAXIMUS Incorporated		52,370		2,971,998
				21,413,828
Semiconductors & Semiconductor Equipment: 1.67%
Cavium Incorporated †		134,580		9,031,664
Monolithic Power Systems Incorporated		116,760		7,978,211
				17,009,875

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

70 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
Software: 20.62%
Callidus Software Incorporated †					885,592	$	18,376,034
CyberArk Software Limited †«					274,570		11,886,135
Fleetmatics Group plc †					246,730		14,729,781
Guidewire Software Incorporated †					167,951		9,964,533
HubSpot Incorporated †					297,876		16,147,858
Paycom Software Incorporated †					259,110		11,297,196
Paylocity Holding Corporation †					217,203		9,543,900
Proofpoint Incorporated †					549,870		40,310,970
Qlik Technologies Incorporated †					434,250		13,813,493
Qualys Incorporated †					210,080		8,079,677
Rapid7 Incorporated †«					211,879		3,629,487
Ringcentral Incorporated Class A †					715,810		16,399,207
Synchronoss Technologies Incorporated †					446,651		17,584,650
Tyler Technologies Incorporated †					49,735		8,874,713
Ultimate Software Group Incorporated †					46,540		9,191,650
							209,829,284
Total Common Stocks (Cost $760,204,702)							1,006,634,764
	Yield
Short-Term Investments: 10.75%
Investment Companies: 10.75%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		97,288,111		97,288,111
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			12,067,245		12,067,245
Total Short-Term Investments (Cost $109,355,356)							109,355,356

Total investments in securities (Cost $869,560,058) *	109.67	%		1,115,990,120
Other assets and liabilities, net	(9.67	)		(98,394,055	)
Total net assets	100.00	%	$	1,017,596,065

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $871,132,855 and unrealized gains (losses) consists of:

Gross unrealized gains	$	285,010,123
Gross unrealized losses		(40,152,858	)
Net unrealized gains	$	244,857,265

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 71

INDEX PORTFOLIO

The Summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category.

Security name	Shares		Value		Percent of net assets
Common Stocks: 97.62%
Consumer Discretionary: 12.77%
Auto Components: 0.39%
Other securities			$	9,998,825		0.39	%
Automobiles: 0.62%
Other securities				15,835,624		0.62
Distributors: 0.07%
Other securities				1,853,112		0.07
Diversified Consumer Services: 0.05%
Other securities				1,166,779		0.05
Hotels, Restaurants & Leisure: 1.78%
McDonald’s Corporation		127,027		14,501,402		0.57
Starbucks Corporation		200,181		12,289,112		0.48
Other securities				18,267,723		0.73
				45,058,237		1.78
Household Durables: 0.43%
Other securities				10,889,139		0.43
Internet & Catalog Retail: 2.09%
Amazon.com Incorporated †		51,728		34,388,774		1.36
Other securities				18,541,467		0.73
				52,930,241		2.09
Leisure Products: 0.09%
Other securities				2,243,547		0.09
Media: 3.14%
Comcast Corporation Class A		285,232		17,359,220		0.69
The Walt Disney Company		209,438		23,764,930		0.94
Other securities				38,367,610		1.51
				79,491,760		3.14
Multiline Retail: 0.60%
Other securities				15,106,401		0.60
Specialty Retail: 2.59%
The Home Depot Incorporated		173,193		23,187,079		0.92
Other securities				42,391,885		1.67
				65,578,964		2.59

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

72 Wells Fargo Equity Gateway Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Textiles, Apparel & Luxury Goods: 0.92%
Nike Incorporated Class B		91,431	$	12,094,493		0.48	%
Other securities				11,269,188		0.44
				23,363,681		0.92
Consumer Staples: 9.34%
Beverages: 2.21%
PepsiCo Incorporated		198,130		19,844,701		0.78
The Coca-Cola Company		528,036		22,504,894		0.89
Other securities				13,594,355		0.54
				55,943,950		2.21
Food & Staples Retailing: 2.19%
CVS Health Corporation		150,316		14,143,232		0.56
Wal-Mart Stores Incorporated		212,842		12,523,623		0.49
Other securities				28,723,311		1.14
				55,390,166		2.19
Food Products: 1.60%
Other securities				40,537,489		1.60
Household Products: 1.71%
The Procter & Gamble Company		365,857		27,380,738		1.08
Other securities				15,984,687		0.63
				43,365,425		1.71
Personal Products: 0.10%
Other securities				2,562,548		0.10
Tobacco: 1.53%
Altria Group Incorporated		264,449		15,232,262		0.60
Philip Morris International		208,946		18,259,791		0.72
Other securities				5,170,519		0.21
				38,662,572		1.53
Energy: 6.89%
Energy Equipment & Services: 1.10%
Schlumberger Limited		170,677		13,167,731		0.52
Other securities				14,772,195		0.58
				27,939,926		1.10
Oil, Gas & Consumable Fuels: 5.79%
Chevron Corporation		253,799		23,176,925		0.92
Exxon Mobil Corporation		562,354		45,921,828		1.81
Other securities				77,414,331		3.06
				146,513,084		5.79

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 73

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Financials: 16.19%
Banks: 5.93%
Bank of America Corporation		1,411,945	$	24,610,201		0.97	%
Citigroup Incorporated		405,953		21,957,998		0.87
JPMorgan Chase & Company		498,777		33,258,450		1.31
Wells Fargo & Company (l)		630,049		34,715,700		1.37
Other securities				35,655,337		1.41
				150,197,686		5.93
Capital Markets: 2.15%
Other securities				54,470,876		2.15
Consumer Finance: 0.85%
Other securities				21,480,159		0.85
Diversified Financial Services: 1.97%
Berkshire Hathaway Incorporated Class B †		252,675		33,881,191		1.34
Other securities				16,028,966		0.63
				49,910,157		1.97
Insurance: 2.71%
American International Group Incorporated		174,513		11,095,537		0.44
Other securities				57,427,615		2.27
				68,523,152		2.71
Real Estate Management & Development: 0.06%
Other securities				1,464,927		0.06
REITs: 2.52%
Other securities				63,944,092		2.52
Health Care: 14.26%
Biotechnology: 3.50%
AbbVie Incorporated		223,255		12,982,278		0.51
Amgen Incorporated		102,269		16,475,536		0.65
Celgene Corporation †		106,624		11,669,997		0.46
Gilead Sciences Incorporated		197,943		20,974,040		0.83
Other securities				26,525,613		1.05
				88,627,464		3.50
Health Care Equipment & Supplies: 2.04%
Medtronic plc		190,739		14,370,276		0.57
Other securities				37,264,008		1.47
				51,634,284		2.04
Health Care Providers & Services: 2.53%
UnitedHealth Group Incorporated		128,612		14,495,859		0.57
Other securities				49,608,634		1.96
				64,104,493		2.53

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

74 Wells Fargo Equity Gateway Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Health Care Technology: 0.10%
Other securities			$	2,468,751		0.10	%
Life Sciences Tools & Services: 0.60%
Other securities				15,183,455		0.60
Pharmaceuticals: 5.49%
Allergan plc †		53,092		16,665,048		0.66
Bristol-Myers Squibb Company		224,904		15,070,817		0.59
Johnson & Johnson		373,483		37,811,419		1.49
Merck & Company Incorporated		379,894		20,138,181		0.79
Pfizer Incorporated		831,821		27,258,774		1.08
Other securities				22,291,726		0.88
				139,235,965		5.49
Industrials: 9.88%
Aerospace & Defense: 2.63%
The Boeing Company		86,148		12,530,227		0.49
Other securities				54,223,344		2.14
				66,753,571		2.63
Air Freight & Logistics: 0.70%
Other securities				17,848,289		0.70
Airlines: 0.61%
Other securities				15,411,554		0.61
Building Products: 0.09%
Other securities				2,256,080		0.09
Commercial Services & Supplies: 0.41%
Other securities				10,369,398		0.41
Construction & Engineering: 0.09%
Other securities				2,171,415		0.09
Electrical Equipment: 0.47%
Other securities				11,868,205		0.47
Industrial Conglomerates: 2.43%
3M Company		84,262		13,193,744		0.52
General Electric Company		1,271,254		38,061,345		1.50
Other securities				10,357,588		0.41
				61,612,677		2.43
Machinery: 1.20%
Other securities				30,337,488		1.20
Professional Services: 0.28%
Other securities				7,108,301		0.28

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 75

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Road & Rail: 0.80%
Other securities			$	20,258,328		0.80	%
Trading Companies & Distributors: 0.17%
Other securities				4,241,892		0.17
Information Technology: 20.43%
Communications Equipment: 1.36%
Cisco Systems Incorporated		685,959		18,692,383		0.74
Other securities				15,710,720		0.62
				34,403,103		1.36
Electronic Equipment, Instruments & Components: 0.38%
Other securities				9,611,514		0.38
Internet Software & Services: 4.03%
Alphabet Incorporated Class A †		39,098		29,825,909		1.18
Alphabet Incorporated Class C †		39,893		29,624,542		1.17
Facebook Incorporated Class A †		304,782		31,770,476		1.25
Other securities				11,014,824		0.43
				102,235,751		4.03
IT Services: 3.60%
International Business Machines Corporation		121,545		16,945,804		0.67
MasterCard Incorporated Class A		134,605		13,180,522		0.52
Visa Incorporated Class A		263,193		20,794,879		0.82
Other securities				40,272,752		1.59
				91,193,957		3.60
Semiconductors & Semiconductor Equipment: 2.48%
Intel Corporation		641,196		22,294,385		0.88
Other securities				40,527,079		1.60
				62,821,464		2.48
Software: 4.20%
Microsoft Corporation		1,078,727		58,628,812		2.32
Oracle Corporation		438,621		17,093,060		0.67
Other securities				30,567,637		1.21
				106,289,509		4.20
Technology Hardware, Storage & Peripherals: 4.38%
Apple Incorporated		769,154		90,990,918		3.59
Other securities				19,935,289		0.79
				110,926,207		4.38
Materials: 2.79%
Chemicals: 2.11%
Other securities				53,509,505		2.11

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

76 Wells Fargo Equity Gateway Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

Security name						Shares		Value		Percent of net assets
Construction Materials: 0.13%
Other securities								$	3,266,685		0.13	%
Containers & Packaging: 0.22%
Other securities									5,572,841		0.22
Metals & Mining: 0.24%
Other securities									6,008,282		0.24
Paper & Forest Products: 0.09%
Other securities									2,356,828		0.09
Telecommunication Services: 2.28%
Diversified Telecommunication Services: 2.28%
AT&T Incorporated							829,616		27,933,171		1.10
Verizon Communications Incorporated							548,360		24,922,962		0.99
Other securities									4,807,075		0.19
									57,663,208		2.28
Utilities: 2.79%
Electric Utilities: 1.60%
Other securities									40,570,108		1.60
Gas Utilities: 0.04%
Other securities									1,013,446		0.04
Independent Power & Renewable Electricity Producers: 0.06%
Other securities									1,471,258		0.06
Multi-Utilities: 1.09%
Other securities									27,722,609		1.09
Total Common Stocks (Cost $1,203,617,883)									2,472,550,404		97.62
	Yield
Short-Term Investments: 1.79%
Investment Companies: 1.72%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%				13,080,495		13,080,495		0.52
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					30,518,256		30,518,256		1.20
									43,598,751		1.72
				Maturity date		Principal
U.S. Treasury Securities: 0.07%
Treasury Bill (z)#		0.05			4-7-2016	$	1,007,000		1,006,239		0.04
Treasury Bill (z)#		0.10			4-21-2016		255,000		254,796		0.01
Treasury Bill (z)#		0.16			2-25-2016		76,000		75,968		0.00
Treasury Bill (z)#		0.28			5-5-2016		360,000		359,507		0.02
									1,696,510		0.07

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 77

INDEX PORTFOLIO

	Value		Percent of net assets
Total Short-Term Investments (Cost $45,295,990)	$	45,295,261		1.79	%
Total investments in securities (Cost $1,248,913,873) *		2,517,845,665		99.41	%
Other assets and liabilities, net		14,857,797		0.59
Total net assets	$	2,532,703,462		100.00	%

† 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 vehicle 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.

* Cost for federal income tax purposes is $1,317,979,628 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,301,718,519
Gross unrealized losses		(101,852,482	)
Net unrealized gains	$	1,199,866,037

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

78 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.66%
Belgium: 3.51%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		22,037	$	2,839,385
Telenet Group Holding NV (Consumer Discretionary, Media) †		22,809		1,245,669
UCB SA (Health Care, Pharmaceuticals)		15,768		1,408,076
				5,493,130
China: 8.44%
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		39,497		8,609,161
Tencent Holdings Limited (Information Technology, Internet Software & Services)		230,500		4,587,139
				13,196,300
France: 5.54%
L’Oreal SA (Consumer Staples, Personal Products)		6,888		1,219,711
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		7,971		1,336,954
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		77,130		1,333,204
Pernod-Ricard SA (Consumer Staples, Beverages)		12,640		1,438,311
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		123,250		3,337,532
				8,665,712
Germany: 11.29%
Allianz AG (Financials, Insurance)		8,871		1,571,325
Bayer AG (Health Care, Pharmaceuticals)		53,082		7,083,380
Beiersdorf AG (Consumer Staples, Personal Products)		24,795		2,309,017
Linde AG (Materials, Chemicals)		25,604		4,470,326
Vonovia SE (Financials, Real Estate Management & Development)		36,076		1,118,135
Wirecard AG (Information Technology, IT Services)		22,432		1,098,875
				17,651,058
Hong Kong: 3.74%
AIA Group Limited (Financials, Insurance)		932,400		5,567,859
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		362,000		282,935
				5,850,794
India: 2.07%
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		110,747		2,012,404
Infosys Limited ADR (Information Technology, IT Services)		73,799		1,230,967
				3,243,371
Ireland: 6.04%
Allegion plc (Industrials, Building Products)		4,928		331,211
Allergan plc (Health Care, Pharmaceuticals) †		5,099		1,600,525
Medtronic plc (Health Care, Health Care Equipment & Supplies)		99,664		7,508,686
				9,440,422
Italy: 0.64%
Mediaset SpA (Consumer Discretionary, Media)		228,906		1,006,582

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 79

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Japan: 9.29%
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		247,000	$	646,093
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		67,654		2,423,673
NGK Insulators Limited (Industrials, Machinery)		122,000		2,829,488
Olympus Corporation (Health Care, Health Care Equipment & Supplies)		75,400		3,007,425
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		8,100		1,296,921
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		69,400		4,316,781
				14,520,381
Mexico: 1.94%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		107,696		3,037,027
Netherlands: 2.28%
ASML Holdings NV (Information Technology, Semiconductors & Semiconductor Equipment)		38,503		3,558,309
South Korea: 0.01%
Orion Corporation (Consumer Staples, Food Products)		18		17,735
Spain: 1.48%
Grifols SA (Health Care, Biotechnology)		21,620		1,026,090
Grifols SA ADR (Health Care, Biotechnology)		37,018		1,286,376
				2,312,466
Sweden: 2.15%
Autoliv Incorporated SDR (Consumer Discretionary, Auto Components)		15,312		1,927,650
Swedbank AB Class A (Financials, Banks)		65,125		1,442,609
				3,370,259
Switzerland: 12.33%
Actelion Limited (Health Care, Biotechnology)		17,043		2,393,657
Adecco SA (Industrials, Professional Services)		22,326		1,527,677
Nestle SA (Consumer Staples, Food Products)		59,015		4,379,448
Novartis AG (Health Care, Pharmaceuticals)		22,069		1,886,542
Roche Holding AG (Health Care, Pharmaceuticals)		16,045		4,296,445
Syngenta AG (Materials, Chemicals)		10,271		3,786,548
TE Connectivity Limited (Information Technology, Electronic Equipment, Instruments & Components)		15,005		1,006,685
				19,277,002
United Kingdom: 20.47%
Aon plc (Financials, Insurance)		8,124		769,668
Babcock International Group plc (Industrials, Commercial Services & Supplies)		53,879		869,086
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		201,076		1,503,451
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		40,059		2,090,532
Croda International plc (Materials, Chemicals)		35,756		1,544,477
Delphi Automotive plc (Consumer Discretionary, Auto Components)		41,127		3,614,241
Diageo plc (Consumer Staples, Beverages)		1,639		47,148
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		32,109		1,735,133
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		37,990		1,462,459
International Consolidated Airlines Group SA (Industrials, Airlines) †		299,860		2,560,679
Johnson Matthey plc (Materials, Chemicals)		83,824		3,572,797

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

80 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name						Shares		Value
United Kingdom (continued)
Liberty Global plc Class A (Consumer Discretionary, Media)							56,548	$	2,398,201
Liberty Global plc Class C (Consumer Discretionary, Media)							94,351		3,868,391
Lloyds Banking Group plc (Financials, Banks)							1,834,497		2,015,835
Worldpay Group plc (Information Technology, IT Services) 144A†							244,315		1,100,208
WPP plc (Consumer Discretionary, Media)							123,555		2,856,421
									32,008,727
United States: 3.44%
Cognizant Technology Solutions Corporation Class A (Information Technology, IT Services) †							43,538		2,811,684
Royal Caribbean Cruises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)							16,934		1,568,258
WABCO Holdings Incorporated (Industrials, Machinery) †							9,256		994,835
									5,374,777
Total Common Stocks (Cost $124,324,775)									148,024,052
				Expiration date
Participation Notes: 1.19%
Ireland: 1.19%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)					10-29-2018		124,515		1,864,418
Total Participation Notes (Cost $1,147,504)									1,864,418
	Dividend yield
Preferred Stocks: 0.89%
Germany: 0.89%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.23	%				12,217		1,387,596
Total Preferred Stocks (Cost $874,798)									1,387,596
	Yield
Short-Term Investments: 3.60%
Investment Companies: 3.60%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					1,302,812		1,302,812
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					4,324,287		4,324,287
Total Short-Term Investments (Cost $5,627,099)									5,627,099

Total investments in securities (Cost $131,974,176) *	100.34	%		156,903,165
Other assets and liabilities, net	(0.34	)		(532,486	)
Total net assets	100.00	%	$	156,370,679

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 81

INTERNATIONAL GROWTH PORTFOLIO

† Non-income-earning security

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

± 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.

(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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $132,399,036 and unrealized gains (losses) consists of:

Gross unrealized gains	$	27,616,019
Gross unrealized losses		(3,111,890	)
Net unrealized gains	$	24,504,129

The following table shows the percent of total long-term investments by sector as of November 30, 2015:

Health Care	21.67	%
Consumer Discretionary	20.31
Information Technology	15.87
Consumer Staples	11.76
Financials	10.82
Materials	8.84
Industrials	8.66
Telecommunication Services	1.88
Utilities	0.19
	100.00	%

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

82 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.94%
Australia: 5.05%
AGL Energy Limited (Utilities, Multi-Utilities)		131,500	$	1,573,919
Arrium Limited (Materials, Metals & Mining)		3,063,400		175,021
Automotive Holdings Group (Consumer Discretionary)		410,016		1,254,295
Bendigo Bank Limited (Financials, Banks)		272,500		2,199,324
Boart Longyear Group Limited (Industrials, Construction & Engineering) †		199,991		10,703
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies) «		207,386		410,950
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,901,751
CSR Limited (Materials, Construction Materials)		754,900		1,665,129
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		1,354,720
Fortescue Metals Group Limited (Materials, Metals & Mining) «		394,700		559,476
Independence Group NL (Materials, Metals & Mining)		404,400		707,758
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		3,231,891
McMillan Shakespeare Limited (Industrials, Professional Services)		158,800		1,535,467
Metcash Limited (Consumer Staples, Food & Staples Retailing) «		785,500		840,749
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		101,171
Mineral Resources Limited (Materials, Metals & Mining) «		144,300		509,266
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,059,500		850,516
Panoramic Resources Limited (Materials, Metals & Mining)		368,800		58,678
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		786,979
Qantas Airways Limited (Industrials, Airlines)		580,020		1,526,873
Rio Tinto Limited (Materials, Metals & Mining)		58,300		1,935,684
Seven Group Holdings Limited (Industrials, Trading Companies & Distributors) «		165,800		621,116
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		269,632
				25,081,068
Austria: 1.07%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		1,173,105
Raiffeisen Bank International AG (Financials, Banks) †«		81,200		1,270,577
RHI AG (Materials, Construction Materials) «		64,721		1,298,896
Voestalpine AG (Materials, Metals & Mining)		47,700		1,552,241
				5,294,819
Belgium: 0.80%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		3,947,589
Brazil: 1.10%
Banco do Brasil SA (Financials, Banks)		309,500		1,303,116
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		253,200		1,238,187
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		305,955
JBS SA (Consumer Staples, Food Products)		805,600		2,586,082
				5,433,340
Canada: 2.11%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		131,600		5,985,536
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		90,100		2,594,815
WestJet Airlines Limited (Industrials, Airlines)		120,000		1,908,570
				10,488,921

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 83

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Cayman Islands: 0.63%
China Resources Cement Holdings Limited (Materials, Construction Materials)		3,186,000	$	1,039,612
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,204,000		932,375
TCL Communication Technology Holdings Limited (Information Technology, Technology Hardware, Storage & Peripherals) «		1,586,000		1,174,141
				3,146,128
China: 2.68%
China BlueChemical Limited H Shares (Materials, Chemicals)		1,984,000		539,920
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,093,660
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		4,152,000		2,543,642
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		1,747,500		2,321,450
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		1,730,000		2,351,753
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		1,225,000		2,657,462
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Pharmaceuticals)		823,400		1,807,488
				13,315,375
Czech Republic: 0.21%
CEZ AS (Utilities, Electric Utilities)		57,500		1,044,660
Denmark: 0.28%
Sydbank AG (Financials, Banks)		43,000		1,410,994
Finland: 0.43%
TietoEnator Oyj (Information Technology, IT Services)		82,700		2,109,273
France: 9.01%
Alstom SA (Industrials, Machinery) †«		83,800		2,604,371
AXA SA (Financials, Insurance)		132,200		3,577,099
BNP Paribas SA (Financials, Banks)		49,100		2,910,796
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,406,398
Credit Agricole SA (Financials, Banks)		219,328		2,646,367
Electricite de France SA (Utilities, Electric Utilities) «		148,600		2,214,531
Engie SA (Utilities, Multi-Utilities)		171,900		2,994,929
Renault SA (Consumer Discretionary, Automobiles)		40,500		4,086,898
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		82,900		7,390,673
SCOR SE (Financials, Insurance)		109,700		4,302,338
Societe Generale SA (Financials, Banks)		39,000		1,861,662
Thales SA (Industrials, Aerospace & Defense)		41,400		3,082,439
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		4,652,939
				44,731,440
Germany: 8.61%
Allianz AG (Financials, Insurance)		35,700		6,323,561
BASF SE (Materials, Chemicals)		46,500		3,848,810
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		31,200		3,405,217
Daimler AG (Consumer Discretionary, Automobiles)		75,700		6,776,774
Deutsche Bank AG (Financials, Capital Markets)		130,100		3,340,895
E.ON SE (Utilities, Multi-Utilities)		87,200		828,812
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		3,627,399

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

84 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Germany (continued)
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		19,700	$	3,970,276
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,613,693
Rhoen Klinikum AG (Health Care, Health Care Providers & Services) †		18,500		235
Rhoen Klinikum AG (Health Care, Health Care Providers & Services) «		73,100		2,113,116
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		56,900		2,172,653
Volkswagen AG (Consumer Discretionary, Automobiles) «		22,600		3,373,965
Wincor Nixdorf AG (Information Technology, Technology Hardware, Storage & Peripherals)		26,600		1,346,333
				42,741,739
Hong Kong: 1.60%
Shenzhen International Holdings Limited (Industrials, Transportation Infrastructure)		1,012,500		1,666,290
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		2,425,346
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,637,529
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,220,137
				7,949,302
Hungary: 0.23%
Richter Gedeon (Health Care, Pharmaceuticals)		59,700		1,134,183
India: 0.89%
Gail Limited (Utilities, Gas Utilities)		28,100		923,085
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		83,800		2,645,566
Tata Steel Limited GDR (Industrials, Machinery) (i)		245,900		850,814
				4,419,465
Ireland: 0.90%
C&C Group plc (Consumer Staples, Beverages)		240,000		930,609
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,557,373
				4,487,982
Israel: 1.20%
Bank Hapoalim Limited (Financials, Banks)		542,900		2,807,366
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		3,148,064
				5,955,430
Italy: 1.24%
Enel SpA (Utilities, Electric Utilities)		688,400		3,035,871
Mediobanca SpA (Financials, Capital Markets)		324,800		3,112,528
				6,148,399
Japan: 22.12%
Adeka Corporation (Materials, Chemicals)		155,300		2,296,068
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,858,262
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		206,300		1,382,595
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		2,713,786
Aozora Bank Limited (Financials, Banks)		588,000		2,073,046
Calsonic Kansei Corporation (Consumer Discretionary, Auto Components)		326,000		2,836,279
Central Glass Company Limited (Industrials, Building Products)		444,000		2,099,171

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 85

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
CKD Corporation (Industrials, Machinery)		171,200	$	1,839,948
Dainippon Ink & Chemicals Incorporated (Materials, Chemicals)		808,700		2,332,157
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		981,124
Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals)		682,000		3,013,875
Eizo Nanao Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		1,486,084
Fujikura Limited (Industrials, Electrical Equipment)		348,000		1,970,398
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		110,300		1,240,987
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,448,833
Japan Airlines Company Limited (Industrials, Airlines)		80,700		2,759,927
JFE Holdings Incorporated (Materials, Metals & Mining)		70,000		1,104,305
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		1,654,869
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		102,800		2,553,716
Kureha Corporation (Materials, Chemicals)		271,000		1,065,508
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		1,869,017
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,459,854
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		2,858,749
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		1,115,329
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		597,530
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		556,400		3,014,775
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		657,100		4,216,970
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,192,957
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		4,530,734
Namura Shipbuilding Company Limited (Industrials, Machinery)		108,800		1,001,384
Nichirei Corporation (Consumer Staples, Food Products)		252,000		1,649,976
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		234,000		8,677,579
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		419,800		4,482,755
Nisshinbo Industries Incorporated (Industrials, Industrial Conglomerates)		117,000		1,383,851
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000		3,404,062
Resona Holdings Incorporated (Financials, Banks)		1,013,300		4,945,497
Ricoh Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		166,000		1,701,803
Sankyu Incorporated (Industrials, Road & Rail)		370,000		1,845,491
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		1,487,084
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,027,112
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		149,000		1,680,032
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		3,830,859
The Keiyo Bank Limited (Financials, Banks)		62,000		296,653
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		95,400		2,062,996
Tsumura & Company (Health Care, Pharmaceuticals)		79,300		2,180,589
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		148,500		2,553,814
				109,778,390
Liechtenstein: 0.11%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		6,558		522,358
Netherlands: 2.22%
Aegon NV (Financials, Insurance)		334,000		2,045,337
ING Groep NV (Financials, Banks)		237,100		3,255,351
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		263,630		5,735,102
				11,035,790

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

86 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Norway: 1.31%
Atea ASA (Information Technology, IT Services)		84,900	$	762,000
DnB Nor ASA (Financials, Banks)		148,800		1,958,762
Marine Harvest ASA (Consumer Staples, Food Products)		97,500		1,318,242
Yara International ASA (Materials, Chemicals)		53,600		2,481,233
				6,520,237
Poland: 0.42%
Asseco Poland SA (Information Technology, Software)		101,800		1,444,731
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		653,036
				2,097,767
Russia: 0.81%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,014		1,680,157
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		9,968
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		2,312,112
				4,002,237
Singapore: 0.85%
DBS Group Holdings Limited (Financials, Banks)		227,000		2,655,347
United Overseas Bank Limited (Financials, Banks)		113,000		1,553,344
				4,208,691
South Africa: 0.44%
Barclays Africa Group Limited (Financials, Banks)		200,300		2,201,554
South Korea: 2.81%
BS Financial Group Incorporated (Financials, Banks)		13,188		110,806
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		1,570,744
Industrial Bank of Korea (Financials, Banks)		192,500		2,210,829
KT&G Corporation (Consumer Staples, Tobacco)		43,000		3,973,058
Kwangju Bank (Financials, Banks) †		13,510		94,379
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		4,506,023
Woori Bank (Financials, Banks)		178,044		1,459,037
				13,924,876
Spain: 1.03%
Banco Santander Central Hispano SA (Financials, Banks)		429,681		2,346,165
Gas Natural SDG SA (Utilities, Gas Utilities)		128,100		2,771,169
				5,117,334
Sweden: 2.34%
Boliden AB (Materials, Metals & Mining)		169,300		3,111,604
Nordea Bank AB (Financials, Banks)		177,300		1,964,737
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,540,906
Telefonaktiebolaget LM Ericsson Class B (Information Technology, Communications Equipment)		304,500		2,965,818
TeliaSonera AB (Telecommunication Services, Diversified Telecommunication Services)		417,000		2,046,799
				11,629,864

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 87

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Switzerland: 5.30%
Baloise Holding AG (Financials, Insurance)		28,800	$	3,499,052
Credit Suisse Group AG (Financials, Capital Markets)		273,395		5,877,919
Georg Fischer AG (Industrials, Machinery)		3,000		1,955,095
Swiss Life Holding AG (Financials, Insurance)		12,600		3,178,014
Swiss Reinsurance AG (Financials, Insurance)		75,700		7,214,254
UBS Group AG (Financials, Capital Markets)		5,400		103,659
Zurich Insurance Group AG (Financials, Insurance)		17,100		4,502,493
				26,330,486
Taiwan: 0.77%
Innolux Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		3,549,000		1,086,162
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,730,026
				3,816,188
Thailand: 0.72%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,122,329
Thanachart Capital PCL (Financials, Banks)		1,481,500		1,457,111
				3,579,440
United Kingdom: 17.65%
3i Group plc (Financials, Capital Markets)		409,100		3,096,129
Alent plc (Materials, Chemicals) (a)		50,200		379,921
AMEC plc (Energy, Energy Equipment & Services)		83,300		546,244
Amlin plc (Financials, Insurance)		93,700		930,696
Anglo American plc (Materials, Metals & Mining)		107,000		658,550
AstraZeneca plc (Health Care, Pharmaceuticals)		38,500		2,610,766
Aviva plc (Financials, Insurance)		314,900		2,425,894
BAE Systems plc (Industrials, Aerospace & Defense)		939,800		7,310,705
Barclays plc (Financials, Banks)		715,000		2,403,553
Barratt Developments plc (Consumer Discretionary, Household Durables)		318,600		2,883,857
Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)		58,800		2,843,617
BP plc (Energy, Oil, Gas & Consumable Fuels)		844,300		4,898,836
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		509,700		3,811,041
Carillion plc (Industrials, Construction & Engineering) «		261,500		1,241,399
Centrica plc (Utilities, Multi-Utilities)		898,500		2,951,394
Chemring Group plc (Industrials, Aerospace & Defense)		247,200		742,754
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		264,876		2,140,257
Debenhams plc (Consumer Discretionary, Multiline Retail)		1,238,200		1,559,016
easyJet plc (Industrials, Airlines)		75,100		1,869,676
Firstgroup plc (Industrials, Road & Rail) †		952,400		1,510,432
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		110,500		2,255,876
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)		290,000		449,435
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,211,800		4,632,080
Kesa Electricals plc (Consumer Discretionary, Specialty Retail)		547,900		821,066
Lloyds Banking Group plc (Financials, Banks)		1,749,400		1,922,328
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		379,900		2,875,139
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		558,800		1,447,566
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		236,800		1,179,422

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

88 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name						Shares		Value
United Kingdom (continued)
Mitie Group plc (Industrials, Commercial Services & Supplies)							283,197	$	1,361,034
Mondi plc (Materials, Paper & Forest Products)							67,600		1,571,982
Old Mutual plc (Financials, Insurance)							982,800		3,093,606
Pace plc (Consumer Discretionary, Household Durables)							308,800		1,853,822
Petrofac Limited (Energy, Energy Equipment & Services)							149,300		1,855,100
Premier Foods plc (Consumer Staples, Food Products) †							73,926		43,750
Redrow plc (Consumer Discretionary, Household Durables)							141,600		968,643
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							287,900		7,163,169
Standard Chartered plc (Financials, Banks)							253,000		2,123,172
Tate & Lyle plc (Consumer Staples, Food Products)							158,800		1,411,094
Tullett Prebon plc (Financials, Capital Markets)							279,500		1,472,920
Vesuvius plc (Industrials, Machinery)							145,400		745,869
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)							679,700		1,561,136
									87,622,946
Total Common Stocks (Cost $515,773,545)									481,228,265
	Dividend yield
Preferred Stocks: 0.14%
Brazil: 0.14%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		12.05	%				349,800		492,740
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		11.96					109,056		186,035
Total Preferred Stocks (Cost $3,545,600)									678,775
				Expiration date
Rights: 0.02%
United Kingdom: 0.02%
Standard Chartered plc (Financials, Banks) †					2-23-2016		72,286		99,071
Total Rights (Cost $0)									99,071
	Yield
Short-Term Investments: 3.93%
Investment Companies: 3.93%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					15,597,666		15,597,666
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					3,910,661		3,910,661
Total Short-Term Investments (Cost $19,508,327)									19,508,327

Total investments in securities (Cost $538,827,472) *	101.03	%		501,514,438
Other assets and liabilities, net	(1.03	)		(5,103,501	)
Total net assets	100.00	%	$	496,410,937

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 89

INTERNATIONAL VALUE PORTFOLIO

† Non-income-earning security

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

(i) Illiquid 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 vehicle purchased with cash collateral received from securities on loan.

