ITEM 1. REPORT TO STOCKHOLDERS

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Wells Fargo Core Plus Bond Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

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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, wfam.com.

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as risk of greater volatility in value, credit risk (for example, risk of issuer default), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage and asset-backed securities risk. High-yield securities have a greater risk of default and tend to be more volatile than higher rated debt securities. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

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Performance highlights (unaudited)

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Performance highlights (unaudited)

Consumption was supported by a relatively firm labor market. While job growth slowed modestly over the period, wages grew by 3.2% in real terms and the unemployment rate remained below 4%. Measures of labor force participation also generally showed improvement.

In response to slower growth and lower-than-targeted inflation, the Federal Open Market Committee (FOMC) voted to reduce its policy rate target for overnight funds by 0.25% at its July 31 meeting. This was the first interest rate reduction engineered by the FOMC in the decade since the financial crisis. While the monetary authorities suggested that their decision should be seen as a “midcourse correction” rather than the beginning of an extended easing cycle, markets have priced multiple additional rate cuts into the term structure. Indeed, interest rates fell across the board over the past 12 months, with intermediate-term Treasury yields dropping by about 1.35%.

Portfolio allocation as of August 31, 20199

Please see footnotes on page 7.

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Performance highlights (unaudited)

Tighter U.S. high-yield spreads and selection within U.S. investment-grade credit benefited results. Non-U.S. holdings, especially European investment grade and high yield materially outperformed, while emerging markets and exposure to non-U.S. currency produced mixed results. The Fund’s shorter duration position in an environment where interest rates moved lower than the market anticipated was a detractor from relative performance during the reporting period.

We expect trend economic growth to continue in the U.S. with a more challenging outlook across the globe.

U.S.-China trade disputes, a global economic slowdown, and dovish tilts from central banks across the world have depressed rates in all developed markets, including the U.S. Even with a continued tight labor market and rather loose financial conditions, the U.S. market is pricing in several more rate cuts in 2019 and it looks more likely that further stimulus could be coming from the European Central Bank. We plan to trade our duration position more tactically and not fight the market’s sentiment despite the stable economic outlook.

The spreads on most credit sectors tightened back inside of their five-year averages near the end of the period, and U.S. Treasury yields have inverted across a number of important points along the curve. This tells us that valuations are less attractive than they were earlier in the year and that we should expect further bouts of volatility sooner rather than later. Against this backdrop, we have reduced credit risk thoughtfully throughout the period but will look to become more aggressive if opportunities present themselves later this year.

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Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from March 1, 2019 to August 31, 2019.

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.

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Portfolio of investments—August 31, 2019

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

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

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Portfolio of investments—August 31, 2019

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

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

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Portfolio of investments—August 31, 2019