N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Registrant is making a filing for 13 of its series:

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

Date of reporting period: November 30, 2020

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2020

Wells Fargo C&B Large Cap Value Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo C&B Large Cap Value Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo C&B Large Cap Value Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	25
Statement of operations	26
Statement of changes in net assets	27
Financial highlights	28
Notes to financial statements	29
Other information	33

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo C&B Large Cap Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo C&B Large Cap Value Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo C&B Large Cap Value Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo C&B Large Cap Value Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

4  |  Wells Fargo C&B Large Cap Value Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Cooke & Bieler, L.P.

Portfolio managers

Andrew B. Armstrong, CFA^®‡

Wesley Lim, 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, 2020

		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		-4.07		8.12		9.96		1.81		9.40		10.61		1.28		1.08
Class C (CBECX)	7-26-2004		-0.01		8.58		9.77		0.99		8.58		9.77		2.03		1.83
Class R6 (CBEJX)4	10-31-2016		–		–		–		2.27		9.85		11.01		0.85		0.65
Administrator Class (CBLLX)	7-26-2004		–		–		–		1.85		9.52		10.77		1.20		1.00
Institutional Class (CBLSX)	7-26-2004		–		–		–		2.17		9.78		11.04		0.95		0.75
Russell 1000® Value Index5	–		–		–		–		1.72		8.44		10.93		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo C&B Large Cap Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
Arrow Electronics Incorporated	3.52
Brookfield Asset Management Incorporated Class A	3.15
The Charles Schwab Corporation	3.14
Chubb Limited	3.08
State Street Corporation	3.06
Synchrony Financial	3.01
Gildan Activewear Incorporated	2.87
Johnson & Johnson	2.78
Leidos Holdings Incorporated	2.58
AerCap Holdings NV	2.53

Sector allocation as of November 30, 2020⁷

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.65% for Class R6, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo C&B Large Cap Value Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,244.56	$	6.02		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.70	$	5.42		1.07	%
Class C
Actual	$	1,000.00	$	1,240.32	$	10.28		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Class R6
Actual	$	1,000.00	$	1,248.05	$	3.66		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,245.00	$	5.57		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Institutional Class
Actual	$	1,000.00	$	1,247.18	$	4.23		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%

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

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

8  |  Wells Fargo C&B Large Cap Value Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.19%
Affiliated Master Portfolio: 100.19%
Wells Fargo C&B Large Cap Value Portfolio	$	254,949,135
Total Investment Companies (Cost $188,819,000)		254,949,135

Total investments in securities (Cost $188,819,000)	100.19	%		254,949,135
Other assets and liabilities, net	(0.19	)		(492,956	)
Total net assets	100.00	%	$	254,456,179

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		75	%		76	%	$	7,553,557	$	43,394,844	$	2,179,203	$	3,058	$	254,949,135		100.19	%

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

Wells Fargo C&B Large Cap Value Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $188,819,000)	$	254,949,135
Receivable for Fund shares sold		95,295
Receivable from manager		1,224
Prepaid expenses and other assets		506
Total assets		255,046,160
Liabilities
Payable for Fund shares redeemed		479,795
Administration fees payable		28,521
Distribution fee payable		2,225
Shareholder report expenses payable		31,320
Shareholder servicing fees payable		18,545
Trustees’ fees and expenses payable		1,055
Accrued expenses and other liabilities		28,520
Total liabilities		589,981
Total net assets	$	254,456,179
Net assets consist of
Paid-in capital	$	176,282,140
Total distributable earnings		78,174,039
Total net assets	$	254,456,179
Computation of net asset value and offering price per share
Net assets – Class A	$	82,658,348
Shares outstanding – Class A1		5,780,349
Net asset value per share – Class A		$14.30
Maximum offering price per share – Class A2		$15.17
Net assets – Class C	$	3,631,763
Shares outstanding – Class C1		257,721
Net asset value per share – Class C		$14.09
Net assets – Class R6	$	41,040,603
Shares outstanding – Class R61		2,852,355
Net asset value per share – Class R6		$14.39
Net assets – Administrator Class	$	6,701,945
Shares outstanding – Administrator Class1		467,627
Net asset value per share – Administrator Class		$14.33
Net assets – Institutional Class	$	120,423,520
Shares outstanding – Institutional Class1		8,375,029
Net asset value per share – Institutional Class		$14.38

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo C&B Large Cap Value Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $56,458)	$	2,179,203
Affiliated income allocated from affiliated Master Portfolio		3,058
Expenses allocated from affiliated Master Portfolio		(798,606	)
Waivers allocated from affiliated Master Portfolio		51,115
Total investment income		1,434,770
Expenses
Management fee		58,448
Administration fees
Class A		78,866
Class C		3,827
Class R6		5,745
Administrator Class		4,023
Institutional Class		71,856
Shareholder servicing fees
Class A		93,754
Class C		4,545
Administrator Class		7,720
Distribution fee
Class C		13,635
Custody and accounting fees		6,850
Professional fees		17,546
Registration fees		83,477
Shareholder report expenses		37,350
Trustees’ fees and expenses		11,029
Other fees and expenses		9,330
Total expenses		508,001
Less: Fee waivers and/or expense reimbursements
Fund-level		(246,563	)
Class A		(4,094	)
Administrator Class		(341	)
Net expenses		257,003
Net investment income		1,177,767
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		7,553,557
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		43,394,844
Net realized and unrealized gains (losses) on investments		50,948,401
Net increase in net assets resulting from operations	$	52,126,168

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

Wells Fargo C&B Large Cap Value Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	1,177,767					$	3,041,679
Net realized gains on investments					7,553,557						14,162,746
Net change in unrealized gains (losses) on investments					43,394,844						(23,968,868	)
Net increase (decrease) in net assets resulting from operations					52,126,168						(6,764,443	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(7,751,447	)
Class C					0						(388,806	)
Class R6					0						(5,218,989	)
Administrator Class					0						(711,108	)
Institutional Class					0						(11,583,308	)
Total distributions to shareholders					0						(25,653,658	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		279,739			3,592,305			738,336			9,862,221
Class C		23,039			282,833			84,359			1,159,805
Class R6		103,146			1,292,676			862,015			10,181,197
Administrator Class		9,616			120,970			86,612			1,194,613
Institutional Class		2,031,232			24,616,651			3,591,723			48,556,144
					29,905,435						70,953,980
Reinvestment of distributions
Class A		0			0			529,924			7,655,000
Class C		0			0			26,971			383,791
Class R6		0			0			47,617			691,796
Administrator Class		0			0			34,562			500,228
Institutional Class		0			0			792,083			11,497,247
					0						20,728,062
Payment for shares redeemed
Class A		(652,676	)		(8,206,957	)		(1,199,143	)		(15,487,514	)
Class C		(80,021	)		(999,223	)		(192,765	)		(2,559,135	)
Class R6		(533,506	)		(6,698,867	)		(2,860,401	)		(39,194,686	)
Administrator Class		(77,880	)		(975,211	)		(297,032	)		(3,913,331	)
Institutional Class		(2,054,060	)		(25,814,527	)		(4,306,577	)		(53,511,682	)
					(42,694,785	)					(114,666,348	)
Net decrease in net assets resulting from capital share transactions					(12,789,350	)					(22,984,306	)
Total increase (decrease) in net assets					39,336,818						(55,402,407	)
Net assets
Beginning of period					215,119,361						270,521,768
End of period				$	254,456,179					$	215,119,361

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

12  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.49			$13.01			$13.91			$14.54			$12.55			$13.07
Net investment income		0.05			0.12			0.11			0.09	1		0.08			0.11	1
Net realized and unrealized gains (losses) on investments		2.76			(0.33	)		0.02			0.87			2.23			(0.14	)
Total from investment operations		2.81			(0.21	)		0.13			0.96			2.31			(0.03	)
Distributions to shareholders from
Net investment income		0.00			(0.13	)		(0.12	)		(0.06	)		(0.08	)		(0.10	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.31	)		(1.03	)		(1.59	)		(0.32	)		(0.49	)
Net asset value, end of period		$14.30			$11.49			$13.01			$13.91			$14.54			$12.55
Total return2		24.46	%		(3.61	)%		1.33	%		6.29	%		18.62	%		(0.08	)%
Ratios to average net assets (annualized)
Gross expenses3		1.29	%		1.27	%		1.23	%		1.21	%		1.24	%		1.25	%
Net expenses3		1.07	%		1.07	%		1.08	%		1.10	%		1.15	%		1.15	%
Net investment income3		0.80	%		0.92	%		0.83	%		0.58	%		0.62	%		0.89	%
Supplemental data
Portfolio turnover rate4		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$82,658			$70,680			$79,172			$85,707			$83,016			$88,387

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.36			$12.87			$13.75			$14.44			$12.48			$13.01
Net investment income (loss)		0.00	1,2		0.02	2		0.01	2		(0.02	)2		(0.02	)		0.01
Net realized and unrealized gains (losses) on investments		2.73			(0.35	)		0.03			0.86			2.22			(0.14	)
Total from investment operations		2.73			(0.33	)		0.04			0.84			2.20			(0.13	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		0.00			0.00			(0.01	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.18	)		(0.92	)		(1.53	)		(0.24	)		(0.40	)
Net asset value, end of period		$14.09			$11.36			$12.87			$13.75			$14.44			$12.48
Total return3		24.03	%		(4.41	)%		0.61	%		5.46	%		17.73	%		(0.82	)%
Ratios to average net assets (annualized)
Gross expenses4		2.04	%		2.02	%		1.97	%		1.96	%		1.99	%		2.00	%
Net expenses4		1.83	%		1.83	%		1.83	%		1.85	%		1.90	%		1.90	%
Net investment income (loss)4		0.03	%		0.16	%		0.07	%		(0.16	)%		(0.13	)%		0.11	%
Supplemental data
Portfolio turnover rate5		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$3,632			$3,576			$5,098			$11,031			$8,043			$7,282

¹  Amount is less than $0.005

²  Calculated based upon average shares outstanding

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

⁴  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

⁵  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

14  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			20171
Net asset value, beginning of period		$11.53			$13.06			$13.97			$14.59			$12.73
Net investment income		0.08	2		0.18	2		0.18	2		0.18	2		0.16
Net realized and unrealized gains (losses) on investments		2.78			(0.33	)		0.00	3		0.85			2.06
Total from investment operations		2.86			(0.15	)		0.18			1.03			2.22
Distributions to shareholders from
Net investment income		0.00			(0.20	)		(0.18	)		(0.12	)		(0.12	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)
Total distributions to shareholders		0.00			(1.38	)		(1.09	)		(1.65	)		(0.36	)
Net asset value, end of period		$14.39			$11.53			$13.06			$13.97			$14.59
Total return4		24.80	%		(3.25	)%		1.74	%		6.76	%		17.65	%
Ratios to average net assets (annualized)
Gross expenses5		0.86	%		0.84	%		0.79	%		0.77	%		0.81	%
Net expenses5		0.65	%		0.65	%		0.65	%		0.65	%		0.70	%
Net investment income5		1.21	%		1.33	%		1.27	%		1.28	%		1.04	%
Supplemental data
Portfolio turnover rate6		13	%		33	%		47	%		42	%		89	%
Net assets, end of period (000s omitted)		$41,041			$37,859			$68,366			$110,665			$3,532

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

⁵  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.65	%
Year ended May 31, 20171	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.51			$13.03			$13.92			$14.56			$12.54			$13.07
Net investment income		0.05	1		0.13	1		0.12	1		0.10	1		0.10	1		0.13	1
Net realized and unrealized gains (losses) on investments		2.77			(0.33	)		0.02			0.87			2.24			(0.15	)
Total from investment operations		2.82			(0.20	)		0.14			0.97			2.34			(0.02	)
Distributions to shareholders from
Net investment income		0.00			(0.14	)		(0.12	)		(0.08	)		(0.08	)		(0.12	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.32	)		(1.03	)		(1.61	)		(0.32	)		(0.51	)
Net asset value, end of period		$14.33			$11.51			$13.03			$13.92			$14.56			$12.54
Total return2		24.50	%		(3.56	)%		1.44	%		6.36	%		18.82	%		0.11	%
Ratios to average net assets (annualized)
Gross expenses3		1.21	%		1.19	%		1.15	%		1.13	%		1.16	%		1.16	%
Net expenses3		0.99	%		0.99	%		1.00	%		1.00	%		1.00	%		0.98	%
Net investment income3		0.87	%		1.00	%		0.90	%		0.69	%		0.77	%		1.03	%
Supplemental data
Portfolio turnover rate4		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$6,702			$6,167			$9,274			$12,742			$11,467			$23,210

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

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

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

16  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.53			$13.05			$13.96			$14.58			$12.58			$13.11
Net investment income		0.07			0.16			0.14			0.13	1		0.14			0.16
Net realized and unrealized gains (losses) on investments		2.78			(0.33	)		0.02			0.89			2.22			(0.14	)
Total from investment operations		2.85			(0.17	)		0.16			1.02			2.36			0.02
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.16	)		(0.11	)		(0.12	)		(0.16	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.35	)		(1.07	)		(1.64	)		(0.36	)		(0.55	)
Net asset value, end of period		$14.38			$11.53			$13.05			$13.96			$14.58			$12.58
Total return2		24.72	%		(3.33	)%		1.64	%		6.68	%		19.05	%		0.33	%
Ratios to average net assets (annualized)
Gross expenses3		0.96	%		0.94	%		0.90	%		0.88	%		0.91	%		0.92	%
Net expenses3		0.75	%		0.75	%		0.75	%		0.77	%		0.80	%		0.77	%
Net investment income3		1.20	%		1.25	%		1.17	%		0.87	%		0.96	%		1.25	%
Supplemental data
Portfolio turnover rate4		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$120,424			$96,838			$108,613			$135,082			$220,257			$133,632

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo C&B Large Cap Value Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 76% of Wells Fargo C&B Large Cap Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo C&B Large Cap Value Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $190,892,050 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	64,057,085
Gross unrealized losses		0
Net unrealized gains	$	64,057,085

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal		$254,949,135

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo C&B Large Cap Value Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 0.65% for Class R6 shares, 1.00% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $1,110 from the sale of Class C shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2020.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $29,536,821 and $51,408,062, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo C&B Large Cap Value Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the Fund invested a concentration of its portfolio in the financials sector.

8. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo C&B Large Cap Value Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 95.01%
Communication Services: 6.39%
Diversified Telecommunication Services: 2.40%
Verizon Communications Incorporated		132,400	$	7,998,284
Entertainment: 2.09%
Activision Blizzard Incorporated		87,900		6,986,292
Media: 1.90%
Omnicom Group Incorporated		100,900		6,356,700
Consumer Discretionary: 6.57%
Household Durables: 2.13%
Whirlpool Corporation		36,600		7,122,726
Textiles, Apparel & Luxury Goods: 4.44%
Gildan Activewear Incorporated		366,400		9,574,032
HanesBrands Incorporated		369,600		5,248,320
				14,822,352
Consumer Staples: 1.46%
Tobacco: 1.46%
Philip Morris International Incorporated		64,400		4,878,300
Energy: 2.46%
Energy Equipment & Services: 1.41%
Schlumberger Limited		225,900		4,696,461
Oil, Gas & Consumable Fuels: 1.05%
Exxon Mobil Corporation		91,800		3,500,334
Financials: 34.28%
Banks: 7.56%
JPMorgan Chase & Company		71,300		8,404,844
PNC Financial Services Group Incorporated		61,100		8,436,077
US Bancorp		194,300		8,395,703
				25,236,624
Capital Markets: 10.95%
Brookfield Asset Management Incorporated Class A		259,300		10,499,057
Intercontinental Exchange Incorporated		51,100		5,391,561
State Street Corporation		144,700		10,198,456
The Charles Schwab Corporation		214,500		10,463,310
				36,552,384
Consumer Finance: 3.01%
Synchrony Financial		329,300		10,033,771
Diversified Financial Services: 2.25%
Berkshire Hathaway Incorporated Class B †		32,800		7,508,248
Insurance: 10.51%
Alleghany Corporation		12,000		6,902,400
Arch Capital Group Limited †		246,900		7,948,946
Chubb Limited		69,600		10,288,968

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

22  |  Wells Fargo C&B Large Cap Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Insurance (continued)
Fidelity National Financial Incorporated		71,400	$	2,569,686
The Allstate Corporation		33,200		3,398,020
The Progressive Corporation		45,500		3,963,505
				35,071,525
Health Care: 12.71%
Health Care Equipment & Supplies: 3.89%
Becton Dickinson & Company		23,700		5,565,708
Medtronic plc		65,300		7,424,610
				12,990,318
Health Care Providers & Services: 6.04%
HCA Healthcare Incorporated		50,400		7,565,544
Laboratory Corporation of America Holdings †		34,400		6,874,496
UnitedHealth Group Incorporated		17,000		5,717,780
				20,157,820
Pharmaceuticals: 2.78%
Johnson & Johnson		64,100		9,273,988
Industrials: 16.42%
Aerospace & Defense: 0.75%
Hexcel Corporation		50,700		2,510,664
Air Freight & Logistics: 1.51%
United Parcel Service Incorporated Class B		29,400		5,029,458
Building Products: 1.41%
Johnson Controls International plc		102,300		4,709,892
Electrical Equipment: 3.31%
AMETEK Incorporated		44,600		5,286,438
Eaton Corporation plc		47,400		5,740,614
				11,027,052
Industrial Conglomerates: 1.94%
3M Company		37,500		6,477,375
Machinery: 4.97%
Colfax Corporation †		204,930		7,393,874
Snap-on Incorporated		31,300		5,504,105
Woodward Governor Company		33,100		3,701,573
				16,599,552
Trading Companies & Distributors: 2.53%
AerCap Holdings NV †		229,700		8,443,772
Information Technology: 10.14%
Electronic Equipment, Instruments & Components: 5.21%
Arrow Electronics Incorporated †		128,300		11,758,695
TE Connectivity Limited		49,500		5,641,515
				17,400,210

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

Wells Fargo C&B Large Cap Value Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
IT Services: 4.93%
Amdocs Limited					118,900	$	7,824,809
Leidos Holdings Incorporated					85,500		8,609,850
							16,434,659
Materials: 2.93%
Chemicals: 1.48%
Axalta Coating Systems Limited †					172,100		4,923,781
Metals & Mining: 1.45%
Reliance Steel & Aluminum Company					41,100		4,841,580
Real Estate: 1.65%
Real Estate Management & Development: 1.65%
CBRE Group Incorporated Class A †					90,000		5,502,600
Total Common Stocks (Cost $228,416,580)							317,086,722
	Yield
Short-Term Investments: 5.04%
Investment Companies: 5.04%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		16,813,758		16,813,758
Total Short-Term Investments (Cost $16,813,758)							16,813,758

Total investments in securities (Cost $245,230,338)	100.05	%		333,900,480
Other assets and liabilities, net	(0.05	)		(169,325	)
Total net assets	100.00	%	$	333,731,155

† Non-income-earning security

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

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

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class	$	6,370,055	$	53,586,849	$	(43,143,146	)	$	0	$	0	$	16,813,758		5.04	%		16,813,758	$	4,039

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

24  |  Wells Fargo C&B Large Cap Value Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $228,416,580)	$	317,086,722
Investments in affiliated securities, at value (cost $16,813,758)		16,813,758
Receivable for dividends		465,320
Prepaid expenses and other assets		35,663
Total assets		334,402,463
Liabilities
Payable for investments purchased		508,557
Advisory fee payable		161,751
Total liabilities		670,308
Total net assets	$	333,731,155

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

Wells Fargo C&B Large Cap Value Portfolio  |  25

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $74,501)	$	2,877,573
Income from affiliated securities		4,039
Total investment income		2,881,612
Expenses
Advisory fee		1,003,142
Custody and accounting fees		10,285
Professional fees		21,887
Shareholder report expenses		3,411
Trustees’ fees and expenses		9,589
Other fees and expenses		6,939
Total expenses		1,055,253
Less: Fee waivers and/or expense reimbursements		(67,544	)
Net expenses		987,709
Net investment income		1,893,903
Realized and unrealized gains (losses) on investments
Net realized gains on investments		9,977,236
Net change in unrealized gains (losses) on investments		57,523,789
Net realized and unrealized gains (losses) on investments		67,501,025
Net increase in net assets resulting from operations	$	69,394,928

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

26  |  Wells Fargo C&B Large Cap Value Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	1,893,903		$	4,668,688
Net realized gains on investments		9,977,236			14,608,307
Net change in unrealized gains (losses) on investments		57,523,789			(25,082,549	)
Net increase (decrease) in net assets resulting from operations		69,394,928			(5,805,554	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		20,316,432			41,745,884
Withdrawals		(42,892,559	)		(99,923,052	)
Net decrease in net assets resulting from capital transactions		(22,576,127	)		(58,177,168	)
Total increase (decrease) in net assets		46,818,801			(63,982,722	)
Net assets
Beginning of period		286,912,354			350,895,076
End of period	$	333,731,155		$	286,912,354

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

Wells Fargo C&B Large Cap Value Portfolio  |  27

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		24.92	%		(3.40	)%		1.80	%		6.65	%		19.17	%		0.35	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.68	%		0.67	%		0.67	%		0.68	%		0.68	%
Net expenses		0.34	%		0.64	%		0.65	%		0.66	%		0.68	%		0.68	%
Net investment income		1.23	%		1.36	%		1.27	%		1.02	%		1.09	%		1.33	%
Supplemental data
Portfolio turnover rate		13	%		33	%		47	%		42	%		89	%		29	%

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

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

28  |  Wells Fargo C&B Large Cap Value Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Wells Fargo C&B Large Cap Value Portfolio  |  29

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $249,814,430 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	97,507,798
Gross unrealized losses		(13,421,748	)
Net unrealized gains	$	84,086,050

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	21,341,276	$	0	$	0	$	21,341,276
Consumer discretionary		21,945,078		0		0		21,945,078
Consumer staples		4,878,300		0		0		4,878,300
Energy		8,196,795		0		0		8,196,795
Financials		114,402,552		0		0		114,402,552
Health care		42,422,126		0		0		42,422,126
Industrials		54,797,765		0		0		54,797,765
Information technology		33,834,869		0		0		33,834,869
Materials		9,765,361		0		0		9,765,361
Real estate		5,502,600		0		0		5,502,600
Short-term investments
Investment companies		16,813,758		0		0		16,813,758
Total assets	$	333,900,480	$	0	$	0	$	333,900,480

30  |  Wells Fargo C&B Large Cap Value Portfolio

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.650	%
Next $500 million		0.625
Next $1 billion		0.600
Next $2 billion		0.575
Next $4 billion		0.550
Next $4 billion		0.525
Next $4 billion		0.500
Over $16 billion		0.475

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

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

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

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, 2020 were $38,664,016 and $67,293,705, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio did not have any securities on loan.

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or

Wells Fargo C&B Large Cap Value Portfolio  |  31

Notes to financial statements (unaudited)

emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to the financials sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Fund’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

32  |  Wells Fargo C&B Large Cap Value Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo C&B Large Cap Value Fund  |  33

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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

34  |  Wells Fargo C&B Large Cap Value Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Wells Fargo C&B Large Cap Value Fund  |  35

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 wfam.com.

36  |  Wells Fargo C&B Large Cap Value Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00739 01-20

SA280/SAR280 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Emerging Growth Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Emerging Growth Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Emerging Growth Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	27
Statement of operations	28
Statement of changes in net assets	29
Financial highlights	30
Notes to financial statements	31
Other information	35

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Emerging Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Emerging Growth Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Emerging Growth Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Emerging Growth Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

4  |  Wells Fargo Emerging Growth Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Robert Gruendyke, CFA^®‡*

David Nazaret, CFA^®‡*

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		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 (WEMAX)	3-31-2008		38.55		17.63		14.93		47.00		19.03		15.61		1.35		1.28
Class C (WEMCX)	3-31-2008		44.99		18.14		14.76		45.99		18.14		14.76		2.10		2.03
Class R6 (WEGRX)4	7-31-2018		–		–		–		47.56		19.59		16.16		0.92		0.85
Administrator Class (WFGDX)	1-31-2007		–		–		–		47.05		19.14		15.77		1.27		1.20
Institutional Class (WEMIX)	3-31-2008		–		–		–		47.51		19.51		16.12		1.02		0.90
Russell 2000® Growth Index5	–		–		–		–		25.95		13.19		13.30		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Emerging Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
Q2 Holdings Incorporated	3.10
Kinsale Capital Group Incorporated	2.94
Casella Waste Systems Incorporated Class A	2.78
Rapid7 Incorporated	2.70
ASGN Incorporated	2.64
iRhythm Technologies Incorporated	2.51
SPS Commerce Incorporated	2.47
Rexnord Corporation	2.42
Shockwave Medical Incorporated	2.11
Novanta Incorporated	2.07

Sector allocation as of November 30, 2020⁷

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

* Mr. Gruendyke and Mr. Nazaret became portfolio managers of the Fund on July 28, 2020.

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.85% for Class R6, 1.20% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Emerging Growth Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,382.73	$	7.59		1.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.43		1.27	%
Class C
Actual	$	1,000.00	$	1,378.23	$	12.10		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.89	$	10.25		2.03	%
Class R6
Actual	$	1,000.00	$	1,384.94	$	5.08		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Administrator Class
Actual	$	1,000.00	$	1,382.76	$	7.17		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,384.28	$	5.38		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

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

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

8  |  Wells Fargo Emerging Growth Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.36%
Affiliated Master Portfolio: 100.36%
Wells Fargo Emerging Growth Portfolio	$	819,507,074
Total Investment Companies (Cost $458,351,848)		819,507,074

Total investments in securities (Cost $458,351,848)	100.36	%		819,507,074
Other assets and liabilities, net	(0.36	)		(2,946,306	)
Total net assets	100.00	%	$	816,560,768

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Securities lending income allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Emerging Growth Portfolio		92	%		96	%	$	103,174,672	$	138,740,188	$	997,824	$	115,885	$	2,004	$	819,507,074		100.36	%

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

Wells Fargo Emerging Growth Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $458,351,848)	$	819,507,074
Receivable for Fund shares sold		1,441,729
Receivable from manager		36,934
Prepaid expenses and other assets		23,504
Total assets		821,009,241
Liabilities
Payable for Fund shares redeemed		4,195,692
Administration fees payable		94,100
Distribution fee payable		1,166
Trustees’ fees and expenses payable		1,031
Accrued expenses and other liabilities		156,484
Total liabilities		4,448,473
Total net assets	$	816,560,768
Net assets consist of
Paid-in capital	$	293,125,475
Total distributable earnings		523,435,293
Total net assets	$	816,560,768
Computation of net asset value and offering price per share
Net assets – Class A	$	199,318,877
Shares outstanding – Class A1		9,802,127
Net asset value per share – Class A		$20.33
Maximum offering price per share – Class A2		$21.57
Net assets – Class C	$	1,976,306
Shares outstanding – Class C1		115,615
Net asset value per share – Class C		$17.09
Net assets – Class R6	$	23,046,817
Shares outstanding – Class R61		1,018,623
Net asset value per share – Class R6		$22.63
Net assets – Administrator Class	$	26,225,575
Shares outstanding – Administrator Class1		1,239,080
Net asset value per share – Administrator Class		$21.17
Net assets – Institutional Class	$	565,993,193
Shares outstanding – Institutional Class1		25,096,258
Net asset value per share – Institutional Class		$22.55

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Emerging Growth Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio	$	997,824
Securities lending income allocated from affiliated Master Portfolio		115,885
Affiliated income allocated from affiliated Master Portfolio		2,004
Expenses allocated from affiliated Master Portfolio		(2,978,107	)
Total investment income		(1,862,394	)
Expenses
Management fee		183,640
Administration fees
Class A		180,205
Class C		1,904
Class R6		3,311
Administrator Class		15,235
Institutional Class		335,148
Shareholder servicing fees
Class A		214,134
Class C		2,263
Administrator Class		29,200
Distribution fee
Class C		6,788
Custody and accounting fees		14,053
Professional fees		15,831
Registration fees		37,070
Shareholder report expenses		43,549
Trustees’ fees and expenses		11,029
Other fees and expenses		7,957
Total expenses		1,101,317
Less: Fee waivers and/or expense reimbursements
Fund-level		(279,449	)
Class A		(10,701	)
Administrator Class		(4	)
Institutional Class		(128,551	)
Net expenses		682,612
Net investment loss		(2,545,006	)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		103,174,672
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		138,740,188
Net realized and unrealized gains (losses) on investments		241,914,860
Net increase in net assets resulting from operations	$	239,369,854

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

Wells Fargo Emerging Growth Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment loss				$	(2,545,006	)				$	(5,696,248	)
Net realized gains on investments					103,174,672						87,082,930
Net change in unrealized gains (losses) on investments					138,740,188						4,916,772
Net increase in net assets resulting from operations					239,369,854						86,303,454
Distributions to shareholders from net investment income and net realized gains
Class A					0						(7,796,239	)
Class C					0						(97,557	)
Class R6					0						(245,756	)
Administrator Class					0						(1,143,908	)
Institutional Class					0						(28,466,003	)
Total distributions to shareholders					0						(37,749,463	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		164,800			2,821,041			270,025			3,503,910
Class C		8,691			133,350			14,056			158,468
Class R6		91,894			1,866,543			1,351,041			21,252,448
Administrator Class		102,737			1,876,789			185,559			2,546,018
Institutional Class		3,991,970			74,436,514			7,701,460			113,827,845
					81,134,237						141,288,689
Reinvestment of distributions
Class A		0			0			556,631			7,609,147
Class C		0			0			8,439			97,557
Class R6		0			0			16,154			244,735
Administrator Class		0			0			80,016			1,137,821
Institutional Class		0			0			1,832,144			27,683,692
					0						36,772,952
Payment for shares redeemed
Class A		(481,467	)		(8,260,572	)		(1,506,830	)		(19,951,780	)
Class C		(22,037	)		(344,401	)		(45,564	)		(513,234	)
Class R6		(264,384	)		(5,497,178	)		(177,590	)		(2,654,701	)
Administrator Class		(251,828	)		(4,519,328	)		(557,050	)		(7,634,612	)
Institutional Class		(7,845,230	)		(148,006,505	)		(19,569,429	)		(282,480,504	)
					(166,627,984	)					(313,234,831	)
Net decrease in net assets resulting from capital share transactions					(85,493,747	)					(135,173,190	)
Total increase (decrease) in net assets					153,876,107						(86,619,199	)
Net assets
Beginning of period					662,684,661						749,303,860
End of period				$	816,560,768					$	662,684,661

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

12  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.71			$13.51			$17.04			$14.57			$12.55			$16.70
Net investment loss		(0.10	)		(0.17	)		(0.16	)1		(0.15	)		(0.10	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		5.72			2.13			(0.19	)		4.57			2.96			(2.28	)
Total from investment operations		5.62			1.96			(0.35	)		4.42			2.86			(2.41	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$20.33			$14.71			$13.51			$17.04			$14.57			$12.55
Total return2		38.27	%		14.97	%		(0.84	)%		32.91	%		23.39	%		(14.94	)%
Ratios to average net assets (annualized)
Gross expenses3		1.36	%		1.36	%		1.35	%		1.36	%		1.36	%		1.35	%
Net expenses3		1.27	%		1.27	%		1.29	%		1.35	%		1.35	%		1.35	%
Net investment loss3		(0.96	)%		(1.08	)%		(1.06	)%		(1.01	)%		(0.72	)%		(0.92	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$199,319			$148,866			$145,898			$153,526			$129,724			$127,154

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Emerging Growth Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$12.40			$11.58			$15.19			$13.28			$11.58			$15.67
Net investment loss		(0.13	)1		(0.21	)1		(0.25	)1		(0.25	)1		(0.19	)1		(0.21	)
Net realized and unrealized gains (losses) on investments		4.82			1.79			(0.18	)		4.11			2.73			(2.14	)
Total from investment operations		4.69			1.58			(0.43	)		3.86			2.54			(2.35	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$17.09			$12.40			$11.58			$15.19			$13.28			$11.58
Total return2		37.82	%		14.16	%		(1.55	)%		31.82	%		22.56	%		(15.59	)%
Ratios to average net assets (annualized)
Gross expenses3		2.11	%		2.11	%		2.10	%		2.11	%		2.11	%		2.10	%
Net expenses3		2.03	%		2.03	%		2.04	%		2.10	%		2.10	%		2.10	%
Net investment loss3		(1.73	)%		(1.84	)%		(1.78	)%		(1.76	)%		(1.46	)%		(1.70	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$1,976			$1,599			$1,761			$4,190			$3,328			$3,815

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

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

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

14  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			20191
Net asset value, beginning of period		$16.34			$14.86			$18.70
Net investment loss		(0.05	)2		(0.10	)2		(0.07	)2
Net realized and unrealized gains (losses) on investments		6.34			2.34			(0.59	)
Total from investment operations		6.29			2.24			(0.66	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)
Net asset value, end of period		$22.63			$16.34			$14.86
Total return3		38.49	%		15.51	%		(2.35	)%
Ratios to average net assets (annualized)
Gross expenses4		0.93	%		0.93	%		0.92	%
Net expenses4		0.85	%		0.85	%		0.85	%
Net investment loss4		(0.27	)%		(0.67	)%		(0.51	)%
Supplemental data
Portfolio turnover rate5		25	%		55	%		71	%
Net assets, end of period (000s omitted)		$23,047			$19,458			$22

¹  For the period from July, 31, 2018 (commencement of class operations) to May 31, 2019

²  Calculated based upon average shares outstanding

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

⁴  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 20191	0.81	%

⁵  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo Emerging Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$15.31			$14.02			$17.54			$14.93			$12.82			$17.00
Net investment loss		(0.08	)1		(0.14	)1		(0.15	)1		(0.14	)1		(0.07	)1		(0.12	)1
Net realized and unrealized gains (losses) on investments		5.94			2.19			(0.19	)		4.70			3.02			(2.32	)
Total from investment operations		5.86			2.05			(0.34	)		4.56			2.95			(2.44	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$21.17			$15.31			$14.02			$17.54			$14.93			$12.82
Total return2		38.28	%		15.07	%		(0.75	)%		33.06	%		23.60	%		(14.80	)%
Ratios to average net assets (annualized)
Gross expenses3		1.28	%		1.28	%		1.27	%		1.28	%		1.26	%		1.23	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.45	)%		(1.01	)%		(0.94	)%		(0.86	)%		(0.48	)%		(0.80	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$26,226			$21,250			$23,549			$52,335			$50,865			$99,792

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$16.29			$14.83			$18.30			$15.46			$13.20			$17.40
Net investment loss		(0.06	)1		(0.11	)1		(0.13	)		(0.09	)		(0.04	)1		(0.07	)
Net realized and unrealized gains (losses) on investments		6.32			2.33			(0.16	)		4.88			3.14			(2.39	)
Total from investment operations		6.26			2.22			(0.29	)		4.79			3.10			(2.46	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$22.55			$16.29			$14.83			$18.30			$15.46			$13.20
Total return2		38.43	%		15.40	%		(0.42	)%		33.44	%		24.08	%		(14.62	)%
Ratios to average net assets (annualized)
Gross expenses3		1.03	%		1.03	%		1.02	%		1.03	%		1.03	%		1.01	%
Net expenses3		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment loss3		(0.30	)%		(0.71	)%		(0.67	)%		(0.56	)%		(0.24	)%		(0.50	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$565,993			$471,512			$578,073			$606,729			$534,846			$583,843

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Emerging Growth Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Emerging Growth Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 96% of Wells Fargo Emerging Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo Emerging Growth Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $461,061,497 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	358,445,577
Gross unrealized losses		0
Net unrealized gains	$	358,445,577

As of May 31, 2020, the Fund had a qualified late-year ordinary loss of $2,330,946 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Emerging Growth Portfolio	Seeks long-term capital appreciation	$	819,507,074

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Emerging Growth Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.28% for Class A shares, 2.03% for Class C shares, 0.85% for Class R6 shares, 1.20% for Administrator Class shares, and 0.90% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $674 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2020.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $183,831,940 and $297,634,813, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo Emerging Growth Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the Master Portfolio concentrated its portfolio in investments related to the health care and information technology sectors.

8. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. REDEMPTION IN-KIND

After the close of business on March 31, 2020, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund transferred securities with a value of $32,967,178 and cash in the amount o $95,186. The Fund recognized losses in the amount of $7,498,217. The redemption in-kind by a shareholder of the Institutional Class represented 5.89% of the Fund and is reflected on the Statement of Changes in Net Assets.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Emerging Growth Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.56%
Communication Services: 1.58%
Interactive Media & Services: 0.28%
EverQuote Incorporated Class A †		64,826	$	2,441,347
Media: 1.30%
Cardlytics Incorporated †		93,585		11,106,668
Consumer Discretionary: 14.33%
Auto Components: 1.04%
Fox Factory Holding Corporation †		102,788		8,970,309
Hotels, Restaurants & Leisure: 2.64%
GAN Limited Ǡ		62,341		1,013,041
Papa John’s International Incorporated		114,600		9,209,256
Wingstop Incorporated		97,808		12,451,936
				22,674,233
Household Durables: 1.46%
Purple Innovation Incorporated †		419,947		12,522,820
Internet & Direct Marketing Retail: 2.44%
Carparts.com Incorporated Ǡ		361,350		5,445,545
Fiverr International Limited †		77,241		15,473,690
				20,919,235
Leisure Products: 1.48%
YETI Holdings Incorporated †		200,880		12,689,590
Specialty Retail: 3.00%
Boot Barn Holdings Incorporated †		335,275		13,833,447
Leslie’s Incorporated †		92,219		1,908,011
Lithia Motors Incorporated Class A		34,472		9,972,750
				25,714,208
Textiles, Apparel & Luxury Goods: 2.27%
Crocs Incorporated †		220,400		12,979,356
Deckers Outdoor Corporation †		25,523		6,497,901
				19,477,257
Consumer Staples: 4.23%
Beverages: 0.66%
Celsius Holdings Incorporated †		174,800		5,637,300
Food & Staples Retailing: 0.79%
Grocery Outlet Holding Corporation †		76,215		2,943,423
The Chef’s Warehouse Incorporated †		164,945		3,801,158
				6,744,581
Food Products: 2.78%
Freshpet Incorporated †		118,448		16,213,162
Vital Farms Incorporated Ǡ		258,661		7,666,712
				23,879,874

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

22  |  Wells Fargo Emerging Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Financials: 6.32%
Capital Markets: 1.59%
Assetmark Financial Holdings †		193,934	$	4,611,751
Stifel Financial Corporation		131,154		9,088,972
				13,700,723
Consumer Finance: 0.95%
LendingTree Incorporated †		31,797		8,126,677
Insurance: 3.78%
Goosehead Insurance Incorporated Class A		47,921		5,899,554
Kinsale Capital Group Incorporated		104,677		25,139,228
Lemonade Incorporated Ǡ		20,211		1,400,016
				32,438,798
Health Care: 31.37%
Biotechnology: 11.18%
Arcutis Biotherapeutics Incorporated †		297,451		8,066,871
Arena Pharmaceuticals Incorporated †		83,102		5,473,929
Biohaven Pharmaceutical Holding Company Limited †		41,266		3,670,611
CareDx Incorporated †		105,553		6,034,465
Castle Biosciences Incorporated †		257,871		12,264,345
Chemocentryx Incorporated †		42,650		2,352,148
Deciphera Pharmaceuticals Incorporated †		13,500		834,300
Emergent BioSolutions Incorporated †		41,598		3,408,124
Fate Therapeutics Incorporated †		55,312		3,233,816
Halozyme Therapeutics Incorporated †		315,730		12,345,043
Invitae Corporation †		177,394		8,807,612
Natera Incorporated †		180,858		15,964,336
Vericel Corporation †		526,793		13,454,293
				95,909,893
Health Care Equipment & Supplies: 10.74%
Acutus Medical Incorporated Ǡ		174,325		4,954,317
iRhythm Technologies Incorporated †		87,833		21,476,047
Mesa Laboratories Incorporated		14,459		3,929,378
Orthopediatrics Corporation †		185,996		8,511,177
Outset Medical Incorporated †		75,026		4,801,664
Pulmonx Corporation †		103,099		5,587,966
Shockwave Medical Incorporated †		184,620		18,061,375
SI-BONE Incorporated †		354,753		8,216,079
Silk Road Medical Incorporated †		70,144		4,019,251
Tactile Systems Technology Class I †		7,954		342,897
Tandem Diabetes Care Incorporated †		59,145		5,552,533
Vapotherm Incorporated †		265,307		6,675,124
				92,127,808
Health Care Providers & Services: 1.54%
Addus Homecare Corporation †		133,281		13,228,139
Health Care Technology: 2.59%
Inspire Medical Systems Incorporated †		63,769		11,844,454
Phreesia Incorporated †		234,893		10,372,875
				22,217,329

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

Wells Fargo Emerging Growth Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Life Sciences Tools & Services: 3.84%
Adaptive Biotechnologies Corporation †		68,417	$	3,299,068
Codexis Incorporated †		816,932		15,129,581
Neogenomics Incorporated †		305,204		14,521,606
				32,950,255
Pharmaceuticals: 1.48%
Pacira Pharmaceuticals Incorporated †		162,280		9,832,545
Revance Therapeutics Incorporated †		116,980		2,823,897
				12,656,442
Industrials: 13.27%
Aerospace & Defense: 2.48%
Kratos Defense & Security Solutions Incorporated †		419,110		8,872,559
Mercury Systems Incorporated †		174,108		12,399,972
				21,272,531
Building Products: 0.12%
The AZEK Company Incorporated †		28,277		1,010,054
Commercial Services & Supplies: 2.77%
Casella Waste Systems Incorporated Class A †		395,031		23,772,966
Construction & Engineering: 0.05%
Construction Partners Incorporated Class A †		17,461		459,224
Electrical Equipment: 0.47%
Bloom Energy Corporation Class A †		164,005		4,021,403
Machinery: 2.41%
Rexnord Corporation		551,914		20,702,294
Professional Services: 2.63%
ASGN Incorporated †		288,961		22,590,971
Road & Rail: 1.26%
Marten Transport Limited		118,097		2,082,050
Saia Incorporated †		49,761		8,685,285
				10,767,335
Trading Companies & Distributors: 1.08%
SiteOne Landscape Supply Incorporated †		67,147		9,273,001
Information Technology: 25.51%
Electronic Equipment, Instruments & Components: 2.06%
Novanta Incorporated †		147,587		17,707,488
IT Services: 2.54%
Endava plc Sponsored ADR †		138,684		8,707,968
EVO Payments Incorporated Class A †		447,912		11,260,508
LiveRamp Holdings Incorporated †		31,687		1,854,006
				21,822,482
Semiconductors & Semiconductor Equipment: 3.82%
Allegro Microsystems Incorporated †		224,047		5,365,926
Diodes Incorporated †		156,311		10,622,896

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

24  |  Wells Fargo Emerging Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Semtech Corporation †					198,331	$	13,381,393
Silicon Laboratories Incorporated †					28,599		3,352,089
							32,722,304
Software: 17.09%
Envestnet Incorporated †					193,597		15,538,095
Everbridge Incorporated †					57,211		7,262,364
Jamf Holding Corporation †					131,168		4,158,026
Mimecast Limited †					158,711		7,138,821
Q2 Holdings Incorporated †					233,685		26,492,868
Rapid7 Incorporated †					308,255		23,100,630
Sprout Social Incorporated Class A †					297,551		15,288,170
SPS Commerce Incorporated †					204,531		21,081,010
Sumo Logic Incorporated Ǡ					173,978		4,558,224
Talend SA ADR †					382,443		14,353,086
Vertex Incorporated Class A †					129,531		3,269,362
Workiva Incorporated †					57,600		4,319,424
							146,560,080
Real Estate: 1.45%
Equity REITs: 1.45%
Community Healthcare Trust Incorporated					136,080		6,145,373
QTS Realty Trust Incorporated Class A					106,100		6,303,401
							12,448,774
Utilities: 0.50%
Independent Power & Renewable Electricity Producers: 0.50%
Sunnova Energy International †					105,305		4,265,901
Total Common Stocks (Cost $439,330,421)							845,530,294
	Yield
Short-Term Investments: 3.20%
Investment Companies: 3.20%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		13,007,270		13,007,270
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02			14,413,892		14,413,892
Total Short-Term Investments (Cost $27,421,162)							27,421,162

Total investments in securities (Cost $466,751,583)	101.76	%		872,951,456
Other assets and liabilities, net	(1.76	)		(15,080,145	)
Total net assets	100.00	%	$	857,871,311

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

Wells Fargo Emerging Growth Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

Investments in Affiliates

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

	Value, beginning of period		Purchases		Shares proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	99,850,892	$	(86,843,622	)	$	0	$	0	$	13,007,270					13,007,270	$	8,048	#
Wells Fargo Government Money Market Fund Select Class		10,065,569		140,673,038		(136,324,715	)		0		0		14,413,892					14,413,892		2,174
								$	0	$	0	$	27,421,162		3.20	%			$	10,222

^#  Amount shown represents income before fees and rebates.    

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

26  |  Wells Fargo Emerging Growth Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities, (including $12,699,325 of securities loaned), at value (cost $439,330,421)	$	845,530,294
Investments in affiliated securities, at value (cost $27,421,162)		27,421,162
Receivable for investments sold		517,748
Receivable for dividends		581,168
Receivable for securities lending income, net		44,102
Prepaid expenses and other assets		15,948
Total assets		874,110,422
Liabilities
Payable upon receipt of securities loaned		13,007,270
Payable for investments purchased		2,657,628
Advisory fee payable		532,781
Accrued expenses and other liabilities		41,432
Total liabilities		16,239,111
Total net assets	$	857,871,311

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

Wells Fargo Emerging Growth Portfolio  |  27

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends	$	1,059,268
Securities lending income from affiliates, net		124,400
Income from affiliated securities		2,174
Total investment income		1,185,842
Expenses
Advisory fee		3,141,475
Custody and accounting fees		26,681
Professional fees		23,943
Shareholder report expenses		3,427
Trustees’ fees and expenses		9,585
Other fees and expenses		16,521
Net expenses		3,221,632
Net investment loss		(2,035,790	)
Realized and unrealized gains (losses) on investments
Net realized gains on investments		111,813,045
Net change in unrealized gains (losses) on investments		147,601,505
Net realized and unrealized gains (losses) on investments		259,414,550
Net increase in net assets resulting from operations	$	257,378,760

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

28  |  Wells Fargo Emerging Growth Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment loss	$	(2,035,790	)	$	(4,861,375	)
Net realized gains on investments		111,813,045			95,687,152
Net change in unrealized gains (losses) on investments		147,601,505			7,683,217
Net increase in net assets resulting from operations		257,378,760			98,508,994
Capital transactions
Transactions in investors’ beneficial interests
Contributions		40,187,039			65,548,053
Withdrawals		(163,115,183	)		(260,126,766	)
Net decrease in net assets resulting from capital transactions		(122,928,144	)		(194,578,713	)
Total increase (decrease) in net assets		134,450,616			(96,069,719	)
Net assets
Beginning of period		723,420,695			819,490,414
End of period	$	857,871,311		$	723,420,695

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

Wells Fargo Emerging Growth Portfolio  |  29

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		38.55	%		15.49	%		(0.28	)%		33.60	%		23.97	%		(14.47	)%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.80	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.80	%
Net investment loss		(0.51	)%		(0.62	)%		(0.57	)%		(0.47	)%		(0.15	)%		(0.40	)%
Supplemental data
Portfolio turnover rate		25	%		55	%		71	%		47	%		115	%		66	%

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

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

30  |  Wells Fargo Emerging Growth Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

Wells Fargo Emerging Growth Portfolio  |  31

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $460,907,255 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	413,194,476
Gross unrealized losses		(1,150,275	)
Net unrealized gains	$	412,044,201

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	13,548,015	$	0	$	0	$	13,548,015
Consumer discretionary		122,967,652		0		0		122,967,652
Consumer staples		36,261,755		0		0		36,261,755
Financials		54,266,198		0		0		54,266,198
Health care		269,089,866		0		0		269,089,866
Industrials		113,869,779		0		0		113,869,779
Information technology		218,812,354		0		0		218,812,354
Real estate		12,448,774		0		0		12,448,774
Utilities		4,265,901		0		0		4,265,901
Short-term investments
Investment companies		27,421,162		0		0		27,421,162
Total assets	$	872,951,456	$	0	$	0	$	872,951,456

32  |  Wells Fargo Emerging Growth Portfolio

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.800	%
Next $500 million		0.775
Next $1 billion		0.750
Next $1 billion		0.725
Next $1 billion		0.700
Over $4 billion		0.680

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $192,437,811 and $311,568,229, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

Wells Fargo Emerging Growth Portfolio  |  33

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	1,172,371	$	(1,172,371	)	$	0
Barclays Capital Inc.		2,887,796		(2,887,796	)		0
BMO Capital Markets Corp.		229,554		(229,554	)		0
Morgan Stanley & Co. LLC		5,090,417		(5,090,417	)		0
National Financial Services LLC		2,678,487		(2,678,487	)		0
UBS Securities LLC		640,700		(640,700	)		0

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

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the portfolio concentrated its portfolio in investments related to the health care and information technology sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Portfolio and the securities in which the Portfolio invests have generally been adversely affected by impacts caused by COVID-19.

34  |  Wells Fargo Emerging Growth Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Emerging Growth Fund  |  35

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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

36  |  Wells Fargo Emerging Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Wells Fargo Emerging Growth Fund  |  37

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 wfam.com.

38  |  Wells Fargo Emerging Growth Fund

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00728 01-20

SA282/SAR282 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Index Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Index Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	16
Wells Fargo Index Portfolio
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	34
Statement of operations	35
Statement of changes in net assets	36
Financial highlights	37
Notes to financial statements	38
Other information	43

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Index Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Index Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Index Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

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

Wells Fargo Index Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

4  |  Wells Fargo Index Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

David Neal, CFA^®‡

Robert M. Wicentowski, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		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 (WFILX)	11-4-1998		9.92		12.08		12.93		16.62		13.42		13.60		0.67		0.45
Class C (WFINX)	4-30-1999		14.88		12.60		12.77		15.88		12.60		12.77		1.42		1.20
Administrator Class (WFIOX)	2-14-1985		–		–		–		16.84		13.64		13.89		0.44		0.25
S&P 500 Index4	–		–		–		–		17.46		13.99		14.19		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Index Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20205
Apple Incorporated	6.41
Microsoft Corporation	5.43
Amazon.com Incorporated	4.52
Facebook Incorporated Class A	2.23
Alphabet Incorporated Class A	1.77
Alphabet Incorporated Class C	1.73
Berkshire Hathaway Incorporated Class B	1.52
Johnson & Johnson	1.28
JPMorgan Chase & Company	1.20
Visa Incorporated Class A	1.19

Sector allocation as of November 30, 2020⁶

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class A, 1.20% for Class C, and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The 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.

⁵  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁶  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Index Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,197.24	$	2.42		0.44	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.86	$	2.23		0.44	%
Class C
Actual	$	1,000.00	$	1,194.27	$	6.60		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Administrator Class
Actual	$	1,000.00	$	1,198.34	$	1.38		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82	$	1.27		0.25	%

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

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

8  |  Wells Fargo Index Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 99.99%
Affiliated Master Portfolio: 99.99%
Wells Fargo Index Portfolio	$	1,151,991,172
Total Investment Companies (Cost $119,440,327)		1,151,991,172

Total investments in securities (Cost $119,440,327)	99.99	%		1,151,991,172
Other assets and liabilities, net	0.01			99,883
Total net assets	100.00	%	$	1,152,091,055

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Index Portfolio		97	%		97	%	$	38,936,485	$	149,843,674	$	8,993,254	$	40,012	$	1,151,991,172		99.99	%

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

Wells Fargo Index Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $119,440,327)	$	1,151,991,172
Receivable for Fund shares sold		1,208,775
Receivable from manager		85,300
Prepaid expenses and other assets		15,541
Total assets		1,153,300,788
Liabilities
Payable for Fund shares redeemed		703,995
Administration fees payable		170,044
Distribution fee payable		8,747
Shareholder servicing fees payable		185,448
Trustees’ fees and expenses payable		1,066
Accrued expenses and other liabilities		140,433
Total liabilities		1,209,733
Total net assets	$	1,152,091,055
Net assets consist of
Paid-in capital	$	(28,615,077	)
Total distributable earnings		1,180,706,132
Total net assets	$	1,152,091,055
Computation of net asset value and offering price per share
Net assets – Class A	$	751,580,999
Shares outstanding – Class A1		15,212,061
Net asset value per share – Class A		$49.41
Maximum offering price per share – Class A2		$52.42
Net assets – Class C	$	13,793,123
Shares outstanding – Class C1		275,643
Net asset value per share – Class C		$50.04
Net assets – Administrator Class	$	386,716,933
Shares outstanding – Administrator Class1		7,656,720
Net asset value per share – Administrator Class		$50.51

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Index Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $44,595)	$	8,993,254
Affiliated income allocated from affiliated Master Portfolio		40,012
Expenses allocated from affiliated Master Portfolio		(621,379	)
Total investment income		8,411,877
Expenses
Management fee		272,084
Administration fees
Class A		743,778
Class C		16,116
Administrator Class		237,008
Shareholder servicing fees
Class A		885,449
Class C		19,140
Administrator Class		168,231
Distribution fee
Class C		57,322
Custody and accounting fees		37,413
Professional fees		16,543
Registration fees		50,137
Shareholder report expenses		36,613
Trustees’ fees and expenses		11,029
Other fees and expenses		91,072
Total expenses		2,641,935
Less: Fee waivers and/or expense reimbursements
Fund-level		(976,860	)
Class A		(176,606	)
Class C		(4,761	)
Administrator Class		(1,051	)
Net expenses		1,482,654
Net investment income		6,929,232
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		38,936,485
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		149,843,674
Net realized and unrealized gains (losses) on investments		188,780,159
Net increase in net assets resulting from operations	$	195,709,391

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

Wells Fargo Index Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	6,929,232					$	17,076,939
Net realized gains on investments					38,936,485						181,564,933
Net change in unrealized gains (losses) on investments					149,843,674						(64,676,797	)
Net increase in net assets resulting from operations					195,709,391						133,965,075
Distributions to shareholders from net investment income and net realized gains
Class A					0						(189,301,116	)
Class C					0						(4,981,676	)
Administrator Class					0						(116,506,789	)
Total distributions to shareholders					0						(310,789,581	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		250,003			11,360,686			732,292			32,317,931
Class C		3,811			171,832			57,399			2,669,398
Administrator Class		482,053			22,482,960			1,814,601			90,665,958
					34,015,478						125,653,287
Reinvestment of distributions
Class A		0			0			4,215,720			183,009,568
Class C		0			0			89,742			3,933,010
Administrator Class		0			0			2,338,163			103,711,408
					0						290,653,986
Payment for shares redeemed
Class A		(1,033,770	)		(46,963,534	)		(2,625,376	)		(122,456,063	)
Class C		(112,451	)		(5,195,943	)		(145,585	)		(6,654,277	)
Administrator Class		(978,295	)		(45,286,703	)		(5,173,988	)		(247,150,828	)
					(97,446,180	)					(376,261,168	)
Net increase (decrease) in net assets resulting from capital share transactions					(63,430,702	)					40,046,105
Total increase (decrease) in net assets					132,278,689						(136,778,401	)
Net assets
Beginning of period					1,019,812,366						1,156,590,767
End of period				$	1,152,091,055					$	1,019,812,366

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

12  |  Wells Fargo Index Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$41.27			$49.48			$63.35			$66.85			$62.85			$67.32
Net investment income		0.27			0.65			0.82			0.99	1		1.05			0.81
Net realized and unrealized gains (losses) on investments		7.87			5.82			0.54			7.99			9.09			(0.17	)
Total from investment operations		8.14			6.47			1.36			8.98			10.14			0.64
Distributions to shareholders from
Net investment income		0.00			(0.67	)		(0.90	)		(1.02	)		(1.16	)		(1.08	)
Net realized gains		0.00			(14.01	)		(14.33	)		(11.46	)		(4.98	)		(4.03	)
Total distributions to shareholders		0.00			(14.68	)		(15.23	)		(12.48	)		(6.14	)		(5.11	)
Net asset value, end of period		$49.41			$41.27			$49.48			$63.35			$66.85			$62.85
Total return2		19.72	%		12.02	%		3.32	%		13.87	%		16.94	%		1.24	%
Ratios to average net assets (annualized)
Gross expenses3		0.67	%		0.67	%		0.65	%		0.63	%		0.62	%		0.63	%
Net expenses3		0.44	%		0.44	%		0.45	%		0.45	%		0.45	%		0.48	%
Net investment income3		1.22	%		1.47	%		1.51	%		1.49	%		1.68	%		1.78	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		4	%		3	%		9	%		4	%
Net assets, end of period (000s omitted)		$751,581			$660,101			$676,511			$702,866			$684,004			$639,496

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.11	%
Year ended May 31, 2020	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%

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

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

Wells Fargo Index Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$41.90			$50.02			$63.67			$67.11			$63.12			$67.55
Net investment income		0.10	1		0.30			0.46	1		0.50	1		0.66			0.62	1
Net realized and unrealized gains (losses) on investments		8.04			5.84			0.52			8.00			9.02			(0.45	)
Total from investment operations		8.14			6.14			0.98			8.50			9.68			0.17
Distributions to shareholders from
Net investment income		0.00			(0.25	)		(0.30	)		(0.48	)		(0.71	)		(0.57	)
Net realized gains		0.00			(14.01	)		(14.33	)		(11.46	)		(4.98	)		(4.03	)
Total distributions to shareholders		0.00			(14.26	)		(14.63	)		(11.94	)		(5.69	)		(4.60	)
Net asset value, end of period		$50.04			$41.90			$50.02			$63.67			$67.11			$63.12
Total return2		19.43	%		11.17	%		2.54	%		13.02	%		16.07	%		0.48	%
Ratios to average net assets (annualized)
Gross expenses3		1.41	%		1.42	%		1.39	%		1.38	%		1.37	%		1.38	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.24	%
Net investment income3		0.45	%		0.72	%		0.77	%		0.72	%		0.93	%		0.99	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		4	%		3	%		9	%		4	%
Net assets, end of period (000s omitted)		$13,793			$16,103			$19,146			$66,117			$67,691			$79,858

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.11	%
Year ended May 31, 2020	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%

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

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

14  |  Wells Fargo Index Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$42.15			$50.24			$64.04			$67.43			$63.33			$67.80
Net investment income		0.40			0.81			1.02	1		1.26			1.41			1.31
Net realized and unrealized gains (losses) on investments		7.96			5.85			0.48			7.94			8.94			(0.51	)
Total from investment operations		8.36			6.66			1.50			9.20			10.35			0.80
Distributions to shareholders from
Net investment income		0.00			(0.74	)		(0.97	)		(1.13	)		(1.27	)		(1.24	)
Net realized gains		0.00			(14.01	)		(14.33	)		(11.46	)		(4.98	)		(4.03	)
Total distributions to shareholders		0.00			(14.75	)		(15.30	)		(12.59	)		(6.25	)		(5.27	)
Net asset value, end of period		$50.51			$42.15			$50.24			$64.04			$67.43			$63.33
Total return2		19.83	%		12.25	%		3.52	%		14.10	%		17.18	%		1.49	%
Ratios to average net assets (annualized)
Gross expenses3		0.43	%		0.44	%		0.41	%		0.40	%		0.39	%		0.40	%
Net expenses3		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income3		1.41	%		1.67	%		1.72	%		1.70	%		1.88	%		1.97	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		4	%		3	%		9	%		4	%
Net assets, end of period (000s omitted)		$386,717			$343,609			$460,934			$829,004			$1,151,522			$1,502,276

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.11	%
Year ended May 31, 2020	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%

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

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

Wells Fargo Index Fund  |  15

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Index Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 97% of Wells Fargo Index Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

16  |  Wells Fargo Index Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $124,152,783 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,027,838,389
Gross unrealized losses		0
Net unrealized gains	$	1,027,838,389

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Index Portfolio	Seeks to replicate the total return of the S&P 500 Index, before fees and expenses	$1,151,991,172

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Index Fund  |  17

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.45% for Class A shares, 1.20% for Class C shares, and 0.25% for Administrator Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $1,353 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C for the six months ended November 30, 2020.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $13,212,871 and $60,074,117, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

18  |  Wells Fargo Index Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the Master Portfolio concentrated its portfolio in investments related to the information technology sector.

8. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

12. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Index Fund  |  19

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.31%
Communication Services: 10.73%
Diversified Telecommunication Services: 1.51%
AT&T Incorporated		275,041	$	7,907,429
CenturyLink Incorporated		38,131		398,469
Verizon Communications Incorporated		159,738		9,649,773
				17,955,671
Entertainment: 1.98%
Activision Blizzard Incorporated		29,796		2,368,186
Electronic Arts Incorporated		11,148		1,424,157
Live Nation Entertainment Incorporated †		5,486		360,156
Netflix Incorporated †		17,024		8,353,677
Take-Two Interactive Software Incorporated †		4,414		796,771
The Walt Disney Company		69,757		10,324,734
				23,627,681
Interactive Media & Services: 5.66%
Alphabet Incorporated Class A †		11,599		20,349,286
Alphabet Incorporated Class C †		11,333		19,954,466
Facebook Incorporated Class A †		92,811		25,705,863
Twitter Incorporated †		30,532		1,420,043
				67,429,658
Media: 1.33%
Charter Communications Incorporated Class A †		5,774		3,764,590
Comcast Corporation Class A		175,975		8,840,984
Discovery Incorporated Class A †		6,184		166,411
Discovery Incorporated Class C †		11,950		287,039
DISH Network Corporation Class A †		9,524		341,626
Fox Corporation Class A		13,267		382,620
Fox Corporation Class B		6,047		171,614
Interpublic Group of Companies Incorporated		15,052		335,359
News Corporation Class A		15,016		265,032
News Corporation Class B		4,701		83,725
Omnicom Group Incorporated		8,294		522,522
ViacomCBS Incorporated Class B		21,763		767,799
				15,929,321
Wireless Telecommunication Services: 0.25%
T-Mobile US Incorporated †		22,458		2,985,567
Consumer Discretionary: 11.03%
Auto Components: 0.14%
Aptiv plc		10,424		1,237,329
BorgWarner Incorporated		9,436		366,589
				1,603,918
Automobiles: 0.29%
Ford Motor Company		150,840		1,369,627
General Motors Company		48,614		2,131,238
				3,500,865

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

20  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Distributors: 0.12%
Genuine Parts Company		5,569	$	547,823
LKQ Corporation †		10,807		380,623
Pool Corporation		1,547		535,432
				1,463,878
Hotels, Restaurants & Leisure: 1.64%
Carnival Corporation		19,992		399,440
Chipotle Mexican Grill Incorporated †		1,080		1,392,584
Darden Restaurants Incorporated		5,021		542,168
Domino’s Pizza Incorporated		1,519		596,314
Hilton Worldwide Holdings Incorporated		10,705		1,109,359
Las Vegas Sands Corporation		12,678		706,291
Marriott International Incorporated Class A		10,266		1,302,447
McDonald’s Corporation		28,724		6,245,747
MGM Resorts International		15,805		446,491
Norwegian Cruise Line Holdings Limited †		12,184		278,648
Royal Caribbean Cruises Limited		6,878		542,055
Starbucks Corporation		45,126		4,423,251
Wynn Resorts Limited		3,747		376,574
Yum! Brands Incorporated		11,635		1,230,983
				19,592,352
Household Durables: 0.40%
D.R. Horton Incorporated		12,776		951,812
Garmin Limited		5,758		672,304
Leggett & Platt Incorporated		5,111		220,284
Lennar Corporation Class A		10,601		804,192
Mohawk Industries Incorporated †		2,309		290,541
Newell Brands Incorporated		14,577		309,907
NVR Incorporated †		134		535,622
PulteGroup Incorporated		10,352		451,658
Whirlpool Corporation		2,405		468,037
				4,704,357
Internet & Direct Marketing Retail: 4.86%
Amazon.com Incorporated †		16,435		52,066,737
Booking Holdings Incorporated †		1,581		3,206,979
eBay Incorporated		25,666		1,294,336
Etsy Incorporated †		4,606		740,184
Expedia Group Incorporated		5,238		652,079
				57,960,315
Leisure Products: 0.04%
Hasbro Incorporated		4,919		457,615
Multiline Retail: 0.55%
Dollar General Corporation		9,613		2,101,210
Dollar Tree Incorporated †		9,161		1,000,748
Target Corporation		19,325		3,469,417
				6,571,375
Specialty Retail: 2.27%
Advance Auto Parts Incorporated		2,669		394,211
AutoZone Incorporated †		902		1,026,160
Best Buy Company Incorporated		8,892		967,450

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

Wells Fargo Index Portfolio  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Specialty Retail (continued)
CarMax Incorporated †		6,295	$	588,457
L Brands Incorporated		9,011		349,717
Lowe’s Companies Incorporated		29,173		4,545,737
O’Reilly Automotive Incorporated †		2,859		1,264,936
Ross Stores Incorporated		13,739		1,477,217
The Gap Incorporated		7,932		166,255
The Home Depot Incorporated		41,554		11,527,495
The TJX Companies Incorporated		46,286		2,939,624
Tiffany & Company		4,170		548,272
Tractor Supply Company		4,487		631,814
Ulta Beauty Incorporated †		2,174		598,720
				27,026,065
Textiles, Apparel & Luxury Goods: 0.72%
HanesBrands Incorporated		13,440		190,848
Nike Incorporated Class B		48,055		6,473,009
PVH Corporation		2,738		217,644
Ralph Lauren Corporation		1,859		159,409
Tapestry Incorporated		10,664		302,004
Under Armour Incorporated Class A †		7,278		120,596
Under Armour Incorporated Class C †		7,507		109,227
VF Corporation		12,334		1,028,656
				8,601,393
Consumer Staples: 6.60%
Beverages: 1.58%
Brown-Forman Corporation Class B		7,046		568,330
Constellation Brands Incorporated Class A		6,486		1,335,078
Molson Coors Brewing Company Class B		7,259		333,914
Monster Beverage Corporation †		14,251		1,208,200
PepsiCo Incorporated		53,450		7,709,094
The Coca-Cola Company		149,232		7,700,371
				18,854,987
Food & Staples Retailing: 1.54%
Costco Wholesale Corporation		17,044		6,677,328
Sysco Corporation		19,631		1,399,494
The Kroger Company		30,030		990,990
Walgreens Boots Alliance Incorporated		27,764		1,055,310
Walmart Incorporated		53,601		8,189,697
				18,312,819
Food Products: 1.02%
Archer Daniels Midland Company		21,449		1,067,517
Campbell Soup Company		7,815		390,906
ConAgra Brands Incorporated		18,856		689,375
General Mills Incorporated		23,583		1,434,318
Hormel Foods Corporation		10,832		511,054
Kellogg Company		9,796		626,062
Lamb Weston Holdings Incorporated		5,609		405,979
McCormick & Company Incorporated		4,785		894,699
Mondelez International Incorporated Class A		55,137		3,167,621
The Hershey Company		5,690		841,494
The J.M. Smucker Company		4,404		516,149
The Kraft Heinz Company		25,013		823,928
Tyson Foods Incorporated Class A		11,359		740,607
				12,109,709

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

22  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Household Products: 1.66%
Church & Dwight Company Incorporated		9,547	$	837,940
Colgate-Palmolive Company		33,098		2,834,513
Kimberly-Clark Corporation		13,165		1,834,016
The Clorox Company		4,872		988,821
The Procter & Gamble Company		96,105		13,346,101
				19,841,391
Personal Products: 0.18%
The Estee Lauder Companies Incorporated Class A		8,707		2,136,001
Tobacco: 0.62%
Altria Group Incorporated		71,738		2,857,325
Philip Morris International Incorporated		60,115		4,553,711
				7,411,036
Energy: 2.24%
Energy Equipment & Services: 0.21%
Baker Hughes Company		25,336		474,290
Halliburton Company		33,911		562,583
National Oilwell Varco Incorporated		14,989		183,765
Schlumberger Limited		53,584		1,114,011
TechnipFMC plc		16,305		135,495
				2,470,144
Oil, Gas & Consumable Fuels: 2.03%
Apache Corporation		14,571		187,820
Cabot Oil & Gas Corporation		15,386		269,563
Chevron Corporation		74,311		6,478,433
Concho Resources Incorporated		7,593		436,446
ConocoPhillips		41,403		1,637,903
Devon Energy Corporation		14,777		206,730
Diamondback Energy Incorporated		6,092		243,436
EOG Resources Incorporated		22,476		1,053,675
Exxon Mobil Corporation		163,219		6,223,540
Hess Corporation		10,552		497,843
HollyFrontier Corporation		5,754		134,586
Kinder Morgan Incorporated		75,145		1,080,585
Marathon Oil Corporation		30,474		180,406
Marathon Petroleum Corporation		25,118		976,588
Occidental Petroleum Corporation		32,315		509,284
ONEOK Incorporated		17,147		615,063
Phillips 66		16,858		1,021,258
Pioneer Natural Resources Company		6,341		637,778
The Williams Companies Incorporated		46,846		982,829
Valero Energy Corporation		15,740		846,340
				24,220,106
Financials: 10.13%
Banks: 3.66%
Bank of America Corporation		294,320		8,288,051
Citigroup Incorporated		80,365		4,425,701
Citizens Financial Group Incorporated		16,477		538,139
Comerica Incorporated		5,367		264,056
Fifth Third Bancorp		27,494		696,698

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

Wells Fargo Index Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Banks (continued)
First Republic Bank		6,644	$	860,797
Huntington Bancshares Incorporated		39,270		474,382
JPMorgan Chase & Company		117,645		13,867,993
KeyCorp		37,676		582,471
M&T Bank Corporation		4,952		576,858
People’s United Financial Incorporated		16,397		203,323
PNC Financial Services Group Incorporated		16,387		2,262,553
Regions Financial Corporation		37,065		565,983
SVB Financial Group †		1,998		689,030
Truist Financial Corporation		52,021		2,414,815
US Bancorp		52,916		2,286,500
Wells Fargo & Company (l)		159,043		4,349,826
Zions Bancorporation		6,330		244,275
				43,591,451
Capital Markets: 2.67%
Ameriprise Financial Incorporated		4,643		860,069
Bank of New York Mellon Corporation		31,461		1,230,754
BlackRock Incorporated		5,474		3,822,768
Cboe Global Markets Incorporated		4,198		383,361
CME Group Incorporated		13,844		2,423,115
Franklin Resources Incorporated		10,326		227,069
Intercontinental Exchange Incorporated		21,665		2,285,874
Invesco Limited		14,534		235,887
MarketAxess Holdings Incorporated		1,466		790,438
Moody’s Corporation		6,231		1,759,261
Morgan Stanley		55,118		3,407,946
MSCI Incorporated		3,229		1,322,017
Northern Trust Corporation		8,033		748,033
Raymond James Financial Incorporated		4,712		428,556
S&P Global Incorporated		9,303		3,272,609
State Street Corporation		13,603		958,739
T. Rowe Price Group Incorporated		8,762		1,256,558
The Charles Schwab Corporation		57,175		2,788,997
The Goldman Sachs Group Incorporated		13,282		3,062,564
The NASDAQ Incorporated		4,439		568,148
				31,832,763
Consumer Finance: 0.51%
American Express Company		25,176		2,985,622
Capital One Financial Corporation		17,627		1,509,576
Discover Financial Services		11,829		901,015
Synchrony Financial		20,957		638,560
				6,034,773
Diversified Financial Services: 1.47%
Berkshire Hathaway Incorporated Class B †		76,518		17,515,735
Insurance: 1.82%
AFLAC Incorporated		25,594		1,124,344
American International Group Incorporated		33,253		1,278,245
Aon plc Class A		8,942		1,832,126
Arthur J. Gallagher & Company		7,392		853,111
Assurant Incorporated		2,303		297,363
Chubb Limited		17,424		2,575,790
Cincinnati Financial Corporation		5,775		440,921

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

24  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Insurance (continued)
Everest Reinsurance Group Limited		1,543	$	350,770
Globe Life Incorporated		3,783		352,197
Lincoln National Corporation		7,012		331,107
Loews Corporation		9,202		385,656
Marsh & McLennan Companies Incorporated		19,553		2,241,556
MetLife Incorporated		29,782		1,375,035
Principal Financial Group Incorporated		9,855		490,680
Prudential Financial Incorporated		15,248		1,153,054
The Allstate Corporation		12,056		1,233,932
The Hartford Financial Services Group Incorporated		13,827		611,153
The Progressive Corporation		22,598		1,968,512
The Travelers Companies Incorporated		9,774		1,267,199
Unum Group		7,858		174,683
W.R. Berkley Corporation		5,428		353,526
Willis Towers Watson plc		4,974		1,035,537
				21,726,497
Health Care: 13.32%
Biotechnology: 1.89%
AbbVie Incorporated		68,127		7,124,722
Alexion Pharmaceuticals Incorporated †		8,461		1,033,173
Amgen Incorporated		22,609		5,020,102
Biogen Incorporated †		6,111		1,467,679
Gilead Sciences Incorporated		48,397		2,936,246
Incyte Corporation †		7,176		606,659
Regeneron Pharmaceuticals Incorporated †		4,036		2,082,697
Vertex Pharmaceuticals Incorporated †		10,055		2,290,026
				22,561,304
Health Care Equipment & Supplies: 3.72%
Abbott Laboratories		68,347		7,396,512
ABIOMED Incorporated †		1,739		476,660
Align Technology Incorporated †		2,768		1,332,211
Baxter International Incorporated		19,542		1,486,560
Becton Dickinson & Company		11,190		2,627,860
Boston Scientific Corporation †		55,227		1,830,775
Danaher Corporation		24,372		5,474,682
Dentsply Sirona Incorporated		8,434		429,206
DexCom Incorporated †		3,696		1,181,537
Edwards Lifesciences Corporation †		24,001		2,013,444
Hologic Incorporated †		9,997		691,093
IDEXX Laboratories Incorporated †		3,283		1,513,397
Intuitive Surgical Incorporated †		4,517		3,279,568
Medtronic plc		51,890		5,899,893
ResMed Incorporated		5,594		1,172,502
STERIS plc		3,283		636,278
Stryker Corporation		12,614		2,944,108
Teleflex Incorporated		1,796		687,419
The Cooper Companies Incorporated		1,897		635,912
Varian Medical Systems Incorporated †		3,518		612,062
West Pharmaceutical Services Incorporated		2,850		784,206
Zimmer Biomet Holdings Incorporated		7,993		1,191,916
				44,297,801

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

Wells Fargo Index Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care Providers & Services: 2.64%
AmerisourceBergen Corporation		5,674	$	585,046
Anthem Incorporated		9,709		3,024,548
Cardinal Health Incorporated		11,289		616,267
Centene Corporation †		22,369		1,379,049
Cigna Corporation		14,175		2,964,560
CVS Health Corporation		50,519		3,424,683
DaVita Incorporated †		2,905		319,114
HCA Healthcare Incorporated		10,178		1,527,820
Henry Schein Incorporated †		5,511		354,412
Humana Incorporated		5,107		2,045,456
Laboratory Corporation of America Holdings †		3,760		751,398
McKesson Corporation		6,261		1,126,417
Quest Diagnostics Incorporated		5,184		642,712
UnitedHealth Group Incorporated		36,685		12,338,633
Universal Health Services Incorporated Class B		2,999		391,609
				31,491,724
Health Care Technology: 0.08%
Cerner Corporation		11,788		882,214
Life Sciences Tools & Services: 1.19%
Agilent Technologies Incorporated		11,901		1,391,227
Bio-Rad Laboratories Incorporated Class A †		826		444,801
Illumina Incorporated †		5,636		1,815,299
IQVIA Holdings Incorporated †		7,383		1,247,653
Mettler-Toledo International Incorporated †		925		1,063,787
PerkinElmer Incorporated		4,316		574,028
Thermo Fisher Scientific Incorporated		15,271		7,100,710
Waters Corporation †		2,390		554,504
				14,192,009
Pharmaceuticals: 3.80%
Bristol-Myers Squibb Company		87,007		5,429,237
Catalent Incorporated †		6,336		609,143
Eli Lilly & Company		30,645		4,463,444
Johnson & Johnson		101,633		14,704,262
Merck & Company Incorporated		97,634		7,848,797
Perrigo Company plc		5,268		254,023
Pfizer Incorporated		214,508		8,217,801
Viatris Incorporated †		46,570		783,307
Zoetis Incorporated		18,342		2,941,690
				45,251,704
Industrials: 8.51%
Aerospace & Defense: 1.64%
General Dynamics Corporation		8,972		1,339,968
Howmet Aerospace Incorporated		15,152		355,466
Huntington Ingalls Industries Incorporated		1,563		250,377
L3Harris Technologies Incorporated		8,346		1,602,349
Lockheed Martin Corporation		9,496		3,466,040
Northrop Grumman Corporation		5,985		1,809,026
Raytheon Technologies Corporation		58,971		4,229,400
Teledyne Technologies Incorporated †		1,423		537,809
Textron Incorporated		8,803		397,015
The Boeing Company		20,482		4,315,762

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

26  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Aerospace & Defense (continued)
TransDigm Group Incorporated		2,092	$	1,211,665
				19,514,877
Air Freight & Logistics: 0.70%
C.H. Robinson Worldwide Incorporated		5,204		489,020
Expeditors International of Washington Incorporated		6,472		578,403
FedEx Corporation		9,305		2,666,627
United Parcel Service Incorporated Class B		27,295		4,669,356
				8,403,406
Airlines: 0.26%
Alaska Air Group Incorporated		4,773		243,280
American Airlines Group Incorporated «		21,118		298,397
Delta Air Lines Incorporated		24,623		991,076
Southwest Airlines Company		22,770		1,055,162
United Airlines Holdings Incorporated †		11,233		506,047
				3,093,962
Building Products: 0.47%
A.O. Smith Corporation		5,226		294,276
Allegion plc		3,560		405,982
Carrier Global Corporation		31,430		1,196,540
Fortune Brands Home & Security Incorporated		5,333		445,306
Johnson Controls International plc		28,722		1,322,361
Masco Corporation		10,096		541,852
Trane Technologies plc		9,240		1,351,258
				5,557,575
Commercial Services & Supplies: 0.42%
Cintas Corporation		3,356		1,192,387
Copart Incorporated †		7,975		920,714
Republic Services Incorporated		8,114		784,786
Rollins Incorporated		5,694		325,583
Waste Management Incorporated		15,003		1,787,307
				5,010,777
Construction & Engineering: 0.08%
Jacobs Engineering Group Incorporated		5,026		542,004
Quanta Services Incorporated		5,328		364,116
				906,120
Electrical Equipment: 0.49%
AMETEK Incorporated		8,864		1,050,650
Eaton Corporation plc		15,445		1,870,544
Emerson Electric Company		23,068		1,772,084
Rockwell Automation Incorporated		4,477		1,144,142
				5,837,420
Industrial Conglomerates: 1.22%
3M Company		22,236		3,840,824
General Electric Company		337,897		3,439,791
Honeywell International Incorporated		27,090		5,524,193
Roper Technologies Incorporated		4,042		1,725,934
				14,530,742

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

Wells Fargo Index Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Machinery: 1.67%
Caterpillar Incorporated		20,903	$	3,628,552
Cummins Incorporated		5,701		1,317,900
Deere & Company		12,097		3,164,817
Dover Corporation		5,558		678,243
Flowserve Corporation		5,024		171,218
Fortive Corporation		13,012		912,532
IDEX Corporation		2,915		563,032
Illinois Tool Works Incorporated		11,106		2,344,366
Ingersoll Rand Incorporated †		14,328		634,301
Otis Worldwide Corporation		15,715		1,051,962
PACCAR Incorporated		13,362		1,163,296
Parker-Hannifin Corporation		4,963		1,326,411
Pentair plc		6,404		331,855
Snap-on Incorporated		2,103		369,813
Stanley Black & Decker Incorporated		6,164		1,136,087
Wabtec Corporation		6,905		506,137
Xylem Incorporated		6,947		666,704
				19,967,226
Professional Services: 0.33%
Equifax Incorporated		4,689		782,594
IHS Markit Limited		14,399		1,432,125
Nielsen Holdings plc		13,772		222,693
Robert Half International Incorporated		4,425		283,997
Verisk Analytics Incorporated		6,268		1,243,007
				3,964,416
Road & Rail: 1.02%
CSX Corporation		29,533		2,659,447
J.B. Hunt Transport Services Incorporated		3,218		435,331
Kansas City Southern		3,642		678,031
Norfolk Southern Corporation		9,848		2,334,173
Old Dominion Freight Line Incorporated		3,714		755,279
Union Pacific Corporation		26,205		5,347,916
				12,210,177
Trading Companies & Distributors: 0.21%
Fastenal Company		22,143		1,094,971
United Rentals Incorporated †		2,782		631,458
W.W. Grainger Incorporated		1,737		726,587
				2,453,016
Information Technology: 26.83%
Communications Equipment: 0.79%
Arista Networks Incorporated †		2,113		571,989
Cisco Systems Incorporated		163,420		7,030,328
F5 Networks Incorporated †		2,361		384,394
Juniper Networks Incorporated		12,806		278,787
Motorola Solutions Incorporated		6,554		1,124,208
				9,389,706
Electronic Equipment, Instruments & Components: 0.59%
Amphenol Corporation Class A		11,518		1,506,670
CDW Corporation of Delaware		5,507		718,608

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

28  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Corning Incorporated		29,374	$	1,099,175
FLIR Systems Incorporated		5,062		193,571
IPG Photonics Corporation †		1,377		285,053
Keysight Technologies Incorporated †		7,224		867,169
TE Connectivity Limited		12,740		1,451,978
Vontier Corporation †		5,205		172,650
Zebra Technologies Corporation Class A †		2,059		779,167
				7,074,041
IT Services: 5.39%
Accenture plc Class A		24,559		6,117,401
Akamai Technologies Incorporated †		6,281		650,146
Automatic Data Processing Incorporated		16,598		2,886,060
Broadridge Financial Solutions Incorporated		4,446		653,028
Cognizant Technology Solutions Corporation Class A		20,932		1,635,417
DXC Technology Company		9,813		215,003
Fidelity National Information Services Incorporated		23,918		3,549,670
Fiserv Incorporated †		21,456		2,471,302
FleetCor Technologies Incorporated †		3,245		860,606
Gartner Incorporated †		3,445		523,640
Global Payments Incorporated		11,551		2,254,640
International Business Machines Corporation		34,378		4,246,371
Jack Henry & Associates Incorporated		2,959		475,985
Leidos Holdings Incorporated		5,160		519,612
MasterCard Incorporated Class A		34,100		11,474,991
Paychex Incorporated		12,367		1,151,986
PayPal Holdings Incorporated †		45,292		9,697,923
VeriSign Incorporated †		3,902		783,209
Visa Incorporated Class A		65,084		13,690,419
Western Union Company		15,866		357,937
				64,215,346
Semiconductors & Semiconductor Equipment: 5.10%
Advanced Micro Devices Incorporated †		45,321		4,199,444
Analog Devices Incorporated		14,266		1,984,115
Applied Materials Incorporated		35,255		2,907,832
Broadcom Incorporated		15,525		6,234,530
Intel Corporation		164,176		7,937,910
KLA Corporation		6,001		1,512,072
Lam Research Corporation		5,621		2,544,402
Maxim Integrated Products Incorporated		10,306		855,810
Microchip Technology Incorporated		9,745		1,309,631
Micron Technology Incorporated †		42,887		2,748,628
NVIDIA Corporation		23,818		12,767,877
Qorvo Incorporated †		4,410		690,959
QUALCOMM Incorporated		43,554		6,409,842
Skyworks Solutions Incorporated		6,448		910,264
Teradyne Incorporated		6,409		707,169
Texas Instruments Incorporated		35,358		5,701,478
Xilinx Incorporated		9,431		1,372,682
				60,794,645
Software: 8.48%
Adobe Incorporated †		18,516		8,859,351
ANSYS Incorporated †		3,312		1,119,655
Autodesk Incorporated †		8,465		2,372,147

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

Wells Fargo Index Portfolio  |  29

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Software (continued)
Cadence Design Systems Incorporated †		10,762	$	1,251,621
Citrix Systems Incorporated		4,769		590,974
Fortinet Incorporated †		5,185		638,948
Intuit Incorporated		10,106		3,557,514
Microsoft Corporation		292,129		62,536,055
NortonLifeLock Incorporated		22,814		415,899
Oracle Corporation		74,629		4,307,586
Paycom Software Incorporated †		1,890		788,281
Salesforce.com Incorporated †		35,128		8,634,462
ServiceNow Incorporated †		7,404		3,957,808
Synopsys Incorporated †		5,858		1,332,695
Tyler Technologies Incorporated †		1,553		664,063
				101,027,059
Technology Hardware, Storage & Peripherals: 6.48%
Apple Incorporated		620,585		73,880,644
Hewlett Packard Enterprise Company		49,657		548,213
HP Incorporated		53,020		1,162,729
NetApp Incorporated		8,570		456,867
Seagate Technology plc		8,616		506,707
Western Digital Corporation		11,678		524,109
Xerox Holdings Corporation		6,907		151,194
				77,230,463
Materials: 2.64%
Chemicals: 1.85%
Air Products & Chemicals Incorporated		8,527		2,388,754
Albemarle Corporation		4,106		558,293
Celanese Corporation Series A		4,566		590,521
CF Industries Holdings Incorporated		8,256		307,949
Corteva Incorporated		28,896		1,107,295
Dow Incorporated		28,609		1,516,563
DuPont de Nemours Incorporated		28,327		1,797,065
Eastman Chemical Company		5,225		508,915
Ecolab Incorporated		9,584		2,129,086
FMC Corporation		5,002		580,282
International Flavors & Fragrances Incorporated «		4,128		462,749
Linde plc		20,280		5,200,198
LyondellBasell Industries NV Class A		9,923		844,447
PPG Industries Incorporated		9,109		1,336,928
The Mosaic Company		13,317		292,441
The Sherwin-Williams Company		3,163		2,364,754
				21,986,240
Construction Materials: 0.11%
Martin Marietta Materials Incorporated		2,404		638,575
Vulcan Materials Company		5,113		714,030
				1,352,605
Containers & Packaging: 0.36%
Amcor plc		60,547		685,998
Avery Dennison Corporation		3,222		481,173
Ball Corporation		12,606		1,210,302
International Paper Company		15,174		750,810
Packaging Corporation of America		3,661		475,930

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

30  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Containers & Packaging (continued)
Sealed Air Corporation		6,009	$	270,766
WestRock Company		10,023		423,071
				4,298,050
Metals & Mining: 0.32%
Freeport-McMoRan Incorporated		56,059		1,311,220
Newmont Corporation		31,000		1,823,420
Nucor Corporation		11,654		625,820
				3,760,460
Real Estate: 2.46%
Equity REITs: 2.40%
Alexandria Real Estate Equities Incorporated		4,528		741,369
American Tower Corporation		17,123		3,958,838
Apartment Investment & Management Company Class A		7,077		214,787
AvalonBay Communities Incorporated		5,433		905,083
Boston Properties Incorporated		5,467		536,641
Crown Castle International Corporation		16,200		2,714,634
Digital Realty Trust Incorporated		10,384		1,399,244
Duke Realty Corporation		14,305		544,448
Equinix Incorporated		3,419		2,385,744
Equity Residential Company Limited		13,219		765,644
Essex Property Trust Incorporated		2,517		618,880
Extra Space Storage Incorporated		4,982		561,621
Federal Realty Investment Trust		2,657		231,744
Healthpeak Properties Incorporated		20,780		599,711
Host Hotels & Resorts Incorporated		27,225		381,967
Iron Mountain Incorporated		11,123		305,883
Kimco Realty Corporation		16,696		241,090
Mid-America Apartment Communities Incorporated		4,415		556,996
Prologis Incorporated		28,518		2,853,226
Public Storage Incorporated		5,871		1,317,805
Realty Income Corporation		13,319		798,740
Regency Centers Corporation		6,090		277,582
SBA Communications Corporation		4,321		1,240,905
Simon Property Group Incorporated		12,555		1,036,666
SL Green Realty Corporation		2,828		163,741
UDR Incorporated		11,390		438,173
Ventas Incorporated		14,402		690,000
Vornado Realty Trust		6,051		235,444
Welltower Incorporated		16,109		1,014,545
Weyerhaeuser Company		28,808		836,584
				28,567,735
Real Estate Management & Development: 0.06%
CBRE Group Incorporated Class A †		12,942		791,274
Utilities: 2.82%
Electric Utilities: 1.77%
Alliant Energy Corporation		9,637		506,906
American Electric Power Company Incorporated		19,153		1,625,898
Duke Energy Corporation		28,389		2,630,525
Edison International		14,600		895,856
Entergy Corporation		7,729		841,302
Evergy Incorporated		8,756		485,170

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

Wells Fargo Index Portfolio  |  31

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
Electric Utilities (continued)
Eversource Energy					13,228	$	1,157,582
Exelon Corporation					37,618		1,544,971
FirstEnergy Corporation					20,927		555,821
NextEra Energy Incorporated					75,606		5,563,846
NRG Energy Incorporated					9,424		308,636
Pinnacle West Capital Corporation					4,345		355,638
PPL Corporation					29,677		843,420
The Southern Company					40,769		2,440,025
Xcel Energy Incorporated					20,279		1,365,993
							21,121,589
Gas Utilities: 0.04%
Atmos Energy Corporation					4,762		456,628
Independent Power & Renewable Electricity Producers: 0.04%
AES Corporation					25,676		524,817
Multi-Utilities: 0.88%
Ameren Corporation					9,538		741,866
CenterPoint Energy Incorporated					21,031		487,709
CMS Energy Corporation					11,051		680,079
Consolidated Edison Incorporated					12,912		984,540
Dominion Energy Incorporated					32,431		2,545,509
DTE Energy Company					7,437		935,649
NiSource Incorporated					14,786		357,821
Public Service Enterprise Group Incorporated					19,523		1,137,800
Sempra Energy					11,166		1,423,442
WEC Energy Group Incorporated					12,177		1,156,206
							10,450,621
Water Utilities: 0.09%
American Water Works Company Incorporated					6,995		1,072,888
Total Common Stocks (Cost $292,003,222)							1,159,708,080
	Yield
Short-Term Investments: 2.29%
Investment Companies: 2.29%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		759,475		759,475
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02			26,524,325		26,524,325
Total Short-Term Investments (Cost $27,283,800)							27,283,800

Total investments in securities (Cost $319,287,022)	99.60	%		1,186,991,880
Other assets and liabilities, net	0.40			4,762,103
Total net assets	100.00	%	$	1,191,753,983

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

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

32  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
E-Mini S&P 500 Index		176		12-18-2020	$	29,704,327	$	31,884,160	$	2,179,833	$	0

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)			Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Common Stocks
Financials
Banks
Wells Fargo & Company	$	4,100,362	$	374,346	$	(266,767	)	$	(12,701	)	$	154,586	$	4,349,826		0.36	%		159,043	$	31,013
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		4,270,675		(3,511,200	)		0			0		759,475					759,475		269	#
Wells Fargo Government Money Market Fund Select Class		30,205,942		66,530,491		(70,212,108	)		0			0		26,524,325					26,524,325		8,479
														27,283,800		2.29
								$	(12,701	)	$	154,586	$	31,633,626		2.65	%			$	39,761

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Index Portfolio  |  33

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $739,793 of securities loaned), at value (cost $288,412,508)	$	1,155,358,254
Investments in affiliated securities, at value (cost $30,874,514)		31,633,626
Segregated cash for futures contracts		3,867,009
Receivable for dividends		1,804,218
Receivable for securities lending income, net		884
Prepaid expenses and other assets		156,087
Total assets		1,192,820,078
Liabilities
Payable upon receipt of securities loaned		759,475
Payable for investments purchased		41,210
Payable for daily variation margin on open futures contracts		120,688
Advisory fee payable		92,565
Accrued expenses and other liabilities		52,157
Total liabilities		1,066,095
Total net assets	$	1,191,753,983

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

34  |  Wells Fargo Index Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $46,145)	$	9,304,900
Income from affiliated securities		41,288
Interest		1,009
Total investment income		9,347,197
Expenses
Advisory fee		547,788
Custody and accounting fees		37,198
Professional fees		28,258
Shareholder report expenses		3,500
Trustees’ fees and expenses		9,556
Other fees and expenses		16,680
Net expenses		642,980
Net investment income		8,704,217
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		36,035,120
Affiiliated securities		(12,701	)
Futures contracts		4,245,394
Net realized gains on investments		40,267,813
Net change in unrealized gains (losses) on
Unaffiliated securities		153,393,045
Affiiliated securities		154,586
Futures contracts		1,514,162
Net change in unrealized gains (losses) on investments		155,061,793
Net realized and unrealized gains (losses) on investments		195,329,606
Net increase in net assets resulting from operations	$	204,033,823

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

Wells Fargo Index Portfolio  |  35

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	8,704,217		$	20,718,704
Net realized gains on investments		40,267,813			187,218,582
Net change in unrealized gains (losses) on investments		155,061,793			(66,539,266	)
Net increase in net assets resulting from operations		204,033,823			141,398,020
Capital transactions
Transactions in investors’ beneficial interests
Contributions		4,037,341			47,457,547
Withdrawals		(71,822,449	)		(328,736,831	)
Net decrease in net assets resulting from capital transactions		(67,785,108	)		(281,279,284	)
Total increase (decrease) in net assets		136,248,715			(139,881,264	)
Net assets
Beginning of period		1,055,505,268			1,195,386,532
End of period	$	1,191,753,983		$	1,055,505,268

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

36  |  Wells Fargo Index Portfolio

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		19.92	%		12.74	%		3.67	%		14.27	%		17.36	%		1.62	%
Ratios to average net assets (annualized)
Gross expenses		0.11	%		0.12	%		0.11	%		0.10	%		0.10	%		0.11	%
Net expenses		0.11	%		0.12	%		0.11	%		0.10	%		0.10	%		0.10	%
Net investment income		1.55	%		1.80	%		1.86	%		1.84	%		2.03	%		2.12	%
Supplemental data
Portfolio turnover rate		2	%		3	%		4	%		3	%		9	%		4	%

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

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

Wells Fargo Index Portfolio  |  37

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in

38  |  Wells Fargo Index Portfolio

Notes to financial statements (unaudited)

order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Security transactions and income recognition

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

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

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

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $319,330,636 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	878,928,396
Gross unrealized losses		(9,087,319	)
Net unrealized gains	$	869,841,077

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Wells Fargo Index Portfolio   |  39

Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	127,927,898	$	0	$	0	$	127,927,898
Consumer discretionary		131,482,133		0		0		131,482,133
Consumer staples		78,665,943		0		0		78,665,943
Energy		26,690,250		0		0		26,690,250
Financials		120,701,219		0		0		120,701,219
Health care		158,676,756		0		0		158,676,756
Industrials		101,449,714		0		0		101,449,714
Information technology		319,731,260		0		0		319,731,260
Materials		31,397,355		0		0		31,397,355
Real estate		29,359,009		0		0		29,359,009
Utilities		33,626,543		0		0		33,626,543
Short-term investments
Investment companies		27,283,800		0		0		27,283,800
		1,186,991,880		0		0		1,186,991,880
Futures contracts		2,179,833		0		0		2,179,833
Total assets	$	1,189,171,713	$	0	$	0	$	1,189,171,713

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

Futures contracts reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.100	%
Next $500 million		0.100
Next $2 billion		0.075
Next $2 billion		0.075
Over $5 billion		0.050

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.10% of the Portfolio’s average daily net assets.

40  |  Wells Fargo Index Portfolio

Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.02% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $13,668,935 and $62,147,671, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Morgan Stanley & Co. LLC	$	440,193	$	(440,193	)	$	0
National Financial Services LLC		299,600		(299,600	)		0

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

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $30,694,638 in long futures contracts during the six months ended November 30, 2020.

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

8. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

Wells Fargo Index Portfolio   |  41

Notes to financial statements (unaudited)

9. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

12. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

42  |  Wells Fargo Index Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Index Fund   |  43

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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

44  |  Wells Fargo Index Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Wells Fargo Index Fund   |  45

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 wfam.com.

46  |  Wells Fargo Index Fund

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00729 01-20

SA283/SAR283 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo International Value Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo International Value Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo International Value Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	29
Statement of operations	30
Statement of changes in net assets	31
Financial highlights	32
Notes to financial statements	33
Other information	38

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo International Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo International Value Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo International Value Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

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

Wells Fargo International Value Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

4  |  Wells Fargo International Value Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

LSV Asset Management

Portfolio managers

Josef Lakonishok, Ph.D.

Puneet Mansharamani, CFA^®‡

Menno Vermeulen, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFFAX)	10-31-2003		-8.85		1.79		2.94		-3.29		3.00		3.55		1.37		1.24
Class C (WFVCX)	4-8-2005		-5.03		2.23		2.77		-4.03		2.23		2.77		2.12		1.99
Class R6 (WFRVX)4	7-31-2018		–		–		–		-2.92		3.40		3.97		0.94		0.84
Administrator Class (WFVDX)	4-8-2005		–		–		–		-3.19		3.10		3.69		1.29		1.14
Institutional Class (WFVIX)	8-31-2006		–		–		–		-2.85		3.37		3.96		10.4		0.89
MSCI EAFE Value Index (Net)5	–		–		–		–		-3.35		2.90		3.75		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo International Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
Roche Holding AG	2.59
Sanofi SA	2.03
Novartis AG	1.86
KDDI Corporation	1.52
Nippon Telegraph & Telephone Corporation	1.48
GlaxoSmithKline plc	1.40
Volvo AB Class B	1.24
Securities Lending Cash Investments LLC	1.16
Koninklijke Ahold Delhaize NV	1.14
Bayer AG	1.08

Sector allocation as of November 30, 2020⁷

Geographic allocation as of November 30, 2020⁷

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.24% for Class A, 1.99% for Class C, 0.84% for Class R6, 1.14% for Administrator Class, and 0.89% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo International Value Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,175.63	$	6.76		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.28		1.24	%
Class C
Actual	$	1,000.00	$	1,172.27	$	10.78		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.14	$	10.00		1.98	%
Class R6
Actual	$	1,000.00	$	1,178.72	$	4.59		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.26		0.84	%
Administrator Class
Actual	$	1,000.00	$	1,176.67	$	6.22		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.35	$	5.77		1.14	%
Institutional Class
Actual	$	1,000.00	$	1,178.57	$	4.86		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.51		0.89	%

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

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

8  |  Wells Fargo International Value Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 99.80%
Affiliated Master Portfolio: 99.80%
Wells Fargo International Value Portfolio	$	153,230,473
Total Investment Companies (Cost $161,761,570)		153,230,473

Total investments in securities (Cost $161,761,570)	99.80	%		153,230,473
Other assets and liabilities, net	0.20			301,262
Total net assets	100.00	%	$	153,531,735

Transactions with the affiliated Master Portfolio were as follows:    

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo International Value Portfolio		75	%		52	%	$	(58,553,038	)	$	104,192,457	$	2,510,396	$	20,482	$	153,230,473		99.80	%

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

Wells Fargo International Value Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $161,761,570)	$	153,230,473
Receivable for Fund shares sold		377,540
Receivable from manager		48,354
Prepaid expenses and other assets		147,024
Total assets		153,803,391
Liabilities
Payable for Fund shares redeemed		138,635
Administration fees payable		18,551
Distribution fee payable		245
Trustees’ fees and expenses payable		1,097
Accrued expenses and other liabilities		113,128
Total liabilities		271,656
Total net assets	$	153,531,735
Net assets consist of
Paid-in capital	$	231,189,091
Total distributable loss		(77,657,356	)
Total net assets	$	153,531,735
Computation of net asset value and offering price per share
Net assets – Class A	$	52,370,609
Shares outstanding – Class A1		3,743,561
Net asset value per share – Class A		$13.99
Maximum offering price per share – Class A2		$14.84
Net assets – Class C	$	398,773
Shares outstanding – Class C1		29,308
Net asset value per share – Class C		$13.61
Net assets – Class R6	$	10,292,892
Shares outstanding – Class R6		743,230
Net asset value per share – Class R6		$13.85
Net assets – Administrator Class	$	2,125,741
Shares outstanding – Administrator Class1		150,558
Net asset value per share – Administrator Class		$14.12
Net assets – Institutional Class	$	88,343,720
Shares outstanding – Institutional Class1		6,375,295
Net asset value per share – Institutional Class		$13.86

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo International Value Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $302,189)	$	2,510,396
Affiliated income allocated from affiliated Master Portfolio		20,482
Expenses allocated from affiliated Master Portfolio		(826,557	)
Waivers allocated from affiliated Master Portfolio		76,053
Total investment income		1,780,374
Expenses
Management fee		43,666
Administration fees
Class A		58,471
Class C		435
Class R6		780
Administrator Class		1,493
Institutional Class		72,191
Shareholder servicing fees
Class A		69,535
Class C		512
Administrator Class		2,858
Distribution fee
Class C		1,535
Custody and accounting fees		13,000
Professional fees		19,711
Registration fees		92,225
Shareholder report expenses		101,578
Trustees’ fees and expenses		11,029
Other fees and expenses		12,735
Total expenses		501,754
Less: Fee waivers and/or expense reimbursements
Fund-level		(359,745	)
Class A		(11,913	)
Class C		(70	)
Class R6		(519	)
Administrator Class		(675	)
Net expenses		128,832
Net investment income		1,651,542
Realized and unrealized gains (losses) on investments
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(58,553,038	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		104,192,457
Net realized and unrealized gains (losses) on investments		45,639,419
Net increase in net assets resulting from operations	$	47,290,961

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

Wells Fargo International Value Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	1,651,542					$	17,494,448
Net realized losses on investments					(58,553,038	)					(11,553,693	)
Net change in unrealized gains (losses) on investments					104,192,457						(47,127,244	)
Net increase (decrease) in net assets resulting from operations					47,290,961						(41,186,489	)
Distributions to shareholders from Net investment income
Class A					0						(1,987,586	)
Class C					0						(10,928	)
Class R6					0						(20,220	)
Administrator Class					0						(93,039	)
Institutional Class					0						(29,054,083	)
Total distributions to shareholders					0						(31,165,856	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		307,280			3,941,400			2,695,644			34,135,676
Class C		939			11,588			7,349			103,617
Class R6		541,971			6,826,572			245,451			3,473,318
Administrator Class		8,425			109,023			12,438			168,373
Institutional Class		1,808,210			22,476,530			14,319,614			186,253,039
					33,365,113						224,134,023
Reinvestment of distributions
Class A		0			0			131,792			1,986,109
Class C		0			0			741			10,928
Class R6		0			0			1,307			19,422
Administrator Class		0			0			6,052			91,935
Institutional Class		0			0			1,945,419			28,908,926
					0						31,017,320
Payment for shares redeemed
Class A		(1,978,359	)		(24,918,884	)		(1,650,931	)		(23,070,567	)
Class C		(7,277	)		(92,056	)		(23,596	)		(307,728	)
Class R6		(40,631	)		(516,704	)		(29,425	)		(350,322	)
Administrator Class		(47,104	)		(613,727	)		(76,336	)		(1,034,358	)
Institutional Class		(38,834,505	)		(481,133,315	)		(31,599,337	)		(426,275,889	)
					(507,274,686	)					(451,038,864	)
Net decrease in net assets resulting from capital share transactions					(473,909,573	)					(195,887,521	)
Total decrease in net assets					(426,618,612	)					(268,239,866	)
Net assets
Beginning of period					580,150,347						848,390,213
End of period				$	153,531,735					$	580,150,347

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

12  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.90			$13.55			$15.68			$14.88			$12.83			$14.85
Net investment income		0.10	1		0.27	1		0.47	1		0.72	1		0.09	1		0.26
Net realized and unrealized gains (losses) on investments		1.99			(1.49	)		(2.27	)		0.35			2.26			(2.08	)
Total from investment operations		2.09			(1.22	)		(1.80	)		1.07			2.35			(1.82	)
Distributions to shareholders from
Net investment income		0.00			(0.43	)		(0.33	)		(0.27	)		(0.30	)		(0.20	)
Net asset value, end of period		$13.99			$11.90			$13.55			$15.68			$14.88			$12.83
Total return2		17.56	%		(9.66	)%		(11.42	)%		7.12	%		18.65	%		(12.31	)%
Ratios to average net assets (annualized)
Gross expenses3		1.69	%		1.37	%		1.34	%		1.34	%		1.39	%		1.46	%
Net expenses3		1.24	%		1.25	%		1.33	%		1.34	%		1.35	%		1.39	%
Net investment income3		1.58	%		1.99	%		3.22	%		4.48	%		0.69	%		1.98	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$52,371			$64,414			$57,427			$38,677			$2,571			$4,981

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.87	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.85	%
Year ended May 31, 2016	0.91	%

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

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

Wells Fargo International Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.61			$13.20			$15.24			$14.60			$12.56			$14.54
Net investment income		0.05	1		0.15	1		0.36			0.21			0.23			0.17
Net realized and unrealized gains (losses) on investments		1.95			(1.46	)		(2.21	)		0.73			1.97			(2.05	)
Total from investment operations		2.00			(1.31	)		(1.85	)		0.94			2.20			(1.88	)
Distributions to shareholders from
Net investment income		0.00			(0.28	)		(0.19	)		(0.30	)		(0.16	)		(0.10	)
Net asset value, end of period		$13.61			$11.61			$13.20			$15.24			$14.60			$12.56
Total return2		17.23	%		(10.38	)%		(12.10	)%		6.36	%		17.69	%		(12.95	)%
Ratios to average net assets (annualized)
Gross expenses3		2.43	%		2.12	%		2.08	%		2.10	%		2.16	%		2.21	%
Net expenses3		1.98	%		2.00	%		2.08	%		2.10	%		2.10	%		2.14	%
Net investment income3		0.83	%		1.13	%		1.92	%		1.40	%		1.57	%		1.25	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$399			$414			$675			$1,135			$832			$783

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.86	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%

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

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

14  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			20191
Net asset value, beginning of period		$11.75			$13.39			$15.44
Net investment income		0.19			0.37	2		0.51
Net realized and unrealized gains (losses) on investments		1.91			(1.52	)		(2.19	)
Total from investment operations		2.10			(1.15	)		(1.68	)
Distributions to shareholders from
Net investment income		0.00			(0.49	)		(0.37	)
Net asset value, end of period		$13.85			$11.75			$13.39
Total return3		17.87	%		(9.27	)%		(10.85	)%
Ratios to average net assets (annualized)
Gross expenses4		1.26	%		0.97	%		0.92	%
Net expenses4		0.84	%		0.84	%		0.89	%
Net investment income4		1.96	%		3.01	%		7.19	%
Supplemental data
Portfolio turnover rate5		2	%		20	%		13	%
Net assets, end of period (000s omitted)		$10,293			$2,843			$329

¹ For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

² Calculated based upon average shares outstanding

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

⁴ Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.85	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 20191	0.79	%

⁵ Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo International Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$12.00			$13.66			$15.76			$15.04			$12.91			$14.73
Net investment income		0.11	1		0.27	1		0.43	1		0.37	1		0.33	1		0.14	1
Net realized and unrealized gains (losses) on investments		2.01			(1.49	)		(2.23	)		0.73			2.05			(1.96	)
Total from investment operations		2.12			(1.22	)		(1.80	)		1.10			2.38			(1.82	)
Distributions to shareholders from
Net investment income		0.00			(0.44	)		(0.30	)		(0.38	)		(0.25	)		0.00
Net asset value, end of period		$14.12			$12.00			$13.66			$15.76			$15.04			$12.91
Total return2		17.67	%		(9.60	)%		(11.33	)%		7.25	%		18.66	%		(12.36	)%
Ratios to average net assets (annualized)
Gross expenses3		1.61	%		1.29	%		1.25	%		1.27	%		1.33	%		1.36	%
Net expenses3		1.14	%		1.15	%		1.24	%		1.25	%		1.25	%		1.25	%
Net investment income3		1.72	%		1.99	%		2.92	%		2.30	%		2.46	%		0.99	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$2,126			$2,271			$3,375			$5,961			$5,407			$11,873

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.86	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%

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

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

16  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.76			$13.39			$15.48			$14.80			$12.73			$14.75
Net investment income		0.13	1		0.29	1		0.48	1		0.41			0.39			0.36
Net realized and unrealized gains (losses) on investments		1.97			(1.44	)		(2.22	)		0.71			1.99			(2.12	)
Total from investment operations		2.10			(1.15	)		(1.74	)		1.12			2.38			(1.76	)
Distributions to shareholders from
Net investment income		0.00			(0.48	)		(0.35	)		(0.44	)		(0.31	)		(0.26	)
Net asset value, end of period		$13.86			$11.76			$13.39			$15.48			$14.80			$12.73
Total return2		17.86	%		(9.32	)%		(11.13	)%		7.51	%		19.04	%		(11.98	)%
Ratios to average net assets (annualized)
Gross expenses3		1.30	%		1.04	%		1.01	%		1.02	%		1.07	%		1.13	%
Net expenses3		0.89	%		0.90	%		0.99	%		1.00	%		1.00	%		1.00	%
Net investment income3		2.05	%		2.13	%		3.35	%		2.43	%		2.95	%		2.81	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$88,344			$510,209			$786,584			$825,247			$713,180			$456,239

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.86	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.86	%
Year ended May 31, 2016	0.91	%

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

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

Wells Fargo International Value Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 52% of Wells Fargo International Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo International Value Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $166,393,416 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		(13,162,943	)
Net unrealized losses	$	(13,162,943	)

As of May 31, 2020, the Fund had capital loss carryforwards which consisted of $13,306,325 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Wells Fargo International Value Portfolio	Seek long-term capital appreciation	$153,230,473

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo International Value Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.24% for Class A shares, 1.99% for Class C shares, 0.84% for Class R6 shares, 1.14% for Administrator Class shares, and 0.89% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $24 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2020.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $4,559,914 and $291,780,550, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo International Value Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of geographic regions. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any geographic region, the Fund may in turn be more affected by changes in that geographic region than a fund whose investments are not heavily weighted in any geographic region. As of the end of the period, the Master Portfolio concentrated its portfolio in investments in Europe.

8. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo International Value Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.48%
Australia: 5.55%
AGL Energy Limited (Utilities, Multi-Utilities)		132,100	$	1,309,068
Beach Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		906,700		1,171,391
BlueScope Steel Limited (Materials, Metals & Mining)		126,700		1,590,371
Fortescue Metals Group Limited (Materials, Metals & Mining)		188,500		2,522,456
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		534,000		1,807,040
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		104,900		1,090,346
Metcash Limited (Consumer Staples, Food & Staples Retailing)		498,500		1,079,476
Mirvac Group (Real Estate, Equity REITs)		439,900		833,104
Qantas Airways Limited (Industrials, Airlines) †		366,700		1,448,168
Rio Tinto Limited (Materials, Metals & Mining)		15,900		1,183,479
St. Barbara Limited (Materials, Metals & Mining)		559,600		1,006,397
Super Cheap Auto Group Limited (Consumer Discretionary, Specialty Retail)		183,200		1,328,642
				16,369,938
Austria: 0.74%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		34,400		1,165,367
Raiffeisen Bank International AG (Financials, Banks) †		52,900		1,013,415
				2,178,782
Belgium: 0.78%
Bpost SA (Industrials, Air Freight & Logistics)		105,700		1,278,495
UCB SA (Health Care, Pharmaceuticals)		9,600		1,025,584
				2,304,079
Brazil: 0.76%
Banco do Brasil SA (Financials, Banks)		121,700		769,172
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		225,900		626,586
JBS SA (Consumer Staples, Food Products)		197,500		853,422
				2,249,180
Canada: 0.97%
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		22,400		1,107,323
Magna International Incorporated (Consumer Discretionary, Auto Components)		28,500		1,747,702
				2,855,025
China: 2.28%
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development)		632,000		913,218
China Communications Services Corporation Limited Class H (Industrials, Construction & Engineering)		1,302,000		695,426
China Railway Construction Corporation Limited Class H (Industrials, Construction & Engineering)		957,000		632,152
China Resources Cement Holdings Limited (Materials, Construction Materials)		1,076,000		1,338,224
China Telecom Corporation Limited Class H (Communication Services, Diversified Telecommunication Services)		2,794,000		843,493
Shanghai Pharmaceuticals Holding Company Limited Class H (Health Care, Health Care Providers & Services)		458,900		776,768
Shenzhen International Holdings Limited Class H (Industrials, Transportation Infrastructure)		502,000		825,111
YiChang HEC ChangJiang Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals) 144A		541,000		704,950
				6,729,342
Denmark: 1.37%
Danske Bank AS (Financials, Banks) †		63,800		1,051,542
DFDS AS (Industrials, Marine) †		23,600		1,021,121
Pandora AS (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		9,100		911,429

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

22  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Denmark (continued)
Sydbank AS (Financials, Banks) †		51,500	$	1,067,931
				4,052,023
Finland: 0.33%
Nordea Bank AB (Financials, Banks) †		115,100		983,266
France: 9.90%
Arkema SA (Materials, Chemicals)		20,400		2,377,933
AXA SA (Financials, Insurance)		84,900		1,996,294
BNP Paribas SA (Financials, Banks) †		44,100		2,260,161
Bouygues SA (Industrials, Construction & Engineering)		38,600		1,536,950
Capgemini SE (Information Technology, IT Services)		13,300		1,845,089
Carrefour SA (Consumer Staples, Food & Staples Retailing)		71,300		1,167,740
Compagnie de Saint-Gobain SA (Industrials, Building Products) †		52,900		2,512,713
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		16,600		2,068,248
Credit Agricole SA (Financials, Banks) †		124,500		1,436,685
Engie SA (Utilities, Multi-Utilities) †		62,200		917,796
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals)		55,600		991,521
Orange SA (Communication Services, Diversified Telecommunication Services) «		77,000		972,686
Sanofi SA (Health Care, Pharmaceuticals)		59,200		5,981,945
Societe Bic SA (Industrials, Commercial Services & Supplies)		19,900		1,181,189
Total SA (Energy, Oil, Gas & Consumable Fuels)		45,900		1,961,485
				29,208,435
Germany: 8.39%
Allianz AG (Financials, Insurance)		13,300		3,135,859
Aurubis AG (Materials, Metals & Mining)		21,200		1,614,919
Bayer AG (Health Care, Pharmaceuticals)		55,500		3,195,629
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		15,100		1,315,600
Daimler AG (Consumer Discretionary, Automobiles)		23,600		1,589,139
Deutsche Lufthansa AG (Industrials, Airlines) †		96,600		1,111,502
Deutsche Post AG (Industrials, Air Freight & Logistics)		52,300		2,526,636
Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services)		32,100		1,435,894
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		4,000		1,114,600
Rheinmetall AG (Industrials, Industrial Conglomerates)		16,400		1,458,599
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		11,900		1,734,619
United Internet AG (Communication Services, Diversified Telecommunication Services)		57,800		2,304,890
Volkswagen AG (Consumer Discretionary, Automobiles)		11,900		2,207,310
				24,745,196
Hong Kong: 2.98%
China Water Affairs Group Limited (Utilities, Water Utilities)		1,110,000		872,127
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		145,500		1,055,905
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		572,500		926,216
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		1,526,000		1,240,322
Sinotruk Hong Kong Limited (Industrials, Machinery)		280,000		695,028
WH Group Limited (Consumer Staples, Food Products) 144A		1,938,000		1,582,694
Xinyi Glass Holdings Limited (Industrials, Building Products)		584,000		1,310,997
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		542,500		1,115,649
				8,798,938
India: 0.64%
REC Limited (Financials, Diversified Financial Services)		513,100		836,766
Tech Mahindra Limited (Information Technology, IT Services)		89,200		1,048,525
				1,885,291

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

Wells Fargo International Value Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Ireland: 1.02%
C&C Group plc (Consumer Staples, Beverages) †		240,000	$	703,903
Grafton Group plc (Industrials, Trading Companies & Distributors) †		83,000		942,197
Smurfit Kappa Group plc (Materials, Containers & Packaging)		32,100		1,364,673
				3,010,773
Israel: 0.27%
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) †		83,500		807,763
Italy: 2.26%
A2A SpA (Utilities, Multi-Utilities)		674,100		1,027,640
Enel SpA (Utilities, Electric Utilities)		252,700		2,522,997
Leonardo SpA (Industrials, Aerospace & Defense)		147,900		1,069,827
Mediobanca SpA (Financials, Banks)		110,500		985,148
UnipolSai Assicurazioni SpA (Financials, Insurance)		399,200		1,060,942
				6,666,554
Japan: 22.09%
Adeka Corporation (Materials, Chemicals)		96,000		1,524,598
AGC Incorporated (Industrials, Building Products)		30,600		1,018,534
Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		48,100		962,921
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		84,100		1,195,042
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		108,800		2,084,291
Credit Saison Company Limited (Financials, Consumer Finance)		90,700		1,038,185
Daiwa House Industry Company Limited (Real Estate, Real Estate Management & Development)		32,200		986,973
Denka Company Limited (Materials, Chemicals)		53,200		1,645,939
DIC Incorporated (Materials, Chemicals)		50,900		1,251,535
Fuji Machine Manufacturing Company Limited (Industrials, Machinery)		44,200		1,070,707
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		64,300		781,578
Hitachi Capital Corporation (Financials, Consumer Finance)		44,100		1,011,259
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		39,900		1,515,741
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		97,100		2,670,715
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		148,300		1,446,067
Itochu Corporation (Industrials, Trading Companies & Distributors)		45,100		1,191,651
Japan Airlines Company Limited (Industrials, Airlines) †		53,800		1,018,799
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		270,800		929,902
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		16,900		616,753
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		157,000		4,485,177
Marubeni Corporation (Industrials, Trading Companies & Distributors)		301,500		1,757,306
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		27,200		1,272,720
MediPal Holdings Corporation (Health Care, Health Care Providers & Services)		42,400		797,234
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		87,500		1,855,603
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		247,700		1,064,114
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		208,200		955,247
Mitsui Chemicals Incorporated (Materials, Chemicals)		60,400		1,696,870
Mizuho Financial Group Incorporated (Financials, Banks)		79,980		1,016,987
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		184,800		4,363,333
Nomura Holdings Incorporated (Financials, Capital Markets)		217,500		1,091,667
ORIX Corporation (Financials, Diversified Financial Services)		112,600		1,674,979
Resona Holdings Incorporated (Financials, Banks)		378,000		1,324,086
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		16,200		731,638
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,500		1,488,281
Sompo Holdings Incorporated (Financials, Insurance)		22,700		871,906
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		84,500		1,041,276
Sumitomo Heavy Industries Limited (Industrials, Machinery)		75,500		1,629,325
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		44,900		1,303,992

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

24  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Japan (continued)
T&D Holdings Incorporated (Financials, Insurance)		76,800	$	896,736
Teijin Limited (Materials, Chemicals)		79,300		1,355,088
The Keiyo Bank Limited (Financials, Banks)		203,300		889,924
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		85,500		1,247,284
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		50,700		924,158
Tokuyama Corporation (Materials, Chemicals)		55,500		1,178,578
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		67,300		1,264,131
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		61,100		801,791
UBE Industries Limited (Materials, Chemicals)		75,600		1,285,345
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		23,300		941,820
				65,167,786
Netherlands: 3.76%
ABN AMRO Group NV (Financials, Banks) †144A		91,500		944,111
Aegon NV (Financials, Insurance)		240,800		900,780
ASR Nederland NV (Financials, Insurance)		31,200		1,164,146
ING Groep NV (Financials, Banks) †		112,300		1,095,099
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		117,200		3,353,852
RHI Magnesita NV (Materials, Construction Materials)		25,200		1,094,779
Signify NV (Industrials, Electrical Equipment) †144A		60,000		2,540,772
				11,093,539
Norway: 0.88%
Den Norske Bank ASA (Financials, Banks) †		86,700		1,570,578
Leroy Seafood Group ASA (Consumer Staples, Food Products)		162,000		1,012,511
				2,583,089
Poland: 0.29%
Asseco Poland SA (Information Technology, Software)		48,400		854,937
Russia: 0.63%
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		53,914		1,105,237
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		886		18,234
Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		11,300		745,800
				1,869,271
Singapore: 0.71%
DBS Group Holdings Limited (Financials, Banks)		53,900		1,012,773
United Overseas Bank Limited (Financials, Banks)		65,000		1,090,967
				2,103,740
South Africa: 0.31%
Absa Group Limited (Financials, Banks)		126,700		901,596
South Korea: 1.95%
Industrial Bank of Korea (Financials, Banks)		112,500		945,506
KB Financial Group Incorporated (Financials, Banks)		27,700		1,135,236
KT&G Corporation (Consumer Staples, Tobacco)		12,200		909,584
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		81,400		879,066
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		4,800		1,030,229
Woori Financial Group Incorporated (Financials, Banks)		94,600		840,376
				5,739,997
Spain: 1.50%
Banco Santander Central Hispano SA (Financials, Banks) †		311,800		899,143
Cia de Distribucion Integral Logista Holdings SA (Industrials, Air Freight & Logistics)		20,000		366,921

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

Wells Fargo International Value Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Spain (continued)
Enagás SA (Utilities, Gas Utilities)		49,700	$	1,210,593
International Consolidated Airlines Group SA (Industrials, Airlines)		367,100		754,654
Repsol SA (Energy, Oil, Gas & Consumable Fuels)		124,200		1,193,809
				4,425,120
Sweden: 2.42%
Boliden AB (Materials, Metals & Mining)		68,100		2,346,250
Securitas AB Class B (Industrials, Commercial Services & Supplies) †		68,700		1,129,394
Volvo AB Class B (Industrials, Machinery) †		161,400		3,665,744
				7,141,388
Switzerland: 8.35%
Baloise Holding AG (Financials, Insurance)		7,100		1,224,286
Credit Suisse Group AG (Financials, Capital Markets)		184,800		2,334,530
Helvetia Holding AG (Financials, Insurance)		8,900		874,085
Novartis AG (Health Care, Pharmaceuticals)		60,700		5,495,229
Roche Holding AG (Health Care, Pharmaceuticals)		23,200		7,634,623
Swiss Life Holding AG (Financials, Insurance)		4,400		1,964,809
UBS Group AG (Financials, Capital Markets)		214,200		3,038,281
Valiant Holding AG (Financials, Banks)		10,500		980,963
Zurich Insurance Group AG (Financials, Insurance)		2,700		1,096,044
				24,642,850
Taiwan: 1.45%
Catcher Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		119,000		784,914
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		333,000		961,526
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		257,000		829,541
Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		212,000		911,148
Wistron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		769,000		805,356
				4,292,485
Thailand: 0.86%
Krung Thai Bank PCL ADR (Financials, Banks)		2,365,200		836,616
Quality House PCL (Real Estate, Real Estate Management & Development)		12,240,900		938,806
Thanachart Capital PCL (Financials, Banks)		676,600		760,476
				2,535,898
Turkey: 0.30%
Coca-Cola Icecek Uretim AS (Consumer Staples, Beverages)		121,861		873,441
United Kingdom: 13.74%
3i Group plc (Financials, Capital Markets)		80,400		1,147,418
Anglo American plc (Materials, Metals & Mining)		82,100		2,422,712
Aviva plc (Financials, Insurance)		241,200		1,032,837
Babcock International Group plc (Industrials, Commercial Services & Supplies)		241,900		1,089,690
BAE Systems plc (Industrials, Aerospace & Defense)		438,200		2,944,300
Barclays plc (Financials, Banks) †		449,400		806,173
Barratt Developments plc (Consumer Discretionary, Household Durables) †		109,200		902,596
Bellway plc (Consumer Discretionary, Household Durables)		25,100		947,311
Bovis Homes Group plc (Consumer Discretionary, Household Durables) †		91,111		1,005,727
British American Tobacco plc (Consumer Staples, Tobacco)		58,900		2,072,603

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

26  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

						Shares		Value
United Kingdom (continued)
BT Group plc (Communication Services, Diversified Telecommunication Services)							700,200	$	1,090,295
Centrica plc (Utilities, Multi-Utilities) †							1,625,800		956,273
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables) †							254,500		996,824
GlaxoSmithKline plc (Health Care, Pharmaceuticals)							226,200		4,131,353
Highland Gold Mining Limited (Materials, Metals & Mining) «(a)							637,800		2,550,850
Imperial Brands plc (Consumer Staples, Tobacco)							46,400		841,890
Inchcape plc (Consumer Discretionary, Distributors) †							128,000		1,021,300
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)							532,300		1,498,041
Kingfisher plc (Consumer Discretionary, Specialty Retail) †							399,800		1,458,270
Legal & General Group plc (Financials, Insurance)							288,300		971,245
Lloyds Banking Group plc (Financials, Banks) †							1,986,600		943,373
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)							580,700		973,507
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							660,700		535,974
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †							235,200		661,605
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)							121,500		653,742
Petrofac Limited (Energy, Energy Equipment & Services) †							242,000		494,419
Premier Foods plc (Consumer Staples, Food Products) †							73,926		87,122
QinetiQ Group plc (Industrials, Aerospace & Defense)							238,400		932,493
Redrow plc (Consumer Discretionary, Household Durables) †							143,800		995,918
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							90,200		1,484,127
Tate & Lyle plc (Consumer Staples, Food Products)							119,000		1,011,837
Tesco plc (Consumer Staples, Food & Staples Retailing)							620,500		1,877,789
									40,539,614
Total Common Stocks (Cost $275,221,250)									287,609,336
	Dividend yield
Preferred Stocks: 0.24%
Brazil: 0.24%
Banco do Estado do Rio Grande do Sul SA Class B (Financials, Banks)		1.49	%				286,600		706,149
Total Preferred Stocks (Cost $1,078,867)									706,149
				Expiration date
Rights: 0.02%
Spain: 0.02%
Banco Santander SA †					11-30-2020		311,800		38,941
Total Rights (Cost $61,803)									38,941
	Yield
Short-Term Investments: 1.16%
Investment Companies: 1.16%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					3,430,730		3,430,730
Total Short-Term Investments (Cost $3,430,730)									3,430,730

Total investments in securities (Cost $279,792,650)	98.90	%		291,785,156
Other assets and liabilities, net	1.10			3,259,526
Total net assets	100.00	%	$	295,044,682

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

Wells Fargo International Value Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of priod		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	18,400,601	$	(14,969,871	)	$	0	$	0	$	3,430,730					3,430,730	$	920	#
Wells Fargo Government Money Market Fund Select Class*		3,130,999		58,018,344		(61,149,343	)		0		0		0					0		1,174
								$	0	$	0	$	3,430,730		1.16	%			$	2,094

^#  Amount shown represents income before fees and rebates.

