Semi Annual report August 31, Intuitive Investor Funds

Semi Annual report August 31, 2017 Intuitive Investor Funds Wells Fargo Emerging Markets Bond Fund Wells Fargo Factor Enhanced Emerging Markets Fund Wells Fargo Factor Enhanced International Fund Wells Fargo Factor Enhanced Large Cap Fund Wells Fargo Factor Enhanced Small Cap Fund Wells Fargo High Yield Corporate Bond Fund Wells Fargo U.S. Core Bond Fund

Contents Performance highlights Master portfolios Wells Fargo Emerging Markets Bond Fund........... 2 Wells Fargo Factor Enhanced Emerging Markets Fund.. 4 Portfolio of investments Wells Fargo Factor Enhanced International Fund...... 6 Wells Fargo Bloomberg Barclays US Aggregate ex- Corporate Portfolio........................... 41 Wells Fargo Factor Enhanced Large Cap Fund......... 8 Wells Fargo Emerging Markets Bond Portfolio........ 52 Wells Fargo Factor Enhanced Small Cap Fund......... 10 Wells Fargo Factor Enhanced Emerging Markets Portfolio.................................... 56 Wells Fargo High Yield Corporate Bond Fund......... 12 Wells Fargo Factor Enhanced International Portfolio... 75 Wells Fargo U.S. Core Bond Fund................... 14 Wells Fargo Factor Enhanced Large Cap Portfolio..... 95 Wells Fargo Factor Enhanced Small Cap Portfolio...... 110 Fund expenses............................... 16 Wells Fargo High Yield Corporate Bond Portfolio....... 138 Wells Fargo Investment Grade Corporate Bond Portfolio.................................... 150 Portfolio of investments Wells Fargo Emerging Markets Bond Fund........... 17 Financial statements Wells Fargo Factor Enhanced Emerging Markets Fund.. 18 Statements of assets and liabilities.................. 192 Wells Fargo Factor Enhanced International Fund...... 19 Statements of operations.......................... 194 Wells Fargo Factor Enhanced Large Cap Fund......... 20 Statements of changes in net assets................. 196 Wells Fargo Factor Enhanced Small Cap Fund......... 21 Financial highlights............................... 204 Wells Fargo High Yield Corporate Bond Fund......... 22 Wells Fargo U.S. Core Bond Fund................... 23 Notes to financial statements.................. 205 Financial statements Other information............................. 217 Statements of assets and liabilities.................. 24 Statements of operations......................... 26 List of abbreviations........................... 222 Statements of changes in net assets................. 28 Financial highlights............................... 35 Notes to financial statements................. 37 The views expressed and any forward-looking statements are as of August 31, 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 Emerging Markets Bond Fund 1 Performance highlights (unaudited) Investment objective The Fund seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses. Manager Wells Fargo Funds Management, LLC Subadviser for the affiliated master portfolio First International Advisors, LLC Portfolio managers Michael Lee Tony Norris Alex Perrin Average annual total returns (%) as of August 31, 2017 Expense ratios 2 (%) Inception date Since inception Gross Net 3 Wells Fargo Emerging Markets Bond Fund (WBEMX) 8-3-2017 1.10 0.58 0.00 JP Morgan EMBI Global Diversified Index 4 1.21* * Return is based on the inception date of the Fund. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. 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. 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). High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to foreign investment risk and focused portfolio risk. Consult the Fund's prospectus for additional information on these and other risks. Please see footnotes on page 3.

Performance highlights (unaudited) Wells Fargo Emerging Markets Bond Fund 1 3 Ten largest holdings (%) as of August 31, 2017 5 United Mexican States, 6.75%, 9-27-2034 2.59 Dominican Republic, 5.95%, 1-25-2017 2.47 Republic of Indonesia, 5.88%, 1-15-2024 2.34 Republic of Colombia, 3.88%, 4-25-2017 2.26 Republic of Hungary, 5.38%, 2-21-2023 2.24 Republic of Panama, 4.00%, 9-22-2024 2.23 Republic of Argentina, 5.63%, 1-26-2022 2.22 Sri Lanka, 6.25%, 7-27-2021 2.18 Federative Republic of Brazil, 6.00%, 4-7-2026 2.16 Petroleos Mexicanos Company, 4.88%, 1-24-2022 2.08 Portfolio allocation (%) as of August 31, 2017 6 Yankee Corporate Bonds and Notes 16 Yankee Government Bonds 84 1 2 3 4 5 The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with an identical investment objective. 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. Reflects the expense ratios as stated in the most recent prospectus. 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 June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. 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. 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 Waiver, as stated in the prospectus. The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. 6 Amounts represent the portfolio allocation of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