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

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

* Cost for federal income tax purposes is $539,229,701 and unrealized gains (losses) consists of:

Gross unrealized gains	$	66,608,097
Gross unrealized losses		(104,323,360
Net unrealized losses	$	(37,715,263	)

The following table shows the percent of total long-term investments by sector as of November 30, 2015:

Financials	29.64	%
Consumer Discretionary	15.67
Industrials	13.25
Materials	8.82
Consumer Staples	6.80
Energy	6.35
Health Care	5.93
Telecommunication Services	5.41
Utilities Services	4.16
Information Technology	3.97
	100.00	%

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

90 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.13%
Consumer Discretionary: 7.36%
Hotels, Restaurants & Leisure: 1.52%
Norwegian Cruise Line Holdings Limited †		20,897	$	1,200,324
Household Durables: 1.50%
Harman International Industries Incorporated		11,488		1,185,102
Leisure Products: 0.98%
Mattel Incorporated		31,070		772,400
Media: 1.22%
Omnicom Group Incorporated		13,026		962,882
Multiline Retail: 0.64%
JCPenny Company Incorporated Ǡ		63,783		508,351
Textiles, Apparel & Luxury Goods: 1.50%
PVH Corporation		6,432		587,177
Skechers U.S.A. Incorporated Class A †		19,787		597,567
				1,184,744
Consumer Staples: 6.11%
Food & Staples Retailing: 2.60%
CVS Health Corporation		21,792		2,050,409
Food Products: 1.03%
TreeHouse Foods Incorporated †		9,442		816,355
Household Products: 1.15%
The Procter & Gamble Company		12,169		910,728
Personal Products: 1.33%
Herbalife Limited Ǡ		18,156		1,048,146
Energy: 11.56%
Energy Equipment & Services: 2.00%
Baker Hughes Incorporated		21,820		1,179,807
Noble Corporation plc «		30,051		398,777
				1,578,584
Oil, Gas & Consumable Fuels: 9.56%
Chevron Corporation		8,779		801,698
ConocoPhillips		18,980		1,025,869
Exxon Mobil Corporation		23,864		1,948,734
Marathon Oil Corporation		56,883		996,021
Noble Energy Incorporated		29,050		1,065,264
Valero Energy Corporation		18,325		1,316,835
Whiting Petroleum Corporation †		24,159		398,865
				7,553,286

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 91

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Financials: 28.69%
Banks: 11.98%
Bank of America Corporation		63,481	$	1,106,474
BOK Financial Corporation «		29,357		2,021,228
Citigroup Incorporated		20,562		1,112,199
First Republic Bank		26,169		1,801,997
JPMorgan Chase & Company		31,756		2,117,490
KeyCorp		31,511		413,109
SunTrust Banks Incorporated		20,443		887,635
				9,460,132
Capital Markets: 3.44%
Ameriprise Financial Incorporated		16,299		1,840,972
Goldman Sachs Group Incorporated		4,631		879,983
				2,720,955
Insurance: 7.42%
ACE Limited		7,047		809,348
American International Group Incorporated		28,732		1,826,781
Endurance Specialty Holdings Limited		24,220		1,597,551
MetLife Incorporated		31,892		1,629,362
				5,863,042
REITs: 5.85%
Alexandria Real Estate Equities Incorporated		18,665		1,718,860
Equity Residential		16,508		1,317,669
Prologis Incorporated		18,090		773,348
VEREIT Incorporated		97,729		814,083
				4,623,960
Health Care: 12.87%
Biotechnology: 1.89%
Baxalta Incorporated		25,511		877,068
Gilead Sciences Incorporated		5,867		621,667
				1,498,735
Health Care Equipment & Supplies: 0.97%
Medtronic plc		10,172		766,358
Health Care Providers & Services: 2.61%
Cigna Corporation		5,529		746,304
HCA Holdings Incorporated †		9,106		619,754
McKesson Corporation		3,672		695,293
				2,061,351
Pharmaceuticals: 7.40%
AbbVie Incorporated		10,488		609,877
Allergan plc †		4,385		1,376,408
Johnson & Johnson		7,594		768,817

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

92 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Pharmaceuticals (continued)
Mallinckrodt plc †		11,924	$	798,059
Merck & Company Incorporated		16,463		872,704
Pfizer Incorporated		43,284		1,418,417
				5,844,282
Industrials: 11.87%
Aerospace & Defense: 2.90%
Curtiss-Wright Corporation		11,473		807,814
Raytheon Company		11,949		1,482,034
				2,289,848
Airlines: 0.44%
United Continental Holdings Incorporated †		6,218		346,529
Commercial Services & Supplies: 1.73%
Progressive Waste Solutions Limited		23,414		553,039
West Corporation		31,792		810,696
				1,363,735
Electrical Equipment: 0.87%
Eaton Corporation plc		11,799		686,230
Industrial Conglomerates: 1.63%
General Electric Company		42,941		1,285,654
Machinery: 1.59%
Stanley Black & Decker Incorporated		11,540		1,259,706
Professional Services: 0.84%
CEB Incorporated		8,546		660,349
Road & Rail: 1.87%
AMERCO		1,434		581,344
Norfolk Southern Corporation		9,471		900,313
				1,481,657
Information Technology: 10.73%
Communications Equipment: 0.96%
Cisco Systems Incorporated		28,008		763,218
Electronic Equipment, Instruments & Components: 2.24%
Synnex Corporation		13,907		1,311,013
TE Connectivity Limited		6,811		456,950
				1,767,963
Internet Software & Services: 1.41%
Alphabet Incorporated Class C †		1,496		1,110,930

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 93

LARGE COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 2.57%
NXP Semiconductors NV †					8,507	$	795,064
Skyworks Solutions Incorporated					14,885		1,235,753
							2,030,817
Software: 0.52%
Citrix Systems Incorporated †					5,363		411,181
Technology Hardware, Storage & Peripherals: 3.03%
Apple Incorporated					7,011		829,401
NCR Corporation †					48,898		1,325,625
Seagate Technology plc «					6,638		238,570
							2,393,596
Materials: 3.29%
Chemicals: 1.72%
Cabot Corporation					11,863		516,515
FMC Corporation					19,675		845,435
							1,361,950
Containers & Packaging: 1.57%
Crown Holdings Incorporated †					17,021		883,560
WestRock Company					7,059		357,397
							1,240,957
Telecommunication Services: 1.97%
Diversified Telecommunication Services: 1.97%
AT&T Incorporated					22,528		758,518
Verizon Communications Incorporated					17,570		798,557
							1,557,075
Utilities: 3.68%
Electric Utilities: 2.75%
Duke Energy Corporation					15,099		1,023,108
The Southern Company					25,711		1,145,168
							2,168,276
Gas Utilities: 0.93%
Atmos Energy Corporation					11,822		736,629
Total Common Stocks (Cost $67,502,414)							77,526,426
	Yield
Short-Term Investments: 6.19%
Investment Companies: 6.19%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		3,413,200		3,413,200
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			1,477,801		1,477,801
Total Short-Term Investments (Cost $4,891,001)							4,891,001

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

94 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

			Value
Total investments in securities (Cost $72,393,415) *	104.32	%	$	82,417,427
Other assets and liabilities, net	(4.32	)		(3,416,112	)
Total net assets	100.00	%	$	79,001,315

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $73,133,631 and unrealized gains (losses) consists of:

Gross unrealized gains	$	13,349,290
Gross unrealized losses		(4,065,494	)
Net unrealized gains	$	9,283,796

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 95

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.77%
Consumer Discretionary: 14.44%
Auto Components: 1.03%
Gentherm Incorporated †		234,165	$	11,904,948
Diversified Consumer Services: 1.87%
2U Incorporated †«		403,201		9,725,208
Houghton Mifflin Harcourt Company †		605,490		11,964,482
				21,689,690
Hotels, Restaurants & Leisure: 3.06%
Brinker International Incorporated		112,145		5,116,055
Del Taco Restaurants Incorporated †		524,230		5,787,499
Extended Stay America Incorporated		540,270		9,244,020
Krispy Kreme Doughnuts Incorporated †		631,710		8,932,379
Zoe’s Kitchen Incorporated †«		184,820		6,287,576
				35,367,529
Household Durables: 0.57%
William Lyon Homes Class A †		380,729		6,651,336
Leisure Products: 0.37%
Malibu Boats Incorporated †		272,830		4,234,322
Media: 2.54%
IMAX Corporation †		352,253		13,343,344
Lions Gate Entertainment Corporation		283,304		9,615,338
Media General Incorporated †«		410,540		6,375,686
				29,334,368
Multiline Retail: 0.66%
Burlington Stores Incorporated †		159,770		7,686,535
Specialty Retail: 3.12%
Chico’s FAS Incorporated		416,917		5,003,004
Dick’s Sporting Goods Incorporated		191,709		7,482,402
Monro Muffler Brake Incorporated		214,091		15,851,298
Party City Holdco Incorporated †		609,380		7,739,126
				36,075,830
Textiles, Apparel & Luxury Goods: 1.22%
Kate Spade & Company †		399,050		7,996,962
Skechers U.S.A. Incorporated Class A †		202,276		6,108,735
				14,105,697
Consumer Staples: 1.42%
Food Products: 1.42%
Amplify Snack Brands Incorporated †«		588,819		7,389,678
Whitewave Foods Company †		221,766		9,010,353
				16,400,031

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

96 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Energy: 2.21%
Oil, Gas & Consumable Fuels: 2.21%
Diamondback Energy Incorporated †		110,719	$	8,638,296
GasLog Limited «		473,043		5,662,325
Memorial Resource Development Corporation †		487,900		7,947,891
Ring Energy Incorporated †«		333,230		3,322,303
				25,570,815
Financials: 11.31%
Banks: 2.74%
ServisFirst Bancshares Incorporated		131,250		6,460,125
Signature Bank †		64,395		10,184,069
SVB Financial Group †		113,762		15,071,190
				31,715,384
Capital Markets: 4.85%
Evercore Partners Incorporated Class A		272,124		15,111,046
LPL Financial Holdings Incorporated «		276,707		12,722,988
Stifel Financial Corporation †		241,601		10,959,021
Virtu Financial Incorporated		434,428		9,666,023
Virtus Investment Partners Incorporated		56,048		7,635,980
				56,095,058
Insurance: 1.58%
Argo Group International Holdings Limited		212,801		13,519,248
Patriot National Incorporated †		324,040		4,724,503
				18,243,751
REITs: 0.98%
QTS Realty Trust Incorporated Class A		269,985		11,398,767
Thrifts & Mortgage Finance: 1.16%
Essent Group Limited †		543,084		13,425,036
Health Care: 22.45%
Biotechnology: 5.13%
Alder Biopharmaceuticals Inc †		123,070		4,585,588
Alnylam Pharmaceuticals Incorporated †		74,822		7,785,977
Celldex Therapeutics Incorporated †«		289,876		5,220,667
Cepheid Incorporated †		265,754		9,551,199
Flexion Therapeutics Incorporated †«		318,310		6,187,946
Intrexon Corporation «		118,354		4,297,434
Oncomed Pharmaceuticals Incorporated †«		234,120		5,349,642
Portola Pharmaceuticals Incorporated †		146,645		7,275,058
Radius Health Incorporated †		73,960		4,497,508
Tesaro Incorporated †		90,122		4,599,827
				59,350,846

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 97

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies: 7.12%
Accuray Incorporated †«		995,078	$	7,005,349
Analogic Corporation		119,440		9,979,212
Atricure Incorporated †		367,123		7,885,802
Cerus Corporation †«		1,706,248		9,674,426
DexCom Incorporated †		146,206		12,430,434
Inogen Incorporated †		283,515		10,844,449
LDR Holding Corporation †		325,109		8,784,445
Nevro Corporation †«		160,860		9,712,727
The Spectranetics Corporation †		437,994		6,057,457
				82,374,301
Health Care Providers & Services: 6.50%
Adeptus Health Incorporated Class A †«		163,877		9,847,369
AMN Healthcare Services Incorporated †		425,705		12,558,298
Capital Senior Living Corporation †		391,700		8,977,764
Ensign Group Incorporated		189,755		9,026,645
HealthEquity Incorporated †		366,830		12,105,390
LifePoint Hospitals Incorporated †		118,756		8,504,117
Surgery Partners Inc †«		409,094		7,817,786
Teladoc Incorporated †«		298,960		6,352,900
				75,190,269
Health Care Technology: 1.20%
Evolent Health Incorporated Class A †		477,820		7,778,910
Medidata Solutions Incorporated †		132,332		6,064,776
				13,843,686
Life Sciences Tools & Services: 1.45%
ICON plc ADR †		225,962		16,795,755
Pharmaceuticals: 1.05%
Akorn Incorporated †		195,388		6,506,420
Cempra Holdings Incorporated †«		176,680		5,637,859
				12,144,279
Industrials: 14.99%
Aerospace & Defense: 1.40%
Astronics Corporation		190,522		7,371,296
Esterline Technologies Corporation †		92,881		8,831,125
				16,202,421
Air Freight & Logistics: 1.03%
Hub Group Incorporated Class A †		307,789		11,859,110
Building Products: 2.63%
A.O. Smith Corporation		176,464		14,074,769
NCI Building Systems Incorporated †		618,414		7,334,390
PGT Incorporated †		813,650		9,047,788
				30,456,947

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

98 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Commercial Services & Supplies: 5.03%
Copart Incorporated †		326,873	$	12,901,677
KAR Auction Services Incorporated		296,190		11,234,487
Mobile Mini Incorporated		277,490		9,837,021
TrueBlue Incorporated †		490,276		14,360,184
West Corporation		386,200		9,848,100
				58,181,469
Construction & Engineering: 1.19%
Comfort Systems USA Incorporated		236,422		7,504,034
Granite Construction Incorporated		152,780		6,228,841
				13,732,875
Machinery: 0.88%
Wabash National Corporation †		787,273		10,210,931
Professional Services: 1.42%
On Assignment Incorporated †		245,704		11,469,463
RPX Corporation †		356,064		4,938,608
				16,408,071
Road & Rail: 1.41%
Genesee & Wyoming Incorporated Class A †		131,797		9,129,578
Swift Transportation Company †«		453,346		7,239,936
				16,369,514
Information Technology: 24.60%
Communications Equipment: 2.68%
Infinera Corporation †		485,952		10,943,639
Radware Limited †		572,960		9,419,462
Ruckus Wireless Incorporated †		933,810		10,692,125
				31,055,226
Electronic Equipment, Instruments & Components: 1.18%
OSI Systems Incorporated †		145,776		13,649,007
Internet Software & Services: 3.58%
Benefitfocus Incorporated †«		245,410		9,944,013
Cornerstone OnDemand Incorporated †		323,120		11,603,239
Marketo Incorporated †		301,040		9,112,481
Pandora Media Incorporated †		419,090		5,783,442
Zillow Group Incorporated Class A «		46,841		1,219,271
Zillow Group Incorporated Class C †«		150,822		3,717,762
				41,380,208
IT Services: 2.95%
Acxiom Corporation †		539,610		12,357,069
MAXIMUS Incorporated		184,690		10,481,158
Vantiv Incorporated Class A †		214,420		11,302,078
				34,140,305

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 99

SMALL COMPANY GROWTH PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 5.72%
Applied Micro Circuits Corporation †					957,597	$	7,009,610
Cypress Semiconductor Corporation					1,138,464		12,318,180
FormFactor Incorporated †					1,013,475		8,827,367
Microsemi Corporation †					347,420		12,510,594
Nanometrics Incorporated †					294,549		4,642,092
Silicon Motion Technology Corporation					241,644		8,039,496
Teradyne Incorporated					619,377		12,870,654
							66,217,993
Software: 8.49%
Bottomline Technologies Incorporated †					311,740		9,635,883
Cadence Design Systems Incorporated †					675,612		15,066,148
PTC Incorporated †					328,825		11,850,853
Qlik Technologies Incorporated †					347,723		11,061,069
Rubicon Project Incorporated †					580,644		8,564,499
SS&C Technologies Holdings					252,358		18,144,540
Synchronoss Technologies Incorporated †					180,230		7,095,655
Ultimate Software Group Incorporated †					40,441		7,987,098
Zendesk Incorporated †					342,773		8,778,417
							98,184,162
Materials: 3.03%
Chemicals: 1.40%
Calgon Carbon Corporation					514,099		8,693,414
Flotek Industries Incorporated †«					657,247		7,505,761
							16,199,175
Metals & Mining: 0.64%
Steel Dynamics Incorporated					424,593		7,383,672
Paper & Forest Products: 0.99%
Boise Cascade Company †					366,107		11,459,149
Utilities: 0.32%
Independent Power & Renewable Electricity Producers: 0.32%
Dynegy Incorporated †					230,660		3,718,239
Total Common Stocks (Cost $995,453,082)							1,096,406,707
	Yield
Short-Term Investments: 15.24%
Investment Companies: 15.24%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		118,989,418		118,989,418
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			57,304,768		57,304,768
Total Short-Term Investments (Cost $176,294,186)							176,294,186

Total investments in securities (Cost $1,171,747,268) *	110.01	%		1,272,700,893
Other assets and liabilities, net	(10.01	)		(115,825,971	)
Total net assets	100.00	%	$	1,156,874,922

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

100 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $1,183,487,190 and unrealized gains (losses) consists of:

Gross unrealized gains	$	153,725,982
Gross unrealized losses		(64,512,279	)
Net unrealized gains	$	89,213,703

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 101

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 95.47%
Consumer Discretionary: 11.61%
Auto Components: 2.42%
American Axle & Manufacturing Holdings Incorporated †		127,519	$	2,902,332
Metaldyne Performance Group Incorporated		94,700		2,132,644
				5,034,976
Automobiles: 1.02%
Thor Industries Incorporated		36,550		2,116,976
Hotels, Restaurants & Leisure: 0.97%
ClubCorp Holdings Incorporated		112,094		2,012,087
Media: 2.59%
National CineMedia Incorporated		167,800		2,662,986
Scholastic Corporation		63,693		2,720,965
				5,383,951
Specialty Retail: 4.61%
Asbury Automotive Group Incorporated †		24,109		1,810,586
Ascena Retail Group Incorporated †		121,820		1,380,221
DSW Incorporated Class A		80,188		1,841,116
Outerwall Incorporated «		38,790		2,401,101
The Men’s Wearhouse Incorporated		43,000		859,570
Urban Outfitters Incorporated †		57,550		1,289,120
				9,581,714
Consumer Staples: 1.62%
Food & Staples Retailing: 0.75%
SUPERVALU Incorporated †		231,850		1,558,032
Food Products: 0.87%
Darling Ingredients Incorporated †		165,910		1,816,715
Energy: 5.41%
Energy Equipment & Services: 0.96%
RPC Incorporated «		150,400		1,992,800
Oil, Gas & Consumable Fuels: 4.45%
Carrizo Oil & Gas Incorporated †		48,800		1,970,544
Parsley Energy Incorporated Class A †		112,300		2,206,695
PDC Energy Incorporated †		31,300		1,768,137
Rice Energy Incorporated †		91,500		1,233,420
WPX Energy Incorporated †		241,330		2,070,611
				9,249,407

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

102 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Financials: 40.79%
Banks: 21.24%
Associated Banc-Corp		110,800	$	2,272,508
BancorpSouth Incorporated		97,092		2,611,775
BankUnited Incorporated		67,650		2,557,170
Columbia Banking System Incorporated		54,235		1,927,512
ConnectOne Bancorp Incorporated		76,220		1,487,052
FirstMerit Corporation		96,500		1,952,195
Great Western Bancorp Incorporated		94,640		2,860,021
IBERIABANK Corporation		38,117		2,415,474
Investors Bancorp Incorporated		184,894		2,370,341
National Bank Holdings Corporation Class A		108,825		2,470,328
Pinnacle Financial Partners Incorporated		42,160		2,290,553
PrivateBancorp Incorporated		63,397		2,796,442
Renasant Corporation		71,000		2,593,630
Sterling BanCorp		153,700		2,695,898
Talmer Bancorp Incorporated Class A		145,900		2,665,593
Webster Financial Corporation		66,037		2,655,348
Western Alliance Bancorp †		84,378		3,273,023
Wintrust Financial Corporation		43,077		2,267,143
				44,162,006
Capital Markets: 0.94%
Stifel Financial Corporation †		42,993		1,950,162
Insurance: 6.18%
American Equity Investment Life Holding Company		72,108		1,933,215
Employers Holdings Incorporated		91,224		2,500,450
Horace Mann Educators Corporation		67,210		2,347,645
Kemper Corporation		47,210		1,940,803
OneBeacon Insurance Group Limited Class A		97,056		1,345,196
Primerica Incorporated		54,463		2,790,684
				12,857,993
Real Estate Management & Development: 1.78%
Alexander & Baldwin Incorporated		40,981		1,553,590
Kennedy Wilson Holdings Incorporated		81,900		2,137,590
				3,691,180
REITs: 10.65%
Columbia Property Trust Incorporated		97,400		2,440,844
Corporate Office Properties Trust		94,300		2,101,947
Education Realty Trust Incorporated		57,200		2,107,820
Equity Commonwealth †		99,600		2,750,952
Gramercy Property Trust Incorporated		100,450		2,399,751
Highwoods Properties Incorporated		50,800		2,212,848
Parkway Properties Incorporated		122,297		2,088,833
Physicians Realty Trust		130,900		2,095,709
Ramco-Gershenson Properties Trust		141,021		2,379,024
Sunstone Hotel Investors Incorporated		106,156		1,558,370
				22,136,098

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 103

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Health Care: 5.82%
Health Care Equipment & Supplies: 2.06%
Alere Incorporated †		66,697	$	2,752,585
Halyard Health Incorporated †		47,780		1,528,482
				4,281,067
Health Care Providers & Services: 3.48%
Kindred Healthcare Incorporated		169,300		2,260,155
Select Medical Holdings Corporation		188,360		2,273,505
WellCare Health Plans Incorporated †		32,743		2,700,643
				7,234,303
Health Care Technology: 0.28%
Computer Programs & Systems Incorporated «		12,100		589,512
Industrials: 7.76%
Air Freight & Logistics: 0.88%
Atlas Air Worldwide Holdings Incorporated †		44,005		1,818,287
Commercial Services & Supplies: 1.62%
Essendant Incorporated		47,819		1,732,004
Quad Graphics Incorporated		158,600		1,636,752
				3,368,756
Construction & Engineering: 1.88%
KBR Incorporated		109,190		2,122,654
Tutor Perini Corporation †		94,495		1,780,286
				3,902,940
Electrical Equipment: 1.08%
Generac Holdings Incorporated †		69,560		2,232,876
Machinery: 0.80%
NN Incorporated		63,190		1,077,390
Titan International Incorporated		136,820		593,799
				1,671,189
Professional Services: 0.28%
Hill International Incorporated †		170,166		587,073
Road & Rail: 0.15%
Universal Truckload Services		19,636		318,889
Trading Companies & Distributors: 1.07%
Air Lease Corporation		66,100		2,222,943
Information Technology: 12.55%
Communications Equipment: 0.98%
ARRIS Group Incorporated †		66,983		2,047,670

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

104 Wells Fargo Equity Gateway Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 4.04%
Belden Incorporated		50,350	$	3,160,470
Celestica Incorporated †		180,136		2,031,934
Plexus Corporation †		51,321		1,909,141
Tech Data Corporation †		19,028		1,287,244
				8,388,789
IT Services: 1.79%
Cardtronics Incorporated †		43,840		1,648,822
VeriFone Systems Incorporated †		72,100		2,067,828
				3,716,650
Semiconductors & Semiconductor Equipment: 4.02%
Advanced Energy Industries Incorporated †		86,845		2,533,269
Diodes Incorporated †		113,040		2,632,702
Veeco Instruments Incorporated †		55,250		1,129,863
Xcerra Corporation †		340,471		2,059,850
				8,355,684
Software: 1.13%
Mentor Graphics Corporation		125,417		2,349,060
Technology Hardware, Storage & Peripherals: 0.59%
Avid Technology Incorporated †		162,200		1,231,098
Materials: 5.14%
Chemicals: 4.29%
A. Schulman Incorporated		68,900		2,384,629
Axiall Corporation		69,300		1,444,212
Cabot Corporation		58,600		2,551,444
Chemtura Corporation †		83,013		2,550,159
				8,930,444
Metals & Mining: 0.85%
Globe Specialty Metals Incorporated		173,500		1,764,495
Utilities: 4.77%
Electric Utilities: 3.52%
El Paso Electric Company		64,371		2,487,939
PNM Resources Incorporated		101,017		2,929,493
Portland General Electric Company		51,724		1,909,650
				7,327,082
Multi-Utilities: 1.25%
Avista Corporation		74,910		2,592,632
Total Common Stocks (Cost $174,801,497)				198,475,536

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 105

SMALL COMPANY VALUE PORTFOLIO

Security name				Expiration date		Shares		Value
Warrants: 0.00%
Health Care: 0.00%
Health Care Equipment & Supplies: 0.00%
EnteroMedics Incorporated †(a)					5-14-2016		9,104	$	2
Total Warrants (Cost $0)									2
	Yield
Short-Term Investments: 6.15%
Investment Companies: 6.15%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%				4,795,850		4,795,850
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					7,987,779		7,987,779
Total Short-Term Investments (Cost $12,783,629)									12,783,629

Total investments in securities (Cost $187,585,126) *	101.62	%		211,259,167
Other assets and liabilities, net	(1.62	)		(3,373,120	)
Total net assets	100.00	%	$	207,886,047

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $188,083,132 and unrealized gains (losses) consists of:

Gross unrealized gains	$	35,807,002
Gross unrealized losses		(12,630,967	)
Net unrealized gains	$	23,176,035

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

106 Wells Fargo Equity Gateway Funds Statements of assets and liabilities—November 30, 2015 (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)	$	306,538,283	$	116,615,718
In affiliated securities, at value (see cost below)		14,406,902		2,802,541
Total investments, at value (see cost below)		320,945,185		119,418,259
Cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		0		121,450
Receivable for dividends		597,245		103,426
Receivable for securities lending income		966		641
Prepaid expenses and other assets		4,408		5,307
Total assets		321,547,804		119,649,083
Liabilities
Payable for investments purchased		0		146,808
Payable upon receipt of securities loaned		4,278,750		1,326,875
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		169,545		52,402
Accrued expenses and other liabilities		26,016		25,248
Total liabilities		4,474,311		1,551,333
Total net assets	$	317,073,493	$	118,097,750
Investments in unaffiliated securities (including securities on loan), at cost	$	240,460,541	$	75,203,099
Investments in affiliated securities, at cost	$	14,406,902	$	2,802,541
Total investments, at cost	$	254,867,443	$	78,005,640
Securities on loan, at value	$	4,192,650	$	1,298,417
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 107

Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	1,006,634,764	$	2,439,531,214	$	151,276,066	$	482,006,111	$	77,526,426	$	1,096,406,707	$	198,475,538
	109,355,356		78,314,451		5,627,099		19,508,327		4,891,001		176,294,186		12,783,629
	1,115,990,120		2,517,845,665		156,903,165		501,514,438		82,417,427		1,272,700,893		211,259,167
	0		0		0		0		0		0		9,762
	0		0		55,488		9,263,631		0		0		0
	2,900,476		22,479,271		684,540		0		678,828		3,235,001		2,799,733
	6,402		5,820,405		209,219		1,575,575		173,142		362,879		238,835
	335,217		15,506		5,635		28,485		2,440		290,585		4,653
	3,410		21,849		18,636		11,613		6,885		17,022		3,350
	1,119,235,625		2,546,182,696		157,876,683		512,393,742		83,278,722		1,276,606,380		214,315,500
	3,644,031		0		53,395		0		798,059		0		1,474,888
	97,288,111		13,080,495		1,302,812		15,597,666		3,413,200		118,989,418		4,795,850
	0		181,800		0		0		0		0		0
	666,423		176,909		108,660		346,379		40,928		717,492		134,522
	40,995		40,030		41,137		38,760		25,220		24,548		24,193
	101,639,560		13,479,234		1,506,004		15,982,805		4,277,407		119,731,458		6,429,453
$	1,017,596,065	$	2,532,703,462	$	156,370,679	$	496,410,937	$	79,001,315	$	1,156,874,922	$	207,886,047
$	760,204,702	$	1,188,428,645	$	126,347,077	$	519,319,145	$	67,502,414	$	995,453,082	$	174,801,497
$	109,355,356	$	60,485,228	$	5,627,099	$	19,508,327	$	4,891,001	$	176,294,186	$	12,783,629
$	869,560,058	$	1,248,913,873	$	131,974,176	$	538,827,472	$	72,393,415	$	1,171,747,268	$	187,585,126
$	94,857,530	$	12,747,497	$	1,240,646	$	14,809,795	$	3,325,447	$	115,718,547	$	4,677,670
$	0	$	0	$	55,503	$	9,665,860	$	0	$	0	$	0

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

108 Wells Fargo Equity Gateway Funds Statements of operations—six months ended November 30, 2015 (unaudited)

	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio
Investment income
Dividends*	$	3,185,662		$	520,296
Income from affiliated securities		9,012			1,195
Securities lending income, net		4,606			3,218
Interest		0			0
Total investment income		3,199,280			524,709
Expenses
Advisory fee		1,068,535			387,876
Custody and accounting fees		12,147			11,724
Professional fees		22,130			24,088
Shareholder report expenses		531			1,025
Trustees’ fees and expenses		6,301			6,473
Other fees and expenses		4,550			6,702
Total expenses		1,114,194			437,888
Less: Fee waivers and/or expense reimbursements		0			(66,660	)
Net expenses		1,114,194			371,228
Net investment income (loss)		2,085,086			153,481
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		10,230,399			4,189,078
Affiliated securities		0			0
Futures transactions		0			0
Net realized gain (losses) on investments		10,230,399			4,189,078
Net change in unrealized gains (losses) on:
Unaffiliated securities		(20,364,413	)		(2,879,730	)
Affiliated securities		0			0
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		(20,364,413	)		(2,879,730	)
Net realized and unrealized gains (losses) on investments		(10,134,014	)		1,309,348
Net increase (decrease) in net assets resulting from operations	$	(8,048,928	)	$	1,462,829
* Net of foreign dividend withholding taxes in the amount of		$17,263			$1,173

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

Statements of operations—six months ended November 30, 2015 (unaudited) Wells Fargo Equity Gateway Funds 109

Emerging Growth Portfolio			Index Portfolio			International Growth Portfolio			International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
$	446,429		$	27,262,952		$	785,935		$	5,888,648		$	828,105		$	2,031,225		$	1,673,963
	18,887			505,801			3,876			4,240			1,585			38,880			4,714
	974,921			62,626			15,220			183,620			13,516			852,443			15,804
	0			264			0			0			0			0			0
	1,440,237			27,831,643			805,031			6,076,508			843,206			2,922,548			1,694,481
	4,318,734			1,090,712			652,569			2,142,625			257,317			3,793,458			828,526
	31,798			73,520			49,094			94,192			5,761			32,910			11,363
	23,493			30,361			26,642			30,417			23,654			24,297			23,329
	2,262			3,562			756			1,323			615			992			1,394
	6,125			4,773			6,430			5,982			6,121			5,971			6,023
	17,017			193,132			24,191			26,968			7,765			12,515			4,721
	4,399,429			1,396,060			759,682			2,301,507			301,233			3,870,143			875,356
	0			(11,554	)		0			0			(8,922	)		0			0
	4,399,429			1,384,506			759,682			2,301,507			292,311			3,870,143			875,356
	(2,959,192	)		26,447,137			45,349			3,775,001			550,895			(947,595	)		819,125
	30,516,698			76,603,043			(2,006,489	)		68,474			1,589,301			(33,533,955	)		14,137,854
	0			1,061,279			0			0			0			0			0
	0			40,989			0			0			0			0			0
	30,516,698			77,705,311			(2,006,489	)		68,474			1,589,301			(33,533,955	)		14,137,854
	(115,631,449	)		(111,490,822	)		(10,962,419	)		(53,900,425	)		(4,975,347	)		(33,388,318	)		(23,027,705	)
	0			(1,620,608	)		0			0			0			0			0
	0			935			0			0			0			0			0
	(115,631,449	)		(113,110,495	)		(10,962,419	)		(53,900,425	)		(4,975,347	)		(33,388,318	)		(23,027,705	)
	(85,114,751	)		(35,405,184	)		(12,968,908	)		(53,831,951	)		(3,386,046	)		(66,922,273	)		(8,889,851	)
$	(88,073,943	)	$	(8,958,047	)	$	(12,923,559	)	$	(50,056,950	)	$	(2,835,151	)	$	(67,869,868	)	$	(8,070,726	)
	$0			$3,832			$10,924			$657,280			$784			$6,205			$0

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

110 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	2,085,086		$	3,962,347
Net realized gains on investments		10,230,399			41,880,494
Net change in unrealized gains (losses) on investments		(20,364,413	)		(13,267,776	)
Net increase (decrease) in net assets resulting from operations		(8,048,928	)		32,575,065
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		26,534,974			32,358,693
Withdrawals		(36,947,357	)		(46,347,409	)
Net decrease in net assets resulting from capital share transactions		(10,412,383	)		(13,988,716	)
Total increase (decrease) in net assets		(18,461,311	)		18,586,349
Net assets
Beginning of period		335,534,804			316,948,455
End of period	$	317,073,493		$	335,534,804