* No longer held at the end of the period

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

28  |  Wells Fargo International Value Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $3,228,044 of securities loaned), at value (cost $276,361,920)	$	288,354,426
Investments in affiliated securities, at value (cost $3,430,730)		3,430,730
Foreign currency, at value (cost $3,527,045)		3,546,417
Receivable for dividends		3,771,735
Receivable for securities lending income, net		5,784
Prepaid expenses and other assets		133,812
Total assets		299,242,904
Liabilities
Payable upon receipt of securities loaned		3,430,730
Payable for investments purchased		195,824
Overdraft due to custodian bank		408,536
Advisory fee payable		163,132
Total liabilities		4,198,222
Total net assets	$	295,044,682

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

Wells Fargo International Value Portfolio  |  29

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $574,404)	$	4,614,385
Income from affiliated securities		39,537
Total investment income		4,653,922
Expenses
Advisory fee		1,328,794
Custody and accounting fees		127,554
Professional fees		25,159
Shareholder report expenses		6,579
Trustees’ fees and expenses		9,582
Interest expense		3,991
Other fees and expenses		33,606
Total expenses		1,535,265
Less: Fee waivers and/or expense reimbursements		(149,688	)
Net expenses		1,385,577
Net investment income		3,268,345
Realized and unrealized gains (losses) on investments
Net realized losses on investments		(87,439,262	)
Net change in unrealized gains (losses) on investments		158,611,991
Net realized and unrealized gains (losses) on investments		71,172,729
Net increase in net assets resulting from operations	$	74,441,074

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

30  |  Wells Fargo International Value Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	3,268,345		$	23,667,773
Net realized losses on investments		(87,439,262	)		(20,032,340	)
Net change in unrealized gains (losses) on investments		158,611,991			(56,686,314	)
Net increase (decrease) in net assets resulting from operations		74,441,074			(53,050,881	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		147,712,104			111,076,835
Withdrawals		(717,301,675	)		(336,573,528	)
Net decrease in net assets resulting from capital transactions		(569,589,571	)		(225,496,693	)
Total decrease in net assets		(495,148,497	)		(278,547,574	)
Net assets
Beginning of period		790,193,179			1,068,740,753
End of period	$	295,044,682		$	790,193,179

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

Wells Fargo International Value Portfolio  |  31

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		18.31	%		(8.99	)%		(10.98	)%		7.74	%		19.16	%		(11.85	)%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.80	%		0.80	%		0.82	%		0.87	%		0.91	%
Net expenses		0.83	%		0.80	%		0.80	%		0.82	%		0.87	%		0.91	%
Net investment income		1.96	%		2.28	%		3.53	%		2.65	%		3.03	%		2.50	%
Supplemental data
Portfolio turnover rate		2	%		20	%		13	%		15	%		41	%		14	%

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

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

32  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2020, such fair value pricing was used in pricing certain foreign securities.

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

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

Foreign currency translation

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

Wells Fargo International Value Portfolio  |  33

Notes to financial statements (unaudited)

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $280,764,694 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	51,851,249
Gross unrealized losses		(40,830,787	)
Net unrealized gains	$	11,020,460

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

34  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	16,369,938	$	0	$	0	$	16,369,938
Austria		2,178,782		0		0		2,178,782
Belgium		2,304,079		0		0		2,304,079
Brazil		2,249,180		0		0		2,249,180
Canada		2,855,025		0		0		2,855,025
China		6,729,342		0		0		6,729,342
Denmark		4,052,023		0		0		4,052,023
Finland		983,266		0		0		983,266
France		29,208,435		0		0		29,208,435
Germany		24,745,196		0		0		24,745,196
Hong Kong		8,798,938		0		0		8,798,938
India		0		1,885,291		0		1,885,291
Ireland		3,010,773		0		0		3,010,773
Israel		807,763		0		0		807,763
Italy		6,666,554		0		0		6,666,554
Japan		65,167,786		0		0		65,167,786
Netherlands		11,093,539		0		0		11,093,539
Norway		2,583,089		0		0		2,583,089
Poland		854,937		0		0		854,937
Russia		1,869,271		0		0		1,869,271
Singapore		2,103,740		0		0		2,103,740
South Africa		901,596		0		0		901,596
South Korea		5,739,997		0		0		5,739,997
Spain		4,425,120		0		0		4,425,120
Sweden		7,141,388		0		0		7,141,388
Switzerland		24,642,850		0		0		24,642,850
Taiwan		4,292,485		0		0		4,292,485
Thailand		2,535,898		0		0		2,535,898
Turkey		873,441		0		0		873,441
United Kingdom		37,988,764		2,550,850		0		40,539,614
Preferred stocks
Brazil		706,149		0		0		706,149
Right
Spain		0		38,941		0		38,941
Short-term investments
Investment companies		3,430,730		0		0		3,430,730
Total assets	$	287,310,074	$	4,475,082	$	0	$	291,785,156

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo International Value Portfolio  |  35

Notes to financial statements (unaudited)

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 subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Over $4 billion		0.650

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. LSV Asset Management, which is not an affiliate of the Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Portfolio increase.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $8,780,097 and $561,822,318, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	799,634	$	(799,634	)	$	0
Citigroup Global Markets Inc.		934,340		(934,340	)		0
UBS Securities LLC		1,494,070		(1,494,070	)		0

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

36  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

During the six months ended November 30, 2020, the Portfolio had average borrowings outstanding of $293,456 (on an annualized basis) at an average rate of 1.36% and paid interest in the amount of $3,991.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of geographic regions. As of the end of the period, the Portfolio concentrated its portfolio in investments in Europe. A fund that invests a substantial portion of its assets in any geographic region may be more affected by changes in that geographic region than would be a fund whose investments are not heavily weighted in any geographic region.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo International Value Portfolio  |  37

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended May 31, 2020. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$2,008,417	$0.040753	100%

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

38  |  Wells Fargo International Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Wells Fargo International Value Fund  |  39

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

40  |  Wells Fargo International Value Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

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

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

Wells Fargo International Value Fund  |  41

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00731 01-20

SA284/SAR284 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo

Small Company Growth Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Small Company Growth Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Small Company Growth Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	28
Statement of operations	29
Statement of changes in net assets	30
Financial highlights	31
Notes to financial statements	32
Other information	37

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Small Company Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Growth Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Small Company Growth Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

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

Wells Fargo Small Company Growth Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

4  |  Wells Fargo Small Company Growth Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Peregrine Capital Management, LLC

Portfolio managers

William A. Grierson, CFA^®‡

Daniel J. Hagen, CFA^®‡

Paul E. von Kuster, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		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 (WFSAX)	1-30-2004		12.42		10.37		12.23		19.28		11.69		12.90		1.33		1.29
Class C (WSMCX)	1-30-2004		17.49		10.88		12.07		18.49		10.88		12.07		2.08		2.04
Class R6 (WSCRX)4	10-31-2014		–		–		–		19.77		12.18		13.41		0.90		0.86
Administrator Class (NVSCX)	11-11-1994		–		–		–		19.39		11.83		13.10		1.25		1.19
Institutional Class (WSCGX)	3-31-2008		–		–		–		19.70		12.10		13.37		1.00		0.94
Russell 2000® Growth Index5	–		–		–		–		25.95		13.19		13.30		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Small Company Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
PTC Incorporated	1.71
Syneos Health Incorporated	1.60
SS&C Technologies Holdings Incorporated	1.54
Nuance Communications Incorporated	1.51
RealPage Incorporated	1.45
Black Knight Incorporated	1.43
ASGN Incorporated	1.38
Ciena Corporation	1.32
Goosehead Insurance Incorporated Class A	1.31
ICON plc ADR	1.29

Sector allocation as of November 30, 2020⁷

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.29% for Class A, 2.04% for Class C, 0.86% for Class R6, 1.19% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Small Company Growth Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,285.07	$	7.39		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.53		1.29	%
Class C
Actual	$	1,000.00	$	1,281.38	$	11.67		2.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.84	$	10.30		2.04	%
Class R6
Actual	$	1,000.00	$	1,287.91	$	4.93		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Administrator Class
Actual	$	1,000.00	$	1,285.66	$	6.82		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.02		1.19	%
Institutional Class
Actual	$	1,000.00	$	1,287.30	$	5.39		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.76		0.94	%

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

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

8  |  Wells Fargo Small Company Growth Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.05%
Affiliated Master Portfolio: 100.05%
Wells Fargo Small Company Growth Portfolio	$	1,424,192,122
Total Investment Companies (Cost $956,274,423)		1,424,192,122

Total investments in securities (Cost $956,274,423)	100.05	%		1,424,192,122
Other assets and liabilities, net	(0.05	)		(709,670	)
Total net assets	100.00	%	$	1,423,482,452

Investments in Affiliates

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Growth Portfolio		98	%		98	%	$	168,746,288	$	180,810,304	$	3,989,948	$	41,770	$	1,424,192,122		100.05	%

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

Wells Fargo Small Company Growth Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $956,274,423)	$	1,424,192,122
Receivable for Fund shares sold		1,553,449
Prepaid expenses and other assets		664
Total assets		1,425,746,235
Liabilities
Payable for Fund shares redeemed		1,777,296
Management fee payable		136,987
Administration fees payable		116,447
Distribution fee payable		5,676
Shareholder report expenses payable		148,467
Trustees’ fees and expenses payable		1,057
Accrued expenses and other liabilities		77,853
Total liabilities		2,263,783
Total net assets	$	1,423,482,452
Net assets consist of
Paid-in capital	$	762,227,907
Total distributable earnings		661,254,545
Total net assets	$	1,423,482,452
Computation of net asset value and offering price per share
Net assets – Class A	$	39,810,415
Shares outstanding – Class A1		664,553
Net asset value per share – Class A		$59.91
Maximum offering price per share – Class A2		$63.56
Net assets – Class C	$	9,323,304
Shares outstanding – Class C1		182,622
Net asset value per share – Class C		$51.05
Net assets – Class R6	$	431,303,903
Shares outstanding – Class R61		6,613,317
Net asset value per share – Class R6		$65.22
Net assets – Administrator Class	$	58,485,512
Shares outstanding – Administrator Class1		930,809
Net asset value per share – Administrator Class		$62.83
Net assets – Institutional Class	$	884,559,318
Shares outstanding – Institutional Class1		13,615,527
Net asset value per share – Institutional Class		$64.97

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Small Company Growth Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio	$	3,989,948
Affiliated income allocated from affiliated Master Portfolio		41,770
Expenses allocated from affiliated Master Portfolio		(5,436,002	)
Total investment income		(1,404,284	)
Expenses
Management fee		343,111
Administration fees
Class A		38,415
Class C		9,826
Class R6		67,140
Administrator Class		37,592
Institutional Class		533,693
Shareholder servicing fees
Class A		45,485
Class C		11,647
Administrator Class		71,978
Distribution fee
Class C		34,871
Custody and accounting fees		33,191
Professional fees		16,543
Registration fees		77,596
Shareholder report expenses		86,081
Trustees’ fees and expenses		11,029
Other fees and expenses		31,590
Total expenses		1,449,788
Less: Fee waivers and/or expense reimbursements
Fund-level		(271,199	)
Class A		(1,824	)
Class C		(4	)
Class R6		(22,319	)
Administrator Class		(8,651	)
Institutional Class		(122,823	)
Net expenses		1,022,968
Net investment loss		(2,427,252	)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		168,746,288
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		180,810,304
Net realized and unrealized gains (losses) on investments		349,556,592
Net increase in net assets resulting from operations	$	347,129,340

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

Wells Fargo Small Company Growth Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment loss				$	(2,427,252	)				$	(5,409,448	)
Net realized gains on investments					168,746,288						107,501,645
Net change in unrealized gains (losses) on investments					180,810,304						(28,564,804	)
Net increase in net assets resulting from operations					347,129,340						73,527,393
Distributions to shareholders from net investment income and net realized gains
Class A					0						(4,577,702	)
Class C					0						(1,219,067	)
Class R6					0						(43,043,975	)
Administrator Class					0						(6,401,809	)
Institutional Class					0						(80,415,302	)
Total distributions to shareholders					0						(135,657,855	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		88,948			4,770,527			188,284			8,973,220
Class C		3,526			159,075			5,111			206,315
Class R6		488,912			27,962,896			1,859,972			92,450,593
Administrator Class		61,938			3,405,888			170,705			8,517,203
Institutional Class		1,158,606			64,880,118			4,127,985			204,967,976
					101,178,504						315,115,307
Reinvestment of distributions
Class A		0			0			79,105			3,985,289
Class C		0			0			24,921			1,076,603
Class R6		0			0			698,418			38,147,601
Administrator Class		0			0			121,124			6,394,121
Institutional Class		0			0			1,085,956			59,130,286
					0						108,733,900
Payment for shares redeemed
Class A		(208,087	)		(10,752,769	)		(793,982	)		(38,317,325	)
Class C		(55,257	)		(2,482,933	)		(122,441	)		(5,026,553	)
Class R6		(2,999,288	)		(170,803,951	)		(4,156,884	)		(211,307,944	)
Administrator Class		(275,291	)		(15,413,669	)		(866,918	)		(42,999,639	)
Institutional Class		(3,267,512	)		(182,790,352	)		(9,445,990	)		(485,047,988	)
					(382,243,674	)					(782,699,449	)
Net decrease in net assets resulting from capital share transactions					(281,065,170	)					(358,850,242	)
Total increase (decrease) in net assets					66,064,170						(420,980,704	)
Net assets
Beginning of period					1,357,418,282						1,778,398,986
End of period				$	1,423,482,452					$	1,357,418,282

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

12  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$46.62			$48.98			$56.66			$44.26			$37.69			$44.23
Net investment loss		(0.18	)1		(0.34	)1		(0.36	)		(0.35	)1		(0.28	)1		(0.22	)1
Net realized and unrealized gains (losses) on investments		13.47			2.49			(3.22	)		12.75			6.85			(6.05	)
Total from investment operations		13.29			2.15			(3.58	)		12.40			6.57			(6.27	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$59.91			$46.62			$48.98			$56.66			$44.26			$37.69
Total return2		28.51	%		3.70	%		(6.13	)%		28.02	%		17.43	%		(14.20	)%
Ratios to average net assets (annualized)
Gross expenses3		1.34	%		1.32	%		1.31	%		1.32	%		1.33	%		1.34	%
Net expenses3		1.29	%		1.32	%		1.31	%		1.32	%		1.33	%		1.34	%
Net investment loss3		(0.69	)%		(0.69	)%		(0.63	)%		(0.71	)%		(0.68	)%		(0.57	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$39,810			$36,534			$64,182			$76,065			$76,087			$128,675

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Small Company Growth Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$39.84			$42.75			$50.38			$39.65			$34.02			$40.25
Net investment loss		(0.32	)1		(0.61	)1		(0.66	)1		(0.64	)1		(0.54	)1		(0.46	)1
Net realized and unrealized gains (losses) on investments		11.53			2.21			(2.87	)		11.37			6.17			(5.50	)
Total from investment operations		11.21			1.60			(3.53	)		10.73			5.63			(5.96	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$51.05			$39.84			$42.75			$50.38			$39.65			$34.02
Total return2		28.14	%		2.92	%		(6.82	)%		27.06	%		16.55	%		(14.84	)%
Ratios to average net assets (annualized)
Gross expenses3		2.08	%		2.07	%		2.06	%		2.07	%		2.08	%		2.09	%
Net expenses3		2.04	%		2.07	%		2.06	%		2.07	%		2.08	%		2.09	%
Net investment loss3		(1.46	)%		(1.44	)%		(1.38	)%		(1.47	)%		(1.43	)%		(1.32	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$9,323			$9,336			$13,968			$19,979			$22,410			$26,946

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

14  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			2017			2016
Net asset value, beginning of period		$50.64			$52.65			$60.31			$46.91			$39.77			$46.45
Net investment loss		(0.08	)		(0.14	)1		(0.12	)		(0.14	)		(0.11	)		(0.03	)
Net realized and unrealized gains (losses) on investments		14.66			2.64			(3.44	)		13.54			7.25			(6.38	)
Total from investment operations		14.58			2.50			(3.56	)		13.40			7.14			(6.41	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$65.22			$50.64			$52.65			$60.31			$46.91			$39.77
Total return2		28.79	%		4.12	%		(5.73	)%		28.59	%		17.95	%		(13.83	)%
Ratios to average net assets (annualized)
Gross expenses3		0.91	%		0.90	%		0.88	%		0.89	%		0.90	%		0.91	%
Net expenses3		0.86	%		0.89	%		0.88	%		0.89	%		0.90	%		0.90	%
Net investment loss3		(0.28	)%		(0.27	)%		(0.20	)%		(0.29	)%		(0.25	)%		(0.09	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$431,304			$462,050			$564,516			$618,523			$418,111			$229,391

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Small Company Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$48.87			$51.10			$58.85			$45.91			$39.05			$45.73
Net investment loss		(0.16	)1		(0.29	)1		(0.29	)1		(0.30	)1		(0.24	)1		(0.19	)1
Net realized and unrealized gains (losses) on investments		14.12			2.57			(3.36	)		13.24			7.10			(6.22	)
Total from investment operations		13.96			2.28			(3.65	)		12.94			6.86			(6.41	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$62.83			$48.87			$51.10			$58.85			$45.91			$39.05
Total return2		28.57	%		3.80	%		(6.02	)%		28.19	%		17.57	%		(14.04	)%
Ratios to average net assets (annualized)
Gross expenses3		1.26	%		1.24	%		1.23	%		1.24	%		1.25	%		1.25	%
Net expenses3		1.19	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.60	)%		(0.57	)%		(0.51	)%		(0.60	)%		(0.55	)%		(0.46	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$58,486			$55,917			$87,850			$114,429			$130,311			$130,104

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

16  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$50.47			$52.51			$60.20			$46.85			$39.75			$46.44
Net investment loss		(0.10	)1		(0.17	)1		(0.15	)		(0.19	)		(0.15	)		(0.09	)
Net realized and unrealized gains (losses) on investments		14.60			2.64			(3.44	)		13.54			7.25			(6.33	)
Total from investment operations		14.50			2.47			(3.59	)		13.35			7.10			(6.42	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$64.97			$50.47			$52.51			$60.20			$46.85			$39.75
Total return2		28.73	%		4.07	%		(5.77	)%		28.50	%		17.86	%		(13.85	)%
Ratios to average net assets (annualized)
Gross expenses3		1.01	%		1.00	%		0.98	%		0.99	%		1.00	%		1.01	%
Net expenses3		0.94	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment loss3		(0.35	)%		(0.32	)%		(0.26	)%		(0.35	)%		(0.31	)%		(0.18	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$884,559			$793,581			$1,047,883			$1,169,555			$1,014,847			$678,699

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Small Company Growth Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Small Company Growth Portfolio (the “affiliated Master Portfolio”) which is a separate diversified portfolio of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 98% of Wells Fargo Small Company Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo Small Company Growth Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $960,758,123, and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	463,433,999
Gross unrealized losses		0
Net unrealized gains	$	463,433,999

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Growth Portfolio	Seeks long-term capital appreciation	$	1,424,192,122

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Small Company Growth Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.29% for Class A shares, 2.04% for Class C shares, 0.86% for Class R6 shares, 1.19% for Administrator Class shares and 0.94% for Institutional Class shares. Prior to or after the commitment expiration date, 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 June 1, 2020, the Fund’s expenses were capped at 1.33% for Class A shares, 2.08% for Class C shares, 0.90% for Class R6 shares, 1.20% for Administrator Class shares and 0.95% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $462 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2020.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were $287,398,957 and $554,313,870, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo Small Company Growth Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the Master Portfolio concentrated its portfolio in investments related to the health care and information technology sectors.

8. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Small Company Growth Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.43%
Communication Services: 1.26%
Entertainment: 1.26%
Lions Gate Entertainment Class B †		605,355	$	5,436,088
Zynga Incorporated Class A †		1,564,773		12,909,377
				18,345,465
Consumer Discretionary: 9.39%
Auto Components: 0.73%
Fox Factory Holding Corporation †		121,981		10,645,282
Diversified Consumer Services: 0.41%
Strategic Education Incorporated		63,515		5,963,423
Hotels, Restaurants & Leisure: 2.02%
Extended Stay America Incorporated		691,900		9,485,949
International Game Technology		790,800		9,956,172
Papa John’s International Incorporated		123,092		9,891,673
				29,333,794
Household Durables: 0.81%
Skyline Champion Corporation †		383,389		11,781,544
Leisure Products: 0.74%
Callaway Golf Company		508,995		10,816,144
Multiline Retail: 0.99%
Ollie’s Bargain Outlet Holdings Incorporated †		163,132		14,365,404
Specialty Retail: 3.69%
American Eagle Outfitters Incorporated		594,061		10,687,157
Burlington Stores Incorporated †		50,134		10,956,284
Five Below Incorporated †		59,311		9,276,240
Monro Muffler Brake Incorporated		164,488		7,732,581
Sleep Number Corporation †		215,204		14,933,006
				53,585,268
Consumer Staples: 1.01%
Food & Staples Retailing: 1.01%
Performance Food Group Company †		337,534		14,642,225
Energy: 0.42%
Oil, Gas & Consumable Fuels: 0.42%
GasLog Limited «		584,730		1,724,954
Parsley Energy Incorporated Class A		350,944		4,397,328
				6,122,282
Financials: 11.05%
Banks: 1.69%
SVB Financial Group †		40,356		13,917,170
Triumph Bancorp Incorporated †		234,137		10,639,185
				24,556,355
Capital Markets: 4.24%
Evercore Partners Incorporated Class A		165,795		15,075,739
Focus Financial Partners Incorporated Class A †		352,981		13,981,577

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

22  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Capital Markets (continued)
Open Lending Corporation Ǡ		250,451	$	7,042,682
Stifel Financial Corporation		228,564		15,839,485
VIRTU Financial Incorporated Class A		427,955		9,753,094
				61,692,577
Consumer Finance: 0.58%
FirstCash Financial Services Incorporated		130,369		8,374,905
Insurance: 3.46%
Argo Group International Holdings Limited		200,594		7,861,279
BRP Group Incorporated Class A †		382,621		11,268,188
Goosehead Insurance Incorporated Class A		151,392		18,637,869
Palomar Holdings Incorporated †		188,936		12,488,670
				50,256,006
Thrifts & Mortgage Finance: 1.08%
Essent Group Limited		357,423		15,676,573
Health Care: 27.84%
Biotechnology: 8.18%
ACADIA Pharmaceuticals Incorporated †		125,479		7,109,640
Agios Pharmaceuticals Incorporated †		109,693		5,080,980
Amicus Therapeutics Incorporated †		488,609		11,184,260
Black Diamond Therapeutics Incorporated †		127,916		4,264,719
Blueprint Medicines Corporation †		125,246		13,536,588
Chemocentryx Incorporated †		125,074		6,897,831
Cytokinetics Incorporated †		372,806		6,263,141
Emergent BioSolutions Incorporated †		117,831		9,653,894
Flexion Therapeutics Incorporated Ǡ		347,358		3,720,204
Global Blood Therapeutics Incorprated †		138,415		6,354,633
Immunovant Incorporated †		120,167		5,911,015
Ionis Pharmaceuticals Incorporated †		128,801		6,508,315
Iovance Biotherapeutics Incorporated †		218,037		8,462,016
Ironwood Pharmaceuticals Incorporated †		743,901		8,569,740
Turning Point Therapeutics Incorporated †		80,862		8,611,803
Zymeworks Incorporated †		127,412		6,708,242
				118,837,021
Health Care Equipment & Supplies: 5.15%
Atricure Incorporated †		273,524		11,892,824
Axonics Modulation Technologies Incorporated †		344,429		15,116,989
Cardiovascular Systems Incorporated †		270,136		9,308,887
Cerus Corporation †		1,148,123		7,635,018
Novocure Limited †		61,404		7,715,413
Silk Road Medical Incorporated †		233,435		13,375,826
Tactile Systems Technology Class I †		226,336		9,757,345
				74,802,302
Health Care Providers & Services: 3.81%
AMN Healthcare Services Incorporated †		188,950		12,311,982
HealthEquity Incorporated †		186,169		13,346,456
Oak Street Health Incorporated †		180,570		8,517,487
PetIQ Incorporated †		368,948		10,618,323
U.S. Physical Therapy Incorporated		99,248		10,542,123
				55,336,371

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

Wells Fargo Small Company Growth Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care Technology: 3.90%
Allscripts Healthcare Solutions Incorporated †		806,118	$	11,027,694
Evolent Health Incorporated Class A †		615,864		8,948,504
Omnicell Incorporated †		174,470		18,293,180
Phreesia Incorporated †		303,325		13,394,832
Tabula Rasa Healthcare Incorporated Ǡ		145,028		4,997,665
				56,661,875
Life Sciences Tools & Services: 5.67%
Adaptive Biotechnologies Corporation †		240,249		11,584,807
Avantor Incorporated †		670,097		18,280,246
ICON plc ADR †		94,076		18,333,531
PRA Health Sciences Incorporated †		102,477		11,497,919
Syneos Health Incorporated †		345,029		22,716,709
				82,413,212
Pharmaceuticals: 1.13%
Pacira Pharmaceuticals Incorporated †		161,440		9,781,650
Theravance Biopharma Incorporated †		402,597		6,679,084
				16,460,734
Industrials: 17.17%
Aerospace & Defense: 0.92%
Kratos Defense & Security Solutions Incorporated †		629,833		13,333,565
Building Products: 2.84%
A.O. Smith Corporation		94,390		5,315,101
Masonite International Corporation †		154,627		15,470,431
PGT Incorporated †		394,450		7,344,659
The AZEK Company Incorporated †		369,641		13,203,577
				41,333,768
Commercial Services & Supplies: 1.37%
IAA Incorporated †		193,243		11,579,121
KAR Auction Services Incorporated		457,336		8,254,915
				19,834,036
Construction & Engineering: 0.56%
Dycom Industries Incorporated †		129,175		8,119,941
Electrical Equipment: 1.58%
Atkore International Incorporated †		273,854		10,674,829
Generac Holdings Incorporated †		56,790		12,243,924
				22,918,753
Machinery: 4.71%
Chart Industries Incorporated †		132,900		13,736,544
Ingersoll Rand Incorporated †		386,900		17,128,063
SPX Corporation †		344,545		17,651,040
Wabash National Corporation		578,825		10,233,626
Woodward Governor Company		86,140		9,633,036
				68,382,309
Professional Services: 3.82%
ASGN Incorporated †		250,932		19,617,864
Clarivate plc †		497,751		13,658,287

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

24  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Professional Services (continued)
FTI Consulting Incorporated †		73,995	$	7,770,955
ICF International Incorporated		199,253		14,431,895
				55,479,001
Road & Rail: 1.37%
Knight-Swift Transportation Holdings Incorporated		246,096		10,161,304
Schneider National Incorporated Class B		469,647		9,815,622
				19,976,926
Information Technology: 25.35%
Communications Equipment: 2.32%
Ciena Corporation †		419,079		18,774,739
Lumentum Holdings Incorporated †		173,769		15,010,166
				33,784,905
IT Services: 5.24%
Black Knight Incorporated †		221,911		20,331,486
EVO Payments Incorporated Class A †		433,891		10,908,020
KBR Incorporated		436,572		12,123,604
LiveRamp Holdings Incorporated †		295,209		17,272,679
Verra Mobility Corporation †		499,489		6,093,766
WEX Incorporated †		54,030		9,360,157
				76,089,712
Semiconductors & Semiconductor Equipment: 3.89%
CMC Materials Incorporated		72,048		11,115,565
FormFactor Incorporated †		233,570		9,576,370
Onto Innovation Incorporated †		267,354		11,819,720
Silicon Motion Technology Corporation ADR		222,556		8,831,022
Teradyne Incorporated		137,506		15,172,412
				56,515,089
Software: 13.90%
Box Incorporated Class A †		720,380		13,463,902
Cloudera Incorporated †		599,769		7,005,302
Cornerstone OnDemand Incorporated †		280,529		12,385,355
CyberArk Software Limited †		115,389		13,254,734
Mimecast Limited †		279,736		12,582,525
Nuance Communications Incorporated †		497,230		21,445,530
Pagerduty Incorporated †		462,531		15,920,314
PTC Incorporated †		226,358		24,412,710
RealPage Incorporated †		298,547		20,596,758
Sprout Social Incorporated Class A †		228,649		11,747,986
SS&C Technologies Holdings Incorporated		318,642		21,951,247
Talend SA ADR †		129,039		4,842,834
Zendesk Incorporated †		96,357		12,863,660
Zuora Incorporated †		829,364		9,446,456
				201,919,313
Materials: 3.38%
Chemicals: 1.70%
Element Solutions Incorporated		1,042,966		14,403,360
Orion Engineered Carbons SA		663,935		10,330,829
				24,734,189

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

Wells Fargo Small Company Growth Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

						Shares		Value
Metals & Mining: 0.75%
Steel Dynamics Incorporated							300,689	$	10,887,949
Paper & Forest Products: 0.93%
Boise Cascade Company							310,492		13,428,779
Real Estate: 1.56%
Equity REITs: 1.56%
QTS Realty Trust Incorporated Class A							182,537		10,844,523
Ryman Hospitality Properties Incorporated							183,057		11,750,429
									22,594,952
Total Common Stocks (Cost $904,335,955)									1,430,001,949
				Expiration date
Rights: 0.00%
Communication Services: 0.00%
Media: 0.00%
Media General Incorporated †(a)					12-31-2020		347,897		0
Total Rights (Cost $0)									0
	Yield
Short-Term Investments: 2.25%
Investment Companies: 2.25%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%				9,406,660		9,406,660
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02					23,334,146		23,334,146
Total Short-Term Investments (Cost $32,740,806)									32,740,806

Total investments in securities (Cost $937,076,761)	100.68	%		1,462,742,755
Other assets and liabilities, net	(0.68	)		(9,951,272	)
Total net assets	100.00	%	$	1,452,791,483

† Non-income-earning security

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

26  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sale proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares end of period		Income from affiliated securities
Short-Term Invesstments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	76,915,805	$	(67,509,145	)	$	0	$	0	$	9,406,660					9,406,660	$	5,736	#
Wells Fargo Government Money Market Fund Select Class		39,427,080		304,407,269		(320,500,203	)		0		0		23,334,146					23,334,146		11,467
								$	0	$	0	$	32,740,806		2.25	%			$	17,203

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Small Company Growth Portfolio  |  27

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $9,176,541 of securities loaned), at value (cost $904,335,955)	$	1,430,001,949
Investments in affiliated securities, at value (cost $32,740,806)		32,740,806
Receivable for investments sold		839,706
Receivable for dividends		549,470
Receivable for securities lending income, net		8,039
Prepaid expenses and other assets		68,393
Total assets		1,464,208,363
Liabilities
Payable upon receipt of securities loaned		9,406,660
Payable for investments purchased		1,084,698
Advisory fee		905,794
Accrued expenses and other liabilities		19,728
Total liabilities		11,416,880
Total net assets	$	1,452,791,483

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

28  |  Wells Fargo Small Company Growth Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends	$	4,070,430
Income from affiliated securities		42,619
Total investment income		4,113,049
Expenses
Advisory fee		5,437,878
Custody and accounting fees		47,698
Professional fees		23,119
Shareholder report expenses		3,596
Trustees’ fees and expenses		9,582
Other fees and expenses		23,805
Total expenses		5,545,678
Net investment loss		(1,432,629	)
Realized and unrealized gains (losses) on investments
Net realized gains on investments		172,149,103
Net change in unrealized gains (losses) on investments		184,474,903
Net realized and unrealized gains (losses) on investments		356,624,006
Net increase in net assets resulting from operations	$	355,191,377

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

Wells Fargo Small Company Growth Portfolio  |  29

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment loss	$	(1,432,629	)	$	(2,562,794	)
Net realized gains on investments		172,149,103			108,634,846
Net change in unrealized gains (losses) on investments		184,474,903			(27,501,699	)
Net increase in net assets resulting from operations		355,191,377			78,570,353
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		6,575,021			51,028,631
Withdrawals		(294,355,535	)		(551,302,982	)
Net decrease in net assets resulting from capital share transactions		(287,780,514	)		(500,274,351	)
Total increase (decrease) in net assets		67,410,863			(421,703,998	)
Net assets
Beginning of period		1,385,380,620			1,807,084,618
End of period	$	1,452,791,483		$	1,385,380,620

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

30  |  Wells Fargo Small Company Growth Portfolio

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		28.83	%		4.08	%		(5.64	)%		28.74	%		18.15	%		(13.86	)%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.78	%		0.78	%		0.78	%		0.79	%		0.80	%
Net expenses		0.79	%		0.78	%		0.78	%		0.78	%		0.79	%		0.80	%
Net investment loss		(0.20	)%		(0.16	)%		(0.09	)%		(0.18	)%		(0.14	)%		(0.03	)%
Supplemental data
Portfolio turnover rate		22	%		41	%		54	%		37	%		82	%		49	%

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

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

Wells Fargo Small Company Growth Portfolio  |  31

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

32  |  Wells Fargo Small Company Growth Portfolio

Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date.

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $964,179,219 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	561,350,752
Gross unrealized losses		(62,787,216	)
Net unrealized gains	$	498,563,536

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Wells Fargo Small Company Growth Portfolio  |  33

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	18,345,465	$	0	$	0	$	18,345,465
Consumer discretionary		136,490,859						136,490,859
Consumer staples		14,642,225		0		0		14,642,225
Energy		6,122,282		0		0		6,122,282
Financials		160,556,416		0		0		160,556,416
Health care		404,511,515		0		0		404,511,515
Industrials		249,378,299		0		0		249,378,299
Information technology		368,309,019		0		0		368,309,019
Materials		49,050,917		0		0		49,050,917
Real estate		22,594,952		0		0		22,594,952
Rights
Communication services		0		0		0		0
Short-term investments
Investment companies		32,740,806		0		0		32,740,806
Total assets	$	1,462,742,755	$	0	$	0	$	1,462,742,755

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management , an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.800	%
Next $500 million		0.775
Next $1 billion		0.750
Next $1 billion		0.725
Next $1 billion		0.700
Over $4 billion		0.680

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.78% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate of 0.38% of the Portfolio’s average daily net assets. Prior to June 1, 2020, the subadviser received an annual fee which started at 0.50% and declined to 0.45% as the average daily net assets of the Portfolio increased.

34  |  Wells Fargo Small Company Growth Portfolio

Notes to financial statements (unaudited)

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $293,170,247 and $565,445,109, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	6,959,520	$	(6,959,520	)	$	0
BNP Paribas Securities Corp.		235,876		(235,876	)		0
Citigroup Global Markets Inc.		417,950		(417,950	)		0
Credit Suisse Securities (USA) LLC		109,200		(109,200	)		0
Deutsche Bank Securities Inc.		409,055		(409,055	)		0
National Financial Services LLC		71,140		(71,140	)		0
UBS Securities LLC		973,800		(973,800	)		0

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

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to the health care and information technology sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

Wells Fargo Small Company Growth Portfolio  |  35

Notes to financial statements (unaudited)

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

36  |  Wells Fargo Small Company Growth Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Small Company Growth Fund  |  37

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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

38  |  Wells Fargo Small Company Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Wells Fargo Small Company Growth Fund  |  39

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 wfam.com.

40  |  Wells Fargo Small Company Growth Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00733 01-20

SA285/SAR285 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo

Small Company Value Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Small Company Value Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Small Company Value Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	28
Statement of operations	29
Statement of changes in net assets	30
Financial highlights	31
Notes to financial statements	32
Other information	36

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Small Company Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Value Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Small Company Value Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Small Company Value Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

4  |  Wells Fargo Small Company Value Fund

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Performance highlights (unaudited)

Investment objective    

The Fund seeks long-term capital appreciation.     

Manager    

Wells Fargo Funds Management, LLC    

Subadviser for the affiliated master portfolio¹    

Wells Capital Management Incorporated    

Portfolio managers    

Jeff Goverman    

Garth R. Nisbet, CFA^®‡    

Craig Pieringer, CFA^®‡    

Ryan H. Smith, CFA^®‡*

Samuel D. Smith, CFA^®‡*

Average annual total returns (%) as of November 30, 2020    

		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 (SCVAX)	1-31-2002		-7.11		4.42		7.75		-1.44		5.66		8.39		1.33		1.15
Class C (SCVFX)	8-30-2002		-3.00		4.91		7.60		-2.00		4.91		7.60		2.08		1.90
Class R6 (SCVJX)4	10-31-2016		–		–		–		-0.99		6.10		8.75		0.90		0.75
Administrator Class (SCVIX)	1-31-2002		–		–		–		-1.34		5.79		8.58		1.25		1.05
Institutional Class (SCVNX)5	7-30-2010		–		–		–		-1.12		6.02		8.80		1.00		0.85
Russell 2000® Value Index6	–		–		–		–		0.35		6.83		8.70		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.    

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Small Company Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20207
Alaska Air Group Incorporated	1.44
Schnitzer Steel Industries Incorporated Class A	1.41
Synovus Financial Corporation	1.39
Dana Incorporated	1.38
Piper Jaffray Companies Incorporated	1.38
Walker & Dunlop Incorporated	1.36
Western Alliance Bancorp	1.35
Ameris Bancorp	1.32
Axos Financial Incorporated	1.26
Atlantic Union Bankshares Corporation	1.24

Sector allocation as of November 30, 2020⁸

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

* Ryan Smith and Samuel Smith became portfolio managers of the Fund on January 12, 2021.

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher.

⁶  The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁷  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁸  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Small Company Value Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,270.04	$	6.43		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.40	$	5.72		1.13	%
Class C
Actual	$	1,000.00	$	1,267.71	$	10.80		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
R6 Class
Actual	$	1,000.00	$	1,273.95	$	4.28		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Administrator Class
Actual	$	1,000.00	$	1,270.86	$	5.98		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,272.90	$	4.84		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%

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

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

8  |  Wells Fargo Small Company Value Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.03%
Affiliated Master Portfolio: 100.03%
Wells Fargo Small Company Value Portfolio	$	383,705,483
Total Investment Companies (Cost $333,955,430)		383,705,483

Total investments in securities (Cost $333,955,430)	100.03	%		383,705,483
Other assets and liabilities, net	(0.03	)		(134,222	)
Total net assets	100.00	%	$	383,571,261

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Value Portfolio		80	%		83	%	$	511,980	$	81,737,956	$	3,505,533	$	22,407	$	383,705,483		100.03	%

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

Wells Fargo Small Company Value Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $333,955,430)	$	383,705,483
Receivable for Fund shares sold		222,535
Receivable from manager		35,374
Prepaid expenses and other assets		182,334
Total assets		384,145,726
Liabilities
Payable for Fund shares redeemed		459,737
Administration fees payable		58,592
Distribution fee payable		1,708
Trustees’ fees and expenses payable		1,389
Accrued expenses and other liabilities		53,039
Total liabilities		574,465
Total net assets		$383,571,261
Net assets consist of
Paid-in capital	$	380,541,014
Total distributable earnings		3,030,247
Total net assets	$	383,571,261
Computation of net asset value and offering price per share
Net assets – Class A	$	308,601,320
Shares outstanding – Class A1		11,590,740
Net asset value per share – Class A		$26.62
Maximum offering price per share – Class A2		$28.24
Net assets – Class C	$	2,648,020
Shares outstanding – Class C1		112,950
Net asset value per share – Class C		$23.44
Net assets – Class R6	$	7,422,246
Shares outstanding – Class R61		269,636
Net asset value per share – Class R6		$27.53
Net assets – Administrator Class	$	21,962,531
Shares outstanding – Administrator Class1		805,729
Net asset value per share – Administrator Class		$27.26
Net assets – Institutional Class	$	42,937,144
Shares outstanding – Institutional Class1		1,568,454
Net asset value per share – Institutional Class		$27.38

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.

10  |  Wells Fargo Small Company Value Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net foreign withholding taxes of $2,739)	$	3,505,533
Affiliated income allocated from affiliated Master Portfolio		22,407
Expenses allocated from affiliated Master Portfolio		(1,405,600	)
Waivers allocated from affiliated Master Portfolio		149,334
Total investment income		2,271,674
Expenses
Management fee		84,952
Administration fees
Class A		290,586
Class C		4,064
Class R6		861
Administrator Class		11,401
Institutional Class		23,340
Shareholder servicing fees
Class A		344,751
Class C		4,795
Administrator Class		21,827
Distribution fee
Class C		14,352
Custody and accounting fees		3,071
Professional fees		16,543
Registration fees		65,655
Shareholder report expenses		23,715
Trustees’ fees and expenses		11,029
Other fees and expenses		6,750
Total expenses		927,692
Less: Fee waivers and/or expense reimbursements
Fund-level		(240,679	)
Class A		(68,998	)
Class C		(386	)
Administrator Class		(4,373	)
Net expenses		613,256
Net investment income		1,658,418
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		511,980
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		81,737,956
Net realized and unrealized gains (losses) on investments		82,249,936
Net increase in net assets resulting from operations	$	83,908,354

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

Wells Fargo Small Company Value Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	1,658,418					$	2,260,170
Net realized gains (losses) on investments					511,980						(36,100,494	)
Net change in unrealized gains (losses) on investments					81,737,956						(40,806,657	)
Net increase (decrease) in net assets resulting from operations					83,908,354						(74,646,981	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(1,775,108	)
Class C					0						(20,482	)
Class R6					0						(57,654	)
Administrator Class					0						(132,559	)
Institutional Class					0						(389,037	)
Total distributions to shareholders					0						(2,374,840	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		471,826			10,788,939			660,800			16,227,538
Class C		1,572			30,548			9,961			227,898
Class R6		134,614			3,129,254			64,570			1,642,037
Administrator Class		165,688			3,860,814			106,132			2,470,380
Institutional Class		248,570			5,972,054			309,975			7,352,769
					23,781,609						27,920,622
Reinvestment of distributions
Class A		0			0			61,791			1,738,175
Class C		0			0			745			18,543
Class R6		0			0			1,984			57,454
Administrator Class		0			0			4,358			125,424
Institutional Class		0			0			13,253			382,205
					0						2,321,801
Payment for shares redeemed
Class A		(1,437,623	)		(32,661,166	)		(1,647,283	)		(40,312,932	)
Class C		(129,007	)		(2,619,937	)		(150,237	)		(3,268,340	)
Class R6		(165,981	)		(3,765,249	)		(949,988	)		(24,922,236	)
Administrator Class		(88,043	)		(2,105,061	)		(185,643	)		(4,423,218	)
Institutional Class		(245,849	)		(5,643,390	)		(876,293	)		(21,210,870	)
					(46,794,803	)					(94,137,596	)
Net asset value of shares issue in acquisition
Class A		0			0			12,989,900			337,017,442
Class C		0			0			328,733			7,545,278
Class R6		0			0			1,155,117			30,863,882
Administrator Class		0			0			242,559			6,444,855
Institutional Class		0			0			786,790			20,969,975
					0						402,841,432
Net increase (decrease) in net assets resulting from capital share transactions					(23,013,194	)					338,946,259
Total increase in net assets					60,895,160						261,924,438
Net assets
Beginning of period					322,676,101						60,751,663
End of period				$	383,571,261					$	322,676,101

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

12  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$20.91			$24.22			$28.60			$24.01			$20.22			$21.42
Net investment income		0.11			0.18	1		0.09			0.09			0.05			0.08
Net realized and unrealized gains (losses) on investments		5.60			(3.35	)		(4.31	)		4.58			3.75			(1.25	)
Total from investment operations		5.71			(3.17	)		(4.22	)		4.67			3.80			(1.17	)
Distributions to shareholders from
Net investment income		0.00			(0.14	)		(0.16	)		(0.08	)		(0.01	)		(0.03	)
Net asset value, end of period		$26.62			$20.91			$24.22			$28.60			$24.01			$20.22
Total return2		27.31	%		(13.25	)%		(14.72	)%		19.48	%		18.86	%		(5.48	)%
Ratios to average net assets (annualized)
Gross expenses3		1.32	%		1.32	%		1.49	%		1.47	%		1.47	%		1.48	%
Net expenses3		1.13	%		1.13	%		1.15	%		1.33	%		1.35	%		1.37	%
Net investment income3		0.94	%		0.74	%		0.38	%		0.46	%		0.20	%		0.11	%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$308,601			$262,574			$11,902			$15,665			$16,280			$23,151

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

Wells Fargo Small Company Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$18.43			$21.48			$25.38			$21.40			$18.15			$19.34
Net investment income (loss)		0.02	1		0.01	1		(0.08	)1		(0.07	)1		(0.11	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		4.99			(3.00	)		(3.82	)		4.05			3.36			(1.08	)
Total from investment operations		5.01			(2.99	)		(3.90	)		3.98			3.25			(1.19	)
Distributions to shareholders from
Net investment income		0.00			(0.06	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$23.44			$18.43			$21.48			$25.38			$21.40			$18.15
Total return2		27.18	%		(13.98	)%		(15.37	)%		18.60	%		17.97	%		(6.20	)%
Ratios to average net assets (annualized)
Gross expenses3		2.06	%		2.08	%		2.22	%		2.21	%		2.22	%		2.23	%
Net expenses3		1.90	%		1.90	%		1.90	%		2.08	%		2.10	%		2.12	%
Net investment income (loss)3		0.17	%		0.02	%		(0.35	)%		(0.29	)%		(0.54	)%		(0.62	)%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$2,648			$4,431			$1,099			$1,980			$1,962			$2,004

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

14  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			20171
Net asset value, beginning of period		$21.56			$24.92			$29.44			$24.69			$21.37
Net investment income		0.16	2		0.31			0.21	2		0.29	2		0.08
Net realized and unrealized gains (losses) on investments		5.81			(3.50	)		(4.45	)		4.65			3.33
Total from investment operations		5.97			(3.19	)		(4.24	)		4.94			3.41
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.28	)		(0.19	)		(0.09	)
Net asset value, end of period		$27.53			$21.56			$24.92			$29.44			$24.69
Total return3		27.69	%		(12.97	)%		(14.38	)%		20.03	%		15.95	%
Ratios to average net assets (annualized)
Gross expenses4		0.89	%		0.90	%		1.09	%		1.03	%		1.02	%
Net expenses4		0.75	%		0.75	%		0.75	%		0.88	%		0.90	%
Net investment income4		1.37	%		1.22	%		0.77	%		1.04	%		0.58	%
Supplemental data
Portfolio turnover rate5		43	%		78	%		168	%		144	%		110	%
Net assets, end of period (000s omitted)		$7,422			$6,491			$731			$322			$29

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

²  Calculated based upon average shares outstanding

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

⁴  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 20171	0.83	%

⁵  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo Small Company Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.40			$24.80			$29.23			$24.53			$20.66			$21.90
Net investment income		0.12	1		0.21	1		0.14	1		0.20			0.08	1		0.13
Net realized and unrealized gains (losses) on investments		5.74			(3.43	)		(4.43	)		4.63			3.83			(1.30	)
Total from investment operations		5.86			(3.22	)		(4.29	)		4.83			3.91			(1.17	)
Distributions to shareholders from
Net investment income		0.00			(0.18	)		(0.14	)		(0.13	)		(0.04	)		(0.07	)
Net asset value, end of period		$27.26			$21.40			$24.80			$29.23			$24.53			$20.66
Total return2		27.38	%		(13.18	)%		(14.65	)%		19.71	%		19.00	%		(5.36	)%
Ratios to average net assets (annualized)
Gross expenses3		1.24	%		1.32	%		1.35	%		1.38	%		1.39	%		1.39	%
Net expenses3		1.05	%		1.05	%		1.05	%		1.19	%		1.20	%		1.20	%
Net investment income3		1.00	%		0.82	%		0.49	%		0.59	%		0.36	%		0.28	%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$21,963			$15,581			$13,905			$60,379			$57,591			$64,023

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

16  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.46			$24.86			$29.40			$24.68			$20.77			$22.02
Net investment income		0.14			0.25			0.19	1		0.21			0.11			0.08	1
Net realized and unrealized gains (losses) on investments		5.78			(3.43	)		(4.45	)		4.69			3.89			(1.22	)
Total from investment operations		5.92			(3.18	)		(4.26	)		4.90			4.00			(1.14	)
Distributions to shareholders from
Net investment income		0.00			(0.22	)		(0.28	)		(0.18	)		(0.09	)		(0.11	)
Net asset value, end of period		$27.38			$21.46			$24.86			$29.40			$24.68			$20.77
Total return2		27.59	%		(13.03	)%		(14.46	)%		19.90	%		13.70	%		(5.13	)%
Ratios to average net assets (annualized)
Gross expenses3		0.99	%		1.07	%		1.14	%		1.14	%		1.14	%		1.14	%
Net expenses3		0.85	%		0.85	%		0.85	%		0.99	%		1.00	%		1.00	%
Net investment income3		1.23	%		1.04	%		0.68	%		0.78	%		0.55	%		0.40	%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$42,937			$33,600			$33,116			$60,973			$52,072			$31,768

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

Wells Fargo Small Company Value Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Small Company Value Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 83% of Wells Fargo Small Company Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s dividend income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo Small Company Value Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $336,994,123 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	46,711,360
Gross unrealized losses		0
Net unrealized gain	$	46,711,360

As of May 31, 2020, the Fund had capital loss carryforwards which consisted of $31,483,064 in short-term capital losses and $3,107,998 in long-term capital losses. Losses may be subject to certain limitations under Sections 382-384 of the InternalRevenue Code.

As of May 31, 2020, the Fund had a qualified late-year ordinary loss of $161,669 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Value Portfolio	Seeks long-term capital appreciation	$383,705,483

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Wells Fargo Small Company Value Fund  |  19

Notes to financial statements (unaudited)

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

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.75% for Class R6 shares, 1.05% for Administrator Class shares and 0.85% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $910 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2020.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $147,075,891 and $182,725,879, respectively.

6. ACQUISITION

After the close of business on September 20, 2019, the Fund acquired the net assets of Wells Fargo Small Cap Value Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Wells Fargo Small Cap Value Fund transferred all of its portfolio securities to Wells Fargo Small Company Value Portfolio (a master portfolio in which it invested all of its assets) in exchange for interests in Wells Fargo Small Company Value Portfolio. Immediately thereafter, Wells Fargo Small Cap Value Fund transferred all of its equity interests in Wells Fargo Small Company Value Portfolio to

20  |  Wells Fargo Small Company Value Fund

Notes to financial statements (unaudited)

Wells Fargo Small Cap Value Fund in exchange for shares of the Fund. Shareholders holding Class A, Class C, Class R6, Administrator Class, and Institutional Class shares of Wells Fargo Small Cap Value Fund received Class A, Class C, Class R6, Administrator Class, and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Small Cap Value Fund for 15,503,099 shares of the Fund valued at $402,841,432 at an exchange ratio of 0.45, 0.28, 0.49, 0.49, and 0.49 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Wells Fargo Small Cap Value Fund with a fair value of $399,448,746, identified cost of $378,004,130 and unrealized gains of $21,444,616 at September 20, 2019 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Small Cap Value Fund and the Fund immediately prior to the acquisition were $402,841,432 and $58,675,150, respectively. The aggregate net assets of the Fund immediately after the acquisition were $461,516,582. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Small Cap Value Fund was carried forward to align with ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

7. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Small Company Value Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.98%
Communication Services: 0.47%
Entertainment: 0.47%
Cinemark Holdings Incorporated		139,624	$	2,157,192
Consumer Discretionary: 16.74%
Auto Components: 1.38%
Dana Incorporated		377,502		6,357,134
Diversified Consumer Services: 0.40%
Collectors Universe Incorporated		24,124		1,861,167
Hotels, Restaurants & Leisure: 3.39%
Dave & Buster’s Entertainment Incorporated «		85,191		2,157,036
Del Taco Restaurants Incorporated †		308,108		2,726,756
Denny’s Corporation †		235,664		2,712,493
Dine Brands Global Incorporated		39,648		2,496,635
Wyndham Hotels & Resorts Incorporated		96,121		5,526,958
				15,619,878
Household Durables: 3.81%
Beazer Homes Incorporated †		216,726		3,209,712
GoPro Incorporated Class A †		496,697		3,471,912
Green Brick Partners Incorporated †		116,569		2,537,707
Hamilton Beach Brand Class A		74,980		1,408,124
Hooker Furniture Corporation		158,394		4,794,586
iRobot Corporation Ǡ		27,239		2,136,355
				17,558,396
Internet & Direct Marketing Retail: 0.16%
Stamps.com Incorporated †		3,845		720,784
Leisure Products: 1.07%
Johnson Outdoors Incorporated Class A		31,874		2,664,666
Malibu Boats Incorporated Class A †		39,837		2,270,311
				4,934,977
Multiline Retail: 1.66%
Big Lots Stores Incorporated		89,202		4,609,067
Nordstrom Incorporated «		116,629		3,023,024
				7,632,091
Specialty Retail: 3.10%
American Eagle Outfitters Incorporated		292,251		5,257,595
Dick’s Sporting Goods Incorporated		58,538		3,325,544
Shoe Carnival Incorporated		122,666		4,485,896
Urban Outfitters Incorporated †		44,818		1,227,117
				14,296,152
Textiles, Apparel & Luxury Goods: 1.77%
Carter’s Incorporated		21,202		1,886,766
Lakeland Industries Incorporated †		123,509		2,447,948
Rocky Brands Incorporated		131,113		3,802,277
				8,136,991

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

22  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Energy: 3.68%
Energy Equipment & Services: 1.81%
Helmerich & Payne Incorporated		195,566	$	4,453,038
Patterson-UTI Energy Incorporated		899,418		3,876,492
				8,329,530
Oil, Gas & Consumable Fuels: 1.87%
Diamondback Energy Incorporated		102,447		4,093,782
Southwestern Energy Company †		953,313		2,964,803
W&T Offshore Incorporated Ǡ		789,069		1,546,575
				8,605,160
Financials: 23.50%
Banks: 16.18%
Ameris Bancorp		179,087		6,090,749
Atlantic Union Bankshares Corporation		191,187		5,718,403
Banc of California Incorporated		169,864		2,259,191
Banner Corporation		110,160		4,552,913
Customers Bancorp Incorporated †		193,141		3,262,151
FB Financial Corporation		129,204		4,124,192
First Foundation Incorporated		225,404		4,003,175
First Interstate BancSystem Class A		124,844		4,750,314
Great Southern Bancorp Incorporated		80,973		3,716,661
Heritage Financial Corporation		193,037		4,491,971
Independent Bank Corporation		140,165		2,384,207
Midland States Bancorp Incorporated		151,969		2,575,875
OceanFirst Financial Corporation		184,113		2,903,462
OFG Bancorp		232,843		3,900,120
Synovus Financial Corporation		202,458		6,391,599
Umpqua Holdings Corporation		290,956		4,041,379
Univest Corporation of Pennsylvania		172,205		3,153,074
Western Alliance Bancorp		121,257		6,216,846
				74,536,282
Capital Markets: 1.38%
Piper Jaffray Companies Incorporated		68,970		6,356,965
Insurance: 1.58%
American Equity Investment Life Holding Company		91,784		2,412,084
FBL Financial Group Incorporated		54,400		2,828,800
State Auto Financial Corporation		75,209		1,129,639
United Fire Group Incorporated		41,591		909,595
				7,280,118
Mortgage REITs: 0.84%
Capstead Mortgage Corporation		683,908		3,850,402
Thrifts & Mortgage Finance: 3.52%
Axos Financial Incorporated †		172,570		5,781,095
Homestreet Incorporated		128,484		4,156,457
Walker & Dunlop Incorporated		78,434		6,275,504
				16,213,056

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

Wells Fargo Small Company Value Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care: 5.40%
Biotechnology: 0.82%
Eagle Pharmaceuticals Incorporated †		10,555	$	480,253
Five Prime Therapeutics Incorporated †		174,938		3,288,834
				3,769,087
Health Care Equipment & Supplies: 1.58%
AngioDynamics Incorporated †		129,886		1,846,979
ICU Medical Incorporated †		12,192		2,300,630
Merit Medical Systems Incorporated †		56,613		3,117,678
				7,265,287
Health Care Providers & Services: 2.68%
AMN Healthcare Services Incorporated †		52,494		3,420,509
Brookdale Senior Living Incorporated †		397,621		1,685,913
LHC Group Incorporated †		5,851		1,148,668
Option Care Health Incorporated †		159,995		2,519,921
The Ensign Group Incorporated		49,891		3,585,666
				12,360,677
Health Care Technology: 0.32%
Computer Programs & Systems Incorporated		52,340		1,488,026
Industrials: 22.91%
Aerospace & Defense: 1.06%
Ducommun Incorporated †		98,513		4,898,066
Air Freight & Logistics: 0.52%
Radiant Logistics Incorporated †		404,206		2,392,900
Airlines: 2.08%
Alaska Air Group Incorporated		130,525		6,652,859
SkyWest Incorporated		68,328		2,933,321
				9,586,180
Building Products: 2.28%
American Woodmark Corporation †		49,650		4,344,872
CSW Industrials Incorporated		24,864		2,667,659
Patrick Industries Incorporated		55,180		3,478,547
				10,491,078
Commercial Services & Supplies: 2.77%
ABM Industries Incorporated		95,906		3,692,381
Healthcare Services Group Incorporated		103,200		2,442,744
Herman Miller Incorporated		151,631		5,404,129
Stericycle Incorporated †		17,359		1,222,768
				12,762,022
Construction & Engineering: 2.08%
Comfort Systems Incorporated		52,348		2,637,816
Great Lakes Dredge & Dock Company †		133,748		1,510,015
MYR Group Incorporated †		38,687		1,978,066
Northwest Pipe Company †		62,134		1,788,217
Sterling Construction Company Incorporated †		102,745		1,642,893
				9,557,007

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

24  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Electrical Equipment: 2.21%
Atkore International Incorporated †		123,204	$	4,802,492
Encore Wire Corporation		26,585		1,373,647
Regal-Beloit Corporation		33,466		3,983,793
				10,159,932
Machinery: 6.28%
Columbus McKinnon Corporation		63,255		2,390,406
Federal Signal Corporation		83,339		2,586,009
Hillenbrand Incorporated		134,520		5,040,464
Kadant Incorporated		29,650		3,792,532
Lydall Incorporated †		86,741		2,376,703
Miller Industries Incorporated		107,646		3,594,300
Mueller Water Products Incorporated Class A		210,380		2,497,211
Rexnord Corporation		75,969		2,849,597
The Shyft Group Incorporated		146,265		3,792,651
				28,919,873
Professional Services: 1.07%
CBIZ Incorporated †		54,185		1,312,361
Kelly Services Incorporated Class A		176,942		3,620,233
				4,932,594
Road & Rail: 1.06%
Arcbest Corporation		116,813		4,895,633
Trading Companies & Distributors: 1.50%
BMC Stock Holdings Incorporated †		78,417		3,837,728
CAI International Incorporated		97,489		3,085,527
				6,923,255
Information Technology: 8.54%
Communications Equipment: 0.62%
NETGEAR Incorporated †		89,472		2,846,104
Electronic Equipment, Instruments & Components: 3.04%
ePlus Incorporated †		32,327		2,725,489
Insight Enterprises Incorporated †		67,895		4,853,135
Methode Electronics Incorporated		112,274		3,931,835
PC Connection Incorporated		54,816		2,502,350
				14,012,809
IT Services: 1.53%
Conduent Incorporated †		676,117		2,853,214
Hackett Group Incorporated		14,521		204,456
TTEC Holdings Incorporated		37,291		2,523,109
Unisys Corporation †		101,903		1,485,746
				7,066,525
Semiconductors & Semiconductor Equipment: 2.47%
Cirrus Logic Incorporated †		25,478		2,040,788
Diodes Incorporated †		29,328		1,993,131
FormFactor Incorporated †		61,252		2,511,332
Ichor Holdings Limited †		71,087		2,267,675
Onto Innovation Incorporated †		57,691		2,550,519
				11,363,445

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

Wells Fargo Small Company Value Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Software: 0.23%
American Software Incorporated Class A		65,316	$	1,072,489
Technology Hardware, Storage & Peripherals: 0.65%
NCR Corporation †		107,737		2,981,083
Materials: 8.91%
Chemicals: 2.93%
Hawkins Incorporated		57,504		2,885,551
Ingevity Corporation †		61,355		4,085,016
Minerals Technologies Incorporated		86,423		5,243,283
Stepan Company		10,982		1,275,669
				13,489,519
Construction Materials: 1.07%
Eagle Materials Incorporated		54,280		4,938,937
Containers & Packaging: 0.38%
UFP Technologies Incorporated †		39,500		1,740,765
Metals & Mining: 3.67%
Kaiser Aluminum Corporation		68,445		5,337,341
Schnitzer Steel Industries Incorporated Class A		253,761		6,501,357
United States Steel Corporation		355,820		5,049,086
				16,887,784
Paper & Forest Products: 0.86%
Schweitzer-Mauduit International Incorporated		114,098		3,968,328
Real Estate: 8.83%
Equity REITs: 8.83%
Agree Realty Corporation		45,207		2,979,141
American Campus Communities Incorporated		79,191		3,151,802
Armada Hoffler Properties Incorporated		271,395		2,879,501
Global Medical REIT Incorporated		198,134		2,712,454
Independence Realty Trust Incorporated		285,382		3,675,720
Investors Real Estate Trust		31,812		2,207,753
Lexington Corporate Properties Trust		205,949		2,102,739
Monmouth Real Estate Investment Corporation		147,786		2,191,666
One Liberty Properties Incorporated		133,722		2,377,577
Outfront Media Incorporated		215,894		4,089,032
PotlatchDeltic Corporation		91,580		4,262,133
Retail Opportunity Investment Corporation		64,077		831,719
RLJ Lodging Trust		157,208		1,938,375
STAG Industrial Incorporated		113,214		3,371,513
Summit Hotel Properties Incorporated		217,987		1,894,307
				40,665,432
Total Common Stocks (Cost $378,017,724)				455,881,112

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

26  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

				Expiration date		Shares		Value
Warrants: 0.00%
Energy: 0.00%
Energy Equipment & Services: 0.00%
Parker Drilling Company †(a)					9-16-2024		8,457	$	0
Total Warrants (Cost $0)									0
	Yield
Short-Term Investments: 2.16%
Investment Companies: 2.16%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%				6,188,169		6,188,169
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02					3,783,891		3,783,891
Total Short-Term Investments (Cost $9,972,060)									9,972,060

Total investments in securities (Cost $387,989,784)	101.14	%		465,853,172
Other assets and liabilities, net	(1.14	)		(5,261,152	)
Total net assets	100.00	%	$	460,592,020

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

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sale proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	43,768,644	$	(37,580,475	)	$	0	$	0	$	6,188,169					6,188,169	$	2,085	#
Wells Fargo Government Money Market Fund Select Class		2,323,207		41,031,781		(39,571,097	)		0		0		3,783,891					3,783,891		1,132
								$	0	$	0	$	9,972,060		2.16	%			$	3,217

^#  Amount shown represents income before fees and rebates.    

