Semi-Annual Report. November 30, Allocation Funds. Wells Fargo Growth Balanced Fund Wells Fargo Moderate Balanced Fund

Semi-Annual Report November 30, 2017 Allocation Funds Wells Fargo Growth Balanced Fund Wells Fargo Moderate Balanced Fund

Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery Contents Letter to shareholders... 2 Performance highlights... 4 Fund expenses...11 Portfolio of investments Wells Fargo Growth Balanced Fund...12 Wells Fargo Moderate Balanced Fund...14 Financial statements Statements of assets and liabilities...16 Statements of operations...17 Statements of changes in net assets...18 Financial highlights...20 Notes to financial statements...24 Master portfolios Portfolio of investments Wells Fargo C&B Large Cap Value Portfolio... 31 Wells Fargo Diversified Large Cap Growth Portfolio... 35 Wells Fargo Emerging Growth Portfolio... 41 Wells Fargo International Growth Portfolio... 46 Wells Fargo International Value Portfolio... 50 Wells Fargo Large Company Value Portfolio... 58 Wells Fargo Small Company Growth Portfolio... 63 Wells Fargo Small Company Value Portfolio... 69 Wells Fargo Core Bond Portfolio... 74 Wells Fargo Managed Fixed Income Portfolio... 99 Wells Fargo Real Return Bond Portfolio... 111 Wells Fargo Stable Income Portfolio...123 Financial statements Statements of assets and liabilities...134 Statements of operations...138 Statements of changes in net assets...142 Financial highlights...154 Notes to financial statements...156 Other information...171 List of abbreviations...174 The views expressed and any forward-looking statements are as of November 30, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

2 Wells Fargo Allocation Funds Letter to shareholders (unaudited) Dear Shareholder: We are pleased to offer you this semi-annual report for the Wells Fargo Allocation Funds for the six-month period that ended November 30, 2017. In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well. U.S. and international stocks returned 10.89% and 9.38%, respectively, for the six-month period, as measured by the S&P 500 Index 1 and the MSCI ACWI ex USA Index (Net), 2 respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index 3 returned 0.68% and the Bloomberg Barclays Municipal Bond Index 4 returned 0.40%. Andrew Owen President Wells Fargo Funds In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well. Global growth strengthened in June and through the third quarter of 2017, and investment markets generally advanced. From June through September, most stock markets worldwide moved higher and were at or near all-time highs as September ended. Moderate acceleration in global economic growth was supported by improving corporate earnings, low inflation pressure, and still-low interest rates. Corporate earnings reports were favorable overall as companies continued to benefit from healthy operating leverage. Global commodity prices climbed; oil prices rebounded, partly due to a better balance between supply and demand. While North Korea s missile launches and nuclear testing raised serious concerns around the world, the heightened geopolitical risk had relatively minimal impact on stock returns. In the U.S., economic data released in the third quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate, and consumers displayed more willingness to spend. Meanwhile, after raising the target interest rate by a quarter percentage point in June to a range of 1.00% to 1.25% the Federal Reserve (Fed) chose to maintain that target throughout the third quarter, noting that inflation had remained below the Fed s 2.00% objective. Reflecting continued confidence in the U.S. economy, the Fed also stated the possibility of one more 0.25% increase in the federal funds rate by the end of 2017 and announced plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets in October. Outside the U.S., stocks in the Asia Pacific region benefited from solid earnings reports and investors willingness to take on risk despite the rising tensions between North Korea and the U.S. In Europe, markets were supported by betterthan-expected economic growth, which has led to narrowing of the gap between Europe s growth rate and that of the U.S. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar. Also, commodity prices were on an upward trajectory, which benefited many companies that rely on natural resources for exports. 1 2 3 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. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixedrate 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. The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Allocation Funds 3 Positive economic and market news generally continued into October and November. October proved to be a strong month for U.S. stocks. The S&P 500 Index delivered 11 record closes amid rising consumer confidence and signs the economy was continuing to gain momentum, including news in late October that economic output was estimated to have grown at a 3.0% annual rate in the third quarter. At its October meeting, the Fed, in a unanimous vote, left short-term interest rates unchanged but signaled it could make another rate increase before the end of 2017 if the economy remains on track. The Fed also began the process of unwinding its quantitative easing program. Outside the U.S., international stocks generally delivered positive results in October as global economic growth continued to strengthen. Economic data released in November indicated that the U.S. economy was continuing its steady expansion, even though inflation remained low. The U.S. Bureau of Economic Analysis raised its estimate of third-quarter economic growth to 3.3% during November, consumers increased their spending, and U.S. companies continued to deliver solid earnings gains. As November ended, major U.S. stock indexes climbed to record levels, propelled by investors rising confidence that the U.S. Senate would pass its version of a tax-overhaul bill. The optimism led many investors to sell U.S. Treasury bonds in order to purchase stocks, which pushed government bond yields higher. Outside the U.S., stock markets generally delivered favorable monthly results, and economies continued to improve. Within the eurozone, for example, accelerating growth and falling unemployment helped boost the eurozone economic indicator to its highest level in 17 years in November. Don t let short-term uncertainty derail long-term investment goals. Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities. Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. Although diversification cannot guarantee an investment profit or prevent losses, we believe itcanbeaneffectivewayto manage investment risk and potentially smooth out overall portfolio performance. Sincerely, Andrew Owen President Wells Fargo Funds For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Allocation Funds Performance highlights (unaudited) Wells Fargo Growth Balanced Fund Investment objective The Fund seeks total return, consisting of capital appreciation and current income. Manager Wells Fargo Funds Management, LLC Subadviser Wells Capital Management Incorporated Subadvisers for the affiliated master portfolios Analytic Investors, LLC Artisan Partners Limited Partnership Cooke & Bieler, L.P. Galliard Capital Management, Inc. LSV Asset Management Peregrine Capital Management, LLC Wells Capital Management Incorporated Portfolio managers Kandarp R. Acharya, CFA, FRM Petros Bocray, CFA, FRM Christian L. Chan, CFA Average annual total returns (%) as of November 30, 2017 Including sales charge Excluding sales charge Expense ratios 1 (%) Inception date 1 year 5 year 10 year 1 year 5 year 10 year Gross Net 2 Class A (WFGBX) 10-14-1998 9.01 9.07 4.84 15.66 10.37 5.46 1.34 1.20 Class C (WFGWX) 10-1-1998 13.79 9.55 4.67 14.79 9.55 4.67 2.09 1.95 Administrator Class (NVGBX) 11-11-1994 15.96 10.65 5.72 1.26 0.95 Growth Balanced Blended Index 3 15.55 10.10 6.52 Bloomberg Barclays U.S. Aggregate Bond Index 4 3.21 1.98 3.99 MSCI ACWI ex USA Index (Net) 5 27.59 7.06 1.47 Russell 3000 Index 6 22.27 15.63 8.43 Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund s website, wellsfargofunds.com. Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index. For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge. Please see footnotes on page 6.