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 111

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	153,481		$	378,418
Net realized gains on investments		4,189,078			13,356,513
Net change in unrealized gains (losses) on investments		(2,879,730	)		2,762,375
Net increase in net assets resulting from operations		1,462,829			16,497,306
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,990,449			1,385,145
Withdrawals		(8,685,389	)		(38,000,934	)
Net decrease in net assets resulting from capital share transactions		(6,694,940	)		(36,615,789	)
Total decrease in net assets		(5,232,111	)		(20,118,483	)
Net assets
Beginning of period		123,329,861			143,448,344
End of period	$	118,097,750		$	123,329,861

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

112 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment loss	$	(2,959,192	)	$	(7,075,125	)
Net realized gains on investments		30,516,698			124,199,895
Net change in unrealized gains (losses) on investments		(115,631,449	)		125,177,937
Net increase (decrease) in net assets resulting from operations		(88,073,943	)		242,302,707
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		70,849,193			45,776,720
Withdrawals		(112,946,618	)		(236,510,647	)
Net decrease in net assets resulting from capital share transactions		(42,097,425	)		(190,733,927	)
Total increase (decrease) in net assets		(130,171,368	)		51,568,780
Net assets
Beginning of period		1,147,767,433			1,096,198,653
End of period	$	1,017,596,065		$	1,147,767,433

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 113

	Index Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	26,447,137		$	54,937,429
Net realized gains on investments		77,705,311			151,694,995
Net change in unrealized gains (losses) on investments		(113,110,495	)		106,085,589
Net increase (decrease) in net assets resulting from operations		(8,958,047	)		312,718,013
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		35,484,942			163,917,502
Withdrawals		(264,067,367	)		(543,742,749	)
Net decrease in net assets resulting from capital share transactions		(228,582,425	)		(379,825,247	)
Total decrease in net assets		(237,540,472	)		(67,107,234	)
Net assets
Beginning of period		2,770,243,934			2,837,351,168
End of period	$	2,532,703,462		$	2,770,243,934

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

114 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	45,349		$	1,168,188
Net realized gains (losses) on investments		(2,006,489	)		5,764,586
Net change in unrealized gains (losses) on investments		(10,962,419	)		1,080,710
Net increase (decrease) in net assets resulting from operations		(12,923,559	)		8,013,484
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		13,012,480			9,541,797
Withdrawals		(2,122,571	)		(15,259,152	)
Net increase (decrease) in net assets resulting from capital share transactions		10,889,909			(5,717,355	)
Total increase (decrease) in net assets		(2,033,650	)		2,296,129
Net assets
Beginning of period		158,404,329			156,108,200
End of period	$	156,370,679		$	158,404,329

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 115

	International Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	3,775,001		$	12,375,837
Net realized gains on investments		68,474			12,459,307
Net change in unrealized gains (losses) on investments		(53,900,425	)		(27,933,255	)
Net decrease in net assets resulting from operations		(50,056,950	)		(3,098,111	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		16,809,245			42,159,536
Withdrawals		(4,555,006	)		(17,083,113	)
Net increase in net assets resulting from capital share transactions		12,254,239			25,076,423
Total increase (decrease) in net assets		(37,802,711	)		21,978,312
Net assets
Beginning of period		534,213,648			512,235,336
End of period	$	496,410,937		$	534,213,648

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

116 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Large Company Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	550,895		$	964,436
Net realized gains on investments		1,589,301			9,724,164
Net change in unrealized gains (losses) on investments		(4,975,347	)		(3,904,014	)
Net increase (decrease) in net assets resulting from operations		(2,835,151	)		6,784,586
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,593,477			1,636,829
Withdrawals		(3,253,299	)		(21,975,522	)
Net decrease in net assets resulting from capital share transactions		(659,822	)		(20,338,693	)
Total decrease in net assets		(3,494,973	)		(13,554,107	)
Net assets
Beginning of period		82,496,288			96,050,395
End of period	$	79,001,315		$	82,496,288

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

Statements of changes in net assets Wells Fargo Equity Gateway Funds 117

	Small Company Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment loss	$	(947,595	)	$	(1,603,331	)
Net realized gains (losses) on investments		(33,533,955	)		17,519,892
Net change in unrealized gains (losses) on investments		(33,388,318	)		73,745,204
Net increase (decrease) in net assets resulting from operations		(67,869,868	)		89,661,765
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		502,985,505			343,108,775
Withdrawals		(29,626,135	)		(37,300,648	)
Net increase in net assets resulting from capital share transactions		473,359,370			305,808,127
Total increase in net assets		405,489,502			395,469,892
Net assets
Beginning of period		751,385,420			355,915,528
End of period	$	1,156,874,922		$	751,385,420

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

118 Wells Fargo Equity Gateway Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	819,125		$	1,850,375
Net realized gains on investments		14,137,854			16,879,349
Net change in unrealized gains (losses) on investments		(23,027,705	)		(3,678,556	)
Net increase (decrease) in net assets resulting from operations		(8,070,726	)		15,051,168
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		9,367,320			22,862,632
Withdrawals		(9,106,770	)		(28,565,086	)
Net increase (decrease) in net assets resulting from capital share transactions		260,550			(5,702,454	)
Total increase (decrease) in net assets		(7,810,176	)		9,348,714
Net assets
Beginning of period		215,696,223			206,347,509
End of period	$	207,886,047		$	215,696,223

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

Financial highlights Wells Fargo Equity Gateway Funds 119

	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, 2015 (unaudited)		1.27	%		0.68	%		0.68	%		(2.13	)%		18	%
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	%
Year ended May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
Year ended May 31, 20112		1.27	%		0.67	%		0.67	%		18.08	%		17	%
Year ended September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
Diversified Large Cap Growth Portfolio
Six months ended November 30, 2015 (unaudited)		0.26	%		0.73	%		0.62	%		1.28	%		28	%
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	%
Year ended May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
Year ended May 31, 20112,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
Year ended September 30, 20103		0.66	%		0.70	%		0.62	%		7.51	%		11	%
Emerging Growth Portfolio
Six months ended November 30, 2015 (unaudited)		(0.54	)%		0.80	%		0.80	%		(7.70	)%		40	%
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	%
Year ended May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
Year ended May 31, 20112		(0.77	)%		0.94	%		0.91	%		37.91	%		59	%
Year ended September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
Index Portfolio
Six months ended November 30, 2015 (unaudited)		2.05	%		0.11	%		0.11	%		(0.27	)%		2	%
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	%
Year ended May 31, 2012		2.09	%		0.10	%		0.10	%		(0.52	)%		9	%
Year ended May 31, 20112		1.93	%		0.10	%		0.10	%		19.39	%		3	%
Year ended September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
International Growth Portfolio
Six months ended November 30, 2015 (unaudited)		0.06	%		0.99	%		0.99	%		(8.10	)%		22	%
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	%
Year ended May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
Year ended May 31, 20112		1.62	%		1.10	%		1.10	%		14.50	%		53	%
Year ended September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
International Value Portfolio
Six months ended November 30, 2015 (unaudited)		1.50	%		0.91	%		0.91	%		(9.32	)%		5	%
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	%
Year ended May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
Year ended May 31, 20112		3.14	%		0.94	%		0.94	%		14.00	%		16	%
Year ended September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%

Please see footnotes on page 120.

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

120 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
Large Company Value Portfolio
Six months ended November 30, 2015 (unaudited)		1.39	%		0.76	%		0.74	%		(3.40	)%		30	%
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	%
Year ended May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
Year ended May 31, 20112		1.58	%		0.78	%		0.74	%		21.46	%		38	%
Year ended September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
Small Company Growth Portfolio
Six months ended November 30, 2015 (unaudited)		(0.20	)%		0.80	%		0.80	%		(6.99	)%		24	%
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	%
Year ended May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
Year ended May 31, 20112		(0.42	)%		0.83	%		0.83	%		39.64	%		70	%
Year ended September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
Small Company Value Portfolio
Six months ended November 30, 2015 (unaudited)		0.79	%		0.85	%		0.85	%		(3.82	)%		34	%
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	%
Year ended May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
Year ended May 31, 20112		1.60	%		0.84	%		0.84	%		26.72	%		47	%
Year ended September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%

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

²  For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

³  After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio, and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

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

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 121

1. ORGANIZATION

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

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and other affiliated master portfolios rather than directly to the public.

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).

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 primary exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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.

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, 2015, such fair value pricing was not used in pricing foreign securities.

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

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

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

122 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

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

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

Security loans

The Portfolios may lend their 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 Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive 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 Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios 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 Portfolios fluctuate from time to time, In the event of default or bankruptcy by the borrower, the Portfolios 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 Portfolios have the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolios lend their 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”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statements of Operations.

Futures contracts

The Portfolios are 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 security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 123

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.

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 become doubtful based on consistently applied procedures. 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. The Portfolios are not required to pay federal income taxes on their 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 interestholders 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.

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 significant 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:

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

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

n 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.

124 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of November 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	43,570,238	$	0	$	0	$	43,570,238
Consumer staples		27,529,378		0		0		27,529,378
Energy		25,757,630		0		0		25,757,630
Financials		80,695,540		0		0		80,695,540
Health care		49,510,371		0		0		49,510,371
Industrials		57,225,373		0		0		57,225,373
Information technology		10,273,624		0		0		10,273,624
Materials		11,976,129		0		0		11,976,129
Short-term investments
Investment companies		10,128,152		4,278,750		0		14,406,902
Total assets	$	316,666,435	$	4,278,750	$	0	$	320,945,185
Diversified Large Cap Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	28,608,374	$	0	$	0	$	28,608,374
Consumer staples		5,983,717		0		0		5,983,717
Energy		1,099,377		0		0		1,099,377
Financials		4,804,210		0		0		4,804,210
Health care		19,153,581		0		0		19,153,581
Industrials		9,543,122		0		0		9,543,122
Information technology		41,703,620		637,946		0		42,341,566
Materials		3,637,690		0		0		3,637,690
Telecommunication services		1,444,081		0		0		1,444,081
Short-term investments
Investment companies		1,475,666		1,326,875		0		2,802,541
Total assets	$	117,453,438	$	1,964,821	$	0	$	119,418,259
Emerging Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	153,846,329	$	0	$	0	$	153,846,329
Energy		24,738,354		0		0		24,738,354
Financials		69,190,937		0		0		69,190,937
Health care		310,134,663		0		0		310,134,663
Industrials		67,845,360		0		0		67,845,360
Information technology		380,879,121		0		0		380,879,121
Short-term investments
Investment companies		12,067,245		97,288,111		0		109,355,356
Total assets	$	1,018,702,009	$	97,288,111	$	0	$	1,115,990,120

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 125

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	323,516,310	$	0	$	0	$	323,516,310
Consumer staples		236,462,150		0		0		236,462,150
Energy		174,453,010		0		0		174,453,010
Financials		409,991,049		0		0		409,991,049
Health care		361,254,412		0		0		361,254,412
Industrials		250,237,198		0		0		250,237,198
Information technology		517,481,505		0		0		517,481,505
Materials		70,714,141		0		0		70,714,141
Telecommunication services		57,663,208		0		0		57,663,208
Utilities		70,777,421		0		0		70,777,421
Short-term investments
Investment companies		30,518,256		13,080,495		0		43,598,751
U.S. Treasury Securities		1,696,510		0		0		1,696,510
Total assets	$	2,504,765,170	$	13,080,495	$	0	$	2,517,845,665
Liabilities
Futures contracts	$	181,800	$	0	$	0	$	181,800
Total liabilities	$	181,800	$	0	$	0	$	181,800
International Growth Portfolio
Assets
Investments in:
Common stocks
Belgium	$	5,493,130	$	0	$	0	$	5,493,130
China		13,196,300		0		0		13,196,300
France		8,665,712		0		0		8,665,712
Germany		17,651,058		0		0		17,651,058
Hong Kong		5,850,794		0		0		5,850,794
India		3,243,371		0		0		3,243,371
Ireland		9,440,422		0		0		9,440,422
Italy		1,006,582		0		0		1,006,582
Japan		14,520,381		0		0		14,520,381
Mexico		3,037,027		0		0		3,037,027
Netherlands		3,558,309		0		0		3,558,309
South Korea		17,735		0		0		17,735
Spain		2,312,466		0		0		2,312,466
Sweden		3,370,259		0		0		3,370,259
Switzerland		19,277,002		0		0		19,277,002
United Kingdom		32,008,727		0		0		32,008,727
United States		5,374,777		0		0		5,374,777
Participation Notes
Ireland		0		1,864,418		0		1,864,418
Preferred stocks
Germany		1,387,596		0		0		1,387,596
Short-term investments
Investment companies		4,324,287		1,302,812		0		5,627,099
Total assets	$	153,735,935	$	3,167,230	$	0	$	156,903,165

126 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
International Value Portfolio
Assets
Investments in:
Common stocks
Australia	$	25,081,068	$	0	$	0	$	25,081,068
Austria		5,294,819		0		0		5,294,819
Belgium		3,947,589		0		0		3,947,589
Brazil		5,433,340		0		0		5,433,340
Canada		10,488,921		0		0		10,488,921
Cayman Islands		3,146,128		0		0		3,146,128
China		13,315,375		0		0		13,315,375
Czech Republic		1,044,660		0		0		1,044,660
Denmark		1,410,994		0		0		1,410,994
Finland		2,109,273		0		0		2,109,273
France		44,731,440		0		0		44,731,440
Germany		42,741,504		235		0		42,741,739
Hong Kong		7,949,302		0		0		7,949,302
Hungary		1,134,183		0		0		1,134,183
India		4,419,465		0		0		4,419,465
Ireland		4,487,982		0		0		4,487,982
Israel		5,955,430		0		0		5,955,430
Italy		6,148,399		0		0		6,148,399
Japan		109,778,390		0		0		109,778,390
Liechtenstein		522,358		0		0		522,358
Netherlands		11,035,790		0		0		11,035,790
Norway		6,520,237		0		0		6,520,237
Poland		2,097,767		0		0		2,097,767
Russia		4,002,237		0		0		4,002,237
Singapore		4,208,691		0		0		4,208,691
South Africa		2,201,554		0		0		2,201,554
South Korea		13,924,876		0		0		13,924,876
Spain		5,117,334		0		0		5,117,334
Sweden		11,629,864		0		0		11,629,864
Switzerland		26,330,486		0		0		26,330,486
Taiwan		3,816,188		0		0		3,816,188
Thailand		3,579,440		0		0		3,579,440
United Kingdom		87,143,954		478,992		0		87,622,946
Rights
United Kingdom		99,071		0		0		99,071
Preferred stocks
Brazil		678,775		0		0		678,775
Short-term investments
Investment companies		3,910,661		15,597,666		0		19,508,327
Total assets	$	485,437,545	$	16,076,893	$	0	$	501,514,438

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 127

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Large Company Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	5,813,803	$	0	$	0	$	5,813,803
Consumer staples		4,825,638		0		0		4,825,638
Energy		9,131,870		0		0		9,131,870
Financials		22,668,089		0		0		22,668,089
Health care		10,170,726		0		0		10,170,726
Industrials		9,373,708		0		0		9,373,708
Information technology		8,477,705		0		0		8,477,705
Materials		2,602,907		0		0		2,602,907
Telecommunication services		1,557,075		0		0		1,557,075
Utilities		2,904,905		0		0		2,904,905
Short-term investments
Investment companies		1,477,801		3,413,200		0		4,891,001
Total assets	$	79,004,227	$	3,413,200	$	0	$	82,417,427
Small Company Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	167,050,255	$	0	$	0	$	167,050,255
Consumer staples		16,400,031		0		0		16,400,031
Energy		25,570,815		0		0		25,570,815
Financials		130,877,996		0		0		130,877,996
Health care		259,699,136		0		0		259,699,136
Industrials		173,421,338		0		0		173,421,338
Information technology		284,626,901		0		0		284,626,901
Materials		35,041,996		0		0		35,041,996
Utilities		3,718,239		0		0		3,718,239
Short-term investments
Investment companies		57,304,768		118,989,418		0		176,294,186
Total assets	$	1,153,711,475	$	118,989,418	$	0	$	1,272,700,893
Small Company Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	24,129,704	$	0	$	0	$	24,129,704
Consumer staples		3,374,747		0		0		3,374,747
Energy		11,242,207		0		0		11,242,207
Financials		84,797,439		0		0		84,797,439
Health care		12,104,882		0		0		12,104,882
Industrials		16,122,953		0		0		16,122,953
Information technology		26,088,951		0		0		26,088,951
Materials		10,694,939		0		0		10,694,939
Utilities		9,919,714		0		0		9,919,714
Warrants
Health care		0		2		0		2
Short-term investments
Investment companies		7,987,779		4,795,850		0		12,783,629
Total assets	$	206,463,315	$	4,795,852	$	0	$	211,259,167

128 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

Futures contracts are reported at their variation margin at measurement date, which represents the amount due from the Index Portfolio 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, 2015, 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 & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the 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 WellsCap (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), Peregrine Capital Management, Inc. (an affiliate of Funds Management and a direct wholly owned subsidiary of Wells Fargo), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Golden Capital Management, LLC (an affiliate of Funds Management), LSV Asset Management and Phocas Financial Corporation as subadvisers.

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.

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

	Advisory fee						Effective rate for the six months ended November 30, 2015			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
Emerging Growth Portfolio		0.80			0.68			0.78		WellsCap	0.55		0.40
Index Portfolio		0.10			0.05			0.08		Golden Capital Management, LLC	0.05		0.02
International Growth Portfolio		0.85			0.70			0.85		Artisan Partners Limited Partnership	0.80		0.50
International Value Portfolio		0.85			0.70			0.85		LSV Asset Management	0.35		0.30
Large Company Value Portfolio		0.65			0.475			0.65		Phocas Financial Corporation	0.29		0.20
Small Company Growth Portfolio		0.80			0.68			0.79		Peregrine Capital Management, Inc.	0.50		0.45
Small Company Value Portfolio		0.80			0.68			0.80		Peregrine Capital Management, Inc.	0.45		0.40

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

Notes to financial statements (unaudited) Wells Fargo Equity Gateway Funds 129

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 were as follows:

	Purchases at cost		Sales proceeds
C&B Large Cap Value Portfolio	$	57,405,351	$	62,971,984
Diversified Large Cap Growth Portfolio		32,564,848		38,940,011
Emerging Growth Portfolio		426,627,598		463,548,625
Index Portfolio		51,565,968		219,216,738
International Growth Portfolio		41,302,536		33,178,491
International Value Portfolio		42,162,582		25,390,877
Large Company Value Portfolio		23,533,763		23,142,265
Small Company Growth Portfolio		696,517,890		220,797,193
Small Company Value Portfolio		67,171,241		67,655,397

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2015, Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At November 30, 2015, Index Portfolio had long futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts		Type		Contract value at November 30, 2015		Unrealized gains
12-17-2015	Societe Generale		72 Long		S&P 500 Index	$	37,436,400	$	168,015

Index Portfolio had an average notional amount of $28,358,824 in long futures contracts outstanding during the six months ended November 30, 2015.

The 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, Index Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the 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 clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolio 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 Summary 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:

	Derivative type	Counterparty	Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
Index Portfolio	Futures – variation margin	Societe Generale	$	181,800	$	0	$	(181,800	)	$	0

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

130 Wells Fargo Equity Gateway Funds Notes to financial statements (unaudited)

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 or Summary Portfolio of Investments include 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.

Other information (unaudited) Wells Fargo Equity Gateway Funds 131

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amount was designated as foreign taxes paid for the fiscal year ended May 31, 2015. This amount may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

	Creditable foreign taxes paid		Per share amount		Foreign income as % of ordinary income distributions
International Value Fund	$	561,606	$	0.0166		100.00	%

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.

132 Wells Fargo Equity Gateway Funds Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director 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 lead 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. Mr. Ebsworth is a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Equity Gateway Funds 133

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996**	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** Donald Willeke retired as a Trustee effective December 31, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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.
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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Jeremy DePalma acts as Treasurer of 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 69 other funds and the Assistant Treasurer of 59 other funds in the Fund Complex. Nancy Wiser serves a Treasurer of the remaining funds in this shareholder report as well as 59 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.

134 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

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

239081 01-16 SEGF/SAR111 11-15

Semi-Annual Report

November 30, 2015

Income Funds

n Wells Fargo Core Bond Fund

n Wells Fargo Real Return 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	8
Portfolio of investments
Wells Fargo Core Bond Fund	10
Wells Fargo Real Return Fund	10
Financial statements
Statements of assets and liabilities	11
Statements of operations	12
Statements of changes in net assets	13
Financial highlights	16
Notes to financial statements	20

Master portfolios
Portfolio of investments
Wells Fargo Core Bond Portfolio (Summary portfolio of investments)*	25
Wells Fargo Real Return Portfolio	32
Financial statements
Statements of assets and liabilities	39
Statements of operations	40
Statements of changes in net assets	41
Financial highlights	43
Notes to financial statements	44
Other information	50
List of abbreviations	53

* A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/core-bond-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

The views expressed and any forward-looking statements are as of November 30, 2015, 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 Income Funds Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Funds

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Income Funds for the six-month period that ended November 30, 2015. The period was marked by low interest rates, sustained weakness in commodity prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index,¹ returned -0.12% during the period.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing. In the U.S., the Federal Reserve (Fed) kept its key interest rate near zero in order to support the economy and the financial system. It set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate by the end of 2015 but also emphasized that any action would be slow and cautious. Meanwhile, European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. The ECB held its key rate at a historical low of 0.05%. In addition to its targeted longer-term refinancing operations that are designed to increase bank lending, the ECB expanded its quantitative easing program to include the buying of eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

Global economic growth was below trend, and oil prices plummeted.

Developed countries experienced subtrend growth and subdued inflation, with commodity prices trending even lower over the course of the year. In the U.S., however, economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.0% as of November 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The Consumer Price Index remained in a range between 0.0% and 0.3% on a year-over-year percent-change basis. The period was also marked by dramatically lower oil prices, which fell to less than $42 per barrel at the end of November 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Higher-rated credits were top performers, while high yield was challenged.

Ten-year U.S. Treasury yields ranged between 2.00% and 2.50% during the period, ending with a yield of 2.21%. Treasuries benefited both from their safe-haven status as well as their relative attractiveness to global investors considering other developed-country government bond yields were significantly lower. Mortgage-backed securities did the best among the investment-grade sectors. Looking at the credit categories, AAA-rated bonds outperformed BBB-rated bonds. Meanwhile, high-yield bonds returned -5.84%, as measured by the Barclays U.S. Corporate High Yield Bond Index,² dragged down by the energy and mining-related sectors that were negatively affected by lower oil prices. Investor trepidation about weak global growth caused both investment-grade spreads and high-yield spreads to widen over the reporting period.

Since the end of the financial crisis, structural changes in the fixed-income markets have reduced trading liquidity (the degree to which assets can be bought or sold

¹  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

²  The Barclays U.S. Corporate High Yield Bond Index is an unmanaged, U.S. dollar–denominated, nonconvertible, non-investment-grade debt index. The index consists of domestic and corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Income Funds 3

without affecting the price). New regulations and capital requirements have caused traditional liquidity suppliers (banks and broker/dealers) to be more risk-averse and hold less inventory. Meanwhile, corporate-debt issuance has spiked as companies finance themselves at record-low yields, bond mutual funds hold larger amounts of this new debt supply, trading volumes are lower, and large-size trades are more difficult to execute. However, fixed-income markets appear to have functioned well over the past year with sufficient liquidity and muted volatility.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Funds and the underlying Master Portfolios approved a change in the name of each Fund and underlying Master Portfolio whereby the word “Advantage” was removed from its name, effective December 15, 2015.

For current information about your fund investments, 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 Income Funds Performance highlights (unaudited)

Wells Fargo Core Bond Fund¹

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Wells Capital Management Incorporated

Portfolio managers

Troy Ludgood

Thomas O’Connor, CFA^®

Average annual total returns (%) as of November 30, 2015²

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (MBFAX)	10-31-2001		(3.94	)		2.46		4.52		0.58			3.41		5.00		0.85		0.78
Class B (MBFBX)*	10-31-2001		(5.17	)		2.28		4.42		(0.17	)		2.64		4.42		1.60		1.53
Class C (MBFCX)	10-31-2001		(1.17	)		2.64		4.17		(0.17	)		2.64		4.17		1.60		1.53
Class R (WTRRX)	7-9-2010		–			–		–		0.31			3.15		4.71		1.10		1.03
Class R4 (MBFRX)	11-30-2012		–			–		–		0.82			3.69		5.28		0.62		0.52
Class R6 (WTRIX)	11-30-2012		–			–		–		1.06			3.84		5.40		0.47		0.37
Administrator Class (MNTRX)	6-30-1997		–			–		–		0.64			3.50		5.09		0.79		0.70
Institutional Class (MBFIX)	10-31-2001		–			–		–		0.93			3.80		5.38		0.52		0.42
Barclays U.S. Aggregate Bond Index5	–		–			–		–		0.97			3.09		4.65		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Income Funds 5

Wells Fargo Core Bond Fund (continued)

Ten largest holdings (%) as of November 30, 20156
U.S. Treasury Note, 1.38%, 9-30-2020	3.08
U.S. Treasury Note, 1.63%, 3-31-2019	2.64
U.S. Treasury Note, 0.88%, 8-15-2017	2.04
U.S. Treasury Note, 1.63%, 6-30-2020	1.96
GNMA, 3.50%, 12-17-2045	1.67
U.S. Treasury Note, 1.25%, 11-15-2018	1.55
GNMA, 3.50%, 1-21-2046	1.50
GNMA, 3.00%, 12-17-2045	1.38
U.S. Treasury Note, 1.38%, 10-31-2020	1.36
U.S. Treasury Note, 0.88%, 10-15-2018	1.35

Portfolio allocation as of November 30, 2015⁷

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

²  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁵  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. 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 portfolio allocation of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Income Funds Performance highlights (unaudited)

Wells Fargo Real Return Fund¹

Investment objective

The Fund seeks returns that exceed the rate of inflation over the long-term.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Michael Bradshaw, CFA^®

Christian L. Chan, CFA^®

Jeffrey Everett, CFA^®

Ann M. Miletti

Jay N. Mueller, CFA^®

Thomas M. Price, CFA^®

Dale Winner, CFA^®

Average annual total returns (%) as of November 30, 2015

		Including sales charge			Excluding sales charge			Expense ratios2 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net3
Class A (IPBAX)	2-28-2003	(5.57)	0.94	2.97	(1.12)	1.88	3.45	1.45	0.85
Class B (IPBBX)*	2-28-2003	(6.93)	0.72	2.94	(1.93)	1.11	2.94	2.20	1.60
Class C (IPBCX)	2-28-2003	(2.83)	1.12	2.71	(1.83)	1.12	2.71	2.20	1.60
Administrator Class (IPBIX)	2-28-2003	–	–	–	(0.85)	2.12	3.74	1.39	0.60
Barclays U.S. Treasury Inflation-Protected Securities Index4	–	–	–	–	(1.77)	2.39	4.14	–	–
Consumer Price Index5	–	–	–	–	0.50	1.64	1.85	–	–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Income Funds 7

Wells Fargo Real Return Fund (continued)

Ten largest holdings (%) as of November 30, 20156
TIPS, 0.13%, 4-15-2019	4.16
TIPS, 0.13%, 7-15-2022	3.18
TIPS, 0.25%, 1-15-2025	2.93
TIPS, 0.13%, 1-15-2022	2.92
TIPS, 0.63%, 1-15-2024	2.92
TIPS, 0.13%, 7-15-2024	2.87
TIPS, 0.63%, 7-15-2021	2.80
TIPS, 0.38%, 7-15-2023	2.79
TIPS, 0.13%, 4-15-2018	2.75
TIPS, 0.13%, 1-15-2023	2.73

Effective maturity distribution as of November 30, 2015⁷

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. The Fund is exposed to mortgage- and asset-backed securities risk and small-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

¹  The Fund is a gateway feeder fund that invests all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially similar 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, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays U.S. Treasury Inflation-Protected Securities Index is an index of inflation-indexed linked U.S. Treasury securities. You cannot invest directly in an index.

⁵  The Consumer Price Index (CPI) for All Urban Consumers in U.S. All Items is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index.

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 effective maturity of the affiliated master portfolio which are calculated based on the total fixed-income investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Income 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, 2015 to November 30, 2015.

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.

Wells Fargo Core Bond Fund	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	997.19	$	3.89		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.10	$	3.94		0.78	%
Class B
Actual	$	1,000.00	$	993.42	$	7.62		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.35	$	7.72		1.53	%
Class C
Actual	$	1,000.00	$	993.36	$	7.62		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.35	$	7.72		1.53	%
Class R
Actual	$	1,000.00	$	995.70	$	5.14		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Class R4
Actual	$	1,000.00	$	998.22	$	2.60		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.40	$	2.63		0.52	%
Class R6
Actual	$	1,000.00	$	999.76	$	1.85		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.15	$	1.87		0.37	%
Administrator Class
Actual	$	1,000.00	$	997.34	$	3.50		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.50	$	3.54		0.70	%
Institutional Class
Actual	$	1,000.00	$	998.73	$	2.10		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%

Please see footnote on page 9.

Fund expenses (unaudited) Wells Fargo Income Funds 9

Wells Fargo Real Return Fund	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	968.22	$	4.18		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Class B
Actual	$	1,000.00	$	964.96	$	7.86		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.00	$	8.07		1.60	%
Class C
Actual	$	1,000.00	$	965.00	$	7.86		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.00	$	8.07		1.60	%
Administrator Class
Actual	$	1,000.00	$	969.16	$	2.95		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00	$	3.03		0.60	%

¹ Expenses paid is equal to the annualized 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).