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

Wells Fargo Small Company Value Portfolio  |  27

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (Including $5,995,628 of securities loaned), at value (cost $378,017,724)	$	455,881,112
Investments in affiliated securities, at value (cost $9,972,060)		9,972,060
Receivable for investments sold		792,576
Receivable for dividends		311,616
Receivable for securities lending income, net		3,981
Prepaid expenses and other assets		81,239
Total assets		467,042,584
Liabilities
Payable upon receipt of securities loaned		6,188,169
Advisory fee payable		251,487
Accrued expenses and other liabilities		10,908
Total liabilities		6,450,564
Total net assets	$	460,592,020

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

28  |  Wells Fargo Small Company Value Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,419)	$	4,344,865
Income from affiliated securities		27,838
Total investment income		4,372,703
Expenses
Advisory fee		1,684,761
Custody and accounting fees		14,644
Professional fees		23,653
Shareholder report expenses		6,167
Trustees’ fees and expenses		9,583
Other fees and expenses		4,867
Total expenses		1,743,675
Less: Fee waivers and/or expense reimbursements		(185,271	)
Net expenses		1,558,404
Net investment income		2,814,299
Realized and unrealized gains (losses) on investments
Net realized gains on investments		547,220
Net change in unrealized gains (losses) on investments		100,393,468
Net realized and unrealized gains (losses) on investments		100,940,688
Net increase in net assets resulting from operations	$	103,754,987

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

Wells Fargo Small Company Value Portfolio  |  29

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	2,814,299		$	4,223,447
Net realized gains (losses) on investments		547,220			(50,607,316	)
Net change in unrealized gains (losses) on investments		100,393,468			(40,450,997	)
Net increase (decrease) in net assets resulting from operations		103,754,987			(86,834,866	)
Capital Transactions
Transactions in investors’ beneficial interests
Contribution		17,803,789			464,639,096
Withdrawals		(62,636,146	)		(103,765,259	)
Net increase (decrease) in net assets resulting from capital transactions		(44,832,357	)		360,873,837
Total increase in net assets		58,922,630			274,038,971
Net assets
Beginning of period		401,669,390			127,630,419
End of period	$	460,592,020		$	401,669,390

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

30  |  Wells Fargo Small Company Value Portfolio

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		27.60	%		(13.74	)%		(14.51	)%		20.10	%		19.44	%		(4.96	)%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.82	%		0.86	%		0.85	%		0.84	%		0.85	%
Net expenses		0.74	%		0.74	%		0.75	%		0.84	%		0.84	%		0.85	%
Net investment income		1.34	%		1.15	%		0.80	%		0.87	%		0.72	%		0.62	%
Supplemental data
Portfolio turnover rate		43	%		78	%		168	%		144	%		110	%		72	%

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

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

Wells Fargo Small Company Value Portfolio  |  31

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statements of Operations.

In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

32  |  Wells Fargo Small Company Value Portfolio

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $400,245,512 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	92,388,287
Gross unrealized losses		(26,780,627	)
Net unrealized gains	$	65,607,660

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	2,157,192	$	0	$	0	$	2,157,192
Consumer discretionary		77,117,570		0		0		77,117,570
Energy		16,934,690		0		0		16,934,690
Financials		108,236,823		0		0		108,236,823
Health care		24,883,077		0		0		24,883,077
Industrials		105,518,540		0		0		105,518,540
Information technology		39,342,455		0		0		39,342,455
Materials		41,025,333		0		0		41,025,333
Real estate		40,665,432		0		0		40,665,432
Warrants
Energy		0		0		0		0
Short-term investments
Investment companies		9,972,060		0		0		9,972,060
Total assets	$	465,853,172	$	0	$	0	$	465,853,172

Wells Fargo Small Company Value Portfolio  |  33

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management , an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million	0.800%
Next $500 million	0.775
Next $1 billion	0.750
Next $1 billion	0.725
Next $1 billion	0.700
Over $4 billion	0.680

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at the following annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $176,546,816 and $219,340,316, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

34  |  Wells Fargo Small Company Value Portfolio

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	2,210,379	$	(2,210,379	)	$	0
Barclays Capital Inc.		1,636,097		(1,636,097	)		0
Citigroup Global Markets Inc.		1,667,952		(1,667,952	)		0
Credit Suisse Securities (USA) LLC		277,113		(277,113	)		0
JPMorgan Securities LLC		29,595		(29,595	)		0
Morgan Stanley & Co. LLC		174,492		(174,492	)		0

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

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Small Company Value Portfolio  |  35

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

36  |  Wells Fargo Small Company Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS    

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Wells Fargo Small Company Value Fund  |  37

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

38  |  Wells Fargo Small Company Value Fund

Other information (unaudited)

Officers    

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 wfam.com.    

Wells Fargo Small Company Value Fund  |  39

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00734 01-20

SA286/SAR286 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Core Bond Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Core Bond Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	20
Wells Fargo Core Bond Portfolio
Portfolio of investments	24
Financial statements
Statement of assets and liabilities	47
Statement of operations	48
Statement of changes in net assets	49
Financial highlights	50
Notes to financial statements	51
Other information	56

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Index Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Bond Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Core Bond Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Core Bond Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Preparing for LIBOR Transition

The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021, which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.

The Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by the Fund.

Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. The Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.

While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.

Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Fund’s Statement of Additional Information.

4  |  Wells Fargo Core Bond Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®‡

Jarad Vasquez

Average annual total returns (%) as of November 30, 2020

		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 (MBFAX)	10-31-2001		3.21		3.15		3.27		8.07		4.09		3.75		0.82		0.78
Class C (MBFCX)	10-31-2001		6.25		3.33		2.98		7.25		3.33		2.98		1.57		1.53
Class R (WTRRX)4	7-9-2010		–		–		–		7.90		3.85		3.50		1.07		1.03
Class R4 (MBFRX)5	11-30-2012		–		–		–		8.35		4.39		4.04		0.59		0.52
Class R6 (WTRIX)6	11-30-2012		–		–		–		8.52		4.52		4.18		0.44		0.37
Administrator Class (MNTRX)	6-30-1997		–		–		–		8.16		4.17		3.84		0.76		0.70
Institutional Class (MBFIX)	10-31-2001		–		–		–		8.47		4.48		4.14		0.49		0.42
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		7.28		4.34		3.71		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Core Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20208
FNMA, 2.00%, 1-14-2051	2.15
U.S. Treasury Bond, 1.13%, 5-15-2040	2.12
U.S. Treasury Note, 0.25%, 11-15-2023	1.96
U.S. Treasury Note, 0.13%, 9-15-2023	1.90
U.S. Treasury Note, 1.38%, 5-31-2021	1.78
U.S. Treasury Note, 0.13%, 9-30-2022	1.72
U.S. Treasury Note, 0.13%, 8-31-2022	1.63
U.S. Treasury Note, 1.38%, 1-31-2021	1.54
FNMA, 2.00%, 2-12-2051	1.53
GNMA, 2.00%, 2-20-2051	1.52

Portfolio composition as of November 30, 2020⁹

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 1.03% for Class R, 0.52% for Class R4, 0.37% for Class R6, 0.70% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without theseis caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  Historical performance shown for the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to the Class R shares.

⁵  Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares.

⁶  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

⁷  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁸  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁹  Figures represent the portfolio composition of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Core Bond Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,026.14	$	3.96		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	1,022.46	$	7.76		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R
Actual	$	1,000.00	$	1,025.26	$	4.52		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.51		0.89	%
Class R4
Actual	$	1,000.00	$	1,027.96	$	2.64		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,028.75	$	1.88		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,026.31	$	3.56		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%
Institutional Class
Actual	$	1,000.00	$	1,028.50	$	2.14		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

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

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

8  |  Wells Fargo Core Bond Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.07%
Affiliated Master Portfolio: 100.07%
Wells Fargo Core Bond Portfolio	$	5,774,258,310
Total Investment Companies (Cost $5,595,388,697)		5,774,258,310

Total investments in securities (Cost $5,595,388,697)	100.07	%		5,774,258,310
Other assets and liabilities, net	(0.07	)		(3,821,966	)
Total net assets	100.00	%	$	5,770,436,344

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Core Bond Portfolio		95	%		95	%	$	113,703,226	$	4,956,522	$	51,164,373	$	117,135	$	5,774,258,310		100.07	%

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

Wells Fargo Core Bond Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $5,595,388,697)	$	5,774,258,310
Receivable for Fund shares sold		6,921,477
Prepaid expenses and other assets		10,947
Total assets		5,781,190,734
Liabilities
Payable for Fund shares redeemed		8,501,084
Management fee payable		21,853
Distributions payable		1,256,892
Administration fees payable		306,127
Distribution fees and expenses payable		10,948
Trustee’s fees payable		1,155
Accrued expenses and other liabilities		656,331
Total liabilities		10,754,390
Total net assets	$	5,770,436,344
Net assets consist of
Paid-in capital	$	5,326,067,146
Total distributable earnings		444,369,198
Total net assets	$	5,770,436,344
Computation of net asset value and offering price per share
Net assets – Class A	$	330,206,396
Shares outstanding – Class A1		22,836,988
Net asset value per share – Class A		$14.46
Maximum offering price per share – Class A2		$15.14
Net assets – Class C	$	16,746,775
Shares outstanding – Class C1		1,169,603
Net asset value per share – Class C		$14.32
Net assets – Class R	$	1,882,127
Shares outstanding – Class R1		133,373
Net asset value per share – Class R		$14.11
Net assets – Class R4	$	4,289,893
Share outstanding – Class R41		304,094
Net asset value per share – Class R4		$14.11
Net assets – Class R6	$	2,415,430,780
Shares outstanding – Class R61		171,314,189
Net asset value per share – Class R6		$14.10
Net assets – Administrator Class	$	256,657,027
Shares outstanding – Administrator Class1		18,185,217
Net asset value per share – Administrator Class		$14.11
Net assets – Institutional Class	$	2,745,223,346
Shares outstanding – Institutional Class1		194,764,861
Net asset value per share – Institutional Class		$14.10

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Core Bond Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $3,669)	$	51,164,373
Affiliated income allocated from affiliated Master Portfolio		117,135
Expenses allocated from affiliated Master Portfolio		(9,967,396	)
Total investment income		41,314,112
Expenses
Management fee		1,398,006
Administration fees
Class A		258,034
Class C		19,157
Class R		1,971
Class R4		1,703
Class R6		384,930
Administrator Class		120,870
Institutional Class		1,030,953
Shareholder servicing fees
Class A		400,910
Class C		29,805
Class R		1,753
Class R4		2,122
Administrator Class		295,375
Distribution fees
Class C		89,332
Class R		2,324
Custody and accounting fees		92,574
Professional fees		17,758
Registration fees		119,283
Shareholder report expenses		163,673
Trustees’ fees and expenses		11,029
Other fees and expenses		51,398
Total expenses		4,492,960
Less: Fee waivers and/or expense reimbursements
Fund-level		(1,079,043	)
Class A		(36,938	)
Class C		(2,462	)
Class R4		(763	)
Class R6		(384,930	)
Administrator Class		(35,319	)
Institutional Class		(466,119	)
Net expenses		2,487,386
Net investment income		38,826,726
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		113,703,226
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		4,956,522
Net realized and unrealized gains (losses) on investments		118,659,748
Net increase in net assets resulting from operations	$	157,486,474

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

Wells Fargo Core Bond Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	38,826,726					$	120,113,953
Net realized gains on investments					113,703,226						306,742,964
Net change in unrealized gains (losses) on investments					4,956,522						56,934,677
Net increase in net assets resulting from operations					157,486,474						483,791,594
Distributions to shareholders from net investment income and net realized gains
Class A					(1,998,606	)					(6,294,414	)
Class C					(61,316	)					(417,858	)
Class R					(14,194	)					(97,982	)
Class R4					(31,989	)					(161,109	)
Class R6					(21,256,070	)					(63,508,068	)
Administrator Class					(1,592,881	)					(4,506,235	)
Institutional Class					(20,630,505	)					(59,496,339	)
Total distributions to shareholders					(45,585,561	)					(134,482,005	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,975,423			57,145,100			5,035,376			68,831,957
Class C		348,418			4,961,849			737,031			9,984,279
Class R		14,553			203,415			91,423			1,215,599
Class R4		39,118			547,659			183,129			2,446,252
Class R6		20,787,518			291,035,956			46,956,601			627,133,874
Administrator Class		5,641,679			79,270,173			5,387,937			72,239,222
Institutional Class		42,702,899			598,700,209			67,880,909			903,670,274
					1,031,864,361						1,685,521,457
Reinvestment of distributions
Class A		122,458			1,761,667			399,765			5,475,932
Class C		2,877			40,971			14,131			191,525
Class R		457			6,409			1,589			21,221
Class R4		2,273			31,898			12,039			160,382
Class R6		1,088,189			15,265,637			3,578,858			47,809,034
Administrator Class		109,602			1,538,931			324,731			4,342,589
Institutional Class		1,305,997			18,315,815			3,940,416			52,636,436
					36,961,328						110,637,119
Payment for shares redeemed
Class A		(2,404,024	)		(34,535,591	)		(7,058,184	)		(96,112,855	)
Class C		(1,174,718	)		(16,749,433	)		(1,381,669	)		(18,673,889	)
Class R		(115,921	)		(1,623,923	)		(519,677	)		(6,891,248	)
Class R4		(66,275	)		(924,399	)		(700,264	)		(9,317,864	)
Class R6		(34,745,894	)		(487,222,961	)		(60,509,001	)		(803,022,923	)
Administrator Class		(3,363,283	)		(47,207,210	)		(5,797,513	)		(77,110,768	)
Institutional Class		(20,463,288	)		(286,704,563	)		(81,653,483	)		(1,088,476,808	)
					(874,968,080	)					(2,099,606,355	)
Net increase (decrease) in net assets resulting from capital share transactions					193,857,609						(303,447,779	)
Total increase in net assets					305,758,522						45,861,810
Net assets
Beginning of period					5,464,677,822						5,418,816,012
End of period				$	5,770,436,344					$	5,464,677,822

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

12  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.17			$13.28			$12.86			$13.22			$13.28			$13.16
Net investment income		0.07			0.25			0.32			0.24			0.19	1		0.19	1
Net realized and unrealized gains (losses) on investments		0.31			0.93			0.42			(0.36	)		0.00			0.12
Total from investment operations		0.38			1.18			0.74			(0.12	)		0.19			0.31
Distributions to shareholders from
Net investment income		(0.09	)		(0.26	)		(0.32	)		(0.24	)		(0.19	)		(0.19	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.09	)		(0.29	)		(0.32	)		(0.24	)		(0.25	)		(0.19	)
Net asset value, end of period		$14.46			$14.17			$13.28			$12.86			$13.22			$13.28
Total return2		2.69	%		9.03	%		5.87	%		(0.96	)%		1.48	%		2.36	%
Ratios to average net assets (annualized)
Gross expenses3		0.82	%		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%
Net expenses3		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income3		1.01	%		1.85	%		2.50	%		1.79	%		1.40	%		1.43	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$330,206			$299,642			$302,246			$320,208			$360,276			$699,273

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

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

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

Wells Fargo Core Bond Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.03			$13.15			$12.74			$13.09			$13.15			$13.03
Net investment income		0.03			0.15			0.23			0.14			0.09			0.09
Net realized and unrealized gains (losses) on investments		0.30			0.92			0.40			(0.35	)		0.00			0.12
Total from investment operations		0.33			1.07			0.63			(0.21	)		0.09			0.21
Distributions to shareholders from
Net investment income		(0.04	)		(0.16	)		(0.22	)		(0.14	)		(0.09	)		(0.09	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.04	)		(0.19	)		(0.22	)		(0.14	)		(0.15	)		(0.09	)
Net asset value, end of period		$14.32			$14.03			$13.15			$12.74			$13.09			$13.15
Total return1		2.32	%		8.22	%		5.04	%		(1.65	)%		0.72	%		1.61	%
Ratios to average net assets (annualized)
Gross expenses2		1.57	%		1.57	%		1.58	%		1.58	%		1.58	%		1.58	%
Net expenses2		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Net investment income2		0.27	%		1.11	%		1.75	%		1.04	%		0.68	%		0.68	%
Supplemental data
Portfolio turnover rate3		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$16,747			$27,971			$34,494			$47,843			$59,049			$66,612

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

²  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

14  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.83			$12.96			$12.55			$12.90			$12.97			$12.85
Net investment income		0.06	1		0.22	1		0.28	1		0.20	1		0.15	1		0.15	1
Net realized and unrealized gains (losses) on investments		0.30			0.90			0.41			(0.35	)		(0.01	)		0.12
Total from investment operations		0.36			1.12			0.69			(0.15	)		0.14			0.27
Distributions to shareholders from
Net investment income		(0.08	)		(0.22	)		(0.28	)		(0.20	)		(0.15	)		(0.15	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.08	)		(0.25	)		(0.28	)		(0.20	)		(0.21	)		(0.15	)
Net asset value, end of period		$14.11			$13.83			$12.96			$12.55			$12.90			$12.97
Total return2		2.60	%		8.80	%		5.61	%		(1.19	)%		1.15	%		2.13	%
Ratios to average net assets (annualized)
Gross expenses3		0.90	%		1.05	%		1.07	%		1.08	%		1.08	%		1.08	%
Net expenses3		0.89	%		1.02	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income3		0.90	%		1.66	%		2.25	%		1.54	%		1.18	%		1.18	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$1,882			$3,241			$8,565			$12,230			$13,826			$17,985

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

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

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

Wells Fargo Core Bond Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R4				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.83			$12.95			$12.55			$12.89			$12.95			$12.83
Net investment income		0.09	1		0.29	1		0.35			0.26	1		0.22			0.22
Net realized and unrealized gains (losses) on investments		0.30			0.91			0.40			(0.34	)		0.00			0.12
Total from investment operations		0.39			1.20			0.75			(0.08	)		0.22			0.34
Distributions to shareholders from
Net investment income		(0.11	)		(0.29	)		(0.35	)		(0.26	)		(0.22	)		(0.22	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.11	)		(0.32	)		(0.35	)		(0.26	)		(0.28	)		(0.22	)
Net asset value, end of period		$14.11			$13.83			$12.95			$12.55			$12.89			$12.95
Total return2		2.80	%		9.34	%		6.07	%		(0.61	)%		1.74	%		2.65	%
Ratios to average net assets (annualized)
Gross expenses3		0.59	%		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Net expenses3		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net investment income3		1.26	%		2.19	%		2.76	%		2.01	%		1.70	%		1.69	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$4,290			$4,549			$10,805			$11,680			$43,205			$41,272

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

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

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

16  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.82			$12.95			$12.54			$12.89			$12.95			$12.83
Net investment income		0.10			0.30			0.37			0.28			0.24			0.24
Net realized and unrealized gains (losses) on investments		0.30			0.91			0.41			(0.35	)		0.00			0.12
Total from investment operations		0.40			1.21			0.78			(0.07	)		0.24			0.36
Distributions to shareholders from
Net investment income		(0.12	)		(0.31	)		(0.37	)		(0.28	)		(0.24	)		(0.24	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.12	)		(0.34	)		(0.37	)		(0.28	)		(0.30	)		(0.24	)
Net asset value, end of period		$14.10			$13.82			$12.95			$12.54			$12.89			$12.95
Total return1		2.87	%		9.42	%		6.31	%		(0.54	)%		1.90	%		2.81	%
Ratios to average net assets (annualized)
Gross expenses2		0.44	%		0.44	%		0.45	%		0.45	%		0.45	%		0.45	%
Net expenses2		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income2		1.42	%		2.26	%		2.92	%		2.24	%		1.87	%		1.84	%
Supplemental data
Portfolio turnover rate3		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$2,415,431			$2,545,332			$2,513,644			$1,360,847			$797,896			$450,791

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

²  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo Core Bond Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.83			$12.96			$12.56			$12.90			$12.97			$12.85
Net investment income		0.08	1		0.26			0.33	1		0.24	1		0.21			0.19
Net realized and unrealized gains (losses) on investments		0.29			0.90			0.40			(0.34	)		(0.02	)		0.12
Total from investment operations		0.37			1.16			0.73			(0.10	)		0.19			0.31
Distributions to shareholders from
Net investment income		(0.09	)		(0.26	)		(0.33	)		(0.24	)		(0.20	)		(0.19	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.09	)		(0.29	)		(0.33	)		(0.24	)		(0.26	)		(0.19	)
Net asset value, end of period		$14.11			$13.83			$12.96			$12.56			$12.90			$12.97
Total return2		2.70	%		9.14	%		5.87	%		(0.79	)%		1.48	%		2.47	%
Ratios to average net assets (annualized)
Gross expenses3		0.76	%		0.76	%		0.76	%		0.77	%		0.77	%		0.77	%
Net expenses3		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income3		1.09	%		1.92	%		2.58	%		1.86	%		1.50	%		1.51	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$256,657			$218,522			$205,825			$269,057			$373,042			$529,530

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

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

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

18  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.82			$12.94			$12.54			$12.88			$12.95			$12.83
Net investment income		0.10			0.29			0.36			0.28			0.23			0.23
Net realized and unrealized gains (losses) on investments		0.29			0.92			0.40			(0.34	)		(0.01	)		0.12
Total from investment operations		0.39			1.21			0.76			(0.06	)		0.22			0.35
Distributions to shareholders from
Net investment income		(0.11	)		(0.30	)		(0.36	)		(0.28	)		(0.23	)		(0.23	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.11	)		(0.33	)		(0.36	)		(0.28	)		(0.29	)		(0.23	)
Net asset value, end of period		$14.10			$13.82			$12.94			$12.54			$12.88			$12.95
Total return1		2.85	%		9.45	%		6.18	%		(0.51	)%		1.77	%		2.76	%
Ratios to average net assets (annualized)
Gross expenses2		0.49	%		0.49	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses2		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income2		1.37	%		2.21	%		2.86	%		2.16	%		1.82	%		1.79	%
Supplemental data
Portfolio turnover rate3		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$2,745,223			$2,365,421			$2,343,238			$3,318,290			$3,166,348			$2,102,073

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

²  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo Core Bond Fund  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Core Bond Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 95% of Wells Fargo Core Bond Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

20  |  Wells Fargo Core Bond Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $5,592,245,257 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	182,013,053
Gross unrealized losses		0
Net unrealized gains	$	182,013,053

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation	$5,774,258,310

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Core Bond Fund  |  21

Notes to financial statements (unaudited)

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 1.03% for Class R shares, 0.52% for Class R4 shares, 0.37% for Class R6 shares, 0.70% for Administrator shares, and 0.42% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $5,417 from the sale of Class A shares. Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended November 30, 2020.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$11,611,152,238	$1,892,826,772	$11,164,563,457	$1,682,795,393

22  |  Wells Fargo Core Bond Fund

Notes to financial statements (unaudited)

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

8. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

9. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Core Bond Fund  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 30.69%
FHLMC (1 Month LIBOR +0.35%) ±		0.49	%		12-15-2048	$	1,241,276	$	1,245,562
FHLMC		1.75			5-15-2043		2,994,601		3,088,286
FHLMC (1 Month LIBOR +0.35%) ±		2.85			10-15-2037		4,838,938		4,823,768
FHLMC		3.00			10-15-2047		12,028,184		12,572,319
FHLMC		3.00			2-1-2050		999,365		1,062,799
FHLMC		3.00			5-15-2050		6,249,920		6,724,267
FHLMC		3.50			4-1-2049		4,899,034		5,397,453
FHLMC		3.50			8-1-2049		4,704,516		5,150,078
FHLMC		3.50			11-1-2049		15,429,035		16,404,180
FHLMC		4.00			1-1-2035		154,988		172,723
FHLMC		4.00			1-1-2036		255,855		281,670
FHLMC		4.00			10-1-2036		1,805,311		1,969,850
FHLMC		4.00			3-1-2037		212,339		235,822
FHLMC		4.00			3-1-2037		238,197		269,008
FHLMC		4.00			3-1-2037		410,576		451,765
FHLMC		4.00			4-1-2037		1,684,545		1,853,526
FHLMC		4.00			4-1-2037		2,181,716		2,422,843
FHLMC		4.00			8-1-2038		12,901,520		13,842,109
FHLMC		4.00			1-1-2048		1,496,008		1,660,780
FHLMC		4.00			11-1-2048		11,721,246		12,870,973
FHLMC		4.00			7-1-2049		14,835,567		16,471,897
FHLMC		4.00			7-1-2049		41,720,255		45,781,948
FHLMC		4.50			6-1-2039		205,096		230,158
FHLMC		4.50			7-1-2039		265,786		307,961
FHLMC		4.50			11-1-2048		6,624,862		7,357,708
FHLMC		4.50			3-1-2049		2,725,406		3,039,919
FHLMC		4.50			8-1-2049		23,749,644		26,367,718
FHLMC		5.00			5-1-2048		8,014,649		9,170,632
FHLMC		5.00			3-1-2049		15,707,313		17,769,267
FHLMC		6.50			4-1-2021		26		26
FHLMC Series 1897 Class K		7.00			9-15-2026		288		320
FHLMC Series 264 Class 30		3.00			7-15-2042		11,998,645		12,852,316
FHLMC Series 4426 Class QC		1.75			7-15-2037		5,301,433		5,481,258
FHLMC Series 4705 Class A		4.50			9-15-2042		2,315,575		2,388,260
FHLMC Series 4763 Class CA		3.00			9-15-2038		1,399,145		1,511,698
FHLMC Series 4767 Class KA		3.00			3-15-2048		3,746,893		4,052,167
FHLMC Series 4786 Class DP		4.50			7-15-2042		435,584		436,844
FNMA (1 Month LIBOR +0.35%) ±		0.50			10-15-2037		16,718,983		16,715,417
FNMA %%		1.50			12-16-2035		21,000,000		21,532,793
FNMA		1.50			1-25-2043		10,531,018		10,765,867
FNMA		1.50			1-25-2043		4,037,971		4,169,746
FNMA		1.50			4-25-2043		1,235,601		1,262,686
FNMA %%		1.50			2-12-2051		29,300,000		29,542,091
FNMA		1.70			8-25-2033		13,310,341		13,766,663
FNMA		1.75			5-25-2043		4,274,525		4,444,756
FNMA		1.75			6-25-2046		24,807,498		25,812,239
FNMA		2.00			11-1-2035		44,231,062		46,062,434
FNMA %%		2.00			12-16-2035		5,300,000		5,517,072
FNMA		2.00			6-25-2038		13,509,119		14,116,080
FNMA %%		2.00			12-14-2050		3,800,000		3,947,575
FNMA %%		2.00			1-14-2051		126,100,000		130,752,978
FNMA %%		2.00			2-12-2051		90,400,000		93,477,555
FNMA		2.50			11-25-2044		2,937,559		3,128,019
FNMA		2.50			9-1-2050		44,826,088		47,637,645
FNMA		2.50			10-1-2050		41,012,763		43,635,387
FNMA (12 Month LIBOR +1.59%) ±		2.69			1-1-2046		12,493,973		12,974,097

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

24  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (12 Month LIBOR +1.58%) ±		2.76	%		6-1-2045	$	3,553,064	$	3,690,066
FNMA		3.00			1-1-2043		6,892,618		7,343,763
FNMA		3.00			11-25-2043		3,177,965		3,290,250
FNMA		3.00			5-25-2048		8,731,081		9,365,213
FNMA		3.00			7-25-2049		4,132,951		4,341,350
FNMA		3.00			2-1-2050		718,950		764,585
FNMA		3.00			6-1-2050		24,700,793		26,162,784
FNMA		3.50			9-1-2032		6,348,273		6,716,170
FNMA		3.50			6-1-2049		1,902,794		2,023,342
FNMA		3.50			11-1-2049		16,625,953		17,652,565
FNMA		4.00			9-1-2033		3,448,831		3,695,123
FNMA		4.00			12-1-2036		290,366		319,603
FNMA		4.00			10-1-2037		2,012,567		2,193,926
FNMA		4.00			5-1-2038		572,289		613,117
FNMA		4.00			9-1-2045		1,098,171		1,237,453
FNMA		4.00			1-1-2046		7,077,503		7,974,448
FNMA		4.00			10-1-2046		487,806		529,631
FNMA		4.00			12-1-2046		667,955		725,175
FNMA		4.00			1-1-2047		4,584,390		4,940,274
FNMA		4.00			2-1-2047		5,152,121		5,720,847
FNMA		4.00			4-1-2047		685,153		774,037
FNMA		4.00			4-1-2047		657,984		707,923
FNMA		4.00			4-1-2047		722,022		801,169
FNMA		4.00			9-1-2047		2,674,505		2,897,304
FNMA		4.00			10-1-2047		669,245		756,075
FNMA		4.00			10-1-2047		677,142		757,314
FNMA		4.00			10-1-2047		1,794,078		1,939,327
FNMA		4.00			11-1-2047		308,743		334,063
FNMA		4.00			11-1-2047		632,918		685,015
FNMA		4.00			3-1-2048		17,658,490		19,943,970
FNMA		4.00			7-1-2048		24,920,352		27,296,693
FNMA		4.00			9-1-2048		6,054,769		6,640,743
FNMA		4.00			10-1-2048		5,152,271		5,615,813
FNMA		4.00			11-1-2048		5,430,745		5,985,651
FNMA		4.00			12-1-2048		3,709,641		4,189,821
FNMA		4.00			2-1-2049		6,156,430		6,842,953
FNMA		4.00			3-1-2049		2,553,506		2,777,349
FNMA		4.00			4-1-2049		3,418,562		3,719,981
FNMA		4.00			5-1-2049		475,797		518,108
FNMA		4.00			5-1-2049		382,274		418,739
FNMA		4.00			5-1-2049		3,443,179		3,738,932
FNMA		4.00			5-1-2049		3,706,965		4,145,784
FNMA		4.00			5-1-2049		12,556,626		14,185,396
FNMA		4.00			6-1-2049		3,093,980		3,366,190
FNMA		4.00			6-1-2049		1,512,509		1,635,743
FNMA		4.00			12-1-2049		7,123,660		8,052,182
FNMA		4.00			12-1-2049		4,170,839		4,631,181
FNMA		4.50			5-1-2034		1,316,465		1,460,959
FNMA		4.50			6-1-2041		264,913		304,675
FNMA		4.50			3-1-2043		3,070,232		3,530,540
FNMA		4.50			3-1-2044		940,905		1,082,256
FNMA		4.50			10-1-2045		4,791,807		5,511,723
FNMA		4.50			2-1-2046		95,448		106,276
FNMA		4.50			3-1-2048		1,463,919		1,617,131
FNMA		4.50			4-1-2048		2,977,409		3,289,036
FNMA		4.50			5-1-2048		1,757,516		1,940,400

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

Wells Fargo Core Bond Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		6-1-2048	$	1,905,528	$	2,175,867
FNMA		4.50			7-1-2048		5,944,888		6,693,755
FNMA		4.50			8-1-2048		9,884,873		11,040,724
FNMA		4.50			10-1-2048		2,132,788		2,361,893
FNMA		4.50			10-1-2048		8,913,751		9,949,456
FNMA		4.50			10-1-2048		12,989,098		14,422,729
FNMA		4.50			11-1-2048		2,683,933		3,064,692
FNMA		4.50			1-1-2049		15,699,276		17,535,217
FNMA		4.50			2-1-2049		8,899,247		9,935,990
FNMA		4.50			4-1-2049		3,055,979		3,386,714
FNMA		4.50			5-1-2049		1,401,131		1,552,766
FNMA		4.50			5-1-2049		7,114,799		7,744,785
FNMA		4.50			6-1-2049		6,840,452		7,663,220
FNMA		4.50			7-1-2049		6,813,800		7,633,383
FNMA		4.50			7-1-2049		10,965,172		12,214,920
FNMA		4.50			8-1-2049		6,455,573		7,232,045
FNMA		4.50			2-1-2050		2,103,116		2,313,792
FNMA		4.50			3-1-2050		7,462,179		8,392,041
FNMA		4.50			3-1-2050		12,936,619		14,443,894
FNMA		4.50			3-1-2050		855,664		942,748
FNMA		4.50			4-1-2050		2,518,007		2,852,685
FNMA		4.50			4-1-2050		3,919,988		4,500,523
FNMA		4.50			4-1-2050		1,923,593		2,116,428
FNMA		4.50			1-1-2059		11,553,611		13,270,019
FNMA		5.00			7-1-2044		420,469		470,502
FNMA		5.00			9-1-2048		2,268,453		2,556,434
FNMA		5.00			9-1-2048		761,580		855,487
FNMA		5.00			10-1-2048		117,064		133,636
FNMA		5.00			12-1-2048		5,250,760		5,866,532
FNMA		5.00			1-1-2049		8,843,551		9,970,886
FNMA		5.00			6-1-2049		34,888,422		39,783,879
FNMA		5.00			8-1-2049		42,434,365		49,068,430
FNMA		5.00			8-1-2049		22,762,620		26,133,477
FNMA		5.00			11-1-2049		7,417,367		8,359,012
FNMA		5.50			12-1-2048		5,393,025		6,190,523
FNMA		5.50			6-1-2049		14,242,272		16,643,028
FNMA		6.00			4-1-2022		1,383		1,546
FNMA		6.00			2-1-2029		2,439		2,737
FNMA		6.00			3-1-2033		27,610		32,525
FNMA		6.00			11-1-2033		9,649		11,438
FNMA Series 2017-13 Class PA		3.00			8-25-2046		4,574,674		4,828,726
FNMA Series 2017-M7 Class A2 ±±		2.96			2-25-2027		2,040,000		2,289,166
FNMA Series 2018-14 Class KC		3.00			3-25-2048		4,451,997		4,795,776
FNMA Series 2018-15 Class AB		3.00			3-25-2048		1,533,255		1,654,266
FNMA Series 2018-8 Class KL		2.50			3-25-2047		6,325,982		6,604,326
FNMA Series 414 Class A35		3.50			10-25-2042		10,323,934		11,058,386
GNMA %%		2.00			12-21-2050		70,800,000		74,058,425
GNMA %%		2.00			2-20-2051		88,900,000		92,529,239
GNMA %%		2.50			1-21-2051		45,900,000		48,249,125
GNMA		3.50			1-20-2048		5,042,777		5,551,084
GNMA		3.50			3-20-2049		4,286,355		4,529,243
GNMA		4.00			6-20-2047		45,075,053		48,733,958
GNMA		4.00			3-20-2048		1,358,516		1,470,310
GNMA		4.00			4-20-2048		2,412,068		2,622,252
GNMA		4.00			4-20-2048		2,056,798		2,263,090
GNMA		4.00			4-20-2048		1,544,479		1,712,002

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

26  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		4.00	%		4-20-2048	$	4,821,172	$	5,181,938
GNMA		4.00			5-20-2048		13,939,628		15,024,813
GNMA		4.00			5-20-2049		2,785,240		3,028,524
GNMA		4.00			6-20-2049		9,380,200		10,198,540
GNMA		4.00			7-20-2049		6,966,128		7,573,479
GNMA		4.50			8-15-2047		1,244,283		1,383,707
GNMA %%		4.50			6-20-2048		8,957,671		9,676,727
GNMA		4.50			2-20-2049		8,277,391		9,243,942
GNMA		4.50			3-20-2049		1,109,647		1,215,949
GNMA		4.50			4-20-2049		2,059,299		2,255,892
GNMA		4.50			5-20-2049		1,953,101		2,141,126
GNMA		4.50			5-20-2049		2,164,682		2,379,498
GNMA		4.50			5-20-2049		1,657,671		1,824,032
GNMA		5.00			12-20-2039		177,781		205,525
GNMA		5.00			11-20-2045		269,625		300,153
GNMA		5.00			3-20-2048		13,119,324		14,516,312
GNMA		5.00			5-20-2048		6,921,441		7,595,613
GNMA		5.00			6-20-2048		25,470,807		27,899,051
GNMA		5.00			7-20-2048		4,668,147		5,119,821
GNMA		5.00			8-20-2048		7,488,073		8,199,666
GNMA		5.00			12-20-2048		8,043,965		8,787,625
GNMA		5.00			1-20-2049		1,594,809		1,745,648
GNMA		5.00			1-20-2049		6,274,771		7,189,303
GNMA		5.00			2-20-2049		1,499,467		1,677,066
GNMA		5.00			3-20-2049		1,842,677		2,058,658
GNMA Series 2012-141 Class WA ±±		4.54			11-16-2041		1,287,430		1,437,292
GNMA Series 2017-167 Class BQ		2.50			8-20-2044		5,634,081		5,843,340
GNMA Series 2018-11 Class PC		2.75			12-20-2047		9,803,895		10,216,527
GNMA Series 2019-132 Class NA		3.50			9-20-2049		7,254,641		7,627,697
Total Agency Securities (Cost $1,821,261,389)									1,870,498,311
Asset-Backed Securities: 10.01%
AmeriCredit Automobile Receivables Series 2020-1 Class A2		1.10			3-20-2023		942,746		945,514
AmeriCredit Automobile Receivables Series 2020-2 Class A2		0.60			12-18-2023		9,636,000		9,652,935
AmeriCredit Automobile Receivables Series 2020-3 Class A3		0.53			6-18-2025		5,324,000		5,331,528
Avis Budget Rental Car Funding LLC Series 2017-1A Class A 144A		3.07			9-20-2023		1,620,000		1,662,018
Avis Budget Rental Car Funding LLC Series 2020-2A Class A 144A		2.02			2-20-2027		9,026,000		9,146,769
Avis Budget Rental Car Funding LLC Series 2019-3A Class A1 144A		2.36			3-20-2026		3,825,000		3,938,889
Capital One Multi-Asset Execution Trust Series 2016-A2 Class A2 (1 Month LIBOR +0.63%) ±		0.77			2-15-2024		8,478,000		8,496,003
Capital One Multi-Asset Execution Trust Series 2016-A7 Class A7 (1 Month LIBOR +0.51%) ±		0.65			9-16-2024		5,081,000		5,102,646
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A ±		1.80			11-26-2046		2,819,783		2,847,675
College Avenue Student Loan Trust Series 2018-A Class A2 144A		4.13			12-26-2047		2,036,406		2,149,138
College Avenue Student Loan Trust Series 2019- A Class A2 144A		3.28			12-28-2048		3,873,941		4,031,320
Ford Credit Auto Lease Trust Series 2020-B Class A3		0.62			8-15-2023		11,029,000		11,072,765
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A		3.19			7-15-2031		16,494,000		18,081,714
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		6,806,000		7,309,076
Ford Credit Auto Owner Trust Series 2019-1 Class A 144A		3.52			7-15-2030		11,868,000		12,947,474
Ford Credit Auto Owner Trust Series 2020-1 Class A 144A		2.04			8-15-2031		13,168,000		13,841,342
Ford Credit Auto Owner Trust Series 2020-2 Class A 144A		1.06			4-15-2033		14,632,000		14,705,369
Ford Credit Auto Owner Trust Series 2020-A Class A3		1.04			8-15-2024		5,068,000		5,125,434
Ford Credit Auto Owner Trust Series 2020-C Class A3		0.41			7-15-2025		5,229,000		5,235,175
Ford Credit Auto Owner Trust Series 2020-C Class A4		0.51			8-15-2026		3,750,000		3,763,091
Ford Credit Floorplan Master Owner Trust Series 2020-1 Class A1		0.70			9-15-2025		14,869,000		14,940,997
Ford Credit Floorplan Master Owner Trust Series 2020-2 Class A		1.06			9-15-2027		21,118,000		21,339,458

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

Wells Fargo Core Bond Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
General Motors Company Series 2020-2 Class A 144A		0.69	%		10-15-2025	$	4,580,000	$	4,584,357
GM Financial Consumer Automobile Receivables Trust Series 2020-2 Class A4		1.01			7-22-2024		1,127,000		1,141,722
Navient Student Loan Trust Series 2016-3A Class A2 (1 Month LIBOR +0.85%) 144A ±		1.00			6-25-2065		122,412		122,432
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A ±		2.29			12-15-2045		1,928,019		1,972,072
Navient Student Loan Trust Series 2018-BA Class A2A 144A		3.61			12-15-2059		3,819,615		3,979,716
Navient Student Loan Trust Series 2018-CA Class A2 144A		3.52			6-16-2042		1,359,221		1,384,628
Navient Student Loan Trust Series 2018-DA Class A2A 144A		4.00			12-15-2059		9,761,040		10,321,453
Navient Student Loan Trust Series 2018-EA Class A2 144A		4.00			12-15-2059		5,011,010		5,192,090
Navient Student Loan Trust Series 2019-A Class A2A 144A		3.42			1-15-2043		10,118,535		10,582,574
Navient Student Loan Trust Series 2019-BA Class A2A 144A		3.39			12-15-2059		8,228,000		8,630,422
Navient Student Loan Trust Series 2019-CA Class A2 144A		3.13			2-15-2068		6,899,000		7,089,817
Navient Student Loan Trust Series 2019-D Class A2A 144A		3.01			12-15-2059		10,199,000		10,722,167
Navient Student Loan Trust Series 2019-D Class A2B (1 Month LIBOR +1.05%) 144A ±		1.19			12-15-2059		4,627,000		4,638,689
Navient Student Loan Trust Series 2019-FA Class A2 144A		2.60			8-15-2068		11,883,000		12,269,170
Navient Student Loan Trust Series 2019-GA Class A 144A		2.40			10-15-2068		7,971,902		8,161,819
Navient Student Loan Trust Series 2020-2A Class A1A 144A		1.32			8-26-2069		9,985,000		9,983,400
Navient Student Loan Trust Series 2020-2A Class A1B (1 Month LIBOR +0.90%) 144A ±		1.05			8-26-2069		5,769,000		5,787,228
Navient Student Loan Trust Series 2020-A Class A2A 144A		2.46			11-15-2068		7,508,000		7,819,495
Navient Student Loan Trust Series 2020-A Class A2B (1 Month LIBOR +0.90%) 144A ±		1.04			11-15-2068		4,776,000		4,756,767
Navient Student Loan Trust Series 2020-BA Class A2 144A		2.12			1-15-2069		4,271,000		4,382,657
Navient Student Loan Trust Series 2020-DA Class A 144A		1.69			5-15-2069		4,023,761		4,091,676
Navient Student Loan Trust Series 2020-EA Class A 144A		1.69			5-15-2069		1,360,553		1,380,984
Navient Student Loan Trust Series 2020-FA Class A 144A		1.22			7-15-2069		2,214,725		2,228,086
Navient Student Loan Trust Series 2020-GA Class A 144A		1.17			9-16-2069		10,546,238		10,604,515
Navient Student Loan Trust Series 2020-HA Class A 144A		1.31			1-15-2069		11,127,000		11,213,279
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		0.37			1-25-2037		6,222,565		6,105,757
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		0.39			10-27-2036		2,275,718		2,237,214
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		0.32			10-25-2033		18,921,938		18,364,793
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		0.33			3-23-2037		18,348,902		17,780,552
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		0.35			12-24-2035		13,937,051		13,687,267
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		0.41			3-22-2032		3,316,251		3,127,719
Santander Drive Auto Receivables Trust Series 2020-1 Class A3		2.03			2-15-2024		2,240,000		2,273,610
Santander Drive Auto Receivables Trust Series 2020-2 Class A2		0.62			5-15-2023		9,959,337		9,969,081
Santander Drive Auto Receivables Trust Series 2020-3 Class A3		0.52			7-15-2024		4,072,000		4,081,127
Santander Drive Auto Receivables Trust Series 2020-4 Class A3		0.48			7-15-2024		3,655,000		3,657,268
Santander Revolving Auto Loan Trust Series 2019-A Class A 144A		2.51			1-26-2032		12,015,000		12,785,052
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A ±		1.00			12-15-2032		3,166,428		3,006,906
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		0.27			7-25-2022		8,947,615		8,563,376
SLM Student Loan Trust Series 2008-1 Class A4A (3 Month LIBOR +1.60%) ±		1.85			12-15-2032		3,150,726		3,198,545
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		0.55			3-25-2025		1,486,343		1,441,429
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		1.10			9-25-2028		10,877,954		10,512,112
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		0.85			1-25-2029		9,480,212		8,994,305
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		0.90			5-26-2026		2,431,265		2,353,870

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

28  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98	%		7-15-2027	$	307,093	$	312,400
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		5,961,652		6,109,122
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		2,877,364		2,939,870
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A ±		1.59			2-17-2032		7,923,668		7,983,737
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A ±		1.24			9-15-2034		3,094,512		3,096,933
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A ±		1.04			9-15-2034		2,351,626		2,359,835
SMB Private Education Loan Trust Series 2018-C Class A2A 144A		3.63			11-15-2035		3,552,686		3,767,400
SMB Private Education Loan Trust Series 2019-A Class A2A 144A		3.44			7-15-2036		16,441,924		17,338,948
SMB Private Education Loan Trust Series 2020-BA Class A1A 144A		1.29			7-15-2053		11,157,108		11,187,374
SMB Private Education Loan Trust Series 2020-PTA Class A2A 144A		1.60			9-15-2054		10,058,000		10,132,124
SMB Private Education Loan Trust Series 2020-PTB Class A2A 144A		1.60			9-15-2054		26,019,000		26,148,939
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		1,487,851		1,509,190
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A ±		1.10			1-25-2039		252,814		254,022
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A ±		1.00			7-25-2039		439,278		438,580
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A ±		0.85			3-26-2040		557,599		557,591
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65			9-25-2040		385,216		396,351
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A ±		0.65			11-26-2040		320,023		319,684
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72			11-26-2040		1,933,755		1,964,326
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A		2.95			2-25-2042		2,831,812		2,896,276
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A		3.34			8-25-2047		6,401,679		6,583,752
SoFi Professional Loan Program LLC Series 2020-A Class A2 144A		2.54			5-15-2046		10,245,000		10,580,760
SoFi Professional Loan Program LLC Series 2020-C Class AFX 144A		1.95			2-15-2046		4,729,990		4,827,869
Triton Container Finance LLC Series 2020-1A Class A 144A		2.11			9-20-2045		4,637,357		4,657,502
Verizon Owner Trust Series 2019-C Class A1A		1.94			4-22-2024		3,017,000		3,083,771
Verizon Owner Trust Series 2020-A Class A1A		1.85			7-22-2024		9,683,000		9,920,254
Verizon Owner Trust Series 2020-C Class A		0.41			4-21-2025		4,323,000		4,325,869
Total Asset-Backed Securities (Cost $601,163,929)									610,540,007
Corporate Bonds and Notes: 25.92%
Communication Services: 2.82%
Diversified Telecommunication Services: 1.82%
AT&T Incorporated		1.65			2-1-2028		2,982,000		3,023,902
AT&T Incorporated		2.25			2-1-2032		3,962,000		4,008,833
AT&T Incorporated		2.30			6-1-2027		5,989,000		6,347,364
AT&T Incorporated		2.75			6-1-2031		5,989,000		6,362,198
AT&T Incorporated		3.00			6-30-2022		4,597,000		4,768,084
AT&T Incorporated		3.10			2-1-2043		966,000		987,959
AT&T Incorporated		3.30			2-1-2052		3,673,000		3,649,859
AT&T Incorporated		3.50			6-1-2041		1,995,000		2,148,492
AT&T Incorporated 144A		3.50			9-15-2053		3,462,000		3,545,569
AT&T Incorporated 144A		3.55			9-15-2055		2,907,000		2,975,111
AT&T Incorporated 144A		3.65			9-15-2059		2,712,000		2,763,055
AT&T Incorporated		3.85			6-1-2060		1,995,000		2,109,424
AT&T Incorporated		4.50			3-9-2048		3,045,000		3,710,806
T-Mobile USA Incorporated 144A		1.50			2-15-2026		4,971,000		5,045,118
T-Mobile USA Incorporated 144A		2.05			2-15-2028		10,104,000		10,395,702
T-Mobile USA Incorporated 144A		3.00			2-15-2041		890,000		915,863

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

Wells Fargo Core Bond Portfolio  |  29

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Diversified Telecommunication Services (continued)
T-Mobile USA Incorporated 144A		3.50	%		4-15-2025	$	2,831,000	$	3,130,746
T-Mobile USA Incorporated 144A		3.75			4-15-2027		6,159,000		6,972,604
Verizon Communications Incorporated		1.75			1-20-2031		7,008,000		7,045,932
Verizon Communications Incorporated		2.65			11-20-2040		7,809,000		8,030,038
Verizon Communications Incorporated		3.00			3-22-2027		1,874,000		2,080,919
Verizon Communications Incorporated		3.00			11-20-2060		3,794,000		4,010,150
Verizon Communications Incorporated		3.50			11-1-2024		4,354,000		4,805,902
Verizon Communications Incorporated		4.02			12-3-2029		2,246,000		2,671,204
Verizon Communications Incorporated		4.27			1-15-2036		817,000		1,023,837
Verizon Communications Incorporated		4.40			11-1-2034		3,909,000		4,936,258
Verizon Communications Incorporated		4.52			9-15-2048		2,431,000		3,229,822
									110,694,751
Entertainment: 0.16%
Activision Blizzard Incorporated		2.50			9-15-2050		3,277,000		3,164,863
The Walt Disney Company		3.50			5-13-2040		2,277,000		2,662,618
The Walt Disney Company		3.60			1-13-2051		2,044,000		2,419,622
The Walt Disney Company		3.80			5-13-2060		1,420,000		1,757,038
									10,004,141
Media: 0.84%
Charter Communications Operating LLC		4.46			7-23-2022		1,779,000		1,880,332
Charter Communications Operating LLC		4.80			3-1-2050		3,622,000		4,341,264
Comcast Corporation		1.50			2-15-2031		3,530,000		3,509,902
Comcast Corporation		1.95			1-15-2031		2,665,000		2,748,971
Comcast Corporation		2.45			8-15-2052		4,509,000		4,427,834
Comcast Corporation		2.80			1-15-2051		1,178,000		1,235,697
Comcast Corporation		3.10			4-1-2025		1,860,000		2,045,443
Comcast Corporation		3.75			4-1-2040		4,551,000		5,522,204
Comcast Corporation		3.95			10-15-2025		1,314,000		1,506,275
Comcast Corporation		4.15			10-15-2028		2,262,000		2,721,917
Comcast Corporation		4.60			10-15-2038		4,569,000		6,038,760
Time Warner Cable Incorporated		6.55			5-1-2037		1,283,000		1,768,535
ViacomCBS Incorporated		4.20			5-19-2032		5,872,000		6,947,430
ViacomCBS Incorporated		4.38			3-15-2043		554,000		643,180
ViacomCBS Incorporated		4.60			1-15-2045		358,000		420,539
ViacomCBS Incorporated		4.75			5-15-2025		3,091,000		3,580,465
ViacomCBS Incorporated		4.95			5-19-2050		67,000		85,435
ViacomCBS Incorporated		5.85			9-1-2043		1,305,000		1,794,826
									51,219,009
Consumer Discretionary: 1.77%
Auto Components: 0.07%
BorgWarner Incorporated «		2.65			7-1-2027		4,142,000		4,426,987
Beverages: 0.07%
Anheuser-Busch InBev Company		4.38			4-15-2038		3,667,000		4,531,149
Diversified Consumer Services: 0.12%
Stanford University		1.29			6-1-2027		782,000		800,813
Yale University		0.87			4-15-2025		3,329,000		3,378,233
Yale University		1.48			4-15-2030		2,852,000		2,897,921
									7,076,967

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

30  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure: 0.37%
GLP Capital LP		4.00	%		1-15-2030	$	1,546,000	$	1,657,467
GLP Capital LP		5.30			1-15-2029		1,887,000		2,166,276
Marriott International Incorporated		4.63			6-15-2030		736,000		849,790
Marriott International Incorporated		5.75			5-1-2025		3,451,000		4,000,386
McDonald’s Corporation		1.45			9-1-2025		1,447,000		1,498,629
McDonald’s Corporation		2.13			3-1-2030		543,000		570,881
McDonald’s Corporation		3.70			1-30-2026		2,852,000		3,239,145
Starbucks Corporation		1.30			5-7-2022		2,372,000		2,402,685
Starbucks Corporation		3.35			3-12-2050		1,901,000		2,102,814
Starbucks Corporation		3.50			11-15-2050		3,371,000		3,861,014
									22,349,087
Internet & Direct Marketing Retail: 0.07%
Amazon.com Incorporated		2.50			6-3-2050		2,183,000		2,303,622
Amazon.com Incorporated		2.70			6-3-2060		1,985,000		2,159,991
									4,463,613
Specialty Retail: 0.75%
Advance Auto Parts Company		1.75			10-1-2027		3,881,000		3,914,589
Advance Auto Parts Company		3.90			4-15-2030		7,970,000		9,152,737
Home Depot Incorporated		2.70			4-15-2030		2,318,000		2,569,554
Home Depot Incorporated		2.95			6-15-2029		1,082,000		1,224,408
Home Depot Incorporated		3.13			12-15-2049		5,301,000		6,102,364
Home Depot Incorporated		3.30			4-15-2040		793,000		937,485
Home Depot Incorporated		3.35			4-15-2050		3,821,000		4,542,128
Lowe’s Companies Incorporated		1.70			10-15-2030		5,017,000		5,037,916
Lowe’s Companies Incorporated		3.00			10-15-2050		1,178,000		1,265,216
Lowe’s Companies Incorporated		4.00			4-15-2025		2,022,000		2,294,303
O’Reilly Automotive Incorporated		1.75			3-15-2031		6,046,000		6,012,512
O’Reilly Automotive Incorporated		4.20			4-1-2030		1,938,000		2,325,130
									45,378,342
Textiles, Apparel & Luxury Goods: 0.32%
Nike Incorporated		2.40			3-27-2025		2,754,000		2,959,046
Nike Incorporated		2.75			3-27-2027		1,838,000		2,039,522
Nike Incorporated		2.85			3-27-2030		1,810,000		2,049,320
Nike Incorporated		3.38			3-27-2050		2,246,000		2,710,210
Ralph Lauren Corporation		1.70			6-15-2022		3,235,000		3,300,040
Ralph Lauren Corporation		2.95			6-15-2030		6,269,000		6,643,340
									19,701,478
Consumer Staples: 1.16%
Beverages: 0.42%
Anheuser-Busch InBev Company		4.90			2-1-2046		556,000		725,102
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		766,000		875,729
Anheuser-Busch InBev Worldwide Incorporated		4.15			1-23-2025		3,927,000		4,460,162
Anheuser-Busch InBev Worldwide Incorporated		4.60			4-15-2048		3,837,000		4,886,230
Anheuser-Busch InBev Worldwide Incorporated		4.70			2-1-2036		5,301,000		6,771,787
Constellation Brands Incorporated		3.20			2-15-2023		931,000		983,845
Constellation Brands Incorporated		3.70			12-6-2026		578,000		662,941
Constellation Brands Incorporated		4.40			11-15-2025		280,000		325,544
Keurig Dr Pepper Incorporated		3.43			6-15-2027		2,841,000		3,236,097
Keurig Dr Pepper Incorporated		3.80			5-1-2050		1,945,000		2,341,599
									25,269,036

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

Wells Fargo Core Bond Portfolio  |  31

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Food & Staples Retailing: 0.27%
Costco Wholesale Corporation		1.60	%		4-20-2030	$	11,250,000	$	11,543,475
Costco Wholesale Corporation		1.75			4-20-2032		1,287,000		1,333,469
Sysco Corporation		6.60			4-1-2050		1,004,000		1,556,939
Walmart Incorporated		3.05			7-8-2026		1,752,000		1,968,566
Walmart Incorporated		4.05			6-29-2048		43,000		59,167
									16,461,616
Food Products: 0.10%
General Mills Incorporated		2.88			4-15-2030		1,341,000		1,490,953
Mars Incorporated 144A		1.63			7-16-2032		4,814,000		4,786,758
									6,277,711
Tobacco: 0.37%
Altria Group Incorporated		2.35			5-6-2025		830,000		879,602
Altria Group Incorporated		3.88			9-16-2046		1,631,000		1,755,575
Altria Group Incorporated		4.45			5-6-2050		1,690,000		1,987,909
BAT Capital Corporation		2.26			3-25-2028		212,000		218,600
BAT Capital Corporation		2.73			3-25-2031		7,288,000		7,493,228
BAT Capital Corporation		3.56			8-15-2027		3,725,000		4,138,812
BAT Capital Corporation		4.70			4-2-2027		3,989,000		4,669,653
BAT Capital Corporation		4.91			4-2-2030		1,021,000		1,226,907
									22,370,286
Energy: 1.50%
Oil, Gas & Consumable Fuels: 1.50%
BP Capital Markets America Incorporated		1.75			8-10-2030		3,805,000		3,829,874
BP Capital Markets America Incorporated		2.77			11-10-2050		4,568,000		4,523,602
BP Capital Markets America Incorporated		3.19			4-6-2025		4,637,000		5,090,516
BP Capital Markets America Incorporated		3.54			4-6-2027		4,672,000		5,244,766
Concho Resources Incorporated		2.40			2-15-2031		2,380,000		2,485,058
Devon Energy Corporation		5.00			6-15-2045		1,011,000		1,135,158
Devon Energy Corporation		5.60			7-15-2041		1,506,000		1,762,309
Diamondback Energy Incorporated		3.25			12-1-2026		3,688,000		3,903,021
Diamondback Energy Incorporated		3.50			12-1-2029		2,422,000		2,537,319
Energy Transfer Operating Partners LP		2.90			5-15-2025		1,827,000		1,895,529
Energy Transfer Operating Partners LP		3.60			2-1-2023		475,000		493,312
Energy Transfer Operating Partners LP		4.05			3-15-2025		6,724,000		7,230,232
Energy Transfer Operating Partners LP		4.20			4-15-2027		1,421,000		1,539,568
Energy Transfer Operating Partners LP		4.25			3-15-2023		2,722,000		2,864,945
Energy Transfer Operating Partners LP		4.50			4-15-2024		605,000		652,099
Energy Transfer Operating Partners LP		4.75			1-15-2026		1,323,000		1,468,321
Energy Transfer Operating Partners LP		5.50			6-1-2027		983,000		1,129,772
Energy Transfer Operating Partners LP		6.05			6-1-2041		890,000		990,727
Enterprise Products Operating LLC		2.80			1-31-2030		4,000		4,331
Enterprise Products Operating LLC		3.70			1-31-2051		1,743,000		1,891,143
Enterprise Products Operating LLC		3.95			1-31-2060		1,927,000		2,085,301
Gray Oak Pipeline LLC 144A		2.60			10-15-2025		1,998,000		2,028,408
HollyFrontier Corporation		2.63			10-1-2023		2,018,000		2,035,514
Marathon Oil Corporation		5.20			6-1-2045		975,000		1,070,685
Marathon Oil Corporation		6.80			3-15-2032		702,000		831,049
Marathon Petroleum Corporation		4.40			7-15-2027		3,661,000		3,993,716
MPLX LP		1.75			3-1-2026		2,976,000		3,015,385
MPLX LP		2.65			8-15-2030		3,996,000		4,043,143
Pioneer Natural Resource		1.90			8-15-2030		4,987,000		4,901,147