Performance highlights (unaudited) Wells Fargo Allocation Funds 5 Wells Fargo Growth Balanced Fund (continued) Ten largest holdings (%) as of November 30, 2017 7 Neutral target allocation Wells Fargo Managed Fixed Income Portfolio 24.26 Wells Fargo Disciplined U.S. Core Fund Class R6 13.05 Wells Fargo Diversified Large Cap Growth Portfolio 13.03 Wells Fargo Large Company Value Portfolio 10.21 Wells Fargo International Value Portfolio 9.81 Wells Fargo International Growth Portfolio 9.64 Wells Fargo Core Bond Portfolio 6.93 Wells Fargo Real Return Portfolio 3.47 Wells Fargo Small Company Value Portfolio 3.31 Wells Fargo C&B Large Cap Value Portfolio 3.06 Stocks (65%) Bonds (35%) Current target allocation as of November 30, 2017 8 Stocks (65%) Bonds (28%) Effective Cash (7%) Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and smaller-company securities risk. Consult the Fund s prospectus for additional information on these and other risks. Please see footnotes on page 6.

6 Wells Fargo Allocation Funds Performance highlights (unaudited) Wells Fargo Growth Balanced Fund (continued) 1 2 3 4 5 6 7 8 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.50% in acquired fund fees and expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from funds in which the affiliated master portfolios invest, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense cap. Without this cap, the Fund s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses. Source: Wells Fargo Funds Management, LLC. The Growth Balanced Blended Index is weighted 45% in the Russell 3000 Index, 35% in the Bloomberg Barclays U.S. Aggregate Bond Index, and 20% in the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was weighted 35% in the Bloomberg Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000 Growth Index, 16.25% in the Russell 1000 Value Index, 16.25% in the S&P 500 Index, 9.75% in the MSCI EAFE Index (Net), and 6.50% in the Russell 2000 Index. You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixedrate 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. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed markets, excluding the Unites States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of longand/ or short futures contracts held as part of dynamic risk management strategy. These amounts are subject to change and may have changed since the date specified.