4 Wells Fargo Factor Enhanced Emerging Markets Fund 1 Performance highlights (unaudited) Investment objective The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses. Manager Wells Fargo Funds Management, LLC Subadviser for the affiliated master portfolio Analytic Investors, LLC Portfolio managers Dennis Bein, CFA Harindra de Silva, Ph.D., CFA David Krider, CFA Average annual total returns (%) as of August 31, 2017 Expense ratios 2 (%) Inception date Since Gross Net 3 Wells Fargo Factor Enhanced Emerging Markets Fund (WEEMX) 8-3-2017 1.40 0.69 0.00 Wells Fargo Factor Enhanced Emerging Markets Index (Net) 4 1.59* * Return is based on the inception date of the Fund. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. 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. 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 focused portfolio risk, index tracking risk, and smaller-company securities risk. Consult the Fund's prospectus for additional information on these and other risks. Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Factor Enhanced Emerging Markets Fund 1 5 Ten largest holdings (%) as of August 31, 2017 5 Country allocation (%) as of August 31, 2017 6 ishares MSCI India ETF 3.44 South Korea 19 WisdomTree India Earnings Fund 3.21 Taiwan 16 Hon Hai Precision Industry Company Limited 1.84 China 12 Infosys Limited ADR 1.71 United States 9 Industrial & Commercial Bank of China Limited 1.52 Brazil 8 H Shares Bank of China Limited H Shares 1.20 Malaysia 5 Itau Unibanco Holding SA 1.19 Thailand 5 ishares India 50 ETF 0.93 Mexico 4 Banco Bradesco SA 0.90 South Africa 4 Doctor Reddy's Laboratories Limited ADR 0.80 Chile 3 India 3 Sector distribution (%) as of August 31, 2017 6 Indonesia 2 Financials 22 Philippines 2 Consumer Staples 12 Poland 2 Consumer Discretionary 9 Russia 2 Industrials 9 Turkey 2 Information Technology 9 Hong Kong 1 Materials 9 Other 1 Real Estate 9 Other 7 Energy 4 Utilities 4 Health Care 3 Telecommunication Services 3 1 2 3 4 The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with an identical investment objective. 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. Reflects the expense ratios as stated in the most recent prospectus. 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 June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. 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. 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 Waiver, as stated in the prospectus. The Wells Fargo Factor Enhanced Emerging Markets Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various emerging markets countries and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. 5 6 The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Factor Enhanced International Fund 1 Performance highlights (unaudited) Investment objective The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses. Manager Wells Fargo Funds Management, LLC Subadviser for the affiliated master portfolio Analytic Investors, LLC Portfolio managers Dennis Bein, CFA Harindra de Silva, Ph.D., CFA David Krider, CFA Average annual total returns (%) as of August 31, 2017 Expense ratios 2 (%) Inception date Since inception Gross Net 3 Wells Fargo Factor Enhanced International Fund (WINTX) 8-3-2017 (0.20) 0.44 0.00 Wells Fargo Factor Enhanced International Index (Net) 4 (0.32)* * Return is based on the inception date of the Fund. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. 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. 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 focused portfolio risk, index tracking risk, and smaller-company securities risk. Consult the Fund's prospectus for additional information on these and other risks. Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Factor Enhanced International Fund 1 7 Ten largest holdings (%) as of August 31, 2017 5 Country allocation (%) as of August 31, 2017 6 Nestle SA 2.09 Japan 16 Roche Holding AG 1.39 United Kingdom 16 Total SA 1.01 Canada 10 Royal Dutch Shell plc Class A 0.95 Germany 10 British American Tobacco plc 0.89 Australia 9 Siemens AG 0.88 France 9 Sanofi SA 0.87 Switzerland 8 BP plc 0.87 Netherlands 4 Royal Bank of Canada 0.84 Spain 3 Bayer AG 0.82 Sweden 3 Denmark 2 Sector distribution (%) as of August 31, 2017 6 Hong Kong 2 Financials 17 Other 2 Industrials 15 Singapore 2 Consumer Staples 12 Belgium 1 Consumer Discretionary 11 Finland 1 Health Care 10 Italy 1 Materials 9 Norway 1 Energy 6 Information Technology 6 Real Estate 5 Telecommunication Services 5 Utilities 4 1 2 The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with an identical investment objective. 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. Reflects the expense ratios as stated in the most recent prospectus. 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 4 5 6 The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. 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. 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 Waiver, as stated in the prospectus. The Wells Fargo Factor Enhanced International Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various developed markets outside the United States and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the 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 securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Factor Enhanced Large Cap Fund 1 Performance highlights (unaudited) Investment objective The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses. Manager Wells Fargo Funds Management, LLC Subadviser for the affiliated master portfolio Analytic Investors, LLC Portfolio managers Dennis Bein, CFA Harindra de Silva, Ph.D., CFA Ryan Brown, CFA Average annual total returns (%) as of August 31, 2017 Expense ratios 2 (%) Inception date Since inception Gross Net 3 Wells Fargo Factor Enhanced Large Cap Fund (WLECX) 8-3-2017 0.10 0.33 0.00 Wells Fargo Factor Enhanced Large Cap Index 4 0.24* * Return is based on the inception date of the Fund. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. 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. Shares are sold without a front-end sales charge or contingent deferred sales charge. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk and index tracking risk. Consult the Fund's prospectus for additional information on these and other risks. Please see footnotes on page 9.