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

32  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP		3.55	%		12-15-2029	$	4,179,000	$	4,283,517
Plains All American Pipeline LP		4.90			2-15-2045		825,000		830,504
Regency Energy Partners LP		4.50			11-1-2023		918,000		989,735
Sunoco Logistics Partner LP		3.45			1-15-2023		464,000		481,738
Sunoco Logistics Partner LP		4.25			4-1-2024		1,222,000		1,308,975
Transcontinental Gas Pipe Line Company LLC 144A		3.25			5-15-2030		1,973,000		2,171,052
Transcontinental Gas Pipe Line Company LLC 144A		3.95			5-15-2050		3,159,000		3,491,336
Valero Energy Corporation		1.20			3-15-2024		1,905,000		1,904,644
Williams Companies Incorporated		3.90			1-15-2025		1,321,000		1,457,988
									91,595,439
Financials: 7.10%
Banks: 2.95%
Bank of America Corporation (U.S. SOFR +0.74%) ±		0.81			10-24-2024		9,982,000		10,020,960
Bank of America Corporation (U.S. SOFR +0.91%) ±		0.98			9-25-2025		8,409,000		8,456,816
Bank of America Corporation (U.S. SOFR +1.01%) ±		1.20			10-24-2026		9,608,000		9,670,259
Bank of America Corporation (U.S. SOFR +1.15%) ±		1.32			6-19-2026		8,418,000		8,518,161
Bank of America Corporation (U.S. SOFR +1.53%) ±		1.90			7-23-2031		7,619,000		7,648,058
Bank of America Corporation (U.S. SOFR +1.37%) ±		1.92			10-24-2031		3,117,000		3,141,907
Bank of America Corporation (3 Month LIBOR +0.64%) ±		2.02			2-13-2026		970,000		1,012,034
Bank of America Corporation (3 Month LIBOR +0.87%) ±		2.46			10-22-2025		5,159,000		5,475,241
Bank of America Corporation (3 Month LIBOR +0.99%) ±		2.50			2-13-2031		5,241,000		5,542,146
Bank of America Corporation (U.S. SOFR +2.15%) ±		2.59			4-29-2031		5,099,000		5,429,978
Bank of America Corporation (3 Month LIBOR +0.79%) ±		3.00			12-20-2023		9,893,000		10,393,015
Bank of America Corporation (3 Month LIBOR +1.09%) ±		3.09			10-1-2025		7,075,000		7,649,008
Bank of America Corporation (3 Month LIBOR +1.04%) ±		3.42			12-20-2028		12,745,000		14,341,583
Bank of America Corporation		3.50			4-19-2026		1,671,000		1,895,004
Bank of America Corporation		4.13			1-22-2024		638,000		705,938
Bank of America Corporation		4.18			11-25-2027		5,279,000		6,091,578
Citigroup Incorporated (U.S. SOFR +0.69%) ±		0.78			10-30-2024		6,412,000		6,429,400
Citigroup Incorporated		3.20			10-21-2026		9,784,000		10,853,938
Deutsche Bank (U.S. SOFR +1.87%) ±		2.13			11-24-2026		5,752,000		5,821,597
Deutsche Bank (U.S. SOFR +2.16%) ±		2.22			9-18-2024		3,965,000		4,045,813
JPMorgan Chase & Company (U.S. SOFR +0.80%) ±		1.05			11-19-2026		11,403,000		11,463,323
JPMorgan Chase & Company (U.S. SOFR +1.11%) ±		1.76			11-19-2031		5,700,000		5,714,126
JPMorgan Chase & Company (U.S. SOFR +1.89%) ±		2.18			6-1-2028		5,715,000		5,994,316
JPMorgan Chase & Company (U.S. SOFR +2.52%) ±		2.96			5-13-2031		5,329,000		5,797,676
Santander Holdings USA Incorporated		3.24			10-5-2026		4,276,000		4,632,009
Santander Holdings USA Incorporated		3.40			1-18-2023		1,369,000		1,438,806
Santander Holdings USA Incorporated		3.45			6-2-2025		8,011,000		8,674,407
Santander Holdings USA Incorporated		4.40			7-13-2027		2,155,000		2,442,027
Santander Holdings USA Incorporated		4.50			7-17-2025		429,000		481,541
									179,780,665
Capital Markets: 1.88%
Affiliated Managers Group Incorporated		3.30			6-15-2030		5,956,000		6,483,070
Ares Capital Corporation		3.88			1-15-2026		3,487,000		3,663,640
Franklin Resources Incorporated		1.60			10-30-2030		4,518,000		4,458,489
Goldman Sachs Group Incorporated (U.S. SOFR +0.54%) ±		0.63			11-17-2023		15,498,000		15,539,042
Goldman Sachs Group Incorporated		3.50			4-1-2025		7,270,000		8,054,078
Goldman Sachs Group Incorporated		3.50			11-16-2026		2,690,000		3,008,299
Goldman Sachs Group Incorporated		6.75			10-1-2037		3,168,000		4,848,349
Golub Capital LLC		3.38			4-15-2024		9,617,000		9,679,657

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

Wells Fargo Core Bond Portfolio  |  33

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Capital Markets (continued)
IntercontinentalExchange Incorporated		1.85	%		9-15-2032	$	3,991,000	$	4,034,442
IntercontinentalExchange Incorporated		2.65			9-15-2040		1,398,000		1,449,669
Morgan Stanley (U.S. SOFR +0.47%) ±		0.56			11-10-2023		6,669,000		6,673,624
Morgan Stanley (U.S. SOFR +0.75%) ±		0.86			10-21-2025		6,719,000		6,760,990
Morgan Stanley (U.S. SOFR +1.03%) ±		1.79			2-13-2032		11,433,000		11,511,399
Morgan Stanley (U.S. SOFR +1.99%) ±		2.19			4-28-2026		951,000		1,003,029
Morgan Stanley (U.S. SOFR +3.12%) ±		3.62			4-1-2031		703,000		817,828
Morgan Stanley		3.63			1-20-2027		5,035,000		5,753,572
Morgan Stanley		4.00			7-23-2025		6,646,000		7,607,525
PPL Capital Funding Incorporated		3.10			5-15-2026		4,538,000		5,042,195
PPL Capital Funding Incorporated		3.40			6-1-2023		550,000		585,360
PPL Capital Funding Incorporated		4.13			4-15-2030		4,852,000		5,753,833
PPL Capital Funding Incorporated		5.00			3-15-2044		1,522,000		1,985,636
									114,713,726
Consumer Finance: 1.62%
Ally Financial Incorporated		1.45			10-2-2023		7,741,000		7,890,590
Ally Financial Incorporated		5.13			9-30-2024		6,159,000		7,063,685
Ally Financial Incorporated		5.75			11-20-2025		6,708,000		7,833,404
Aviation Capital Group LLC 144A		5.50			12-15-2024		4,962,000		5,312,066
Bunge Limited Finance Corporation		1.63			8-17-2025		4,949,000		5,051,359
Bunge Limited Finance Corporation		3.25			8-15-2026		4,037,000		4,430,579
Bunge Limited Finance Corporation		3.75			9-25-2027		3,508,000		3,908,051
General Motors Financial Company Incorporated		1.70			8-18-2023		6,161,000		6,309,887
General Motors Financial Company Incorporated		2.70			8-20-2027		8,692,000		9,170,566
General Motors Financial Company Incorporated		2.75			6-20-2025		6,210,000		6,572,160
General Motors Financial Company Incorporated		5.20			3-20-2023		4,234,000		4,643,844
General Motors Financial Company Incorporated		5.40			4-1-2048		3,760,000		4,742,423
Harley Davidson Financial Services Company 144A		3.35			6-8-2025		3,823,000		4,109,913
Hyundai Capital America 144A		1.25			9-18-2023		2,903,000		2,923,390
Hyundai Capital America 144A		1.80			10-15-2025		2,903,000		2,941,752
Hyundai Capital America 144A		2.38			10-15-2027		2,903,000		2,993,394
John Deere Capital Corporation		0.55			7-5-2022		5,706,000		5,735,153
John Deere Capital Corporation		1.20			4-6-2023		4,394,000		4,487,437
John Deere Capital Corporation		1.75			3-9-2027		2,633,000		2,769,056
									98,888,709
Diversified Financial Services: 0.04%
Andrew W. Mellon Foundation		0.95			8-1-2027		2,272,000		2,269,060
Insurance: 0.61%
American International Group Incorporated		3.40			6-30-2030		4,204,000		4,792,159
American International Group Incorporated		4.20			4-1-2028		2,799,000		3,335,353
American International Group Incorporated		4.50			7-16-2044		2,493,000		3,198,896
American International Group Incorporated		4.75			4-1-2048		3,869,000		5,218,106
American International Group Incorporated		5.25			4-2-2030		4,803,000		5,796,325
Brighthouse Financial Incorporated		4.70			6-22-2047		2,089,000		2,158,113
Fidelity & Guaranty Life Company 144A		5.50			5-1-2025		1,911,000		2,208,848
Fidelity National Financial Incorporated		3.40			6-15-2030		2,405,000		2,649,662
Nationwide Financial Services Incorporated 144A		3.90			11-30-2049		4,484,000		4,967,521
Nationwide Mutual Insurance Company 144A		4.35			4-30-2050		2,498,000		2,920,368
									37,245,351

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

34  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care: 3.20%
Biotechnology: 1.18%
AbbVie Incorporated		2.30	%		11-21-2022	$	5,819,000	$	6,023,916
AbbVie Incorporated		2.60			11-21-2024		4,641,000		4,960,250
AbbVie Incorporated		2.90			11-6-2022		5,980,000		6,253,455
AbbVie Incorporated		2.95			11-21-2026		1,865,000		2,062,242
AbbVie Incorporated		3.20			11-21-2029		7,876,000		8,929,968
AbbVie Incorporated		3.75			11-14-2023		513,000		560,992
AbbVie Incorporated		3.80			3-15-2025		7,754,000		8,662,821
AbbVie Incorporated		4.05			11-21-2039		2,166,000		2,625,565
AbbVie Incorporated		4.25			11-14-2028		1,401,000		1,690,730
AbbVie Incorporated		4.25			11-21-2049		4,936,000		6,238,304
AbbVie Incorporated		4.30			5-14-2036		1,354,000		1,684,061
AbbVie Incorporated		4.45			5-14-2046		1,372,000		1,729,302
Amgen Incorporated		3.15			2-21-2040		674,000		727,938
Gilead Sciences Incorporated		1.20			10-1-2027		3,035,000		3,054,229
Gilead Sciences Incorporated		1.65			10-1-2030		3,035,000		3,021,358
Gilead Sciences Incorporated		2.60			10-1-2040		2,290,000		2,318,833
Gilead Sciences Incorporated		2.80			10-1-2050		1,416,000		1,422,389
Regeneron Pharmaceutical Incorporated		1.75			9-15-2030		7,615,000		7,486,714
Regeneron Pharmaceutical Incorporated		2.80			9-15-2050		2,303,000		2,258,648
									71,711,715
Health Care Equipment & Supplies: 0.27%
Abbott Laboratories		3.75			11-30-2026		2,350,000		2,742,187
Danaher Corporation		2.60			10-1-2050		2,383,000		2,505,878
Danaher Corporation		3.35			9-15-2025		1,869,000		2,077,432
Stryker Corporation		1.15			6-15-2025		3,995,000		4,060,901
Stryker Corporation		1.95			6-15-2030		1,755,000		1,815,338
Stryker Corporation		2.90			6-15-2050		2,799,000		2,978,243
									16,179,979
Health Care Providers & Services: 0.74%
Aetna Incorporated		3.88			8-15-2047		1,478,000		1,761,885
Anthem Incorporated		2.25			5-15-2030		4,942,000		5,173,788
Cigna Corporation		3.40			9-17-2021		4,106,000		4,204,987
Cigna Corporation		3.40			3-1-2027		2,887,000		3,242,324
Cigna Corporation		3.88			10-15-2047		3,958,000		4,750,617
Cigna Corporation		4.38			10-15-2028		955,000		1,147,604
CVS Health Corporation		3.00			8-15-2026		2,013,000		2,216,979
CVS Health Corporation		1.75			8-21-2030		998,000		997,827
CVS Health Corporation		2.70			8-21-2040		1,391,000		1,405,926
CVS Health Corporation		3.70			3-9-2023		2,148,000		2,297,866
CVS Health Corporation		4.30			3-25-2028		4,779,000		5,620,444
CVS Health Corporation		4.78			3-25-2038		1,438,000		1,822,577
HCA Incorporated		5.13			6-15-2039		1,054,000		1,354,634
HCA Incorporated		5.25			6-15-2049		1,015,000		1,337,613
UnitedHealth Group Incorporated		2.75			5-15-2040		1,428,000		1,564,519
UnitedHealth Group Incorporated		3.50			8-15-2039		651,000		774,503
UnitedHealth Group Incorporated		3.70			12-15-2025		2,013,000		2,302,520
UnitedHealth Group Incorporated		3.75			10-15-2047		1,604,000		2,017,421
UnitedHealth Group Incorporated		3.88			8-15-2059		1,041,000		1,378,655
									45,372,689

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

Wells Fargo Core Bond Portfolio  |  35

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Life Sciences Tools & Services: 0.14%
Thermo Fisher Scientific Incorporated		4.50	%		3-25-2030	$	6,955,000	$	8,722,259
Pharmaceuticals: 0.87%
Bristol Myers Squibb Company		0.75			11-13-2025		3,987,000		3,989,406
Bristol Myers Squibb Company		1.13			11-13-2027		5,980,000		6,023,189
Bristol Myers Squibb Company		1.45			11-13-2030		6,974,000		7,002,064
Bristol Myers Squibb Company		2.35			11-13-2040		1,495,000		1,534,716
Bristol Myers Squibb Company		2.55			11-13-2050		4,584,000		4,727,222
Bristol Myers Squibb Company		3.40			7-26-2029		2,440,000		2,847,702
Bristol Myers Squibb Company		3.45			11-15-2027		2,692,000		3,092,615
Bristol Myers Squibb Company		3.90			2-20-2028		2,885,000		3,416,532
Bristol Myers Squibb Company		4.25			10-26-2049		1,518,000		2,054,534
Bristol Myers Squibb Company		4.35			11-15-2047		912,000		1,241,441
Eli Lilly and Company		2.25			5-15-2050		2,827,000		2,750,289
Eli Lilly and Company		2.50			9-15-2060		1,905,000		1,920,572
Johnson & Johnson		2.10			9-1-2040		681,000		695,505
Johnson & Johnson		2.45			9-1-2060		972,000		1,018,574
Merck & Company Incorporated		2.35			6-24-2040		1,386,000		1,449,064
Merck & Company Incorporated		2.45			6-24-2050		1,386,000		1,444,631
Merck & Company Incorporated		3.70			2-10-2045		1,325,000		1,666,790
Pfizer Incorporated		2.80			3-11-2022		1,792,000		1,849,113
Royalty Pharma plc 144A		0.75			9-2-2023		989,000		993,278
Royalty Pharma plc 144A		1.20			9-2-2025		989,000		997,313
Royalty Pharma plc 144A		3.55			9-2-2050		2,520,000		2,617,503
									53,332,053
Industrials: 1.91%
Aerospace & Defense: 0.70%
Northrop Grumman Corporation		2.55			10-15-2022		5,898,000		6,127,974
Northrop Grumman Corporation		2.93			1-15-2025		271,000		294,298
Northrop Grumman Corporation		3.25			8-1-2023		5,436,000		5,863,910
Northrop Grumman Corporation		3.25			1-15-2028		3,365,000		3,798,395
Northrop Grumman Corporation		4.03			10-15-2047		1,936,000		2,460,323
Northrop Grumman Corporation		5.15			5-1-2040		2,907,000		4,047,183
The Boeing Company		3.25			2-1-2028		4,038,000		4,205,609
The Boeing Company		3.63			2-1-2031		5,082,000		5,363,945
The Boeing Company		3.75			2-1-2050		2,117,000		2,141,554
The Boeing Company		5.81			5-1-2050		1,262,000		1,667,208
United Technologies Corporation		3.65			8-16-2023		390,000		420,409
United Technologies Corporation		3.95			8-16-2025		2,686,000		3,077,494
United Technologies Corporation		4.45			11-16-2038		2,502,000		3,227,914
									42,696,216
Airlines: 0.36%
Delta Air Lines Incorporated 144A		4.50			10-20-2025		6,004,000		6,338,253
Delta Air Lines Incorporated 144A		4.75			10-20-2028		4,004,000		4,310,220
Southwest Airlines Company		4.75			5-4-2023		3,989,000		4,325,491
Southwest Airlines Company		5.13			6-15-2027		5,984,000		6,960,267
									21,934,231
Commercial Services & Supplies: 0.08%
Republic Services Incorporated		1.75			2-15-2032		3,990,000		4,017,813
Waste Management Incorporated		2.50			11-15-2050		956,000		962,794
									4,980,607

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

36  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Industrial Conglomerates: 0.25%
Alphabet Incorporated		2.25	%		8-15-2060	$	2,664,000	$	2,639,240
General Electric Company		3.10			1-9-2023		666,000		700,156
General Electric Company		3.45			5-1-2027		5,548,000		6,111,013
General Electric Company		3.63			5-1-2030		2,849,000		3,193,548
General Electric Company		4.35			5-1-2050		1,491,000		1,750,369
General Electric Company		5.88			1-14-2038		317,000		409,926
									14,804,252
Machinery: 0.10%
Deere & Company		2.75			4-15-2025		3,891,000		4,233,644
Deere & Company		3.75			4-15-2050		1,507,000		1,967,084
									6,200,728
Road & Rail: 0.37%
Burlington Northern Santa Fe LLC		3.05			2-15-2051		1,332,000		1,538,475
CSX Corporation		4.30			3-1-2048		238,000		312,944
CSX Corporation		4.75			11-15-2048		1,292,000		1,806,659
Union Pacific Corporation		2.15			2-5-2027		2,951,000		3,130,747
Union Pacific Corporation		2.40			2-5-2030		3,653,000		3,952,482
Union Pacific Corporation		2.95			3-1-2022		3,307,000		3,414,945
Union Pacific Corporation 144A		2.97			9-16-2062		500,000		528,319
Union Pacific Corporation		3.15			3-1-2024		1,582,000		1,707,986
Union Pacific Corporation		3.25			2-5-2050		4,690,000		5,369,944
Union Pacific Corporation		3.75			2-5-2070		606,000		729,921
									22,492,422
Transportation Infrastructure: 0.05%
Crowley Conro LLC		4.18			8-15-2043		2,667,033		3,214,280
Information Technology: 2.12%
Electronic Equipment, Instruments & Components: 0.10%
Flex Limited		4.88			5-12-2030		4,987,000		5,927,389
IT Services: 0.32%
Fiserv Incorporated		3.20			7-1-2026		3,199,000		3,586,542
Fiserv Incorporated		3.50			7-1-2029		922,000		1,055,601
IBM Corporation		3.30			5-15-2026		1,095,000		1,234,347
IBM Corporation		4.15			5-15-2039		477,000		611,075
Paypal Holdings Incorporated		1.35			6-1-2023		5,148,000		5,275,086
Paypal Holdings Incorporated		1.65			6-1-2025		7,206,000		7,492,806
									19,255,457
Semiconductors & Semiconductor Equipment: 0.94%
Broadcom Incorporated		3.15			11-15-2025		10,440,000		11,372,666
Broadcom Incorporated		3.88			1-15-2027		4,520,000		5,078,645
Broadcom Incorporated		4.15			11-15-2030		5,914,000		6,860,086
Broadcom Incorporated		4.25			4-15-2026		3,199,000		3,652,873
Broadcom Incorporated		4.70			4-15-2025		4,699,000		5,377,967
Intel Corporation		4.60			3-25-2040		1,896,000		2,546,606
KLA Corporation		3.30			3-1-2050		2,538,000		2,848,470
Micron Technology Incorporated		2.50			4-24-2023		5,891,000		6,151,741
NVIDIA Corporation		2.85			4-1-2030		1,047,000		1,173,460
NVIDIA Corporation		3.50			4-1-2050		8,033,000		9,765,705
Texas Instruments Incorporated		1.38			3-12-2025		2,363,000		2,441,496
									57,269,715

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

Wells Fargo Core Bond Portfolio  |  37

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Software: 0.38%
Microsoft Corporation		2.68	%		6-1-2060	$	1,467,000	$	1,608,093
Microsoft Corporation		4.10			2-6-2037		1,883,000		2,481,307
Oracle Corporation		2.63			2-15-2023		2,471,000		2,586,383
Oracle Corporation		2.80			4-1-2027		5,697,000		6,268,846
Oracle Corporation		2.95			11-15-2024		1,321,000		1,433,048
Oracle Corporation		3.80			11-15-2037		1,349,000		1,614,308
Oracle Corporation		3.85			4-1-2060		3,144,000		3,865,398
Oracle Corporation		4.00			11-15-2047		2,871,000		3,508,573
									23,365,956
Technology Hardware, Storage & Peripherals: 0.38%
Apple Incorporated		2.65			5-11-2050		4,595,000		4,927,367
Apple Incorporated		4.25			2-9-2047		1,346,000		1,850,465
Apple Incorporated		2.55			8-20-2060		4,378,000		4,539,112
Dell International LLC 144A		4.90			10-1-2026		972,000		1,135,157
Dell International LLC 144A		5.30			10-1-2029		1,911,000		2,308,508
Dell International LLC 144A		6.10			7-15-2027		1,902,000		2,330,653
HP Incorporated		2.20			6-17-2025		5,989,000		6,327,725
									23,418,987
Materials: 0.76%
Chemicals: 0.34%
Dow Chemical Corporation		2.10			11-15-2030		5,715,000		5,833,340
Dow Chemical Corporation		3.60			11-15-2050		2,026,000		2,260,257
Dow Chemical Corporation		4.38			11-15-2042		974,000		1,188,902
LYB International Finance III Company		1.25			10-1-2025		2,222,000		2,241,833
LYB International Finance III Company		2.25			10-1-2030		980,000		1,000,370
LYB International Finance III Company		3.38			10-1-2040		1,246,000		1,311,826
LYB International Finance III Company		3.63			4-1-2051		1,746,000		1,885,196
Nutrition and Biosciences Incorporated 144A		1.23			10-1-2025		2,016,000		2,040,985
Nutrition and Biosciences Incorporated 144A		2.30			11-1-2030		3,022,000		3,106,832
									20,869,541
Metals & Mining: 0.42%
Barrick Gold Finance Company LLC		5.70			5-30-2041		1,154,000		1,660,109
Newmont Mining Corporation		2.25			10-1-2030		12,670,000		13,271,678
Nucor Corporation		2.00			6-1-2025		1,991,000		2,091,274
Nucor Corporation		2.70			6-1-2030		2,549,000		2,782,447
Reliance Steel & Aluminum Company		1.30			8-15-2025		1,571,000		1,589,111
Reliance Steel & Aluminum Company		2.15			8-15-2030		4,080,000		4,164,820
									25,559,439
Real Estate: 1.18%
Equity REITs: 0.96%
Agree LP		2.90			10-1-2030		1,391,000		1,457,420
Crown Castle International Corporation		3.30			7-1-2030		1,585,000		1,768,843
Crown Castle International Corporation		4.00			3-1-2027		951,000		1,086,042
Equinix Incorporated		2.63			11-18-2024		2,516,000		2,680,067
Equinix Incorporated		2.90			11-18-2026		5,252,000		5,727,080
Healthpeak Properties		2.88			1-15-2031		1,316,000		1,405,658
Kimco Realty Corporation		1.90			3-1-2028		1,985,000		1,994,244
Mid-America Apartments LP		1.70			2-15-2031		1,759,000		1,745,842
Mid-America Apartments LP		3.60			6-1-2027		284,000		319,764

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

38  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
Mid-America Apartments LP		3.75	%		6-15-2024	$	4,371,000	$	4,737,861
Mid-America Apartments LP		3.95			3-15-2029		1,878,000		2,196,497
Mid-America Apartments LP		4.00			11-15-2025		2,287,000		2,586,674
Mid-America Apartments LP		4.30			10-15-2023		1,914,000		2,089,331
Realty Income Corporation		3.25			1-15-2031		4,263,000		4,824,380
Regency Centers LP		2.95			9-15-2029		4,062,000		4,291,002
Store Capital Corporation		2.75			11-18-2030		3,294,000		3,325,094
Store Capital Corporation		4.50			3-15-2028		7,031,000		7,901,087
Store Capital Corporation		4.63			3-15-2029		2,381,000		2,721,079
VEREIT Operating Partnership LP		2.20			6-15-2028		1,992,000		2,003,779
VEREIT Operating Partnership LP		2.85			12-15-2032		1,394,000		1,427,609
VEREIT Operating Partnership LP		3.40			1-15-2028		1,985,000		2,148,057
									58,437,410
Real Estate Management & Development: 0.22%
Federal Realty Investment Trust		3.95			1-15-2024		2,960,000		3,216,306
Highwoods Realty LP		2.60			2-1-2031		1,645,000		1,656,427
Spirit Realty LP		3.20			2-15-2031		4,423,000		4,622,562
Spirit Realty LP		3.40			1-15-2030		2,250,000		2,391,694
Spirit Realty LP		4.00			7-15-2029		1,104,000		1,226,828
Spirit Realty LP		4.45			9-15-2026		233,000		261,583
									13,375,400
Utilities: 2.40%
Electric Utilities: 1.48%
Duke Energy Corporation		1.80			9-1-2021		3,936,000		3,973,624
Duke Energy Progress Incorporated		2.50			8-15-2050		2,283,000		2,320,939
Entergy Arkansas LLC 1st Mortgage		2.65			6-15-2051		2,495,000		2,599,500
Entergy Texas Incorporated 1st Mortgage		1.75			3-15-2031		2,522,000		2,530,302
Evergy Incorporated		2.25			6-1-2030		2,440,000		2,593,102
Evergy Incorporated		2.45			9-15-2024		3,491,000		3,698,645
Evergy Incorporated		2.90			9-15-2029		2,480,000		2,692,508
Evergy Kansas Central Incorporated		3.45			4-15-2050		4,060,000		4,751,107
Exelon Corporation		4.70			4-15-2050		3,613,000		4,876,829
Interstate Power & Light Company		3.50			9-30-2049		1,431,000		1,610,260
ITC Holdings Corporation		2.70			11-15-2022		3,761,000		3,911,472
Metropolitan Edison Company 144A		4.30			1-15-2029		4,189,000		4,791,552
Mississippi Power Company		3.95			3-30-2028		4,588,000		5,295,913
Mississippi Power Company		4.25			3-15-2042		2,754,000		3,369,710
Pacific Gas & Electric Company		2.10			8-1-2027		3,745,000		3,776,624
Pacific Gas & Electric Company		2.50			2-1-2031		5,160,000		5,196,668
Pacific Gas & Electric Company		3.15			1-1-2026		803,000		848,359
Pacific Gas & Electric Company		3.30			12-1-2027		6,785,000		7,206,140
Pacific Gas & Electric Company		3.30			8-1-2040		1,254,000		1,267,343
Pacific Gas & Electric Company		3.95			12-1-2047		3,055,000		3,182,454
Pacific Gas & Electric Company		4.50			7-1-2040		968,000		1,085,785
Pacific Gas & Electric Company		4.55			7-1-2030		4,164,000		4,753,823
Pennsylvania Electric Company 144A		3.25			3-15-2028		1,582,000		1,704,591
Public Service Electric and Gas Company		2.05			8-1-2050		778,000		723,078
Public Service Electric and Gas Company		2.70			5-1-2050		4,146,000		4,401,170
South Carolina Edison Company		4.13			3-1-2048		2,097,000		2,540,047
Southern California Edison Company		2.85			8-1-2029		1,900,000		2,054,666
Southern California Edison Company		4.65			10-1-2043		914,000		1,136,898
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		1,312,000		1,429,301
									90,322,410

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

Wells Fargo Core Bond Portfolio  |  39

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Gas Utilities: 0.06%
Southern Company Gas Capital Corporation		1.75	%		1-15-2031	$	3,810,000	$	3,840,877
Independent Power & Renewable Electricity Producers: 0.07%
The AES Corporation 144A%%		1.38			1-15-2026		4,017,000		4,050,656
Multi-Utilities: 0.79%
Black Hills Corporation		3.05			10-15-2029		2,286,000		2,497,605
Black Hills Corporation		3.88			10-15-2049		1,681,000		1,924,501
CenterPoint Energy Incorporated		2.50			9-1-2022		386,000		399,049
CenterPoint Energy Incorporated		2.50			9-1-2024		4,069,000		4,319,821
CenterPoint Energy Incorporated		2.90			7-1-2050		1,290,000		1,403,280
CenterPoint Energy Incorporated		2.95			3-1-2030		1,593,000		1,741,556
CenterPoint Energy Incorporated		4.10			9-1-2047		1,825,000		2,219,581
Consumers Energy Company		2.50			5-1-2060		1,582,000		1,614,181
Dominion Resources Incorporated		2.00			8-15-2021		2,628,000		2,654,352
DTE Energy Company		1.05			6-1-2025		3,805,000		3,836,468
DTE Energy Company		2.53			10-1-2024		515,000		548,389
DTE Energy Company		2.95			3-1-2030		2,502,000		2,734,945
DTE Energy Company		2.95			3-1-2050		4,128,000		4,600,814
DTE Energy Company		3.80			3-15-2027		3,765,000		4,285,275
Midamerican Energy Company		3.65			8-1-2048		1,985,000		2,443,903
NextEra Energy Capital Company		2.25			6-1-2030		3,038,000		3,180,636
NextEra Energy Capital Company		2.75			5-1-2025		3,210,000		3,478,035
WEC Energy Group Incorporated		1.38			10-15-2027		4,179,000		4,194,247
									48,076,638
Total Corporate Bonds and Notes (Cost $1,481,624,908)									1,580,128,429
Municipal Obligations: 0.45%
California: 0.06%
GO Revenue: 0.06%
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		2,105,000		3,772,497
Nevada: 0.09%
Airport Revenue: 0.09%
Clark County NV Airport Authority Build America Bonds Series C		6.82			7-1-2045		3,365,000		5,556,826
New York: 0.12%
Airport Revenue: 0.12%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		5,505,000		7,172,024
Ohio: 0.05%
Education Revenue: 0.05%
Ohio State University General Receipts Taxable Bonds Series A		4.80			6-1-2111		1,957,000		2,819,274
Texas: 0.13%
Education Revenue: 0.03%
University of Texas Financing System Bond Series B		2.44			8-15-2049		1,695,000		1,728,900
Transportation Revenue: 0.10%
North Texas Tollway Authority		6.72			1-1-2049		3,609,000		6,251,690
									7,980,590
Total Municipal Obligations (Cost $19,305,170)									27,301,211

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

40  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 3.36%
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A ±±		3.63	%		3-25-2049	$	1,838,790	$	1,883,962
Angel Oak Mortgage Trust Series 2020-2 Class A1 144A ±±		2.53			1-26-2065		6,576,616		6,710,976
Angel Oak Mortgage Trust Series 2020-5 Class A1 144A ±±		1.37			5-25-2065		2,269,702		2,273,353
Benchmark Mortgage Trust Series 2018-B1 Class ASB ±±		3.60			1-15-2051		787,000		880,607
Benchmark Mortgage Trust Series 2020-B20 Class A5		2.03			10-15-2053		5,004,000		5,195,930
Benchmark Mortgage Trust Series 2020-B21 Class A5		1.98			12-15-2053		4,871,000		5,021,647
Bunker Hill Loan Depositary Trust Series 2019-1 Class A1 144A		3.61			10-26-2048		2,578,287		2,684,815
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A		2.88			7-25-2049		4,494,226		4,619,633
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A		2.72			11-25-2059		5,215,307		5,358,227
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32			5-10-2050		2,105,000		2,295,507
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33			11-13-2050		5,323,000		5,859,686
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		1.96			6-15-2050		156,405		156,429
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37			6-15-2050		2,014,000		2,190,022
Citigroup Commercial Mortgage Trust Series 2016- P5 Class A1		1.41			10-10-2049		270,817		270,983
Colt Funding LLC Series 2019-1 Class A1 144A ±±		3.71			3-25-2049		1,452,224		1,467,635
Colt Funding LLC Series 2019-2 Class A1 144A ±±		3.34			5-25-2049		2,787,108		2,808,622
Colt Funding LLC Series 2019-4 Class A1 144A ±±		2.58			11-25-2049		3,760,558		3,805,798
Colt Funding LLC Series 2020-2 Class A1 144A ±±		1.85			3-25-2065		4,069,146		4,122,689
Commercial Mortgage Trust Series 2013-CR6 Class A4		3.10			3-10-2046		8,286,000		8,580,492
Commercial Mortgage Trust Series 2014-UBS4 Class A4		3.42			8-10-2047		4,380,000		4,643,087
Commercial Mortgage Trust Series 2015-LC21 Class A4		3.71			7-10-2048		1,777,000		1,968,636
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		2,010,200		2,249,217
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12			6-10-2050		1,249,000		1,351,327
Deutsche Bank Commercial Mortgage Trust Series 2020-C9 Class A5		1.93			9-15-2053		976,000		1,004,686
GCAT Series 2019-NQM1 Class A1 144A		2.99			2-25-2059		1,642,990		1,674,650
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		8,937		8,936
Goldman Sachs Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80			1-10-2047		1,727,233		1,788,648
Goldman Sachs Mortgage Securities Trust Series 2015-GC34 Class A4		3.51			10-10-2048		3,317,000		3,657,050
GS Mortgage Securities Trust Series 2014-GC18 Class A4		4.07			1-10-2047		5,804,323		6,257,534
GS Mortgage Securities Trust Series 2017-GS18 Class A4		3.47			11-10-2050		4,741,000		5,365,882
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		6,182,518		6,679,630
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67			9-15-2047		2,419,000		2,597,756
JPMDB Commercial Mortgage Securities Series 2017-C5 Class ASB		3.49			3-15-2050		861,000		936,661
JPMDB Commercial Mortgage Securities Series 2018-C8 Class ASB		4.15			6-15-2051		2,714,000		3,118,335
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		9,951,788		10,464,537
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C29 Class A4		3.61			5-15-2048		2,663,000		2,941,689
JPMorgan Chase Commercial Mortgage Securities Trust Series 2017-JP6 Class ASB		3.28			7-15-2050		2,343,000		2,553,442
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4		3.25			2-15-2048		800,041		863,781
New Residential Mortgage Loan Trust Series 2019-NQM2 Class A1 144A ±±		3.60			4-25-2049		2,084,966		2,115,150
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A ±±		2.49			9-25-2059		3,555,840		3,620,773
SG Capital Partners Series 2019-3 Class A1 144A ±±		2.70			9-25-2059		3,184,135		3,227,661
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A ±±		2.61			9-27-2049		3,879,453		3,948,115
Starwood Mortgage Residential Trust Series 2020-1 Class A1 144A ±±		2.28			2-25-2050		6,422,610		6,559,660
Starwood Mortgage Residential Trust Series 2020-3 Class A1 144A ±±		1.49			4-25-2065		5,912,701		5,948,234
Verus Securitization Trust Series 2019-1 Class A1 144A ±±		3.40			12-25-2059		2,930,161		3,015,859
Verus Securitization Trust Series 2019-1 Class A1 144A ±±		3.84			2-25-2059		1,410,330		1,421,442
Verus Securitization Trust Series 2019-2 Class A1 144A ±±		2.91			7-25-2059		3,885,311		3,987,052
Verus Securitization Trust Series 2019-2 Class A1 144A ±±		3.21			5-25-2059		5,288,937		5,355,142

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

Wells Fargo Core Bond Portfolio  |  41

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Verus Securitization Trust Series 2019-3 Class A1 144A ±±		2.69	%		11-25-2059	$	2,525,534	$	2,591,437
Verus Securitization Trust Series 2019-3 Class A1 144A		2.78			7-25-2059		7,218,128		7,378,425
Verus Securitization Trust Series 2019-4 Class A1 144A		2.64			11-25-2059		9,768,571		9,989,730
Verus Securitization Trust Series 2020-1 Class A1 144A		2.42			1-25-2060		2,346,576		2,390,166
Verus Securitization Trust Series 2020-2 Class A1 144A ±±		2.23			5-25-2060		8,674,251		8,758,709
Verus Securitization Trust Series 2020-5 Class A1 144A		1.22			5-25-2065		1,749,724		1,751,309
Visio Trust Series 2019-1 Class A1 144A ±±		3.57			6-25-2054		2,120,637		2,149,054
Visio Trust Series 2020-1R Class A1 144A%%(a)		1.31			11-25-2055		4,520,000		4,519,989
Total Non-Agency Mortgage-Backed Securities (Cost $200,297,244)									205,040,404
U.S. Treasury Securities: 27.33%
U.S. Treasury Bond		0.25			8-31-2025		24,908,000		24,797,082
U.S. Treasury Bond		1.13			5-15-2040		134,293,000		129,026,196
U.S. Treasury Bond		1.13			8-15-2040		71,466,000		68,484,528
U.S. Treasury Bond		1.25			5-15-2050		22,057,000		20,309,672
U.S. Treasury Bond		1.38			11-15-2040		35,274,000		35,285,023
U.S. Treasury Bond		1.38			8-15-2050		89,210,000		84,763,439
U.S. Treasury Bond		1.63			11-15-2050		29,373,000		29,680,499
U.S. Treasury Bond		2.50			2-15-2045		15,226,000		18,380,042
U.S. Treasury Bond		2.88			5-15-2043		52,278,000		66,921,966
U.S. Treasury Note		0.13			5-31-2022		33,602,000		33,598,062
U.S. Treasury Note		0.13			6-30-2022		22,213,000		22,209,529
U.S. Treasury Note		0.13			7-31-2022		5,663,000		5,661,230
U.S. Treasury Note		0.13			8-31-2022		99,251,000		99,216,107
U.S. Treasury Note ##		0.13			9-30-2022		104,950,000		104,921,302
U.S. Treasury Note		0.13			10-31-2022		41,390,000		41,373,832
U.S. Treasury Note		0.13			11-30-2022		31,203,000		31,190,811
U.S. Treasury Note		0.13			9-15-2023		116,043,000		115,852,618
U.S. Treasury Note		0.13			10-15-2023		82,284,000		82,136,146
U.S. Treasury Note		0.25			6-15-2023		18,871,000		18,907,857
U.S. Treasury Note ##		0.25			11-15-2023		119,381,000		119,595,513
U.S. Treasury Note		0.25			9-30-2025		33,600,000		33,434,625
U.S. Treasury Note «		0.25			10-31-2025		60,663,000		60,345,467
U.S. Treasury Note		0.38			11-30-2025		59,272,000		59,304,415
U.S. Treasury Note		0.50			10-31-2027		39,860,000		39,548,594
U.S. Treasury Note		0.88			11-15-2030		60,185,000		60,326,059
U.S. Treasury Note ##		1.38			1-31-2021		93,393,000		93,584,046
U.S. Treasury Note ##		1.38			5-31-2021		107,586,000		108,275,223
U.S. Treasury Note		2.13			5-15-2022		3,363,000		3,459,818
U.S. Treasury Note		2.25			4-30-2021		28,262,000		28,514,812
U.S. Treasury Note		3.13			5-15-2021		26,340,000		26,704,233
Total U.S. Treasury Securities (Cost $1,667,179,959)									1,665,808,746
Yankee Corporate Bonds and Notes: 7.00%
Communication Services: 0.07%
Wireless Telecommunication Services: 0.07%
Vodafone Group plc		4.25			9-17-2050		3,540,000		4,332,239
Consumer Discretionary: 0.16%
Automobiles: 0.16%
Nissan Motor Company 144A		3.52			9-17-2025		1,806,000		1,885,431
Nissan Motor Company 144A		4.35			9-17-2027		4,887,000		5,239,771
Nissan Motor Company 144A		4.81			9-17-2030		2,244,000		2,477,513
									9,602,715

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

42  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.15%
Beverages: 0.15%
Bacardi Limited 144A		4.70	%		5-15-2028	$	3,449,000	$	3,989,799
Bacardi Limited 144A		5.15			5-15-2038		1,632,000		2,051,445
Bacardi Limited 144A		5.30			5-15-2048		2,450,000		3,300,374
									9,341,618
Energy: 1.06%
Oil, Gas & Consumable Fuels: 1.06%
Aker BP ASA 144A		2.88			1-15-2026		5,234,000		5,241,893
Aker BP ASA 144A		4.00			1-15-2031		2,699,000		2,724,183
Ecopetrol SA		5.88			5-28-2045		2,196,000		2,610,495
Enbridge Incorporated		2.50			1-15-2025		8,829,000		9,301,674
Enbridge Incorporated		3.13			11-15-2029		4,038,000		4,382,544
Equinor ASA		1.75			1-22-2026		2,343,000		2,449,442
Equinor ASA		3.25			11-18-2049		1,370,000		1,524,745
FEL Energy Company 144A%%		5.75			12-1-2040		1,937,000		2,037,724
Galaxy Pipeline Assets Company 144A		1.75			9-30-2027		5,844,000		5,876,563
Galaxy Pipeline Assets Company 144A		2.63			3-31-2036		2,755,000		2,848,321
Oleoducto Central SA 144A		4.00			7-14-2027		1,951,000		2,107,080
Petroleos Mexicanos Company		2.38			4-15-2025		1,633,050		1,703,336
Petroleos Mexicanos Company		2.46			12-15-2025		4,435,750		4,628,550
Saudi Arabian Oil Company 144A		1.63			11-24-2025		2,967,000		3,020,436
Saudi Arabian Oil Company 144A		2.25			11-24-2030		2,967,000		3,005,637
Saudi Arabian Oil Company 144A		3.25			11-24-2050		660,000		661,373
Suncor Energy Incorporated		3.10			5-15-2025		3,958,000		4,299,906
Tengizchevroil LLP 144A		2.63			8-15-2025		3,111,000		3,217,552
Total Capital International SA		3.13			5-29-2050		2,916,000		3,191,953
									64,833,407
Financials: 4.61%
Banks: 2.59%
Asian Development Bank		0.63			4-7-2022		7,177,000		7,219,294
Banco Bilbao Vizcaya Argentaria SA		1.13			9-18-2025		4,600,000		4,615,437
Banco Santander SA		2.75			5-28-2025		3,600,000		3,831,827
Banco Santander SA %%		2.75			12-3-2030		3,000,000		3,000,000
Banco Santander SA		3.49			5-28-2030		1,800,000		2,005,670
Barclays plc (3 Month LIBOR +3.05%) ±		5.09			6-20-2030		6,684,000		7,876,944
Danske Bank A/S (1 Year Treasury Constant Maturity +1.03%) 144A±		1.17			12-8-2023		7,825,000		7,854,600
Danske Bank A/S (3 Month LIBOR +1.25%) 144A±		3.00			9-20-2022		9,081,000		9,235,466
Danske Bank A/S (3 Month LIBOR +1.59%) 144A±		3.24			12-20-2025		8,694,000		9,288,976
Danske Bank A/S 144A		5.00			1-12-2022		4,619,000		4,835,112
HSBC Holdings plc (U.S. SOFR +1.29%) ±		1.59			5-24-2027		10,944,000		11,038,179
HSBC Holdings plc (U.S. SOFR +1.54%) ±		1.65			4-18-2026		8,489,000		8,608,835
HSBC Holdings plc (U.S. SOFR +1.73%) ±		2.01			9-22-2028		9,614,000		9,768,954
Inter-American Development Bank		0.88			4-3-2025		7,363,000		7,501,119
Landwirtschaftliche Rentenbank		0.50			5-27-2025		11,429,000		11,451,709
National Australia Bank 144A		2.33			8-21-2030		5,461,000		5,501,929
Perrigo Finance plc		4.90			12-15-2044		1,656,000		1,861,444
Perrigo Finance Unlimited Company		3.15			6-15-2030		3,125,000		3,308,532
Royal Bank Scotland Group plc (1 Year Treasury Constant Maturity +2.15%) ±		2.36			5-22-2024		1,639,000		1,698,600
Royal Bank Scotland Group plc (1 Year Treasury Constant Maturity +2.55%) ±		3.07			5-22-2028		2,969,000		3,205,559
Royal Bank Scotland Group plc (5 Year Treasury Constant Maturity +2.10%) ±		3.75			11-1-2029		2,937,000		3,109,795

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

Wells Fargo Core Bond Portfolio  |  43

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Banks (continued)
Santander UK Group Holdings plc (1 Year Treasury Constant Maturity +1.25%) ±		1.53	%		8-21-2026	$	12,378,000	$	12,470,217
Societe Generale (5 Year Treasury Constant Maturity +3.00%) 144A ±		3.65			7-8-2035		2,532,000		2,658,692
Swedish Export Credit Corporation		0.75			4-6-2023		9,883,000		9,984,032
Westpac Banking Corporation (5 Year Treasury Constant Maturity +1.75%) ±		2.67			11-15-2035		4,764,000		4,923,022
Westpac Banking Corporation		2.96			11-16-2040		1,151,000		1,238,072
									158,092,016
Capital Markets: 0.65%
Credit Suisse Group Funding Limited (U.S. SOFR +2.04%) 144A ±		2.19			6-5-2026		7,231,000		7,539,821
Credit Suisse Group Funding Limited (U.S. SOFR +1.56%) 144A ±		2.59			9-11-2025		1,367,000		1,442,223
Credit Suisse Group Funding Limited (3 Month LIBOR +1.20%) 144A ±		3.00			12-14-2023		3,476,000		3,632,942
Credit Suisse Group Funding Limited		3.80			6-9-2023		3,131,000		3,369,679
Credit Suisse Group Funding Limited (U.S. SOFR +3.73%) 144A ±		4.19			4-1-2031		8,443,000		9,949,633
Nomura Holdings Incorporated		2.65			1-16-2025		3,450,000		3,663,223
Nomura Holdings Incorporated		2.68			7-16-2030		2,862,000		3,023,004
Nomura Holdings Incorporated		3.10			1-16-2030		6,118,000		6,664,931
									39,285,456
Diversified Financial Services: 1.24%
AerCap Ireland Capital DAC		3.15			2-15-2024		3,940,000		4,055,681
AerCap Ireland Capital DAC		3.50			5-26-2022		1,794,000		1,845,110
AerCap Ireland Capital DAC		3.95			2-1-2022		992,000		1,018,033
AerCap Ireland Capital DAC		4.63			7-1-2022		838,000		879,248
AerCap Ireland Capital DAC		4.88			1-16-2024		1,868,000		2,011,903
AerCap Ireland Capital DAC		6.50			7-15-2025		3,843,000		4,441,882
BAT International Finance plc		1.67			3-25-2026		10,411,000		10,596,854
Brookfield Finance Incorporated		4.35			4-15-2030		4,883,000		5,925,045
DH Europe Finance II		2.05			11-15-2022		2,978,000		3,075,717
DH Europe Finance II		2.20			11-15-2024		5,104,000		5,412,496
DH Europe Finance II		2.60			11-15-2029		5,520,000		6,082,493
DH Europe Finance II		3.40			11-15-2049		39,000		46,451
Element Fleet Management Corporation 144A		3.85			6-15-2025		3,823,000		4,084,821
GE Capital International Funding Company 144A		3.45			5-15-2025		2,250,000		2,450,109
GE Capital International Funding Company 144A		4.40			5-15-2030		4,527,000		5,212,703
GE Capital International Funding Company		4.42			11-15-2035		6,562,000		7,568,407
Trust Fibrauno 144A		4.87			1-15-2030		2,649,000		2,925,821
Trust Fibrauno 144A		6.39			1-15-2050		1,663,000		1,835,952
UBS Group AG (1 Year Treasury Constant Maturity +1.08%) 144A ±		1.36			1-30-2027		6,030,000		6,091,499
									75,560,225
Insurance: 0.13%
Arch Capital Group Limited		3.64			6-30-2050		2,476,000		2,921,393
Athene Holding Limited		3.50			1-15-2031		1,405,000		1,485,339
Athene Holding Limited		6.15			4-3-2030		2,927,000		3,646,805
									8,053,537
Health Care: 0.39%
Pharmaceuticals: 0.39%
Astrazeneca plc		0.70			4-8-2026		3,861,000		3,845,128
Shire plc ADR		2.88			9-23-2023		3,878,000		4,115,838
Takeda Pharmaceutical		2.05			3-31-2030		7,069,000		7,219,757
Takeda Pharmaceutical		3.18			7-9-2050		4,327,000		4,624,482

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

44  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Pharmaceuticals (continued)
Takeda Pharmaceutical		4.40	%		11-26-2023	$	3,391,000	$	3,764,003
									23,569,208
Industrials: 0.10%
Construction & Engineering: 0.04%
Hutama Karya Persero PT 144A		3.75			5-11-2030		2,193,000		2,436,182
Transportation Infrastructure: 0.06%
Adani Ports & Special Company 144A		4.20			8-4-2027		3,484,000		3,709,694
Information Technology: 0.27%
Semiconductors & Semiconductor Equipment: 0.27%
NXP BV 144A		3.15			5-1-2027		3,217,000		3,510,174
NXP BV 144A		3.88			6-18-2026		7,599,000		8,610,829
NXP BV 144A		4.30			6-18-2029		2,498,000		2,930,401
TSMC Global Limited Company 144A		1.38			9-28-2030		1,227,000		1,201,769
									16,253,173
Materials: 0.14%
Chemicals: 0.07%
Nutrien Limited		5.00			4-1-2049		2,885,000		3,992,597
Metals & Mining: 0.07%
Teck Resources Limited		5.20			3-1-2042		1,462,000		1,629,663
Teck Resources Limited		6.25			7-15-2041		2,339,000		2,908,035
									4,537,698
Real Estate: 0.05%
Real Estate Management & Development: 0.05%
Scentre Group Trust 144A		3.63			1-28-2026		2,951,000		3,201,923
Total Yankee Corporate Bonds and Notes (Cost $406,679,715)									426,801,688
Yankee Government Bonds: 1.28%
Abu Dhabi Government International 144A		2.50			4-16-2025		10,650,000		11,367,370
Bermuda 144A		3.38			8-20-2050		2,234,000		2,368,040
Japan Bank for International Cooperation		1.75			10-17-2024		5,082,000		5,317,976
Republic of Indonesia		4.45			4-15-2070		2,939,000		3,629,769
Republic of Paraguay 144A		4.95			4-28-2031		2,400,000		2,844,024
Republic of Paraguay 144A		5.40			3-30-2050		2,956,000		3,687,610
Republic of Peru %%		1.86			12-1-2032		2,866,000		2,843,072
Republic of Peru		2.39			1-23-2026		5,029,000		5,293,023
Republic of Peru %%		2.78			12-1-2060		1,579,000		1,559,263
Republic of Peru %%		3.23			7-28-2121		765,000		755,438
State of Israel		3.38			1-15-2050		2,126,000		2,347,189
State of Israel		4.50			4-3-2120		728,000		963,326
State of Qatar 144A		3.40			4-16-2025		205,000		225,500
United Mexican States		2.66			5-24-2031		11,292,000		11,293,807
United Mexican States		3.77			5-24-2061		1,725,000		1,720,688
United Mexican States		3.90			4-27-2025		4,768,000		5,280,560
United Mexican States		4.35			1-15-2047		1,753,000		1,938,836
United Mexican States		4.50			4-22-2029		8,500,000		9,813,250
United Mexican States		4.60			2-10-2048		1,782,000		2,020,806
United Mexican States		4.75			3-8-2044		2,478,000		2,852,798
Total Yankee Government Bonds (Cost $72,047,240)									78,122,345

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

Wells Fargo Core Bond Portfolio  |  45

Portfolio of investments—November 30, 2020 (unaudited)

	Yield			Principal		Value
Short-Term Investments: 3.68%
Investment Companies: 3.68%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%	$	54,037,500	$	54,037,500
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.02			170,055,243		170,055,243
Total Short-Term Investments (Cost $224,092,743)							224,092,743

Total investments in securities (Cost $6,493,652,297)	109.72	%		6,688,333,884
Other assets and liabilities, net	(9.72	)		(592,746,887	)
Total net assets	100.00	%	$	6,095,586,997

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

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

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

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

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

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

SOFR Secured Overnight Financing Rate

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	54,097,500	$	(60,000	)	$	0	$	0	$	54,037,500					54,037,500	$	534	#
Wells Fargo Government Money Market Fund Select Class		315,907,475		2,475,977,232		(2,621,829,464	)		0		0		170,055,243					170,055,243		121,381
								$	0	$	0	$	224,092,743		3.68	%			$	121,915

^#  Amount shown represents income before fees and rebates.

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

46  |  Wells Fargo Core Bond Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $52,976,648 of securities loaned), at value (cost $6,269,559,554)	$	6,464,241,141
Investments in affiliated securities, at value (cost $224,092,743)		224,092,743
Receivable for investments sold		826,853,596
Principal paydown receivable		673,358
Receivable for interest		20,194,640
Receivable for securities lending income, net		915
Prepaid expenses and other assets		271,927
Total assets		7,536,328,320
Liabilities
Payable upon receipt of securities loaned		53,869,375
Payable for investments purchased		828,498,144
Payable for when-issued transactions		553,637,122
Cash collateral due to broker		3,082,539
Overdraft due to custodian bank		2,856
Advisory fee payable		1,651,287
Total liabilities		1,440,741,323
Total net assets	$	6,095,586,997

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

Wells Fargo Core Bond Portfolio  |  47

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest (net of foreign withholding taxes of $3,863)	$	53,928,274
Income from affiliated securities		123,544
Total investment income		54,051,818
Expenses
Advisory fee		10,267,456
Custody and accounting fees		132,138
Professional fees		48,147
Shareholder report expenses		3,829
Trustees’ fees and expenses		9,576
Other fees and expenses		44,708
Net expenses		10,505,854
Net investment income		43,545,964
Realized and unrealized gains (losses) on investments
Net realized gains on investments		119,819,612
Net change in unrealized gains (losses) on investments		5,227,398
Net realized and unrealized gains (losses) on investments		125,047,010
Net increase in net assets resulting from operations	$	168,592,974

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

48  |  Wells Fargo Core Bond Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	43,545,964		$	132,899,852
Net realized gains on investments		119,819,612			327,904,415
Net change in unrealized gains (losses) on investments		5,227,398			58,392,982
Net increase in net assets resulting from operations		168,592,974			519,197,249
Capital transactions
Transactions in investors’ beneficial interests
Contributions		684,363,108			2,488,553,741
Withdrawals		(519,224,929	)		(3,071,640,078	)
Net increase (decrease) in net assets resulting from capital transactions		165,138,179			(583,086,337	)
Total increase (decrease) in net assets		333,731,153			(63,889,088	)
Net assets
Beginning of period		5,761,855,844			5,825,744,932
End of period	$	6,095,586,997		$	5,761,855,844

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

Wells Fargo Core Bond Portfolio  |  49

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		2.85	%		9.49	%		6.30	%		(0.53	)%		1.89	%		2.78	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.44	%		2.28	%		2.93	%		2.23	%		1.87	%		1.86	%
Supplemental data
Portfolio turnover rate		213	%		603	%		577	%		542	%		614	%		667	%

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

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

50  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

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

Foreign currency translation

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Wells Fargo Core Bond Portfolio  |  51

Notes to financial statements (unaudited)

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

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

Security transactions and income recognition

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

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

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

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $6,498,269,871 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	202,197,380
Gross unrealized losses		(12,133,367	)
Net unrealized gains	$	190,064,013

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

52  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,870,498,311	$	0	$	1,870,498,311
Asset-backed securities		0		610,540,007		0		610,540,007
Corporate bonds and notes		0		1,580,128,429		0		1,580,128,429
Municipal obligations		0		27,301,211		0		27,301,211
Non-agency mortgage-back securities		0		205,040,404		0		205,040,404
U.S. Treasury securities		1,665,808,746		0		0		1,665,808,746
Yankee corporate bonds and notes		0		426,801,688		0		426,801,688
Yankee government bonds		0		78,122,345		0		78,122,345
Short-term investments
Investment companies		224,092,743		0		0		224,092,743
Total assets	$	1,889,901,489	$	4,798,432,395	$	0	$	6,688,333,884

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.300
Over $10 billion	0.290

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.34% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

Wells Fargo Core Bond Portfolio  |  53

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, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$12,257,295,189	$1,998,159,702	$11,785,854,423	$1,776,440,396

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Nomura Securities International Inc.	$49,732,070	$(49,732,070)		$0
UBS Securities LLC	3,244,578	(3,244,578)		0

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

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

54  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Core Bond Portfolio  |  55

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

56  |  Wells Fargo Core Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Wells Fargo Core Bond Fund  |  57

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

58  |  Wells Fargo Core Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 wfam.com.

Wells Fargo Core Bond Fund  |  59

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00735 01-20

SA287/SAR287 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Real Return Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Real Return Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Real Return Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	33
Statement of operations	34
Statement of changes in net assets	35
Financial highlights	36
Notes to financial statements	37
Other information	43

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The views expressed and any forward-looking statements are as of November 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Real Return Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Real Return Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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

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

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Real Return Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Real Return Fund  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Preparing for LIBOR Transition

The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021, which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.

The Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by the Fund.

Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. The Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.

While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.

Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Fund’s Statement of Additional Information.

4  |  Wells Fargo Real Return Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks returns that exceed the rate of inflation over the long-term.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Michael Bradshaw, CFA^®‡

Christian L. Chan, CFA^®‡

Jay N. Mueller, CFA^®‡

Garth B. Newport, CFA^®‡

Michael Schueller, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		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		2.80		3.27		2.57		7.64		4.23		3.04		1.43		0.78
Class C (IPBCX)	2-28-2003		5.79		3.45		2.28		6.79		3.45		2.28		2.18		1.53
Class R6 (IPBJX)4	10-31-2016		–		–		–		7.98		4.60		3.35		1.05		0.40
Administrator Class (IPBIX)	2-28-2003		–		–		–		7.90		4.46		3.28		1.37		0.60
Institutional Class (IPBNX)5	10-31-2016		–		–		–		8.02		4.57		3.34		1.10		0.45
Bloomberg Barclays U.S. TIPS Index6	–		–		–		–		10.15		4.68		3.53		–		–
CPI7	–		–		–		–		1.17		1.86		1.75		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The Fund is exposed to mortgage- and asset-backed securities risk and small company securities risk. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Wells Fargo Real Return Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20208
TIPS, 0.38%, 7-15-2025	3.07
TIPS, 0.63%, 1-15-2026	2.73
TIPS, 0.13%, 1-15-2023	2.56
TIPS, 0.63%, 1-15-2024	2.46
TIPS, 0.13%, 7-15-2024	2.39
TIPS, 0.38%, 7-15-2023	2.24
TIPS, 0.25%, 1-15-2025	2.23
TIPS, 0.13%, 7-15-2022	2.20
TIPS, 0.13%, 7-15-2030	2.15
TIPS, 0.50%, 1-15-2028	2.04

Portfolio allocation as of November 30, 2020⁹

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁷  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.

⁸  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁹  Figures represent the portfolio composition of the affiliated master portfolio as a percentage of the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Real Return Fund  |  7

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, 2020 to November 30, 2020.