10 Wells Fargo Income Funds Portfolio of investments—November 30, 2015 (unaudited)

CORE BOND FUND

Security name	Value
Investment Companies: 99.82%
Affiliated Master Portfolios: 99.82%
Wells Fargo Core Bond Portfolio	$	3,214,934,983
Total Investment Companies (Cost $3,223,110,834)		3,214,934,983

Total investments in securities (Cost $3,223,110,834) *	99.82	%		3,214,934,983
Other assets and liabilities, net	0.18			5,674,536
Total net assets	100.00	%	$	3,220,609,519

*	Cost for federal income tax purposes is $3,230,152,624 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	0
	Gross unrealized losses		(15,217,641	)
	Net unrealized losses	$	(15,217,641	)

REAL RETURN FUND

Security name	Value
Investment Companies: 99.95%
Affiliated Master Portfolios: 99.95%
Wells Fargo Real Return Portfolio	$	33,911,487
Total Investment Companies (Cost $34,516,170)		33,911,487

Total investments in securities (Cost $34,516,170) *	99.95	%		33,911,487
Other assets and liabilities, net	0.05			17,485
Total net assets	100.00	%	$	33,928,972

*	Cost for federal income tax purposes is $34,399,369 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	0
	Gross unrealized losses		(487,882	)
	Net unrealized losses	$	(487,882	)

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Income Funds 11

	Core Bond Fund			Real Return Fund
Assets
Investment in affiliated Master Portfolio, at value (see cost below)	$	3,214,934,983		$	33,911,487
Receivable for Fund shares sold		12,094,885			43,092
Receivable from administrator		0			6,797
Prepaid expenses and other assets		160,868			23,402
Total assets		3,227,190,736			33,984,778
Liabilities
Dividends payable		587,476			0
Payable for Fund shares redeemed		5,483,281			21,187
Distribution fees payable		44,902			4,836
Administration fees payable		189,457			0
Shareholder report expenses payable		2,326			10,625
Shareholder servicing fees payable		225,059			7,050
Professional fees payable		13,517			10,494
Accrued expenses and other liabilities		35,199			1,614
Total liabilities		6,581,217			55,806
Total net assets	$	3,220,609,519		$	33,928,972
NET ASSETS CONSIST OF
Paid-in capital	$	3,283,259,067		$	33,818,154
Undistributed net investment income		2,029,961			33,935
Accumulated net realized gains (losses) on investments		(56,503,658	)		681,566
Net unrealized losses on investments		(8,175,851	)		(604,683	)
Total net assets	$	3,220,609,519		$	33,928,972
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	575,932,082		$	15,469,410
Shares outstanding – Class A1		44,205,630			1,596,615
Net asset value per share – Class A		$13.03			$9.69
Maximum offering price per share – Class A2		$13.64			$10.15
Net assets – Class B	$	976,660		$	47,501
Shares outstanding – Class B1		75,204			4,980
Net asset value per share – Class B		$12.99			$9.54
Net assets – Class C	$	66,485,222		$	7,796,278
Shares outstanding – Class C1		5,152,138			816,756
Net asset value per share – Class C		$12.90			$9.55
Net assets – Class R	$	15,663,504			N/A
Shares outstanding – Class R1		1,231,410			N/A
Net asset value per share – Class R		$12.72			N/A
Net assets – Class R4	$	41,117,786			N/A
Share outstanding – Class R41		3,236,876			N/A
Net asset value per share – Class R4		$12.70			N/A
Net assets – Class R6	$	567,319,032			N/A
Shares outstanding – Class R61		44,652,286			N/A
Net asset value per share – Class R6		$12.71			N/A
Net assets – Administrator Class	$	421,131,500		$	10,615,783
Shares outstanding – Administrator Class1		33,107,389			1,087,583
Net asset value per share – Administrator Class		$12.72			$9.76
Net assets – Institutional Class	$	1,531,983,733			N/A
Shares outstanding – Institutional Class1		120,612,154			N/A
Net asset value per share – Institutional Class		$12.70			N/A
Investments in affiliated Master Portfolio, at cost	$	3,223,110,834		$	34,516,170

¹  Each Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Income Funds Statements of operations—six months ended November 30, 2015 (unaudited)

	Core Bond Fund			Real Return Fund
Investment income
Interest allocated from the affiliated Master Portfolio	$	36,134,373		$	324,514
Dividends allocated from the affiliated Master Portfolio*		107,388			56,918
Securities lending income allocated from the affiliated Master Portfolio		56,197			3,897
Expenses allocated from the affiliated Master Portfolio		(6,009,135	)		(94,370	)
Waivers allocated from the affiliated Master Portfolio		236,230			20,518
Total investment income		30,525,053			311,477
Expenses
Management fee		825,239			8,431
Administration fees
Class A		417,017			11,179
Class B		915			58
Class C		55,377			6,434
Class R		12,598			N/A
Class R4		17,804			N/A
Class R6		109,342			N/A
Administrator Class		229,679			5,817
Institutional Class		561,648			N/A
Investor Class		53,448	1		N/A
Shareholder servicing fees
Class A		651,589			17,467
Class B		1,429			91
Class C		86,527			10,054
Class R		19,684			N/A
Class R4		22,255			N/A
Administrator Class		574,198			14,542
Investor Class		70,326	1		N/A
Distribution fees
Class B		4,287			272
Class C		259,581			30,161
Class R		19,684			N/A
Custody and accounting fees		62,588			1,461
Professional fees		15,974			16,177
Registration fees		66,402			25,615
Shareholder report expenses		63,044			797
Trustees’ fees and expenses		11,342			7,843
Other fees and expenses		17,915			3,563
Total expenses		4,229,892			159,962
Less: Fee waivers and/or expense reimbursements		(1,107,540	)		(74,602	)
Net expenses		3,122,352			85,360
Net investment income		27,402,701			226,117
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transaction allocated from the affiliated Master Portfolio		(1,250,617	)		(39,815	)
Net change in unrealized gains (losses) on securities transactions allocated from the affiliated Master Portfolio		(31,227,791	)		(1,239,760	)
Net realized and unrealized gains (losses) on investments		(32,478,408	)		(1,279,575	)
Net decrease in net assets resulting from operations	$	(5,075,707	)	$	(1,053,458	)
* Net of foreign dividend withholding taxes allocated from the affiliated Master Portfolio in the amount of		$0			$3,640

¹ For the period from June 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class 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 Income Funds 13

	Core Bond Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	27,402,701				$	44,382,432
Net realized gains (losses) on investments					(1,250,617	)				47,175,434
Net change in unrealized gains (losses) on investments					(31,227,791	)				(14,214,826	)
Net increase (decrease) in net assets resulting from operations					(5,075,707	)				77,343,040
Distributions to shareholders from
Net investment income
Class A					(3,717,904	)				(6,367,850	)
Class B					(3,820	)				(13,601	)
Class C					(232,699	)				(526,070	)
Class R					(92,343	)				(204,535	)
Class R4					(373,605	)				(301,362	)
Class R6					(6,670,775	)				(8,573,230	)
Administrator Class					(3,444,008	)				(6,530,804	)
Institutional Class					(12,541,081	)				(21,645,383	)
Investor Class					(390,665	)1				(1,042,999	)
Total distributions to shareholders					(27,466,900	)				(45,205,834	)
Capital share transactions	Shares						Shares
Proceeds from shares sold
Class A		11,670,268			152,596,198			17,971,486		235,630,095
Class B		6,256			81,276			5,794		75,748
Class C		461,468			5,965,457			1,111,855		14,430,938
Class R		195,231			2,487,151			783,753		10,023,919
Class R4		213,547			2,714,780			4,293,814		55,081,322
Class R6		11,374,001			144,730,094			44,555,184		572,349,232
Administrator Class		4,736,783			60,345,056			16,736,880		215,246,257
Institutional Class		26,502,433			337,115,943			49,516,356		633,001,084
Investor Class		428,364	1		5,459,147	1		1,213,452		15,517,521
					711,495,102					1,751,356,116
Reinvestment of distributions
Class A		256,324			3,344,887			428,287		5,615,379
Class B		282			3,671			992		12,927
Class C		8,375			108,249			17,848		231,386
Class R		3,048			38,834			6,287		80,370
Class R4		29,362			373,605			23,328		301,362
Class R6		496,334			6,317,042			663,379		8,507,857
Administrator Class		265,850			3,387,142			501,436		6,420,079
Institutional Class		775,932			9,870,790			1,327,635		16,973,646
Investor Class		25,095	1		319,617	1		80,287		1,027,384
					23,763,837					39,170,390

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

14 Wells Fargo Income Funds Statements of changes in net assets

	Core Bond Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
	Shares						Shares
Capital share transactions (continued)
Payment for shares redeemed
Class A		(6,173,705	)	$	(80,594,235	)		(10,589,489	)	$	(138,586,528	)
Class B		(34,246	)		(445,423	)		(115,766	)		(1,507,965	)
Class C		(902,602	)		(11,662,570	)		(1,858,972	)		(24,109,058	)
Class R		(244,131	)		(3,105,881	)		(860,205	)		(11,034,948	)
Class R4		(845,078	)		(10,741,046	)		(479,442	)		(6,178,101	)
Class R6		(23,801,445	)		(303,139,656	)		(11,617,990	)		(149,382,398	)
Administrator Class		(9,873,329	)		(125,880,037	)		(11,799,313	)		(150,982,820	)
Institutional Class		(12,697,571	)		(161,434,548	)		(40,315,878	)		(513,863,486	)
Investor Class		(6,089,488	)1		(77,924,960	)1		(1,491,148	)		(19,075,189	)
					(774,928,356	)					(1,014,720,493	)
Net increase (decrease) in net assets resulting from capital share transactions					(39,669,417	)					775,806,013
Total increase (decrease) in net assets					(72,212,024	)					807,943,219
Net assets
Beginning of period					3,292,821,543						2,484,878,324
End of period				$	3,220,609,519					$	3,292,821,543
Undistributed net investment income				$	2,029,961					$	2,094,160

¹ For the period from June 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class 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 Income Funds 15

	Real Return Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	226,117					$	102,117
Net realized gains (losses) on investments					(39,815	)					740,740
Net change in unrealized gains (losses) on investments					(1,239,760	)					(641,821	)
Net increase (decrease) in net assets resulting from operations					(1,053,458	)					201,036
Distributions to shareholders from
Net investment income
Class A					(83,359	)					(118,899	)
Class B					(215	)					(784	)
Class C					(19,227	)					(40,049	)
Administrator Class					(89,158	)					(57,817	)
Net realized gains
Class A					0						(105,640	)
Class B					0						(1,138	)
Class C					0						(66,105	)
Administrator Class					0						(44,811	)
Total distributions to shareholders					(191,959	)					(435,243	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		477,859			4,642,937			382,302			3,837,289
Class B		0			0			333			3,340
Class C		138,878			1,354,175			85,006			845,717
Administrator Class		256,462			2,545,337			571,353			5,803,056
					8,542,449						10,489,402
Reinvestment of distributions
Class A		7,400			72,082			20,753			205,634
Class B		22			215			197			1,922
Class C		1,786			17,100			9,408			91,880
Administrator Class		8,819			86,699			9,708			96,877
					176,096						396,313
Payment for shares redeemed
Class A		(177,402	)		(1,731,894	)		(639,048	)		(6,367,493	)
Class B		(4,580	)		(43,522	)		(9,996	)		(98,538	)
Class C		(77,043	)		(741,193	)		(250,951	)		(2,472,907	)
Administrator Class		(229,997	)		(2,248,920	)		(150,035	)		(1,512,161	)
					(4,765,529	)					(10,451,099	)
Net increase in net assets resulting from capital share transactions					3,953,016						434,616
Total increase in net assets					2,707,599						200,409
Net assets
Beginning of period					31,221,373						31,020,964
End of period				$	33,928,972					$	31,221,373
Undistributed (overdistributed) net investment income				$	33,935					$	(223	)

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

16 Wells Fargo Income Funds Financial highlights

Core Bond Fund	Beginning net asset value per share		Net investment income1			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, 2015 (unaudited)	$	13.16		0.09			(0.13	)		(0.09	)		0.00		$	13.03
Year ended May 31, 2015	$	12.98		0.18			0.19			(0.19	)		0.00		$	13.16
Year ended May 31, 2014	$	13.02		0.19			0.12			(0.20	)		(0.15	)	$	12.98
Year ended May 31, 2013	$	13.46		0.18			0.12			(0.18	)		(0.56	)	$	13.02
Year ended May 31, 2012	$	13.05		0.26			0.72			(0.26	)		(0.31	)	$	13.46
Year ended May 31, 2011	$	13.25		0.31			0.52			(0.33	)		(0.70	)	$	13.05
Class B
Six months ended November 30, 2015 (unaudited)	$	13.12		0.04	4		(0.13	)		(0.04	)		0.00		$	12.99
Year ended May 31, 2015	$	12.94		0.09	4		0.18			(0.09	)		0.00		$	13.12
Year ended May 31, 2014	$	12.98		0.10	4		0.12			(0.11	)		(0.15	)	$	12.94
Year ended May 31, 2013	$	13.43		0.08	4		0.10			(0.07	)		(0.56	)	$	12.98
Year ended May 31, 2012	$	13.01		0.16			0.73			(0.16	)		(0.31	)	$	13.43
Year ended May 31, 2011	$	13.22		0.20			0.52			(0.23	)		(0.70	)	$	13.01
Class C
Six months ended November 30, 2015 (unaudited)	$	13.03		0.04			(0.13	)		(0.04	)		0.00		$	12.90
Year ended May 31, 2015	$	12.86		0.09			0.17			(0.09	)		0.00		$	13.03
Year ended May 31, 2014	$	12.90		0.10			0.12			(0.11	)		(0.15	)	$	12.86
Year ended May 31, 2013	$	13.34		0.07			0.12			(0.07	)		(0.56	)	$	12.90
Year ended May 31, 2012	$	12.93		0.16			0.72			(0.16	)		(0.31	)	$	13.34
Year ended May 31, 2011	$	13.14		0.22			0.50			(0.23	)		(0.70	)	$	12.93
Class R
Six months ended November 30, 2015 (unaudited)	$	12.85		0.07	4		(0.13	)		(0.07	)		0.00		$	12.72
Year ended May 31, 2015	$	12.67		0.15	4		0.18			(0.15	)		0.00		$	12.85
Year ended May 31, 2014	$	12.71		0.16	4		0.12			(0.17	)		(0.15	)	$	12.67
Year ended May 31, 2013	$	13.16		0.14	4		0.11			(0.14	)		(0.56	)	$	12.71
Year ended May 31, 2012	$	12.76		0.22			0.71			(0.22	)		(0.31	)	$	13.16
Year ended May 31, 20115	$	12.78		0.25			0.33			(0.25	)		(0.35	)	$	12.76
Class R4
Six months ended November 30, 2015 (unaudited)	$	12.83		0.11			(0.13	)		(0.11	)		0.00		$	12.70
Year ended May 31, 2015	$	12.66		0.21			0.18			(0.22	)		0.00		$	12.83
Year ended May 31, 2014	$	12.70		0.22			0.12			(0.23	)		(0.15	)	$	12.66
Year ended May 31, 20136	$	13.46		0.10	4		(0.21	)		(0.09	)		(0.56	)	$	12.70
Class R6
Six months ended November 30, 2015 (unaudited)	$	12.83		0.12			(0.12	)		(0.12	)		0.00		$	12.71
Year ended May 31, 2015	$	12.66		0.23			0.17			(0.23	)		0.00		$	12.83
Year ended May 31, 2014	$	12.70		0.24			0.12			(0.25	)		(0.15	)	$	12.66
Year ended May 31, 20136	$	13.46		0.11	4		(0.21	)		(0.10	)		(0.56	)	$	12.70
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	12.85		0.10			(0.13	)		(0.10	)		0.00		$	12.72
Year ended May 31, 2015	$	12.67		0.19	4		0.18			(0.19	)		0.00		$	12.85
Year ended May 31, 2014	$	12.71		0.21			0.11			(0.21	)		(0.15	)	$	12.67
Year ended May 31, 2013	$	13.16		0.19			0.10			(0.18	)		(0.56	)	$	12.71
Year ended May 31, 2012	$	12.76		0.27			0.71			(0.27	)		(0.31	)	$	13.16
Year ended May 31, 2011	$	12.98		0.33			0.49			(0.34	)		(0.70	)	$	12.76
Institutional Class
Six months ended November 30, 2015 (unaudited)	$	12.83		0.11			(0.13	)		(0.11	)		0.00		$	12.70
Year ended May 31, 2015	$	12.66		0.22			0.18			(0.23	)		0.00		$	12.83
Year ended May 31, 2014	$	12.70		0.23			0.12			(0.24	)		(0.15	)	$	12.66
Year ended May 31, 2013	$	13.14		0.22			0.12			(0.22	)		(0.56	)	$	12.70
Year ended May 31, 2012	$	12.75		0.31			0.69			(0.30	)		(0.31	)	$	13.14
Year ended May 31, 2011	$	12.96		0.36			0.50			(0.37	)		(0.70	)	$	12.75

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

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 investment 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 July 9, 2010 (commencement of class operations) to May 31, 2011

⁶  For the period from November 30, 2012 (commencement of class operations) to May 31, 2013

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

Financial highlights Wells Fargo Income Funds 17

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
	1.42	%		0.82	%		0.78	%		(0.28	)%		303	%	$	575,932
	1.39	%		0.83	%		0.78	%		2.85	%		586	%	$	506,043
	1.52	%		0.83	%		0.78	%		2.46	%		646	%	$	397,780
	1.31	%		0.83	%		0.80	%		2.14	%		547	%	$	408,864
	1.91	%		0.82	%		0.82	%		7.65	%		803	%	$	450,013
	2.42	%		0.83	%		0.83	%		6.55	%		761	%	$	346,740
	0.66	%		1.57	%		1.53	%		(0.66	)%		303	%	$	977
	0.67	%		1.58	%		1.53	%		2.09	%		586	%	$	1,350
	0.77	%		1.58	%		1.53	%		1.70	%		646	%	$	2,742
	0.56	%		1.57	%		1.55	%		1.31	%		547	%	$	8,208
	1.23	%		1.57	%		1.57	%		6.95	%		803	%	$	11,998
	1.66	%		1.58	%		1.58	%		5.69	%		761	%	$	18,762
	0.67	%		1.57	%		1.53	%		(0.66	)%		303	%	$	66,485
	0.65	%		1.58	%		1.53	%		2.02	%		586	%	$	72,798
	0.77	%		1.58	%		1.53	%		1.71	%		646	%	$	81,187
	0.53	%		1.58	%		1.55	%		1.39	%		547	%	$	116,837
	1.18	%		1.57	%		1.57	%		6.90	%		803	%	$	127,677
	1.67	%		1.58	%		1.58	%		5.71	%		761	%	$	111,140
	1.17	%		1.07	%		1.03	%		(0.43	)%		303	%	$	15,664
	1.15	%		1.08	%		1.03	%		2.63	%		586	%	$	16,411
	1.27	%		1.08	%		1.03	%		2.23	%		646	%	$	17,077
	1.04	%		1.07	%		1.05	%		1.83	%		547	%	$	19,548
	1.67	%		1.07	%		1.07	%		7.43	%		803	%	$	20,088
	2.18	%		1.08	%		1.08	%		4.73	%		761	%	$	14,596
	1.67	%		0.59	%		0.52	%		(0.18	)%		303	%	$	41,118
	1.53	%		0.59	%		0.52	%		3.07	%		586	%	$	49,261
	1.78	%		0.58	%		0.52	%		2.75	%		646	%	$	17
	1.56	%		0.57	%		0.52	%		(0.84	)%		547	%	$	10
	1.83	%		0.44	%		0.37	%		(0.02	)%		303	%	$	567,319
	1.76	%		0.45	%		0.37	%		3.23	%		586	%	$	726,165
	1.94	%		0.45	%		0.37	%		2.91	%		646	%	$	290,977
	1.72	%		0.45	%		0.37	%		(0.77	)%		547	%	$	205,225
	1.50	%		0.76	%		0.70	%		(0.27	)%		303	%	$	421,132
	1.47	%		0.77	%		0.70	%		2.96	%		586	%	$	487,981
	1.60	%		0.77	%		0.70	%		2.57	%		646	%	$	412,419
	1.43	%		0.76	%		0.70	%		2.19	%		547	%	$	526,028
	2.08	%		0.76	%		0.70	%		7.83	%		803	%	$	802,788
	2.54	%		0.77	%		0.70	%		6.62	%		761	%	$	1,073,115
	1.78	%		0.49	%		0.42	%		(0.13	)%		303	%	$	1,531,984
	1.75	%		0.50	%		0.42	%		3.17	%		586	%	$	1,360,398
	1.88	%		0.50	%		0.42	%		2.85	%		646	%	$	1,208,745
	1.67	%		0.50	%		0.42	%		2.56	%		547	%	$	1,505,192
	2.32	%		0.49	%		0.42	%		8.05	%		803	%	$	1,965,338
	2.84	%		0.50	%		0.42	%		7.00	%		761	%	$	1,325,962

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

18 Wells Fargo Income Funds Financial highlights

Real Return Fund	Beginning net asset value per share		Net investment income (loss)1			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, 2015 (unaudited)	$	10.07		0.07	4		(0.39	)		(0.06	)		0.00		$	9.69
Year ended May 31, 2015	$	10.11		0.05	4		0.07			(0.08	)		(0.08	)	$	10.07
Year ended May 31, 2014	$	10.85		0.10	4		(0.21	)		(0.09	)		(0.54	)	$	10.11
Year ended May 31, 2013	$	11.66		0.11			(0.36	)		(0.21	)		(0.35	)	$	10.85
Year ended May 31, 2012	$	10.84		0.27			1.01			(0.36	)		(0.10	)	$	11.66
Year ended May 31, 2011	$	10.29		0.31			0.47			(0.23	)		0.00		$	10.84
Class B
Six months ended November 30, 2015 (unaudited)	$	9.91		0.06	4		(0.41	)		(0.02	)		0.00		$	9.54
Year ended May 31, 2015	$	9.99		(0.03	)4		0.07			(0.04	)		(0.08	)	$	9.91
Year ended May 31, 2014	$	10.75		0.01	4		(0.20	)		(0.03	)		(0.54	)	$	9.99
Year ended May 31, 2013	$	11.58		0.03	4		(0.36	)		(0.15	)		(0.35	)	$	10.75
Year ended May 31, 2012	$	10.76		0.19	4		1.00			(0.27	)		(0.10	)	$	11.58
Year ended May 31, 2011	$	10.20		0.19	4		0.53			(0.16	)		0.00		$	10.76
Class C
Six months ended November 30, 2015 (unaudited)	$	9.92		0.06			(0.41	)		(0.02	)		0.00		$	9.55
Year ended May 31, 2015	$	10.00		(0.03	)4		0.08			(0.05	)		(0.08	)	$	9.92
Year ended May 31, 2014	$	10.76		0.03	4		(0.21	)		(0.04	)		(0.54	)	$	10.00
Year ended May 31, 2013	$	11.59		0.04			(0.37	)		(0.15	)		(0.35	)	$	10.76
Year ended May 31, 2012	$	10.77		0.19			1.00			(0.27	)		(0.10	)	$	11.59
Year ended May 31, 2011	$	10.21		0.24	4		0.48			(0.16	)		0.00		$	10.77
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	10.15		0.08			(0.39	)		(0.08	)		0.00		$	9.76
Year ended May 31, 2015	$	10.17		0.10	4		0.06			(0.10	)		(0.08	)	$	10.15
Year ended May 31, 2014	$	10.90		0.13	4		(0.22	)		(0.10	)		(0.54	)	$	10.17
Year ended May 31, 2013	$	11.71		0.15	4		(0.37	)		(0.24	)		(0.35	)	$	10.90
Year ended May 31, 2012	$	10.89		0.39	4		0.92			(0.39	)		(0.10	)	$	11.71
Year ended May 31, 2011	$	10.30		0.33			0.51			(0.25	)		0.00		$	10.89

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

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 investment 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 Income Funds 19

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
	1.34	%		1.23	%		0.85	%		(3.18	)%		9	%	$	15,469
	0.47	%		1.31	%		0.85	%		1.24	%		57	%	$	12,977
	0.96	%		1.20	%		0.85	%		(0.76	)%		9	%	$	15,415
	1.09	%		1.08	%		0.85	%		(2.27	)%		15	%	$	28,298
	2.42	%		1.11	%		0.85	%		12.02	%		23	%	$	36,935
	2.90	%		1.04	%		0.85	%		7.59	%		19	%	$	30,581
	1.19	%		1.98	%		1.60	%		(3.50	)%		9	%	$	48
	(0.30	)%		2.05	%		1.60	%		0.45	%		57	%	$	95
	0.09	%		1.95	%		1.60	%		(1.53	)%		9	%	$	190
	0.29	%		1.83	%		1.60	%		(3.02	)%		15	%	$	571
	1.69	%		1.84	%		1.60	%		11.25	%		23	%	$	899
	1.83	%		1.79	%		1.60	%		7.11	%		19	%	$	1,570
	0.75	%		1.98	%		1.60	%		(3.50	)%		9	%	$	7,796
	(0.33	)%		2.06	%		1.60	%		0.46	%		57	%	$	7,471
	0.29	%		1.95	%		1.60	%		(1.46	)%		9	%	$	9,095
	0.39	%		1.83	%		1.60	%		(3.01	)%		15	%	$	13,774
	1.68	%		1.86	%		1.60	%		11.24	%		23	%	$	15,631
	2.27	%		1.79	%		1.60	%		7.11	%		19	%	$	14,074
	1.75	%		1.17	%		0.60	%		(3.08	)%		9	%	$	10,616
	0.99	%		1.27	%		0.60	%		1.56	%		57	%	$	10,679
	1.31	%		1.14	%		0.60	%		(0.51	)%		9	%	$	6,320
	1.34	%		1.02	%		0.60	%		(2.08	)%		15	%	$	8,271
	3.42	%		1.01	%		0.60	%		12.26	%		23	%	$	9,833
	3.32	%		0.98	%		0.60	%		8.22	%		19	%	$	35,427

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

20 Wells Fargo Income 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the following funds: Wells Fargo Core Bond Fund (“Core Bond Fund”) and Wells Fargo Real Return Fund (“Real Return Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

After the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Investor Class shareholders of Core Bond Fund received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by Core Bond Fund.

Each Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (an “affiliated Master Portfolio”) 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 each affiliated Master Portfolio for the six months ended November 30, 2015 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2015, Core Bond Fund owned 88% of Wells Fargo Core Bond Portfolio and Real Return Fund owned 66% of Wells Fargo Real Return Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of 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).

An investment in the affiliated Master Portfolio is valued daily based on the Fund’s proportionate share of the affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master 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.

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 the collection of all or a portion of interest has become doubtful based on consistently applied procedures. 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

For Core Bond Fund, distributions to shareholders from net investment income are accrued daily and paid monthly. For Real Return Fund, distributions to shareholders from net investment income are recorded on the ex-dividend date.

Notes to financial statements (unaudited) Wells Fargo Income Funds 21

Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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.

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 significant 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:

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

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

n 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.

At November 30, 2015, each Fund’s investments in an affiliated Master Portfolio carried at fair value were designated as Level 2 inputs.

Further details on the investments of the affiliated Master Portfolios can be found in the Portfolio of Investments or Summary Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.

The Funds recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2015, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management (“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 applicable 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 long as each Fund 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. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.05% and

22 Wells Fargo Income Funds Notes to financial statements (unaudited)

declining to 0.03% as the average daily net assets of each Fund increase. For the six months ended November 30 ,2015, the management fee was equivalent to an annual rate of 0.05% of each Fund’s average daily net assets.

Prior to July 1, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of each Fund increased. For financial statement purposes, the fund-level administration fee under the prior administration agreement for each Fund has been included in management fee on the Statements of Operations.

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

Administration fees

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

	Class-level administration fee
Class A, Class B, Class C, Class R		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.19

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. Funds Management has committed through September 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Class A		Class B		Class C		Class R		Class R4		Class R6		Administrator Class		Institutional Class
Core Bond Fund		0.78%		1.53%		1.53%		1.03%		0.52%		0.37%		0.70%		0.42%
Real Return Fund		0.85%		1.60%		1.60%		N/A		N/A		N/A		0.60%		N/A

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 fees

The Trust has adopted a Distribution Plan for Class B, Class C and Class R shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B, Class C and Class R 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 B and Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended November 30, 2015, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges		Contingent deferred sales charges
	Class A		Class C
Core Bond Fund	$	430	$	0
Real Return Fund		5,960		36

Notes to financial statements (unaudited) Wells Fargo Income Funds 23

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Class R, Administrator Class, and Investor Class of each applicable Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 of the 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Core Bond Fund	$	9,306,054,789	$	1,310,251,278	$	9,275,273,641	$	1,259,925,043
Real Return Fund		3,589,526		1,870,040		2,060,371		865,571

* The Funds seek to achieve their investment objective by investing 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.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the six months ended November 30, 2015, the Core Bond Fund and Real Return Fund paid $2,381 and $23, respectively, in commitment fees.

For the six months ended November 30, 2015, there were no borrowings by the Funds under the agreement.

7. INDEMNIFICATION

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

8. REDEMPTION IN-KIND

After the close of business on October 29, 2015, Core Bond Fund redeemed assets through an in-kind redemption. In the redemption transaction, Core Bond Fund issued securities with a value of $223,656,162 and cash in the amount of $20,349,815. Core Bond Fund recognized losses in the amount of $525,821, which are reflected on the Statements of Operations. The redemption in-kind by a shareholder of Class R6 represented 7.17% of Core Bond Fund and is reflected on the Statements of Changes in Net Assets.

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

9. SUBSEQUENT DISTRIBUTIONS

On December 9, 2015, Real Return Fund declared distributions from capital gains to shareholders of record on December 8, 2015. The per share amounts payable on December 10, 2015 were as follows:

	Short-term capital gains		Long-term capital gains
Class A	$	0.02136	$	0.11947
Class B		0.02136		0.11947
Class C		0.02136		0.11947
Administrator Class		0.02136		0.11947

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Income Funds 25

CORE BOND PORTFOLIO

The Summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 31.34%
FHLMC		0.90-7.00	%		8-1-2017 to 12-10-2045	$	188,381,872	$	197,942,749		5.42	%
FHLMC		3.00			2-15-2045		20,186,411		20,432,393		0.56
FHLMC		3.50			12-1-2043		23,375,730		24,264,399		0.66
FHLMC %%		3.50			1-14-2046		31,900,000		32,901,858		0.90
FHLMC		4.00			8-1-2044		15,390,799		16,470,560		0.45
FHLMC		4.50			8-1-2020		13,649,699		14,164,647		0.39
FHLMC		5.00			8-1-2039		11,904,846		13,373,077		0.37
FHLMC Series 300 Class 300		3.00			1-15-2043		19,758,962		19,895,089		0.54
FHLMC Series 4483 Class PA		2.50			6-15-2045		19,188,169		19,455,398		0.53
FNMA		0.00-8.19			4-1-2017 to 12-10-2045		347,881,570		366,292,589		9.98
FNMA		3.00			10-25-2042		17,545,991		17,668,882		0.48
FNMA		3.00			4-1-2043		13,319,454		13,413,363		0.37
FNMA		3.50			6-1-2045		18,521,741		19,232,513		0.53
FNMA %%		3.50			1-14-2046		38,300,000		39,582,152		1.08
FNMA		4.00			7-1-2029		16,926,160		18,118,228		0.50
FNMA		4.00			2-1-2041		13,768,411		14,683,620		0.40
FNMA		4.00			12-1-2044		13,461,521		14,433,272		0.39
FNMA		4.00			10-1-2045		14,357,970		15,312,521		0.42
FNMA		4.50			2-1-2044		15,370,157		16,895,119		0.46
GNMA %%		3.50			12-17-2045		58,500,000		61,108,503		1.67
GNMA ±		2.50			5-20-2045		14,494,986		14,741,940		0.40
GNMA		2.50-4.50			4-15-2045 to 12-20-2045		35,819,634		38,272,470		1.07
GNMA %%		3.00			12-17-2045		49,600,000		50,433,131		1.38
GNMA %%		3.50			1-21-2046		52,700,000		54,911,957		1.50
GNMA %%		4.00			12-17-2045		14,800,000		15,722,978		0.43
Other securities									16,881,810		0.46
Total Agency Securities (Cost $1,146,474,469)									1,146,605,218		31.34
Asset-Backed Securities: 10.69%
Capital Auto Receivables Asset Trust		1.09-2.01			3-20-2018 to 7-20-2020		79,419,000		79,311,438		2.15
SLM Student Loan Trust		0.36-4.37			1-25-2018 to 2-15-2046		118,260,379		114,446,453		3.13
Other securities									197,416,052		5.41
Total Asset-Backed Securities (Cost $394,809,590)									391,173,943		10.69
Corporate Bonds and Notes: 17.09%
Consumer Discretionary: 1.56%
Automobiles: 0.38%
Other securities									13,803,360		0.38
Internet & Catalog Retail: 0.03%
Other securities									904,402		0.03
Media: 1.01%
Other securities									37,108,689		1.01

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

26 Wells Fargo Income Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Multiline Retail: 0.04%
Other securities								$	1,490,024		0.04	%
Specialty Retail: 0.05%
Other securities									1,871,533		0.05
Textiles, Apparel & Luxury Goods: 0.05%
Other securities									1,923,346		0.05
Consumer Staples: 1.01%
Beverages: 0.05%
Other securities									1,894,207		0.05
Food & Staples Retailing: 0.07%
Other securities									2,509,956		0.07
Food Products: 0.75%
Other securities									27,602,973		0.75
Tobacco: 0.14%
Other securities									4,986,445		0.14
Energy: 1.81%
Energy Equipment & Services: 0.10%
Other securities									3,773,695		0.10
Oil, Gas & Consumable Fuels: 1.71%
Other securities									62,432,630		1.71
Financials: 6.34%
Banks: 2.16%
Other securities									78,863,259		2.16
Capital Markets: 1.24%
Morgan Stanley		4.00	%		7-23-2025	$	13,454,000		13,976,096		0.38
Other securities									31,302,504		0.86
									45,278,600		1.24
Consumer Finance: 0.79%
Other securities									28,902,001		0.79
Diversified Financial Services: 0.23%
Other securities									8,535,009		0.23
Insurance: 0.91%
Other securities									33,263,028		0.91
REITs: 1.01%
Other securities									37,137,541		1.01

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Income Funds 27

CORE BOND PORTFOLIO

Security name	Value		Percent of net assets
Health Care: 1.25%
Biotechnology: 0.91%
Other securities	$	33,306,145		0.91	%
Health Care Providers & Services: 0.04%
Other securities		1,429,515		0.04
Pharmaceuticals: 0.30%
Other securities		11,082,776		0.30
Industrials: 1.02%
Aerospace & Defense: 0.61%
Other securities		22,258,727		0.61
Machinery: 0.05%
Other securities		1,759,143		0.05
Professional Services: 0.01%
Other securities		533,651		0.01
Road & Rail: 0.29%
Other securities		10,521,512		0.29
Transportation Infrastructure: 0.06%
Other securities		2,264,467		0.06
Information Technology: 1.49%
Electronic Equipment, Instruments & Components: 0.04%
Other securities		1,461,020		0.04
IT Services: 0.50%
Other securities		18,223,030		0.50
Semiconductors & Semiconductor Equipment: 0.05%
Other securities		1,802,665		0.05
Software: 0.60%
Other securities		21,998,934		0.60
Technology Hardware, Storage & Peripherals: 0.30%
Other securities		11,029,267		0.30
Materials: 0.21%
Chemicals: 0.10%
Other securities		3,461,538		0.10
Metals & Mining: 0.02%
Other securities		850,298		0.02

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

28 Wells Fargo Income Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Paper & Forest Products: 0.09%
Other securities								$	3,191,221		0.09	%
Telecommunication Services: 0.92%
Diversified Telecommunication Services: 0.92%
Other securities									33,506,725		0.92
Utilities: 1.48%
Electric Utilities: 0.83%
Other securities									30,444,217		0.83
Multi-Utilities: 0.65%
Other securities									23,695,295		0.65
Total Corporate Bonds and Notes (Cost $630,838,447)									625,100,844		17.09
Municipal Obligations: 0.94%
California: 0.26%
Other securities									9,548,468		0.26
Nevada: 0.19%
Other securities									7,067,845		0.19
New Jersey: 0.17%
Other securities									6,299,380		0.17
New York: 0.13%
Other securities									4,519,967		0.13
Ohio: 0.04%
Other securities									1,313,630		0.04
Texas: 0.15%
Other securities									5,583,271		0.15
Total Municipal Obligations (Cost $29,677,345)									34,332,561		0.94
Non-Agency Mortgage-Backed Securities: 4.66%
Citigroup Commercial Mortgage Trust Series 2013-GC17 Class A4		4.13	%		11-10-2046	$	12,758,000		13,656,411		0.37
Commercial Mortgage Trust		1.80-4.21			5-15-2045 to 10-10-2053		35,515,821		36,806,796		1.01
Other securities									120,044,696		3.28
Total Non-Agency Mortgage-Backed Securities (Cost $170,318,800)									170,507,903		4.66
U.S. Treasury Securities: 31.96%
U.S. Treasury Bond		2.50			2-15-2045		19,271,000		17,384,543		0.48
U.S. Treasury Bond ##		2.88			8-15-2045		32,694,000		31,964,760		0.87
U.S. Treasury Bond		3.00			5-15-2045		20,774,000		20,802,398		0.57
U.S. Treasury Bond		3.00-4.50			8-15-2039 to 11-15-2045		24,424,000		25,717,746		0.70
U.S. Treasury Bond		3.13			2-15-2043		33,657,000		34,653,550		0.95