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8 Wells Fargo Allocation Funds Performance highlights (unaudited) Wells Fargo Moderate Balanced Fund Investment objective The Fund seeks total return, consisting of current income and capital appreciation. Manager Wells Fargo Funds Management, LLC Subadviser Wells Capital Management Incorporated Subadvisers for the affiliated master portfolios Analytic Investors, LLC Artisan Partners Limited Partnership Cooke & Bieler, L.P. Galliard Capital Management, Inc. LSV Asset Management Peregrine Capital Management, LLC Wells Capital Management Incorporated Portfolio managers Kandarp R. Acharya, CFA, FRM Petros Bocray, CFA, FRM Christian L. Chan, CFA Average annual total returns (%) as of November 30, 2017 Including sales charge Excluding sales charge Expense ratios 1 (%) Inception date 1 year 5 year 10 year 1 year 5 year 10 year Gross Net 2 Class A (WFMAX) 1-30-2004 4.10 5.91 4.08 10.45 7.17 4.70 1.32 1.15 Class C (WFBCX) 1-30-2004 8.62 6.37 3.91 9.62 6.37 3.91 2.07 1.90 Administrator Class (NVMBX) 11-11-1994 10.75 7.44 4.95 1.24 0.90 Moderate Balanced Blended Index 3 10.36 6.74 5.21 Bloomberg Barclays U.S. Aggregate Bond Index 4 3.21 1.98 3.99 Bloomberg Barclays U.S. Short Treasury 9-12 Months Index 5 0.69 0.41 0.90 MSCI EAFE Index (Net) 6 27.27 8.24 1.55 Russell 1000 Growth Index 7 30.81 17.14 9.87 Russell 1000 Value Index 8 14.83 14.17 6.84 Russell 2000 Index 9 18.34 15.02 8.75 S&P 500 Index 10 22.87 15.74 8.30 Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund s website, wellsfargofunds.com. Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index. For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge. Please see footnotes on page 10.

Performance highlights (unaudited) Wells Fargo Allocation Funds 9 Wells Fargo Moderate Balanced Fund (continued) Ten largest holdings as of November 30, 2017 11 Neutral target allocation Wells Fargo Managed Fixed Income Portfolio 20.20 Wells Fargo Stable Income Portfolio 9.65 Wells Fargo Diversified Large Cap Growth Portfolio 6.53 Wells Fargo Disciplined U.S. Core Fund Class R6 6.50 Wells Fargo Core Bond Portfolio 5.77 Wells Fargo Large Company Value Portfolio 4.40 Wells Fargo Real Return Portfolio 2.89 Wells Fargo C&B Large Cap Value Portfolio 2.21 Wells Fargo International Value Portfolio 1.96 Wells Fargo International Growth Portfolio 1.94 Stocks (40%) Bonds (60%) Current target allocation as of November 30, 2017 12 Stocks (40%) Bonds (53%) Effective Cash (7%) Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund s prospectus for additional information on these and other risks. Please see footnotes on page 10.

10 Wells Fargo Allocation Funds Performance highlights (unaudited) Wells Fargo Moderate Balanced Fund (continued) 1 2 3 4 5 6 7 8 9 10 11 12 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.46% in acquired fund fees and expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from funds in which the affiliated master portfolios invest, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense cap. Without this cap, the Fund s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses. Source:WellsFargoFundsManagement,LLC.TheModerate Balanced Blended Index is weighted 45% in the Bloomberg Barclays U.S. Aggregate Bond Index, 15% in the Bloomberg Barclays U.S. Short Treasury 9-12 Months Index, 10% in the Russell 1000 Growth Index, 10% in the Russell 1000 Value Index, 10% in the S&P 500 Index, 6% in the MSCI EAFE Index (Net), and 4% in the Russell 2000 Index. You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixedrate 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. The Bloomberg Barclays U.S. Short Treasury 9 12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index. The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland,Israel,Italy,Japan,theNetherlands,NewZealand,Norway,Portugal,Singapore,Spain,Sweden,Switzerland,andtheUnitedKingdom.Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index. 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. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of longand/ or short futures contracts held as part of dynamic risk management strategy. These amounts are subject to change and may have changed since the date specified.