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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,052.92	$	4.01		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	1,048.99	$	7.86		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R6
Actual	$	1,000.00	$	1,054.39	$	2.06		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	2.03		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,054.37	$	3.09		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,055.06	$	2.32		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%

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

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

8  |  Wells Fargo Real Return Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 99.87%
Affiliated Master Portfolio: 99.87%
Wells Fargo Real Return Portfolio	$	59,698,728
Total Investment Companies (Cost $52,913,313)		59,698,728

Total investments in securities (Cost $52,913,313)	99.87	%		59,698,728
Other assets and liabilities, net	0.13			78,964
Total net assets	100.00	%	$	59,777,692

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Real Return Portfolio		35	%		27	%	$	(69,454	)	$	2,692,438	$	637,079	$	94,708	$	350	$	59,698,728		99.87	%

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

Wells Fargo Real Return Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $52,913,313)	$	59,698,728
Receivable for Fund shares sold		115,356
Receivable from manager		10,397
Prepaid expenses and other assets		1,352
Total assets		59,825,833
Liabilities
Payable for Fund shares redeemed		25,981
Administration fees payable		4,216
Distribution fee payable		923
Shareholder report expenses payable		4,858
Shareholder servicing fees payable		5,650
Trustees’ fees and expenses payable		1,066
Accrued expenses and other liabilities		5,447
Total liabilities		48,141
Total net assets	$	59,777,692
Net assets consist of
Paid-in capital	$	55,087,686
Total distributable earnings		4,690,006
Total net assets	$	59,777,692
Computation of net asset value and offering price per share
Net assets – Class A	$	13,273,112
Shares outstanding – Class A1		1,243,835
Net asset value per share – Class A		$10.67
Maximum offering price per share – Class A2		$11.17
Net assets – Class C	$	1,472,429
Shares outstanding – Class C1		140,413
Net asset value per share – Class C		$10.49
Net assets – Class R6	$	21,641,244
Shares outstanding – Class R61		2,007,254
Net asset value per share – Class R6		$10.78
Net assets – Administrator Class	$	13,443,186
Shares outstanding – Administrator Class1		1,239,568
Net asset value per share – Administrator Class		$10.85
Net assets – Institutional Class	$	9,947,721
Shares outstanding – Institutional Class1		922,260
Net asset value per share – Institutional Class		$10.79

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Real Return Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolio	$	637,079
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $791)		94,708
Affiliated income allocated from affiliated Master Portfolio		350
Expenses allocated from affiliated Master Portfolio		(139,904	)
Waivers allocated from affiliated Master Portfolio		24,123
Total investment income		616,356
Expenses
Management fee		14,886
Administration fees
Class A		11,164
Class C		1,349
Class R6		2,945
Administrator Class		7,047
Institutional Class		4,070
Shareholder servicing fees
Class A		17,428
Class C		2,101
Administrator Class		17,599
Distribution fee
Class C		6,319
Custody and accounting fees		2,020
Professional fees		18,048
Registration fees		100,273
Shareholder report expenses		34,759
Trustees’ fees and expenses		11,029
Other fees and expenses		7,721
Total expenses		258,758
Less: Fee waivers and/or expense reimbursements
Fund-level		(193,866	)
Class A		(696	)
Administrator Class		(8,434	)
Net expenses		55,762
Net investment income		560,594
Realized and unrealized gains (losses) on investments
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(69,454	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		2,692,438
Net realized and unrealized gains (losses) on investments		2,622,984
Net increase in net assets resulting from operations	$	3,183,578

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

Wells Fargo Real Return Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	560,594					$	1,149,193
Net realized losses on investments					(69,454	)					(1,121,387	)
Net change in unrealized gains (losses) on investments					2,692,438						3,059,682
Net increase in net assets resulting from operations					3,183,578						3,087,488
Distributions to shareholders from net investment income and net realized gains
Class A					(113,765	)					(333,051	)
Class C					(9,527	)					(28,644	)
Class R6					(203,448	)					(410,590	)
Administrator Class					(118,115	)					(268,283	)
Institutional Class					(97,958	)					(274,619	)
Total distributions to shareholders					(542,813	)					(1,315,187	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		234,470			2,450,862			341,385			3,446,122
Class C		22,278			228,745			58,887			586,232
Class R6		486,193			5,175,121			700,870			7,155,041
Administrator Class		319,355			3,412,800			754,263			7,722,657
Institutional Class		186,884			1,980,252			587,649			6,004,061
					13,247,780						24,914,113
Reinvestment of distributions
Class A		8,021			84,905			23,714			238,785
Class C		871			9,052			2,484			24,671
Class R6		11,490			122,982			22,788			231,443
Administrator Class		10,659			114,697			25,943			265,162
Institutional Class		9,127			97,689			26,962			274,014
					429,325						1,034,075
Payment for shares redeemed
Class A		(289,746	)		(3,073,050	)		(865,507	)		(8,666,594	)
Class C		(53,208	)		(552,035	)		(153,174	)		(1,519,143	)
Class R6		(255,333	)		(2,736,788	)		(395,994	)		(4,031,485	)
Administrator Class		(395,313	)		(4,254,378	)		(827,804	)		(8,434,604	)
Institutional Class		(298,671	)		(3,189,919	)		(699,776	)		(7,084,487	)
					(13,806,170	)					(29,736,313	)
Net decrease in net assets resulting from capital share transactions					(129,065	)					(3,788,125	)
Total increase (decrease) in net assets					2,511,700						(2,015,824	)
Net assets
Beginning of period					57,265,992						59,281,816
End of period				$	59,777,692					$	57,265,992

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

12  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.22			$9.89			$9.87			$9.96			$9.95			$10.07
Net investment income		0.09			0.12			0.15			0.21			0.19	1		0.10	1
Net realized and unrealized gains (losses) on investments		0.45			0.42			0.09			(0.09	)		0.03			(0.01	)
Total from investment operations		0.54			0.54			0.24			0.12			0.22			0.09
Distributions to shareholders from
Net investment income		(0.09	)		(0.21	)		(0.19	)		(0.21	)		(0.20	)		(0.07	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)		(0.14	)
Total distributions to shareholders		(0.09	)		(0.21	)		(0.22	)		(0.21	)		(0.21	)		(0.21	)
Net asset value, end of period		$10.67			$10.22			$9.89			$9.87			$9.96			$9.95
Total return2		5.29	%		5.48	%		2.56	%		1.25	%		2.23	%		1.01	%
Ratios to average net assets (annualized)
Gross expenses3		1.43	%		1.43	%		1.16	%		1.04	%		1.11	%		1.20	%
Net expenses3		0.78	%		0.78	%		0.77	%		0.80	%		0.85	%		0.85	%
Net investment income3		1.68	%		1.79	%		1.95	%		2.15	%		1.92	%		0.98	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%		29	%
Net assets, end of period (000s omitted)		$13,273			$13,196			$17,716			$26,133			$29,678			$18,938

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%

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

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

Wells Fargo Real Return Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.06			$9.73			$9.73			$9.82			$9.77			$9.92
Net investment income		0.05	1		0.11	1		0.10	1		0.03			0.04			0.03	1
Net realized and unrealized gains (losses) on investments		0.44			0.35			0.07			0.02			0.10			(0.02	)
Total from investment operations		0.49			0.46			0.17			0.05			0.14			0.01
Distributions to shareholders from
Net investment income		(0.06	)		(0.13	)		(0.14	)		(0.14	)		(0.08	)		(0.02	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)		(0.14	)
Total distributions to shareholders		(0.06	)		(0.13	)		(0.17	)		(0.14	)		(0.09	)		(0.16	)
Net asset value, end of period		$10.49			$10.06			$9.73			$9.73			$9.82			$9.77
Total return2		4.90	%		4.77	%		1.79	%		0.53	%		1.44	%		0.21	%
Ratios to average net assets (annualized)
Gross expenses3		2.18	%		2.18	%		1.91	%		1.79	%		1.86	%		1.95	%
Net expenses3		1.53	%		1.53	%		1.52	%		1.56	%		1.60	%		1.60	%
Net investment income3		0.87	%		1.09	%		1.08	%		1.39	%		1.23	%		0.30	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%		29	%
Net assets, end of period (000s omitted)		$1,472			$1,714			$2,553			$3,517			$4,580			$5,654

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%

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

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

14  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			20171
Net asset value, beginning of period		$10.33			$9.99			$9.96			$10.05			$10.17
Net investment income		0.12			0.22			0.23	2		0.22			0.10
Net realized and unrealized gains (losses) on investments		0.44			0.37			0.06			(0.06	)		(0.07	)
Total from investment operations		0.56			0.59			0.29			0.16			0.03
Distributions to shareholders from
Net investment income		(0.11	)		(0.25	)		(0.23	)		(0.25	)		(0.14	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)
Total distributions to shareholders		(0.11	)		(0.25	)		(0.26	)		(0.25	)		(0.15	)
Net asset value, end of period		$10.78			$10.33			$9.99			$9.96			$10.05
Total return3		5.44	%		5.94	%		2.99	%		1.63	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses4		1.05	%		1.05	%		0.82	%		0.66	%		0.69	%
Net expenses4		0.40	%		0.40	%		0.39	%		0.42	%		0.47	%
Net investment income4		2.10	%		2.08	%		2.34	%		2.52	%		1.32	%
Supplemental data
Portfolio turnover rate5		9	%		24	%		39	%		29	%		25	%
Net assets, end of period (000s omitted)		$21,641			$18,224			$14,358			$11,750			$7,438

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

²  Calculated based upon average shares outstanding

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

⁴  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 20171	0.44	%

⁵  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo Real Return Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.38			$10.03			$9.99			$10.06			$10.03			$10.15
Net investment income		0.10	1		0.20	1		0.21	1		0.24	1		0.22	1		0.13	1
Net realized and unrealized gains (losses) on investments		0.46			0.36			0.06			(0.09	)		0.02			(0.02	)
Total from investment operations		0.56			0.56			0.27			0.15			0.24			0.11
Distributions to shareholders from
Net investment income		(0.09	)		(0.21	)		(0.20	)		(0.22	)		(0.20	)		(0.09	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)		(0.14	)
Total distributions to shareholders		(0.09	)		(0.21	)		(0.23	)		(0.22	)		(0.21	)		(0.23	)
Net asset value, end of period		$10.85			$10.38			$10.03			$9.99			$10.06			$10.03
Total return2		5.44	%		5.67	%		2.78	%		1.50	%		2.46	%		1.21	%
Ratios to average net assets (annualized)
Gross expenses3		1.37	%		1.37	%		1.10	%		0.97	%		1.04	%		1.13	%
Net expenses3		0.60	%		0.60	%		0.59	%		0.60	%		0.60	%		0.60	%
Net investment income3		1.91	%		1.92	%		2.15	%		2.39	%		2.20	%		1.30	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%		29	%
Net assets, end of period (000s omitted)		$13,443			$13,544			$13,562			$23,331			$26,100			$20,607

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%

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

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

16  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			20171
Net asset value, beginning of period		$10.33			$9.99			$9.97			$10.06			$10.17
Net investment income		0.10			0.21			0.22			0.24			0.14
Net realized and unrealized gains (losses) on investments		0.47			0.37			0.05			(0.08	)		(0.10	)
Total from investment operations		0.57			0.58			0.27			0.16			0.04
Distributions to shareholders from
Net investment income		(0.11	)		(0.24	)		(0.22	)		(0.25	)		(0.14	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)
Total distributions to shareholders		(0.11	)		(0.24	)		(0.25	)		(0.25	)		(0.15	)
Net asset value, end of period		$10.79			$10.33			$9.99			$9.97			$10.06
Total return2		5.51	%		5.78	%		2.84	%		1.57	%		0.41	%
Ratios to average net assets (annualized)
Gross expenses3		1.10	%		1.10	%		0.84	%		0.71	%		0.76	%
Net expenses3		0.45	%		0.45	%		0.44	%		0.47	%		0.52	%
Net investment income3		1.87	%		2.09	%		2.20	%		2.62	%		2.24	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%
Net assets, end of period (000s omitted)		$9,948			$10,587			$11,094			$12,110			$5,229

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

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

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

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 20171	0.44	%

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

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

Wells Fargo Real Return Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Real Return Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 27% of Wells Fargo Real Return Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo Real Return Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $53,040,192 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	6,658,536
Gross unrealized losses		0
Net unrealized gains	$	6,658,536

As of May 31, 2020, the Fund had capital loss carryforwards which consisted of $1,082,708 in short-term capital losses and $906,231 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term	$	59,698,728

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Real Return Fund  |  19

Notes to financial statements (unaudited)

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.40% for Class R6 shares, and 0.60% for Administrator Class shares, and 0.45% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $367 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2020.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$9,094,158	$8,171,588	$839,712	$3,480,931

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

20  |  Wells Fargo Real Return Fund

Notes to financial statements (unaudited)

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

8. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

9. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Real Return Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 13.41%
Consumer Staples: 4.47%
Beverages: 0.68%
PepsiCo Incorporated		10,246	$	1,477,781
Food & Staples Retailing: 1.47%
Costco Wholesale Corporation		2,497		978,250
Sysco Corporation		8,236		587,144
Walmart Incorporated		10,637		1,625,227
				3,190,621
Food Products: 0.61%
Mondelez International Incorporated Class A		13,731		788,846
Nomad Foods Limited †		22,626		546,418
				1,335,264
Household Products: 1.56%
Church & Dwight Company Incorporated		8,444		741,130
The Clorox Company		2,189		444,279
The Procter & Gamble Company		15,936		2,213,032
				3,398,441
Tobacco: 0.15%
Philip Morris International Incorporated		4,390		332,543
Energy: 0.98%
Oil, Gas & Consumable Fuels: 0.98%
Chevron Corporation		14,933		1,301,859
Phillips 66		13,681		828,795
				2,130,654
Financials: 0.11%
Mortgage REITs: 0.11%
AGNC Investment Corporation		15,892		242,830
Materials: 3.49%
Chemicals: 1.46%
Ecolab Incorporated		2,642		586,920
Linde plc		4,987		1,278,767
The Sherwin-Williams Company		1,009		754,359
Westlake Chemical Corporation		7,573		569,111
				3,189,157
Construction Materials: 0.18%
Martin Marietta Materials Incorporated		1,432		380,382
Containers & Packaging: 0.18%
Crown Holdings Incorporated †		4,206		396,416
Metals & Mining: 1.67%
Agnico-Eagle Mines Limited		2,500		164,675
Alamos Gold Incorporated Class A		8,000		66,220
AngloGold Ashanti Limited ADR		4,200		91,014
B2Gold Corporation		28,000		156,095

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

22  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Metals & Mining (continued)
Barrick Gold Corporation		10,956	$	253,522
Centerra Gold Incorporated		6,000		58,582
Endeavour Mining Corporation †		3,300		77,831
Evolution Mining Limited		22,000		80,261
Fortuna Silver Mines Incorporated †		6,000		38,207
Franco-Nevada Corporation		1,300		173,043
Gold Fields Limited ADR		11,500		100,165
Kinross Gold Corporation		30,000		213,675
Kirkland Lake Gold Limited		5,037		206,375
Lundin Gold Incorporated †		5,000		44,275
MAG Silver Corporation †		6,000		91,384
Newcrest Mining Limited		6,000		118,608
Newmont Corporation		5,090		299,394
Northern Star Resources Limited		14,000		129,589
Pan American Silver Corporation		3,300		97,449
Royal Gold Incorporated		3,084		340,689
SilverCrest Metals Incorporated †		4,000		35,112
SSR Mining Incorporated †		2,272		42,057
SSR Mining Incorporated †		3,100		57,071
Steel Dynamics Incorporated		9,914		358,986
Teranga Gold Corporation †		4,000		44,167
Torex Gold Resources Incorporated †		6,600		91,070
Wheaton Precious Metals Corporation		3,900		150,541
Yamana Gold Incorporated		12,000		62,647
				3,642,704
Real Estate: 4.36%
Equity REITs: 4.36%
Alexandria Real Estate Equities Incorporated		2,828		463,028
American Homes 4 Rent Class A		13,884		398,748
American Tower Corporation		4,503		1,041,094
Camden Property Trust		4,094		404,610
CoreSite Realty Corporation		3,197		400,872
Equinix Incorporated		1,388		968,533
Federal Realty Investment Trust		2,676		233,401
Four Corners Property Trust Incorporated		17,679		495,189
Healthcare Realty Trust Incorporated		10,353		305,414
Host Hotels & Resorts Incorporated		19,066		267,496
Invitation Homes Incorporated		15,334		438,246
Mid-America Apartment Communities Incorporated		3,257		410,903
Prologis Incorporated		8,930		893,447
SBA Communications Corporation		2,086		599,057
Simon Property Group Incorporated		2,409		198,911
STAG Industrial Incorporated		11,242		334,787
Sun Communities Incorporated		4,020		558,780
VICI Properties Incorporated		25,295		639,711
Welltower Incorporated		6,879		433,239
				9,485,466
Total Common Stocks (Cost $22,516,767)				29,202,259

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

Wells Fargo Real Return Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 14.31%
Communication Services: 2.02%
Diversified Telecommunication Services: 0.44%
CenturyLink Incorporated		6.75	%		12-1-2023	$	260,000	$	288,353
CenturyLink Incorporated		6.45			6-15-2021		155,000		159,108
CommScope Holding Company Incorporated 144A		5.50			3-1-2024		290,000		297,975
Level 3 Financing Incorporated		5.38			1-15-2024		125,000		125,875
Level 3 Financing Incorporated		5.38			5-1-2025		85,000		87,257
									958,568
Entertainment: 0.43%
Live Nation Entertainment Incorporated 144A		4.88			11-1-2024		170,000		168,725
Live Nation Entertainment Incorporated 144A		6.50			5-15-2027		150,000		166,125
Netflix Incorporated		5.38			2-1-2021		600,000		604,500
									939,350
Media: 0.98%
CCO Holdings LLC 144A		5.13			5-1-2027		600,000		631,269
CSC Holdings LLC 144A		5.50			4-15-2027		200,000		211,100
CSC Holdings LLC		6.75			11-15-2021		105,000		109,840
DISH DBS Corporation		5.88			7-15-2022		190,000		199,553
DISH DBS Corporation		6.75			6-1-2021		155,000		158,371
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		800,000		812,000
									2,122,133
Wireless Telecommunication Services: 0.17%
Sprint Corporation		7.88			9-15-2023		155,000		178,638
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		43,750		44,215
T-Mobile USA Incorporated		4.00			4-15-2022		145,000		149,534
									372,387
Consumer Discretionary: 2.34%
Auto Components: 0.11%
Goodyear Tire & Rubber Company		5.13			11-15-2023		245,000		245,196
Automobiles: 0.18%
Ford Motor Company		8.50			4-21-2023		355,000		398,267
Hotels, Restaurants & Leisure: 0.19%
Carnival Corporation 144A		11.50			4-1-2023		50,000		56,938
Royal Caribbean Cruises Limited 144A		9.13			6-15-2023		325,000		351,813
									408,751
Household Durables: 0.61%
KB Home Class B		7.50			9-15-2022		315,000		344,925
Lennar Corporation		6.25			12-15-2021		250,000		257,000
Newell Brands Incorporated		4.35			4-1-2023		93,000		97,878
PulteGroup Incorporated		4.25			3-1-2021		400,000		401,840
Toll Brothers Finance Corporation		5.88			2-15-2022		225,000		233,928
									1,335,571
Internet & Direct Marketing Retail: 0.07%
QVC Incorporated		4.38			3-15-2023		140,000		146,650

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

24  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Multiline Retail: 0.72%
Macy’s Incorporated 144A		8.38	%		6-15-2025	$	605,000	$	659,420
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		100,000		99,922
Nordstrom Incorporated 144A		8.75			5-15-2025		730,000		813,950
									1,573,292
Specialty Retail: 0.37%
L Brands Incorporated		5.63			10-15-2023		65,000		69,443
L Brands Incorporated 144A		9.38			7-1-2025		225,000		274,500
Penske Auto Group Incorporated		3.50			9-1-2025		140,000		141,400
The Gap Incorporated 144A		8.63			5-15-2025		295,000		327,819
									813,162
Textiles, Apparel & Luxury Goods: 0.09%
Levi Strauss & Company		5.00			5-1-2025		180,000		184,950
Consumer Staples: 0.03%
Personal Products: 0.03%
Edgewell Personal Care Company		4.70			5-24-2022		60,000		62,250
Energy: 2.72%
Energy Equipment & Services: 0.09%
Hilcorp Energy Company 144A		5.00			12-1-2024		175,000		170,625
USA Compression Partners LP		6.88			9-1-2027		20,000		21,082
									191,707
Oil, Gas & Consumable Fuels: 2.63%
Apache Corporation		4.63			11-15-2025		70,000		72,779
Buckeye Partners LP 144A		4.13			3-1-2025		50,000		49,875
Buckeye Partners LP		4.15			7-1-2023		200,000		202,000
Cheniere Energy Partners LP		5.25			10-1-2025		500,000		513,125
Continental Resources Incorporated		4.50			4-15-2023		600,000		615,000
Crestwood Midstream Partners LP		6.25			4-1-2023		480,000		482,174
DCP Midstream Operating LP 144A		4.75			9-30-2021		300,000		304,125
EnLink Midstream Partners LP		4.15			6-1-2025		685,000		635,338
Enviva Partners LP 144A		6.50			1-15-2026		445,000		475,445
EQT Corporation		7.88			2-1-2025		85,000		97,325
Newfield Exploration Company		5.75			1-30-2022		90,000		93,199
Occidental Petroleum Corporation (3 Month LIBOR +1.45%) ±		1.67			8-15-2022		120,000		114,641
Occidental Petroleum Corporation «		8.00			7-15-2025		155,000		169,965
Ovintiiv Incorporated		3.90			11-15-2021		155,000		156,116
Sabine Pass Liquefaction LLC		6.25			3-15-2022		250,000		264,018
Southern Star Central Corporation 144A		5.13			7-15-2022		222,000		222,134
Suburban Propane Partners LP		5.50			6-1-2024		345,000		352,671
Tallgrass Energy Partners LP 144A		4.75			10-1-2023		460,000		451,352
Tallgrass Energy Partners LP 144A		7.50			10-1-2025		115,000		118,450
Targa Resources Partners LP		4.25			11-15-2023		345,000		346,725
									5,736,457
Financials: 2.28%
Banks: 0.15%
CIT Group Incorporated		5.00			8-15-2022		305,000		324,444

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

Wells Fargo Real Return Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Capital Markets: 0.19%
Blue Cube Spinco Incorporated		10.00	%		10-15-2025	$	390,000	$	411,938
Consumer Finance: 0.85%
Ford Motor Credit Company LLC		4.13			8-17-2027		400,000		413,500
General Motors Financial Company Incorporated		2.75			6-20-2025		135,000		142,873
Navient Corporation		7.25			9-25-2023		145,000		158,050
Onemain Finance Corporation		6.13			3-15-2024		295,000		319,618
Onemain Finance Corporation		7.75			10-1-2021		390,000		408,525
SLM Corporation		5.50			1-25-2023		400,000		415,000
									1,857,566
Diversified Financial Services: 0.24%
LPL Holdings Incorporated 144A		5.75			9-15-2025		495,000		512,335
Insurance: 0.37%
Genworth Mortgage Holdings LLC 144A		6.50			8-15-2025		750,000		798,750
Mortgage REITs: 0.23%
Starwood Property Trust Incorporated		5.00			12-15-2021		500,000		507,500
Thrifts & Mortgage Finance: 0.25%
Ladder Capital Finance Holdings LP 144A		5.25			3-15-2022		545,000		543,638
Health Care: 1.04%
Health Care Providers & Services: 0.99%
Centene Corporation		4.75			1-15-2025		130,000		133,995
Emcompass Health Corporation		5.13			3-15-2023		290,000		291,450
Magellan Health Incorporated		4.90			9-22-2024		680,000		714,000
MEDNAX Incorporated 144A		5.25			12-1-2023		335,000		338,343
Molina Healthcare Incorporated 144A		4.88			6-15-2025		5,000		5,122
Molina Healthcare Incorporated		5.38			11-15-2022		400,000		420,000
Tenet Healthcare Corporation		4.63			7-15-2024		240,000		244,200
									2,147,110
Life Sciences Tools & Services: 0.05%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		110,000		115,500
Industrials: 2.29%
Aerospace & Defense: 0.09%
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		200,000		204,000
Airlines: 1.17%
American Airlines Group Company 144A		5.00			6-1-2022		430,000		355,825
Delta Air Lines Incorporated 144A		4.50			10-20-2025		995,000		1,050,393
Mileage Plus Holdings LLC 144A		6.50			6-20-2027		850,000		921,719
United Airlines Pass-Through Trust Certificates Series 2020-1 Class A		5.88			4-15-2029		210,000		223,506
									2,551,443
Commercial Services & Supplies: 0.21%
Covanta Holding Corporation		5.88			7-1-2025		65,000		67,681
Plastipak Holdings Incorporated 144A		6.25			10-15-2025		380,000		391,400
									459,081

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

26  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Construction & Engineering: 0.24%
Great Lakes Dredge & Dock Corporation		8.00	%		5-15-2022	$	395,000	$	404,875
Taylor Morrison Communities Incorporated 144A		5.88			4-15-2023		110,000		116,325
									521,200
Electronic Equipment, Instruments & Components: 0.03%
Wesco Distribution Incorporated Company 144A		7.13			6-15-2025		55,000		59,881
Machinery: 0.05%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		10,000		10,838
Trimas Corporation 144A		4.88			10-15-2025		85,000		86,726
									97,564
Trading Companies & Distributors: 0.50%
Aircastle Limited		5.13			3-15-2021		275,000		278,202
Fortress Transportation & Infrastructure Investors LLC 144A		6.75			3-15-2022		815,000		820,844
									1,099,046
Information Technology: 0.34%
IT Services: 0.16%
Cardtronics Incorporated 144A		5.50			5-1-2025		345,000		356,213
Software: 0.06%
NortonLifeLock Incorporated 144A		5.00			4-15-2025		120,000		122,404
Technology Hardware, Storage & Peripherals: 0.12%
Dell International LLC 144A		7.13			6-15-2024		245,000		254,158
Materials: 0.31%
Chemicals: 0.03%
Chemours Company		6.63			5-15-2023		65,000		66,151
Containers & Packaging: 0.12%
Reynolds Group Holding Limited 144A		5.13			7-15-2023		5,000		5,061
Sealed Air Corporation 144A		5.13			12-1-2024		50,000		54,813
Sealed Air Corporation 144A		5.25			4-1-2023		190,000		202,056
									261,930
Metals & Mining: 0.16%
Cleveland-Cliffs Incorporated 144A		9.88			10-17-2025		300,000		349,875
Real Estate: 0.61%
Equity REITs: 0.61%
CoreCivic Incorporated		4.63			5-1-2023		245,000		230,300
CoreCivic Incorporated		5.00			10-15-2022		105,000		103,289
SBA Communications Corporation		4.00			10-1-2022		60,000		60,675
Service Properties Trust Company		4.35			10-1-2024		500,000		478,750
Service Properties Trust Company		7.50			9-15-2025		420,000		467,993
									1,341,007
Utilities: 0.33%
Electric Utilities: 0.05%
NextEra Energy Operating Partners LP 144A		4.25			7-15-2024		100,000		105,253

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

Wells Fargo Real Return Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Independent Power & Renewable Electricity Producers: 0.28%
TerraForm Power Operating LLC 144A		4.25	%		1-31-2023	$	600,000	$	619,500
Total Corporate Bonds and Notes (Cost $30,731,247)									31,176,178
Loans: 2.37%
Communication Services: 0.63%
Entertainment: 0.06%
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ±		1.94			10-17-2026		135,474		129,716
Media: 0.38%
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		2.64			4-15-2027		368,830		359,872
Diamond Sports Group LLC (1 Month LIBOR +3.25%) ±		3.40			8-24-2026		346,500		287,595
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		2.64			1-31-2028		175,000		171,483
									818,950
Wireless Telecommunication Services: 0.19%
SBA Senior Finance II LLC (1 Month LIBOR +1.75%) ±		1.90			4-11-2025		428,596		422,129
Consumer Discretionary: 0.22%
Auto Components: 0.07%
Belron Finance US LLC (3 Month LIBOR +2.25%) ±‡		2.46			11-7-2024		155,600		152,877
Hotels, Restaurants & Leisure: 0.12%
Carnival Corporation (1 Month LIBOR +7.50%) ±		8.50			6-30-2025		49,875		51,496
Wyndham Hotels & Resorts Incorporated (1 Month LIBOR +1.75%) ±		1.90			5-30-2025		215,600		210,480
									261,976
Specialty Retail: 0.03%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±		2.40			7-5-2024		64,064		62,943
Consumer Staples: 0.05%
Food Products: 0.05%
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		2.15			1-26-2024		106,657		106,479
Energy: 0.16%
Oil, Gas & Consumable Fuels: 0.16%
Apergy Corporation (3 Month LIBOR +5.00%) ±‡		5.50			5-28-2027		339,967		342,516
Financials: 0.06%
Diversified Financial Services: 0.06%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		1.97			10-6-2023		140,000		137,550
Health Care: 0.25%
Health Care Providers & Services: 0.25%
Select Medical Corporation (6 Month LIBOR +2.50%) ±		2.78			3-6-2025		549,214		538,746
Industrials: 0.57%
Aerospace & Defense: 0.07%
Rexnord LLC (1 Month LIBOR +1.75%) ±		1.90			8-21-2024		156,250		155,636

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

28  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Building Products: 0.25%
Advanced Drainage Systems Incorporated (1 Month LIBOR +2.25%) ±		2.44	%		7-31-2026	$	271,500	$	270,821
Flex Acquisition Company (1 Month LIBOR +3.00%) ±		5.12			12-29-2023		288,996		284,901
									555,722
Commercial Services & Supplies: 0.23%
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		1.90			3-28-2024		106,844		103,528
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		1.90			3-11-2025		364,323		352,286
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±		2.44			9-19-2026		38,774		37,804
									493,618
Machinery: 0.02%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		3.50			1-31-2024		37,558		37,464
Information Technology: 0.30%
Electronic Equipment, Instruments & Components: 0.09%
CDW LLC (1 Month LIBOR +1.75%) ±		1.90			10-13-2026		194,911		194,728
Semiconductors & Semiconductor Equipment: 0.14%
ON Semiconductor Corporation (1 Month LIBOR +2.00%) ±		2.15			9-19-2026		311,850		309,424
Software: 0.07%
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±		1.90			4-16-2025		91,006		89,448
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±		1.90			4-16-2025		68,925		67,745
									157,193
Materials: 0.13%
Chemicals: 0.05%
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±		2.15			4-1-2024		108,830		106,574
Containers & Packaging: 0.08%
Berry Global Incorporated (1 Month LIBOR +2.00%) ±		2.13			10-1-2022		175,000		174,270
Total Loans (Cost $5,277,240)									5,158,511
U.S. Treasury Securities: 66.15%
TIPS		0.13			7-15-2022		4,685,569		4,802,525
TIPS		0.13			1-15-2023		5,423,612		5,586,391
TIPS		0.13			7-15-2024		4,927,014		5,211,473
TIPS		0.13			10-15-2024		3,753,391		3,975,320
TIPS		0.13			4-15-2025		3,768,499		4,000,988
TIPS		0.13			10-15-2025		1,986,098		2,131,177
TIPS		0.13			7-15-2026		3,686,291		3,992,186
TIPS		0.13			1-15-2030		4,248,720		4,678,018
TIPS		0.13			7-15-2030		3,085,965		3,416,139
TIPS		0.25			1-15-2025		4,560,228		4,857,889
TIPS		0.25			7-15-2029		3,428,941		3,821,350
TIPS		0.25			2-15-2050		1,741,225		2,061,062
TIPS		0.38			7-15-2023		4,669,237		4,899,902
TIPS		0.38			7-15-2025		6,168,006		6,683,854
TIPS		0.38			1-15-2027		3,205,414		3,523,409
TIPS		0.38			7-15-2027		1,553,411		1,722,789
TIPS		0.50			4-15-2024		3,214,555		3,408,517
TIPS		0.50			1-15-2028		3,972,602		4,443,418
TIPS		0.63			4-15-2023		4,138,850		4,322,619

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

Wells Fargo Real Return Portfolio  |  29

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
TIPS		0.63	%		1-15-2024	$	5,047,411	$	5,359,391
TIPS		0.63			1-15-2026		5,416,506		5,957,381
TIPS		0.63			2-15-2043		2,077,293		2,571,976
TIPS		0.75			7-15-2028		3,535,693		4,058,266
TIPS		0.75			2-15-2042		2,804,706		3,543,899
TIPS		0.75			2-15-2045		2,514,467		3,219,925
TIPS		0.88			1-15-2029		2,906,715		3,370,578
TIPS		0.88			2-15-2047		1,590,330		2,123,277
TIPS		1.00			2-15-2046		1,570,755		2,127,432
TIPS		1.00			2-15-2048		1,208,479		1,672,091
TIPS		1.00			2-15-2049		1,380,804		1,932,320
TIPS		1.38			2-15-2044		2,267,003		3,244,795
TIPS		1.75			1-15-2028		2,379,100		2,884,039
TIPS		2.00			1-15-2026		2,950,470		3,461,462
TIPS		2.13			2-15-2040		1,252,337		1,927,196
TIPS		2.13			2-15-2041		1,598,519		2,488,382
TIPS		2.38			1-15-2025		3,037,672		3,511,399
TIPS		2.38			1-15-2027		2,187,567		2,684,526
TIPS		2.50			1-15-2029		2,291,134		2,975,371
TIPS		3.38			4-15-2032		923,769		1,389,984
TIPS		3.63			4-15-2028		1,858,591		2,530,153
TIPS		3.88			4-15-2029		2,438,128		3,478,491
Total U.S. Treasury Securities (Cost $130,263,887)									144,051,360
Yankee Corporate Bonds and Notes: 2.20%
Communication Services: 0.26%
Media: 0.26%
Nielsen Holding and Finance BV 144A		5.00			2-1-2025		65,000		66,869
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		102,000		101,490
Videotron Limited		5.00			7-15-2022		375,000		395,156
									563,515
Consumer Discretionary: 0.12%
Hotels, Restaurants & Leisure: 0.12%
International Game Technology plc 144A		6.25			2-15-2022		250,000		256,250
Energy: 0.17%
Energy Equipment & Services: 0.16%
Alcoa Nederland Holding Company BV 144A		6.75			9-30-2024		355,000		366,981
Oil, Gas & Consumable Fuels: 0.01%
Cenovus Energy Incorporated		5.38			7-15-2025		10,000		11,028
Financials: 0.64%
Diversified Financial Services: 0.64%
DAE Funding LLC 144A		5.25			11-15-2021		270,000		277,763
DAE Funding LLC 144A		5.75			11-15-2023		175,000		180,250
Park Aerospace Holdings Company 144A		5.25			8-15-2022		550,000		575,157
Park Aerospace Holdings Limited 144A		5.50			2-15-2024		345,000		368,267
									1,401,437

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

30  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care: 0.30%
Pharmaceuticals: 0.30%
Teva Pharmaceutical Finance BV		2.20	%		7-21-2021	$	275,000	$	275,096
Teva Pharmaceutical Finance BV		2.80			7-21-2023		310,000		304,532
Teva Pharmaceutical Finance BV		3.65			11-10-2021		70,000		70,525
									650,153
Industrials: 0.34%
Airlines: 0.26%
Air Canada Company 144A		7.75			4-15-2021		565,000		567,825
Commercial Services & Supplies: 0.08%
NorthRiver Midstream Finance LP 144A		5.63			2-15-2026		170,000		172,550
Information Technology: 0.09%
Communications Equipment: 0.09%
Nokia OYJ		3.38			6-12-2022		180,000		185,456
Materials: 0.28%
Metals & Mining: 0.28%
Constellium Company 144A		5.75			5-15-2024		250,000		254,988
FMG Resources Proprietary Limited 144A		4.75			5-15-2022		345,000		355,350
									610,338
Total Yankee Corporate Bonds and Notes (Cost $4,667,134)									4,785,533
	Yield					Shares
Short-Term Investments: 1.17%
Investment Companies: 1.17%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					115,000		115,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02					2,434,127		2,434,127
Total Short-Term Investments (Cost $2,549,127)									2,549,127

Total investments in securities (Cost $196,005,402)	99.61	%		216,922,968
Other assets and liabilities, net	0.39			847,014
Total net assets	100.00	%	$	217,769,982

† Non-income-earning security

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

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

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

‡ Security is valued using significant unobservable inputs.

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

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

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

Abbreviations:

ADR American depositary receipt

LIBOR London Interbank Offered Rate

TIPS Treasury Inflation-Protected Securities

REIT Real estate investment trust

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

Wells Fargo Real Return Portfolio  |  31

Portfolio of investments—November 30, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		14		3-31-2021	$	3,090,851		$	3,091,922		$	1,071	$	0
Short
10-Year U.S. Treasury Notes		(5)		3-22-2021		(689,241	)		(690,859	)		0		(1,618	)
10-Year Ultra Futures		(3)		3-22-2021		(469,889	)		(471,375	)		0		(1,486	)
U.S. Ultra Bond		(8)		3-22-2021		(1,725,734	)		(1,728,250	)		0		(2,516	)
5-Year U.S. Treasury Notes		(63)		3-31-2021		(7,929,532	)		(7,939,969	)		0		(10,437	)
											$	1,071	$	(16,057	)

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	1,071,969	$	(956,969	)	$	0	$	0	$	115,000					115,000	$	42	#
Wells Fargo Government Money Market Fund Select Class		923,723		64,212,161		(62,701,757	)		0		0		2,434,127					2,434,127		899
								$	0	$	0	$	2,549,127		1.17	%			$	941

^#  Amount shown represents income before fees and rebates.

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

32  |  Wells Fargo Real Return Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $113,235 of securities loaned), at value (cost $193,456,275)	$	214,373,841
Investments in affiliated securities, at value (cost $2,549,127)		2,549,127
Segregated cash for future contracts		226,321
Foreign currency, at value (cost $10)		11
Receivable for investments sold		195,247
Receivable for dividends and interest		834,588
Receivable for securities lending income, net		20
Prepaid expenses and other assets		40,335
Total assets		218,219,490
Liabilities
Payable upon receipt of securities loaned		115,000
Payable for investments purchased		275,376
Payable for daily variation margin on open futures contracts		1,655
Advisory fee payable		57,477
Total liabilities		449,508
Total net assets	$	217,769,982

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

Wells Fargo Real Return Portfolio  |  33

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest	$	1,890,886
Dividends (net of foreign withholding taxes of $2,372)		281,946
Income from affiliated securities		1,027
Total investment income		2,173,859
Expenses
Advisory fee		351,221
Custody and accounting fees		12,918
Professional fees		21,915
Shareholder report expenses		7,679
Trustees’ fees and expenses		9,716
Other fees and expenses		9,860
Total expenses		413,309
Less: Fee waivers and/or expense reimbursements		(70,868	)
Net expenses		342,441
Net investment income		1,831,418
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(172,286	)
Futures contracts		1,178
Net realized losses on investments		(171,108	)
Net change in unrealized gains (losses) on
Unaffiliated securities		8,057,253
Futures contracts		17,906
Net change in unrealized gains (losses) on investments		8,075,159
Net realized and unrealized gains (losses) on investments		7,904,051
Net increase in net assets resulting from operations	$	9,735,469

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

34  |  Wells Fargo Real Return Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	1,831,418		$	3,780,486
Net realized losses on investments		(171,108	)		(2,934,511	)
Net change in unrealized gains (losses) on investments		8,075,159			8,799,280
Net increase in net assets resulting from operations		9,735,469			9,645,255
Capital transactions
Transactions in investors’ beneficial interests
Contributions		66,425,740			25,838,830
Withdrawals		(20,446,099	)		(56,167,504	)
Net increase (decrease) in net assets resulting from capital transactions		45,979,641			(30,328,674	)
Total increase (decrease) in net assets		55,715,110			(20,683,419	)
Net assets
Beginning of period		162,054,872			182,738,291
End of period	$	217,769,982		$	162,054,872

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

Wells Fargo Real Return Portfolio  |  35

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		5.49	%		5.92	%		2.99	%		1.67	%		2.65	%		1.29	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.45	%		0.45	%		0.48	%		0.52	%		0.56	%
Net expenses		0.39	%		0.39	%		0.40	%		0.41	%		0.44	%		0.44	%
Net investment income		2.09	%		2.16	%		2.29	%		2.40	%		2.36	%		1.45	%
Supplemental data
Portfolio turnover rate		9	%		24	%		39	%		29	%		25	%		29	%

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

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

36  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2020, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

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

Wells Fargo Real Return Portfolio  |  37

Notes to financial statements (unaudited)

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

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

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the 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

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

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

38  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

Inflation-indexed bonds and TIPS

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

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $196,787,193 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	21,510,205
Gross unrealized losses		(1,389,416	)
Net unrealized gains	$	20,120,789

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Wells Fargo Real Return Portfolio  |  39

Notes to financial statements (unaudited)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer staples	$	9,734,650	$	0	$	0	$	9,734,650
Energy		2,130,654		0		0		2,130,654
Financials		242,830		0		0		242,830
Materials		7,608,659		0		0		7,608,659
Real estate		9,485,466		0		0		9,485,466
Corporate bonds and notes		0		31,176,178		0		31,176,178
Loans		0		4,625,654		532,857		5,158,511
U.S. Treasury securities		144,051,360		0		0		144,051,360
Yankee corporate bonds and notes		0		4,785,533		0		4,785,533
Short-term investments
Investment companies		2,549,127		0		0		2,549,127
		175,802,746		40,587,365		532,857		216,922,968
Futures contracts		1,071		0		0		1,071
Total assets	$	175,803,817	$	40,587,365	$	532,857	$	216,924,039
Liabilities
Futures contracts	$	16,057	$	0	$	0	$	16,057
Total liabilities	$	16,057	$	0	$	0	$	16,057

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.300
Over $10 billion		0.290

40  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio had $4,796,238, $0 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended November 30, 2020.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$33,173,817	$29,808,452	$3,063,116	$12,697,798

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Barclays Capital Inc.	$113,235	$(113,235)	$	0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Portfolio had an average notional amount of $3,108,435 in long futures contracts and $11,944,403 in short futures contracts during the six months ended November 30, 2020.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

Wells Fargo Real Return Portfolio  |  41

Notes to financial statements (unaudited)

8. BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

42  |  Wells Fargo Real Return Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Real Return Fund  |  43

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 and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

44  |  Wells Fargo Real Return Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Wells Fargo Real Return Fund  |  45

Other information (unaudited)

Officers    

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹  Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 wfam.com.    

46  |  Wells Fargo Real Return Fund

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00737 01-20

SA288/SAR288 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo

Diversified Large Cap Growth Portfolio

Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	13
Other information	18

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Diversified Large Cap Growth Portfolio  |  1

Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

Joseph M. Eberhardy, CFA^®‡, CPA

Vince Fioramonti, CFA^®‡

Thomas C. Ognar, CFA^®‡

Ten largest holdings (%) as of November 30, 20201
Amazon.com Incorporated	7.70
Microsoft Corporation	7.31
Facebook Incorporated Class A	3.59
Apple Incorporated	3.37
MasterCard Incorporated Class A	3.21
Alphabet Incorporated Class A	3.05
PayPal Holdings Incorporated	2.92
MarketAxess Holdings Incorporated	2.27
Alphabet Incorporated Class C	1.81
Microchip Technology Incorporated	1.67

Sector allocation as of November 30, 2020²

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified.

²  Figures represent the percentage of the Portfolio’s long-term investments. These amounts are subject to change and may have changed since the date specified.

2  |  Wells Fargo Diversified Large Cap Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 99.34%
Communication Services: 12.30%
Diversified Telecommunication Services: 0.32%
AT&T Incorporated		25,890	$	744,338
Entertainment: 2.06%
Activision Blizzard Incorporated		32,065		2,548,527
Netflix Incorporated †		215		105,501
Roku Incorporated †		5,360		1,573,535
Spotify Technology SA †		2,350		684,720
				4,912,283
Interactive Media & Services: 9.54%
Alphabet Incorporated Class A †		4,145		7,271,988
Alphabet Incorporated Class C †		2,446		4,306,770
Facebook Incorporated Class A †		30,886		8,554,495
Pinterest Incorporated Class A †		26,053		1,824,231
Twitter Incorporated †		6,490		301,850
ZoomInfo Technologies Incorporated Class A †«		9,363		479,854
				22,739,188
Media: 0.38%
Discovery Incorporated Class A †		33,786		909,181
Consumer Discretionary: 15.40%
Auto Components: 0.39%
Lear Corporation		6,439		920,455
Diversified Consumer Services: 0.20%
Chegg Incorporated †		6,140		478,490
Hotels, Restaurants & Leisure: 1.03%
Chipotle Mexican Grill Incorporated †		1,520		1,959,934
Domino’s Pizza Incorporated		1,275		500,527
				2,460,461
Household Durables: 0.41%
PulteGroup Incorporated		22,683		989,659
Internet & Direct Marketing Retail: 7.70%
Amazon.com Incorporated †		5,790		18,342,951
Multiline Retail: 1.38%
Dollar General Corporation		9,807		2,143,614
Target Corporation		6,414		1,151,505
				3,295,119
Specialty Retail: 2.85%
Burlington Stores Incorporated †		8,090		1,767,989
CarMax Incorporated †		650		60,762
Five Below Incorporated †		3,750		586,500
Floor & Decor Holdings Incorporated Class A †		6,685		535,402
Restoration Hardware Incorporated †		1,220		552,855
The Home Depot Incorporated		8,521		2,363,811

The accompanying notes are an integral part of these financial statements.

Wells Fargo Diversified Large Cap Growth Portfolio  |  3

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Specialty Retail (continued)
The TJX Companies Incorporated		14,510	$	921,530
				6,788,849
Textiles, Apparel & Luxury Goods: 1.44%
Deckers Outdoor Corporation †		3,055		777,772
lululemon athletica Incorporated †		4,220		1,562,328
Nike Incorporated Class B		8,145		1,097,132
				3,437,232
Consumer Staples: 1.76%
Beverages: 0.41%
Boston Beer Company Incorporated Class A †		935		870,335
The Coca-Cola Company		2,091		107,896
				978,231
Food & Staples Retailing: 1.11%
Costco Wholesale Corporation		3,152		1,234,859
Walmart Incorporated		9,160		1,399,556
				2,634,415
Personal Products: 0.24%
The Estee Lauder Companies Incorporated Class A		2,342		574,539
Energy: 0.50%
Oil, Gas & Consumable Fuels: 0.50%
Chevron Corporation		4,450		387,951
ConocoPhillips		9,969		394,374
Marathon Petroleum Corporation		10,807		420,176
				1,202,501
Financials: 5.66%
Banks: 0.96%
Citizens Financial Group Incorporated		34,119		1,114,327
JPMorgan Chase & Company		9,922		1,169,605
				2,283,932
Capital Markets: 4.36%
BlackRock Incorporated		1,969		1,375,051
Evercore Partners Incorporated Class A		11,437		1,039,966
MarketAxess Holdings Incorporated		10,037		5,411,750
MSCI Incorporated		2,545		1,041,974
The Goldman Sachs Group Incorporated		4,914		1,133,070
Tradeweb Markets Incorporated Class A		6,610		394,287
				10,396,098
Insurance: 0.34%
Root Incorporated Class A †«		1,907		33,754
The Allstate Corporation		7,578		775,608
				809,362

The accompanying notes are an integral part of these financial statements.

4  |  Wells Fargo Diversified Large Cap Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care: 12.40%
Biotechnology: 2.22%
AbbVie Incorporated		7,674	$	802,547
Alnylam Pharmaceuticals Incorporated †		2,195		285,152
Amgen Incorporated		3,854		855,742
Mirati Therapeutics Incorporated †		1,465		348,450
Regeneron Pharmaceuticals Incorporated †		2,709		1,397,926
Seagen Incorporated †		3,620		616,522
United Therapeutics Corporation †		7,356		975,700
				5,282,039
Health Care Equipment & Supplies: 4.54%
Abbott Laboratories		21,440		2,320,237
Boston Scientific Corporation †		44,782		1,484,523
Edwards Lifesciences Corporation †		34,225		2,871,135
Hologic Incorporated †		16,112		1,113,823
Insulet Corporation †		4,625		1,191,909
Intuitive Surgical Incorporated †		825		598,991
Novocure Limited †		3,000		376,950
Stryker Corporation		3,658		853,777
				10,811,345
Health Care Providers & Services: 1.31%
Amedisys Incorporated †		4,625		1,132,154
Anthem Incorporated		3,397		1,058,233
CVS Health Corporation		13,850		938,892
				3,129,279
Health Care Technology: 0.81%
Veeva Systems Incorporated Class A †		7,012		1,941,412
Life Sciences Tools & Services: 1.20%
Agilent Technologies Incorporated		5,358		626,350
Bio-Techne Corporation		2,570		779,507
Repligen Corporation †		6,655		1,262,254
Sotera Health Company †		7,547		204,222
				2,872,333
Pharmaceuticals: 2.32%
Bristol-Myers Squibb Company		14,390		897,936
Horizon Therapeutics plc †		11,694		823,608
Johnson & Johnson		5,841		845,076
Zoetis Incorporated		18,414		2,953,237
				5,519,857
Industrials: 9.46%
Aerospace & Defense: 0.43%
Lockheed Martin Corporation		2,783		1,015,795
Air Freight & Logistics: 0.84%
FedEx Corporation		4,690		1,344,060
United Parcel Service Incorporated Class B		3,885		664,607
				2,008,667

The accompanying notes are an integral part of these financial statements.

Wells Fargo Diversified Large Cap Growth Portfolio  |  5

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Building Products: 0.71%
Masco Corporation		19,267	$	1,034,060
The AZEK Company Incorporated †		18,213		650,568
				1,684,628
Commercial Services & Supplies: 1.48%
Copart Incorporated †		18,395		2,123,703
Waste Connections Incorporated		13,465		1,400,091
				3,523,794
Construction & Engineering: 0.42%
EMCOR Group Incorporated		11,604		1,000,033
Electrical Equipment: 0.70%
Generac Holdings Incorporated †		6,155		1,327,018
Plug Power Incorporated †		13,140		346,765
				1,673,783
Machinery: 0.78%
Allison Transmission Holdings Incorporated		18,356		753,514
Cummins Incorporated		4,807		1,111,234
				1,864,748
Professional Services: 1.11%
CoStar Group Incorporated †		2,913		2,652,490
Road & Rail: 2.99%
CSX Corporation		21,783		1,961,559
J.B. Hunt Transport Services Incorporated		7,445		1,007,160
Norfolk Southern Corporation		7,591		1,799,219
Uber Technologies Incorporated †		3,610		179,273
Union Pacific Corporation		10,608		2,164,881
				7,112,092
Information Technology: 38.31%
Electronic Equipment, Instruments & Components: 0.96%
CDW Corporation of Delaware		8,472		1,105,511
Zebra Technologies Corporation Class A †		3,120		1,180,670
				2,286,181
IT Services: 12.20%
Fidelity National Information Services Incorporated		23,465		3,482,441
Global Payments Incorporated		12,412		2,422,698
Leidos Holdings Incorporated		9,046		910,932
MasterCard Incorporated Class A		22,723		7,646,517
PayPal Holdings Incorporated †		32,513		6,961,684
Shopify Incorporated Class A †		145		158,105
Snowflake Incorporated Class A †		3,134		1,021,183
Square Incorporated Class A †		7,623		1,608,148
Twilio Incorporated Class A †		3,025		968,272
Visa Incorporated Class A		16,452		3,460,678
WEX Incorporated †		2,490		431,368
				29,072,026

The accompanying notes are an integral part of these financial statements.

6  |  Wells Fargo Diversified Large Cap Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Semiconductors & Semiconductor Equipment: 4.61%
Microchip Technology Incorporated		29,537	$	3,969,477
Monolithic Power Systems Incorporated		3,945		1,262,242
NVIDIA Corporation		3,070		1,645,704
NXP Semiconductors NV		8,255		1,307,757
Qorvo Incorporated †		7,601		1,190,925
Texas Instruments Incorporated		10,015		1,614,919
				10,991,024
Software: 17.17%
Adobe Incorporated †		3,300		1,578,951
Anaplan Incorporated †		6,160		431,138
Atlassian Corporation plc Class A †		6,320		1,422,316
Cloudflare Incorporated Class A †		15,577		1,169,521
Crowdstrike Holdings Incorporated Class A †		1,510		231,453
Dynatrace Incorporated †		40,224		1,529,316
Everbridge Incorporated †		6,065		769,891
Fortinet Incorporated †		6,641		818,370
HubSpot Incorporated †		3,084		1,216,114
Intuit Incorporated		3,338		1,175,043
Microsoft Corporation		81,367		17,418,233
RingCentral Incorporated Class A †		5,060		1,503,073
Salesforce.com Incorporated †		6,280		1,543,624
ServiceNow Incorporated †		6,155		3,290,155
Splunk Incorporated †		16,619		3,393,267
Unity Software Incorporated †«		4,278		650,170
VMware Incorporated Class A †«		4,846		677,907
Workday Incorporated Class A †		3,085		693,477
Zendesk Incorporated †		10,580		1,412,430
				40,924,449
Technology Hardware, Storage & Peripherals: 3.37%
Apple Incorporated		67,399		8,023,851
Materials: 3.16%
Chemicals: 2.33%
Air Products & Chemicals Incorporated		5,483		1,536,008
Ecolab Incorporated		3,865		858,610
Linde plc		12,287		3,150,633
				5,545,251
Metals & Mining: 0.83%
Newmont Corporation		15,754		926,650
Reliance Steel & Aluminum Company		8,920		1,050,776
				1,977,426
Real Estate: 0.39%
Equity REITs: 0.39%
Prologis Incorporated		9,301		930,565
Total Common Stocks (Cost $128,748,400)				236,740,352

The accompanying notes are an integral part of these financial statements.

Wells Fargo Diversified Large Cap Growth Portfolio  |  7

Portfolio of investments—November 30, 2020 (unaudited)

			Yield			Shares		Value
Short-Term Investments: 1.04%
Investment Companies: 1.04%
Securities Lending Cash Investments LLC (l)(r)(u)				0.12	%		956,525	$	956,525
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.02			1,508,697		1,508,697
Total Short-Term Investments (Cost $2,465,222)									2,465,222
Total investments in securities (Cost $131,213,622)	100.38	%							239,205,574
Other assets and liabilities, net	(0.38	)							(898,582	)
Total net assets	100.00	%						$	238,306,992

† Non-income-earning security

« All or a portion of this security is on loan.

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	13,557,181	$	(12,600,656	)	$	0	$	0	$	956,525					956,525	$	349	#
Wells Fargo Government Money Market Fund Select Class		1,015,923		23,023,685		(22,530,911	)		0		0		1,508,697					1,508,697		410
								$	0	$	0	$	2,465,222		1.04	%			$	759

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

8  |  Wells Fargo Diversified Large Cap Growth Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $936,328 of securities loaned), at value (cost $128,748,400)	$	236,740,352
Investments in affiliated securities, at value (cost $2,465,222)		2,465,222
Receivable for investments sold		498,095
Receivable for dividends		173,347
Receivable for securities lending income, net		417
Total assets		239,877,433
Liabilities
Payable upon receipt of securities loaned		955,613
Payable for investments purchased		414,040
Advisory fee payable		125,997
Trustees’ fees and expenses payable		110
Accrued expenses and other liabilities		74,681
Total liabilities		1,570,441
Total net assets	$	238,306,992

The accompanying notes are an integral part of these financial statements.

Wells Fargo Diversified Large Cap Growth Portfolio  |  9

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,589)	$	935,337
Income from affiliated securities		3,017
Total investment income		938,354
Expenses
Advisory fee		765,936
Custody and accounting fees		19,338
Professional fees		23,598
Shareholder report expenses		4,322
Trustees’ fees and expenses		10,035
Other fees and expenses		5,446
Total expenses		828,675
Less: Fee waivers and/or expense reimbursements		(121,658	)
Net expenses		707,017
Net investment income		231,337
Realized and unrealized gains (losses) on investments
Net realized gains on investments		16,611,158
Net change in unrealized gains (losses) on investments		29,041,009
Net realized and unrealized gains (losses) on investments		45,652,167
Net increase in net assets resulting from operations	$	45,883,504

The accompanying notes are an integral part of these financial statements.

10  |  Wells Fargo Diversified Large Cap Growth Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	231,337		$	1,107,031
Net realized gains on investments		16,611,158			8,813,776
Net change in unrealized gains (losses) on investments		29,041,009			29,761,001
Net increase in net assets resulting from operations		45,883,504			39,681,808
Capital transactions
Transactions in investors’ beneficial interests
Contributions		3,037,053			24,249,945
Withdrawals		(36,979,444	)		(88,296,877	)
Net decrease in net assets resulting from capital transactions		(33,942,391	)		(64,046,932	)
Total increase (decrease) in net assets		11,941,113			(24,365,124	)
Net assets
Beginning of period		226,365,879			250,731,003
End of period	$	238,306,992		$	226,365,879

The accompanying notes are an integral part of these financial statements.

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Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		21.35	%		16.10	%		3.79	%		24.12	%		15.36	%		(2.28	)%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.71	%		0.70	%		0.80	%		0.78	%		0.74	%
Net expenses		0.60	%		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Net investment income		0.20	%		0.46	%		0.68	%		0.53	%		0.51	%		0.29	%
Supplemental data
Portfolio turnover rate		23	%		43	%		100	%		37	%		98	%		59	%

¹  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

12  |  Wells Fargo Diversified Large Cap Growth Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Diversified Large Cap Growth Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Portfolio. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Wells Fargo Diversified Large Cap Growth Portfolio  |  13

Notes to financial statements (unaudited)

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $133,261,775 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	109,368,667
Gross unrealized losses		(3,424,868	)
Net unrealized gains	$	105,943,799

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

14  |  Wells Fargo Diversified Large Cap Growth Portfolio

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	29,304,990	$	0	$	0	$	29,304,990
Consumer discretionary		36,713,216		0		0		36,713,216
Consumer staples		4,187,185		0		0		4,187,185
Energy		1,202,501		0		0		1,202,501
Financials		13,489,392		0		0		13,489,392
Health care		29,556,265		0		0		29,556,265
Industrials		22,536,030		0		0		22,536,030
Information technology		91,297,531		0		0		91,297,531
Materials		7,522,677		0		0		7,522,677
Real estate		930,565		0		0		930,565
Short-term investments
Investment companies		2,465,222		0		0		2,465,222
Total assets	$	239,205,574	$	0	$	0	$	239,205,574

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.650	%
Next $500 million		0.625
Next $1 billion		0.600
Next $2 billion		0.575
Next $4 billion		0.550
Next $4 billion		0.525
Next $4 billion		0.500
Over $16 billion		0.475

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Portfolio increase.

Wells Fargo Diversified Large Cap Growth Portfolio  |  15

Notes to financial statements (unaudited)

Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $53,702,894 and $87,376,257, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	31,014	$	(31,014	)	$	0
Barclays Capital Inc.		663,778		(663,778	)		0
Morgan Stanley & Co. LLC		241,536		(241,536	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s

16  |  Wells Fargo Diversified Large Cap Growth Portfolio

Notes to financial statements (unaudited)

organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Diversified Large Cap Growth Portfolio  |  17

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

18  |  Wells Fargo Diversified Large Cap Growth Portfolio

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 Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Wells Fargo Diversified Large Cap Growth Portfolio  |  19

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

20  |  Wells Fargo Diversified Large Cap Growth Portfolio

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 funds in the Fund Complex.

Wells Fargo Diversified Large Cap Growth Portfolio  |  21

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Portfolio. 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 Portfolio’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

Semi-Annual Report

November 30, 2020

Wells Fargo

Disciplined Large Cap Portfolio

Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	16
Other information	21

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Disciplined Large Cap Portfolio  |  1

Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Justin P. Carr, CFA^®‡

Robert M. Wicentowski, CFA^®‡

Ten largest holdings (%) as of November 30, 20201
Apple Incorporated	5.88
Microsoft Corporation	4.99
Amazon.com Incorporated	3.85
Alphabet Incorporated Class C	1.78
Alphabet Incorporated Class A	1.74
Facebook Incorporated Class A	1.73
Johnson & Johnson	1.41
The Procter & Gamble Company	1.37
Visa Incorporated Class A	1.36
Berkshire Hathaway Incorporated Class B	1.34

Sector allocation as of November 30, 2020²

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified.

²  Figures represent the percentage of the Portfolio’s long-term investments. These amounts are subject to change and may have changed since the date specified.

2  |  Wells Fargo Disciplined Large Cap Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 96.69%
Communication Services: 9.71%
Diversified Telecommunication Services: 1.78%
AT&T Incorporated		86,726	$	2,493,377
Verizon Communications Incorporated		51,447		3,107,913
				5,601,290
Entertainment: 1.76%
Activision Blizzard Incorporated		17,577		1,397,020
Lions Gate Entertainment Class B †		51,270		460,405
Netflix Incorporated †		3,348		1,642,864
Take-Two Interactive Software Incorporated †		5,691		1,027,282
The Walt Disney Company		6,650		984,267
				5,511,838
Interactive Media & Services: 5.25%
Alphabet Incorporated Class A †		3,113		5,461,447
Alphabet Incorporated Class C †		3,173		5,586,828
Facebook Incorporated Class A †		19,558		5,416,979
				16,465,254
Media: 0.83%
Comcast Corporation Class A		28,985		1,456,206
Discovery Incorporated Class A †		43,136		1,160,790
				2,616,996
Wireless Telecommunication Services: 0.09%
Telephone & Data Systems Incorporated		14,612		277,336
Consumer Discretionary: 11.89%
Automobiles: 0.99%
Tesla Incorporated †		5,453		3,095,123
Diversified Consumer Services: 0.28%
Service Corporation International		18,169		883,740
Hotels, Restaurants & Leisure: 1.49%
Chipotle Mexican Grill Incorporated †		955		1,231,406
Domino’s Pizza Incorporated		380		149,177
Las Vegas Sands Corporation		8,335		464,343
McDonald’s Corporation		6,255		1,360,087
Starbucks Corporation		15,107		1,480,788
				4,685,801
Household Durables: 1.00%
D.R. Horton Incorporated		13,191		982,730
Lennar Corporation Class A		4,275		324,302
NVR Incorporated †		275		1,099,225
PulteGroup Incorporated		16,716		729,319
				3,135,576
Internet & Direct Marketing Retail: 3.98%
Amazon.com Incorporated †		3,814		12,082,905
Etsy Incorporated †		2,655		426,659
				12,509,564

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined Large Cap Portfolio  |  3

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Multiline Retail: 0.92%
Dollar General Corporation		4,078	$	891,369
Target Corporation		11,104		1,993,501
				2,884,870
Specialty Retail: 2.54%
AutoZone Incorporated †		1,011		1,150,164
Best Buy Company Incorporated		12,523		1,362,502
Lowe’s Companies Incorporated		6,022		938,348
The Home Depot Incorporated		12,664		3,513,120
Tractor Supply Company		1,872		263,596
Vroom Incorporated †		20,667		741,119
				7,968,849
Textiles, Apparel & Luxury Goods: 0.69%
Nike Incorporated Class B		16,097		2,168,266
Consumer Staples: 5.97%
Beverages: 0.96%
Monster Beverage Corporation †		13,779		1,168,184
PepsiCo Incorporated		4,452		642,112
The Coca-Cola Company		23,526		1,213,942
				3,024,238
Food & Staples Retailing: 2.00%
Costco Wholesale Corporation		7,108		2,784,701
Sprouts Farmers Market Incorporated †		7,685		162,691
Sysco Corporation		2,503		178,439
The Kroger Company		23,449		773,817
Walgreens Boots Alliance Incorporated		17,276		656,661
Walmart Incorporated		11,200		1,711,248
				6,267,557
Food Products: 0.59%
General Mills Incorporated		6,194		376,719
Pilgrim’s Pride Corporation †		21,445		405,096
The J.M. Smucker Company		2,547		298,508
Tyson Foods Incorporated Class A		11,706		763,231
				1,843,554
Household Products: 1.68%
Kimberly-Clark Corporation		7,064		984,086
The Procter & Gamble Company		30,923		4,294,277
				5,278,363
Personal Products: 0.20%
The Estee Lauder Companies Incorporated Class A		2,557		627,283
Tobacco: 0.54%
Altria Group Incorporated		16,321		650,065
Philip Morris International Incorporated		13,930		1,055,198
				1,705,263

The accompanying notes are an integral part of these financial statements.

4  |  Wells Fargo Disciplined Large Cap Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Energy: 1.85%
Oil, Gas & Consumable Fuels: 1.85%
Chevron Corporation		20,139	$	1,755,718
ConocoPhillips		11,743		464,553
EOG Resources Incorporated		11,903		558,013
Exxon Mobil Corporation		48,756		1,859,066
Marathon Petroleum Corporation		19,588		761,581
Valero Energy Corporation		7,721		415,158
				5,814,089
Financials: 9.88%
Banks: 3.63%
Bank of America Corporation		80,620		2,270,259
Citigroup Incorporated		16,780		924,075
Citizens Financial Group Incorporated		10,193		332,903
JPMorgan Chase & Company		24,954		2,941,578
Popular Incorporated		7,745		375,865
Prosperity Bancshares Incorporated		7,460		468,712
Signature Bank		18,397		2,063,959
US Bancorp		46,734		2,019,376
				11,396,727
Capital Markets: 2.06%
Ameriprise Financial Incorporated		5,013		928,608
Bank of New York Mellon Corporation		33,844		1,323,977
Morgan Stanley		20,204		1,249,213
Northern Trust Corporation		10,382		966,772
S&P Global Incorporated		958		337,005
SEI Investments Company		7,183		378,903
T. Rowe Price Group Incorporated		3,426		491,323
The Goldman Sachs Group Incorporated		2,617		603,428
VIRTU Financial Incorporated Class A		8,007		182,480
				6,461,709
Consumer Finance: 0.11%
Synchrony Financial		11,007		335,383
Diversified Financial Services: 2.09%
Berkshire Hathaway Incorporated Class B †		18,395		4,210,799
Equitable Holdings Incorporated		56,127		1,424,503
Jefferies Financial Group Incorporated		41,008		932,112
				6,567,414
Insurance: 1.99%
Brighthouse Financial Incorporated †		19,726		692,383
Everest Reinsurance Group Limited		1,578		358,727
Lemonade Incorporated †«		2,698		186,890
MetLife Incorporated		25,872		1,194,510
Prudential Financial Incorporated		11,206		847,398
Reinsurance Group of America Incorporated		5,604		646,029
The Allstate Corporation		7,892		807,746
The Hartford Financial Services Group Incorporated		7,826		345,909
The Progressive Corporation		13,381		1,165,619
				6,245,211

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined Large Cap Portfolio  |  5

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care: 13.81%
Biotechnology: 2.92%
AbbVie Incorporated		27,802	$	2,907,533
Amgen Incorporated		6,167		1,369,321
Biogen Incorporated †		1,495		359,054
Gilead Sciences Incorporated		17,375		1,054,141
Moderna Incorporated †		4,258		650,367
Regeneron Pharmaceuticals Incorporated †		2,605		1,344,258
United Therapeutics Corporation †		6,867		910,839
Vertex Pharmaceuticals Incorporated †		2,480		564,820
				9,160,333
Health Care Equipment & Supplies: 3.46%
Abbott Laboratories		20,707		2,240,912
ABIOMED Incorporated †		3,404		933,036
Baxter International Incorporated		9,374		713,080
Danaher Corporation		1,974		443,420
Edwards Lifesciences Corporation †		16,215		1,360,276
Intuitive Surgical Incorporated †		2,240		1,626,352
Masimo Corporation †		2,207		561,659
Medtronic plc		24,687		2,806,912
Zimmer Biomet Holdings Incorporated		1,294		192,961
				10,878,608
Health Care Providers & Services: 2.64%
AmerisourceBergen Corporation		9,582		988,000
Anthem Incorporated		1,033		321,800
Cardinal Health Incorporated		14,820		809,024
Cigna Corporation		5,066		1,059,503
CVS Health Corporation		14,497		982,752
Humana Incorporated		2,574		1,030,938
McKesson Corporation		8,406		1,512,323
UnitedHealth Group Incorporated		4,669		1,570,371
				8,274,711
Health Care Technology: 0.52%
Veeva Systems Incorporated Class A †		5,866		1,624,119
Life Sciences Tools & Services: 0.42%
Avantor Incorporated †		12,206		332,980
Thermo Fisher Scientific Incorporated		2,106		979,248
				1,312,228
Pharmaceuticals: 3.85%
Bristol-Myers Squibb Company		38,511		2,403,086
Eli Lilly & Company		4,096		596,582
Johnson & Johnson		30,595		4,426,485
Merck & Company Incorporated		21,552		1,732,565
Pfizer Incorporated		65,537		2,510,722
Royalty Pharma plc Class A		6,938		295,559
Viatris Incorporated †		8,131		136,763
				12,101,762

The accompanying notes are an integral part of these financial statements.