Performance highlights (unaudited) Wells Fargo Factor Enhanced Large Cap Fund 1 9 Ten largest holdings (%) as of August 31, 2017 5 Johnson & Johnson 2.20 Exxon Mobil Corporation 2.05 Alphabet Incorporated Class C 1.72 Alphabet Incorporated Class A 1.71 AT&T Incorporated 1.44 The Procter & Gamble Company 1.41 Berkshire Hathaway Incorporated Class B 1.30 Chevron Corporation 1.26 Pfizer Incorporated 1.23 Verizon Communications Incorporated 1.21 Sector distribution (%) as of August 31, 2017 6 Health Care 17 Information Technology 16 Consumer Discretionary 13 Industrials 12 Consumer Staples 11 Financials 9 Real Estate 6 Utilities 5 Energy 4 Materials 4 Telecommunication Services 3 1 The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with an identical investment objective. 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 prospectus. 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 June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. 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. 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 Waiver, as stated in the prospectus. 4 The Wells Fargo Factor Enhanced Large Cap Index is an index of equity securities that is derived from a universe of the largest 1,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. 5 The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. 6 Amounts represent the sector distribution of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

10 Wells Fargo Factor Enhanced Small Cap Fund 1 Performance highlights (unaudited) Investment objective The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses. Manager Wells Fargo Management, LLC Subadviser for the affiliated master portfolio Analytic Investors, LLC Portfolio managers Dennis Bein, CFA Harindra de Silva, Ph.D., CFA Ryan Brown, CFA Average annual total returns (%) as of August 31, 2017 Expense ratios 2 (%) Inception date Since inception Gross Net 3 Wells Fargo Factor Enhanced Small Cap Fund (WFESX) 8-3-2017 (0.90) 0.38 0.00 Wells Fargo Factor Enhanced Small Cap Index 4 (0.62)* * Return is based on the inception date of the Fund. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. 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. 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. 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 focused portfolio risk, and index tracking risk. Consult the Fund's prospectus for additional information on these and other risks. Consult the Fund's prospectus for additional information on these and other risks. Please see footnotes on page 11.

Performance highlights (unaudited) Wells Fargo Factor Enhanced Small Cap Fund 1 11 Ten largest holdings (%) as of August 31, 2017 5 Exact Sciences Corporation 0.31 Brink's Company 0.25 Sabra Health Care REIT Incorporated 0.23 Lumentum Holdings Incorporated 0.23 Paycom Software Incorporated 0.23 Liberty Expedia Holdings Incorporated Class A 0.22 INC Research Holdings Incorporated Class A 0.22 South Jersey Industries Incorporated 0.21 Fibrogen Incorporated 0.21 Stamps.com Incorporated 0.21 Sector distribution (%) as of August 31, 2017 6 Financials 20 Consumer Discretionary 15 Industrials 15 Information Technology 14 Health Care 13 Real Estate 8 Consumer Staples 4 Materials 4 Energy 3 Utilities 3 Telecommunication Services 1 1 2 The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with an identical investment objective. 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. Reflects the expense ratios as stated in the most recent prospectus. 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 June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. 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. 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 Waiver, as stated in the prospectus. 4 The Wells Fargo Factor Enhanced Small Cap Index is an index of equity securities that is derived from a universe of the smallest 2,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. 5 The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. 6 Amounts represent the sector distribution of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

12 Wells Fargo High Yield Corporate Bond Fund 1 Performance highlights (unaudited) Investment objective The Fund seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses. Manager Wells Fargo Funds Management, LLC Subadviser for the affiliated master portfolio Wells Capital Management Incorporated Portfolio managers Thomas M. Price, CFA Janet S. Rillings, CFA, CPA Michale J. Schueller, CFA Average annual total returns (%) as of August 31, 2017 Expense ratios 2 (%) Inception date Since inception Gross Net 3 Wells Fargo High Yield Corporate Bond Fund (WYCBX) 8-3-2017 (0.20) 0.49 0.00 Wells Fargo U.S. High Yield Bond Index 4 (0.10)* * Return is based on the inception date of the Fund. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. 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. 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. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to focus portfolio risk, index tracking risk, and foreign investment risk. Consult the Fund's prospectus for additional information on these and other risks. Please see footnotes on page 13.

Performance highlights (unaudited) Wells Fargo High Yield Corporate Bond Fund 1 13 Ten largest holdings (%) as of August 31, 2017 5 Societe Francaise du Radiotelephone Group SA 0.81 Community Health Systems Incorporated 0.78 Alcoa Incorporated 0.77 MGM Resorts International 0.74 ZF North America Capital Incorporated 0.71 Tenet Healthcare Corporation 0.67 Scientific Games Company 0.64 DISH DBS Corporation 0.62 Fiat Chrysler Automobiles NV 0.62 NAVIENT Corporation 0.60 Credit quaility (%) as of August 31, 2017 6 BBB/Baa 1 BB/Ba 47 B/B 38 CCC/Caa and Below 14 1 2 3 The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with an identical investment objective. 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. Reflects the expense ratios as stated in the most recent prospectus. 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 June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. 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. 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 Waiver, as stated in the prospectus. 4 The Wells Fargo U.S. High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indexes. You cannot invest directly in an index. 5 The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. 6 The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor s, Moody s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the affiliated master portfolio and not to the Fund itself. The percentages of the Fund s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the affiliated master portfolio. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

14 Wells Fargo U.S. Core Bond Fund 1 Performance highlights (unaudited) Investment objective The fund of funds seeks to replicate the total return of the Wells Fargo U.S. Core Bond Index, before fees an expenses. Manager Wells Fargo Funds Management, LLC Subadviser for the affiliated master portfolios Wells Capital Management Incorporated Portfolio managers Mark Clegg, CFA Christopher Y. Kauffman, CFA Janet S. Rilling, CFA, CPA Michael J. Schueller, CFA Michal Stanczyk Noah M. Wise, CFA Average annual total returns (%) as of August 31, 2017 Expense ratios 2 (%) Inception date Since inception Gross Net 3 Wells Fargo U.S. Core Bond Fund (WUSBX) 8-3-2017 0.40 0.33 0.00 Wells Fargo U.S. Core Bond Index 4 0.51* * Return is based on the inception date of the Fund. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. 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. 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. The Fund is exposed to focused portfolio risk, index tracking risk, and mortage- and asset-backed secities risk. Consult the Fund's prospectus for additional information on these and other risks. Please see footnotes on page 15.

Performance highlights (unaudited) Wells Fargo U.S. Core Bond Fund 1 15 Ten largest holdings (%) as of August 31, 2017 5 U.S. Treasury Note, 3.44%, 6-15-2020 3.44 U.S. Treasury Note, 1.75%, 6-30-2022 2.11 FNMA, 3.00%, 7-1-2047 1.84 U.S. Treasury Bond, 3.00%, 5-15-2047 1.70 U.S. Treasury Note, 2.00%, 6-30-2024 1.53 FNMA, 3.50%, 9-1-2043 1.42 GNMA, 3.50%, 2-20-2045 1.41 FNMA, 4.00%, 9-13-2047 1.37 FHLMC, 3.00%, 2-1-2047 1.24 FHLMC, 3.50%, 2-1-2044 1.14 Credit quality (%) as of August 31, 2017 6 AAA 72 AA 4 A 10 BBB 14 1 2 3 The Fund is a feeder fund that invests substantially all of its assets in two affiliated master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios in which it invests. Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.18% of acquired fund fees and expenses and net expenses from 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, which do not include acquired fund fees and expenses and net expenses from affiliated master portfolios. The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the 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. 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. 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 Waiver, as stated in the prospectus. 4 5 6 The Wells Fargo U.S. Core Bond Index is a rules-based index designed to track the performance of fixed-rate, taxable, U.S. dollar denominated bonds, with an investment grade rating or classified as investment grade. The corporate bond component of the index is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor s, Moody s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the affiliated master portfolios and not to the Fund itself. The percentages of the Fund s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the affiliated master portfolios. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody s rates the creditworthiness of short-term U.S. taxexempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

16 Wells Fargo Intuitive Investor Funds Fund expenses (unaudited) As a shareholder of the Fund, you incur ongoing costs, including management 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 period and held for the period from March 1, 2017 to August 31, 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. 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. Beginning account value 3-1-2017 Ending account value 8-31-2017 Expenses paid during the period¹ Annualized net expense ratio Emerging Markets Bond Fund Actual $1,000.00 $1,011.00 $0.00 0.00% Hypothetical (5% return before expenses) $1,000.00 $1,003.84 $0.00 0.00% Factor Enhanced Emerging Markets Fund Actual $1,000.00 $1,014.00 $0.00 0.00% Hypothetical (5% return before expenses) $1,000.00 $1,003.84 $0.00 0.00% Factor Enhanced International Fund Actual $1,000.00 $998.00 $0.00 0.00% Hypothetical (5% return before expenses) $1,000.00 $1,003.84 $0.00 0.00% Factor Enhanced Large Cap Fund Actual $1,000.00 $1,001.00 $0.00 0.00% Hypothetical (5% return before expenses) $1,000.00 $1,003.84 $0.00 0.00% Factor Enhanced Small Cap Fund Actual $1,000.00 $991.00 $0.00 0.00% Hypothetical (5% return before expenses) $1,000.00 $1,003.84 $0.00 0.00% High Yield Corporate Bond Fund Actual $1,000.00 $998.00 $0.00 0.00% Hypothetical (5% return before expenses) $1,000.00 $1,003.84 $0.00 0.00% U.S. Core Bond Fund Actual $1,000.00 $1,004.00 $0.00 0.00% Hypothetical (5% return before expenses) $1,000.00 $1,003.84 $0.00 0.00% 1 Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

Wells Fargo Intuitive Investor Funds Portfolio of investments August 31, 2017 (unaudited) EMERGING MARKETS BOND FUND Security name Value Investment Companies : 94.03% Affiliated Master Portfolio : 94.03% Wells Fargo Emerging Markets Bond Portfolio $ 9,509 Total Investment Companies (Cost $9,425) 9,509 Total investments in securities (Cost $9,425) 94.03% 9,509 Other assets and liabilities, net 5.97 604 Total net assets 100.00% $ 10,113 17

Wells Fargo Intuitive Investor Funds Portfolio of investments August 31, 2017 (unaudited) FACTOR ENHANCED EMERGING MARKETS FUND Security name Value Investment Companies : 94.03% Affiliated Master Portfolios : 94.03% Wells Fargo Factor Enhanced Emerging Markets Portfolio $ 9,531 Total Investment Companies (Cost $9,436) 9,531 Total investments in securities (Cost $9,436) 94.03% 9,531 Other assets and liabilities, net 5.97 605 Total net assets 100.00% $ 10,136 18

Wells Fargo Intuitive Investor Funds Portfolio of investments August 31, 2017 (unaudited) FACTOR ENHANCED INTERNATIONAL FUND Security name Value Investment Companies : 93.97% Affiliated Master Portfolios : 93.97% Wells Fargo Factor Enhanced International Portfolio $ 9,382 Total Investment Companies (Cost $8,731) 9,382 Total investments in securities (Cost $8,731) 93.97% 9,382 Other assets and liabilities, net 6.03 602 Total net assets 100.00% $ 9,984 19

Wells Fargo Intuitive Investor Funds Portfolio of investments August 31, 2017 (unaudited) FACTOR ENHANCED LARGE CAP FUND Security name Value Investment Companies : 93.98% Affiliated Master Portfolios : 93.98% Wells Fargo Factor Enhanced Large Cap Portfolio $ 9,405 Total Investment Companies (Cost $7,634) 9,405 Total investments in securities (Cost $7,634)* 93.98% 9,405 Other assets and liabilities, net 6.02 602 Total net assets 100.00% $ 10,007 20

Wells Fargo Intuitive Investor Funds Portfolio of investments August 31, 2017 (unaudited) FACTOR ENHANCED SMALL CAP FUND Security name Value Investment Companies : 93.92% Affiliated Master Portfolios : 93.92% Wells Fargo Factor Enhanced Small Cap Portfolio $ 9,307 Total Investment Companies (Cost $9,225) 9,307 Total investments in securities (Cost $9,225) 93.92% 9,307 Other assets and liabilities, net 6.08 602 Total net assets 100.00% $ 9,909 21

Wells Fargo Intuitive Investor Funds Portfolio of investments August 31, 2017 (unaudited) HIGH YIELD CORPORATE BOND FUND Security name Value Investment Companies : 93.95% Affiliated Master Portfolios : 93.95% Wells Fargo High Yield Corporate Bond Portfolio $ 9,374 Total Investment Companies (Cost $9,403) 9,374 Total investments in securities (Cost $9,403) 93.95% 9,374 Other assets and liabilities, net 6.05 604 Total net assets 100.00% $ 9,978 22