Fund expenses (unaudited) Wells Fargo Allocation Funds 11 As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2017 to November 30, 2017. Actual expenses The Actual line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line under the heading entitled Expenses paid during period for your applicable class of shares to estimate the expenses you paid on your account during this period. Hypothetical example for comparison purposes The Hypothetical line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the Hypothetical line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Growth Balanced Fund 1 Beginning account value 6-1-2017 Ending account value 11-30-2017 Expenses paid during the period 2 Annualized net expense ratio Class A Actual $1,000.00 $1,071.51 $ 6.23 1.20% Hypothetical (5% return before expenses) $1,000.00 $1,019.05 $ 6.07 1.20% Class C Actual $1,000.00 $1,067.38 $10.11 1.95% Hypothetical (5% return before expenses) $1,000.00 $1,015.29 $ 9.85 1.95% Administrator Class Actual $1,000.00 $1,072.92 $ 4.94 0.95% Hypothetical (5% return before expenses) $1,000.00 $1,020.31 $ 4.81 0.95% Moderate Balanced Fund 1 Class A Actual $1,000.00 $1,046.44 $ 5.90 1.15% Hypothetical (5% return before expenses) $1,000.00 $1,019.30 $ 5.82 1.15% Class C Actual $1,000.00 $1,042.23 $ 9.73 1.90% Hypothetical (5% return before expenses) $1,000.00 $1,015.54 $ 9.60 1.90% Administrator Class Actual $1,000.00 $1,047.72 $ 4.62 0.90% Hypothetical (5% return before expenses) $1,000.00 $1,020.56 $ 4.56 0.90% 1 2 Amounts include any net expenses allocated from the affiliated Master Portfolios to the Fund. Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

12 Wells Fargo Allocation Funds Portfolio of investments November 30, 2017 (unaudited) GROWTH BALANCED FUND Security name Shares Value Investment Companies: 100.03% Affiliated Master Portfolios: 86.98% Wells Fargo C&B Large Cap Value Portfolio $ 7,540,935 Wells Fargo Core Bond Portfolio 17,060,432 Wells Fargo Diversified Large Cap Growth Portfolio 32,066,675 Wells Fargo Emerging Growth Portfolio 3,994,705 Wells Fargo International Growth Portfolio 23,716,828 Wells Fargo International Value Portfolio 24,129,532 Wells Fargo Large Company Value Portfolio 25,129,263 Wells Fargo Managed Fixed Income Portfolio 59,681,658 Wells Fargo Real Return Portfolio 8,529,688 Wells Fargo Small Company Growth Portfolio 4,029,070 Wells Fargo Small Company Value Portfolio 8,140,647 214,019,433 Affiliated Stock Funds: 13.05% Wells Fargo Disciplined U.S. Core Fund Class R6 1,768,323 32,112,738 Total Investment Companies (Cost $213,838,103) 246,132,171 Short-Term Investments: 0.07% Yield Maturity date Principal U.S. Treasury Securities: 0.07% U.S. Treasury Bill #(z) 1.25% 3-1-2018 $ 170,000 169,469 Total Short-Term Investments (Cost $169,465) 169,469 Total investments in securities (Cost $214,007,568) 100.10% 246,301,640 Other assets and liabilities, net (0.10) (249,181) Total net assets 100.00% $246,052,459 Non-income-earning security # All or a portion of this security is segregated as collateral for investments in derivative instruments. (z) Zero coupon security. The rate represents the current yield to maturity. Futures Contracts Description Number of contracts Expiration date Notional cost Notional value Unrealized gains Unrealized losses Short 10-Year U.S. Treasury Notes (144) 3-20-2018 $(17,959,405) $(17,862,750) $96,655 $0

Portfolio of investments November 30, 2017 (unaudited) Wells Fargo Allocation Funds 13 GROWTH BALANCED FUND Investments in Affiliates An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows: Shares, beginning of Shares Shares period purchased sold Shares, end of period Net change in unrealized gains (losses) on affiliated Underlying Funds Value, end of period Investment Companies Affiliated Stock Funds Wells Fargo Disciplined U.S. Core Fund Class R6 0 1,768,323 0 1,768,323 $265,248 $32,112,738 13.05% Transactions with the affiliated Master Portfolios were as follows: %of ownership, beginning of period %of ownership, end of period Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios Dividends allocated from affiliated Master Portfolios Interest allocated from affiliated Master Portfolios Securities lending income from affiliates allocated from affiliated Master Portfolios Value, end of period Affiliated Master Portfolios Wells Fargo C&B Large Cap Value Portfolio 4% 2% $ 720,832 $ 256,858 $ 103,903 $ 3,436 $ 952 $ 7,540,935 Wells Fargo Core Bond Portfolio 0* 0* 52,290 (103,015) 0 207,858 882 17,060,432 Wells Fargo Diversified Large Cap Growth Portfolio 38 34 4,144,925 789,168 226,960 1,775 968 32,066,675 Wells Fargo Emerging Growth Portfolio 1 0* 284,502 270,934 3,658 266 1,209 3,994,705 Wells Fargo Index Portfolio 2 0 2,964,117 51,104 390,126 1,975 659 0 Wells Fargo International Growth Portfolio 9 57 2,719,661 (1,608,868) 62,740 800 2,238 23,716,828 Wells Fargo International Value Portfolio 2 3 46,123 894,702 192,760 341 5,181 24,129,532 Wells Fargo Large Company Value Portfolio 37 37 860,155 1,473,901 274,501 2,222 0 25,129,263 Wells Fargo Managed Fixed Income Portfolio 53 55 174,520 (415,727) 0 1,009,375 512 59,681,658 Wells Fargo Real Return Portfolio 9 6 (24,093) 3,928 31,949 104,123 306 8,529,688 Wells Fargo Small Company Growth Portfolio 0* 0* 26,146 460,576 9,998 711 2,634 4,029,070 Wells Fargo Small Company Value Portfolio 4 5 776,554 253,184 61,435 1,034 6,941 8,140,647 * The amount owned is less than 0.5%. %of net assets %of net assets $12,745,732 $2,326,745 $1,358,030 $1,333,916 $22,482 $214,019,433 86.98%

14 Wells Fargo Allocation Funds Portfolio of investments November 30, 2017 (unaudited) MODERATE BALANCED FUND Security name Shares Value Investment Companies: 100.66% Affiliated Master Portfolios: 90.54% Wells Fargo C&B Large Cap Value Portfolio $ 5,428,853 Wells Fargo Core Bond Portfolio 14,200,770 Wells Fargo Diversified Large Cap Growth Portfolio 16,077,626 Wells Fargo Emerging Growth Portfolio 1,608,479 Wells Fargo International Growth Portfolio 4,785,045 Wells Fargo International Value Portfolio 4,821,640 Wells Fargo Large Company Value Portfolio 10,814,612 Wells Fargo Managed Fixed Income Portfolio 49,695,200 Wells Fargo Real Return Portfolio 7,102,425 Wells Fargo Small Company Growth Portfolio 1,624,826 Wells Fargo Small Company Value Portfolio 3,259,864 Wells Fargo Stable Income Portfolio 23,738,532 143,157,872 Affiliated Stock Funds: 10.12% Wells Fargo Disciplined U.S. Core Fund Class R6 880,889 15,996,944 Total Investment Companies (Cost $145,227,447) 159,154,816 Short-Term Investments: 0.07% Yield Maturity date Principal U.S. Treasury Securities: 0.07% U.S. Treasury Bill #(z) 1.25% 3-1-2018 $ 110,000 109,657 Total Short-Term Investments (Cost $109,654) 109,657 Total investments in securities (Cost $145,337,101) 100.73% 159,264,473 Other assets and liabilities, net (0.73) (1,160,547) Total net assets 100.00% $158,103,926 Non-income-earning security # All or a portion of this security is segregated as collateral for investments in derivative instruments. (z) Zero coupon security. The rate represents the current yield to maturity. Futures Contracts Description Number of contracts Expiration date Notional cost Notional value Unrealized gains Unrealized losses Short 10-Year U.S. Treasury Notes (94) 3-20-2018 $(11,723,500) $(11,660,406) $63,094 $0

Portfolio of investments November 30, 2017 (unaudited) Wells Fargo Allocation Funds 15 MODERATE BALANCED FUND Investments in Affiliates An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows: Shares, beginning of period Shares Shares purchased sold Shares, end of period Net change in unrealized gains (losses) on affiliated Underlying Funds Value, end of period Investment Companies Affiliated Stock Funds Wells Fargo Disciplined U.S. Core Fund Class R6 0 880,889 0 880,889 $132,134 $15,996,944 10.12% Transactions with the affiliated Master Portfolios were as follows: %of ownership, beginning of period %of ownership, end of period Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios Dividends allocated from affiliated Master Portfolios Interest allocated from affiliated Master Portfolios Securities lending income from affiliates allocated from affiliated Master Portfolios Value, end of period Affiliated Master Portfolios Wells Fargo C&B Large Cap Value Portfolio 2% 1% $ 292,795 $ 160,871 $ 42,364 $ 1,384 $ 384 $ 5,428,853 Wells Fargo Core Bond Portfolio 0* 0* 44,350 (85,596) 0 175,551 743 14,200,770 Wells Fargo Diversified Large Cap Growth Portfolio 16 17 1,743,557 244,652 91,653 710 388 16,077,626 Wells Fargo Emerging Growth Portfolio 0* 0* 113,454 109,225 1,468 106 484 1,608,479 Wells Fargo Index Portfolio 1 0 1,184,077 22,201 146,719 788 263 0 Wells Fargo International Growth Portfolio 4 11 1,064,529 (598,318) 24,935 225 899 4,785,045 Wells Fargo International Value Portfolio 1 1 18,618 315,603 76,261 130 2,053 4,821,640 Wells Fargo Large Company Value Portfolio 15 16 337,938 623,126 110,502 892 0 10,814,612 Wells Fargo Managed Fixed Income Portfolio 47 45 147,679 (337,042) 0 853,024 431 49,695,200 Wells Fargo Real Return Portfolio 8 5 (20,528) 3,220 27,044 87,037 259 7,102,425 Wells Fargo Small Company Growth Portfolio 0* 0* 10,274 186,328 4,030 285 1,056 1,624,826 Wells Fargo Small Company Value Portfolio 2 2 311,806 103,555 34,235 416 2,798 3,259,864 Wells Fargo Stable Income Portfolio 100 100 2,774 (122,890) 0 239,498 0 23,738,532 * The amount owned is less than 0.5%. %of net assets %of net assets $5,251,323 $624,935 $559,211 $1,360,046 $9,758 $143,157,872 90.54%

16 Wells Fargo Allocation Funds Statements of assets and liabilities November 30, 2017 (unaudited) Growth Balanced Fund Moderate Balanced Fund Assets Investments in affiliated Master Portfolios, at value (see cost below)........ $214,019,433 $ 143,157,872 Investments in affiliated Underlying Funds, at value (see cost below)....... 32,112,738 15,996,944 Investments in unaffiliated securities, at value (see cost below)..................... 169,469 109,657 Receivable for Fund shares sold...... 96,081 32,632 Receivable for daily variation margin on open futures contracts..................... 60,750 39,656 Prepaid expenses and other assets... 64,830 46,729 Total assets......... 246,523,301 159,383,490 Liabilities Payable for Fund shares redeemed... 348,264 1,195,611 Shareholder servicing fees payable... 50,496 32,554 Administration fees payable... 31,755 20,021 Management fee payable... 11,945 209 Distribution fee payable.... 10,053 7,181 Trustees fees and expenses payable... 2,069 2,500 Accrued expenses and other liabilities... 16,260 21,488 Total liabilities..... 470,842 1,279,564 Total net assets... $246,052,459 $158,103,926 NET ASSETS CONSIST OF Paid-in capital.... $ 279,441,354 $ 129,135,165 Undistributed net investment income... 3,990,546 2,074,130 Accumulated net realized gains (losses) on investments................. (69,770,168) 12,904,165 Net unrealized gains on investments... 32,390,727 13,990,466 Total net assets... $246,052,459 $158,103,926 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets Class A... $ 67,818,671 $ 35,603,723 Shares outstanding Class A 1... 1,441,547 1,449,650 Net asset value per share Class A... $47.05 $24.56 Maximum offering price per share Class A 2... $49.92 $26.06 Net assets Class C... $ 16,400,806 $ 11,580,273 Shares outstanding Class C 1... 402,823 483,627 Net asset value per share Class C... $40.71 $23.94 Net assets Administrator Class...... $ 161,832,982 $ 110,919,930 Shares outstanding Administrator Class 1... 3,846,208 4,471,285 Net asset value per share Administrator Class..... $42.08 $24.81 Investments in affiliated Master Portfolios, at cost..... $181,990,613 $ 129,362,637 Investments in affiliated Underlying Funds, at cost.... $ 31,847,490 $ 15,864,810 Investments in unaffiliated securities, at cost... $ 169,465 $ 109,654 1 2 Each Fund has an unlimited number of authorized shares. 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.

Statements of operations six months ended November 30, 2017 (unaudited) Wells Fargo Allocation Funds 17 Growth Balanced Fund Moderate Balanced Fund Investment income Dividends allocated from affiliated Master Portfolios*................ $ 1,358,030 $ 559,211 Interest allocated from affiliated Master Portfolios... 1,333,916 1,360,046 Securities lending income from affiliates allocated from affiliated Master Portfolios..... 22,482 9,758 Interest.......... 1,776 1,172 Expenses allocated from affiliated Master Portfolios... (666,826) (439,763) Waivers allocated from affiliated Master Portfolios... 77,285 83,058 Total investment income... 2,126,663 1,573,482 Expenses Management fee... 368,522 240,254 Administration fees Class A......... 69,810 37,397 Class C......... 17,236 12,461 Administrator Class.... 105,807 73,246 Shareholder servicing fees Class A......... 83,108 44,520 Class C......... 20,520 14,834 Administrator Class.... 203,474 140,857 Distribution fee Class C......... 61,559 44,502 Custody and accounting fees... 5,280 4,317 Professional fees... 13,566 15,681 Registration fees... 33,597 30,753 Shareholder report expenses... 32,377 30,442 Trustees fees and expenses... 10,727 11,194 Other fees and expenses... 5,046 4,901 Total expenses..... 1,030,629 705,359 Less: Fee waivers and/or expense reimbursements... (287,999) (237,446) Net expenses....... 742,630 467,913 Net investment income.... 1,384,033 1,105,569 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS Net realized gains on: Securities transactions allocated from affiliated Master Portfolios........ 12,745,732 5,251,323 Futures transactions.... 153,639 96,396 Net realized gains on investments..... 12,899,371 5,347,719 Net change in unrealized gains (losses) on: Securities transactions allocated from affiliated Master Portfolios........ 2,326,745 624,935 Affiliated Underlying Funds... 265,248 132,134 Unaffiliated securities.... 4 3 Futures transactions.... 158,415 105,034 Net change in unrealized gains (losses) on investments................ 2,750,412 862,106 Net realized and unrealized gains (losses) on investments.............. 15,649,783 6,209,825 Net increase in net assets resulting from operations... $17,033,816 $7,315,394 * Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of... $30,144 $12,402

18 Wells Fargo Allocation Funds Statements of changes in net assets Six months ended November 30, 2017 (unaudited) Growth Balanced Fund Year ended May 31, 2017 Operations Net investment income... $ 1,384,033 $ 2,992,505 Net realized gains on investments.... 12,899,371 18,779,025 Net change in unrealized gains (losses) on investments............... 2,750,412 3,602,043 Net increase in net assets resulting from operations... 17,033,816 25,373,573 Distributions to shareholders from Net investment income Class A........ 0 (650,066) Class C........ 0 (82,182) Administrator Class.... 0 (2,218,341) Total distributions to shareholders... 0 (2,950,589) Capital share transactions Shares Shares Proceeds from shares sold Class A........ 43,793 1,986,840 154,889 6,449,788 Class B........ N/A N/A 239 1 8,516 1 Class C........ 22,206 869,708 48,058 1,749,447 Administrator Class.... 169,593 6,844,401 485,500 17,988,856 9,700,949 26,196,607 Reinvestment of distributions Class A........ 0 0 15,531 638,919 Class C........ 0 0 2,062 73,918 Administrator Class.... 0 0 60,273 2,212,614 0 2,925,451 Payment for shares redeemed Class A........ (94,292) (4,273,667) (325,344) (13,483,389) Class B........ N/A N/A (4,925) 1 (180,325) 1 Class C........ (50,993) (1,995,330) (84,404) (3,075,798) Administrator Class.... (471,479) (19,082,430) (1,309,041) (48,109,721) (25,351,427) (64,849,233) Net decrease in net assets resulting from capital share transactions........ (15,650,478) (35,727,175) Total increase (decrease) in net assets... 1,383,338 (13,304,191) Net assets Beginning of period... 244,669,121 257,973,312 End of period... $246,052,459 $244,669,121 Undistributed net investment income... $ 3,990,546 $ 2,606,513 1 For the period from June 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

Statements of changes in net assets Wells Fargo Allocation Funds 19 Six months ended November 30, 2017 (unaudited) Moderate Balanced Fund Year ended May 31, 2017 Operations Net investment income... $ 1,105,569 $ 2,638,534 Net realized gains on investments.... 5,347,719 9,217,094 Net change in unrealized gains (losses) on investments............... 862,106 1,926,373 Net increase in net assets resulting from operations... 7,315,394 13,782,001 Distributions to shareholders from Net investment income Class A........ 0 (472,471) Class C........ 0 (83,270) Administrator Class.... 0 (2,075,168) Net realized gains Class A........ 0 (582,563) Class C........ 0 (220,287) Administrator Class.... 0 (2,170,812) Total distributions to shareholders... 0 (5,604,571) Capital share transactions Shares Shares Proceeds from shares sold Class A........ 97,868 2,347,679 444,182 10,158,763 Class C........ 21,365 498,164 146,228 3,273,726 Administrator Class.... 237,344 5,725,896 981,319 22,650,129 8,571,739 36,082,618 Reinvestment of distributions Class A........ 0 0 43,981 992,139 Class C........ 0 0 11,795 260,860 Administrator Class.... 0 0 184,642 4,200,152 0 5,453,151 Payment for shares redeemed Class A........ (210,849) (5,030,631) (524,653) (12,023,431) Class B........ N/A N/A (6,694) 1 (155,293) 1 Class C........ (67,981) (1,588,369) (194,662) (4,375,549) Administrator Class.... (531,208) (12,858,620) (3,313,693) (77,026,581) (19,477,620) (93,580,854) Net decrease in net assets resulting from capital share transactions........ (10,905,881) (52,045,085) Total decrease in net assets... (3,590,487) (43,867,655) Net assets Beginning of period... 161,694,413 205,562,068 End of period... $158,103,926 $161,694,413 Undistributed net investment income... $ 2,074,130 $ 968,561 1 For the period from June 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

20 Wells Fargo Allocation Funds Financial highlights Growth Balanced Fund Beginning net asset value per share Net investment income Net realized and unrealized gains (losses) on investments Distributions from net investment income Ending net asset value per share Class A Six months ended November 30, 2017 (unaudited)..... $43.91 0.22 2.92 0.00 $47.05 Year ended May 31, 2017..... $39.99 0.41 3.93 (0.42) $43.91 Year ended May 31, 2016..... $40.80 0.46 (0.94) (0.33) $39.99 Year ended May 31, 2015..... $37.96 0.36 2.65 (0.17) $40.80 Year ended May 31, 2014..... $33.35 0.35 4.60 (0.34) $37.96 Year ended May 31, 2013..... $27.77 0.32 5.70 (0.44) $33.35 Class C Six months ended November 30, 2017 (unaudited)..... $38.14 0.05 4 2.52 0.00 $40.71 Year ended May 31, 2017..... $34.82 0.13 4 3.38 (0.19) $38.14 Year ended May 31, 2016..... $35.63 0.12 4 (0.79) (0.14) $34.82 Year ended May 31, 2015..... $33.33 0.08 4 2.30 (0.08) $35.63 Year ended May 31, 2014..... $29.38 0.10 4 4.00 (0.15) $33.33 Year ended May 31, 2013..... $24.52 0.13 4 4.98 (0.25) $29.38 Administrator Class Six months ended November 30, 2017 (unaudited)..... $39.22 0.26 4 2.60 0.00 $42.08 Year ended May 31, 2017..... $35.78 0.50 4 3.47 (0.53) $39.22 Year ended May 31, 2016..... $36.54 0.49 (0.82) (0.43) $35.78 Year ended May 31, 2015..... $33.98 0.45 2.32 (0.21) $36.54 Year ended May 31, 2014..... $29.89 0.41 4 4.10 (0.42) $33.98 Year ended May 31, 2013..... $24.93 0.65 4 4.82 (0.51) $29.89 1 Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: 2 3 4 Six months ended November 30, 2017 Year ended May 31 (unaudited) 2017 2016 2015 2014 2013 Class A 0.48% 0.50% 0.51% 0.51% 0.51% 0.50% Class C 0.48 0.50 0.50 0.51 0.51 0.50 Administrator Class 0.48 0.50 0.50 0.51 0.51 0.50 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. Portfolio turnover rate is calculated by multiplying the Fund s ownership percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation. Calculated based upon average shares outstanding