6  |  Wells Fargo Disciplined Large Cap Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Industrials: 8.54%
Aerospace & Defense: 1.50%
General Dynamics Corporation		2,779	$	415,044
Lockheed Martin Corporation		6,162		2,249,130
Raytheon Technologies Corporation		28,403		2,037,063
				4,701,237
Air Freight & Logistics: 0.99%
Expeditors International of Washington Incorporated		13,219		1,181,382
United Parcel Service Incorporated Class B		11,282		1,930,012
				3,111,394
Airlines: 0.22%
Delta Air Lines Incorporated		17,071		687,108
Building Products: 0.55%
Carrier Global Corporation		5,698		216,923
Masco Corporation		28,188		1,512,850
				1,729,773
Commercial Services & Supplies: 0.90%
Copart Incorporated †		10,582		1,221,692
Republic Services Incorporated		6,356		614,752
Waste Management Incorporated		8,422		1,003,313
				2,839,757
Construction & Engineering: 0.51%
Quanta Services Incorporated		23,219		1,586,786
Electrical Equipment: 0.75%
AMETEK Incorporated		3,954		468,668
Eaton Corporation plc		12,021		1,455,863
Generac Holdings Incorporated †		2,017		434,865
				2,359,396
Industrial Conglomerates: 0.66%
Honeywell International Incorporated		10,097		2,058,980
Machinery: 1.15%
Cummins Incorporated		7,530		1,740,710
Illinois Tool Works Incorporated		1,663		351,043
ITT Incorporated		7,336		532,814
The Timken Company		13,649		1,002,383
				3,626,950
Professional Services: 0.13%
ManpowerGroup Incorporated		4,859		421,032
Road & Rail: 0.45%
Kansas City Southern		1,686		313,883
Schneider National Incorporated Class B		52,960		1,106,864
				1,420,747

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined Large Cap Portfolio  |  7

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Trading Companies & Distributors: 0.73%
HD Supply Holdings Incorporated †		14,660	$	817,735
W.W. Grainger Incorporated		3,498		1,463,213
				2,280,948
Information Technology: 27.10%
Communications Equipment: 0.89%
Arista Networks Incorporated †		1,271		344,060
Cisco Systems Incorporated		57,004		2,452,312
				2,796,372
Electronic Equipment, Instruments & Components: 0.24%
SYNNEX Corporation		2,259		362,140
Zebra Technologies Corporation Class A †		1,030		389,773
				751,913
IT Services: 4.80%
Accenture plc Class A		8,240		2,052,502
Amdocs Limited		10,193		670,801
Cognizant Technology Solutions Corporation Class A		14,313		1,118,275
DXC Technology Company		15,069		330,162
International Business Machines Corporation		6,099		753,348
Leidos Holdings Incorporated		3,111		313,278
MasterCard Incorporated Class A		10,675		3,592,244
PayPal Holdings Incorporated †		3,813		816,440
Science Applications International Corporation		3,674		339,992
Twilio Incorporated Class A †		1,725		552,155
VeriSign Incorporated †		1,271		255,115
Visa Incorporated Class A		20,286		4,267,160
				15,061,472
Semiconductors & Semiconductor Equipment: 4.64%
Applied Materials Incorporated		21,361		1,761,855
Broadcom Incorporated		4,991		2,004,286
Intel Corporation		42,418		2,050,910
KLA Corporation		2,472		622,870
Lam Research Corporation		2,278		1,031,159
Micron Technology Incorporated †		16,093		1,031,400
NVIDIA Corporation		7,823		4,193,597
QUALCOMM Incorporated		12,608		1,855,519
				14,551,596
Software: 10.17%
Adobe Incorporated †		4,505		2,155,507
Cadence Design Systems Incorporated †		14,337		1,667,393
Crowdstrike Holdings Incorporated Class A †		7,116		1,090,740
Datadog Incorporated Class A †		4,957		490,346
Fortinet Incorporated †		9,453		1,164,893
HubSpot Incorporated †		1,006		396,696
Intuit Incorporated		4,480		1,577,050
Microsoft Corporation		73,199		15,669,710
Oracle Corporation		37,688		2,175,351
Salesforce.com Incorporated †		9,219		2,266,030
Slack Technologies Incorporated Class A †		10,582		453,756
Synopsys Incorporated †		2,914		662,935

The accompanying notes are an integral part of these financial statements.

8  |  Wells Fargo Disciplined Large Cap Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Software (continued)
VMware Incorporated Class A †		2,077	$	290,552
Zoom Video Communications Incorporated †		3,910		1,870,388
				31,931,347
Technology Hardware, Storage & Peripherals: 6.36%
Apple Incorporated		155,103		18,465,012
Dell Technologies Incorporated †		6,562		452,975
HP Incorporated		48,381		1,060,995
				19,978,982
Materials: 2.83%
Chemicals: 0.88%
Eastman Chemical Company		7,482		728,747
Element Solutions Incorporated		41,811		577,410
LyondellBasell Industries NV Class A		3,469		295,212
NewMarket Corporation		710		262,530
The Chemours Company		23,016		559,979
Valvoline Incorporated		15,320		349,143
				2,773,021
Containers & Packaging: 0.81%
Avery Dennison Corporation		3,474		518,807
Berry Global Group Incorporated †		24,148		1,279,844
Packaging Corporation of America		5,575		724,750
				2,523,401
Metals & Mining: 1.14%
Newmont Corporation		5,791		340,627
Nucor Corporation		23,971		1,287,243
Reliance Steel & Aluminum Company		8,489		1,000,004
Steel Dynamics Incorporated		26,405		956,125
				3,583,999
Real Estate: 3.05%
Equity REITs: 2.84%
Alexandria Real Estate Equities Incorporated		4,611		754,959
American Tower Corporation		5,629		1,301,425
AvalonBay Communities Incorporated		4,955		825,453
Crown Castle International Corporation		1,665		279,004
CyrusOne Incorporated		6,029		421,487
Equinix Incorporated		983		685,928
Essex Property Trust Incorporated		3,038		746,983
Invitation Homes Incorporated		35,721		1,020,906
Prologis Incorporated		18,741		1,875,037
SBA Communications Corporation		1,850		531,283
STORE Capital Corporation		14,416		469,385
				8,911,850
Real Estate Management & Development: 0.21%
The Howard Hughes Corporation †		8,957		651,443

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined Large Cap Portfolio  |  9

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
Utilities: 2.06%
Electric Utilities: 1.23%
Exelon Corporation					12,386	$	508,693
NRG Energy Incorporated					45,297		1,483,477
PPL Corporation					13,688		389,013
The Southern Company					24,898		1,490,145
							3,871,328
Independent Power & Renewable Electricity Producers: 0.36%
AES Corporation					42,313		864,878
Vistra Corporation					14,496		270,785
							1,135,663
Multi-Utilities: 0.47%
Dominion Energy Incorporated					4,548		356,973
Sempra Energy					8,732		1,113,155
							1,470,128
Total Common Stocks (Cost $221,330,067)							303,539,678
	Yield
Short-Term Investments: 2.93%
Investment Companies: 2.93%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		191,875		191,875
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02			9,017,094		9,017,094
Total Short-Term Investments (Cost $9,208,969)							9,208,969

Total investments in securities (Cost $230,539,036)	99.62	%		312,748,647
Other assets and liabilities, net	0.38			1,199,422
Total net assets	100.00	%	$	313,948,069

† Non-income-earning security

« All or a portion of this security is on loan.

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
E-Mini S&P 500 Index		48		12-18-2020	$	8,452,174	$	8,695,680	$	243,506	$	0

The accompanying notes are an integral part of these financial statements.

10  |  Wells Fargo Disciplined Large Cap Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:    

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	3,150,790	$	(2,958,915	)	$	0	$	0	$	191,875					191,875	$	3,710	#
Wells Fargo Government Money Market Fund Select Class		8,289,328		89,178,995		(88,451,229	)		0		0		9,017,094					9,017,094		3,245
								$	0	$	0	$	9,208,969		2.93	%			$	6,955

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined Large Cap Portfolio  |  11

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $187,825 of securities loaned), at value (cost $221,330,067)	$	303,539,678
Investments in affiliated securities, at value (cost $9,208,969)		9,208,969
Segregated cash for futures contracts		984,746
Receivable for dividends		469,420
Receivable for securities lending income, net		4,023
Prepaid expenses and other assets		44,525
Total assets		314,251,361
Liabilities
Payable upon receipt of securities loaned		191,875
Payable for daily variation margin on open futures contracts		31,920
Advisory fee payable		63,669
Accrued expenses and other liabilities		15,828
Total liabilities		303,292
Total net assets	$	313,948,069

The accompanying notes are an integral part of these financial statements.

12  |  Wells Fargo Disciplined Large Cap Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $17,658)	$	2,803,101
Income from affiliated securities		14,857
Interest		1,171
Total investment income		2,819,129
Expenses
Advisory fee		396,473
Custody and accounting fees		18,773
Professional fees		21,940
Shareholder report expenses		3,461
Trustees’ fees and expenses		9,861
Other fees and expenses		6,938
Net expenses		457,446
Net investment income		2,361,683
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		1,035,093
Futures contracts		1,677,427
Net realized gains on investments		2,712,520
Net change in unrealized gains (losses) on
Unaffiliated securities		49,090,926
Futures contracts		(67,914	)
Net change in unrealized gains (losses) on investments		49,023,012
Net realized and unrealized gains (losses) on investments		51,735,532
Net increase in net assets resulting from operations	$	54,097,215

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined Large Cap Portfolio  |  13

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	2,361,683		$	5,191,095
Net realized gains (losses) on investments		2,712,520			(4,575,202	)
Net change in unrealized gains (losses) on investments		49,023,012			37,310,665
Net increase in net assets resulting from operations		54,097,215			37,926,558
Capital transactions
Transactions in investors’ beneficial interests
Contributions		82,666,938			83,932,662
Withdrawals		(76,572,248	)		(180,669,198	)
Net increase (decrease) in net assets resulting from capital transactions		6,094,690			(96,736,536	)
Total increase (decrease) in net assets		60,191,905			(58,809,978	)
Net assets
Beginning of period		253,756,164			312,566,142
End of period	$	313,948,069		$	253,756,164

The accompanying notes are an integral part of these financial statements.

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Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			20191
Total return2		19.40	%		11.56	%		(2.40	)%
Ratios to average net assets (annualized)
Gross expenses		0.29	%		0.29	%		0.28	%
Net expenses		0.29	%		0.29	%		0.28	%
Net investment income		1.49	%		1.82	%		1.84	%
Supplemental data
Portfolio turnover rate		35	%		81	%		92	%

¹  For the period from June 12, 2018 (commencement of operations) to May 31, 2019.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined Large Cap Portfolio  |  15

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Disciplined Large Cap Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Portfolio. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

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Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $230,539,036 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	84,954,393
Gross unrealized losses		(2,501,276	)
Net unrealized gains	$	82,453,117

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Wells Fargo Disciplined Large Cap Portfolio  |  17

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	30,472,714	$	0	$	0	$	30,472,714
Consumer discretionary		37,331,789		0		0		37,331,789
Consumer staples		18,746,258		0		0		18,746,258
Energy		5,814,089		0		0		5,814,089
Financials		31,006,444		0		0		31,006,444
Health care		43,351,761		0		0		43,351,761
Industrials		26,824,108		0		0		26,824,108
Information technology		85,071,682		0		0		85,071,682
Materials		8,880,421		0		0		8,880,421
Real estate		9,563,293		0		0		9,563,293
Utilities		6,477,119		0		0		6,477,119
Short-term investments
Investment companies		9,208,969		0		0		9,208,969
		312,748,647		0		0		312,748,647
Futures contracts		243,506		0		0		243,506
Total assets	$	312,992,153	$	0	$	0	$	312,992,153

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $1 billion		0.250	%
Next $4 billion		0.225
Over $5 billion		0.200

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase.

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Notes to financial statements (unaudited)

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $115,169,531 and $106,464,051, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
JPMorgan Securities LLC	$187,825	$(187,825)	$	0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Portfolio entered into futures contracts for to gain market exposure. The Portfolio had an average notional amount of $8,308,167 in long futures contracts during the six months ended November 30, 2020.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

9. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a

Wells Fargo Disciplined Large Cap Portfolio  |  19

Notes to financial statements (unaudited)

separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

12. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

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Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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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 Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

22  |  Wells Fargo Disciplined Large Cap Portfolio

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Wells Fargo Disciplined Large Cap Portfolio  |  23

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

¹  Jeremy DePalma acts as Treasurer of 77 funds in the Fund Complex.

24  |  Wells Fargo Disciplined Large Cap Portfolio

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Portfolio. 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 Portfolio’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

Semi-Annual Report

November 30, 2020

Wells Fargo Disciplined International Developed Markets Portfolio

Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	17
Other information	24

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Disciplined International Developed Markets Portfolio  |  1

Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Justin P. Carr, CFA^®‡

Vince Fioramonti, CFA^®‡

Ten largest holdings (%) as of November 30, 20201
Nestle SA	2.07
iShares MSCI EAFE ETF	1.72
Roche Holding AG	1.54
Novartis AG	1.33
ASML Holding NV	1.18
LVMH Moet Hennessy Louis Vuitton SA	0.99
Toyota Motor Corporation	0.90
AIA Group Limited	0.88
AstraZeneca plc	0.86
SAP SE	0.81

Sector allocation as of November 30, 2020²

Geographic allocation as of November 30, 2020²

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified.

²  Figures represent the percentage of the Portfolio’s long-term investments. These amounts are subject to change and may have changed since the date specified.

2  |  Wells Fargo Disciplined International Developed Markets Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 96.69%
Australia: 6.69%
Afterpay Limited (Information Technology, IT Services) †		3,444	$	240,181
Aristocrat Leisure Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,022		329,989
Aurizon Holdings Limited (Industrials, Road & Rail)		108,566		338,695
Australia & New Zealand Banking Group Limited (Financials, Banks)		44,660		742,200
BHP Billiton Limited (Materials, Metals & Mining)		42,793		1,195,863
Brambles Limited (Industrials, Commercial Services & Supplies)		42,361		340,802
Coles Group Limited (Consumer Staples, Food & Staples Retailing)		15,590		204,387
Commonwealth Bank of Australia (Financials, Banks)		20,571		1,193,968
CSL Limited (Health Care, Biotechnology)		5,827		1,271,986
Fortescue Metals Group Limited (Materials, Metals & Mining)		29,791		398,655
Goodman Group (Real Estate, Equity REITs)		26,429		362,396
Macquarie Group Limited (Financials, Capital Markets)		3,721		378,763
National Australia Bank Limited (Financials, Banks)		48,272		811,086
Newcrest Mining Limited (Materials, Metals & Mining)		16,641		328,959
REA Group Limited (Communication Services, Interactive Media & Services)		3,648		388,926
Rio Tinto Limited (Materials, Metals & Mining)		6,135		456,644
Santos Limited (Energy, Oil, Gas & Consumable Fuels)		60,439		273,290
Scentre Group (Real Estate, Equity REITs)		121,984		250,719
Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		10,234		247,454
Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		108,291		305,245
Transurban Group (Industrials, Transportation Infrastructure)		38,715		398,431
Wesfarmers Limited (Consumer Discretionary, Multiline Retail)		19,664		713,779
Westpac Banking Corporation (Financials, Banks)		50,862		751,559
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		35,460		582,278
Woolworths Group Limited (Consumer Staples, Food & Staples Retailing)		15,582		422,976
				12,929,231
Austria: 0.10%
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks) †		6,761		194,363
Belgium: 1.07%
Ageas NV (Financials, Insurance)		5,791		284,739
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		11,014		734,155
KBC Group NV (Financials, Banks)		4,654		324,209
Telenet Group Holding NV (Communication Services, Media)		7,202		307,555
UCB SA (Health Care, Pharmaceuticals)		1,970		210,458
Umicore SA (Materials, Chemicals)		4,493		201,356
				2,062,472
Denmark: 2.45%
A.P. Moller Maersk AS Class A (Industrials, Marine)		183		346,633
Carlsberg AS Class B (Consumer Staples, Beverages)		2,279		339,063
Coloplast AS Class B (Health Care, Health Care Equipment & Supplies)		1,678		250,509
DSV Panalpina AS (Industrials, Air Freight & Logistics)		3,475		548,297
Genmab AS (Health Care, Biotechnology) †		1,414		542,469
Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		21,558		1,449,936
Novozymes AS Class B (Materials, Chemicals)		3,262		186,566
Orsted AS (Utilities, Electric Utilities) 144A		2,832		510,107
Vestas Wind Systems AS (Industrials, Electrical Equipment)		2,690		549,837
				4,723,417
Finland: 1.18%
Fortum Oyj (Utilities, Electric Utilities)		12,539		287,252
Kone Oyj Class B (Industrials, Machinery)		4,092		343,242

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined International Developed Markets Portfolio  |  3

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Finland (continued)
Neste Oil Oyj (Energy, Oil, Gas & Consumable Fuels)		4,041	$	270,805
Nokia Oyj (Information Technology, Communications Equipment) †		72,359		288,934
Nordea Bank AB (Financials, Banks) †		51,659		441,308
Sampo Oyj Class A (Financials, Insurance)		7,399		319,762
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		9,927		327,060
				2,278,363
France: 10.71%
Air Liquide SA (Materials, Chemicals)		5,391		885,180
Amundi SA (Financials, Capital Markets) †144A		2,121		169,006
Arkema SA (Materials, Chemicals)		1,896		221,008
Atos Origin SA (Information Technology, IT Services) †		3,271		299,971
AXA SA (Financials, Insurance)		21,954		516,215
BNP Paribas SA (Financials, Banks) †		15,053		771,479
Bollore SA (Industrials, Air Freight & Logistics)		80,022		310,608
Capgemini SE (Information Technology, IT Services)		3,178		440,879
Carrefour SA (Consumer Staples, Food & Staples Retailing)		14,427		236,283
CNP Assurances SA (Financials, Insurance) †		12,902		205,459
Compagnie de Saint-Gobain SA (Industrials, Building Products) †		7,268		345,225
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		2,245		279,712
Credit Agricole SA (Financials, Banks) †		20,575		237,428
Danone SA (Consumer Staples, Food Products)		8,190		526,182
Dassault Systemes SA (Information Technology, Software)		1,241		229,525
Edenred SA (Information Technology, IT Services)		4,843		276,890
Engie SA (Utilities, Multi-Utilities) †		28,382		418,792
EssilorLuxottica SA (Consumer Discretionary,Textiles, Apparel & Luxury Goods) †		4,124		596,959
Gecina SA (Real Estate, Equity REITs)		1,463		222,156
Hermes International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		311		303,236
Kering SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		814		587,443
L’Oreal SA (Consumer Staples, Personal Products)		2,875		1,052,154
Legrand SA (Industrials, Electrical Equipment)		4,061		343,839
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		3,317		1,910,683
Orange SA (Communication Services, Diversified Telecommunication Services) «		31,659		399,926
Pernod-Ricard SA (Consumer Staples, Beverages)		3,052		582,493
Peugeot SA (Consumer Discretionary, Automobiles) †		8,304		195,781
Publicis Groupe SA (Communication Services, Media)		4,976		226,088
Renault SA (Consumer Discretionary, Automobiles) †		6,106		242,943
Safran SA (Industrials, Aerospace & Defense) †		4,867		710,025
Sanofi SA (Health Care, Pharmaceuticals)		14,830		1,498,518
Schneider Electric SE (Industrials, Electrical Equipment)		7,890		1,097,862
Societe Generale SA (Financials, Banks) †		15,352		305,565
Sodexo SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,737		309,185
Teleperformance SE (Industrials, Professional Services)		1,181		393,325
Thales SA (Industrials, Aerospace & Defense)		2,599		238,903
Total SA (Energy, Oil, Gas & Consumable Fuels)		29,704		1,269,367
Unibail Rodamco Westfield (Real Estate, Equity REITs)		3,811		270,484
Veolia Environnement SA (Utilities, Multi-Utilities)		12,933		297,127
Vinci SA (Industrials, Construction & Engineering)		5,735		584,905
Vivendi SA (Communication Services, Entertainment)		12,127		364,246
Worldline SA (Information Technology, IT Services) †144A		3,428		316,905
				20,689,960
Germany: 8.46%
adidas AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		2,345		747,701
Allianz AG (Financials, Insurance)		4,643		1,094,721
BASF SE (Materials, Chemicals)		13,376		978,555

The accompanying notes are an integral part of these financial statements.

4  |  Wells Fargo Disciplined International Developed Markets Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Germany (continued)
Bayer AG (Health Care, Pharmaceuticals)		10,427	$	600,375
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		5,928		516,482
Beiersdorf AG (Consumer Staples, Personal Products)		1,507		168,509
Brenntag AG (Industrials, Trading Companies & Distributors)		4,130		315,590
Continental AG (Consumer Discretionary, Auto Components)		2,723		370,937
Covestro AG (Materials, Chemicals) 144A		4,964		276,821
Daimler AG (Consumer Discretionary, Automobiles)		12,582		847,227
Delivery Hero AG (Consumer Discretionary, Internet & Direct Marketing Retail) †144A		1,601		193,363
Deutsche Bank AG (Financials, Capital Markets) †		30,795		343,204
Deutsche Boerse AG (Financials, Capital Markets)		2,408		401,416
Deutsche Post AG (Industrials, Air Freight & Logistics)		15,082		728,618
Deutsche Telekom AG (Communication Services, Diversified Telecommunication Services)		49,090		885,090
Deutsche Wohnen AG (Real Estate, Real Estate Management & Development)		5,502		275,911
E.ON SE (Utilities, Multi-Utilities)		30,303		328,070
Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services)		2,502		210,408
Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services)		8,073		361,121
Heidelbergcement AG (Materials, Construction Materials)		5,866		416,617
Hochtief AG (Industrials, Construction & Engineering)		2,373		228,998
Infineon Technologies AG (Information Technology, Semiconductors & Semiconductor Equipment)		16,353		575,837
Knorr Bremse AG (Industrials, Machinery)		1,710		218,827
LANXESS AG (Materials, Chemicals)		3,387		236,997
LEG Immobilien AG (Real Estate, Real Estate Management & Development)		2,244		319,765
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		1,702		474,262
RWE AG (Utilities, Multi-Utilities)		8,793		364,693
SAP SE (Information Technology, Software)		12,907		1,570,097
Scout24 AG (Communication Services, Interactive Media & Services) 144A		2,728		208,588
Siemens AG (Industrials, Industrial Conglomerates)		9,751		1,302,726
Symrise AG (Materials, Chemicals)		1,392		174,347
Vonovia SE (Real Estate, Real Estate Management & Development)		5,095		349,339
Zalando SE (Consumer Discretionary, Internet & Direct Marketing Retail) †144A		2,571		260,066
				16,345,278
Hong Kong: 3.08%
AIA Group Limited (Financials, Insurance)		155,400		1,703,154
Beigene Limited ADR (Health Care, Biotechnology) †		296		75,684
BOC Hong Kong Holdings Limited (Financials, Banks)		172,500		561,940
CK Asset Holdings Limited (Real Estate, Real Estate Management & Development)		41,000		224,544
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		37,000		268,512
Henderson Land Development Company Limited (Real Estate, Real Estate Management & Development)		56,000		234,807
Hong Kong Exchanges & Clearing Limited (Financials, Capital Markets)		17,500		870,140
Hong Kong Land Holdings Limited (Real Estate, Real Estate Management & Development)		52,940		215,466
Jardine Matheson Holdings Limited (Industrials, Industrial Conglomerates)		4,800		254,736
Jardine Strategic Holdings Limited (Industrials, Industrial Conglomerates)		9,027		215,655
Link REIT (Real Estate, Equity REITs)		26,400		231,607
New World Development Company Limited (Real Estate, Real Estate Management & Development)		45,000		228,163
Sun Hung Kai Properties Limited (Real Estate, Real Estate Management & Development)		21,500		287,090
Techtronic Industries Company Limited (Industrials, Machinery)		24,500		314,032
WH Group Limited (Consumer Staples, Food Products) 144A		310,000		253,166
				5,938,696
Ireland: 0.74%
CRH plc (Materials, Construction Materials)		9,546		373,720
DCC plc (Industrials, Industrial Conglomerates)		4,613		349,433
Flutter Entertainment plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		2,720		504,528
Kerry Group plc Class A (Consumer Staples, Food Products)		1,383		193,676
				1,421,357

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined International Developed Markets Portfolio  |  5

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Israel: 0.59%
Check Point Software Technologies Limited (Information Technology, Software) †		2,839	$	334,094
Nice Systems Limited ADR (Information Technology, Software) †		903		217,103
Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals) †		19,265		183,210
Wix.com Limited (Information Technology, IT Services) †		1,599		408,433
				1,142,840
Italy: 1.96%
Atlantia SpA (Industrials, Transportation Infrastructure) †		10,599		193,185
DiaSorin SpA (Health Care, Health Care Equipment & Supplies)		933		196,543
Enel SpA (Utilities, Electric Utilities)		105,061		1,048,946
FinecoBank SpA (Financials, Banks) †		12,625		197,810
Intesa Sanpaolo SpA (Financials, Banks) †		257,450		591,289
Nexi SpA (Information Technology, IT Services) †144A		10,266		193,484
Poste Italiane SpA (Financials, Insurance) 144A		37,060		377,705
Snam SpA (Utilities, Gas Utilities)		61,186		343,252
Terna SpA (Utilities, Electric Utilities)		36,040		269,635
UniCredit SpA (Financials, Banks) †		36,384		375,112
				3,786,961
Japan: 24.99%
Aozora Bank Limited (Financials, Banks)		10,800		196,034
Asahi Group Holdings Limited (Consumer Staples, Beverages)		7,400		286,148
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		34,000		483,132
Bandai Namco Holdings Incorporated (Consumer Discretionary, Leisure Products)		4,200		383,391
Benesse Corporation (Consumer Discretionary, Diversified Consumer Services)		7,100		149,073
Bridgestone Corporation (Consumer Discretionary, Auto Components)		10,000		349,042
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		14,100		270,115
Canon Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		16,400		291,163
Central Japan Railway Company (Industrials, Road & Rail)		3,300		420,402
Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		7,200		347,862
Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies)		10,800		202,345
Dai-ichi Life Holdings Incorporated (Financials, Insurance)		28,900		455,230
Daiichi Sankyo Company Limited (Health Care, Pharmaceuticals)		20,200		714,739
Daikin Industries Limited (Industrials, Building Products)		3,200		725,364
Daiwa House Industry Company Limited (Real Estate, Real Estate Management & Development)		10,100		309,579
Daiwa Securities Group Incorporated (Financials, Capital Markets)		53,800		234,009
Dentsu Group Incorporated (Communication Services, Media)		2,400		78,161
Eisai Company Limited (Health Care, Pharmaceuticals)		3,100		234,193
FANUC Corporation (Industrials, Machinery)		2,600		631,695
Fast Retailing Company Limited (Consumer Discretionary, Specialty Retail)		800		658,544
FUJIFILM Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		4,400		237,069
Fujitsu Limited (Information Technology, IT Services)		4,000		555,747
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		11,500		436,868
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		23,200		638,111
Hoya Corporation (Health Care, Health Care Equipment & Supplies)		6,300		839,397
Iida Group Holdings Company Limited (Consumer Discretionary, Household Durables)		13,800		277,322
Itochu Corporation (Industrials, Trading Companies & Distributors)		21,700		573,366
Japan Post Holding Company Limited (Financials, Insurance)		9,900		165,000
Japan Real Estate Investment Corporation (Real Estate, Equity REITs)		44		228,429
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		22,900		465,019
JTEKT Corporation (Consumer Discretionary, Auto Components)		30,300		235,376
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		126,200		433,359
Kajima Corporation (Industrials, Construction & Engineering)		17,500		230,148
Kao Corporation (Consumer Staples, Personal Products)		5,800		433,778
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		24,000		685,632

The accompanying notes are an integral part of these financial statements.

6  |  Wells Fargo Disciplined International Developed Markets Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Japan (continued)
Keyence Corporation (Information Technology, Electronic Equipment, Instruments & Components)		1,900	$	969,837
Kirin Brewery Company Limited (Consumer Staples, Beverages)		13,000		283,099
Komatsu Limited (Industrials, Machinery)		13,100		318,716
Kubota Corporation (Industrials, Machinery)		19,200		380,782
Kyocera Corporation (Information Technology, Electronic Equipment, Instruments & Components)		3,100		177,062
Lion Corporation (Consumer Staples, Household Products)		8,000		189,119
M3 Incorporated (Health Care, Health Care Technology)		5,800		534,556
Makita Corporation (Industrials, Machinery)		4,800		248,276
Marubeni Corporation (Industrials, Trading Companies & Distributors)		61,700		359,621
MinebeaMitsumi Incorporated (Industrials, Machinery)		10,200		212,402
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		18,200		424,144
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		30,600		449,474
Mitsubishi Estate Company Limited (Real Estate, Real Estate Management & Development)		21,700		374,969
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		115,300		495,326
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		24,700		421,130
Mitsui Fudosan Company Limited (Real Estate, Real Estate Management & Development)		15,500		323,882
Mizuho Financial Group Incorporated (Financials, Banks)		35,140		446,823
MS&AD Insurance Group Holdings Incorporated (Financials, Insurance)		15,000		436,063
Murata Manufacturing Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		7,400		647,075
NEC Corporation (Information Technology, IT Services)		6,000		323,563
Nexon Company Limited (Communication Services, Entertainment)		11,600		350,556
Nidec Corporation (Industrials, Electrical Equipment)		5,500		700,934
Nihon M&A Center Incorporated (Industrials, Professional Services)		2,100		146,839
Nintendo Company Limited (Communication Services, Entertainment)		1,700		964,962
Nippon Paint Company Limited (Materials, Chemicals)		1,900		243,324
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		20,600		486,389
Nissan Motor Company Limited (Consumer Discretionary, Automobiles) †		77,300		364,658
Nitori Holdings Company Limited (Consumer Discretionary, Specialty Retail)		1,800		383,276
Nitto Denko Corporation (Materials, Chemicals)		6,900		571,034
Nomura Holdings Incorporated (Financials, Capital Markets)		81,700		410,065
Nomura Research Institute Limited (Information Technology, IT Services)		8,100		273,491
NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services)		16,300		604,693
Obayashi Corporation (Industrials, Construction & Engineering)		26,100		230,000
OBIC Company Limited (Information Technology, IT Services)		1,100		247,289
Olympus Corporation (Health Care, Health Care Equipment & Supplies)		11,600		250,722
Omron Corporation (Information Technology, Electronic Equipment, Instruments & Components)		2,100		189,684
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		11,800		373,328
Oracle Corporation (Japan) (Information Technology, Software)		1,700		188,400
Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,100		357,342
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		9,100		369,753
Panasonic Corporation (Consumer Discretionary, Household Durables)		37,700		401,736
Recruit Holdings Company Limited (Industrials, Professional Services)		17,100		720,690
Resona Holdings Incorporated (Financials, Banks)		78,000		273,224
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		2,100		175,201
SBI Holdings Incorporated (Financials, Capital Markets)		8,400		227,701
Secom Company Limited (Industrials, Commercial Services & Supplies)		4,100		408,233
Sekisui House Limited (Consumer Discretionary, Household Durables)		24,900		447,914
Seven & I Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		11,400		361,764
Shimamura Company Limited (Consumer Discretionary, Specialty Retail)		2,300		237,931
Shimano Incorporated (Consumer Discretionary, Leisure Products)		1,400		331,762
Shimizu Corporation (Industrials, Construction & Engineering)		22,300		169,386
Shin-Etsu Chemical Company Limited (Materials, Chemicals)		4,800		787,816
Shionogi & Company Limited (Health Care, Pharmaceuticals)		4,700		251,792
SMC Corporation (Industrials, Machinery)		800		508,199

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined International Developed Markets Portfolio  |  7

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Japan (continued)
SoftBank Corporation (Communication Services, Wireless Telecommunication Services)		37,500	$	461,386
SoftBank Group Corporation (Communication Services, Wireless Telecommunication Services)		19,900		1,386,138
Sompo Holdings Incorporated (Financials, Insurance)		7,900		303,439
Sony Corporation (Consumer Discretionary, Household Durables)		16,500		1,533,678
Subaru Corporation (Consumer Discretionary, Automobiles)		8,300		164,807
Sumco Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		12,200		247,038
Sumitomo Electric Industries Limited (Industrials, Electrical Equipment)		26,100		298,500
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		13,800		400,782
Sumitomo Realty & Development Company Limited (Real Estate, Real Estate Management & Development)		7,700		251,135
Suzuki Motor Corporation (Consumer Discretionary, Automobiles)		5,700		305,966
Sysmex Corporation (Health Care, Health Care Equipment & Supplies)		2,500		261,734
T&D Holdings Incorporated (Financials, Insurance)		27,500		321,097
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		23,900		857,332
TDK Corporation (Information Technology, Electronic Equipment, Instruments & Components)		2,800		394,789
Terumo Corporation (Health Care, Health Care Equipment & Supplies)		7,700		305,861
Tobu Railway Company Limited (Industrials, Road & Rail)		5,700		170,891
Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities)		23,600		197,797
Tokio Marine Holdings Incorporated (Financials, Insurance)		7,700		382,787
Tokyo Electric Power Company Holdings Incorporated (Utilities, Electric Utilities) †		84,200		219,372
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		2,300		781,427
Toray Industries Incorporated (Materials, Chemicals)		63,600		344,866
Toyo Suisan Kaisha Limited (Consumer Staples, Food Products)		6,900		339,052
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		25,800		1,729,638
Trend Micro Incorporated (Information Technology, Software)		3,600		195,517
Unicharm Corporation (Consumer Staples, Household Products)		7,500		363,721
United Urban Investment Corporation (Real Estate, Equity REITs) «		193		218,142
Yamaha Corporation (Consumer Discretionary, Leisure Products)		3,800		216,935
Yamato Holdings Company Limited (Industrials, Air Freight & Logistics)		7,400		186,914
Yaskawa Electric Corporation (Industrials, Machinery)		5,700		274,626
Z Holdings Corporation (Communication Services, Interactive Media & Services)		41,300		259,905
				48,256,121
Luxembourg: 0.15%
ArcelorMittal SA (Materials, Metals & Mining) †		15,613		285,878
Netherlands: 4.87%
ABN AMRO Group NV (Financials, Banks) †144A		20,553		212,069
Adyen NV (Information Technology, IT Services) †144A		239		456,716
Aegon NV (Financials, Insurance)		30,146		112,770
Airbus SE (Industrials, Aerospace & Defense) †		7,462		780,889
Akzo Nobel NV (Materials, Chemicals)		3,431		364,493
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		5,245		2,276,428
CNH Industrial NV (Industrials, Machinery) †		26,514		289,959
Fiat Chrysler Automobiles NV (Consumer Discretionary, Automobiles) †		14,957		233,117
ING Groep NV (Financials, Banks) †		58,338		568,886
Just Eat Takeaway NV (Consumer Discretionary, Internet & Direct Marketing Retail) †144A		2,313		245,667
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		24,065		688,656
Koninklijke DSM NV (Materials, Chemicals)		1,981		324,445
Koninklijke Philips NV (Health Care, Health Care Equipment & Supplies) †		13,224		683,972
NN Group NV (Financials, Insurance)		6,070		246,543
Prosus NV (Consumer Discretionary, Internet & Direct Marketing Retail)		6,872		744,640
Qiagen NV (Health Care, Life Sciences Tools & Services) †		6,540		315,248
STMicroelectronics NV (Information Technology, Semiconductors & Semiconductor Equipment)		10,385		406,566
Wolters Kluwer NV (Communication Services, Media)		5,495		460,796
				9,411,860

The accompanying notes are an integral part of these financial statements.

8  |  Wells Fargo Disciplined International Developed Markets Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
New Zealand: 0.24%
A2 Milk Company Limited (Consumer Staples, Food Products) †		17,430	$	180,273
Fisher & Paykel Healthcare Corporation (Health Care, Health Care Equipment & Supplies)		11,103		279,652
				459,925
Norway: 0.40%
Den Norske Bank ASA (Financials, Banks) †		14,347		259,897
Equinor ASA (Energy, Oil, Gas & Consumable Fuels)		17,249		271,845
Orkla ASA (Consumer Staples, Food Products)		24,734		236,889
				768,631
Portugal: 0.09%
Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing)		10,513		180,081
Singapore: 0.76%
Ascendas REIT (Real Estate, Equity REITs)		86,700		191,999
DBS Group Holdings Limited (Financials, Banks)		25,400		477,262
Mapletree Logistics Trust (Real Estate, Equity REITs)		226,400		332,556
Oversea-Chinese Banking Corporation Limited (Financials, Banks)		38,200		287,109
Wilmar International Limited (Consumer Staples, Food Products)		58,700		184,265
				1,473,191
Spain: 2.70%
Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)		8,419		266,029
Amadeus IT Holding SA Class A (Information Technology, IT Services)		5,702		390,822
Banco Bilbao Vizcaya Argentaria SA (Financials, Banks)		74,996		351,574
Banco Santander Central Hispano SA (Financials, Banks) †		210,912		608,210
Cellnex Telecom SA (Communication Services, Diversified Telecommunication Services) 144A		4,699		296,403
Enagás SA (Utilities, Gas Utilities)		9,210		224,337
Endesa SA (Utilities, Electric Utilities)		8,991		257,076
Ferrovial SA (Industrials, Construction & Engineering)		6,839		190,242
Grifols SA (Health Care, Biotechnology)		7,179		203,383
Iberdrola SA (Utilities, Electric Utilities)		63,575		867,937
Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		16,669		553,759
Red Eléctrica de Espana SA (Utilities, Electric Utilities)		12,299		251,385
Repsol SA (Energy, Oil, Gas & Consumable Fuels)		26,915		258,707
Telefonica SA (Communication Services, Diversified Telecommunication Services)		111,606		486,854
				5,206,718
Sweden: 2.84%
Alfa Laval AB (Industrials, Machinery) †		7,729		194,917
Assa Abloy AB Class B (Industrials, Building Products)		14,343		341,313
Atlas Copco AB Class A (Industrials, Machinery)		12,410		625,354
Epiroc AB Class A (Industrials, Machinery)		15,786		262,275
Ericsson LM Class B (Information Technology, Communications Equipment)		37,788		461,947
Essity Aktiebolag AB (Consumer Staples, Household Products)		8,786		278,529
Evolution Gaming Group AB (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		1,516		129,596
Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		15,118		320,096
Hexagon AB Class B (Information Technology, Electronic Equipment, Instruments & Components)		3,252		269,885
Sandvik AB (Industrials, Machinery) †		18,543		415,855
Securitas AB Class B (Industrials, Commercial Services & Supplies) †		14,966		246,034
Skandinaviska Enskilda Banken AB Class A (Financials, Banks) †		28,650		302,838
SKF AB Class B (Industrials, Machinery)		12,758		314,157
Svenska Handelsbanken AB Class A (Financials, Banks) †		35,905		364,622
Swedbank AB Class A (Financials, Banks) †		12,422		224,807
Swedish Match AB (Consumer Staples, Tobacco)		3,290		264,983

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined International Developed Markets Portfolio  |  9

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Sweden (continued)
Volvo AB Class B (Industrials, Machinery) †		20,576	$	467,326
				5,484,534
Switzerland: 9.16%
ABB Limited (Industrials, Electrical Equipment)		22,870		603,240
Adecco SA (Industrials, Professional Services)		5,605		339,476
Alcon Incorporated (Health Care, Health Care Equipment & Supplies) †		6,619		422,305
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		6,415		532,824
Credit Suisse Group AG (Financials, Capital Markets)		38,121		481,573
Geberit AG (Industrials, Building Products)		446		268,459
Givaudan SA (Materials, Chemicals)		110		448,352
Julius Baer Group Limited (Financials, Capital Markets)		6,156		355,236
Kuehne & Nagel International AG (Industrials, Marine)		1,147		259,629
LafargeHolcim Limited (Materials, Construction Materials)		11,887		623,422
Logitech International SA (Information Technology, Technology Hardware, Storage & Peripherals)		3,856		341,068
Lonza Group AG (Health Care, Life Sciences Tools & Services)		1,001		627,422
Nestle SA (Consumer Staples, Food Products)		35,958		4,003,555
Novartis AG (Health Care, Pharmaceuticals)		28,456		2,576,149
Roche Holding AG (Health Care, Pharmaceuticals)		9,062		2,982,109
Schindler Holding AG (Industrials, Machinery)		1,075		284,616
Sika AG (Materials, Chemicals)		1,969		502,461
Sonova Holding AG (Health Care, Health Care Equipment & Supplies) †		1,117		276,684
Swiss Life Holding AG (Financials, Insurance)		596		266,142
Swisscom AG (Communication Services, Diversified Telecommunication Services)		614		324,314
UBS Group AG (Financials, Capital Markets)		52,022		737,897
Zurich Insurance Group AG (Financials, Insurance)		1,060		430,299
				17,687,232
United Kingdom: 13.46%
3i Group plc (Financials, Capital Markets)		20,690		295,275
Anglo American plc (Materials, Metals & Mining)		21,240		626,777
Ashtead Group plc (Industrials, Trading Companies & Distributors)		7,400		313,816
Associated British Foods plc (Consumer Staples, Food Products)		11,045		310,690
AstraZeneca plc (Health Care, Pharmaceuticals)		16,049		1,669,937
Aviva plc (Financials, Insurance)		100,613		430,833
BAE Systems plc (Industrials, Aerospace & Defense)		54,313		364,933
Barclays plc (Financials, Banks) †		220,644		395,810
BHP Group plc (Materials, Metals & Mining)		29,535		668,817
BP plc (Energy, Oil, Gas & Consumable Fuels)		263,982		871,549
British American Tobacco plc (Consumer Staples, Tobacco)		30,986		1,090,351
BT Group plc (Communication Services, Diversified Telecommunication Services)		130,221		202,770
Bunzl plc (Industrials, Trading Companies & Distributors)		11,317		355,909
Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		28,838		509,017
Diageo plc (Consumer Staples, Beverages)		27,749		1,065,415
Experian Group Limited plc (Industrials, Professional Services)		10,943		386,016
Ferguson plc (Industrials, Trading Companies & Distributors)		3,645		409,350
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		65,653		1,199,097
Glencore plc (Materials, Metals & Mining) †		128,323		362,420
GVC Holdings plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		14,662		202,406
Hikma Pharmaceuticals plc (Health Care, Pharmaceuticals)		6,536		227,247
HSBC Holdings plc (Financials, Banks) †		240,963		1,247,214
Imperial Brands plc (Consumer Staples, Tobacco)		17,949		325,670
Intertek Group plc (Industrials, Professional Services)		2,395		176,312
Kingfisher plc (Consumer Discretionary, Specialty Retail) †		57,350		209,184
Legal & General Group plc (Financials, Insurance)		103,988		350,322
Lloyds Banking Group plc (Financials, Banks) †		841,877		399,781
London Stock Exchange Group plc (Financials, Capital Markets)		3,613		390,439

The accompanying notes are an integral part of these financial statements.

10  |  Wells Fargo Disciplined International Developed Markets Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

						Shares		Value
United Kingdom (continued)
National Grid plc (Utilities, Multi-Utilities)							49,033	$	554,585
Ocado Group plc (Consumer Discretionary, Internet & Direct Marketing Retail) †							5,747		169,092
Persimmon plc (Consumer Discretionary, Household Durables)							7,390		261,669
Prudential plc (Financials, Insurance)							34,527		538,317
Reckitt Benckiser Group plc (Consumer Staples, Household Products)							10,649		934,712
RELX plc (Industrials, Professional Services)							27,296		635,909
Rentokil Initial plc (Industrials, Commercial Services & Supplies) †							39,107		259,270
Rio Tinto plc (Materials, Metals & Mining)							15,505		999,212
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense) †							133,041		187,473
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)							60,273		1,021,447
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							43,124		709,551
Segro plc (Real Estate, Equity REITs)							22,132		269,088
Smith & Nephew plc (Health Care, Health Care Equipment & Supplies)							13,091		253,232
Smiths Group plc (Industrials, Industrial Conglomerates)							11,955		232,533
Standard Chartered plc (Financials, Banks) †							50,653		305,362
Tesco plc (Consumer Staples, Food & Staples Retailing)							137,479		416,046
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)							4,788		295,156
Unilever plc (Consumer Staples, Personal Products)							14,995		913,770
Unilever plc (Consumer Staples, Personal Products)							18,523		1,122,877
Vodafone Group plc (Communication Services, Wireless Telecommunication Services)							289,111		476,698
WPP plc (Communication Services, Media)							41,010		396,704
									26,010,060
Total Common Stocks (Cost $162,012,175)									186,737,169
Exchange-Traded Funds: 1.72%
United States: 1.72%
iShares MSCI EAFE ETF							47,326		3,319,919
Total Exchange-Traded Funds (Cost $3,115,034)									3,319,919
	Dividend yield
Preferred Stocks: 0.33%
Germany: 0.33%
Sartorius AG Vorzug (Health Care, Health Care Equipment & Supplies)		0.10	%				430		195,938
Volkswagen AG (Consumer Discretionary, Automobiles)		3.11					2,667		449,650
Total Preferred Stocks (Cost $603,022)									645,588
				Expiration date
Rights: 0.00%
Singapore: 0.00%
Ascendas REIT (Real Estate, Equity REITs) †(a)					1-15-2021		3,208		24
Total Rights (Cost $0)									24
Warrants: 0.00%
Switzerland: 0.00%
Cie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †					11-22-2023		12,830		2,541
Total Warrants (Cost $0)									2,541

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined International Developed Markets Portfolio  |  11

Portfolio of investments—November 30, 2020 (unaudited)

	Yield			Shares		Value
Short-Term Investments: 1.75%
Investment Companies: 1.75%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		2,440,520	$	2,440,520
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02			934,398		934,398
Total Short-Term Investments (Cost $3,374,918)							3,374,918

Total investments in securities (Cost $169,105,149)	100.49	%		194,080,159
Other assets and liabilities, net	(0.49	)		(952,599	)
Total net assets	100.00	%	$	193,127,560

† Non-income-earning security

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

« All or a portion of this security is on loan.

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		10		12-18-2020	$	1,035,272	$	1,016,500	$	0	$	(18,772	)

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:

	Values, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	3,863,055	$	(1,422,535	)	$	0	$	0	$	2,440,520					2,440,520	$	4,090	#
Wells Fargo Government Money Market Fund Select Class		11,162,407		20,601,215		(30,829,224	)		0		0		934,398					934,398		1,062
								$	0	$	0	$	3,374,918		1.75	%			$	5,152

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

12  |  Wells Fargo Disciplined International Developed Markets Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $2,323,139 of securities loaned), at value (cost $165,730,231)	$	190,705,241
Investments in affiliated securities, at value (cost $3,374,918)		3,374,918
Segregated cash for futures contracts		151,236
Cash		245,948
Foreign currency, at value (cost $242,703)		242,260
Receivable for investments sold		76,383
Receivable for dividends		862,142
Receivable for securities lending income, net		491
Prepaid expenses and other assets		2,047
Total assets		195,660,666
Liabilities
Payable upon receipt of securities loaned		2,440,520
Payable for daily variation margin on open futures contracts		25,350
Adivisory fee payable		39,145
Accrued expenses and other liabilities		28,091
Total liabilities		2,533,106
Total net assets	$	193,127,560

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined International Developed Markets Portfolio  |  13

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $156,321)	$	1,913,568
Income from affiliated securities		4,772
Total investment income		1,918,340
Expenses
Advisory fee		334,883
Custody and accounting fees		60,905
Professional fees		26,588
Shareholder report expenses		6,893
Trustees’ fees and expenses		9,721
Other fees and expenses		14,703
Net expenses		453,693
Net investment income		1,464,647
Realized and unrealized gains (losses) on investments
Net realized gains on investments		34,896,570
Net change in unrealized gains (losses) on
Unaffiliated securities		(704,398	)
Futures contracts		(18,772	)
Net change in unrealized gains (losses) on investments		(723,170	)
Net realized and unrealized gains (losses) on investments		34,173,400
Net increase in net assets resulting from operations	$	35,638,047

The accompanying notes are an integral part of these financial statements.

14  |  Wells Fargo Disciplined International Developed Markets Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	1,464,647		$	667,781
Net realized gains on investments		34,896,570			248,078
Net change in unrealized gains (losses) on investments		(723,170	)		7,261,481
Net increase in net assets resulting from operations		35,638,047			8,177,340
Capital transactions
Transactions in investors’ beneficial interests
Contributions		1,597,333			15,390,712
Withdrawals		(23,258,040	)		(53,515,149	)
Net decrease in net assets resulting from capital transactions		(21,660,707	)		(38,124,437	)
Total increase (decrease) in net assets		13,977,340			(29,947,097	)
Net assets
Beginning of period		179,150,220			209,097,317
End of period	$	193,127,560		$	179,150,220

The accompanying notes are an integral part of these financial statements.

Wells Fargo Disciplined International Developed Markets Portfolio  |  15

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		20.84	%		1.76	%		(0.14	)%		9.46	%		10.31	%		(12.40	)%
Ratios to average net assets (annualized)
Gross expenses		0.48	%		0.91	%		0.89	%		1.10	%		0.98	%		0.99	%
Net expenses		0.48	%		0.91	%		0.89	%		1.06	%		0.98	%		0.99	%
Net investment income		1.56	%		0.34	%		1.24	%		0.70	%		1.25	%		1.16	%
Supplemental data
Portfolio turnover rate		115	%		53	%		100	%		71	%		121	%		62	%

¹  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

16  |  Wells Fargo Disciplined International Developed Markets Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Disciplined International Developed Markets Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2020, such fair value pricing was not used in pricing certain foreign securities.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities

Wells Fargo Disciplined International Developed Markets Portfolio  |  17

Notes to financial statements (unaudited)

resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Participation notes

The Portfolio may invest in participation notes to gain exposure to securities in certain foreign markets. Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying foreign security. Participation notes involve transaction costs, which may be higher than those applicable to the underlying foreign security. The holder of the participation note is entitled to receive from the bank or broker-dealer, an amount equal to the dividend paid by the issuer of the underlying foreign security; however, the holder is not entitled to the same rights (i.e. voting rights) as an owner of the underlying foreign security. Investments in participation notes involve risks beyond those normally associated with a direct investment in an underlying security. The Portfolio has no rights against the issuer of the underlying foreign security and participation notes expose the Portfolio to counterparty risk in the event the counterparty does not perform. There is also no assurance there will be a secondary trading market for the participation note or that the trading price of the participation note will equal the underlying value of the foreign security that it seeks to replicate.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

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Notes to financial statements (unaudited)

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $169,100,279 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	27,363,974
Gross unrealized losses		(2,402,866	)
Net unrealized gains	$	24,961,108

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Wells Fargo Disciplined International Developed Markets Portfolio  |  19

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	12,929,231	$	0	$	0	$	12,929,231
Austria		194,363		0		0		194,363
Belgium		2,062,472		0		0		2,062,472
Denmark		4,723,417		0		0		4,723,417
Finland		2,278,363		0		0		2,278,363
France		20,689,960		0		0		20,689,960
Germany		16,345,278		0		0		16,345,278
Hong Kong		5,938,696		0		0		5,938,696
Ireland		1,421,357		0		0		1,421,357
Israel		1,142,840		0		0		1,142,840
Italy		3,786,961		0		0		3,786,961
Japan		48,256,121		0		0		48,256,121
Luxembourg		285,878		0		0		285,878
Netherlands		9,411,860		0		0		9,411,860
New Zealand		459,925		0		0		459,925
Norway		768,631		0		0		768,631
Portugal		180,081		0		0		180,081
Singapore		1,473,191		0		0		1,473,191
Spain		5,206,718		0		0		5,206,718
Sweden		5,484,534		0		0		5,484,534
Switzerland		17,687,232		0		0		17,687,232
United Kingdom		26,010,060		0		0		26,010,060
Exchange–traded fund
United States		3,319,919		0		0		3,319,919
Preferred stocks
Germany		645,588		0		0		645,588
Rights
Singapore		0		24		0		24
Warrants
Switzerland		0		2,541		0		2,541
Short-term investments
Investment companies		3,374,918		0		0		3,374,918
Total assets	$	194,077,594	$	2,565	$	0	$	194,080,159
Liabilities
Futures contracts	$	18,772	$	0	$	0	$	18,772
Total liabilities	$	18,772	$	0	$	0	$	18,772

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

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Notes to financial statements (unaudited)

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 subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $1 billion	0.250%
Next $4 billion	0.225
Over $5 billion	0.200

Prior to July 7, 2020, the advisory fee rate was as follows:

Average daily net assets	Advisory fee
First $500 million	0.800%
Next $500 million	0.750
Next $1 billion	0.700
Next $2 billion	0.675
Over $4 billion	0.650

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.36% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase. Prior to July 7, 2020, Artisan Partners Limited Partnership, which is not an affiliate of Funds Management, was the subadviser to the Portfolio and received a fee from Funds Management which started at 0.80% and declined to 0.50% as the average daily net assets of the Portfolio increased.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $208,767,336 and $218,781,410, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

Wells Fargo Disciplined International Developed Markets Portfolio  |  21

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
BMO Capital Markets Corp.	$102,110	$(102,110)	$	0
Citigroup Global Markets Inc.	2,221,029	(2,221,029)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $33,943 in long futures contracts during the six months ended November 30, 2020.

The cumulative unrealized gains (losses) reported in the table following the Portfolio of Investments represents the fair value of futures contracts at the end of the period. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

8. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

9. CONCENTRATION RISKS

Concentration risks may result from significant investments in one or more country or geographic region. As of the end of the period, the Portfolio concentrated its portfolio in investments in Europe and Japan. A fund that invests a substantial portion of its assets in any country or geographic region will be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a significant impact on the Portfolio’s investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified portfolio.

10. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio ’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

22  |  Wells Fargo Disciplined International Developed Markets Portfolio

Notes to financial statements (unaudited)

12. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Disciplined International Developed Markets Portfolio  |  23

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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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 Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

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Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

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Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

¹ Jeremy DePalma acts as Treasurer of 77 funds in the Fund Complex.

Wells Fargo Disciplined International Developed Markets Portfolio  |  27

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Portfolio. 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 Portfolio’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

Semi-Annual Report

November 30, 2020

Wells Fargo

Large Company Value Portfolio

Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	14
Other information	19

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Large Company Value Portfolio  |  1

Fund information (unaudited)

Investment objective

The Portfolio seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

Ten largest holdings (%) as of November 30, 20201
Johnson & Johnson	3.56
Merck & Company Incorporated	2.80
JPMorgan Chase & Company	2.63
Costco Wholesale Corporation	2.63
Exxon Mobil Corporation	2.53
Verizon Communications Incorporated	2.48
Alphabet Incorporated Class C	2.31
US Bancorp	2.19
The Estee Lauder Companies Incorporated Class A	2.16
Berkshire Hathaway Incorporated Class B	1.94

Sector allocation as of November 30, 2020²

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified.

²  Figures represent the percentage of the Portfolio’s long-term investments. These amounts are subject to change and may have changed since the date specified.

2  |  Wells Fargo Large Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.64%
Communication Services: 9.97%
Diversified Telecommunication Services: 3.39%
AT&T Incorporated		75,626	$	2,174,248
Verizon Communications Incorporated		98,429		5,946,096
				8,120,344
Interactive Media & Services: 4.67%
Alphabet Incorporated Class A †		2,134		3,743,890
Alphabet Incorporated Class C †		3,142		5,532,245
Facebook Incorporated Class A †		6,925		1,918,017
				11,194,152
Media: 1.91%
Charter Communications Incorporated Class A †		3,305		2,154,827
Comcast Corporation Class A		48,063		2,414,685
				4,569,512
Consumer Discretionary: 7.98%
Auto Components: 0.62%
Adient plc †		47,278		1,479,329
Automobiles: 1.15%
Tesla Incorporated †		4,850		2,752,860
Hotels, Restaurants & Leisure: 0.31%
Aramark		671		23,485
McDonald’s Corporation		272		59,144
Royal Caribbean Cruises Limited		330		26,007
Texas Roadhouse Incorporated		8,378		635,052
				743,688
Household Durables: 1.94%
Garmin Limited		38,945		4,547,218
Lennar Corporation Class B		1,769		107,378
				4,654,596
Multiline Retail: 0.57%
Target Corporation		7,662		1,375,559
Specialty Retail: 1.73%
Rent-A-Center Incorporated		93,757		3,170,862
The Home Depot Incorporated		528		146,472
The TJX Companies Incorporated		13,072		830,203
				4,147,537
Textiles, Apparel & Luxury Goods: 1.66%
lululemon athletica Incorporated †		10,743		3,977,273
Consumer Staples: 9.84%
Beverages: 1.43%
PepsiCo Incorporated		23,712		3,419,982

The accompanying notes are an integral part of these financial statements.

Wells Fargo Large Company Value Portfolio  |  3

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Food & Staples Retailing: 4.02%
Costco Wholesale Corporation		16,096	$	6,305,930
Performance Food Group Company †		6,885		298,671
Walmart Incorporated		19,876		3,036,854
				9,641,455
Food Products: 1.82%
Hormel Foods Corporation		11,386		537,191
Mondelez International Incorporated Class A		18,329		1,053,001
Tyson Foods Incorporated Class A		42,533		2,773,152
				4,363,344
Household Products: 0.40%
The Procter & Gamble Company		6,913		960,008
Personal Products: 2.17%
The Estee Lauder Companies Incorporated Class A		21,136		5,185,084
Energy: 4.37%
Energy Equipment & Services: 0.05%
Halliburton Company		2,836		47,049
Schlumberger Limited		3,685		76,611
				123,660
Oil, Gas & Consumable Fuels: 4.32%
Antero Midstream Corporation		319,006		2,150,100
Chevron Corporation		22,096		1,926,329
ConocoPhillips		950		37,582
Exxon Mobil Corporation		159,063		6,065,072
ONEOK Incorporated		876		31,422
Phillips 66		2,249		136,244
				10,346,749
Financials: 16.25%
Banks: 7.13%
Bank of America Corporation		110,428		3,109,652
Citigroup Incorporated		22,092		1,216,606
First Financial Bankshares Incorporated		35,929		1,200,747
JPMorgan Chase & Company		53,524		6,309,409
US Bancorp		121,574		5,253,213
				17,089,627
Capital Markets: 1.62%
Bank of New York Mellon Corporation		6,071		237,498
Morgan Stanley		34,467		2,131,095
Morningstar Incorporated		5,705		1,141,571
S&P Global Incorporated		1,081		380,274
				3,890,438
Consumer Finance: 0.88%
Ally Financial Incorporated		41,983		1,244,796
Capital One Financial Corporation		10,051		860,768
				2,105,564

The accompanying notes are an integral part of these financial statements.

4  |  Wells Fargo Large Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Diversified Financial Services: 3.14%
Berkshire Hathaway Incorporated Class B †		20,316	$	4,650,536
Cannae Holdings Incorporated †		72,811		2,870,210
				7,520,746
Insurance: 1.84%
Assured Guaranty Limited		11,588		349,146
Athene Holding Limited Class A †		63,023		2,795,070
Erie Indemnity Company Class A		118		26,622
Lincoln National Corporation		26,313		1,242,500
				4,413,338
Mortgage REITs: 0.21%
Arbor Realty Trust Incorporated		37,740		502,697
Thrifts & Mortgage Finance: 1.43%
Essent Group Limited		5,311		232,940
Mr. Cooper Group Incorporated †		5,765		153,695
PennyMac Financial Services Incorporated		52,688		3,036,936
				3,423,571
Health Care: 16.29%
Biotechnology: 2.25%
Denali Therapeutics Incorporated †		22,540		1,374,264
Exact Sciences Corporation †		17,437		2,110,923
Halozyme Therapeutics Incorporated †		48,690		1,903,779
				5,388,966
Health Care Equipment & Supplies: 1.94%
Align Technology Incorporated †		8,244		3,967,755
IDEXX Laboratories Incorporated †		1,499		691,009
				4,658,764
Health Care Providers & Services: 2.25%
CVS Health Corporation		64,254		4,355,779
Humana Incorporated		1,446		579,152
UnitedHealth Group Incorporated		1,384		465,495
				5,400,426
Life Sciences Tools & Services: 3.49%
Agilent Technologies Incorporated		33,211		3,882,366
Bruker Corporation		10,609		536,921
Thermo Fisher Scientific Incorporated		8,458		3,932,801
				8,352,088
Pharmaceuticals: 6.36%
Johnson & Johnson		58,945		8,528,163
Merck & Company Incorporated		83,418		6,705,973
				15,234,136
Industrials: 13.00%
Aerospace & Defense: 0.50%
Raytheon Technologies Corporation		16,679		1,196,218

The accompanying notes are an integral part of these financial statements.