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Income Funds 29

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
U.S. Treasury Securities (continued)
U.S. Treasury Note		0.63	%		5-31-2017	$	37,417,000	$	37,292,776		1.02	%
U.S. Treasury Note		0.63			8-31-2017		16,856,000		16,776,979		0.46
U.S. Treasury Note		0.63-2.13			9-30-2017 to 5-15-2025		59,619,000		59,439,081		1.61
U.S. Treasury Note		0.63			11-30-2017		18,817,000		18,692,036		0.51
U.S. Treasury Note		0.75			10-31-2017		16,200,000		16,144,952		0.44
U.S. Treasury Note		0.75			12-31-2017		12,988,000		12,924,073		0.35
U.S. Treasury Note		0.75			4-15-2018		47,062,000		46,707,200		1.28
U.S. Treasury Note		0.88			5-15-2017		30,929,000		30,949,537		0.85
U.S. Treasury Note		0.88			8-15-2017		74,780,000		74,768,334		2.04
U.S. Treasury Note		0.88			11-30-2017		29,125,000		29,088,594		0.80
U.S. Treasury Note		0.88			1-15-2018		39,731,000		39,614,588		1.08
U.S. Treasury Note		0.88			10-15-2018		49,785,000		49,308,558		1.35
U.S. Treasury Note		1.00			9-15-2018		39,252,000		39,046,555		1.07
U.S. Treasury Note		1.25			11-15-2018		56,808,000		56,852,360		1.55
U.S. Treasury Note		1.38			3-31-2020		13,375,000		13,261,099		0.36
U.S. Treasury Note		1.38			9-30-2020		114,159,000		112,669,568		3.08
U.S. Treasury Note «		1.38			10-31-2020		50,610,000		49,929,903		1.37
U.S. Treasury Note		1.63			3-31-2019		95,667,000		96,548,954		2.64
U.S. Treasury Note		1.63			6-30-2020		71,619,000		71,624,586		1.96
U.S. Treasury Note		1.63			7-31-2020		37,340,000		37,319,575		1.02
U.S. Treasury Note		1.63			11-30-2020		46,024,000		45,968,265		1.26
U.S. Treasury Note		2.00			8-15-2025		40,732,000		39,938,052		1.09
U.S. Treasury Note		2.25			11-15-2025		43,719,000		43,862,442		1.20
Total U.S. Treasury Securities (Cost $1,165,035,704)									1,169,251,064		31.96
Yankee Corporate Bonds and Notes: 5.30%
Consumer Discretionary: 0.20%
Media: 0.20%
Other securities									7,308,961		0.20
Energy: 0.72%
Oil, Gas & Consumable Fuels: 0.72%
Other securities									26,174,223		0.72
Financials: 2.67%
Banks: 2.31%
Other securities									84,348,567		2.31
Consumer Finance: 0.16%
Other securities									5,979,104		0.16
Diversified Financial Services: 0.11%
Other securities									4,212,606		0.11
Insurance: 0.09%
Other securities									3,292,298		0.09

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

30 Wells Fargo Income Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name						Value			Percent of net assets
Health Care: 0.50%
Pharmaceuticals: 0.50%
Other securities						$	18,240,012			0.50	%
Industrials: 0.32%
Aerospace & Defense: 0.05%
Other securities							1,761,403			0.05
Transportation Infrastructure: 0.27%
Other securities							9,775,390			0.27
Information Technology: 0.09%
Internet Software & Services: 0.09%
Other securities							3,340,177			0.09
Materials: 0.35%
Chemicals: 0.08%
Other securities							2,799,892			0.08
Metals & Mining: 0.27%
Other securities							9,898,008			0.27
Telecommunication Services: 0.19%
Wireless Telecommunication Services: 0.19%
Other securities							7,117,736			0.19
Utilities: 0.26%
Electric Utilities: 0.26%
Other securities							9,550,779			0.26
Total Yankee Corporate Bonds and Notes (Cost $197,731,012)							193,799,156			5.30
Yankee Government Bonds: 1.32%
Other securities							48,344,874			1.32
Total Yankee Government Bonds (Cost $47,763,128)							48,344,874			1.32
	Yield			Shares
Short-Term Investments: 9.10%
Investment Companies: 9.10%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		60,450,000		60,450,000			1.65
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.17			272,482,327		272,482,327			7.45
Total Short-Term Investments (Cost $332,932,327)							332,932,327			9.10
Total investments in securities (Cost $4,115,580,822) *							4,112,047,890			112.40	%
Other assets and liabilities, net							(453,594,674	)		(12.40	)
Total net assets						$	3,658,453,216			100.00	%

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Income Funds 31

CORE BOND PORTFOLIO

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

%% Security issued on a when-issued basis

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

« 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $4,127,741,800 and unrealized gains (losses) consists of:

Gross unrealized gains	$	23,212,447
Gross unrealized losses		(38,906,357	)
Net unrealized losses	$	(15,693,910	)

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

32 Wells Fargo Income Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Shares		Value
Common Stocks: 12.58%
Consumer Staples: 1.53%
Food Products: 0.70%
Biostime International Holdings Limited		176,000	$	296,456
Marine Harvest ASA		4,555		61,586
				358,042
Household Products: 0.83%
Reckitt Benckiser Group plc		4,568		428,615
Energy: 2.16%
Oil, Gas & Consumable Fuels: 2.16%
BP plc		101,076		586,468
Eni SpA		32,056		522,256
				1,108,724
Financials: 4.48%
REITs: 4.48%
American Tower Corporation		3,884		385,992
AvalonBay Communities Incorporated		1,488		270,504
Boston Properties Incorporated		1,800		224,982
General Growth Properties Incorporated		9,274		236,209
Host Hotels & Resorts Incorporated		9,905		164,423
Mid-America Apartment Communities Incorporated		1,710		151,438
Physicians Realty Trust		8,414		134,708
Prologis Incorporated		3,676		157,149
Public Storage Incorporated		916		219,895
Simon Property Group Incorporated		1,345		250,493
Ventas Incorporated		1,922		102,519
				2,298,312
Materials: 4.41%
Chemicals: 2.60%
Akzo Nobel NV		8,858		630,042
Nitto Denko Corporation		10,400		700,881
				1,330,923
Metals & Mining: 1.81%
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares		6,000		158,700
Detour Gold Corporation †		4,400		45,830
Franco-Nevada Corporation		2,050		98,536
Fresnillo plc		7,800		83,995
Goldcorp Incorporated-U.S. Exchange Traded Shares		12,000		141,720
Newmont Mining Corporation		6,600		121,506
Randgold Resources Limited ADR «		2,850		172,710

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Income Funds 33

REAL RETURN PORTFOLIO

Security name						Shares		Value
Metals & Mining (continued)
Royal Gold Incorporated							1,760	$	63,272
Tahoe Resources Incorporated							4,800		42,233
									928,502
Total Common Stocks (Cost $6,733,020)									6,453,118
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 10.08%
Consumer Discretionary: 3.56%
Auto Components: 0.50%
Goodyear Tire & Rubber Company		8.25	%		8-15-2020	$	125,000		130,213
Tenneco Incorporated		6.88			12-15-2020		125,000		129,375
									259,588
Diversified Consumer Services: 0.15%
Service Corporation International		7.00			6-15-2017		70,000		75,250
Hotels, Restaurants & Leisure: 0.32%
Hilton Worldwide Finance LLC		5.63			10-15-2021		50,000		52,060
MGM Resorts International		7.63			1-15-2017		105,000		110,775
									162,835
Household Durables: 0.72%
DR Horton Incorporated		3.63			2-15-2018		135,000		136,688
Jarden Corporation		7.50			5-1-2017		120,000		128,100
Tempur Sealy International Incorporated		6.88			12-15-2020		100,000		105,875
									370,663
Media: 0.91%
CCO Holdings LLC		7.38			6-1-2020		125,000		130,313
CSC Holdings LLC		7.63			7-15-2018		75,000		78,375
DISH DBS Corporation		4.25			4-1-2018		130,000		129,350
Gannett Company Incorporated		5.13			10-15-2019		50,000		52,000
Nexstar Broadcasting Group Incorporated		6.88			11-15-2020		75,000		76,406
									466,444
Specialty Retail: 0.71%
Best Buy Company Incorporated		5.00			8-1-2018		100,000		104,000
Limited Brands Incorporated		6.90			7-15-2017		120,000		128,850
Sally Holdings Incorporated		6.88			11-15-2019		125,000		129,525
									362,375
Textiles, Apparel & Luxury Goods: 0.25%
HanesBrands Incorporated		6.38			12-15-2020		125,000		129,219

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

34 Wells Fargo Income Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.50%
Food Products: 0.25%
Smithfield Foods Incorporated		7.75	%		7-1-2017	$	120,000	$	128,850
Household Products: 0.25%
Spectrum Brands Incorporated		6.38			11-15-2020		120,000		128,400
Energy: 1.03%
Energy Equipment & Services: 0.38%
SESI LLC		6.38			5-1-2019		70,000		68,075
Targa Resources Partners 144A		5.00			1-15-2018		130,000		127,725
									195,800
Oil, Gas & Consumable Fuels: 0.65%
Kinder Morgan Incorporated		7.00			6-15-2017		60,000		62,550
Sabine Pass LNG LP		7.50			11-30-2016		65,000		66,300
Tesoro Corporation		4.25			10-1-2017		65,000		66,463
Tesoro Logistics LP		5.88			10-1-2020		65,000		66,788
WPX Energy Incorporated		5.25			1-15-2017		70,000		69,300
									331,401
Financials: 1.50%
Banks: 0.26%
CIT Group Incorporated		4.25			8-15-2017		130,000		132,560
Consumer Finance: 1.05%
Ally Financial Incorporated		6.25			12-1-2017		125,000		131,875
General Motors Financial Company Incorporated		3.25			5-15-2018		135,000		136,279
SLM Corporation		4.63			9-25-2017		130,000		130,000
Toll Brothers Finance Corporation		4.00			12-31-2018		135,000		139,725
									537,879
REITs: 0.19%
ARC Properties Operating Partnership LP		2.00			2-6-2017		100,000		98,750
Health Care: 0.52%
Health Care Providers & Services: 0.52%
Fresenius Medical Care Holdings Incorporated		6.88			7-15-2017		125,000		134,375
HCA Incorporated		8.00			10-1-2018		115,000		129,088
									263,463
Industrials: 0.93%
Building Products: 0.18%
USG Corporation		9.75			1-15-2018		80,000		89,800
Diversified Consumer Services: 0.13%
ADT Corporation		2.25			7-15-2017		70,000		69,125

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Income Funds 35

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Machinery: 0.36%
Case New Holland Industrial Incorporated		7.88	%		12-1-2017	$	65,000	$	69,540
Manitowoc Company Incorporated		8.50			11-1-2020		30,000		31,200
SPX Flow Incorporated		6.88			9-1-2017		80,000		84,600
									185,340
Trading Companies & Distributors: 0.26%
United Rentals North America Incorporated		7.38			5-15-2020		125,000		132,500
Information Technology: 0.46%
Communications Equipment: 0.20%
ViaSat Incorporated		6.88			6-15-2020		100,000		103,761
Internet Software & Services: 0.26%
IAC/InterActiveCorp		4.88			11-30-2018		130,000		133,088
Materials: 0.70%
Chemicals: 0.16%
Ashland Incorporated		3.88			4-15-2018		80,000		81,900
Containers & Packaging: 0.51%
Crown Americas LLC		6.25			2-1-2021		125,000		129,214
Owens-Illinois Incorporated		7.80			5-15-2018		120,000		133,200
									262,414
Metals & Mining: 0.03%
US Steel Corporation		7.00			2-1-2018		25,000		15,500
Telecommunication Services: 0.64%
Diversified Telecommunication Services: 0.28%
Frontier Communications Corporation		8.13			10-1-2018		60,000		62,775
Hughes Satelite Systems Corporation		6.50			6-15-2019		75,000		81,000
									143,775
Wireless Telecommunication Services: 0.36%
SBA Communications Corporation		5.63			10-1-2019		80,000		83,200
T-Mobile USA Incorporated		6.46			4-28-2019		100,000		102,750
									185,950
Utilities: 0.24%
Independent Power & Renewable Electricity Producers: 0.24%
NRG Energy Incorporated		7.63			1-15-2018		120,000		124,800
Total Corporate Bonds and Notes (Cost $5,227,053)									5,171,430
Loans: 4.07%
Consumer Discretionary: 0.43%
Media: 0.17%
Virgin Media Investment Holdings Limited ±		3.50			6-30-2023		90,898		89,444

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

36 Wells Fargo Income Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Multiline Retail: 0.26%
Michaels Stores Incorporated ±		3.75	%		1-28-2020	$	133,629	$	132,245
Financials: 0.26%
Diversified Financial Services: 0.26%
Delos Finance SARL ±		3.50			3-6-2021		135,000		134,353
Health Care: 0.51%
Health Care Providers & Services: 0.40%
Community Health Systems Incorporated ±		3.66			12-31-2018		133,987		131,441
Iasis Healthcare LLC ±		4.50			5-3-2018		74,616		73,451
									204,892
Pharmaceuticals: 0.11%
Valeant Pharmaceuticals International Incorporated ±		3.50			2-13-2019		60,000		56,475
Industrials: 1.46%
Aerospace & Defense: 0.23%
TransDigm Incorporated ±		3.75			2-28-2020		119,134		116,057
Airlines: 0.26%
Delta Air Lines Incorporated ±		3.25			8-24-2022		135,000		134,606
Commercial Services & Supplies: 0.78%
Hertz Corporation ±		3.00			3-11-2018		133,629		131,709
KAR Auction Services Incorporated ±		3.50			3-11-2021		133,477		132,643
ServiceMaster Company ±		4.25			7-1-2021		133,985		133,052
									397,404
Diversified Consumer Services: 0.19%
NXP BV ±<		0.00			10-30-2020		100,000		99,375
Information Technology: 0.38%
Communications Equipment: 0.25%
Cequel Communications LLC ±		3.50			2-14-2019		130,495		128,537
Internet Software & Services: 0.13%
Zayo Group LLC ±		3.75			5-6-2021		69,472		68,614
Materials: 0.51%
Chemicals: 0.25%
Ineos US Finance LLC ±		3.75			12-15-2020		133,646		129,053
Containers & Packaging: 0.26%
Berry Plastics Group Incorporated ±		3.50			2-8-2020		133,629		131,068

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Income Funds 37

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.52%
Diversified Telecommunication Services: 0.52%
Level 3 Financing Incorporated ±		3.50	%		5-31-2022	$	135,000	$	133,583
West Corporation ±		3.25			6-30-2018		135,000		132,806
									266,389
Total Loans (Cost $2,112,047)									2,088,512
U.S. Treasury Securities: 65.92%
TIPS		0.13			4-15-2017		670,509		669,636
TIPS		0.13			4-15-2018		1,410,278		1,410,260
TIPS		0.13			4-15-2019		2,142,747		2,136,750
TIPS		0.13			4-15-2020		975,485		967,458
TIPS		0.13			1-15-2022		1,534,971		1,499,155
TIPS		0.13			7-15-2022		1,671,137		1,633,580
TIPS		0.13			1-15-2023		1,448,429		1,400,524
TIPS		0.13			7-15-2024		1,538,300		1,475,407
TIPS		0.25			1-15-2025		1,557,223		1,501,219
TIPS		0.38			7-15-2023		1,451,964		1,431,716
TIPS		0.38			7-15-2025		1,364,665		1,335,026
TIPS		0.63			7-15-2021		1,414,759		1,435,538
TIPS		0.63			1-15-2024		1,499,150		1,496,748
TIPS		0.63			2-15-2043		445,050		384,829
TIPS		0.75			2-15-2042		679,243		609,497
TIPS		0.75			2-15-2045		884,196		787,740
TIPS		1.13			1-15-2021		1,321,665		1,372,328
TIPS		1.25			7-15-2020		976,552		1,021,515
TIPS		1.38			7-15-2018		1,064,868		1,105,674
TIPS		1.38			1-15-2020		632,730		661,409
TIPS		1.38			2-15-2044		755,555		785,581
TIPS		1.63			1-15-2018		613,359		634,124
TIPS		1.75			1-15-2028		675,831		749,952
TIPS		1.88			7-15-2019		523,796		558,102
TIPS		2.00			1-15-2026		719,346		809,059
TIPS		2.13			1-15-2019		459,957		488,836
TIPS		2.13			2-15-2040		269,730		324,010
TIPS		2.13			2-15-2041		347,715		419,771
TIPS		2.38			1-15-2025		871,049		1,001,967
TIPS		2.38			1-15-2027		648,984		760,731
TIPS		2.50			1-15-2029		509,832		614,327
TIPS		2.63			7-15-2017		597,028		625,153
TIPS		3.38			4-15-2032		201,090		277,132
TIPS		3.63			4-15-2028		426,657		566,626
TIPS		3.88			4-15-2029		622,421		859,954
Total U.S. Treasury Securities (Cost $33,559,816)									33,811,334
Yankee Corporate Bonds and Notes: 0.77%
Consumer Discretionary: 0.20%
Automobiles: 0.20%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		100,000		101,625

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

38 Wells Fargo Income Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 0.16%
Banks: 0.16%
Royal Bank of Scotland Group plc		4.70	%		7-3-2018	$	80,000	$	82,957
Health Care: 0.13%
Pharmaceuticals: 0.13%
Mallinckrodt International Finance SA		3.50			4-15-2018		70,000		64,575
Information Technology: 0.04%
Communications Equipment: 0.04%
Nokia Corporation		5.38			5-15-2019		20,000		21,374
Materials: 0.24%
Metals & Mining: 0.24%
ArcelorMittal SA		6.13			6-1-2018		125,000		121,563
Total Yankee Corporate Bonds and Notes (Cost $406,389)									392,094
	Yield					Shares
Short-Term Investments: 6.72%
Investment Companies: 6.67%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					166,050		166,050
Wells Fargo Government Money Market Fund, Select Class (l)(u)		0.04					3,255,779		3,255,779
									3,421,829
						Principal
U.S. Treasury Securities: 0.05%
U.S. Treasury Bill (z)#		0.08			12-17-2015	$	25,000		24,999
Total Short-Term Investments (Cost $3,446,828)									3,446,828

Total investments in securities (Cost $51,485,153) *	100.14	%		51,363,316
Other assets and liabilities, net	(0.14	)		(69,676	)
Total net assets	100.00	%	$	51,293,640

† 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.

(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 vehicle 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.

* Cost for federal income tax purposes is $51,526,026 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,224,576
Gross unrealized losses		(1,387,286	)
Net unrealized losses	$	(162,710	)

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Income Funds 39

	Core Bond Portfolio		Real Return Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,779,115,563	$	47,941,487
In affiliated securities, at value (see cost below)		332,932,327		3,421,829
Total investments, at value (see cost below)		4,112,047,890		51,363,316
Cash		3,585,903		171
Foreign currency, at value (see cost below)		0		5,124
Receivable for investments sold		297,335,015		5,139
Receivable for interest		14,859,972		216,420
Receivable for securities lending income		22,100		87
Prepaid expenses and other assets		37,966		3,006
Total assets		4,427,888,846		51,593,263
Liabilities
Payable for investments purchased		707,879,734		103,035
Payable upon receipt of securities loaned		60,450,000		166,050
Payable for daily variation margin on open futures contracts		0		406
Advisory fee payable		1,011,736		11,646
Professional fees payable		37,201		17,754
Accrued expenses and other liabilities		56,959		732
Total liabilities		769,435,630		299,623
Total net assets	$	3,658,453,216	$	51,293,640
Investments in unaffiliated securities (including securities on loan), at cost	$	3,782,648,495	$	48,063,324
Investments in affiliated securities, at cost	$	332,932,327	$	3,421,829
Total investments, at cost	$	4,115,580,822	$	51,485,153
Securities on loan, at value	$	59,259,188	$	162,486
Foreign currency, at cost	$	0	$	5,147

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

40 Wells Fargo Income Funds Statements of operations—six months ended November 30, 2015 (unaudited)

	Core Bond Portfolio			Real Return Portfolio
Investment income
Interest*	$	41,053,852		$	495,671
Income from affiliated securities		122,031			152
Securities lending income, net		63,914			5,818
Dividends		0			85,388
Total investment income		41,239,797			587,029
Expenses
Advisory fee		6,666,958			101,540
Custody and accounting fees		101,992			6,179
Professional fees		39,202			22,216
Shareholder report expenses		2,033			717
Trustees’ fees and expenses		5,722			7,328
Other fees and expenses		11,526			4,289
Total expenses		6,827,433			142,269
Less: Fee waivers and/or expense reimbursements		(268,428	)		(30,930	)
Net expenses		6,559,005			111,339
Net investment income		34,680,792			475,690
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,762,633	)		(61,660	)
Futures transactions		0			7,530
TBA sale commitments		305,506			0
Net realized gain (losses) on investments		(1,457,127	)		(54,130	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(36,347,983	)		(1,916,517	)
Futures transactions		0			(2,851	)
Net change in unrealized gains (losses) on investments		(36,347,983	)		(1,919,368	)
Net realized and unrealized gains (losses) on investments		(37,805,110	)		(1,973,498	)
Net increase (decrease) in net assets resulting from operations	$	(3,124,318	)	$	(1,497,808	)
* Net of foreign interest withholding taxes in the amount of		$0			$5,397

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

Statements of changes in net assets Wells Fargo Income Funds 41

	Core Bond Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	34,680,792		$	58,488,996
Net realized gains (losses) on investments		(1,457,127	)		54,777,871
Net change in unrealized gains (losses) on investments		(36,347,983	)		(15,603,380	)
Net increase (decrease) in net assets resulting from operations		(3,124,318	)		97,663,487
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		303,917,312			1,275,843,092
Withdrawals		(394,886,755	)		(517,501,361	)
Net increase (decrease) in net assets resulting from capital share transactions		(90,969,443	)		758,341,731
Total increase (decrease) in net assets		(94,093,761	)		856,005,218
Net assets
Beginning of period		3,752,546,977			2,896,541,759
End of period	$	3,658,453,216		$	3,752,546,977

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

42 Wells Fargo Income Funds Statements of changes in net assets

	Real Return Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	475,690		$	400,921
Net realized gains (losses) on investments		(54,130	)		1,132,514
Net change in unrealized gains (losses) on investments		(1,919,368	)		(896,307	)
Net increase (decrease) in net assets resulting from operations		(1,497,808	)		637,128
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,862,425			12,526,145
Withdrawals		(4,467,761	)		(11,966,906	)
Net increase in net assets resulting from capital share transactions		4,394,664			559,239
Total increase in net assets		2,896,856			1,196,367
Net assets
Beginning of period		48,396,784			47,200,417
End of period	$	51,293,640		$	48,396,784

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

Financial highlights Wells Fargo Income Funds 43

	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total return1
Core Bond Portfolio
Six months ended November 30, 2015 (unaudited)		1.85	%		0.36	%		0.35	%		(0.10	)%		303	%
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	%
Year ended May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
Year ended May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
Real Return Portfolio
Six months ended November 30, 2015 (unaudited)		1.87	%		0.56	%		0.44	%		(3.03	)%		9	%
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	%
Year ended May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
Year ended May 31, 2011		3.25	%		0.44	%		0.43	%		8.19	%		19	%

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

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

44 Wells Fargo Income 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the following portfolios: the Wells Fargo Core Bond Portfolio (“Core Bond Portfolio”) and Wells Fargo Real Return Portfolio (“Real Return Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and

other affiliated master portfolios rather than directly to the public.

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).

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

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

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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

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

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

Security loans

The Portfolios may lend their 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 Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive collateral in the form of cash or securities with a

Notes to financial statements (unaudited) Wells Fargo Income Funds 45

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 Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios 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 Portfolios fluctuate from time to time, In the event of default or bankruptcy by the borrower, the Portfolios 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 Portfolios have the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolios lend their 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”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statements of Operations.

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

The Portfolios 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 is subject to interest rate 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 security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the 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

The 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

46 Wells Fargo Income Funds Notes to financial statements (unaudited)

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 from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Inflation-indexed bonds and TIPS

The Portfolios 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.

Mortgage dollar roll transactions

Each Portfolio may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily 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 become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income is recognized on the ex-dividend date.

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their 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 interestholders 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.

Notes to financial statements (unaudited) Wells Fargo Income Funds 47

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 significant 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:

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

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

n 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, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Core Bond Portfolio
Assets
Investments in:
Agency securities	$	0	$	1,146,605,218	$	0	$	1,146,605,218
Asset-backed securities		0		391,173,943		0		391,173,943
Corporate bonds and notes		0		625,100,844		0		625,100,844
Municipal obligations		0		34,332,561		0		34,332,561
Non-agency mortgage-backed securities		0		170,507,903		0		170,507,903
U.S. Treasury securities		1,169,251,064		0		0		1,169,251,064
Yankee corporate bonds and notes		0		193,799,156		0		193,799,156
Yankee government bonds		0		48,344,874		0		48,344,874
Short-term investments
Investment companies		272,482,327		60,450,000		0		332,932,327
Total assets	$	1,441,733,391	$	2,670,314,499	$	0	$	4,112,047,890
Real Return Portfolio
Assets
Investments in:
Common stocks
Consumer staples	$	786,657	$	0	$	0	$	786,657
Energy		1,108,724		0		0		1,108,724
Financials		2,298,312		0		0		2,298,312
Materials		2,259,425		0		0		2,259,425
Corporate bonds and notes		0		5,171,430		0		5,171,430
Loans		0		2,088,512		0		2,088,512
U.S. Treasury securities		33,811,334		0		0		33,811,334
Yankee corporate bonds and notes		0		392,094		0		392,094
Short-term investments
Investment companies		3,255,779		166,050		0		3,421,829
U. S. Treasury securities		24,999		0		0		24,999
Total assets	$	43,545,230	$	7,818,086	$	0	$	51,363,316
Liabilities
Futures contract		406		0		0		406
Total liabilities	$	406	$	0	$	0	$	406

48 Wells Fargo Income Funds Notes to financial statements (unaudited)

The Portfolios recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2015, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the 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 starting at 0.40% and declining to 0.30% as the average daily net assets of each Portfolio increase. For the six months ended November 30, 2015, the advisory fee for Core Bond Portfolio and Real Return Portfolio was equivalent to an annual rate of 0.35% and 0.40%, respectively, of each Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fees for subadvisory services are borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to each Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of Core Bond Portfolio increase, and an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of Real Return Portfolio increase.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 were as follows:

	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Core Bond Portfolio	$	10,589,875,023	$	1,491,007,478	$	10,554,847,450	$	1,433,738,469
Real Return Portfolio		5,429,363		2,828,542		3,116,428		1,309,226

As of November 30, 2015, Real Return Portfolio had unfunded term loan commitments of $99,750.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2015, Real Return Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At November 30, 2015, the Real Return Portfolio had long and short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type	Contract value at November 30, 2015		Unrealized gains (losses)
03-21-2016	JPMorgan	2 Short	U.S. Treasury Bonds	$	308,000	$	(3,066	)
03-21-2016	JPMorgan	2 Long	5 Year U.S. Treasury Notes		237,359		215

Real Return Portfolio had an average notional amount of $143,629 and $454,141 in long and short futures contracts during the six months ended November 30, 2015.

The 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 clearing house for exchange traded

Notes to financial statements (unaudited) Wells Fargo Income Funds 49

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, are reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments or Summary 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:

	Derivative type	Counterparty	Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
Real Return Portfolio	Futures – variation margin	JPMorgan	$	406	$	0	$	(406	)	$	0

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

7. INDEMNIFICATION

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

50 Wells Fargo Income Funds Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at 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 Income Funds 51

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director 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 lead 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. Mr. Ebsworth is a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services Loevner Funds; Russell related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller Exchange Traded Funds Trust & 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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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

52 Wells Fargo Income 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	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	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996**	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** Donald Willeke retired as a Trustee effective December 31, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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.
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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 72 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 72 funds and Assistant Treasurer of 72 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Income Funds 53

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

239090 01-16 SILD/SAR103 11-15

Semi-Annual Report

November 30, 2015

WealthBuilder^SM Portfolios

n Wells Fargo WealthBuilder^SM Conservative Allocation Portfolio

n Wells Fargo WealthBuilder^SM Moderate Balanced Portfolio

n Wells Fargo WealthBuilder^SM Growth Balanced Portfolio

n Wells Fargo WealthBuilder^SM Growth Allocation Portfolio

n Wells Fargo WealthBuilder^SM Equity Portfolio

n Wells Fargo WealthBuilder^SM Tactical Equity Portfolio

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
Wells Fargo WealthBuilder Conservative Allocation Portfolio	5
Wells Fargo WealthBuilder Moderate Balanced Portfolio	7
Wells Fargo WealthBuilder Growth Balanced Portfolio	9
Wells Fargo WealthBuilder Growth Allocation Portfolio	11
Wells Fargo WealthBuilder Equity Portfolio	13
Wells Fargo WealthBuilder Tactical Equity Portfolio	15
Fund expenses	17
Portfolios of investments
Wells Fargo WealthBuilder Conservative Allocation Portfolio	18
Wells Fargo WealthBuilder Moderate Balanced Portfolio	20
Wells Fargo WealthBuilder Growth Balanced Portfolio	22
Wells Fargo WealthBuilder Growth Allocation Portfolio	24
Wells Fargo WealthBuilder Equity Portfolio	26
Wells Fargo WealthBuilder Tactical Equity Portfolio	27
Financial statements
Statements of assets and liabilities	30
Statements of operations	32
Statements of changes in net assets	34
Financial highlights	40
Notes to financial statements	42
Other information	54
List of abbreviations	57

The views expressed and any forward-looking statements are as of November 30, 2015, unless otherwise noted, and are those of the Portfolio 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 Portfolios 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 WealthBuilder Portfolios Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Funds

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo WealthBuilder^SM Portfolios for the six-month period that ended November 30, 2015. Among the most significant influences on investment markets during the period were low interest rates; low prices for oil, natural gas, and other commodities; a strong U.S. dollar; and shifting investor sentiment, which sparked volatility in equity and bond markets at higher levels than during recent years, pushing markets generally lower.

U.S. economic growth remained slow and uneven.

U.S. annualized gross domestic product (GDP) growth was 2.1% for the three-month period ended September 30, 2015, a slower pace than the prior quarter that restrained investor activity during the third and fourth quarters of 2015. Investor concerns about economic growth in the U.S. were compounded by data on retail sales and industrial production. Retail sales increased in August but at a slightly slower pace than expected, and the overall trend remained constrained. Industrial production declined in August, and the trend remained fairly flat overall with the periodic exception of automobile manufacturing.

On a more positive note, unemployment eased to 5.0% in October 2015 and consumer spending was solid as housing demand improved, although corporate results, as measured by profits from current production, decreased in the third quarter after a second-quarter increase, according to the U.S. Bureau of Economic Analysis. Despite sometimes conflicting data, expectations grew throughout the period that the Federal Open Market Committee would announce the first increase in the federal funds rate since June 2006 after its December 2015 meeting. The S&P 500 Index¹ was essentially flat for the period, recording a -0.21% return.

Overseas, central banks diverged from Federal Reserve policy due to economic concerns.

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve. Contentious negotiations between Greece and its debtors to refinance the country’s sovereign debt concerned investors in mid-2015 before the Greek government accepted additional reforms in order to secure new loan agreements with the European Central Bank (ECB). The ECB continued to encourage lending and investing in the region by making funds available to banks at low interest rates, imposing a negative interest rate on bank deposits it held, and purchasing bonds through its quantitative easing program.

During the summer of 2015, the Hang Seng Index² in Hong Kong experienced a dramatic decline. The People’s Bank of China sought to spur growth by cutting interest rates six times in less than a year through October 2015; lowering bank reserve requirements to encourage lending; and allowing the renminbi to depreciate in support of exports and to advance government efforts to transition to a more market-driven economy. Slowing economic growth in China reduced its importing activity, which, combined with continued low prices for many commodities, negatively affected China’s trading partners, particularly emerging markets countries.

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 Hang Seng Index is a free-float-adjusted market-capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo WealthBuilder Portfolios 3

Although Japan’s third-quarter 2015 GDP was positive after contracting in the second quarter, the Bank of Japan expanded its economic stimulus programs to increase injections of liquidity into the economy through additional bond purchases. The Government Pension Investment Fund continued to reduce government bond investments and direct those assets to investments in the Japanese stock market.

Developed European and Asian equity markets returned -7.42%, as measured by the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net)³ for the six-month period that ended November 30, 2015. U.S. investors in overseas markets saw the values of their investments fall as the U.S. dollar strengthened in comparison with other currencies.

Bond performance stumbled as investor concerns increased.

Bond investors were not spared the negative effects that stemmed from uncertain investor sentiment. While low interest rates restrained yields, periodic flights to the perceived quality of U.S. government bonds in the face of equity market volatility helped support domestic bond prices. As a result, U.S. bonds tended to fare better than bonds issued overseas. During the period, the Barclays U.S. Aggregate Bond Index⁴ was essentially flat, recording a -0.12% return, while the Barclays Global Aggregate ex U.S. Dollar Bond Index⁵ recorded a -1.76% return.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds and other investments 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,

Karla M. Rabusch

President

Wells Fargo Funds

Bond investors were not spared the negative effects that stemmed from uncertain investor sentiment.

³  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 U.S. 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. You cannot invest directly in an index. 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.

⁴  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵  The Barclays Global Aggregate ex U.S. Dollar Bond Index tracks an international basket of government, corporate, agency, and mortgage-related bonds. You cannot invest directly in an index.

4 Wells Fargo WealthBuilder Portfolios Letter to shareholders (unaudited)

Notice to shareholders

At a meeting held August 11–12, 2015, the Board of Trustees of the Portfolios approved a change in the name of each Portfolio whereby the word Advantage was removed from its name, effective December 15, 2015.

For current information about your fund investments, 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.

Performance highlights (unaudited) Wells Fargo WealthBuilder Portfolios 5

Wells Fargo WealthBuilder Conservative Allocation Portfolio

Investment objective

The Portfolio seeks current income with a secondary emphasis on capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Christian L. Chan, CFA^®

Average annual total returns (%) as of November 30, 2015

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo WealthBuilder Conservative Allocation Portfolio (WBCAX)

9-30-2004

(2.97

)

2.59

3.22

(1.49

)

2.90

3.38

2.04

2.04

WealthBuilder Conservative Allocation Composite Index3

–

–

–

–

0.84

4.73

5.23

–

–

Barclays U.S. Aggregate Bond Index4

–

–

–

–

0.97

3.09

4.65

–

–

MSCI ACWI ex USA Index (Net)5

–

–

–

–

(7.32

)

2.99

3.60

–

–

Russell 3000® Index6

–

–

–

–

2.58

14.13

7.59

–

–

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 Portfolio’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 WealthBuilder Portfolios, the maximum front-end sales charge is 1.50%.

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 Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Portfolio 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 Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 6.

6 Wells Fargo WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo WealthBuilder Conservative Allocation Portfolio (continued)

Ten largest holdings (%) as of November 30, 20157
Wells Fargo Core Bond Portfolio	23.86
Wells Fargo Short Duration Government Bond Fund Class R6	18.32
Wells Fargo Government Securities Fund Institutional Class	15.05
PIMCO High Yield Fund Institutional Class	10.04
Oppenheimer International Bond Fund Class Y	4.59
MFS Value Fund Class I	3.01
PIMCO CommodityRealReturn Strategy Fund Institutional Class	2.58
Thornburg International Value Fund Institutional Class	1.80
Voya Global Real Estate Fund Class I	1.78
T. Rowe Price Blue Chip Growth Fund Retail Class	1.75

Current target allocation as of November 30, 2015⁸

¹  Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.54% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver at 1.50%. 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, allocated expenses from underlying affiliated Master Portfolios, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

³  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Conservative Allocation Composite Index is comprised of the following indexes: Russell 3000^® Index (14%), MSCI ACWI ex USA Index (Net) (6%) and Barclays U.S. Aggregate Bond Index (80%). You cannot invest directly in an index.

⁴  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. 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.

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 the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

⁸  Current target allocation is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown. These amounts are subject to change and may have changed since the date specified.

Performance highlights (unaudited) Wells Fargo WealthBuilder Portfolios 7

Wells Fargo WealthBuilder Moderate Balanced Portfolio

Investment objective

The Portfolio seeks a combination of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Christian L. Chan, CFA^®

Average annual total returns (%) as of November 30, 2015

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo WealthBuilder Moderate Balanced Portfolio (WBBBX)

9-30-2004

(2.40

)

4.60

3.71

(0.91

)

4.92

3.87

2.11

2.11

WealthBuilder Moderate Balanced Composite Index3

–

–

–

–

0.63

6.32

5.71

–

–

Barclays U.S. Aggregate Bond Index4

–

–

–

–

0.97

3.09

4.65

–

–

MSCI ACWI ex USA Index (Net)5

–

–

–

–

(7.32

)

2.99

3.60

–

–

Russell 3000® Index6

–

–

–

–

2.58

14.13

7.59

–

–

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 Portfolio’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 WealthBuilder Portfolios, the maximum front-end sales charge is 1.50%.

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 Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 8.

8 Wells Fargo WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo WealthBuilder Moderate Balanced Portfolio (continued)

Ten largest holdings (%) as of November 30, 20157
Wells Fargo Core Bond Portfolio	17.26
Wells Fargo Government Securities Fund Institutional Class	11.41
Wells Fargo Short Duration Government Bond Fund Class R6	10.56
PIMCO High Yield Fund Institutional Class	8.41
MFS Value Fund Class I	6.12
Oppenheimer International Bond Fund Class Y	4.41
T. Rowe Price Blue Chip Growth Fund Retail Class	3.59
Thornburg International Value Fund Institutional Class	3.56
Oakmark Fund Class I	3.05
Invesco Growth and Income Fund Class R6	3.05

Current target allocation as of November 30, 2015⁸

¹  Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.61% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver at 1.50%. 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, allocated expenses from underlying affiliated Master Portfolios, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

³  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Moderate Balanced Composite Index is comprised of the following indexes: Russell 3000^® Index (28%), MSCI ACWI ex USA Index (Net) (12%) and Barclays U.S. Aggregate Bond Index (60%). You cannot invest directly in an index.

⁴  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. 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.

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 the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

⁸  Current target allocation is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown. These amounts are subject to change and may have changed since the date specified.

Performance highlights (unaudited) Wells Fargo WealthBuilder Portfolios 9

Wells Fargo WealthBuilder Growth Balanced Portfolio

Investment objective

The Portfolio seeks a combination of capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Christian L. Chan, CFA^®

Average annual total returns (%) as of November 30, 2015

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo WealthBuilder Growth Balanced Portfolio (WBGBX)

10-1-1997

(2.26

)

6.77

4.01

(0.77

)

7.09

4.17

2.17

2.17

WealthBuilder Growth Balanced Composite Index3

–

–

–

–

0.36

7.85

6.08

–

–

Barclays U.S. Aggregate Bond Index4

–

–

–

–

0.97

3.09

4.65

–

–

MSCI ACWI ex USA Index (Net)5

–

–

–

–

(7.32

)

2.99

3.60

–

–

Russell 3000® Index6

–

–

–

–

2.58

14.13

7.59

–

–

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 Portfolio’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 WealthBuilder Portfolios, the maximum front-end sales charge is 1.50%.

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 Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 10.

10 Wells Fargo WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Balanced Portfolio (continued)

Ten largest holdings (%) as of November 30, 20157
Wells Fargo Core Bond Portfolio	11.36
Wells Fargo Government Securities Fund Institutional Class	9.97
MFS Value Fund Class I	9.13
PIMCO High Yield Fund Institutional Class	6.40
T. Rowe Price Blue Chip Growth Fund Retail Class	5.39
Thornburg International Value Fund Institutional Class	5.26
Oppenheimer International Bond Fund Class Y	4.74
Oakmark Fund Class I	4.55
Invesco Growth and Income Fund Class R6	4.54
American Century Growth Fund Institutional Class	3.80

Current target allocation as of November 30, 2015⁸

¹  Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.68% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver at 1.50%. 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, allocated expenses from underlying affiliated Master Portfolios, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

³  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Balanced Composite Index is comprised of the following indexes: Russell 3000^® Index (42%), MSCI ACWI ex USA Index (Net) (18%) and Barclays U.S. Aggregate Bond Index (40%). You cannot invest directly in an index.

⁴  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. 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.

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 the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

⁸  Current target allocation is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown. These amounts are subject to change and may have changed since the date specified.

Performance highlights (unaudited) Wells Fargo WealthBuilder Portfolios 11

Wells Fargo WealthBuilder Growth Allocation Portfolio

Investment objective

The Portfolio seeks capital appreciation with a secondary emphasis on current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Christian L. Chan, CFA^®

Average annual total returns (%) as of November 30, 2015

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo WealthBuilder Growth Allocation Portfolio (WBGGX)

9-30-2004

(2.02

)

7.80

3.99

(0.53

)

8.13

4.15

2.24

2.24

WealthBuilder Growth Allocation Composite Index3

–

–

–

–

0.00

9.33

6.33

–

–

Barclays U.S. Aggregate Bond Index4

–

–

–

–

0.97

3.09

4.65

–

–

MSCI ACWI ex USA Index (Net)5

–

–

–

–

(7.32

)

2.99

3.60

–

–

Russell 3000® Index6

–

–

–

–

2.58

14.13

7.59

–

–

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 Portfolio’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 WealthBuilder Portfolios, the maximum front-end sales charge is 1.50%.

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 Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 12.

12 Wells Fargo WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Allocation Portfolio (continued)

Ten largest holdings (%) as of November 30, 20157
MFS Value Fund Class I	12.01
T. Rowe Price Blue Chip Growth Fund Retail Class	7.11
Thornburg International Value Fund Institutional Class	7.05
Oakmark Fund Class I	5.98
Invesco Growth and Income Fund Class R6	5.96
American Century Growth Fund Institutional Class	5.02
Wells Fargo International Growth Portfolio	4.79
Wells Fargo Core Bond Portfolio	4.71
Wells Fargo Large Cap Growth Fund Class R6	4.02
Wells Fargo Endeavor Select Fund Institutional Class	4.01

Current target allocation as of November 30, 2015⁸

¹  Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.74% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver at 1.50%. 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, allocated expenses from underlying affiliated Master Portfolios, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

³  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Allocation Composite Index is comprised of the following indexes: Russell 3000^® Index (56%), MSCI ACWI ex USA Index (Net) (24%) and Barclays U.S. Aggregate Bond Index (20%). You cannot invest directly in an index.

⁴  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. 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.

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 the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

⁸  Current target allocation is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown. These amounts are subject to change and may have changed since the date specified.

Performance highlights (unaudited) Wells Fargo WealthBuilder Portfolios 13

Wells Fargo WealthBuilder Equity Portfolio

Investment objective

The Portfolio seeks long-term capital appreciation with no emphasis on income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Christian L. Chan, CFA^®

Average annual total returns (%) as of November 30, 2015

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo WealthBuilder Equity Portfolio (WBGIX)

10-1-1997

(1.69

)

8.46

4.00

(0.19

)

8.79

4.15

2.35

2.29

WealthBuilder Equity Composite Index3

–

–

–

–

(0.42

)

10.74

6.47

–

–

MSCI ACWI ex USA Index (Net)4

–

–

–

–

(7.32

)

2.99

3.60

–

–

Russell 3000® Index5

–

–

–

–

2.58

14.13

7.59

–

–

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 Portfolio’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 WealthBuilder Portfolios, the maximum front-end sales charge is 1.50%.

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

Please see footnotes on page 14.

14 Wells Fargo WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo WealthBuilder Equity Portfolio (continued)

Ten largest holdings (%) as of November 30, 20156
MFS Value Fund Class I	15.00
T. Rowe Price Blue Chip Growth Fund Retail Class	10.51
Thornburg International Value Fund Institutional Class	8.95
Oakmark Fund Class I	7.50
Invesco Growth & Income Fund Class R6	7.50
American Century Growth Fund Institutional Class	7.50
Wells Fargo Endeavor Select Fund Institutional Class	6.02
Wells Fargo International Growth Portfolio	6.01
Wells Fargo Large Cap Growth Fund Class R6	6.00
Templeton Institutional Foreign Equity Fund Primary Class	2.97

Portfolio allocation as of November 30, 2015⁷

¹  Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.79% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver at 1.50%. 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, allocated expenses from underlying affiliated Master Portfolios, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

³  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Equity Composite Index is weighted 70% in the Russell 3000^® Index and 30% in the MSCI ACWI ex USA Index (Net) Index (Net). You cannot invest directly in an index.

⁴  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. 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.

⁵  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.

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

⁷  Amounts are calculated based on the long-term investments of the Portfolio. These amounts are subject to change and may have changed since the date specified.

Performance highlights (unaudited) Wells Fargo WealthBuilder Portfolios 15

Wells Fargo WealthBuilder Tactical Equity Portfolio

Investment objective

The Portfolio seeks long-term capital apprecaition with no emphasis on income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®, FRM

Christian L. Chan, CFA^®

Average annual total returns (%) as of November 30, 2015

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo WealthBuilder Tactical Equity Portfolio (WBGAX)

10-1-1997

(1.24

)

8.53

4.64

0.27

8.86

4.80

2.29

2.29

WealthBuilder Tactical Equity Composite Index3

–

–

–

–

(0.42

)

10.74

6.47

–

–

MSCI ACWI ex USA Index (Net)4

–

–

–

–

(7.32

)

2.99

3.60

–

–

Russell 3000® Index5

–

–

–

–

2.58

14.13

7.59

–

–

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 Portfolio’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 WealthBuilder Portfolios, the maximum front-end sales charge is 1.50%.

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

Please see footnotes on page 16.

16 Wells Fargo WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo WealthBuilder Tactical Equity Portfolio (continued)

Ten largest holdings (%) as of November 30, 20156
MFS Value Fund Class I	14.90
Thornburg International Value Fund Institutional Class	8.89
T. Rowe Price Blue Chip Growth Fund Retail Class	8.70
Invesco Growth and Income Fund Class R6	7.44
Oakmark Fund Class I	7.43
American Century Growth Fund Institutional Class	6.20
Wells Fargo International Growth Portfolio	5.98
Wells Fargo Endeavor Select Fund Institutional Class	4.97
Wells Fargo Large Cap Growth Fund Class R6	4.96
Wells Fargo Small Cap Value Fund Class R6	3.77

Portfolio allocation as of November 30, 2015⁷

¹  Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.79% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver at 1.50%. 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, allocated expenses from underlying affiliated Master Portfolios, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

³  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Tactical Equity Composite Index is weighted 70% in the Russell 3000^® Index, and 30% in the MSCI ACWI ex USA Index (Net). You cannot invest directly in an index.

⁴  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. 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.

⁵  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.

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

⁷  Amounts are calculated based on the long-term investments of the Portfolio. These amounts are subject to change and may have changed since the date specified.

Fund expenses (unaudited) Wells Fargo WealthBuilder Portfolios 17

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

purchase payments 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, 2015 to November 30, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Wells Fargo WealthBuilder Conservative Allocation Portfolio
Actual	$	1,000.00	$	977.78	$	7.42		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Wells Fargo WealthBuilder Moderate Balanced Portfolio
Actual	$	1,000.00	$	974.39	$	7.35		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.52		1.49	%
Wells Fargo WealthBuilder Growth Balanced Portfolio
Actual	$	1,000.00	$	968.32	$	7.33		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.52		1.49	%
Wells Fargo WealthBuilder Growth Allocation Portfolio
Actual	$	1,000.00	$	963.81	$	7.36		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Wells Fargo WealthBuilder Equity Portfolio
Actual	$	1,000.00	$	964.42	$	7.37		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Wells Fargo WealthBuilder Tactical Equity Portfolio
Actual	$	1,000.00	$	963.48	$	7.36		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%

¹ Expenses paid is equal to the annualized expense ratio 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).

18 Wells Fargo WealthBuilder Portfolios Portfolio of investments—November 30, 2015 (unaudited)

WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO

Security name	Shares		Value
Exchange-Traded Funds: 1.67%
iShares MSCI Japan Index ETF		42,106	$	521,693
iShares National AMT-Free Municipal Bond ETF		70,236		7,728,067
WisdomTree Japan Hedged Equity ETF		9,586		527,326
Total Exchange-Traded Funds (Cost $8,660,092)				8,777,086
Investment Companies: 98.08%
Affiliated Master Portfolios: 26.59%
Wells Fargo Core Bond Portfolio				125,127,150
Wells Fargo Emerging Growth Portfolio				3,996,966
Wells Fargo International Growth Portfolio				6,346,593
Wells Fargo Small Company Value Portfolio				3,986,806
				139,457,515
Alternative Investment Funds: 6.38%
AQR Managed Futures Strategy Fund Class I		479,832		5,302,147
PIMCO CommodityRealReturn Strategy Fund Institutional Class		2,028,818		13,532,216
The Arbitrage Fund Class I †		403,282		5,274,933
Voya Global Real Estate Fund Class I		479,083		9,356,483
				33,465,779
Bond Funds: 47.99%
Oppenheimer International Bond Fund Class Y		4,303,209		24,054,937
PIMCO High Yield Fund Institutional Class		6,072,562		52,649,111
Wells Fargo Government Securities Fund Institutional Class (l)		7,045,041		78,904,457
Wells Fargo Short Duration Government Bond Fund Class R6 (l)		9,599,993		96,095,926
				251,704,431
Stock Funds: 17.12%
American Century Growth Fund Institutional Class		211,347		6,551,769
DFA International Small Cap Value Portfolio Institutional Class		108,177		2,086,737
Dodge & Cox International Stock Fund		79,418		3,116,376
Invesco Growth and Income Fund Class R6		300,033		7,893,867
MFS Value Fund Class I		447,271		15,779,728
Oakmark Fund Class I		118,988		7,878,200
Oppenheimer Developing Markets Fund Class Y		49,971		1,542,604
Royce Pennsylvania Mutual Fund Investor Class		326,275		3,974,030
T. Rowe Price Blue Chip Growth Fund Retail Class		122,081		9,175,613
T. Rowe Price International Discovery Fund		37,578		2,122,760
Templeton Institutional Foreign Equity Fund Primary Class		156,138		3,119,629
Thornburg International Value Fund Institutional Class		376,790		9,427,284
Wells Fargo Emerging Markets Equity Fund Class R6 (l)		138,363		2,573,550
Wells Fargo Endeavor Select Fund Institutional Class †(l)		369,683		5,264,283
Wells Fargo Large Cap Growth Fund Class R6 (l)		104,436		5,243,751
Wells Fargo Small Cap Value Fund Class R6 (l)		145,080		3,991,154
				89,741,335
Total Investment Companies (Cost $497,868,893)				514,369,060

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo WealthBuilder Portfolios 19

WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.23%
Investment Companies: 0.18%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17	%				969,913	$	969,913
				Maturity date		Principal
U.S. Treasury Securities: 0.05%
U.S. Treasury Bill #(z)		0.04			12-17-2015	$	84,000		83,998
U.S. Treasury Bill #(z)		0.04			1-7-2016		10,000		9,999
U.S. Treasury Bill #(z)		0.05			3-31-2016		90,000		89,937
U.S. Treasury Bill #(z)		0.09			2-18-2016		70,000		69,977
									253,911
Total Short-Term Investments (Cost $1,223,881)									1,223,824

Total investments in securities (Cost $507,752,866) *	99.98	%		524,369,970
Other assets and liabilities, net	0.02			54,370
Total net assets	100.00	%	$	524,424,340

† 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.

# 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.

* Cost for federal income tax purposes is $516,171,270 and unrealized gains (losses) consists of:

Gross unrealized gains	$	31,149,608
Gross unrealized losses		(22,950,908	)
Net unrealized gains	$	8,198,700

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

20 Wells Fargo WealthBuilder Portfolios Portfolio of investments—November 30, 2015 (unaudited)

WEALTHBUILDER MODERATE BALANCED PORTFOLIO

Security name	Shares		Value
Exchange-Traded Funds: 1.47%
iShares MSCI Japan Index ETF		140,020	$	1,734,848
iShares National AMT-Free Municipal Bond ETF		83,327		9,168,470
WisdomTree Japan Hedged Equity ETF		32,093		1,765,436
Total Exchange-Traded Funds (Cost $12,578,036)				12,668,754
Investment Companies: 98.28%
Affiliated Master Portfolios: 22.67%
Wells Fargo Core Bond Portfolio
Wells Fargo Emerging Growth Portfolio				148,236,784
Wells Fargo International Growth Portfolio				12,486,563
Wells Fargo Small Company Value Portfolio				21,006,555
				13,052,320
				194,782,222
Alternative Investment Funds: 6.19%
AQR Managed Futures Strategy Fund Class I		776,877		8,584,495
PIMCO CommodityRealReturn Strategy Fund Institutional Class		3,107,603		20,727,713
The Arbitrage Fund Class I †		654,427		8,559,911
Voya Global Real Estate Fund Class I		781,060		15,254,102
				53,126,221
Bond Funds: 34.79%
Oppenheimer International Bond Fund Class Y		6,772,772		37,859,797
PIMCO High Yield Fund Institutional Class		8,333,453		72,251,036
Wells Fargo Government Securities Fund Institutional Class (l)		8,754,522		98,050,647
Wells Fargo Short Duration Government Bond Fund Class R6 (l)		9,062,159		90,712,211
				298,873,691
Stock Funds: 34.63%
American Century Growth Fund Institutional Class		706,874		21,913,106
DFA International Small Cap Value Portfolio Institutional Class		351,981		6,789,709
Dodge & Cox International Stock Fund		260,299		10,214,147
Invesco Growth and Income Fund Class R6		995,858		26,201,036
MFS Value Fund Class I		1,489,227		52,539,924
Oakmark Fund Class I		395,761		26,203,325
Oppenheimer Developing Markets Fund Class Y		165,572		5,111,200
Royce Pennsylvania Mutual Fund Investor Class		1,073,270		13,072,433
T. Rowe Price Blue Chip Growth Fund Retail Class		409,809		30,801,222
T. Rowe Price International Discovery Fund		124,044		7,007,253
Templeton Institutional Foreign Equity Fund Primary Class		510,556		10,200,909
Thornburg International Value Fund Institutional Class		1,222,782		30,594,007
Wells Fargo Emerging Markets Equity Fund Class R6 (l)		456,099		8,483,436
Wells Fargo Endeavor Select Fund Institutional Class †(l)		1,233,158		17,560,166
Wells Fargo Large Cap Growth Fund Class R6 (l)		348,471		17,496,734
Wells Fargo Small Cap Value Fund Class R6 (l)		484,077		13,316,957
				297,505,564
Total Investment Companies (Cost $801,171,184)				844,287,698

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo WealthBuilder Portfolios 21

WEALTHBUILDER MODERATE BALANCED PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.15%
Investment Companies: 0.05%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17	%				427,159	$	427,159
				Maturity date		Principal
U.S. Treasury Securities: 0.10%
U.S. Treasury Bill #(z)		0.04			12-17-2015	$	275,000		274,993
U.S. Treasury Bill #(z)		0.04			1-7-2016		30,000		29,998
U.S. Treasury Bill #(z)		0.05			3-31-2016		280,000		279,803
U.S. Treasury Bill #(z)		0.09			2-18-2016		240,000		239,920
									824,714
Total Short-Term Investments (Cost $1,252,056)									1,251,873

Total investments in securities (Cost $815,001,276) *	99.90	%		858,208,325
Other assets and liabilities, net	0.10			863,787
Total net assets	100.00	%	$	859,072,112

† 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.

# 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.

* Cost for federal income tax purposes is $828,040,399 and unrealized gains (losses) consists of:

Gross unrealized gains	$	70,965,174
Gross unrealized losses		(40,797,248	)
Net unrealized gains	$	30,167,926

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

22 Wells Fargo WealthBuilder Portfolios Portfolio of investments—November 30, 2015 (unaudited)

WEALTHBUILDER GROWTH BALANCED PORTFOLIO

Security name	Shares		Value
Exchange-Traded Funds: 1.27%
iShares MSCI Japan Index ETF		244,685	$	3,031,647
iShares National AMT-Free Municipal Bond ETF		60,729		6,682,012
WisdomTree Japan Hedged Equity ETF		56,353		3,099,979
Total Exchange-Traded Funds (Cost $12,811,195)				12,813,638
Investment Companies: 98.28%
Affiliated Master Portfolios: 19.37%
Wells Fargo Core Bond Portfolio				114,169,820
Wells Fargo Emerging Growth Portfolio				21,503,036
Wells Fargo International Growth Portfolio				36,467,088
Wells Fargo Small Company Value Portfolio				22,541,719
				194,681,663
Alternative Investment Funds: 6.20%
AQR Managed Futures Strategy Fund Class I		934,494		10,326,157
PIMCO CommodityRealReturn Strategy Fund Institutional Class		3,593,534		23,968,873
The Arbitrage Fund Class I †		769,671		10,067,303
Voya Global Real Estate Fund Class I		915,105		17,872,001
				62,234,334
Bond Funds: 21.10%
Oppenheimer International Bond Fund Class Y		8,515,927		47,604,035
PIMCO High Yield Fund Institutional Class		7,417,391		64,308,780
Wells Fargo Government Securities Fund Institutional Class (l)		8,943,413		100,166,229
				212,079,044
Stock Funds: 51.61%
American Century Growth Fund Institutional Class		1,233,313		38,232,700
DFA International Small Cap Value Portfolio Institutional Class		609,298		11,753,360
Dodge & Cox International Stock Fund		451,139		17,702,693
Invesco Growth and Income Fund Class R6		1,732,583		45,584,260
MFS Value Fund Class I		2,600,561		91,747,809
Oakmark Fund Class I		690,907		45,744,982
Oppenheimer Developing Markets Fund Class Y		289,206		8,927,789
Royce Pennsylvania Mutual Fund Investor Class		1,856,553		22,612,815
T. Rowe Price Blue Chip Growth Fund Retail Class		720,833		54,177,802
T. Rowe Price International Discovery Fund		216,076		12,206,142
Templeton Institutional Foreign Equity Fund Primary Class		885,877		17,699,830
Thornburg International Value Fund Institutional Class		2,111,778		52,836,676
Wells Fargo Emerging Markets Equity Fund Class R6 (l)		797,019		14,824,557
Wells Fargo Endeavor Select Fund Institutional Class †(l)		2,153,202		30,661,590
Wells Fargo Large Cap Growth Fund Class R6 (l)		610,081		30,632,164
Wells Fargo Small Cap Value Fund Class R6 (l)		847,806		23,323,146
				518,668,315
Total Investment Companies (Cost $904,906,363)				987,663,356

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo WealthBuilder Portfolios 23

WEALTHBUILDER GROWTH BALANCED PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.41%
Investment Companies: 0.27%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17	%				2,652,130	$	2,652,130
				Maturity date		Principal
U.S. Treasury Securities: 0.14%
U.S. Treasury Bill #(z)		0.04			12-17-2015	$	473,000		472,989
U.S. Treasury Bill #(z)		0.04			1-7-2016		60,000		59,996
U.S. Treasury Bill #(z)		0.05			3-31-2016		480,000		479,663
U.S. Treasury Bill #(z)		0.09			2-18-2016		400,000		399,867
U.S. Treasury Bill #(z)		0.18			12-31-2015		10,000		9,999
									1,422,514
Total Short-Term Investments (Cost $4,089,332)									4,074,644

Total investments in securities (Cost $ 921,806,890) *	99.96	%		1,004,551,638
Other assets and liabilities, net	0.04			402,526
Total net assets	100.00	%	$	1,004,954,164

† 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.

# 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.

* Cost for federal income tax purposes is $945,426,483 and unrealized gains (losses) consists of:

Gross unrealized gains	$	112,862,326
Gross unrealized losses		(53,737,171	)
Net unrealized gains	$	59,125,155

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

24 Wells Fargo WealthBuilder Portfolios Portfolio of investments—November 30, 2015 (unaudited)

WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO

Security name	Shares		Value
Exchange-Traded Funds: 1.07%
iShares MSCI Japan Index ETF		145,029	$	1,796,909
iShares National AMT-Free Municipal Bond ETF		11,080		1,219,132
WisdomTree Japan Hedged Equity ETF		33,463		1,840,800
Total Exchange-Traded Funds (Cost $4,901,278)				4,856,841
Investment Companies: 98.44%
Affiliated Master Portfolios: 15.48%
Wells Fargo Core Bond Portfolio				21,317,682
Wells Fargo Emerging Growth Portfolio				13,506,213
Wells Fargo International Growth Portfolio				21,690,749
Wells Fargo Small Company Value Portfolio				13,553,713
				70,068,357
Alternative Investment Funds: 6.30%
AQR Managed Futures Strategy Fund Class I		418,533		4,624,786
PIMCO CommodityRealReturn Strategy Fund Institutional Class		1,696,645		11,316,622
The Arbitrage Fund Class I †		343,707		4,495,683
Voya Global Real Estate Fund Class I		412,098		8,048,279
				28,485,370
Bond Funds: 8.49%
Oppenheimer International Bond Fund Class Y		1,635,794		9,144,090
PIMCO High Yield Fund Institutional Class		1,410,431		12,228,437
Wells Fargo Government Securities Fund Institutional Class (l)		1,522,948		17,057,021
				38,429,548
Stock Funds: 68.17%
American Century Growth Fund Institutional Class		732,136		22,696,220
DFA International Small Cap Value Portfolio Institutional Class		368,119		7,101,017
Dodge & Cox International Stock Fund		269,576		10,578,149
Invesco Growth and Income Fund Class R6		1,024,923		26,965,715
MFS Value Fund Class I		1,540,059		54,333,277
Oakmark Fund Class I		409,006		27,080,320
Oppenheimer Developing Markets Fund Class Y		171,603		5,297,379
Royce Pennsylvania Mutual Fund Investor Class		1,108,116		13,496,858
T. Rowe Price Blue Chip Growth Fund Retail Class		428,126		32,177,928
T. Rowe Price International Discovery Fund		128,411		7,253,958
Templeton Institutional Foreign Equity Fund Primary Class		531,519		10,619,743
Thornburg International Value Fund Institutional Class		1,275,853		31,921,852
Wells Fargo Emerging Markets Equity Fund Class R6 (l)		473,895		8,814,453
Wells Fargo Endeavor Select Fund Institutional Class †(l)		1,274,069		18,142,737
Wells Fargo Large Cap Growth Fund Class R6 (l)		361,980		18,175,009
Wells Fargo Small Cap Value Fund Class R6 (l)		503,332		13,846,666
				308,501,281
Total Investment Companies (Cost $403,205,795)				445,484,556

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo WealthBuilder Portfolios 25

WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.39%
Investment Companies: 0.21%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17	%				939,591	$	939,591
				Maturity date		Principal
U.S. Treasury Securities: 0.18%
U.S. Treasury Bill #(z)		0.04			12-17-2015	$	279,000		278,993
U.S. Treasury Bill #(z)		0.04			1-7-2016		10,000		9,999
U.S. Treasury Bill #(z)		0.05			3-31-2016		290,000		289,798
U.S. Treasury Bill #(z)		0.08			12-24-2015		10,000		9,999
U.S. Treasury Bill #(z)		0.09			2-18-2016		240,000		239,920
U.S. Treasury Bill #(z)		0.18			12-31-2015		20,000		19,997
									848,706
Total Short-Term Investments (Cost $1,788,482)									1,788,297

Total investments in securities (Cost $409,895,555) *	99.90	%		452,129,694
Other assets and liabilities, net	0.10			436,086
Total net assets	100.00	%	$	452,565,780

† 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.

(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.

* Cost for federal income tax purposes is $419,327,090 and unrealized gains (losses) consists of:

Gross unrealized gains	$	55,549,919
Gross unrealized losses		(22,747,315	)
Net unrealized gains	$	32,802,604

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

26 Wells Fargo WealthBuilder Portfolios Portfolio of investments—November 30, 2015 (unaudited)

WEALTHBUILDER EQUITY PORTFOLIO

Security name						Value
Investment Companies: 99.93%
Affiliated Master Portfolios: 11.08%
Wells Fargo Emerging Growth Portfolio						$	3,645,525
Wells Fargo International Growth Portfolio							8,635,066
Wells Fargo Small Company Value Portfolio							3,625,564
							15,906,155
				Shares
Stock Funds: 88.85%
American Century Growth Fund Institutional Class					347,207		10,763,403
DFA International Small Cap Value Portfolio Institutional Class					147,446		2,844,225
Dodge & Cox International Stock Fund					108,351		4,251,679
Invesco Growth and Income Fund Class R6					409,243		10,767,194
MFS Value Fund Class I					610,528		21,539,440
Oakmark Fund Class I					162,674		10,770,650
Oppenheimer Developing Markets Fund Class Y					114,108		3,522,513
Royce Pennsylvania Mutual Fund Investor Class					297,007		3,617,550
T. Rowe Price Blue Chip Growth Fund Retail Class					200,785		15,091,003
T. Rowe Price International Discovery Fund					51,182		2,891,262
Templeton Institutional Foreign Equity Fund Primary Class					213,115		4,258,045
Thornburg International Value Fund Institutional Class					513,834		12,856,115
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					189,087		3,517,021
Wells Fargo Endeavor Select Fund Institutional Class †(l)					606,500		8,636,565
Wells Fargo Large Cap Growth Fund Class R6 (l)					171,434		8,607,689
Wells Fargo Small Cap Value Fund Class R6 (l)					132,055		3,632,844
							127,567,198
Total Investment Companies (Cost $115,473,705)							143,473,353
	Yield
Short-Term Investments: 0.17%
Investment Companies: 0.17%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17	%		251,110		251,110
Total Short-Term Investments (Cost $251,110)							251,110

Total investments in securities (Cost $115,724,815) *	100.10	%		143,724,463
Other assets and liabilities, net	(0.10	)		(150,557	)
Total net assets	100.00	%	$	143,573,906

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

† Non-income-earning security

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

* Cost for federal income tax purposes is $116,619,104 and unrealized gains (losses) consists of:

Gross unrealized gains	$	30,200,600
Gross unrealized losses		(3,095,241	)
Net unrealized gains	$	27,105,359

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo WealthBuilder Portfolios 27

WEALTHBUILDER TACTICAL EQUITY PORTFOLIO

Security name						Shares		Value
Exchange-Traded Funds: 1.00%
iShares MSCI Japan Index ETF							177,383	$	2,197,775
WisdomTree Japan Hedged Equity ETF							40,569		2,231,701
Total Exchange-Traded Funds (Cost $4,503,978)									4,429,476
Investment Companies: 98.28%
Affiliated Master Portfolios: 13.50%
Wells Fargo Emerging Growth Portfolio									16,733,057
Wells Fargo International Growth Portfolio									26,626,424
Wells Fargo Small Company Value Portfolio									16,742,611
									60,102,092
Stock Funds: 84.78%
American Century Growth Fund Institutional Class							890,180		27,595,595
DFA International Small Cap Value Portfolio Institutional Class							456,934		8,814,254
Dodge & Cox International Stock Fund							334,437		13,123,290
Invesco Growth and Income Fund Class R6							1,258,404		33,108,604
MFS Value Fund Class I							1,879,763		66,318,029
Oakmark Fund Class I							499,677		33,083,612
Oppenheimer Developing Markets Fund Class Y							210,104		6,485,901
Royce Pennsylvania Mutual Fund Investor Class							1,369,396		16,679,245
T. Rowe Price Blue Chip Growth Fund Retail Class							515,105		38,715,288
T. Rowe Price International Discovery Fund							157,492		8,896,721
Templeton Institutional Foreign Equity Fund Primary Class							659,877		13,184,334
Thornburg International Value Fund Institutional Class							1,582,383		39,591,230
Wells Fargo Emerging Markets Equity Fund Class R6 (l)							581,975		10,824,738
Wells Fargo Endeavor Select Fund Institutional Class †(l)							1,554,962		22,142,658
Wells Fargo Large Cap Growth Fund Class R6 (l)							439,751		22,079,884
Wells Fargo Small Cap Value Fund Class R6 (l)							609,984		16,780,650
									377,424,033
Total Investment Companies (Cost $369,731,434)									437,526,125
	Yield
Short-Term Investments: 0.66%
Investment Companies: 0.43%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17	%				1,924,013		1,924,013
				Maturity date		Principal
U.S. Treasury Securities: 0.23%
U.S. Treasury Bill #(z)		0.04			12-17-2015	$	352,000		351,992
U.S. Treasury Bill #(z)		0.04			1-7-2016		10,000		9,999
U.S. Treasury Bill #(z)		0.05			3-31-2016		360,000		359,747
U.S. Treasury Bill #(z)		0.09			2-18-2016		310,000		309,897
									1,031,635
Total Short-Term Investments (Cost $2,955,880)									2,955,648

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

28 Wells Fargo WealthBuilder Portfolios Portfolio of investments—November 30, 2015 (unaudited)

WEALTHBUILDER TACTICAL EQUITY PORTFOLIO

			Value
Total investments in securities (Cost $377,191,292) *	99.94	%	$	444,911,249
Other assets and liabilities, net	0.06			268,637
Total net assets	100.00	%	$	445,179,886

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

† Non-income-earning security

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

(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.

* Cost for federal income tax purposes is $384,118,893 and unrealized gains (losses) consists of:

Gross unrealized gains	$	74,374,491
Gross unrealized losses		(13,582,135	)
Net unrealized gains	$	60,792,356

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

This page is intentionally left blank.

30 Wells Fargo WealthBuilder Portfolios Statements of assets and liabilities—November 30, 2015 (unaudited)

	WealthBuilder Conservative Allocation Portfolio		WealthBuilder Moderate Balanced Portfolio
Assets
Investments
In unaffiliated Underlying Funds and securities, at value (see cost below)	$	191,869,421	$	417,378,793
In affiliated Underlying Funds, at value (see cost below)		193,043,034		246,047,310
In affiliated Master Portfolios, at value (see cost below)		139,457,515		194,782,222
Total investments, at value (see cost below)		524,369,970		858,208,325
Cash		0		746,438
Receivable for investments sold		130,062		107,089
Receivable for Portfolio shares sold		1,325,646		2,710,511
Receivable for dividends		545,674		686,057
Receivable for daily variation margin on open futures contracts		20,488		67,456
Prepaid expenses and other assets		37,573		45,382
Total assets		526,429,413		862,571,258
Liabilities
Payable for investments purchased		524,832		659,390
Payable for Portfolio shares redeemed		813,981		1,751,275
Due to custodian bank		0		0
Management fee payable		107,199		176,031
Distribution fee payable		322,971		528,092
Administration fee payable		90,432		147,866
Shareholder servicing fees payable		107,657		176,031
Accrued expenses and other liabilities		38,001		60,461
Total liabilities		2,005,073		3,499,146
Total net assets	$	524,424,340	$	859,072,112
NET ASSETS CONSIST OF
Paid-in capital	$	501,338,856	$	788,089,391
Undistributed (accumulated) net investment income (loss)		95,088		705,627
Accumulated net realized gains (losses) on investments		6,035,325		25,968,145
Net unrealized gains on investments		16,955,071		44,308,949
Total net assets	$	524,424,340	$	859,072,112
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets	$	524,424,340	$	859,072,112
Shares outstanding1		49,716,728		72,359,094
Net asset value per share		$10.55		$11.87
Maximum offering price per share2		$10.71		$12.05
Investments in unaffiliated Underlying Funds and securities, at cost	$	181,222,256	$	385,460,350
Investments in affiliated Underlying Funds, at cost	$	185,396,059	$	230,917,934
Investments in affiliated Master Portfolios, at cost	$	141,134,551	$	198,622,992
Total investments, at cost	$	507,752,866	$	815,001,276

¹  Each Portfolio has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo WealthBuilder Portfolios 31

WealthBuilder Growth Balanced Portfolio			WealthBuilder Growth Allocation Portfolio			WealthBuilder Equity Portfolio			WealthBuilder Tactical Equity Portfolio
$	607,610,159		$	305,085,860		$	103,173,079		$	311,057,214
	202,259,816			76,975,477			24,645,229			73,751,943
	194,681,663			70,068,357			15,906,155			60,102,092
	1,004,551,638			452,129,694			143,724,463			444,911,249
	9,309			0			82,754			0
	5,073			35,934			66,136			91,553
	2,601,642			1,095,635			53,081			967,693
	539,508			100,769			0			0
	117,150			69,419			0			84,894
	55,440			40,458			26,433			36,044
	1,007,879,760			453,471,909			143,952,867			446,091,433
	531,574			98,640			0			0
	1,123,340			225,397			190,526			335,124
	0			6,491			0			15,538
	205,663			90,299			22,315			89,728
	617,322			277,283			88,878			272,942
	172,850			77,639			24,886			76,424
	205,774			92,428			29,624			90,689
	69,073			37,952			22,732			31,102
	2,925,596			906,129			378,961			911,547
$	1,004,954,164		$	452,565,780		$	143,573,906		$	445,179,886
$	891,367,907		$	390,729,342		$	120,830,092		$	426,148,838
	(3,186	)		(1,224,837	)		(853,009	)		(2,906,128	)
	28,940,216			19,703,162			(4,402,825	)		(47,163,952	)
	84,649,227			43,358,113			27,999,648			69,101,128
$	1,004,954,164		$	452,565,780		$	143,573,906		$	445,179,886
$	1,004,954,164		$	452,565,780		$	143,573,906		$	445,179,886
	71,472,818			31,461,117			9,293,177			23,769,000
	$14.06			$14.38			$15.45			$18.73
	$14.27			$14.60			$15.69			$19.02
$	542,298,642		$	270,228,332		$	80,445,121		$	253,627,319
$	178,642,916		$	66,667,371		$	18,550,483		$	58,820,083
$	200,865,332		$	72,999,852		$	16,729,211		$	64,743,890
$	921,806,890		$	409,895,555		$	115,724,815		$	377,191,292

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

32 Wells Fargo WealthBuilder Portfolios Statements of operations—six months ended November 30, 2015 (unaudited)

	WealthBuilder Conservative Allocation Portfolio			WealthBuilder Moderate Balanced Portfolio
Investment income
Dividends from affiliated Underlying Funds	$	1,361,094		$	1,436,322
Dividends from unaffiliated Underlying Funds		2,948,435			4,883,446
Interest allocated from affiliated Master Portfolios		1,396,865			1,667,939
Dividends allocated from affiliated Master Portfolios*		65,712			212,106
Securities lending income allocated from affiliated Master Portfolios		6,681			17,001
Interest		195			637
Expenses allocated from affiliated Master Portfolios		(295,211	)		(483,295	)
Waivers allocated from affiliated Master Portfolios		9,112			10,858
Total investment income		5,492,883			7,745,014
Expenses
Management fee		665,795			1,088,935
Administration fee		581,467			951,249
Shareholder servicing fees		665,515			1,088,935
Distribution fee		1,997,387			3,266,806
Custody and accounting fees		36,434			35,412
Professional fees		16,532			16,532
Registration fees		27,697			25,699
Shareholder report expenses		15,315			25,499
Trustees’ fees and expenses		5,973			6,381
Interest expense		0			196
Other fees and expenses		6,050			8,716
Total expenses		4,018,165			6,514,360
Less: Fee waivers and/or expense reimbursements		(23,395	)		(26,755	)
Net expenses		3,994,770			6,487,605
Net investment income (loss)		1,498,113			1,257,409
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated Underlying Funds		(566,113	)		(1,195,470	)
Affiliated Underlying Funds		151,466			(204,257	)
Futures transactions		713,537			2,687,964
Capital gain distributions from unaffiliated Underlying Funds		1,370,804			4,448,619
Securities transactions allocated from affiliated Master Portfolios		804,165			1,407,619
Net realized gains on investments		2,473,859			7,144,475
Net change in unrealized gains (losses) on:
Unaffiliated Underlying Funds		(11,812,302	)		(24,571,515	)
Affiliated Underlying Funds		(1,802,661	)		(2,080,491	)
Futures transactions		354,734			1,154,167
Securities transactions allocated from affiliated Master Portfolios		(3,084,800	)		(6,165,111	)
Net change in unrealized gains (losses) on investments		(16,345,029	)		(31,662,950	)
Net realized and unrealized gains (losses) on investments		(13,871,170	)		(24,518,475	)
Net decrease in net assets resulting from operations	$	(12,373,057	)	$	(23,261,066	)
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$441			$1,481

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

Statements of operations—six months ended November 30, 2015 (unaudited) Wells Fargo WealthBuilder Portfolios 33

WealthBuilder Growth Balanced Portfolio			WealthBuilder Growth Allocation Portfolio			WealthBuilder Equity Portfolio			WealthBuilder Tactical Equity Portfolio
$	603,723		$	101,470		$	223		$	1,299
	5,694,098			2,087,014			449,278			1,362,172
	1,266,943			233,774			0			0
	370,510			219,081			74,851			272,943
	26,837			15,364			4,433			18,646
	885			468			0			345
	(567,422	)		(250,722	)		(72,040	)		(263,379	)
	8,257			1,517			0			0
	7,403,831			2,407,966			456,745			1,392,026
	1,251,489			555,521			180,567			550,937
	1,094,155			485,172			157,805			481,418
	1,252,730			555,521			180,567			550,645
	3,758,189			1,666,562			541,702			1,652,810
	43,152			29,941			21,012			26,065
	16,282			16,280			16,058			15,918
	34,164			24,251			13,369			18,732
	38,340			21,373			5,862			15,075
	6,473			6,473			7,055			7,041
	0			0			0			0
	8,075			4,750			4,518			3,263
	7,503,049			3,365,844			1,128,515			3,321,904
	(32,007	)		(32,722	)		(45,111	)		(22,070	)
	7,471,042			3,333,122			1,083,404			3,299,834
	(67,211	)		(925,156	)		(626,659	)		(1,907,808	)
	(1,102,002	)		(567,227	)		(51,830	)		(366,879	)
	45,616			(943	)		(70,962	)		(317,188	)
	2,606,868			1,157,155			0			118,785
	7,682,885			4,640,650			1,867,548			5,731,884
	1,928,434			797,212			534,194			1,418,565
	11,161,801			6,026,847			2,278,950			6,585,167
	(34,564,925	)		(17,042,930	)		(5,180,162	)		(15,843,280	)
	(2,147,808	)		(1,014,010	)		(230,529	)		(839,064	)
	1,778,197			956,246			0			899,283
	(8,678,140	)		(4,291,837	)		(1,689,201	)		(5,480,773	)
	(43,612,676	)		(21,392,531	)		(7,099,892	)		(21,263,834	)
	(32,450,875	)		(15,365,684	)		(4,820,942	)		(14,678,667	)
$	(32,518,086	)	$	(16,290,840	)	$	(5,447,601	)	$	(16,586,475	)
	$2,517			$1,465			$606			$1,862

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

34 Wells Fargo WealthBuilder Portfolios Statements of changes in net assets

	WealthBuilder Conservative Allocation Portfolio
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	1,498,113					$	1,894,442
Net realized gains on investments					2,473,859						18,152,708
Net change in unrealized gains (losses) on investments					(16,345,029	)					(10,251,043	)
Net increase (decrease) in net assets resulting from operations					(12,373,057	)					9,796,107
Distributions to shareholders from
Net investment income					(1,486,490	)					(2,454,091	)
Net realized gains					0						(12,035,964	)
Total distributions to shareholders					(1,486,490	)					(14,490,055	)
Capital share transactions		Shares						Shares
Proceeds from shares sold		5,630,743			59,773,342			10,584,440			114,883,902
Reinvestment of distributions		139,379			1,480,714			1,349,657			14,475,121
Payment for shares redeemed		(6,408,324	)		(68,029,131	)		(14,783,524	)		(160,542,713	)
Net decrease in net assets resulting from capital share transactions					(6,775,075	)					(31,183,690	)
Total decrease in net assets					(20,634,622	)					(35,877,638	)
Net assets
Beginning of period					545,058,962						580,936,600
End of period				$	524,424,340					$	545,058,962
Undistributed net investment income				$	95,088					$	83,465

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

Statements of changes in net assets Wells Fargo WealthBuilder Portfolios 35

	WealthBuilder Moderate Balanced Portfolio
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	1,257,409					$	1,846,584
Net realized gains on investments					7,144,475						46,273,697
Net change in unrealized gains (losses) on investments					(31,662,950	)					(18,591,731	)
Net increase (decrease) in net assets resulting from operations					(23,261,066	)					29,528,550
Distributions to shareholders from
Net investment income					(559,871	)					(4,792,750	)
Net realized gains					0						(25,821,821	)
Total distributions to shareholders					(559,871	)					(30,614,571	)
Capital share transactions		Shares						Shares
Proceeds from shares sold		6,780,470			80,899,329			14,751,165			179,406,067
Reinvestment of distributions		48,276			559,039			2,554,487			30,574,626
Payment for shares redeemed		(7,735,258	)		(91,740,595	)		(15,061,182	)		(183,046,028	)
Net increase (decrease) in net assets resulting from capital share transactions					(10,282,227	)					26,934,665
Total increase (decrease) in net assets					(34,103,164	)					25,848,644
Net assets
Beginning of period					893,175,276						867,326,632
End of period				$	859,072,112					$	893,175,276
Undistributed net investment income				$	705,627					$	8,089

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

36 Wells Fargo WealthBuilder Portfolios Statements of changes in net assets

	WealthBuilder Growth Balanced Portfolio
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income (loss)				$	(67,211	)				$	624,272
Net realized gains on investments					11,161,801						71,458,770
Net change in unrealized (losses) on investments					(43,612,676	)					(25,710,997	)
Net increase (decrease) in net assets resulting from operations					(32,518,086	)					46,372,045
Distributions to shareholders from
Net investment income					0						(7,084,736	)
Net realized gains					0						(31,685,911	)
Total distributions to shareholders					0						(38,770,647	)
Capital share transactions		Shares						Shares
Proceeds from shares sold		6,919,529			97,670,103			13,462,004			193,585,803
Reinvestment of distributions		0			0			2,738,063			38,748,055
Payment for shares redeemed		(5,601,650	)		(78,608,790	)		(10,990,169	)		(158,117,020	)
Net increase in net assets resulting from capital share transactions					19,061,313						74,216,838
Total increase (decrease) in net assets					(13,456,773	)					81,818,236
Net assets
Beginning of period					1,018,410,937						936,592,701
End of period				$	1,004,954,164					$	1,018,410,937
Undistributed (accumulated) net investment income (loss)				$	(3,186	)				$	64,025

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

Statements of changes in net assets Wells Fargo WealthBuilder Portfolios 37

	WealthBuilder Growth Allocation Portfolio
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment loss				$	(925,156	)				$	(833,169	)
Net realized gains on investments					6,026,847						36,094,950
Net change in unrealized gains (losses) on investments					(21,392,531	)					(9,975,831	)
Net increase (decrease) in net assets resulting from operations					(16,290,840	)					25,285,950
Distributions to shareholders from
Net investment income					0						(3,617,950	)
Net realized gains					0						(17,215,777	)
Total distributions to shareholders					0						(20,833,727	)
Capital share transactions		Shares						Shares
Proceeds from shares sold		3,177,493			45,810,174			5,982,612			88,279,600
Reinvestment of distributions		0			0			1,439,960			20,806,021
Payment for shares redeemed		(1,955,243	)		(28,092,884	)		(4,390,446	)		(64,636,176	)
Net increase in net assets resulting from capital share transactions					17,717,290						44,449,445
Total increase in net assets					1,426,450						48,901,668
Net assets
Beginning of period					451,139,330						402,237,662
End of period				$	452,565,780					$	451,139,330
Accumulated net investment loss				$	(1,224,837	)				$	(299,681	)

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

38 Wells Fargo WealthBuilder Portfolios Statements of changes in net assets

	WealthBuilder Equity Portfolio
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment loss				$	(626,659	)				$	(633,406	)
Net realized gains on investments					2,278,950						14,978,752
Net change in unrealized gains (losses) on investments					(7,099,892	)					(4,136,119	)
Net increase (decrease) in net assets resulting from operations					(5,447,601	)					10,209,227
Capital share transactions		Shares						Shares
Proceeds from shares sold		700,281			10,848,697			1,596,485			24,451,434
Payment for shares redeemed		(689,721	)		(10,544,810	)		(1,564,539	)		(24,079,607	)
Net increase in net assets resulting from capital share transactions					303,887						371,827
Total increase (decrease) in net assets					(5,143,714	)					10,581,054
Net assets
Beginning of period					148,717,620						138,136,566
End of period				$	143,573,906					$	148,717,620
Accumulated net investment loss				$	(853,009	)				$	(226,350	)

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

Statements of changes in net assets Wells Fargo WealthBuilder Portfolios 39

	WealthBuilder Tactical Equity Portfolio
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment loss				$	(1,907,808	)				$	(1,889,760	)
Net realized gains on investments					6,585,167						44,444,424
Net change in unrealized gains (losses) on investments					(21,263,834	)					(11,412,075	)
Net increase (decrease) in net assets resulting from operations					(16,586,475	)					31,142,589
Capital share transactions		Shares						Shares
Proceeds from shares sold		1,924,752			36,104,148			4,276,140			79,661,839
Payment for shares redeemed		(1,419,245	)		(26,633,755	)		(4,359,610	)		(80,457,955	)
Net increase (decrease) in net assets resulting from capital share transactions					9,470,393						(796,116	)
Total increase (decrease) in net assets					(7,116,082	)					30,346,473
Net assets
Beginning of period					452,295,968						421,949,495
End of period				$	445,179,886					$	452,295,968
Accumulated net investment loss				$	(2,906,128	)				$	(998,320	)

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

40 Wells Fargo WealthBuilder Portfolios Financial highlights

	Beginning net asset value per share		Net investment income (loss)1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
WealthBuilder Conservative Allocation Portfolio
Six months ended November 30, 2015 (unaudited)	$	10.82		0.03			(0.27	)		(0.03	)		0.00		$	10.55
Year ended May 31, 2015	$	10.92		0.04			0.15			(0.05	)		(0.24	)	$	10.82
Year ended May 31, 2014	$	10.95		0.03			0.42			(0.05	)		(0.43	)	$	10.92
Year ended May 31, 2013	$	10.57		0.06			0.59			(0.08	)		(0.19	)	$	10.95
Year ended May 31, 2012	$	11.02		0.16			(0.20	)		(0.21	)		(0.20	)	$	10.57
Year ended May 31, 2011	$	10.08		0.18			0.96			(0.20	)		0.00		$	11.02
WealthBuilder Moderate Balanced Portfolio
Six months ended November 30, 2015 (unaudited)	$	12.19		0.02			(0.33	)		(0.01	)		0.00		$	11.87
Year ended May 31, 2015	$	12.21		0.03			0.39			(0.07	)		(0.37	)	$	12.19
Year ended May 31, 2014	$	12.03		0.02			0.91			(0.04	)		(0.71	)	$	12.21
Year ended May 31, 2013	$	10.96		0.04	3		1.21			(0.06	)		(0.12	)	$	12.03
Year ended May 31, 2012	$	11.50		0.13	3		(0.48	)		(0.19	)		(0.00	)4	$	10.96
Year ended May 31, 2011	$	10.01		0.14			1.54			(0.19	)		0.00		$	11.50
WealthBuilder Growth Balanced Portfolio
Six months ended November 30, 2015 (unaudited)	$	14.52		(0.00	)4		(0.46	)		0.00			0.00		$	14.06
Year ended May 31, 2015	$	14.42		0.01			0.67			(0.10	)		(0.48	)	$	14.52
Year ended May 31, 2014	$	12.90		0.01			1.55			(0.04	)		0.00		$	14.42
Year ended May 31, 2013	$	10.97		0.01			1.95			(0.03	)		0.00		$	12.90
Year ended May 31, 2012	$	11.82		0.09			(0.82	)		(0.12	)		0.00		$	10.97
Year ended May 31, 2011	$	9.60		0.06			2.26			(0.10	)		0.00		$	11.82
WealthBuilder Growth Allocation Portfolio
Six months ended November 30, 2015 (unaudited)	$	14.92		(0.03	)		(0.51	)		0.00			0.00		$	14.38
Year ended May 31, 2015	$	14.78		(0.02	)		0.89			(0.12	)		(0.61	)	$	14.92
Year ended May 31, 2014	$	13.08		(0.03	)		1.89			(0.00	)4		(0.16	)	$	14.78
Year ended May 31, 2013	$	10.87		(0.01	)		2.23			(0.01	)		0.00		$	13.08
Year ended May 31, 2012	$	11.83		0.05	3		(0.94	)		(0.07	)		0.00		$	10.87
Year ended May 31, 2011	$	9.34		0.02			2.53			(0.06	)		0.00		$	11.83
WealthBuilder Equity Portfolio
Six months ended November 30, 2015 (unaudited)	$	16.02		(0.07	)		(0.50	)		0.00			0.00		$	15.45
Year ended May 31, 2015	$	14.93		(0.07	)		1.16			0.00			0.00		$	16.02
Year ended May 31, 2014	$	12.82		(0.08	)		2.19			0.00			0.00		$	14.93
Year ended May 31, 2013	$	10.34		(0.05	)		2.53			0.00			0.00		$	12.82
Year ended May 31, 2012	$	11.45		(0.04	)		(1.07	)		0.00			0.00		$	10.34
Year ended May 31, 2011	$	9.10		(0.07	)		2.42			0.00			0.00		$	11.45
WealthBuilder Tactical Equity Portfolio
Six months ended November 30, 2015 (unaudited)	$	19.44		(0.08	)		(0.63	)		0.00			0.00		$	18.73
Year ended May 31, 2015	$	18.07		(0.08	)		1.45			0.00			0.00		$	19.44
Year ended May 31, 2014	$	15.61		(0.08	)		2.54			0.00			0.00		$	18.07
Year ended May 31, 2013	$	13.12		(0.07	)		2.58			(0.02	)		0.00		$	15.61
Year ended May 31, 2012	$	13.89		(0.08	)3		(0.69	)		0.00			0.00		$	13.12
Year ended May 31, 2011	$	11.05		(0.10	)		2.94			0.00			0.00		$	13.89

¹  Includes net expenses allocated from affiliated Master Portfolios in which the Portfolio invests.

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

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

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

Financial highlights Wells Fargo WealthBuilder Portfolios 41

Ratio to average net assets (annualized)												Portfolio			Net assets at
Net investment income (loss)1			Gross expenses			Net expenses			Total return2			turnover rate			end of period (000s omitted)
	0.56	%		1.51	%		1.50	%		(2.22	)%		83	%	$	524,424
	0.34	%		1.55	%		1.50	%		1.75	%		169	%	$	545,059
	0.32	%		1.55	%		1.50	%		4.19	%		139	%	$	580,937
	0.53	%		1.54	%		1.50	%		6.19	%		128	%	$	659,977
	1.51	%		1.54	%		1.50	%		(0.32	)%		176	%	$	662,092
	1.75	%		1.58	%		1.50	%		11.42	%		168	%	$	630,085
	0.29	%		1.50	%		1.49	%		(2.56	)%		63	%	$	859,072
	0.21	%		1.55	%		1.50	%		3.44	%		129	%	$	893,175
	0.17	%		1.54	%		1.50	%		7.94	%		110	%	$	867,327
	0.34	%		1.54	%		1.50	%		11.42	%		115	%	$	799,251
	1.20	%		1.54	%		1.50	%		(2.96	)%		145	%	$	709,801
	1.24	%		1.55	%		1.50	%		16.96	%		142	%	$	691,145
	(0.01	)%		1.50	%		1.49	%		(3.17	)%		43	%	$	1,004,954
	0.06	%		1.54	%		1.50	%		4.89	%		89	%	$	1,018,411
	0.04	%		1.54	%		1.50	%		12.07	%		94	%	$	936,593
	0.06	%		1.54	%		1.50	%		17.85	%		117	%	$	788,285
	0.84	%		1.54	%		1.50	%		(6.17	)%		131	%	$	689,816
	0.59	%		1.54	%		1.50	%		24.27	%		140	%	$	785,283
	(0.42	)%		1.51	%		1.50	%		(3.62	)%		22	%	$	452,566
	(0.20	)%		1.55	%		1.50	%		6.14	%		53	%	$	451,139
	(0.19	)%		1.57	%		1.50	%		14.28	%		60	%	$	402,238
	(0.13	)%		1.57	%		1.50	%		20.39	%		98	%	$	324,723
	0.49	%		1.57	%		1.50	%		(7.47	)%		96	%	$	276,657
	0.16	%		1.57	%		1.50	%		27.33	%		110	%	$	313,206
	(0.87	)%		1.56	%		1.50	%		(3.56	)%		7	%	$	143,574
	(0.46	)%		1.61	%		1.50	%		7.30	%		24	%	$	148,718
	(0.53	)%		1.61	%		1.50	%		16.46	%		26	%	$	138,137
	(0.38	)%		1.63	%		1.50	%		23.98	%		44	%	$	121,888
	(0.39	)%		1.60	%		1.50	%		(9.69	)%		24	%	$	109,727
	(0.68	)%		1.60	%		1.50	%		25.82	%		52	%	$	141,425
	(0.87	)%		1.51	%		1.50	%		(3.65	)%		8	%	$	445,180
	(0.44	)%		1.55	%		1.50	%		7.58	%		27	%	$	452,296
	(0.45	)%		1.56	%		1.50	%		15.76	%		23	%	$	421,949
	(0.49	)%		1.56	%		1.50	%		19.16	%		67	%	$	371,334
	(0.58	)%		1.56	%		1.50	%		(5.54	)%		31	%	$	346,832
	(0.81	)%		1.55	%		1.50	%		25.70	%		73	%	$	416,863

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

42 Wells Fargo WealthBuilder Portfolios Notes to financial statements (unaudited)

1. ORGANIZATION

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

Each Portfolio is a fund-of-funds that invests in various affiliated mutual funds, unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated 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 Portfolio investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Portfolio 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 and financial highlights for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the Wells Fargo Funds or by contacting the servicing agent of the unaffiliated mutual funds.

As of November 30, 2015, the Portfolios own the following percentages of the affiliated Master Portfolios:

	Wells Fargo Core Bond Portfolio			Wells Fargo Emerging Growth Portfolio			Wells Fargo International Growth Portfolio			Wells Fargo Small Company Value Portfolio
WealthBuilder Conservative Allocation Portfolio		3	%		0	%*		4	%		2	%
WealthBuilder Moderate Balanced Portfolio		4	%		1	%		13	%		6	%
WealthBuilder Growth Balanced Portfolio		3	%		2	%		23	%		11	%
WealthBuilder Growth Allocation Portfolio		1	%		1	%		14	%		7	%
WealthBuilder Equity Portfolio		N/A			0	%*		6	%		2	%
WealthBuilder Tactical Equity Portfolio		N/A			2	%		17	%		8	%

* The amount owned is less than 1%.

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).

Investments in underlying open-end investment companies are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in affiliated Master Portfolios are valued daily based on each Portfolio’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

Notes to financial statements (unaudited) Wells Fargo WealthBuilder Portfolios 43

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 primary exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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

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

Futures contracts

Each Portfolio is subject to interest rate risk, equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A Portfolio may buy and sell futures contracts in order to effect tactical allocations changes in a Portfolio. 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.

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.

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

Interest income for each Portfolio and each affiliated Master Portfolio 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 become doubtful based on consistently applied procedures. 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 Portfolio records on a daily basis its proportionate share of each affiliated Master Portfolio’s interest and dividend income, in addition to expenses and realized and unrealized gains and losses.

44 Wells Fargo WealthBuilder Portfolios Notes to financial statements (unaudited)

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 conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio 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 Portfolio’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 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.

At May 31, 2015, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration date:

	2018
WealthBuilder Equity Portfolio	$	5,980,330
WealthBuilder Tactical Equity Portfolio		46,775,643

At May 31, 2015, late-year ordinary losses, which will be recognized on the first day of the following fiscal year were as follows:

	Late-year ordinary loss
WealthBuilder Growth Allocation Portfolio	$	(311,623	)
WealthBuilder Equity Portfolio		(223,510	)
WealthBuilder Tactical Equity Portfolio		(1,084,514	)

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 significant 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:

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo WealthBuilder Portfolios 45

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of November 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Conservative Allocation Portfolio
Assets
Investments in:
Exchange-traded funds	$	8,777,086	$	0	$	0	$	8,777,086
Investment companies		374,911,545		139,457,515		0		514,369,060
Short-term investments
Investment companies		969,913		0		0		969,913
U.S. Treasury securities		253,911		0		0		253,911
		384,912,455		139,457,515		0		524,369,970
Futures contracts		20,488		0		0		20,488
Total assets	$	384,932,943	$	139,457,515	$	0	$	524,390,458
WealthBuilder Moderate Balanced Portfolio
Assets
Investments in:
Exchange-traded funds	$	12,668,754	$	0	$	0	$	12,668,754
Investment companies		649,505,476		194,782,222		0		844,287,698
Short-term investments
Investment companies		427,159		0		0		427,159
U.S. Treasury securities		824,714		0		0		824,714
	$	663,426,103		194,782,222		0	$	858,208,325
Futures contracts		67,456		0		0		67,456
Total assets	$	663,493,559	$	194,782,222	$	0	$	858,275,781
WealthBuilder Growth Balanced Portfolio
Assets
Investments in:
Exchange-traded funds	$	12,813,638	$	0	$	0	$	12,813,638
Investment companies		792,981,693		194,681,663		0		987,663,356
Short-term investments
Investment companies		2,652,130		0		0		2,652,130
U.S. Treasury securities		1,422,514		0		0		1,422,514
		809,869,975		194,681,663		0		1,004,551,638
Futures contracts		117,150		0		0		117,150
Total assets	$	809,987,125	$	194,681,663	$	0	$	1,004,668,788
WealthBuilder Growth Allocation Portfolio
Assets
Investments in:
Exchange-traded funds	$	4,856,841	$	0	$	0	$	4,856,841
Investment companies		375,416,199		70,068,357		0		445,484,556
Short-term investments
Investment companies		939,591		0		0		939,591
U.S. Treasury securities		848,706		0		0		848,706
		382,061,337		70,068,357		0		452,129,694
Futures contracts		69,419		0		0		69,419
Total assets	$	382,130,756	$	70,068,357	$	0	$	452,199,113

46 Wells Fargo WealthBuilder Portfolios Notes to financial statements (unaudited)

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Equity Portfolio
Assets
Investments in:
Investment companies	$	127,567,198	$	15,906,155	$	0	$	143,473,353
Short-term investments
Investment companies		251,110		0		0		251,110
Total assets	$	127,818,308	$	15,906,155	$	0	$	143,724,463
WealthBuilder Tactical Equity Portfolio
Assets
Investments in:
Exchange-traded funds	$	4,429,476	$	0	$	0	$	4,429,476
Investment companies		377,424,033		60,102,092		0		437,526,125
Short-term investments
Investment companies		1,924,013		0		0		1,924,013
U.S. Treasury securities		1,031,635		0		0		1,031,635
		384,809,157		60,102,092		0		444,911,249
Futures contracts		84,894		0		0		84,894
Total assets	$	384,894,051	$	60,102,092	$	0	$	444,996,143

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to the Portfolio 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, 2015, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

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 Portfolio 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 Portfolio, supervising the applicable subadviser, providing fund-level administrative services in connection with each Portfolio’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of each Portfolio. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.25% and declining to 0.18% as the average daily net assets of each Portfolio increase.

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement and was entitled to receive an annual fee which started at 0.20% and declined to 0.15% as the average daily net assets of each Portfolio increased. In addition, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of each Portfolio increased. For financial statement purposes, the advisory fee and fund-level administration fee for the six months ended November 30, 2015 have been included in management fee on the Statements of Operations.

For the six months ended November 30, 2015, the management fee was equivalent to an annual rate of 0.25% of each Portfolio’s average daily net assets.

Funds Management also serves as the manager to each affiliated Underlying Fund and the adviser to each affiliated Master Portfolio.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolios. 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 Portfolio and is paid an annual subadvisory fee of 0.15% of the average daily net assets of each Portfolio.

Notes to financial statements (unaudited) Wells Fargo WealthBuilder Portfolios 47

Administration fee

Under a class-level administration agreement, Funds Management provides class-level administrative services to each Portfolio, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. Effective July 1, 2015, as compensation for its services under the class-level administration agreement, Funds Management receives a fee at an annual rate of 0.21% of the average daily net assets of each Portfolio. Prior to July 1, 2015, the class-level administration fee was 0.26% of the average daily net assets of each Portfolio.

For the six months ended November 30, 2015, the administration fee was equivalent to an annual rate of 0.22% of each Portfolio’s average daily net assets.

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 Portfolios. Funds Management has committed through September 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap each Portfolio’s expenses at 1.50%. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Portfolio shares and a contingent sales charge on the redemption of certain shares. For the six months ended November 30, 2015, Funds Distributor received the following amounts in front-end sales charges:

	Front-end sales charges
WealthBuilder Conservative Allocation Portfolio	$	8,663
WealthBuilder Moderate Balanced Portfolio		13,257
WealthBuilder Growth Balanced Portfolio		12,509
WealthBuilder Growth Allocation Portfolio		6,501
WealthBuilder Equity Portfolio		1,149
WealthBuilder Tactical Equity Portfolio		3,908

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby each Portfolio is charged a fee at an annual rate of 0.25% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
WealthBuilder Conservative Allocation Portfolio	$	362,197,095	$	89,299,227	$	360,999,075	$	86,094,426
WealthBuilder Moderate Balanced Portfolio		429,090,991		133,998,052		427,671,709		123,537,811
WealthBuilder Growth Balanced Portfolio		330,479,654		143,844,209		329,386,544		105,290,920
WealthBuilder Growth Allocation Portfolio		61,706,852		60,815,838		61,502,747		37,322,767
WealthBuilder Equity Portfolio		0		12,095,265		0		10,653,942
WealthBuilder Tactical Equity Portfolio		0		46,181,743		0		34,389,347

* The Portfolios seek to achieve their investment objective by investing some of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by multiplying each Portfolio’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of the affiliated and unaffiliated Underlying Funds in which the Portfolios invest are actual aggregate purchases and sales of those investments. The results of these amounts are then aggregated.

48 Wells Fargo WealthBuilder Portfolios Notes to financial statements (unaudited)

6. INVESTMENTS IN AFFILIATES

An affiliated investment is a company which is under common ownership or control of a Portfolio or which a Portfolio has ownership of at least 5% of the outstanding voting shares. The following is a summary of transactions for the long-term holdings of issuers, excluding affiliated Master Portfolios, that were either affiliates of a Portfolio at the beginning of the period or the end of the period.

	Shares, beginning of period		Shares purchases		Shares sold		Shares, end of period		Value, end of period		Dividends from affiliated underlying funds
WealthBuilder Conservative Allocation Portfolio
Wells Fargo Emerging Markets Equity Fund Class R6		0		148,706		10,343		138,363	$	2,573,550	$	0
Wells Fargo Emerging Markets Equity Fund Institutional Class		124,192		2,809		127,001		0		0		0
Wells Fargo Endeavor Select Fund Institutional Class		383,422		16,441		30,180		369,683		5,264,283		0
Wells Fargo Government Securities Fund Institutional Class		8,120,190		174,944		1,250,093		7,045,041		78,904,457		479,912
Wells Fargo Large Cap Growth Fund Class R6		0		112,140		7,704		104,436		5,243,751		0
Wells Fargo Large Cap Growth Fund Institutional Class		109,534		460		109,994		0		0		0
Wells Fargo Short Duration Government Bond Fund Class R6		0		10,040,942		440,949		9,599,993		96,095,926		727,548
Wells Fargo Short Duration Government Bond Fund Institutional Class		10,057,069		27,125		10,084,194		0		0		153,142
Wells Fargo Small Cap Value Fund Class R6		0		155,569		10,489		145,080		3,991,154		0
Wells Fargo Small Cap Value Fund Institutional Class		142,460		2,624		145,084		0		0		0
											$	1,360,602
WealthBuilder Moderate Balanced Portfolio
Wells Fargo Emerging Markets Equity Fund Class R6		0		470,220		14,121		456,099	$	8,483,436	$	0
Wells Fargo Emerging Markets Equity Fund Institutional Class		405,178		10,572		415,750		0		0		0
Wells Fargo Endeavor Select Fund Institutional Class		1,261,792		3,421		32,055		1,233,158		17,560,166		0
Wells Fargo Government Securities Fund Institutional Class		9,734,764		409,952		1,390,194		8,754,522		98,050,647		595,582
Wells Fargo Large Cap Growth Fund Class R6		0		359,633		11,162		348,471		17,496,734		0
Wells Fargo Large Cap Growth Fund Institutional Class		359,376		559		359,935		0		0		0
Wells Fargo Short Duration Government Bond Fund Class R6		0		9,685,411		623,252		9,062,159		90,712,211		688,837
Wells Fargo Short Duration Government Bond Fund Institutional Class		10,077,017		93,318		10,170,335		0		0		151,236
Wells Fargo Small Cap Value Fund Class R6		0		495,900		11,823		484,077		13,316,957		0
Wells Fargo Small Cap Value Fund Institutional Class		466,718		4,350		471,068		0		0		0
											$	1,435,655
WealthBuilder Growth Balanced Portfolio
Wells Fargo Emerging Markets Equity Fund Class R6		0		812,204		15,185		797,019	$	14,824,557	$	0
Wells Fargo Emerging Markets Equity Fund Institutional Class		690,996		22,616		713,612		0		0		0
Wells Fargo Endeavor Select Fund Institutional Class		2,144,141		21,815		12,754		2,153,202		30,661,590		0
Wells Fargo Government Securities Fund Institutional Class		10,020,967		658,932		1,736,486		8,943,413		100,166,229		602,059
Wells Fargo Large Cap Growth Fund Class R6		0		616,519		6,438		610,081		30,632,164		0
Wells Fargo Large Cap Growth Fund Institutional Class		612,153		4,533		616,686		0		0		0
Wells Fargo Small Cap Value Fund Class R6		0		858,136		10,330		847,806		23,323,146		0
Wells Fargo Small Cap Value Fund Institutional Class		791,335		8,732		800,067		0		0		0
											$	602,059

Notes to financial statements (unaudited) Wells Fargo WealthBuilder Portfolios 49

	Shares, beginning of period		Shares purchases		Shares sold		Shares, end of period		Value, end of period		Dividends from affiliated underlying funds
WealthBuilder Growth Allocation Portfolio
Wells Fargo Emerging Markets Equity Fund Class R6		0		477,810		3,915		473,895	$	8,814,453	$	0
Wells Fargo Emerging Markets Equity Fund Institutional Class		411,518		7,708		419,226		0		0		0
Wells Fargo Endeavor Select Fund Institutional Class		1,269,337		11,074		6,342		1,274,069		18,142,737		0
Wells Fargo Government Securities Fund Institutional Class		1,743,801		292,252		513,105		1,522,948		17,057,021		100,858
Wells Fargo Large Cap Growth Fund Class R6		0		364,620		2,640		361,980		18,175,009		0
Wells Fargo Large Cap Growth Fund Institutional Class		363,446		692		364,138		0		0		0
Wells Fargo Small Cap Value Fund Class R6		0		506,993		3,661		503,332		13,846,666		0
Wells Fargo Small Cap Value Fund Institutional Class		474,722		0		474,722		0		0		0
											$	100,858
WealthBuilder Equity Portfolio
Wells Fargo Emerging Markets Equity Fund Class R6		0		198,795		9,708		189,087	$	3,517,021	$	0
Wells Fargo Emerging Markets Equity Fund Institutional Class		172,208		2,819		175,027		0		0		0
Wells Fargo Endeavor Select Fund Institutional Class		633,517		8,857		35,874		606,500		8,636,565		0
Wells Fargo Large Cap Growth Fund Class R6		0		182,821		11,387		171,434		8,607,689		0
Wells Fargo Large Cap Growth Fund Institutional Class		181,327		427		181,754		0		0		0
Wells Fargo Small Cap Value Fund Class R6		0		140,581		8,526		132,055		3,632,844		0
Wells Fargo Small Cap Value Fund Institutional Class		131,197		19		131,216		0		0		0
											$	0
WealthBuilder Tactical Equity Portfolio
Wells Fargo Emerging Markets Equity Fund Class R6		0		601,297		19,322		581,975	$	10,824,738	$	0
Wells Fargo Emerging Markets Equity Fund Institutional Class		521,226		12,149		533,375		0		0		0
Wells Fargo Endeavor Select Fund Institutional Class		1,596,060		27,362		68,460		1,554,962		22,142,658		0
Wells Fargo Large Cap Growth Fund Class R6		0		459,585		19,834		439,751		22,079,884		0
Wells Fargo Large Cap Growth Fund Institutional Class		456,474		3,827		460,301		0		0		0
Wells Fargo Small Cap Value Fund Class R6		0		637,601		27,617		609,984		16,780,650		0
Wells Fargo Small Cap Value Fund Institutional Class		597,307		2,617		599,924		0		0		0
											$	0

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2015, the Portfolios entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At November 30, 2015, the Portfolios had long and short futures contracts outstanding as follows:

	Expiration date	Counterparty	Contracts	Type	Contract value at November 30, 2015		Unrealized gains
WealthBuilder Conservative Allocation Portfolio	12-14-2015	Goldman Sachs	24 Short	Euro FX Futures	$	3,172,800	$	183,118
	12-14-2015	Goldman Sachs	58 Short	Japanese FX Futures		5,890,263		154,849
WealthBuilder Moderate Balanced Portfolio	12-14-2015	Goldman Sachs	79 Short	Euro FX Futures		10,443,800		592,030
	12-14-2015	Goldman Sachs	191 Short	Japanese Yen Futures		19,397,244		509,870
WealthBuilder Growth Balanced Portfolio	12-14-2015	Goldman Sachs	137 Short	Euro FX Futures		18,111,400		1,023,477
	12-14-2015	Goldman Sachs	332 Short	Japanese Yen Futures		33,716,675		881,002
WealthBuilder Growth Allocation Portfolio	12-14-2015	Goldman Sachs	81 Short	Euro FX Futures		10,708,200		603,570
	12-14-2015	Goldman Sachs	197 Short	Japanese Yen Futures		20,006,581		520,404
WealthBuilder Tactical Equity Portfolio	12-14-2015	Goldman Sachs	99 Short	Euro FX Futures		13,087,800		741,392
	12-14-2015	Goldman Sachs	241 Short	Japanese Yen Futures		24,475,056		639,779

50 Wells Fargo WealthBuilder Portfolios Notes to financial statements (unaudited)

The Portfolios had average notional amounts in futures contracts outstanding during the six months ended November 30, 2015 as follows:

	Long contracts		Short contracts
WealthBuilder Conservative Allocation Portfolio	$	2,848,569	$	13,872,580
WealthBuilder Moderate Balanced Portfolio		9,213,270		45,253,164
WealthBuilder Growth Balanced Portfolio		10,776,229		69,866,077
WealthBuilder Growth Allocation Portfolio		4,736,373		38,795,240
WealthBuilder Tactical Equity Portfolio		0		38,971,920

A summary of derivative instruments by primary risk exposure is outlined in the following tables, unless the only primary risk exposure category is already reflected in the appropriate financial statements.

The fair value of derivative instruments as of November 30, 2015 was as follows for WealthBuilder Conservative Allocation Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Foreign currency exchange contracts	Receivable for daily variation margin on open futures contracts	$	20,488	*	Payable for daily variation margin on open futures contracts	$	0
		$	20,488			$	0

* Only the current day’s variation margin as of November 30, 2015 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for WealthBuilder Conservative Allocation Portfolio:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	315,405		$	41,012
Equity contracts		(233,670	)		56,731
Foreign currency exchange contracts		631,802			256,991
	$	713,537		$	354,734

The fair value of derivative instruments as of November 30, 2015 was as follows for WealthBuilder Moderate Balanced Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Foreign currency exchange contracts	Receivable for daily variation margin on open futures contracts	$	67,456	*	Payable for daily variation margin on open futures contracts	$	0
		$	67,456			$	0

* Only the current day’s variation margin as of November 30, 2015 is reported separately on the Statements of Assets and Liabilities.

Notes to financial statements (unaudited) Wells Fargo WealthBuilder Portfolios 51

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for WealthBuilder Moderate Balanced Portfolio:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	2,470,578		$	186,217
Equity contracts		1,004,523			133,290
Foreign currency exchange contracts		(787,137	)		834,660
	$	2,687,964		$	1,154,167

The fair value of derivative instruments as of November 30, 2015 was as follows for WealthBuilder Growth Balanced Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Foreign currency exchange contracts	Receivable for daily variation margin on open futures contracts	$	117,150	*	Payable for daily variation margin on open futures contracts	$	0
		$	117,150			$	0

* Only the current day’s variation margin as of November 30, 2015 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for WealthBuilder Growth Balanced Portfolio:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	1,165,467		$	151,000
Equity contracts		2,314,382			217,190
Foreign currency exchange contracts		(872,981	)		1,410,007
	$	2,606,868		$	1,778,197

The fair value of derivative instruments as of November 30, 2015 was as follows for WealthBuilder Growth Allocation Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Foreign currency exchange contracts	Receivable for daily variation margin on open futures contracts	$	69,419	*	Payable for daily variation margin on open futures contracts	$	0
		$	69,419			$	0

* Only the current day’s variation margin as of November 30, 2015 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for WealthBuilder Growth Allocation Portfolio:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	516,575		$	67,111
Equity contracts		988,165			95,352
Foreign currency exchange contracts		(347,585	)		793,783
	$	1,157,155		$	956,246

52 Wells Fargo WealthBuilder Portfolios Notes to financial statements (unaudited)

For WealthBuilder Tactical Equity Portfolio, 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.

For certain types of derivative transactions, the Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the 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 clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolio 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 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:

	Derivative type	Counterparty	Gross amounts of assets in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
WealthBuilder Conservative Allocation Portfolio	Futures – variation margin	Goldman Sachs	$	20,488	$	0	$	0	$	20,488
WealthBuilder Moderate Balanced Portfolio	Futures – variation margin	Goldman Sachs		67,456		0		0		67,456
WealthBuilder Growth Balanced Portfolio	Futures – variation margin	Goldman Sachs		117,150		0		0		117,150
WealthBuilder Growth Allocation Portfolio	Futures – variation margin	Goldman Sachs		69,419		0		0		69,419
WealthBuilder Tactical Equity Portfolio	Futures – variation margin	Goldman Sachs		84,894		0		0		84,894

8. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $200,000,000 revolving credit agreement whereby the Portfolios are 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 Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.20% of the unused balance is allocated to each participating Portfolio. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance is allocated to each participating Portfolio. For the six months ended November 30, 2015, the Portfolios paid the following amounts in commitment fees:

	Commitment fee
WealthBuilder Conservative Allocation Portfolio	$	389
WealthBuilder Moderate Balanced Portfolio		635
WealthBuilder Growth Balanced Portfolio		964
WealthBuilder Growth Allocation Portfolio		426
WealthBuilder Equity Portfolio		140
WealthBuilder Tactical Equity Portfolio		424

Notes to financial statements (unaudited) Wells Fargo WealthBuilder Portfolios 53

For the six months ended November 30, 2015, there were no borrowings under the agreement by any Portfolio, except WealthBuilder Moderate Balanced Portfolio. During the six months ended November 30, 2015, the WealthBuilder Moderate Balanced Portfolio had average borrowings outstanding of $13,901 (annualized) at a an average rate of 1.41% and paid interest in the amount of $196.

9. INDEMNIFICATION

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

10. SUBSEQUENT DISTRIBUTIONS

On December 9, 2015, the Portfolios declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 8, 2015. The per share amounts payable on December 10, 2015 were as follows:

	Short-term capital gains		Long-term capital gains
WealthBuilder Conservative Allocation Portfolio	$	0.04897	$	0.23313
WealthBuilder Moderate Balanced Portfolio		0.06693		0.39969
WealthBuilder Growth Balanced Portfolio		0.03592		0.62887
WealthBuilder Growth Allocation Portfolio		0.00000		0.76810

On December 30, 2015, the Portfolios declared distributions from net investment income to shareholders of record on December 29, 2015. The per share amounts payable on December 31, 2015 were as follows:

	Net investment income
WealthBuilder Conservative Allocation Portfolio	$	0.02966
WealthBuilder Moderate Balanced Portfolio		0.04401
WealthBuilder Growth Balanced Portfolio		0.06333
WealthBuilder Growth Allocation Portfolio		0.04059

On January 25, 2016, WealthBuilder Conservative Allocation Portfolio declared distributions from net investment income in the amount of $0.00884 per share to shareholders of record on January 22, 2016. This amount was paid to shareholders on January 26, 2016.

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Portfolio.

54 Wells Fargo WealthBuilder Portfolios Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. Each 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 WealthBuilder Portfolios 55

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director 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 lead 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. Mr. Ebsworth is a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services Loevner Funds; Russell related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller Exchange Traded Funds Trust & 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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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

56 Wells Fargo WealthBuilder Portfolios Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996**	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** Donald Willeke retired as a Trustee effective December 31, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
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 72 funds and Assistant Treasurer of 72 funds in the Fund Complex.

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

List of abbreviations Wells Fargo WealthBuilder Portfolios 57

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

239092 01-16 SWBP/SAR102 11-15

	Semi-Annual Report November 30, 2015
	Dynamic Target Date Funds
	• Wells Fargo Dynamic Target Today Fund
	• Wells Fargo Dynamic Target 2015 Fund
	• Wells Fargo Dynamic Target 2020 Fund
	• Wells Fargo Dynamic Target 2025 Fund
	• Wells Fargo Dynamic Target 2030 Fund
	• Wells Fargo Dynamic Target 2035 Fund
	• Wells Fargo Dynamic Target 2040 Fund
	• Wells Fargo Dynamic Target 2045 Fund
	• Wells Fargo Dynamic Target 2050 Fund
	• Wells Fargo Dynamic Target 2055 Fund
	• Wells Fargo Dynamic Target 2060 Fund

Contents
Financial statements
Statements of assets and liabilities	1
Statements of operations	4
Statements of changes in net assets	7
Financial highlights	18
Notes to financial statements	40
Other information	44

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target Today Fund		Dynamic Target 2015 Fund
Assets
Receivable for Fund shares sold		$5,000,000		$5,000,000
Total assets		5,000,000		5,000,000
Liabilities
Total liabilities		0		0
Total net assets	$	5,000,000	$	5,000,000
NET ASSETS CONSIST OF
Paid-in capital	$	5,000,000	$	5,000,000
Total net assets	$	5,000,000	$	5,000,000
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets - Class A	$	100,000	$	100,000
Shares outstanding - Class A		10,000		10,000
Net asset value per share - Class A1	$	10.00	$	10.00
Maximum offering price per share - Class A2	$	10.61	$	10.61
Net assets - Class C	$	100,000	$	100,000
Shares outstanding - Class C1		10,000		10,000
Net asset value per share - Class C	$	10.00	$	10.00
Net assets - Class R	$	100,000	$	100,000
Shares outstanding - Class R1		10,000		10,000
Net asset value per share - Class R	$	10.00	$	10.00
Net assets - Class R4	$	100,000	$	100,000
Share outstanding - Class R41		10,000		10,000
Net asset value per share - Class R4	$	10.00	$	10.00
Net assets - Class R6	$	4,600,000	$	4,600,000
Shares outstanding - Class R61		460,000		460,000
Net asset value per share - Class R6	$	10.00	$	10.00

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.

1

Wells Fargo Dynamic Target Date Funds Statements of assets and liabilities—November 30, 2015 (unaudited)

Dynamic Target 2020 Fund		Dynamic Target 2025 Fund		Dynamic Target 2030 Fund		Dynamic Target 2035 Fund		Dynamic Target 2040 Fund		Dynamic Target 2045 Fund		Dynamic Target 2050 Fund
	$5,000,000		$5,000,000		$5,000,000		$5,000,000		$5,000,000		$5,000,000		$5,000,000
	5,000,000		5,000,000		5,000,000		5,000,000		5,000,000		5,000,000		5,000,000
	0		0		0		0		0		0		0
$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000
$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000
$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000	$	5,000,000
$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000
	10,000		10,000		10,000		10,000		10,000		10,000		10,000
$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00
$	10.61	$	10.61	$	10.61	$	10.61	$	10.61	$	10.61	$	10.61
$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000
	10,000		10,000		10,000		10,000		10,000		10,000		10,000
$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00
$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000
	10,000		10,000		10,000		10,000		10,000		10,000		10,000
$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00
$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000	$	100,000
	10,000		10,000		10,000		10,000		10,000		10,000		10,000
$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00
$	4,600,000	$	4,600,000	$	4,600,000	$	4,600,000	$	4,600,000	$	4,600,000	$	4,600,000
	460,000		460,000		460,000		460,000		460,000		460,000		460,000
$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00

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

2

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2055 Fund		Dynamic Target 2060 Fund
Assets
Receivable for Fund shares sold		$5,000,000		$5,000,000
Total assets		5,000,000		5,000,000
Liabilities
Total liabilities		0		0
Total net assets	$	5,000,000	$	5,000,000
NET ASSETS CONSIST OF
Paid-in capital	$	5,000,000	$	5,000,000
Total net assets	$	5,000,000	$	5,000,000
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets - Class A	$	100,000	$	100,000
Shares outstanding - Class A		10,000		10,000
Net asset value per share - Class A1	$	10.00	$	10.00
Maximum offering price per share - Class A2	$	10.61	$	10.61
Net assets - Class C	$	100,000	$	100,000
Shares outstanding - Class C1		10,000		10,000
Net asset value per share - Class C	$	10.00	$	10.00
Net assets - Class R	$	100,000	$	100,000
Shares outstanding - Class R1		10,000		10,000
Net asset value per share - Class R	$	10.00	$	10.00
Net assets - Class R4	$	100,000	$	100,000
Share outstanding - Class R41		10,000		10,000
Net asset value per share - Class R4	$	10.00	$	10.00
Net assets - Class R6	$	4,600,000	$	4,600,000
Shares outstanding - Class R61		460,000		460,000
Net asset value per share - Class R6	$	10.00	$	10.00

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.

3

Statements of operations—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target Today Fund1		Dynamic Target 2015 Fund1
Investment income
Total investment income		$0		$0
Expenses
Management fee		0		0
Administration fees
Class A		0		0
Class C		0		0
Class R		0		0
Class R4		0		0
Class R6		0		0
Shareholding servicing fees
Class A		0		0
Class C		0		0
Class R		0		0
Class R4		0		0
Distribution fees
Class C		0		0
Class R		0		0
Total expenses		0		0
Less: Fee waivers and/or expense reimbursements		0		0
Net expenses		0		0
Net investment income		0		0
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		0		0
Net change in unrealized gains (losses) on investments		0		0
Net realized and unrealized gains (losses) on investments		0		0
Net increase in net assets resulting from operations		$0		$0

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

4

Wells Fargo Dynamic Target Date Funds Statements of operations—November 30, 2015 (unaudited)

Dynamic Target 2020 Fund1	Dynamic Target 2025 Fund1		Dynamic Target 2030 Fund1		Dynamic Target 2035 Fund1		Dynamic Target 2040 Fund1		Dynamic Target 2045 Fund1		Dynamic Target 2050 Fund1
$0		$0		$0		$0		$0		$0		$0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
0		0		0		0		0		0		0
$0		$0		$0		$0		$0		$0		$0

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

5

Statements of operations—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2055 Fund1		Dynamic Target 2060 Fund1
Investment income
Total investment income		$0		$0
Expenses
Management fee		0		0
Administration fees
Class A		0		0
Class C		0		0
Class R		0		0
Class R4		0		0
Class R6		0		0
Shareholding servicing fees
Class A		0		0
Class C		0		0
Class R		0		0
Class R4		0		0
Distribution fees
Class C		0		0
Class R		0		0
Total expenses		0		0
Less: Fee waivers and/or expense reimbursements		0		0
Net expenses		0		0
Net investment income		0		0
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		0		0
Net change in unrealized gains (losses) on investments		0		0
Net realized and unrealized gains (losses) on investments		0		0
Net increase in net assets resulting from operations		$0		$0

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

6

Statements of changes in net assets—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target Today Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

7

Wells Fargo Dynamic Target Date Funds Statements of changes in net assets—November 30, 2015 (unaudited)

	Dynamic Target 2015 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
		Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

8

Statements of changes in net assets—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2020 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

9

Wells Fargo Dynamic Target Date Funds Statements of changes in net assets—November 30, 2015 (unaudited)

	Dynamic Target 2025 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

10

Statements of changes in net assets—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2030 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹ The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

11

Wells Fargo Dynamic Target Date Funds Statements of changes in net assets—November 30, 2015 (unaudited)

	Dynamic Target 2035 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹ The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

12

Statements of changes in net assets—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2040 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹ The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

13

Wells Fargo Dynamic Target Date Funds Statements of changes in net assets—November 30, 2015 (unaudited)

	Dynamic Target 2045 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹ The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

14

Statements of changes in net assets—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2050 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

15

Wells Fargo Dynamic Target Date Funds Statements of changes in net assets—November 30, 2015 (unaudited)

	Dynamic Target 2055 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹  The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

16

Statements of changes in net assets—November 30, 2015 (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2060 Fund
	Period ended
	November 30, 2015 (unaudited)1
Operations
Net investment income			$	0
Net realized gains on investments				0
Net change in unrealized gains (losses) on investments				0
Net increase in net assets resulting from operations				0
	Shares
Capital share transactions
Proceeds from shares sold
Class A		10,000		100,000
Class C		10,000		100,000
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		460,000		4,600,000
				5,000,000
Net increase in net assets resulting from capital share transactions				5,000,000
Total increase in net assets				5,000,000
Net assets
Beginning of period				0
End of period			$	5,000,000

¹ The Fund commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

17

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target Today Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

18

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

19

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2015 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

20

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

21

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2020 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

22

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

23

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2025 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

24

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

25

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2030 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

26

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

27

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2035 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

28

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

29

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2040 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

30

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

31

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2045 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

32

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

33

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2050 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

34

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

35

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2055 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

36

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

37

Wells Fargo Dynamic Target Date Funds Financial highlights

	Beginning net asset value per share	Net investment income	Net realized and unrealized gains (losses) on investments	Ending net asset value per share
Dynamic Target 2060 Fund
Class A Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class C Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R4 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00
Class R6 Period ended November 30, 20152 (unaudited)	$10.00	0.00	0.00	$10.00

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

²  The class commenced operations on November 30, 2015. Information represents activity for the one day of operation.

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

38

Financial highlights Wells Fargo Dynamic Target Date Funds

Ratio to average net assets (annualized)
Net investment income	Gross expenses	Net expenses	Total return1	Portfolio turnover rate	Net assets at end of period (000s omitted)
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$100
0%	0%	0%	0%	0%	$4,600

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

39

Wells Fargo Dynamic Target Date 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Dynamic Target Today Fund (“Dynamic Target Today Fund”), Wells Fargo Dynamic Target 2015 Fund (“Dynamic Target 2015 Fund”), Wells Fargo Dynamic Target 2020 Fund (“Dynamic Target 2020 Fund”), Wells Fargo Dynamic Target 2025 Fund (“Dynamic Target 2025 Fund”), Wells Fargo Dynamic Target 2030 Fund (“Dynamic Target 2030 Fund”), Wells Fargo Dynamic Target 2035 Fund (“Dynamic Target 2035 Fund”), Wells Fargo Dynamic Target 2040 Fund (“Dynamic Target 2040 Fund”), Wells Fargo Dynamic Target 2045 Fund (“Dynamic Target 2045 Fund”), Wells Fargo Dynamic Target 2050 Fund (“Dynamic Target 2050 Fund”), Wells Fargo Dynamic Target 2055 Fund (“Dynamic Target 2055 Fund”) and Wells Fargo Dynamic Target 2060 Fund (“Dynamic Target 2060 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund is a fund-of-funds that primarily invests in various affiliated mutual funds, unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its invesetment objective. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. The investment in affiliated 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 investment in an 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 and financial highlights for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the Wells Fargo Funds or by contacting the servicing agent of the unaffiliated mutual funds.

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).

Investments in underlying open-end mutual fund are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

Equity securities 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 primary exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with each Fund’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the 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. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

40

Notes to financial statements (unaudited) Wells Fargo Dynamic Target Date Funds

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.

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.

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

Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s interest and dividend income, in addition to expenses and realized and unrealized gains and 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 conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

Federal and other taxes

The Fund intends 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 will be subject to examination by the federal and Delaware revenue authorities.

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. 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 applicable 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 0.20% and declining to 0.18% as the average daily net assets of each Fund increase.

Funds Management also serves as the manager to each affiliated Underlying Fund and the adviser to each affiliated Master Portfolio.

Funds Management has retained the service 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 paid an annual subadvisory fee starting at 0.15% and declining to 0.08% each Fund’s average daily net assets.

Administration fees

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

	Class-level   administration fee
Class A, Class C, Class R	0.21%
Class R4	0.08
Class R6	0.03

41

Wells Fargo Dynamic Target Date Funds Notes to financial statements (unaudited)

Funds Management contractually waives and/or reimburses 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 are made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through September 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Class A	Class C	Class R	Class R4	Class R6
Dynamic Target Today Fund	0.98%	1.73%	1.23%	0.67%	0.52%
Dynamic Target 2015 Fund	1.00%	1.75%	1.25%	0.69%	0.54%
Dynamic Target 2020 Fund	1.02%	1.77%	1.27%	0.71%	0.56%
Dynamic Target 2025 Fund	1.04%	1.79%	1.29%	0.73%	0.58%
Dynamic Target 2030 Fund	1.06%	1.81%	1.31%	0.75%	0.60%
Dynamic Target 2035 Fund	1.07%	1.82%	1.32%	0.76%	0.61%
Dynamic Target 2040 Fund	1.08%	1.83%	1.33%	0.77%	0.62%
Dynamic Target 2045 Fund	1.08%	1.83%	1.33%	0.77%	0.62%
Dynamic Target 2050 Fund	1.08%	1.83%	1.33%	0.77%	0.62%
Dynamic Target 2055 Fund	1.08%	1.83%	1.33%	0.77%	0.62%
Dynamic Target 2060 Fund	1.08%	1.83%	1.33%	0.77%	0.62%

After September 30, 2016, 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 fees

The Trust has adopted a Distribution Plan for Class C and Class R shares of each Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class C and Class R 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 and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Class R shares of each Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

4. 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.

5. SUBSEQUENT DISTRIBUTIONS

On December 30, 2015, the Funds declared distributions from net investment income to shareholders of record on December 29, 2015. The per share amounts payable on December 31, 2015 were as follows:

	Dynamic Target Today Fund		Dynamic Target 2015 Fund		Dynamic Target 2020 Fund		Dynamic Target 2025 Fund
Net investment income
Class A	$	0.03407	$	0.04291	$	0.04433	$	0.05194
Class C		0.02739		0.03606		0.04022		0.04513
Class R		0.03207		0.04092		0.04505		0.05002
Class R4		0.03683		0.04574		0.04987		0.05476
Class R6		0.03825		0.04723		0.05134		0.05625

42

Notes to financial statements (unaudited) Wells Fargo Dynamic Target Date Funds

	Dynamic Target 2030 Fund		Dynamic Target 2035 Fund		Dynamic Target 2040 Fund		Dynamic Target 2045 Fund
Net investment income
Class A	$	0.05476	$	0.05708	$	0.05963	$	0.06027
Class C		0.04895		0.05169		0.05436		0.05490
Class R		0.05363		0.05642		0.05894		0.05945
Class R4		0.05859		0.06129		0.06366		0.06422
Class R6		0.06003		0.06273		0.06506		0.06560

	Dynamic Target 2050 Fund		Dynamic Target 2055 Fund		Dynamic Target 2060 Fund
Net investment income
Class A	$	0.06137	$	0.06137	$	0.06148
Class C		0.05458		0.05458		0.05489
Class R		0.05934		0.05934		0.05951
Class R4		0.06418		0.06418		0.06421
Class R6		0.06563		0.06563		0.06562

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

43

Wells Fargo Dynamic Target Date Funds Other information (unaudited)

PROXY VOTING INFORMATION

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

44

Other information (unaudited) Wells Fargo Dynamic Target Date Funds

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director 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 lead 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. Mr. Ebsworth is a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller rust & 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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

45

Wells Fargo Dynamic Target Date Funds Other information (unaudited)

Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996**	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** Donald Willeke retired as a Trustee effective December 31, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
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 72 funds and Assistant Treasurer of 72 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.

46

_    

For more information More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call: Wells Fargo Funds P.O. Box 8266 Boston, MA 02266-8266 Email: wfaf@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 acurrent prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money. Wells Fargo 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.
	NOT FDIC INSURED   ¡  NO BANK GUARANTEE   ¡   MAY LOSE VALUE
	© 2015 Wells Fargo Funds Management, LLC. All rights reserved. Printed on Recycled paper

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

The following funds did not have any holdings as of November 30, 2015:

Wells Fargo Dynamic Target Today, Wells Fargo Dynamic Target 2015, Wells Fargo Dynamic Target 2020, Wells Fargo Dynamic 2025, Wells Fargo Dynamic 2030, Wells Fargo Dynamic 2035, Wells Fargo Dynamic 2040, Wells Fargo Dynamic 2045, Wells Fargo Dynamic 2050, Wells Fargo Dynamic 2055, and Wells Fargo Dynamic 2060.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
	Date: January 27, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
	Date: January 27, 2016
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
	Date: January 27, 2016
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Date: January 27, 2016