Wells Fargo Large Company Value Portfolio  |  5

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Air Freight & Logistics: 0.71%
FedEx Corporation		4,132	$	1,184,149
XPO Logistics Incorporated †		4,835		515,798
				1,699,947
Building Products: 1.87%
Johnson Controls International plc		97,402		4,484,388
Commercial Services & Supplies: 2.04%
Cintas Corporation		10,521		3,738,111
McGrath RentCorp		18,112		1,152,648
				4,890,759
Construction & Engineering: 1.37%
WillScot Mobile Mini Holdings Corporation †		152,705		3,284,685
Electrical Equipment: 0.04%
Eaton Corporation plc		364		44,084
Emerson Electric Company		527		40,484
				84,568
Machinery: 1.50%
Donaldson Company Incorporated		31,837		1,695,002
Evoqua Water Technologies Company †		69,036		1,801,149
Illinois Tool Works Incorporated		171		36,096
Parker-Hannifin Corporation		246		65,746
				3,597,993
Professional Services: 2.98%
CoStar Group Incorporated †		5,036		4,585,631
IHS Markit Limited		25,688		2,554,928
				7,140,559
Road & Rail: 0.51%
Knight-Swift Transportation Holdings Incorporated		11,333		467,940
Uber Technologies Incorporated †		15,067		748,227
				1,216,167
Trading Companies & Distributors: 1.48%
Air Lease Corporation		70,211		2,567,616
Fastenal Company		19,796		978,912
				3,546,528
Information Technology: 9.74%
Communications Equipment: 1.26%
Arista Networks Incorporated †		4,886		1,322,640
Cisco Systems Incorporated		39,223		1,687,373
				3,010,013
Electronic Equipment, Instruments & Components: 1.61%
Amphenol Corporation Class A		29,355		3,839,928
Corning Incorporated		833		31,171
				3,871,099

The accompanying notes are an integral part of these financial statements.

6  |  Wells Fargo Large Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
IT Services: 1.77%
Accenture plc Class A		111	$	27,649
International Business Machines Corporation		3,060		377,971
MasterCard Incorporated Class A		297		99,943
PayPal Holdings Incorporated †		133		28,478
Square Incorporated Class A †		16,198		3,417,130
StoneCo Limited Class A †		3,840		281,165
				4,232,336
Semiconductors & Semiconductor Equipment: 3.25%
Advanced Micro Devices Incorporated †		12,367		1,145,926
Applied Materials Incorporated		398		32,827
Broadcom Incorporated		137		55,016
Monolithic Power Systems Incorporated		9,768		3,125,369
NVIDIA Corporation		6,377		3,418,455
				7,777,593
Software: 0.59%
Cloudera Incorporated †		118,957		1,389,418
Microsoft Corporation		124		26,545
				1,415,963
Technology Hardware, Storage & Peripherals: 1.26%
Apple Incorporated		23,540		2,802,437
Hewlett Packard Enterprise Company		20,739		228,959
				3,031,396
Materials: 2.82%
Chemicals: 1.06%
Linde plc		5,571		1,428,516
LyondellBasell Industries NV Class A		466		39,657
The Sherwin-Williams Company		1,429		1,068,363
				2,536,536
Metals & Mining: 1.76%
Alcoa Corporation †		6,510		129,549
Freeport-McMoRan Incorporated		154,549		3,614,901
Newmont Corporation		8,039		472,854
				4,217,304
Real Estate: 3.89%
Equity REITs: 1.79%
AvalonBay Communities Incorporated		1,540		256,549
Equinix Incorporated		377		263,067
Equity Residential		4,020		232,838
Essential Properties Realty Trust Incorporated		28,452		584,404
Invitation Homes Incorporated		12,959		370,368
Regency Centers Corporation		797		36,327
Spirit Realty Capital Incorporated REIT		23,475		864,819
Ventas Incorporated		870		41,682
VEREIT Incorporated		221,291		1,568,953
Vornado Realty Trust		779		30,311
Welltower Incorporated		765		48,180
				4,297,498

The accompanying notes are an integral part of these financial statements.

Wells Fargo Large Company Value Portfolio  |  7

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
Real Estate Management & Development: 2.10%
CBRE Group Incorporated Class A †					65,535	$	4,006,810
Jones Lang LaSalle Incorporated					7,730		1,022,602
							5,029,412
Utilities: 3.49%
Electric Utilities: 1.74%
Avangrid Incorporated					620		28,855
Exelon Corporation					100,908		4,144,292
							4,173,147
Multi-Utilities: 1.75%
DTE Energy Company					23,359		2,938,796
MDU Resources Group Incorporated					50,588		1,261,663
							4,200,459
Total Common Stocks (Cost $205,892,690)							233,970,061
	Yield
Short-Term Investments: 1.88%
Investment Companies: 1.88%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		4,503,977		4,503,977
Total Short-Term Investments (Cost $4,503,977)							4,503,977

Total investments in securities (Cost $210,396,667)	99.52	%		238,474,038
Other assets and liabilities, net	0.48			1,152,802
Total net assets	100.00	%	$	239,626,840

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
E-Mini S&P 500 Index		30		12-18-2020	$	5,422,564	$	5,434,800	$	12,236	$	0

The accompanying notes are an integral part of these financial statements.

8  |  Wells Fargo Large Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same investment manager or adviser. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *	$	0	$	5,987,175	($	5,987,175	)	$	0	$	0	$	0					0	$	210	#
Wells Fargo Government Money Market Fund Select Class		3,557,730		32,879,937		(31,933,690	)		0		0		4,503,977					4,503,977		1,189
								$	0	$	0	$	4,503,977		1.88	%			$	1,399

* No longer held at the end of the period

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Large Company Value Portfolio  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $205,892,690)	$	233,970,061
Investments in affiliated securities, at value (cost $4,503,977)		4,503,977
Segregated cash for futures contracts		810,000
Receivable for dividends		413,705
Prepaid expenses and other assets		33,441
Total assets		239,731,184
Liabilities
Payable for daily variation margin on open futures contracts		19,950
Advisory fee payable		67,735
Professional fees payable		16,659
Total liabilities		104,344
Total net assets	$	239,626,840

The accompanying notes are an integral part of these financial statements.

10  |  Wells Fargo Large Company Value Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,216)	$	2,313,934
Income from affiliated securities		1,906
Total investment income		2,315,840
Expenses
Advisory fee		403,794
Custody and accounting fees		9,342
Professional fees		24,076
Shareholder report expenses		5,397
Trustees’ fees and expenses		9,686
Other fees and expenses		6,409
Total expenses		458,704
Less: Fee waivers and/or expense reimbursements		(62	)
Net expenses		458,642
Net investment income		1,857,198
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		38,723,528
Futures contracts		1,456,964
Net realized gains on investments		40,180,492
Net change in unrealized gains (losses) on
Unaffiliated securities		3,479,253
Futures contracts		(589,284	)
Net change in unrealized gains (losses) on investments		2,889,969
Net realized and unrealized gains (losses) on investments		43,070,461
Net increase in net assets resulting from operations	$	44,927,659

The accompanying notes are an integral part of these financial statements.

Wells Fargo Large Company Value Portfolio  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	1,857,198		$	4,894,535
Net realized gains (losses) on investments		40,180,492			(22,941,374	)
Net change in unrealized gains (losses) on investments		2,889,969			23,826,266
Net increase in net assets resulting from operations		44,927,659			5,779,427
Capital transactions
Transactions in investors’ beneficial interests
Contributions		2,406,603			18,442,858
Withdrawals		(30,156,004	)		(50,929,441	)
Net decrease in net assets resulting from capital transactions		(27,749,401	)		(32,486,583	)
Total increase (decrease) in net assets		17,178,258			(26,707,156	)
Net assets
Beginning of period		222,448,582			249,155,738
End of period	$	239,626,840		$	222,448,582

The accompanying notes are an integral part of these financial statements.

12  |  Wells Fargo Large Company Value Portfolio

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		21.27	%		(0.09	)%		(0.94	)%		9.80	%		13.22	%		(3.92	)%
Ratios to average net assets (annualized)
Gross expenses		0.40	%		0.39	%		0.39	%		0.49	%		0.68	%		0.76	%
Net expenses		0.40	%		0.39	%		0.39	%		0.42	%		0.66	%		0.74	%
Net investment income		1.61	%		2.05	%		2.29	%		1.56	%		1.45	%		1.54	%
Supplemental data
Portfolio turnover rate		220	%		335	%		246	%		244	%		203	%		50	%

¹  Returns for periods of less than one year are not annualized

The accompanying notes are an integral part of these financial statements.

Wells Fargo Large Company Value Portfolio  |  13

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Large Company Value Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Portfolio. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held

14  |  Wells Fargo Large Company Value Portfolio

Notes to financial statements (unaudited)

by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All dividends, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether dividends and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $210,998,187 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	28,822,999
Gross unrealized losses		(1,334,912	)
Net unrealized gains	$	27,488,087

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Wells Fargo Large Company Value Portfolio  |  15

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	23,884,008	$	0	$	0	$	23,884,008
Consumer discretionary		19,130,842		0		0		19,130,842
Consumer staples		23,569,873		0		0		23,569,873
Energy		10,470,409		0		0		10,470,409
Financials		38,945,981		0		0		38,945,981
Health care		39,034,380		0		0		39,034,380
Industrials		31,141,812		0		0		31,141,812
Information technology		23,338,400		0		0		23,338,400
Materials		6,753,840		0		0		6,753,840
Real estate		9,326,910		0		0		9,326,910
Utilities		8,373,606		0		0		8,373,606
Short-term investments
Investment companies		4,503,977		0		0		4,503,977
		238,474,038		0		0		238,474,038
Futures contracts		12,236		0		0		12,236
Total assets	$	238,486,274	$	0	$	0	$	238,486,274

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $1 billion		0.350	%
Next $4 billion		0.325
Over $5 billion		0.300

For the six months ended November, 2020, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Portfolio increase.

16  |  Wells Fargo Large Company Value Portfolio

Notes to financial statements (unaudited)

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $493,973,314 and $518,990,755, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio did not have any securities on loan.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $3,937,320 in long futures contracts during the six months ended November 30, 2020.

The cumulative unrealized gains (losses) reported in the table following the Portfolio of Investments represents the fair value of futures contracts at the end of the period. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

8. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

Wells Fargo Large Company Value Portfolio  |  17

Notes to financial statements (unaudited)

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

18  |  Wells Fargo Large Company Value Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Large Company Value Portfolio  |  19

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 Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

20  |  Wells Fargo Large Company Value Portfolio

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. from January 2018 to July 2019 Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Wells Fargo Large Company Value Portfolio  |  21

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 funds in the Fund Complex.

22  |  Wells Fargo Large Company Value Portfolio

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Portfolio. 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 Portfolio’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

Semi-Annual Report

November 30, 2020

Wells Fargo

Managed Fixed Income Portfolio

Contents

Fund information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	23
Other information	28

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Managed Fixed Income Portfolio  |  1

Fund information (unaudited)

Investment objective

The Portfolio seeks consistent fixed-income returns.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Galliard Capital Management, Inc.

Portfolio managers

Andrea Johnson, CFA^®‡

Brandon Kanz, CFA^®‡

Ten largest holdings (%) as of November 30, 20201
FNMA, 4.50%, 1-1-2051	3.08
FNMA, 4.00%, 8-1-2051	2.68
U.S. Treasury Bond, 2.38%, 11-15-2049	2.58
FNMA, 2.00%, 1-14-2051	2.18
FNMA, 3.97%, 6-1-2025	1.64
U.S. Treasury Bond, 1.13%, 8-15-2040	1.38
FHLMC Series 2018-3 Class MA, 3.50%, 8-25-2057	1.22
U.S. Treasury Bond, 1.25%, 5-15-2050	1.12
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4, 4.02%, 12-15-2046	1.02
SBA Series 2018-10B Class 1, 3.55%, 9-10-2028	1.00

Portfolio allocation as of November 30, 2020²

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified.

²  Figures represent the percentage of the Portfolio’s long-term investments. These amounts are subject to change and may have changed since the date specified.

2  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 29.33%
FHLMC		3.50	%		8-1-2049	$	597,964	$	630,061
FHLMC		3.00			7-1-2046		468,108		504,447
FHLMC		3.00			7-1-2046		597,480		640,945
FHLMC		3.00			11-1-2049		2,378,645		2,528,458
FHLMC		3.50			4-1-2043		717,857		776,659
FHLMC		3.50			5-1-2044		373,004		407,317
FHLMC		3.50			6-1-2046		294,827		318,504
FHLMC		3.50			2-1-2047		1,805,311		1,962,120
FHLMC		3.50			4-1-2047		315,817		344,726
FHLMC		3.50			12-1-2047		1,264,176		1,377,323
FHLMC		3.50			3-1-2048		1,485,638		1,599,811
FHLMC		4.00			4-1-2044		473,755		529,083
FHLMC		4.00			8-1-2044		283,634		312,479
FHLMC		4.00			6-1-2048		1,691,534		1,852,294
FHLMC		4.50			8-1-2048		2,054,794		2,232,238
FHLMC		4.50			11-1-2048		2,193,497		2,407,423
FHLMC		4.50			11-1-2048		4,046,821		4,436,164
FHLMC Series 2018-3 Class MA		3.50			8-25-2057		5,216,799		5,651,498
FHLMC Series 2019-3 Class M55D		4.00			10-25-2058		928,475		1,026,112
FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.49			9-25-2029		14,581		15,473
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		622,349		742,354
FNMA		3.00			4-1-2047		1,848,921		1,936,687
FNMA %%		2.00			1-14-2051		9,750,000		10,109,766
FNMA		2.00			11-25-2059		1,340,685		1,369,527
FNMA		2.50			8-1-2031		265,349		279,899
FNMA		2.50			2-1-2035		992,056		1,050,105
FNMA		2.50			2-1-2035		1,346,386		1,416,785
FNMA ±±		2.55			5-1-2023		228,406		235,411
FNMA		2.73			1-1-2023		526,537		549,112
FNMA		2.73			9-1-2023		544,722		571,836
FNMA		3.00			12-1-2032		33,697		35,634
FNMA		3.00			7-1-2046		357,191		384,675
FNMA		3.00			12-1-2049		2,257,101		2,398,442
FNMA		3.00			12-1-2049		1,952,249		2,064,647
FNMA		3.07			2-1-2026		358,750		395,532
FNMA ±±		3.07			9-1-2025		3,032,926		3,279,326
FNMA		3.08			1-1-2026		480,000		528,957
FNMA ±±		3.09			11-1-2022		204,907		210,690
FNMA		3.35			1-1-2028		272,459		309,275
FNMA ±±		3.36			11-1-2026		3,180,605		3,527,299
FNMA ±±		3.39			12-1-2027		1,175,133		1,318,641
FNMA		3.50			10-1-2032		472,821		508,561
FNMA		3.50			11-1-2042		203,115		222,747
FNMA		3.50			11-1-2042		230,249		249,964
FNMA		3.50			2-1-2043		128,284		139,262
FNMA		3.50			11-1-2045		1,078,773		1,171,379
FNMA		3.50			4-1-2046		144,140		156,688
FNMA		3.50			7-1-2046		418,775		455,271
FNMA		3.50			11-1-2046		475,263		512,705
FNMA		3.50			8-1-2047		2,264,911		2,461,126
FNMA		3.62			1-1-2026		1,955,016		2,164,321
FNMA		3.62			1-1-2026		1,645,311		1,821,458
FNMA		3.97			6-1-2025		6,848,015		7,621,805
FNMA		4.00			11-1-2040		217,363		236,904
FNMA		4.00			4-1-2041		292,363		318,643
FNMA		4.00			8-1-2046		319,868		352,657

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  3

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		3-1-2049	$	1,096,036	$	1,193,687
FNMA		4.00			8-1-2051		11,167,187		12,432,864
FNMA		4.00			7-1-2056		440,050		492,214
FNMA		4.50			8-1-2048		1,648,183		1,796,393
FNMA		4.50			1-1-2051		12,773,849		14,327,843
FNMA		4.50			6-1-2056		338,173		386,786
FNMA		4.50			6-1-2056		502,456		574,686
FNMA		4.50			6-1-2056		367,285		420,086
FNMA		5.00			9-1-2033		96,921		111,499
FNMA		5.50			2-1-2036		62,821		68,571
FNMA Series 2002-90 Class A2		6.50			11-25-2042		269,988		315,253
FNMA Series 2002-T4 Class A2		7.00			12-25-2041		106,077		125,103
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		985,338		1,157,577
FNMA Series 2003-W4 Class 3A ±±		5.59			10-25-2042		167,555		195,170
FNMA Series 2004-T2 Class 1A1		6.00			11-25-2043		354,194		413,791
FNMA Series 2004-T3 Class A1		6.00			2-25-2044		550,426		648,378
FNMA Series 2004-W01 Class 2A2		7.00			12-25-2033		91,769		108,773
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		569,913		657,127
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		153,793		184,491
GNMA		6.50			10-15-2023		5,933		6,570
GNMA		6.50			11-15-2023		3,242		3,589
GNMA		6.50			11-15-2023		1,556		1,723
GNMA		6.50			12-15-2023		4,368		4,837
GNMA		6.50			1-15-2024		8,100		8,970
GNMA		7.00			8-15-2027		35,717		40,535
SBA Series 2006-20B Class 1		5.35			2-1-2026		138,002		148,131
SBA Series 2006-20H Class 1		5.70			8-1-2026		66,965		72,358
SBA Series 2007-20J Class 1		5.57			10-1-2027		184,583		198,561
SBA Series 2013-20A Class 1		2.13			1-1-2033		224,029		231,374
SBA Series 2013-20J Class 1		3.37			10-1-2033		257,183		277,388
SBA Series 2014-10A Class 1		3.19			3-10-2024		182,754		188,820
SBA Series 2014-10B Class 1		3.02			9-10-2024		267,002		276,920
SBA Series 2014-20A Class 1		3.46			1-1-2034		235,331		255,152
SBA Series 2015-10B Class 1		2.83			9-10-2025		294,125		309,745
SBA Series 2015-20C Class 1		2.72			3-1-2035		316,282		339,213
SBA Series 2015-20E Class 1		2.77			5-1-2035		465,752		500,087
SBA Series 2015-20F Class 1		2.98			6-1-2035		345,194		373,693
SBA Series 2017-10A Class 1		2.85			3-10-2027		425,816		452,628
SBA Series 2017-20F Class 1		2.81			6-1-2037		233,065		247,693
SBA Series 2018-10B Class 1		3.55			9-10-2028		4,350,507		4,645,966
SBA Series 2018-20E Class 1		3.50			5-1-2038		2,014,417		2,212,027
SBA Series 2018-20G Class 1		3.54			7-1-2038		2,525,899		2,775,807
SBA Series 2018-20H Class 1		3.58			8-1-2038		3,475,799		3,828,519
SBA Series 2018-20K Class 1		3.87			11-1-2038		2,278,179		2,543,839
Total Agency Securities (Cost $127,149,593)									136,215,663
Asset-Backed Securities: 1.55%
ECMC Group Student Loan Trust Series 16-1A Class A (1 Month LIBOR +1.35%) 144A±		1.50			7-26-2066		299,414		304,479
ECMC Group Student Loan Trust Series 2018-2A Class A (1 Month LIBOR +0.80%) 144A±		0.95			9-25-2068		2,236,532		2,220,061
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		3,200,000		3,436,533
MMAF Equipment Finance LLC Series 2017-AA Class A5 144A		2.68			7-16-2027		695,000		722,031
South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ±		1.65			8-1-2035		500,000		500,391
Total Asset-Backed Securities (Cost $6,909,779)									7,183,495

The accompanying notes are an integral part of these financial statements.

4  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 34.40%
Communication Services: 1.56%
Diversified Telecommunication Services: 1.02%
AT&T Incorporated		2.25	%		2-1-2032	$	460,000	$	465,437
AT&T Incorporated		2.75			6-1-2031		535,000		568,338
AT&T Incorporated		4.75			5-15-2046		1,280,000		1,573,476
AT&T Incorporated		5.25			3-1-2037		60,000		77,871
Verizon Communications Incorporated		4.50			8-10-2033		40,000		50,953
Verizon Communications Incorporated		4.81			3-15-2039		1,500,000		1,995,758
									4,731,833
Entertainment: 0.12%
Walt Disney Company		2.65			1-13-2031		540,000		587,552
Media: 0.42%
CCO Holdings LLC 144A		5.75			2-15-2026		425,000		440,559
Comcast Corporation		1.95			1-15-2031		550,000		567,330
Lamar Media Corporation		5.75			2-1-2026		895,000		927,444
									1,935,333
Consumer Discretionary: 3.89%
Auto Components: 0.15%
Allison Transmission Incorporated 144A		4.75			10-1-2027		670,000		708,860
Automobiles: 0.17%
General Motors Company		4.88			10-2-2023		400,000		442,140
Volkswagen Group of America Incorporated 144A		2.85			9-26-2024		300,000		319,971
									762,111
Diversified Consumer Services: 2.83%
Duke University		3.20			10-1-2038		1,175,000		1,269,808
Johns Hopkins University		2.81			1-1-2060		420,000		431,633
Massachusetts Institute of Technology		3.96			7-1-2038		1,780,000		2,177,153
Massachusetts Institute of Technology		4.68			7-1-2114		120,000		174,733
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		987,946
Northwestern University		3.66			12-1-2057		105,000		127,631
Northwestern University		3.69			12-1-2038		1,915,000		2,177,675
President and Fellows of Harvard College		3.62			10-1-2037		275,000		325,545
President and Fellows of Harvard College		4.88			10-15-2040		183,000		257,233
President and Fellows of Harvard College		5.63			10-1-2038		525,000		762,790
Princeton University		5.70			3-1-2039		1,640,000		2,477,716
Service Corporation International		4.63			12-15-2027		166,000		175,960
Service Corporation International		7.50			4-1-2027		345,000		417,450
University of Southern California		3.03			10-1-2039		1,250,000		1,365,569
									13,128,842
Hotels, Restaurants & Leisure: 0.17%
Cedar Fair LP		5.38			6-1-2024		795,000		798,975
Textiles, Apparel & Luxury Goods: 0.57%
HanesBrands Incorporated 144A		4.63			5-15-2024		200,000		210,250
HanesBrands Incorporated 144A		4.88			5-15-2026		1,250,000		1,343,750
The William Carter Company 144A		5.63			3-15-2027		100,000		105,375
Wolverine World Wide Incorporated 144A		5.00			9-1-2026		1,000,000		1,002,500
									2,661,875

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  5

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.34%
Beverages: 0.24%
Anheuser-Busch InBev Worldwide Incorporated		4.70	%		2-1-2036	$	870,000	$	1,111,385
Food Products: 0.10%
Ingredion Incorporated		2.90			6-1-2030		320,000		348,661
Kraft Heinz Foods Company		4.63			1-30-2029		120,000		137,626
									486,287
Energy: 4.91%
Energy Equipment & Services: 0.56%
Baker Hughes LLC		3.34			12-15-2027		1,500,000		1,652,595
Halliburton Company		2.92			3-1-2030		820,000		839,545
Halliburton Company		3.80			11-15-2025		92,000		101,731
									2,593,871
Oil, Gas & Consumable Fuels: 4.35%
Antero Resources Corporation		5.00			3-1-2025		1,360,000		1,081,200
Cimarex Energy Company		3.90			5-15-2027		500,000		547,310
Enable Midstream Partners		4.95			5-15-2028		790,000		777,915
EnLink Midstream Partners LP		4.85			7-15-2026		805,000		744,625
Enterprise Products Operating LLC		4.15			10-16-2028		260,000		308,044
Florida Gas Transmission Company 144A		4.35			7-15-2025		1,521,000		1,723,813
Gray Oak Pipeline LLC 144A		2.60			10-15-2025		860,000		873,089
Gulfstream Natural Gas System LLC 144A		6.19			11-1-2025		210,000		253,013
Hess Corporation		4.30			4-1-2027		800,000		863,843
HollyFrontier Corporation		4.50			10-1-2030		910,000		918,221
Magellan Midstream Partners LP		5.00			3-1-2026		170,000		201,792
Marathon Oil Corporation		3.85			6-1-2025		1,030,000		1,083,688
Marathon Petroleum Corporation		5.13			12-15-2026		1,500,000		1,756,384
MPLX LP		4.13			3-1-2027		1,500,000		1,691,533
Newfield Exploration Company		5.38			1-1-2026		959,000		1,004,553
Newfield Exploration Company		5.63			7-1-2024		249,000		264,386
NuStar Logistics LP		6.00			6-1-2026		600,000		631,500
Occidental Petroleum Corporation		3.20			8-15-2026		1,070,000		942,349
Range Resources Corporation «		5.00			3-15-2023		763,000		745,833
Southwestern Energy Company		6.45			1-23-2025		180,000		184,050
Transcontinental Gas Pipe Line Company LLC 144A		3.25			5-15-2030		790,000		869,301
Transcontinental Gas Pipe Line Company LLC		7.85			2-1-2026		1,200,000		1,558,209
Western Midstream Operating LP		5.05			2-1-2030		1,100,000		1,174,850
									20,199,501
Financials: 5.25%
Banks: 2.22%
Bank of America Corporation (U.S. SOFR +1.15%) ±		1.32			6-19-2026		790,000		799,400
Bank of America Corporation (U.S. SOFR +1.37%) ±		1.92			10-24-2031		540,000		544,315
Bank of America Corporation (3 Month LIBOR +1.51%) ±		3.71			4-24-2028		1,440,000		1,642,257
Citigroup Incorporated (U.S. SOFR +2.11%) ±		2.57			6-3-2031		370,000		393,788
Citigroup Incorporated		3.40			5-1-2026		1,000,000		1,117,617
Citigroup Incorporated		4.40			6-10-2025		65,000		74,440
JPMorgan Chase & Company (U.S. SOFR +1.89%) ±		2.18			6-1-2028		310,000		325,151
JPMorgan Chase & Company		3.20			6-15-2026		500,000		558,570
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78			2-1-2028		1,100,000		1,261,011
JPMorgan Chase & Company (3 Month LIBOR +1.26%) ±		4.20			7-23-2029		600,000		713,004

The accompanying notes are an integral part of these financial statements.

6  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Banks (continued)
JPMorgan Chase & Company (3 Month LIBOR +1.33%) ±		4.45	%		12-5-2029	$	470,000	$	570,080
KeyCorp		2.25			4-6-2027		690,000		732,416
National Capital Commerce Incorporated (3 Month LIBOR +0.98%) ±		1.21			4-1-2027		400,000		380,551
PNC Bank		4.05			7-26-2028		1,000,000		1,182,054
									10,294,654
Capital Markets: 1.34%
Goldman Sachs Capital II (3 Month LIBOR +0.77%) ±		4.00			12-29-2049		6,000		5,745
Goldman Sachs Group Incorporated		3.50			1-23-2025		1,100,000		1,208,278
Goldman Sachs Group Incorporated		3.75			2-25-2026		1,500,000		1,702,444
Goldman Sachs Group Incorporated		4.25			10-21-2025		120,000		137,779
Morgan Stanley		3.88			1-27-2026		1,000,000		1,143,289
Morgan Stanley		3.95			4-23-2027		1,000,000		1,151,734
MSCI Incorporated 144A		5.38			5-15-2027		810,000		867,713
									6,216,982
Consumer Finance: 1.35%
BMW US Capital LLC Company 144A		3.15			4-18-2024		965,000		1,036,454
Capital One Financial Corporation		3.30			10-30-2024		1,500,000		1,633,580
Daimler Finance North America LLC 144A		2.70			6-14-2024		740,000		789,415
Daimler Finance North America LLC 144A		3.35			2-22-2023		1,490,000		1,577,063
Ford Motor Credit Company LLC		5.58			3-18-2024		1,130,000		1,213,338
									6,249,850
Insurance: 0.34%
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		816,870
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		780,965
									1,597,835
Health Care: 4.05%
Biotechnology: 0.33%
Abbvie Incorporation		4.55			3-15-2035		1,200,000		1,527,777
Health Care Equipment & Supplies: 0.36%
Hill-Rom Holdings Incorporated 144A		5.00			2-15-2025		1,065,000		1,096,950
Hologic Incorporated 144A		3.25			2-15-2029		300,000		304,875
Teleflex Incorporated		4.88			6-1-2026		250,000		260,000
									1,661,825
Health Care Providers & Services: 2.61%
Advocate Health Corporation		4.27			8-15-2048		290,000		373,835
BayCare Health System Incorporated		3.83			11-15-2050		145,000		179,315
Cleveland Clinic Foundation		4.86			1-1-2114		894,000		1,258,727
CVS Caremark Corporation		5.05			3-25-2048		130,000		175,637
CVS Health Corporation		1.75			8-21-2030		200,000		199,965
CVS Health Corporation		4.30			3-25-2028		1,300,000		1,528,893
Kaiser Foundation Hospitals		3.27			11-1-2049		480,000		542,266
Mayo Clinic		4.13			11-15-2052		700,000		912,698
MEDNAX Incorporated 144A		5.25			12-1-2023		1,380,000		1,393,772
Memorial Health Services		3.45			11-1-2049		820,000		864,614
Memorial Sloan Kettering Cancer Center		4.20			7-1-2055		575,000		760,885
NYU Hospitals Center		3.38			7-1-2055		690,000		710,006
OhioHealth Corporation		3.04			11-15-2050		320,000		344,441
Southern Baptist Hospital		4.86			7-15-2045		625,000		758,266

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  7

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Stanford Health Care		3.80	%		11-15-2048	$	275,000	$	343,630
Texas Health Resources		4.33			11-15-2055		750,000		973,711
The New York-Presbyterian Hospital		3.56			8-1-2036		750,000		820,222
									12,140,883
Health Care Technology: 0.10%
IQVIA Incorporated 144A		5.00			10-15-2026		445,000		465,581
Life Sciences Tools & Services: 0.30%
Agilent Technologies Incorporated		2.75			9-15-2029		600,000		654,948
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		700,000		735,000
									1,389,948
Pharmaceuticals: 0.35%
Bayer US Finance LLC 144A		3.38			10-8-2024		240,000		261,377
Bayer US Finance LLC 144A		4.38			12-15-2028		1,170,000		1,373,912
									1,635,289
Industrials: 3.03%
Aerospace & Defense: 1.11%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		1,345,000		1,498,033
Hexcel Corporation		3.95			2-15-2027		1,302,000		1,386,064
Moog Incorporated 144A		4.25			12-15-2027		700,000		721,245
Raytheon Technologies Corporation		2.25			7-1-2030		360,000		381,107
The Boeing Company		2.70			2-1-2027		840,000		847,048
The Boeing Company		5.15			5-1-2030		155,000		181,956
The Boeing Company		5.71			5-1-2040		110,000		138,855
									5,154,308
Air Freight & Logistics: 0.07%
Fedex Corporation		3.90			2-1-2035		280,000		337,001
Building Products: 0.16%
Lennox International Incorporated		1.70			8-1-2027		530,000		535,110
Masco Corporation		6.50			8-15-2032		150,000		194,223
									729,333
Commercial Services & Supplies: 0.25%
Clean Harbors Incorporated 144A		4.88			7-15-2027		425,000		450,041
Stericycle Incorporated 144A		5.38			7-15-2024		688,000		715,520
									1,165,561
Construction & Engineering: 0.02%
Valmont Industries Incorporated		5.00			10-1-2044		110,000		123,498
Electrical Equipment: 0.18%
Carrier Global Corporation 144A		2.49			2-15-2027		780,000		831,997
Machinery: 0.44%
Mueller Water Products Incorporated 144A		5.50			6-15-2026		950,000		985,625
Oshkosh Corporation		3.10			3-1-2030		490,000		529,128
Oshkosh Corporation		4.60			5-15-2028		200,000		234,599
Vessel Management Services Incorporated		3.43			8-15-2036		272,000		303,480
									2,052,832

The accompanying notes are an integral part of these financial statements.

8  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Professional Services: 0.08%
Relx Capital Incorporated		3.00	%		5-22-2030	$	70,000	$	77,483
Relx Capital Incorporated		4.00			3-18-2029		240,000		284,780
									362,263
Road & Rail: 0.36%
Norfolk Southern Corporation		5.10			12-31-2049		760,000		981,526
Ryder System Incorporated		3.65			3-18-2024		620,000		678,693
									1,660,219
Transportation Infrastructure: 0.36%
Crowley Conro LLC		4.18			8-15-2043		1,374,852		1,656,957
Information Technology: 1.70%
Electronic Equipment, Instruments & Components: 0.22%
Jabil Incorporated		3.95			1-12-2028		900,000		994,144
IT Services: 0.26%
Gartner Incorporated 144A		4.50			7-1-2028		250,000		262,500
Verisign Incorporated		4.75			7-15-2027		900,000		963,225
									1,225,725
Semiconductors & Semiconductor Equipment: 0.77%
KLA Tencor Corporation		4.10			3-15-2029		150,000		180,236
Maxim Integrated Products Incorporated		3.45			6-15-2027		1,550,000		1,748,048
Microchip Technology Incorporated		4.33			6-1-2023		1,500,000		1,623,779
									3,552,063
Software: 0.36%
CDK Global Incorporated		5.88			6-15-2026		185,000		193,325
Fair Isaac Corporation 144A		5.25			5-15-2026		1,330,000		1,489,600
									1,682,925
Technology Hardware, Storage & Peripherals: 0.09%
Hewlett Packard Enterprise Company		4.90			10-15-2025		375,000		435,781
Materials: 3.51%
Chemicals: 2.54%
Albemarle Corporation		4.15			12-1-2024		1,390,000		1,540,269
DuPont de Nemours Incorporated		4.73			11-15-2028		930,000		1,139,193
DuPont de Nemours Incorporated		4.49			11-15-2025		430,000		500,997
FMC Corporation		3.20			10-1-2026		1,120,000		1,241,350
Ingevity Corporation 144A		4.50			2-1-2026		2,015,000		2,050,263
Mosaic Company		4.05			11-15-2027		1,090,000		1,225,864
PPG Industries Incorporated		2.55			6-15-2030		770,000		829,417
Scotts Miracle-Gro Company		5.25			12-15-2026		1,589,000		1,692,285
The Sherwin-Williams Company		2.95			8-15-2029		450,000		498,013
The Sherwin-Williams Company		3.30			2-1-2025		100,000		105,363
Valvoline Incorporated 144A		4.25			2-15-2030		720,000		757,800
W.R. Grace & Company 144A		5.63			10-1-2024		200,000		215,500
									11,796,314

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  9

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Construction Materials: 0.11%
CRH America Finance Incorporated 144A		3.40	%		5-9-2027	$	200,000	$	221,962
Martin Marietta Material		2.50			3-15-2030		280,000		295,014
									516,976
Containers & Packaging: 0.75%
Graphic Packaging International Company		4.13			8-15-2024		500,000		528,750
Sealed Air Corporation 144A		5.50			9-15-2025		450,000		504,511
Westrock Company		3.00			9-15-2024		1,680,000		1,808,723
WRKCo Incorporated		3.90			6-1-2028		560,000		644,187
									3,486,171
Metals & Mining: 0.11%
Freeport-McMoRan Copper & Gold Incorporated		4.55			11-14-2024		475,000		519,175
Real Estate: 3.19%
Equity REITs: 3.19%
Alexandria Real Estate Equities Incorporated		3.95			1-15-2027		240,000		274,833
Alexandria Real Estate Equities Incorporated		4.30			1-15-2026		1,500,000		1,746,457
Boston Properties LP		2.75			10-1-2026		1,500,000		1,614,167
Boston Properties LP		3.20			1-15-2025		250,000		271,042
Digital Realty Trust LP		4.45			7-15-2028		510,000		611,701
Duke Realty LP		3.25			6-30-2026		1,500,000		1,668,722
Duke Realty LP		4.00			9-15-2028		230,000		270,235
HCP Incorporated		3.50			7-15-2029		560,000		633,134
Healthcare Trust of America Incorporated		3.50			8-1-2026		255,000		287,573
Healthpeak Properties		2.88			1-15-2031		190,000		202,944
Host Hotels & Resorts Incorporated		3.88			4-1-2024		265,000		275,681
Kimco Realty Corporation		3.30			2-1-2025		1,500,000		1,641,693
Mid-America Apartments LP		3.60			6-1-2027		845,000		951,412
Mid-America Apartments LP		4.20			6-15-2028		160,000		187,347
National Retail Properties Incorporated		4.30			10-15-2028		370,000		424,837
Ventas Realty LP		3.50			2-1-2025		150,000		165,362
Ventas Realty LP		3.85			4-1-2027		1,500,000		1,675,673
Vornado Realty Trust		3.50			1-15-2025		750,000		788,113
Welltower Incorporated		3.63			3-15-2024		580,000		630,970
Welltower Incorporated		2.70			2-15-2027		460,000		499,436
									14,821,332
Utilities: 2.97%
Electric Utilities: 2.34%
CenterPoint Energy Incorporated		1.75			10-1-2030		330,000		335,609
Duke Energy Carolinas LLC		6.05			4-15-2038		830,000		1,259,392
Evergy Incorporated		2.25			6-1-2030		350,000		371,961
ITC Holdings Corporation		3.65			6-15-2024		120,000		130,573
MidAmerican Energy Holdings Company		5.80			10-15-2036		900,000		1,319,710
Monongahela Power Company 144A		4.10			4-15-2024		1,660,000		1,797,477
NextEra Energy Operating Partners LP 144A		4.25			9-15-2024		65,000		68,738
Northern States Power Company of Minnesota		5.35			11-1-2039		1,580,000		2,298,470
Public Service Electric & Gas Company		5.70			12-1-2036		590,000		827,909
Rochester Gas & Electric Corporation 144A		3.10			6-1-2027		1,790,000		1,982,704
Southern California Edison Company		6.00			1-15-2034		188,000		259,600
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		200,000		217,881
									10,870,024

The accompanying notes are an integral part of these financial statements.

10  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Gas Utilities: 0.37%
AmeriGas Partners LP		5.50	%		5-20-2025	$	450,000	$	495,000
AmeriGas Partners LP		5.88			8-20-2026		500,000		561,875
Boardwalk Pipelines Company		5.95			6-1-2026		550,000		639,407
									1,696,282
Independent Power & Renewable Electricity Producers: 0.08%
AES Corporation		5.13			9-1-2027		335,000		369,137
Multi-Utilities: 0.18%
Black Hills Corporation		4.35			5-1-2033		710,000		850,904
Total Corporate Bonds and Notes (Cost $142,952,945)									159,777,971
Municipal Obligations: 11.39%
California: 1.22%
GO Revenue: 1.11%
Alameda County CA Series A		3.70			8-1-2031		275,000		313,904
Coast Community College District California		2.89			8-1-2035		1,165,000		1,295,026
Los Angeles CA Community College District		1.61			8-1-2028		650,000		666,705
Oxnard CA Union High School District		1.87			8-1-2030		800,000		809,016
San Diego CA Community College District Series B		2.88			8-1-2033		1,935,000		2,083,318
									5,167,969
Tax Revenue: 0.11%
San Jose CA RDA Senior Taxable Refunding Bonds Series A-T		3.38			8-1-2034		455,000		489,134
									5,657,103
Colorado: 0.10%
GO Revenue: 0.10%
Larimer County CO School District		1.52			12-15-2028		485,000		487,352
Delaware: 0.33%
Miscellaneous Revenue: 0.33%
Delaware Bonds Series 2010C		4.45			7-1-2028		1,250,000		1,545,363
Florida: 0.45%
Airport Revenue: 0.17%
Broward County FL Airport System Series C		2.38			10-1-2026		775,000		796,863
Water & Sewer Revenue: 0.28%
Florida Water Pollution Control Financing Corporation Series A		2.60			1-15-2030		1,175,000		1,278,365
									2,075,228
Georgia: 0.13%
GO Revenue: 0.13%
Cherokee County GA School System Build America Bonds		5.87			8-1-2028		500,000		612,250
Hawaii: 0.16%
GO Revenue: 0.16%
Hawaii State Taxable Series FZ		1.60			8-1-2031		770,000		764,795

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  11

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Idaho: 0.04%
Miscellaneous Revenue: 0.04%
Idaho Building Authority State Office Campus Project Series B		3.28	%		9-1-2028	$	170,000	$	192,054
Illinois: 0.04%
GO Revenue: 0.04%
Lake County IL Community Consolidated School District Series A		3.40			11-1-2027		150,000		166,968
Indiana: 0.54%
Education Revenue: 0.17%
Indiana University Taxable Consolidated Bonds Series B		3.07			6-1-2060		700,000		775,047
Health Revenue: 0.30%
Indiana Finance Authority Community Foundation		3.63			3-1-2039		1,235,000		1,381,669
Miscellaneous Revenue: 0.07%
Indianapolis IN Local Public Improvement Bonds Series A-2		6.00			1-15-2040		235,000		339,634
									2,496,350
Louisiana: 0.09%
Tax Revenue: 0.09%
Louisiana Refunding Bond Series A-2		2.00			5-1-2032		425,000		427,984
Maryland: 0.17%
GO Revenue: 0.17%
Montgomery County MD Consolidated Public Improvement Refunding Bond Series C		1.25			11-1-2028		790,000		789,858
Massachusetts: 0.17%
GO Revenue: 0.17%
Boston MA Series C Qualified School Construction Bonds		4.40			4-1-2026		380,000		384,533
Massachusetts Taxable Consolidated Loan Series H		2.90			9-1-2049		375,000		401,711
									786,244
Michigan: 0.22%
Health Revenue: 0.22%
Michigan Finance Authority Trinity Health Credit Group Series T		3.08			12-1-2034		930,000		1,003,200
Mississippi: 0.07%
Education Revenue: 0.07%
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ±		0.83			10-25-2035		324,707		322,345
Missouri: 0.47%
Education Revenue: 0.47%
Missouri HEFA Washington University Series A		3.65			8-15-2057		500,000		628,895
Missouri Higher Education Loan Authority Class A-1 (1 Month LIBOR +0.83%) ±		0.98			1-26-2026		1,511,574		1,415,846
Missouri Higher Education Loan Authority Class A-1 (3 Month LIBOR +0.85%) ±		1.06			8-27-2029		153,276		152,576
									2,197,317

The accompanying notes are an integral part of these financial statements.

12  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
New Jersey: 0.16%
Miscellaneous Revenue: 0.16%
Hudson County NJ Improvement Authority Hudson County Lease Project (AGM Insured)		7.40	%		12-1-2025	$	655,000	$	740,923
New York: 0.65%
GO Revenue: 0.35%
New York Refunding Bond Series B		2.65			2-15-2030		1,505,000		1,616,822
Miscellaneous Revenue: 0.08%
New York State Taxable Bonds Series 2010C		5.62			3-1-2040		250,000		363,903
Tax Revenue: 0.22%
New York City NY Transitional Finance Authority		2.21			5-1-2027		1,000,000		1,052,150
									3,032,875
North Carolina: 0.54%
Education Revenue: 0.54%
North Carolina Education Assistance Authority Student Loan (3 Month LIBOR +0.90%) ±		1.12			7-25-2041		1,486,657		1,475,656
North Carolina Education Assistance Authority Student Loan Series A-3 (3 Month LIBOR +0.90%) ±		1.12			10-25-2041		443,308		441,264
University of North Carolina Chapel Hill Refunding Bonds Series C		3.33			12-1-2036		500,000		577,565
									2,494,485
Ohio: 0.60%
Education Revenue: 0.30%
Ohio State University Build America Bonds		4.91			6-1-2040		1,000,000		1,395,520
Health Revenue: 0.18%
Ohio Hospital Facility Refunding Bond Cleveland Clinic		3.28			1-1-2042		725,000		826,362
Miscellaneous Revenue: 0.12%
Jobsohio Beverage System Ohio Statewide Senior Lien Liquor Profits Series A		2.83			1-1-2038		515,000		554,578
									2,776,460
Oklahoma: 0.18%
Water & Sewer Revenue: 0.18%
Oklahoma Water Resources Board Refunding Bond Series 2019 (Oklahoma Credit Enhancement Reserve Fund Insured)		2.56			4-1-2031		770,000		818,541
Oregon: 0.22%
GO Revenue: 0.16%
Oregon Board of Higher Education Build America Bonds Series C		5.38			8-1-2039		500,000		733,765
Tax Revenue: 0.06%
Oregon Deptartment Transportation Highway Senior Lien Series B		1.33			11-15-2028		290,000		291,621
									1,025,386
Pennsylvania: 0.87%
Education Revenue: 0.61%
Pennsylvania HEFAR Refunding Taxable Bonds Series B		2.94			8-15-2039		1,000,000		1,076,310

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  13

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Pennsylvania Higher Education Authority Class A (1 Month LIBOR +1.15%) 144A±		1.30	%		9-25-2065	$	925,158	$	928,297
University of Pittsburgh Series A		3.65			9-15-2036		715,000		849,155
									2,853,762
GO Revenue: 0.26%
Northampton County PA Series C		2.54			10-1-2028		1,100,000		1,207,668
									4,061,430
Rhode Island: 0.47%
Education Revenue: 0.47%
Rhode Island Student Loan Authority Class A-1 (1 Month LIBOR +0.90%) ±		1.05			7-1-2031		2,195,144		2,184,805
South Carolina: 0.15%
GO Revenue: 0.15%
Richland County SC School District Series B		1.78			3-1-2028		700,000		719,327
Texas: 1.51%
Education Revenue: 0.27%
University of Texas Build America Bonds Series A		5.26			7-1-2039		550,000		803,655
University of Texas Build America Bonds Series C		4.79			8-15-2046		120,000		164,724
University of Texas Build America Bonds Series D		5.13			8-15-2042		215,000		302,879
									1,271,258
GO Revenue: 1.01%
Hidalgo County TX Refunding Bonds Series 2018C		4.04			8-15-2030		1,270,000		1,474,381
Houston TX Pension Obligation Bonds Series 2017		3.73			3-1-2030		110,000		124,733
Mansfield TX Independent School District		5.00			2-15-2028		880,000		1,115,338
North East TX Independent School District		4.50			2-1-2028		910,000		1,129,665
Stafford TX Municipal School District Refunding Bond Series B		3.08			8-15-2041		750,000		853,313
									4,697,430
Miscellaneous Revenue: 0.16%
Texas Transportation Commission Taxable Mobility Refunding Bond		1.53			10-1-2029		710,000		732,053
Tax Revenue: 0.07%
Texas Transportation Commission Highway Fund		5.18			4-1-2030		250,000		321,123
									7,021,864
Utah: 0.55%
Education Revenue: 0.55%
State Board of Regents of Utah Series 1-A (1 Month LIBOR +0.75%) ±		0.90			9-25-2056		2,574,439		2,558,941
Vermont: 0.03%
Housing Revenue: 0.03%
Vermont Housing Finance Agency		3.80			11-1-2037		110,000		124,210
Virginia: 0.21%
Education Revenue: 0.18%
University of Virginia Build America Bonds		6.20			9-1-2039		315,000		506,678
University of Virginia Revenue Bond Series C		4.18			9-1-2117		265,000		340,658
									847,336

The accompanying notes are an integral part of these financial statements.

14  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Housing Revenue: 0.03%
Virginia Housing Development Authority		3.10	%		6-25-2041	$	122,014	$	126,011
									973,347
Washington: 0.72%
GO Revenue: 0.67%
King County WA Build America Bonds Series B		6.05			12-1-2030		350,000		470,456
Washington Build America Bonds Series D		5.48			8-1-2039		1,000,000		1,464,910
Washington Series T		3.45			8-1-2029		1,000,000		1,161,850
									3,097,216
Tax Revenue: 0.05%
Washington Build America Bonds		5.09			8-1-2033		175,000		230,011
									3,327,227
West Virginia: 0.09%
Tax Revenue: 0.09%
Ohio County WV Special District Excise Tax Series A		8.25			3-1-2035		425,000		426,288
Wisconsin: 0.24%
GO Revenue: 0.18%
Wisconsin State Refunding Bond Series 1		2.50			5-1-2032		750,000		827,730
Miscellaneous Revenue: 0.06%
Wisconsin General Fund Annual Appropriation Series A		2.30			5-1-2028		250,000		267,130
									1,094,860
Total Municipal Obligations (Cost $49,080,225)									52,905,380
Non-Agency Mortgage-Backed Securities: 7.26%
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15			8-15-2045		550,000		567,357
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		472,661		493,012
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62			10-10-2046		339,103		354,104
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±±		4.19			11-10-2046		600,000		657,140
Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5		3.98			5-10-2047		1,795,000		1,971,766
Commercial Mortgage Pass-Through Certificate Series 2014-CR21 Class A3		3.53			12-10-2047		2,661,394		2,873,421
Commercial Mortgage Pass-Through Certificate Series 2014-UBS5 Class A4		3.84			9-10-2047		620,000		681,114
Goldman Sachs Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		82,096		82,233
Goldman Sachs Mortgage Securities Trust Series 2011-GC5 Class A4		3.71			8-10-2044		545,000		547,979
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38			5-10-2045		363,018		367,768
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		615,000		666,449
Goldman Sachs Mortgage Securities Trust Series 2013-GC16 Class A4		4.27			11-10-2046		350,000		379,711
Goldman Sachs Mortgage Securities Trust Series 2014-GC26 Class A5		3.63			11-10-2047		2,565,000		2,795,083
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07			11-15-2043		160,532		160,359
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C19 Class A4		4.00			4-15-2047		450,000		491,519
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C20 Class A5		3.80			7-15-2047		4,065,000		4,431,878
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-GC26 Class A4		3.49			1-15-2048		1,338,000		1,464,216
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65			4-15-2047		395,621		416,790

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  15

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 Class A4		3.53	%		12-15-2047	$	1,790,000	$	1,955,544
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		446,258		456,339
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12			7-15-2049		346,457		350,577
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±±		2.75			8-25-2055		118,735		121,145
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±		2.25			4-25-2056		140,570		142,177
Towd Point Mortgage Trust Series 2018-3 Class A1 144A±±		3.75			5-25-2058		1,978,101		2,111,769
Towd Point Mortgage Trust Series 2019-4 Class A1 144A±±		2.90			10-25-2059		2,319,234		2,435,987
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4		4.02			12-15-2046		4,370,000		4,718,468
WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5		4.00			5-15-2047		1,876,047		2,051,311
Total Non-Agency Mortgage-Backed Securities (Cost $31,714,657)									33,745,216
U.S. Treasury Securities: 7.98%
U.S. Treasury Bond		1.13			5-15-2040		930,000		893,527
U.S. Treasury Bond		1.13			8-15-2040		6,695,000		6,415,693
U.S. Treasury Bond		1.25			5-15-2050		5,655,000		5,207,018
U.S. Treasury Bond		1.38			11-15-2040		1,150,000		1,151,128
U.S. Treasury Bond		1.38			8-15-2050		1,705,000		1,620,016
U.S. Treasury Bond		2.38			11-15-2049		10,063,000		11,985,583
U.S. Treasury Bond		4.25			5-15-2039		1,890,000		2,838,913
U.S. Treasury Bond		4.50			5-15-2038		1,540,000		2,354,636
U.S. Treasury Note		0.25			11-15-2023		4,575,000		4,583,221
Total U.S. Treasury Securities (Cost $37,223,709)									37,049,735
Yankee Corporate Bonds and Notes: 4.47%
Energy: 0.53%
Oil, Gas & Consumable Fuels: 0.53%
BP Capital Markets plc		3.28			9-19-2027		155,000		173,055
Cenovus Energy Incorporated		4.25			4-15-2027		1,025,000		1,092,435
Petroleos Mexicanos		2.29			2-15-2024		96,250		99,227
Petroleos Mexicanos		2.83			2-15-2024		201,250		208,894
Petroleos Mexicanos		6.38			1-23-2045		1,080,000		904,500
									2,478,111
Financials: 2.04%
Banks: 1.19%
Bank of Nova Scotia		4.50			12-16-2025		80,000		92,053
BNP Paribas SA (3 Month LIBOR +1.11%) 144A±		2.82			11-19-2025		820,000		873,789
BNP Paribas SA 144A		4.40			8-14-2028		520,000		615,565
Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity +1.00%) 144A±		1.34			6-24-2026		530,000		537,871
HSBC Holdings plc (3 Month LIBOR +1.35%) ±		4.29			9-12-2026		950,000		1,075,400
HSBC Holdings plc (3 Month LIBOR +1.53%) ±		4.58			6-19-2029		1,500,000		1,767,802
Royal Bank of Canada		4.65			1-27-2026		120,000		142,289
Sumitomo Mitsui Financial Group		1.47			7-8-2025		430,000		439,661
									5,544,430
Capital Markets: 0.47%
Credit Suisse Group AG (3 Month LIBOR +1.41%) 144A±		3.87			1-12-2029		1,500,000		1,698,191
Credit Suisse Group AG (3 Month LIBOR +1.24%) 144A±		4.21			6-12-2024		450,000		487,804
									2,185,995
Consumer Finance: 0.38%
UBS Group Funding Switzerland 144A		4.25			3-23-2028		1,500,000		1,752,187

The accompanying notes are an integral part of these financial statements.

16  |  Wells Fargo Managed Fixed Income Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care: 0.30%
Pharmaceuticals: 0.30%
Teva Pharmaceutical Finance BV		2.20	%		7-21-2021	$	150,000	$	150,053
Teva Pharmaceutical Finance BV		2.80			7-21-2023		900,000		884,124
Teva Pharmaceutical Finance BV		3.15			10-1-2026		350,000		331,625
									1,365,802
Industrials: 0.48%
Aerospace & Defense: 0.28%
Embraer Netherlands Finance BV		5.05			6-15-2025		1,200,000		1,276,920
Electrical Equipment: 0.06%
Sensata Technologies BV 144A		5.63			11-1-2024		265,000		296,800
Machinery: 0.14%
CNH Industrial NV		4.50			8-15-2023		600,000		652,931
Information Technology: 0.43%
Semiconductors & Semiconductor Equipment: 0.20%
TSMC Global Limited Company 144A		1.38			9-28-2030		940,000		920,671
Software: 0.23%
Experian Finance plc 144A		4.25			2-1-2029		510,000		601,764
OpenText Corporation 144A		3.88			2-15-2028		470,000		485,275
									1,087,039
Materials: 0.69%
Chemicals: 0.04%
Nutrien Limited		2.95			5-13-2030		180,000		198,076
Metals & Mining: 0.65%
Anglo American Capital plc 144A		4.75			4-10-2027		1,000,000		1,168,914
Vale Overseas Limited		6.25			8-10-2026		1,500,000		1,848,291
									3,017,205
Total Yankee Corporate Bonds and Notes (Cost $18,804,443)									20,776,167
	Yield					Shares
Short-Term Investments: 5.57%
Investment Companies: 5.57%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					602,485		602,485
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.02					25,283,299		25,283,299
Total Short-Term Investments (Cost $25,885,784)									25,885,784

Total investments in securities (Cost $439,721,135)	101.95	%		473,539,411
Other assets and liabilities, net	(1.95	)		(9,063,318	)
Total net assets	100.00	%	$	464,476,093

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  17

Portfolio of investments—November 30, 2020 (unaudited)

%% The security is purchased on a when-issued basis.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

± 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.

« All or a portion of this security is on loan.

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

## All or a portion of this security is segregated for when-issued securities.

Abbreviations:

AGM Assured Guaranty Municipal

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

LIBOR London Interbank Offered Rate

RDA Redevelopment Authority

REIT Real Estate Investment Trust

SOFR Secured Overnight Financing Rate

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Shares proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	1,014,339	$	(411,854	)	$	0	$	0	$	602,485					602,485	$	224	#
Wells Fargo Government Money Market Fund Select Class		12,907,842		56,456,892		(44,081,435	)		0		0		25,283,299					25,283,299		6,700
								$	0	$	0	$	25,885,784		5.57	%			$	6,924

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

18  |  Wells Fargo Managed Fixed Income Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $590,774 of securities loaned), at value (cost $413,835,351)	$	447,653,627
Investments in affiliated securities, at value (cost $25,885,784)		25,885,784
Cash		7,878
Receivable for investments sold		10,168,318
Receivable for interest		2,924,137
Receivable for securities lending income, net		169
Prepaid expenses and other assets		73,702
Total assets		486,713,615
Liabilities
Payable upon receipt of securities loaned		602,485
Payable for when-issued transactions		10,040,242
Payable for investments purchased		11,460,305
Advisory fee payable		134,490
Total liabilities		22,237,522
Total net assets	$	464,476,093

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  19

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest	$	7,042,173
Income from affiliated securities		6,915
Total investment income		7,049,088
Expenses
Advisory fee		941,153
Custody and accounting fees		17,247
Professional fees		28,390
Shareholder report expenses		8,191
Trustees’ fees and expenses		9,623
Other fees and expenses		13,678
Total expenses		1,018,282
Less: Fee waivers and/or expense reimbursements		(103,482	)
Net expenses		914,800
Net investment income		6,134,288
Realized and unrealized gains (losses) on investments
Net realized gains on investments		2,184,349
Net change in unrealized gains (losses) on investments		8,558,429
Net realized and unrealized gains (losses) on investments		10,742,778
Net increase in net assets resulting from operations	$	16,877,066

The accompanying notes are an integral part of these financial statements.

20  |  Wells Fargo Managed Fixed Income Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	6,134,288		$	16,833,910
Net realized gains on investments		2,184,349			18,337,233
Net change in unrealized gains (losses) on investments		8,558,429			3,278,902
Net increase in net assets resulting from operations		16,877,066			38,450,045
Capital transactions
Transactions in investors’ beneficial interests
Contributions		21,659,103			23,945,990
Withdrawals		(36,308,738	)		(183,068,121	)
Net decrease in net assets resulting from capital transactions		(14,649,635	)		(159,122,131	)
Total increase (decrease) in net assets		2,227,431			(120,672,086	)
Net assets
Beginning of period		462,248,662			582,920,748
End of period	$	464,476,093		$	462,248,662

The accompanying notes are an integral part of these financial statements.

Wells Fargo Managed Fixed Income Portfolio  |  21

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		3.67	%		7.51	%		7.22	%		0.05	%		3.13	%		3.95	%
Ratios to average net assets (annualized)
Gross expenses		0.43	%		0.42	%		0.41	%		0.49	%		0.48	%		0.48	%
Net expenses		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		2.61	%		3.10	%		3.24	%		3.09	%		2.99	%		3.12	%
Supplemental data
Portfolio turnover rate		16	%		40	%		232	%		23	%		47	%		25	%

¹  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

22  |  Wells Fargo Managed Fixed Income Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Managed Fixed Income Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Portfolio. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to

Wells Fargo Managed Fixed Income Portfolio  |  23

Notes to financial statements (unaudited)

purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All interest, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether interest and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $439,586,352 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	35,781,753
Gross unrealized losses		(1,828,694	)
Net unrealized gains	$	33,953,059

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

24  |  Wells Fargo Managed Fixed Income Portfolio

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	136,215,663	$	0	$	136,215,663
Asset-backed securities		0		7,183,495		0		7,183,495
Corporate bonds and notes		0		159,777,971		0		159,777,971
Municipal obligations		0		52,905,380		0		52,905,380
Non-agency mortgage-backed securities		0		33,745,216		0		33,745,216
U.S. Treasury securities		37,049,735		0		0		37,049,735
Yankee corporate bonds and notes		0		20,776,167		0		20,776,167
Short-term investments
Investment companies		25,885,784		0		0		25,885,784
Total assets		$62,935,519	$	410,603,892	$	0	$	473,539,411

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.300
Over $10 billion		0.290

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Galliard Capital Management, Inc., an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio.

Wells Fargo Managed Fixed Income Portfolio  |  25

Notes to financial statements (unaudited)

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$62,383,347	$19,365,295	$33,157,487	$36,957,544

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Citigroup Global Markets Inc.	$590,774	$(590,774)	$	0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

26  |  Wells Fargo Managed Fixed Income Portfolio

Notes to financial statements (unaudited)

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Managed Fixed Income Portfolio  |  27

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

28  |  Wells Fargo Managed Fixed Income Portfolio

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 Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, 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.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Wells Fargo Managed Fixed Income Portfolio  |  29

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

30  |  Wells Fargo Managed Fixed Income Portfolio

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 funds in the Fund Complex.

Wells Fargo Managed Fixed Income Portfolio  |  31

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Portfolio. 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 Portfolio’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Master Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Master Trust 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 registrant 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 registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Master Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 27, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Master Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 27, 2021
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	January 27, 2021
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	January 27, 2021

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo C&B Large Cap Value Portfolio, Wells Fargo Emerging Growth Portfolio, Wells Fargo Index Portfolio, Wells Fargo International Value Portfolio, Wells Fargo Small Company Growth Portfolio, Wells Fargo Small Company Value Portfolio, Wells Fargo Core Bond Portfolio, Wells Fargo Real Return Portfolio, Wells Fargo Diversified Large Cap Growth Portfolio, Wells Fargo Disciplined Large Cap Portfolio, Wells Fargo Disciplined International Developed Markets Portfolio, Wells Fargo Large Company Value Portfolio, and Wells Fargo Managed Fixed Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2021

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Master Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo C&B Large Cap Value Portfolio, Wells Fargo Emerging Growth Portfolio, Wells Fargo Index Portfolio, Wells Fargo Small Company Growth Portfolio, Wells Fargo Small Company Value Portfolio, Wells Fargo Core Bond Portfolio, Wells Fargo Real Return Portfolio, Wells Fargo Diversified Large Cap Growth Portfolio, Wells Fargo Large Company Value Portfolio, and Wells Fargo Managed Fixed Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2021

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Master Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo International Value Portfolio, Wells Fargo Disciplined Large Cap Portfolio, and Wells Fargo Disciplined International Developed Markets Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

e) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

f) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

g) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

h) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2021

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Master Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Master Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2021

By:
	/s/ Andrew Owen
	Andrew Owen
	President
	Wells Fargo Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Master Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2021

By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
	Wells Fargo Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Master Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2021

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Wells Fargo Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT