Allspring Special Mid Cap Value Fund (WFMDX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2018

Registrant is making a filing for 11 of its series:

Wells Fargo Capital Growth Fund, Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Intrinsic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Low Volatility U.S. Equity Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund.

Date of reporting period: July 31, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report

July 31, 2018

Wells Fargo Capital Growth Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Report of independent registered public accounting firm	27
Other information	28
Appendix A	35

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Capital Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Capital Growth Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Capital Growth Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Capital Growth Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Capital Growth Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Capital Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFCGX)	7-31-2007		18.60		13.55		8.61		25.83		14.90		9.26		1.24		1.11
Class C (WFCCX)	7-31-2007		23.89		14.05		8.45		24.89		14.05		8.45		1.99		1.86
Class R6 (WFCRX)	11-30-2012		–		–		–		26.13		15.42		9.77		0.81		0.60
Administrator Class (WFCDX)	6-30-2003		–		–		–		26.01		15.09		9.49		1.16		0.94
Institutional Class (WWCIX)	4-8-2005		–		–		–		26.25		15.38		9.75		0.91		0.70
Russell 1000® Growth Index4	–		–		–		–		22.84		15.83		12.37		–		–

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.

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Capital Growth Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

¹  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

³  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Capital Growth Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2018.

∎ Stock selection in the consumer discretionary and industrials sectors was a key contributor to performance.

∎ Stock selection within the health care sector detracted from performance.

For much of the past 12 months, bullish sentiment for U.S. equities was apparent as global growth was synchronized, corporate earnings were strong, widespread tax cuts had been passed, and deregulations were being enacted. More recently, however, a combination of crosscurrents from macro and geopolitical sources caused a downshift in growth expectations. The most significant change to outlooks came from markets outside the U.S. Arguably the biggest factor precipitating the downshift in growth came from concerns around global trade. The U.S. government expanded tariffs on goods from around the world, with a particular focus on China. This prompted retaliation from China and other trading partners, heightening fears of a possible trade war. These recent global developments highlighted a dynamic that we have long appreciated and incorporated into our portfolio positioning: true organic growth remains scarce and the firms that can make their own luck will likely be rewarded by investors.

Ten largest holdings (%) as of July 31, 20186
Amazon.com Incorporated	7.47
Microsoft Corporation	7.02
Alphabet Incorporated Class A	6.13
Visa Incorporated Class A	4.90
UnitedHealth Group Incorporated	4.88
Union Pacific Corporation	3.01
The Home Depot Incorporated	2.99
Waste Connections Incorporated	2.98
First Data Corporation Class A	2.84
Cintas Corporation	2.53

The Fund’s consumer discretionary and industrials holdings contributed to performance relative to the index.

Within the consumer discretionary sector, strength was visible among internet and direct-marketing retail holdings and the portfolio management team’s security selection in this industry proved additive to returns. Shares of Amazon.com, Incorporated, appreciated over the past year as the company remains levered to powerful secular growth trends. Over the past 12 months, sales continued to accelerate while profits soared to a record level. The company also announced plans to increase the price of Amazon Prime subscriptions by 20%, while subscribers topped 100 million for the first time.

Additionally, the company has made strategic acquisitions such as Whole Foods Market, Incorporated. Amazon continues to benefit from the powerful shift to online retail spending, while Amazon Web Services (AWS) has become the dominant provider of cloud-computing services. AWS was the largest driver of profit gains during the year. We continue to be impressed with Amazon’s growing scale in a number of large market opportunities.

Within the industrials sector, our position in TransUnion contributed to returns. TransUnion historically operated as a traditional credit bureau by providing data about consumers to institutions for credit extension and fraud protection. Over the past few years, however, the company’s management team has capitalized on the rapid demand growth for data analytics. The company has launched new products, including Credit Vision, which uses data trends to provide a real-time picture of a consumer’s financial strength, and Prama, which allows clients to access TransUnion’s data to perform their own analysis. Additionally, TransUnion has developed new vertical markets, such as health care, insurance, and international/emerging markets. This innovation has allowed TransUnion to produce above-consensus growth in earnings and revenue, which, in turn, has propelled TransUnion shares higher over the past 12 months.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Capital Growth Fund 9

Sector distribution as of July 31, 2018⁷

Stock selection in the health care sector detracted from performance.

Among the Fund’s health care holdings, Celgene Corporation detracted from performance. Celgene, a global biopharmaceutical company, has a strong franchise with several drugs, including Revlimid to treat multiple myeloma and Otezla to treat psoriasis. While Revlimid has been the largest contributor to the company’s recent success and expectations for growth of Revlimid remain on track, this blockbuster drug will come off patent by the middle of 2020. The company has been investing in several other drug-development trials. Over the past 12 months, the stock came under pressure when it was announced that the development of a drug to treat

multiple sclerosis had its filing refused by the FDA. While Celgene intends to refile with additional data, the setback resulted in a downward revision to the company’s longer-term earnings profile.

Additionally within the sector, our position in Hologic, Incorporated, weighed on returns over the past year. Hologic is a medical device company that specializes in imaging, diagnostics, and gynecology surgical tools. The company, a leader in mammography, has developed a breast-imaging device that uses a new technology to produce a 3D image. This 3D screening test is the only one approved by the FDA and is considered superior to standard mammography. The stock came under pressure after the company missed revenue and earnings projections. The results were primarily the result of a slowdown in the surgical business. The other issue affecting Hologic over the past 12 months has been the company’s Cynosure business. Cynosure, which is a noninvasive body contouring business, had been acquired by Hologic in an effort to diversify revenue sources. The integration of the acquisition has been slower than expected, prompting investor concern and weakness in the stock.

We remain somewhat cautious given geopolitical and macroeconomic uncertainties; however, we maintain confidence in the Fund’s positioning.

Looking broadly at financial markets through our lens of a bottom-up, fundamentally based investment process, we see ample reasons to maintain a cautious stance given potential factors such as trade wars, political instability, softness in China, and a hawkish U.S. Federal Reserve. We are, however, excited about companies held in the portfolio—those that we believe have prospects for organic growth and strategies that we believe are on the right side of change. Yet, with uncertainties on the rise, we advise clients to be mindful of downside risks and to moderate return expectations.

From a portfolio positioning standpoint, our strategy is to stay balanced. We have a healthy allocation to our core holdings, which are companies that we believe have consistent and durable fundamentals. These are businesses that our analysis holds have profitable models, competitive advantages, and long runways of visible growth. On the other side, we own companies we consider to have idiosyncratic qualities. These are developing situations that our process finds to have unique drivers that are not yet clearly visible to other investors. These companies typically trade at reasonable valuations and, importantly, should buffer volatility if the market rotates out of momentum and high-beta factors. Finally, we are being very selective in the areas of our universe where valuations are approaching extremes, including certain cloud software, medical device, and biotechnology companies. The portfolio holds companies that we believe possess strong fundamentals and growth prospects, and yet it trades at a reasonable valuation profile. This is an attractive structure that has us excited to seek continued strong performance for our clients.

Please see footnotes on page 7.

10 Wells Fargo Capital Growth Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,050.80	$	5.48		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class C
Actual	$	1,000.00	$	1,047.22	$	9.34		1.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.08	$	9.20		1.81	%
Class R6
Actual	$	1,000.00	$	1,051.22	$	3.10		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,051.80	$	4.86		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Institutional Class
Actual	$	1,000.00	$	1,052.45	$	3.62		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Capital Growth Fund 11

Security name	Shares		Value
Common Stocks: 99.79%
Consumer Discretionary: 16.14%
Auto Components: 1.77%
Aptiv plc		22,800	$	2,235,992
Automobiles: 1.11%
Ferrari NV «		10,600		1,405,772
Hotels, Restaurants & Leisure: 0.98%
Melco Crown Entertainment Limited ADR		47,650		1,232,229
Internet & Direct Marketing Retail: 9.29%
Amazon.com Incorporated †		5,305		9,429,319
Netflix Incorporated †		6,800		2,294,660
				11,723,979
Specialty Retail: 2.99%
The Home Depot Incorporated		19,083		3,769,274
Energy: 0.98%
Oil, Gas & Consumable Fuels: 0.98%
Pioneer Natural Resources Company		6,550		1,239,719
Financials: 5.44%
Capital Markets: 5.44%
Intercontinental Exchange Incorporated		35,975		2,658,912
Raymond James Financial Incorporated		26,900		2,463,771
S&P Global Incorporated		8,663		1,736,412
				6,859,095
Health Care: 14.03%
Biotechnology: 2.15%
Celgene Corporation †		19,400		1,747,746
Exelixis Incorporated †		46,500		962,550
				2,710,296
Health Care Equipment & Supplies: 5.40%
Baxter International Incorporated		22,200		1,608,390
Boston Scientific Corporation †		68,150		2,290,522
Edwards Lifesciences Corporation †		12,750		1,816,238
Hologic Incorporated †		25,550		1,096,351
				6,811,501
Health Care Providers & Services: 4.87%
UnitedHealth Group Incorporated		24,300		6,153,246
Life Sciences Tools & Services: 1.61%
Illumina Incorporated †		6,250		2,027,250

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

12 Wells Fargo Capital Growth Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Industrials: 12.02%
Aerospace & Defense: 1.33%
Northrop Grumman Corporation		5,600	$	1,682,744
Commercial Services & Supplies: 5.51%
Cintas Corporation		15,600		3,189,888
Waste Connections Incorporated		48,480		3,762,533
				6,952,421
Electrical Equipment: 1.03%
Rockwell Automation Incorporated		6,950		1,303,542
Professional Services: 1.14%
TransUnion†		19,923		1,442,425
Road & Rail: 3.01%
Union Pacific Corporation		25,300		3,792,217
Information Technology: 44.08%
Internet Software & Services: 12.78%
Alibaba Group Holding Limited ADR †		13,600		2,546,328
Alphabet Incorporated Class A †		6,308		7,741,304
Facebook Incorporated Class A †		12,274		2,118,247
MercadoLibre Incorporated		5,200		1,783,132
Tencent Holdings Limited ADR		42,350		1,935,395
				16,124,406
IT Services: 14.55%
Black Knight Incorporated †		32,150		1,660,548
Fidelity National Information Services Incorporated		17,050		1,758,367
First Data Corporation Class A †		154,200		3,586,692
FleetCor Technologies Incorporated †		12,100		2,625,700
PayPal Holdings Incorporated †		14,100		1,158,174
Total System Services Incorporated		15,200		1,391,408
Visa Incorporated Class A		45,183		6,178,323
				18,359,212
Semiconductors & Semiconductor Equipment: 0.91%
Infineon Technologies AG ADR		43,450		1,152,511
Software: 15.84%
Activision Blizzard Incorporated		27,300		2,004,366
Autodesk Incorporated †		10,400		1,335,776
Microsoft Corporation		83,500		8,857,680
Nintendo Company Limited		32,450		1,384,642
Red Hat Incorporated †		15,150		2,139,635
Salesforce.com Incorporated †		20,180		2,767,687
ServiceNow Incorporated †		8,480		1,492,141
				19,981,927

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

Portfolio of investments—July 31, 2018 Wells Fargo Capital Growth Fund 13

Security name				Shares		Value
Materials: 6.30%
Chemicals: 4.47%
Air Products & Chemicals Incorporated					16,650	$	2,733,431
The Sherwin-Williams Company					6,600		2,908,818
							5,642,249
Construction Materials: 1.83%
Vulcan Materials Company					20,600		2,307,200
Real Estate: 0.80%
Equity REITs: 0.80%
SBA Communications Corporation †					6,400		1,012,800
Total Common Stocks (Cost $73,349,364)							125,922,007
	Yield
Short-Term Investments: 1.78%
Investment Companies: 1.78%
Securities Lending Cash Investment LLC (l)(r)(u)		2.10	%		1,332,367		1,332,500
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83			922,555		922,555
Total Short-Term Investments (Cost $2,255,055)							2,255,055

Total investments in securities (Cost $75,604,419)	101.57	%		128,177,062
Other assets and liabilities, net	(1.57	)		(1,987,480	)
Total net assets	100.00	%	$	126,189,582

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

† Non-income-earning security

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the 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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		695,935		83,828,843		83,192,411		1,332,367	$	0	$	0	$	10,051	$	1,332,500
Wells Fargo Government Money Market Fund Select Class		3,766,873		63,253,993		66,098,311		922,555		0		0		55,873		922,555
									$	0	$	0	$	65,924	$	2,255,055		1.78	%

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

14 Wells Fargo Capital Growth Fund Statement of assets and liabilities—July 31, 2018

Assets
Investments in unaffiliated securities (including $1,326,200 of securities loaned), at value (cost $73,349,364)	$	125,922,007
Investments in affiliated securities, at value (cost $2,255,055)		2,255,055
Receivable for investments sold		115,523
Receivable for Fund shares sold		7,838
Receivable for dividends		23,675
Receivable for securities lending income		76
Prepaid expenses and other assets		77,394
Total assets		128,401,568
Liabilities
Payable upon receipt of securities loaned		1,332,500
Payable for Fund shares redeemed		740,149
Management fee payable		44,531
Administration fees payable		19,383
Distribution fee payable		2,165
Trustees’ fees and expenses payable		1,228
Accrued expenses and other liabilities		72,030
Total liabilities		2,211,986
Total net assets	$	126,189,582
NET ASSETS CONSIST OF
Paid-in capital	$	16,086,706
Accumulated net realized gains on investments		57,530,233
Net unrealized gains on investments		52,572,643
Total net assets	$	126,189,582
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	86,285,262
Shares outstanding – Class A1		4,534,511
Net asset value per share – Class A		$19.03
Maximum offering price per share – Class A2		$20.19
Net assets – Class C	$	3,364,838
Shares outstanding – Class C1		205,071
Net asset value per share – Class C		$16.41
Net assets – Class R6	$	10,360,497
Shares outstanding – Class R61		480,736
Net asset value per share – Class R6		$21.55
Net assets – Administrator Class	$	5,949,641
Shares outstanding – Administrator Class1		287,292
Net asset value per share – Administrator Class		$20.71
Net assets – Institutional Class	$	20,229,344
Shares outstanding – Institutional Class1		942,052
Net asset value per share – Institutional Class		$21.47

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended July 31, 2018 Wells Fargo Capital Growth Fund 15

Investment income
Dividends (net of foreign withholding taxes of $13,485)	$	1,602,421
Income from affiliated securities		65,924
Total investment income		1,668,345
Expenses
Management fee		1,524,807
Administration fees
Class A		167,324
Class C		6,527
Class R4		4	1
Class R6		30,563
Administrator Class		16,229
Institutional Class		26,881
Shareholder servicing fees
Class A		199,195
Class C		7,770
Class R4		5	1
Administrator Class		31,210
Distribution fee
Class C		23,311
Custody and accounting fees		10,231
Professional fees		50,571
Registration fees		83,971
Shareholder report expenses		31,905
Trustees’ fees and expenses		25,017
Other fees and expenses		8,054
Total expenses		2,243,575
Less: Fee waivers and/or expense reimbursements		(469,339	)
Net expenses		1,774,236
Net investment loss		(105,891	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		84,278,242
Net change in unrealized gains (losses) on investments		(34,428,399	)
Net realized and unrealized gains (losses) on investments		49,849,843
Net increase in net assets resulting from operations	$	49,743,952

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

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

16 Wells Fargo Capital Growth Fund Statement of changes in net assets

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment income (loss)				$	(105,891	)				$	164,681
Net realized gains on investments					84,278,242						31,756,709
Net change in unrealized gains (losses) on investments					(34,428,399	)					15,387,708
Net increase in net assets resulting from operations					49,743,952						47,309,098
Distributions to shareholders from
Net investment income
Class A					0						(97,914	)
Class R4					0	1					(38	)
Class R6					0						(412,002	)
Administrator Class					0						(39,091	)
Institutional Class					0						(65,942	)
Net realized gains
Class A					(10,659,612	)					(1,953,165	)
Class C					(475,651	)					(101,375	)
Class R4					(1,544	)1					(384	)
Class R6					(16,512,790	)					(3,243,150	)
Administrator Class					(2,322,996	)					(611,585	)
Institutional Class					(2,869,464	)					(616,477	)
Total distributions to shareholders					(32,842,057	)					(7,141,123	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		324,772			5,663,591			198,409			3,094,087
Class C		51,472			773,137			32,238			431,568
Class R6		429,937			8,300,687			877,107			15,875,391
Administrator Class		98,501			1,847,357			166,111			2,827,992
Institutional Class		180,220			3,556,665			929,940			16,102,051
					20,141,437						38,331,089
Reinvestment of distributions
Class A		642,270			10,449,869			137,411			2,007,306
Class C		30,860			437,693			6,718			87,332
Class R4		0	1		0	1		26			422
Class R6		905,002			16,500,487			225,598			3,655,152
Administrator Class		131,868			2,308,838			41,308			647,990
Institutional Class		155,432			2,828,945			41,696			673,156
					32,525,832						7,071,358
Payment for shares redeemed
Class A		(560,818	)		(9,909,912	)		(1,344,184	)		(20,771,420	)
Class C		(62,592	)		(954,216	)		(105,879	)		(1,470,006	)
Class R4		(974	)1		(18,521	)1		0			0
Class R6		(8,922,240	)		(178,495,590	)		(1,450,824	)		(24,773,295	)
Administrator Class		(1,169,379	)		(22,013,800	)		(898,996	)		(14,559,948	)
Institutional Class		(661,462	)		(12,665,267	)		(1,125,342	)		(19,712,480	)
					(224,057,306	)					(81,287,149	)
Net decrease in net assets resulting from capital share transactions					(171,390,037	)					(35,884,702	)
Total increase (decrease) in net assets					(154,488,142	)					4,283,273
Net assets
Beginning of period					280,677,724						276,394,451
End of period				$	126,189,582					$	280,677,724
Undistributed (overdistributed) net investment income				$	0					$	(90,944	)

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

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

Financial highlights Wells Fargo Capital Growth Fund 17

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.56			$15.12			$17.38			$21.31			$19.87
Net investment loss		(0.06	)1		(0.03	)1		(0.03	)1		(0.07	)1		(0.10	)1
Net realized and unrealized gains (losses) on investments		4.06			2.90			0.04			2.09			3.79
Total from investment operations		4.00			2.87			0.01			2.02			3.69
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			(0.02	)
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(2.53	)		(0.43	)		(2.27	)		(5.95	)		(2.25	)
Net asset value, end of period		$19.03			$17.56			$15.12			$17.38			$21.31
Total return2		25.83	%		19.52	%		0.75	%		11.00	%		19.09	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.24	%		1.24	%		1.27	%		1.26	%
Net expenses		1.06	%		1.06	%		1.06	%		1.11	%		1.11	%
Net investment loss		(0.32	)%		(0.21	)%		(0.18	)%		(0.39	)%		(0.46	)%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$86,285			$72,511			$77,648			$17,126			$18,561

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.58			$13.54			$15.92			$20.12			$18.98
Net investment loss		(0.16	)1		(0.13	)1		(0.13	)1		(0.20	)1		(0.24	)1
Net realized and unrealized gains (losses) on investments		3.52			2.58			0.02			1.95			3.61
Total from investment operations		3.36			2.45			(0.11	)		1.75			3.37
Distributions to shareholders from
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Net asset value, end of period		$16.41			$15.58			$13.54			$15.92			$20.12
Total return2		24.89	%		18.65	%		0.00	%		10.15	%		18.21	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		1.99	%		1.99	%		2.02	%		2.01	%
Net expenses		1.81	%		1.81	%		1.81	%		1.86	%		1.86	%
Net investment loss		(1.07	)%		(0.95	)%		(0.98	)%		(1.14	)%		(1.20	)%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$3,365			$2,888			$3,415			$4,212			$4,628

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Capital Growth Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			2017			2016			2015			2014
Net asset value, beginning of period		$19.52			$16.70			$18.87			$22.56			$20.85
Net investment income		0.04	1		0.04			0.04	1		0.02			0.00	1,2
Net realized and unrealized gains (losses) on investments		4.52			3.24			0.06			2.24			4.00
Total from investment operations		4.56			3.28			0.10			2.26			4.00
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			(0.06	)
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(2.53	)		(0.46	)		(2.27	)		(5.95	)		(2.29	)
Net asset value, end of period		$21.55			$19.52			$16.70			$18.87			$22.56
Total return		26.13	%		20.18	%		1.20	%		11.54	%		19.71	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.81	%		0.81	%		0.79	%		0.78	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.19	%		0.23	%		0.23	%		0.11	%		0.01	%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$10,360			$157,462			$140,581			$153,009			$142,754

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

20 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.87			$16.20			$18.43			$22.22			$20.61
Net investment loss		(0.03	)1		(0.01	)1		(0.01	)1		(0.03	)1		(0.05	)1
Net realized and unrealized gains (losses) on investments		4.40			3.12			0.05			2.19			3.93
Total from investment operations		4.37			3.11			0.04			2.16			3.88
Distributions to shareholders from
Net investment income		0.00			(0.03	)		0.00			0.00			(0.04	)
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(2.53	)		(0.44	)		(2.27	)		(5.95	)		(2.27	)
Net asset value, end of period		$20.71			$18.87			$16.20			$18.43			$22.22
Total return		26.01	%		19.68	%		0.88	%		11.22	%		19.35	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.16	%		1.16	%		1.11	%		1.09	%
Net expenses		0.94	%		0.94	%		0.93	%		0.90	%		0.90	%
Net investment loss		(0.18	)%		(0.04	)%		(0.09	)%		(0.16	)%		(0.24	)%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$5,950			$23,144			$31,064			$34,886			$67,830

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Capital Growth Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$19.44			$16.65			$18.84			$22.54			$20.84
Net investment income		0.01	1		0.02	1		0.03	1		0.02	1		0.01	1
Net realized and unrealized gains (losses) on investments		4.55			3.22			0.05			2.23			4.00
Total from investment operations		4.56			3.24			0.08			2.25			4.01
Distributions to shareholders from
Net investment income		0.00			(0.04	)		0.00			0.00			(0.08	)
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(2.53	)		(0.45	)		(2.27	)		(5.95	)		(2.31	)
Net asset value, end of period		$21.47			$19.44			$16.65			$18.84			$22.54
Total return		26.25	%		20.00	%		1.09	%		11.50	%		19.76	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.91	%		0.91	%		0.84	%		0.82	%
Net expenses		0.70	%		0.70	%		0.68	%		0.65	%		0.65	%
Net investment income		0.05	%		0.13	%		0.16	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$20,229			$24,653			$23,670			$22,578			$49,816

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Capital Growth Fund Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund. Information for Class R4 shares reflected in the financial statements represents activity through November 13, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange

Notes to financial statements Wells Fargo Capital Growth Fund 23

rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $75,816,195 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	53,214,304
Gross unrealized losses		(853,437	)
Net unrealized gains	$	52,360,867

24 Wells Fargo Capital Growth Fund Notes to financial statements

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification are due to equalization payments and net operating losses. At July 31, 2018, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$16,448,219	$196,835	$(16,645,054)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	20,367,246	$	0	$	0	$	20,367,246
Energy		1,239,719		0		0		1,239,719
Financials		6,859,095		0		0		6,859,095
Health care		17,702,293		0		0		17,702,293
Industrials		15,173,349		0		0		15,173,349
Information technology		55,618,056		0		0		55,618,056
Materials		7,949,449		0		0		7,949,449
Real estate		1,012,800		0		0		1,012,800
Short-term investments
Investment companies		922,555		0		0		922,555
Investments measured at net asset value*								1,332,500
Total assets	$	126,844,562	$	0	$	0	$	128,177,062

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $1,332,500 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Notes to financial statements Wells Fargo Capital Growth Fund 25

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.60% for Class R6 shares, 0.94% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $2,211 from the sale of Class A. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

26 Wells Fargo Capital Growth Fund Notes to financial statements

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $83,485,466 and $281,224,165, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	5,090,507	$	614,987
Long-term capital gain		27,751,550		6,526,136

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains
$57,742,009	$52,360,867

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

Report of independent registered public accounting firm Wells Fargo Capital Growth Fund 27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Capital Growth Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

28 Wells Fargo Capital Growth Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 35.16% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $35,626,926 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018. Long-term capital gains in the amount of $7,875,376 were distributed in connection with Fund share redemptions.

Pursuant to Section 854 of the Internal Revenue Code, $2,066,242 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2018, $5,090,507 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Capital Growth Fund 29

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

30 Wells Fargo Capital Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

Other information (unaudited) Wells Fargo Capital Growth Fund 31

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

32 Wells Fargo Capital Growth Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Capital Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Capital Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Other information (unaudited) Wells Fargo Capital Growth Fund 33

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for the one-, three- and five-year periods under review, but lower than the average investment performance of the Universe for the ten-year period under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 1000 Growth Index, for the one-year period under review, but lower than its benchmark index for the three-, five-, and ten-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than, equal to or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

34 Wells Fargo Capital Growth Fund Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Appendix A (unaudited) Wells Fargo Capital Growth Fund 35

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

36 Wells Fargo Capital Growth Fund Appendix A (unaudited)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

Appendix A (unaudited) Wells Fargo Capital Growth Fund 37

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314793 09-18 A200/AR200 07-18

Annual Report

July 31, 2018

Wells Fargo Disciplined U.S. Core Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	27
Report of independent registered public accounting firm	32
Other information	33
Appendix A	40

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Disciplined U.S. Core Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Disciplined U.S. Core Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Disciplined U.S. Core Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Disciplined U.S. Core Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Disciplined U.S. Core Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Disciplined U.S. Core Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser^‡

Wells Capital Management Incorporated

Portfolio managers

Justin Carr, CFA^®

Greg W. Golden, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EVSAX)	2-28-1990		6.79		11.13		9.50		13.28		12.45		10.15		0.85		0.85
Class C (EVSTX)	6-30-1999		11.41		11.60		9.32		12.41		11.60		9.32		1.60		1.60
Class R (EVSHX)	9-30-2015		–		–		–		12.97		12.16		9.86		1.10		1.10
Class R6 (EVSRX)	9-30-2015		–		–		–		13.78		12.94		10.59		0.42		0.42
Administrator Class (EVSYX)	2-21-1995		–		–		–		13.40		12.59		10.33		0.77		0.74
Institutional Class (EVSIX)	7-30-2010		–		–		–		13.65		12.89		10.56		0.52		0.48
S&P 500 Index4	–		–		–		–		16.24		13.12		10.67		–		–

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. Class R, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Disciplined U.S. Core Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

^‡  Wells Capital Management Incorporated became the subadviser of the Fund on January 1, 2018.

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

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

³  The manager has contractually committed through November 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 0.87% for Class A, 1.62% for Class C, 1.12% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

* This security was no longer held at the end of the reporting period.

8 Wells Fargo Disciplined U.S. Core Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2018.

∎ Stock selection was the main performance detractor, adding value in only 2 out of 11 sectors. Favorable stock selection came from the materials and health care sectors. Notable weakness in stock selection was found within consumer discretionary, industrials, financials, telecommunication services, and utilities.

∎ Sector weighting decisions were modestly positive. Contributions to total return came from being underweight within the consumer staples and utilities sectors. Performance detractors included being underweight within consumer discretionary and having overweight exposures to health care and materials sectors. Variation in sector weights were relatively small, as is typical for the strategy.

The combination of a moderate growth economy and potential benefits of tax reform boosted investor sentiment and broad market averages over the trailing 12-month period. Both manufacturing and retail sales were generally positive and continued job growth offset concerns from the U.S. Federal Reserve’s (Fed’s) stated goal of normalizing interest rates.

Ten largest holdings (%) as of July 31, 20186
Apple Incorporated	4.16%
Microsoft Corporation	4.02%
Amazon.com Incorporated	3.11%
Facebook Incorporated Class A	2.04%
Johnson & Johnson	2.02%
Alphabet Incorporated Class C	1.99%
Exxon Mobil Corporation	1.95%
Alphabet Incorporated Class A	1.92%
JPMorgan Chase & Company	1.88%
Berkshire Hathaway Incorporated Class B	1.83%

Stock selection detracted from performance while sector allocation decisions helped.

Stock selection was the main detractor from performance during the period. The most notable weakness came from the consumer discretionary sector, specifically due to our overweight position in Nutrisystem, Incorporated*, and lack of exposure to Netflix, Incorporated. A slight underweight earlier in the year to Amazon.com, Incorporated, also negatively affected relative performance. Within industrials, performance headwinds came from the timing of the purchase of machinery maker Caterpillar, Incorporated, which was added to the portfolio later in the reporting period. The portfolio did benefit from being underweight industrial conglomerate General Electric Company*, which declined nearly 45% over the trailing 12-month period.

Sector distribution as of July 31, 2018⁷

Other contributors to stock selection included holdings within the chemicals subsector, such as LyondellBasell Industries N.V.; an overweight position in The Boeing Company within the aerospace industry; and an overweight position in semiconductor manufacturer Micron Technology, Incorporated.

In terms of sector-weighting decisions, top contributions to total return came from being underweight within the consumer staples and utilities sectors. Performance detractors included being underweight within consumer discretionary and having overweight exposures to health care and materials.

Our market outlook is favorable.

As we have noted in previous quarters, we believe the trends of modest economic growth, strong corporate profit growth, and favorable fiscal policy are likely to continue. Leading economic indicators point to moderate economic growth over the medium term supporting further sales and earnings growth.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Disciplined U.S. Core Fund 9

On balance, risk levels are slightly elevated relative to the beginning of the year. We believe that stock valuations are supported by current fundamentals. With the significant earnings growth reported so far in 2018, valuation multiples have contracted. While the risk of a significant uptick in inflation seems to have lessened, geopolitical risks and the prospects for tighter monetary policy have increased. However, we expect a damaging trade war will be averted, Fed policy will be well communicated and data dependent, and the pace of monetary policy normalization will be gradual.

We continue to expect a heightened level of volatility throughout 2018 as the markets price in changing expectations for trade and monetary policies. We will focus on company fundamentals while being mindful of the evolving macroeconomic environment and its impact on the expectations for corporate earnings as well as investors’ risk appetites.

We strive to add value relative to the benchmark.

Within the Fund, we strive to add value relative to the benchmark through a full market cycle, independent of overall market direction or movements by style (growth or value) or size (large or small). Our investment process will continue to focus on building a stock portfolio that emphasizes attractive valuations, earnings growth, earnings and sales momentum, earnings quality, and trading momentum. Based on our research and experience, we believe the Fund may provide shareholders with meaningful capital appreciation over time.

10 Wells Fargo Disciplined U.S. Core Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	985.52	$	4.16		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.24		0.83	%
Class C
Actual	$	1,000.00	$	981.31	$	7.90		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.23	$	8.04		1.58	%
Class R
Actual	$	1,000.00	$	984.04	$	5.41		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.75	$	5.51		1.08	%
Class R6
Actual	$	1,000.00	$	987.50	$	2.01		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.18	$	2.05		0.40	%
Administrator Class
Actual	$	1,000.00	$	985.89	$	3.70		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Institutional Class
Actual	$	1,000.00	$	987.37	$	2.40		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Disciplined U.S. Core Fund 11

Security name	Shares		Value
Common Stocks: 99.48%
Consumer Discretionary: 12.24%
Automobiles: 0.69%
Ford Motor Company		1,027,981	$	10,320,929
Hotels, Restaurants & Leisure: 0.97%
Carnival Corporation		128,187		7,593,798
Las Vegas Sands Corporation		96,208		6,917,355
				14,511,153
Household Durables: 0.59%
Garmin Limited		59,037		3,686,861
NVR Incorporated †		1,164		3,211,977
Pulte Group Incorporated		65,134		1,855,668
				8,754,506
Internet & Direct Marketing Retail: 3.11%
Amazon.com Incorporated †		26,017		46,243,656
Media: 2.81%
Comcast Corporation Class A		139,209		4,980,898
John Wiley & Sons Incorporated Class A		112,425		7,099,639
News Corporation Class A		267,929		4,037,690
The Walt Disney Company		144,096		16,363,542
Twenty-First Century Fox Incorporated Class A		162,345		7,305,525
Viacom Incorporated Class B		71,642		2,081,200
				41,868,494
Multiline Retail: 1.25%
Kohl’s Corporation		67,183		4,962,808
Macy’s Incorporated		219,362		8,715,252
Target Corporation		61,252		4,941,811
				18,619,871
Specialty Retail: 2.82%
Best Buy Company Incorporated		123,809		9,289,389
Lowe’s Companies Incorporated		37,682		3,743,330
Ross Stores Incorporated		54,699		4,782,334
The Home Depot Incorporated		98,936		19,541,839
The TJX Companies Incorporated		46,840		4,555,658
				41,912,550
Consumer Staples: 6.06%
Beverages: 0.48%
Molson Coors Brewing Company Class B		105,855		7,092,285
Food & Staples Retailing: 2.79%
Costco Wholesale Corporation		20,679		4,522,704
The Kroger Company		318,632		9,240,328

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

12 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Food & Staples Retailing (continued)
Wal-Mart Stores Incorporated		176,591	$	15,757,215
Walgreens Boots Alliance Incorporated		177,778		12,021,348
				41,541,595
Food Products: 1.65%
Cal-Maine Foods Incorporated †		157,086		7,068,870
General Mills Incorporated		97,340		4,483,480
Sanderson Farms Incorporated		56,402		5,687,014
Tyson Foods Incorporated Class A		125,893		7,257,731
				24,497,095
Household Products: 1.14%
Kimberly-Clark Corporation		97,089		11,054,554
The Procter & Gamble Company		73,814		5,970,076
				17,024,630
Energy: 5.88%
Oil, Gas & Consumable Fuels: 5.88%
Chevron Corporation		187,271		23,646,709
Exxon Mobil Corporation		355,200		28,952,352
HollyFrontier Corporation		52,625		3,924,773
Kinder Morgan Incorporated		585,489		10,409,994
ONEOK Incorporated		134,085		9,444,947
Valero Energy Corporation		93,580		11,075,193
				87,453,968
Financials: 13.47%
Banks: 6.03%
Bank of America Corporation		689,835		21,302,105
Citigroup Incorporated		273,373		19,652,785
Citizens Financial Group Incorporated		96,279		3,829,979
Fifth Third Bancorp		100,382		2,970,303
JPMorgan Chase & Company		243,305		27,967,910
People’s United Financial Incorporated		189,827		3,460,546
Popular Incorporated		115,752		5,744,772
Regions Financial Corporation		259,649		4,832,068
				89,760,468
Capital Markets: 1.80%
Bank of New York Mellon Corporation		130,574		6,981,792
Eaton Vance Corporation		112,445		5,974,203
Evercore Partners Incorporated Class A		81,962		9,261,706
Waddell & Reed Financial Incorporated Class A		223,080		4,619,987
				26,837,688
Consumer Finance: 0.35%
Synchrony Financial		181,025		5,238,864

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

Portfolio of investments—July 31, 2018 Wells Fargo Disciplined U.S. Core Fund 13

Security name	Shares		Value
Diversified Financial Services: 1.83%
Berkshire Hathaway Incorporated Class B †		137,372	$	27,181,798
Insurance: 3.18%
AFLAC Incorporated		227,690		10,596,693
MetLife Incorporated		233,206		10,666,842
Principal Financial Group Incorporated		84,589		4,912,929
Prudential Financial Incorporated		100,130		10,104,118
The Progressive Corporation		182,647		10,960,646
				47,241,228
Thrifts & Mortgage Finance: 0.28%
MGIC Investment Corporation †		335,932		4,192,431
Health Care: 15.14%
Biotechnology: 2.69%
AbbVie Incorporated		177,085		16,332,550
Amgen Incorporated		74,192		14,582,438
Gilead Sciences Incorporated		117,939		9,179,192
				40,094,180
Health Care Equipment & Supplies: 2.68%
Abbott Laboratories		248,664		16,297,439
Baxter International Incorporated		134,501		9,744,597
ICU Medical Incorporated †		11,282		3,235,678
Medtronic plc		117,782		10,627,470
				39,905,184
Health Care Providers & Services: 3.79%
Anthem Incorporated		47,203		11,942,359
CVS Health Corporation		176,842		11,469,972
Magellan Health Services Incorporated †		31,558		2,295,845
McKesson Corporation		54,180		6,805,008
UnitedHealth Group Incorporated		94,529		23,936,633
				56,449,817
Life Sciences Tools & Services: 0.40%
Thermo Fisher Scientific Incorporated		25,035		5,871,459
Pharmaceuticals: 5.58%
Bristol-Myers Squibb Company		151,955		8,927,356
Eli Lilly & Company		52,332		5,170,925
Johnson & Johnson		226,743		30,047,982
Merck & Company Incorporated		270,533		17,820,009
Pfizer Incorporated		528,068		21,085,755
				83,052,027

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

14 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Industrials: 9.11%
Aerospace & Defense: 1.46%
Huntington Ingalls Industries Incorporated		5,267	$	1,227,474
Northrop Grumman Corporation		12,196		3,664,776
Raytheon Company		18,054		3,575,234
The Boeing Company		25,760		9,178,288
United Technologies Corporation		30,352		4,119,980
				21,765,752
Air Freight & Logistics: 0.88%
FedEx Corporation		53,290		13,102,412
Airlines: 1.59%
Copa Holdings SA Class A		33,493		3,260,209
Delta Air Lines Incorporated		180,457		9,820,470
Hawaiian Holdings Incorporated		177,079		7,100,868
United Continental Holdings Incorporated †		42,689		3,432,196
				23,613,743
Commercial Services & Supplies: 0.97%
Herman Miller Incorporated		118,977		4,503,279
Waste Management Incorporated		109,798		9,881,820
				14,385,099
Construction & Engineering: 0.66%
MasTec Incorporated †		136,162		6,338,341
Quanta Services Incorporated †		103,507		3,526,483
				9,864,824
Electrical Equipment: 0.82%
AMETEK Incorporated		53,898		4,193,264
Emerson Electric Company		110,683		8,000,167
				12,193,431
Industrial Conglomerates: 0.65%
Honeywell International Incorporated		60,998		9,738,331
Machinery: 1.56%
Caterpillar Incorporated		66,890		9,618,782
Cummins Incorporated		41,862		5,978,312
Illinois Tool Works Incorporated		21,662		3,104,814
Paccar Incorporated		67,467		4,433,931
				23,135,839
Professional Services: 0.52%
Manpower Incorporated		82,684		7,711,110
Information Technology: 25.63%
Communications Equipment: 1.33%
Cisco Systems Incorporated		468,665		19,819,843

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

Portfolio of investments—July 31, 2018 Wells Fargo Disciplined U.S. Core Fund 15

Security name	Shares		Value
Internet Software & Services: 5.94%
Alphabet Incorporated Class A †		23,250	$	28,532,865
Alphabet Incorporated Class C †		24,320		29,603,763
Facebook Incorporated Class A †		175,888		30,354,751
				88,491,379
IT Services: 3.33%
Accenture plc Class A		87,174		13,889,433
CACI International Incorporated Class A †		17,093		2,994,694
International Business Machines Corporation		101,050		14,645,177
Total System Services Incorporated		97,666		8,940,346
Visa Incorporated Class A		66,149		9,045,214
				49,514,864
Semiconductors & Semiconductor Equipment: 4.20%
Applied Materials Incorporated		127,862		6,217,929
Cypress Semiconductor Corporation		416,055		7,409,940
Intel Corporation		446,255		21,464,866
Lam Research Corporation		17,476		3,331,625
Micron Technology Incorporated †		231,476		12,219,618
NVIDIA Corporation		20,674		5,062,236
Texas Instruments Incorporated		61,408		6,835,939
				62,542,153
Software: 5.44%
Activision Blizzard Incorporated		62,711		4,604,242
Microsoft Corporation		563,862		59,814,481
Oracle Corporation		346,551		16,523,552
				80,942,275
Technology Hardware, Storage & Peripherals: 5.39%
Apple Incorporated		325,276		61,896,770
HP Incorporated		457,026		10,548,160
Western Digital Corporation		110,460		7,748,769
				80,193,699
Materials: 3.55%
Chemicals: 1.30%
Huntsman Corporation		276,255		9,262,830
LyondellBasell Industries NV Class A		91,791		10,169,525
				19,432,355
Containers & Packaging: 0.54%
Avery Dennison Corporation		69,952		8,022,095
Metals & Mining: 1.22%
Freeport-McMoRan Incorporated		550,818		9,088,497
Newmont Mining Corporation		245,533		9,006,150
				18,094,647

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

16 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—July 31, 2018

Security name				Shares		Value
Paper & Forest Products: 0.49%
Louisiana-Pacific Corporation					271,728	$	7,314,918
Real Estate: 3.42%
Equity REITs: 2.93%
American Tower Corporation					79,962		11,853,567
Crown Castle International Corporation					26,720		2,961,378
Equinix Incorporated					24,460		10,744,789
GGP Incorporated					70,508		1,503,231
Kimco Realty Corporation					254,593		4,249,157
Prologis Incorporated					65,075		4,270,222
Weyerhaeuser Company					235,862		8,061,763
							43,644,107
Real Estate Management & Development: 0.49%
CBRE Group Incorporated Class A †					144,833		7,212,683
Telecommunication Services: 2.39%
Diversified Telecommunication Services: 2.39%
AT&T Incorporated					659,452		21,082,680
Verizon Communications Incorporated					280,594		14,489,874
							35,572,554
Utilities: 2.59%
Electric Utilities: 0.92%
Exelon Corporation					243,461		10,347,093
Otter Tail Corporation					69,909		3,383,596
							13,730,689
Gas Utilities: 0.71%
New Jersey Resources Corporation					90,130		4,168,513
UGI Corporation					118,957		6,321,375
							10,489,888
Multi-Utilities: 0.96%
CenterPoint Energy Incorporated					317,102		9,031,062
DTE Energy Company					48,664		5,281,991
							14,313,053
Total Common Stocks (Cost $1,151,698,459)							1,480,507,619
	Yield
Short-Term Investments: 0.60%
Investment Companies: 0.60%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83	%		9,015,872		9,015,872
Total Short-Term Investments (Cost $9,015,872)							9,015,872

Total investments in securities (Cost $1,160,714,331)	100.08	%		1,489,523,491
Other assets and liabilities, net	(0.08	)		(1,252,508	)
Total net assets	100.00	%	$	1,488,270,983

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

Portfolio of investments—July 31, 2018 Wells Fargo Disciplined U.S. Core Fund 17

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC *		13,021,998		111,425,421		124,447,419		0	$	0	$	(1,302	)	$	34,919	$	0
Wells Fargo Government Money Market Fund Select Class		5,020,581		208,385,658		204,390,367		9,015,872		0		0			125,563		9,015,872
									$	0	$	(1,302	)	$	160,482	$	9,015,872		0.60	%

* No longer held at the end of the period

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

18 Wells Fargo Disciplined U.S. Core Fund Statement of assets and liabilities—July 31, 2018

Assets
Investments in unaffiliated securities, at value (cost $1,151,698,459)	$	1,480,507,619
Investments in affiliated securities, at value (cost $9,015,872)		9,015,872
Receivable for Fund shares sold		671,002
Receivable for dividends		1,686,531
Prepaid expenses and other assets		196,592
Total assets		1,492,077,616
Liabilities
Payable for Fund shares redeemed		3,060,099
Management fee payable		423,087
Administration fees payable		162,268
Distribution fees payable		32,241
Trustees’ fees and expenses payable		1,519
Accrued expenses and other liabilities		127,419
Total liabilities		3,806,633
Total net assets	$	1,488,270,983
NET ASSETS CONSIST OF
Paid-in capital	$	1,086,695,496
Undistributed net investment income		18,219,041
Accumulated net realized gains on investments		54,547,286
Net unrealized gains on investments		328,809,160
Total net assets	$	1,488,270,983
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	480,602,092
Shares outstanding – Class A1		27,154,270
Net asset value per share – Class A		$17.70
Maximum offering price per share – Class A2		$18.78
Net assets – Class C	$	52,646,871
Shares outstanding – Class C1		3,232,901
Net asset value per share – Class C		$16.28
Net assets – Class R	$	3,298,191
Shares outstanding – Class R1		184,471
Net asset value per share – Class R		$17.88
Net assets – Class R6	$	445,678,066
Shares outstanding – Class R61		24,530,664
Net asset value per share – Class R6		$18.17
Net assets – Administrator Class	$	94,057,606
Shares outstanding – Administrator Class1		5,176,164
Net asset value per share – Administrator Class		$18.17
Net assets – Institutional Class	$	411,988,157
Shares outstanding – Institutional Class1		22,914,778
Net asset value per share – Institutional Class		$17.98

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended July 31, 2018 Wells Fargo Disciplined U.S. Core Fund 19

Investment income
Dividends (net of foreign withholding taxes of $6,851)	$	26,480,851
Income from affiliated securities		160,482
Total investment income		26,641,333
Expenses
Management fee		4,274,359
Administration fees
Class A		1,020,702
Class C		113,846
Class R		5,263
Class R6		59,181
Administrator Class		124,646
Institutional Class		523,055
Shareholder servicing fees
Class A		1,215,122
Class C		135,531
Class R		6,265
Administrator Class		239,492
Distribution fees
Class C		406,593
Class R		6,265
Custody and accounting fees		39,188
Professional fees		53,403
Registration fees		137,881
Shareholder report expenses		73,390
Trustees’ fees and expenses		22,956
Other fees and expenses		26,894
Total expenses		8,484,032
Less: Fee waivers and/or expense reimbursements		(109,988	)
Net expenses		8,374,044
Net investment income		18,267,289
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		58,671,899
Net change in unrealized gains (losses) on:
Unaffiliated securities		83,410,869
Affiliated securities		(1,302	)
Net change in unrealized gains (losses) on investments		83,409,567
Net realized and unrealized gains (losses) on investments		142,081,466
Net increase in net assets resulting from operations	$	160,348,755

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

20 Wells Fargo Disciplined U.S. Core Fund Statement of changes in net assets

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment income				$	18,267,289					$	13,483,173
Net realized gains on investments					58,671,899						40,249,528
Net change in unrealized gains (losses) on investments					83,409,567						73,326,880
Net increase in net assets resulting from operations					160,348,755						127,059,581
Distributions to shareholders from
Net investment income
Class A					(4,337,310	)					(4,241,326	)
Class C					(71,920	)					(349,824	)
Class R					(19,170	)					(11,093	)
Class R6					(2,941,311	)					(347,445	)
Administrator Class					(938,093	)					(881,706	)
Institutional Class					(5,006,239	)					(3,455,983	)
Net realized gains
Class A					(16,367,452	)					(5,786,410	)
Class C					(1,975,046	)					(762,481	)
Class R					(67,065	)					(10,965	)
Class R6					(7,459,553	)					(335,630	)
Administrator Class					(3,240,553	)					(1,132,641	)
Institutional Class					(13,501,914	)					(3,458,102	)
Total distributions to shareholders					(55,925,626	)					(20,773,606	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,025,519			51,764,763			7,395,158			112,884,775
Class C		374,010			5,918,031			944,833			13,103,182
Class R		106,436			1,833,037			123,340			1,889,259
Class R6		31,753,862			558,773,061			2,649,029			41,071,466
Administrator Class		801,468			14,055,574			2,626,510			40,190,122
Institutional Class		9,147,678			158,493,564			17,067,003			262,837,225
					790,838,030						471,976,029
Reinvestment of distributions
Class A		1,131,935			19,445,471			632,192			9,490,471
Class C		117,892			1,860,460			67,906			944,467
Class R		4,876			84,764			1,447			22,058
Class R6		589,809			10,399,263			44,450			683,075
Administrator Class		230,133			4,058,515			122,191			1,880,016
Institutional Class		851,853			14,861,788			358,107			5,452,012
					50,710,261						18,472,099
Payment for shares redeemed
Class A		(5,686,039	)		(97,150,526	)		(7,798,736	)		(119,001,666	)
Class C		(852,666	)		(13,443,380	)		(897,430	)		(12,701,056	)
Class R		(48,086	)		(836,247	)		(17,137	)		(260,936	)
Class R6		(10,312,522	)		(185,383,377	)		(464,804	)		(7,429,067	)
Administrator Class		(1,497,144	)		(26,145,921	)		(4,970,876	)		(75,703,203	)
Institutional Class		(8,454,555	)		(147,923,158	)		(7,177,876	)		(112,590,745	)
					(470,882,609	)					(327,686,673	)
Net increase in net assets resulting from capital share transactions					370,665,682						162,761,455
Total increase in net assets					475,088,811						269,047,430
Net assets
Beginning of period					1,013,182,172						744,134,742
End of period				$	1,488,270,983					$	1,013,182,172
Undistributed net investment income				$	18,219,041					$	13,265,795

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

Financial highlights Wells Fargo Disciplined U.S. Core Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.30			$14.50			$15.45			$16.29			$16.27
Net investment income		0.24			0.22			0.21			0.21			0.19
Net realized and unrealized gains (losses) on investments		1.90			1.94			0.47			1.60			2.35
Total from investment operations		2.14			2.16			0.68			1.81			2.54
Distributions to shareholders from
Net investment income		(0.15	)		(0.15	)		(0.19	)		(0.16	)		(0.24	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(0.74	)		(0.36	)		(1.63	)		(2.65	)		(2.52	)
Net asset value, end of period		$17.70			$16.30			$14.50			$15.45			$16.29
Total return1		13.28	%		15.12	%		5.22	%		12.01	%		17.00	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.85	%		0.87	%		0.89	%		0.93	%
Net expenses		0.83	%		0.85	%		0.87	%		0.89	%		0.92	%
Net investment income		1.33	%		1.45	%		1.60	%		1.43	%		1.27	%
Supplemental data
Portfolio turnover rate		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$480,602			$467,491			$412,629			$331,123			$305,577

¹  Total return calculations do not include any sales charges.

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

22 Wells Fargo Disciplined U.S. Core Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.04			$13.45			$14.50			$15.47			$15.58
Net investment income		0.09			0.10			0.14			0.13			0.08
Net realized and unrealized gains (losses) on investments		1.76			1.79			0.38			1.48			2.23
Total from investment operations		1.85			1.89			0.52			1.61			2.31
Distributions to shareholders from
Net investment income		(0.02	)		(0.09	)		(0.13	)		(0.09	)		(0.14	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(0.61	)		(0.30	)		(1.57	)		(2.58	)		(2.42	)
Net asset value, end of period		$16.28			$15.04			$13.45			$14.50			$15.47
Total return1		12.41	%		14.27	%		4.43	%		11.18	%		16.10	%
Ratios to average net assets (annualized)
Gross expenses		1.58	%		1.60	%		1.62	%		1.64	%		1.68	%
Net expenses		1.58	%		1.60	%		1.62	%		1.64	%		1.67	%
Net investment income		0.58	%		0.69	%		0.82	%		0.66	%		0.51	%
Supplemental data
Portfolio turnover rate		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$52,647			$54,054			$46,801			$20,680			$10,913

¹  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Disciplined U.S. Core Fund 23

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2018			2017			20161
Net asset value, beginning of period		$16.51			$14.77			$14.62
Net investment income		0.18	2		0.17	2		0.13	2
Net realized and unrealized gains (losses) on investments		1.94			1.99			1.72
Total from investment operations		2.12			2.16			1.85
Distributions to shareholders from
Net investment income		(0.16	)		(0.21	)		(0.26	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(0.75	)		(0.42	)		(1.70	)
Net asset value, end of period		$17.88			$16.51			$14.77
Total return3		12.97	%		14.86	%		13.56	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.10	%		1.12	%
Net expenses		1.08	%		1.10	%		1.12	%
Net investment income		1.04	%		1.10	%		1.12	%
Supplemental data
Portfolio turnover rate		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$3,298			$2,001			$201

¹  For the period from September 30, 2015 (commencement of class operations) to July 31, 2016

²  Calculated based upon average shares outstanding

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

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

24 Wells Fargo Disciplined U.S. Core Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			2017			20161
Net asset value, beginning of period		$16.71			$14.86			$14.62
Net investment income		0.30	2		0.28	2		0.22	2
Net realized and unrealized gains (losses) on investments		1.97			1.99			1.72
Total from investment operations		2.27			2.27			1.94
Distributions to shareholders from
Net investment income		(0.22	)		(0.21	)		(0.26	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(0.81	)		(0.42	)		(1.70	)
Net asset value, end of period		$18.17			$16.71			$14.86
Total return3		13.78	%		15.56	%		14.24	%
Ratios to average net assets (annualized)
Gross expenses		0.40	%		0.42	%		0.44	%
Net expenses		0.40	%		0.42	%		0.43	%
Net investment income		1.71	%		1.77	%		1.88	%
Supplemental data
Portfolio turnover rate		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$445,678			$41,770			$4,024

¹  For the period from September 30, 2015 (commencement of class operations) to July 31, 2016

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Disciplined U.S. Core Fund 25

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.71			$14.85			$15.80			$16.60			$16.47
Net investment income		0.25	1		0.25	1		0.24	1		0.25	1		0.25	1
Net realized and unrealized gains (losses) on investments		1.97			1.98			0.48			1.63			2.35
Total from investment operations		2.22			2.23			0.72			1.88			2.60
Distributions to shareholders from
Net investment income		(0.17	)		(0.16	)		(0.23	)		(0.19	)		(0.19	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(0.76	)		(0.37	)		(1.67	)		(2.68	)		(2.47	)
Net asset value, end of period		$18.17			$16.71			$14.85			$15.80			$16.60
Total return		13.40	%		15.24	%		5.36	%		12.20	%		17.12	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.77	%		0.78	%		0.74	%		0.76	%
Net expenses		0.74	%		0.74	%		0.74	%		0.73	%		0.74	%
Net investment income		1.42	%		1.60	%		1.71	%		1.58	%		1.56	%
Supplemental data
Portfolio turnover rate		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$94,058			$94,294			$116,807			$63,544			$50,498

¹  Calculated based upon average shares outstanding

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

26 Wells Fargo Disciplined U.S. Core Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.55			$14.72			$15.66			$16.47			$16.43
Net investment income		0.28			0.27	1		0.28	1		0.30			0.26	1
Net realized and unrealized gains (losses) on investments		1.95			1.98			0.47			1.61			2.37
Total from investment operations		2.23			2.25			0.75			1.91			2.63
Distributions to shareholders from
Net investment income		(0.21	)		(0.21	)		(0.25	)		(0.23	)		(0.31	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(0.80	)		(0.42	)		(1.69	)		(2.72	)		(2.59	)
Net asset value, end of period		$17.98			$16.55			$14.72			$15.66			$16.47
Total return		13.65	%		15.51	%		5.64	%		12.55	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.52	%		0.54	%		0.47	%		0.50	%
Net expenses		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%
Net investment income		1.67	%		1.76	%		1.96	%		1.86	%		1.63	%
Supplemental data
Portfolio turnover rate		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$411,988			$353,573			$163,674			$109,901			$91,144

¹  Calculated based upon average shares outstanding

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

Notes to financial statements Wells Fargo Disciplined U.S. Core Fund 27

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

28 Wells Fargo Disciplined U.S. Core Fund Notes to financial statements

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $1,171,763,575 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	334,467,066
Gross unrealized losses		(16,707,150	)
Net unrealized gains	$	317,759,916

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements Wells Fargo Disciplined U.S. Core Fund 29

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	182,231,159	$	0	$	0	$	182,231,159
Consumer staples		90,155,605		0		0		90,155,605
Energy		87,453,968		0		0		87,453,968
Financials		200,452,477		0		0		200,452,477
Health care		225,372,667		0		0		225,372,667
Industrials		135,510,541		0		0		135,510,541
Information technology		381,504,213		0		0		381,504,213
Materials		52,864,015		0		0		52,864,015
Real estate		50,856,790		0		0		50,856,790
Telecommunications		35,572,554		0		0		35,572,554
Utilities		38,533,630		0		0		38,533,630
Short-term investments
Investment companies		9,015,872		0		0		9,015,872
Total assets	$	1,489,523,491	$	0	$	0	$	1,489,523,491

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.35% and declining to 0.28% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadvisor to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase. Prior to January 1, 2018, Golden Capital Management, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, was the subadviser to the Fund. In connection with the completion of the merger of Golden Capital Management, LLC into WellsCap on January 1, 2018, WellsCap became the subadviser to the Fund. The merger did not result in any change to the services provided to the Fund or to its strategies or fees and expenses.

Administration fees

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

30 Wells Fargo Disciplined U.S. Core Fund Notes to financial statements

servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.87% for Class A shares, 1.62% for Class C shares, 1.12% for Class R shares, 0.43% for Class R6 shares, 0.74% for Administrator Class, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $24,063 from the sale of Class A shares and $227 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $312,926,405 and $139,638,697 in interfund purchases and sales, respectively, during the year ended July 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $1,245,655,110 and $901,253,266, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

Notes to financial statements Wells Fargo Disciplined U.S. Core Fund 31

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	27,352,794	$	9,287,377
Long-term capital gain		28,572,832		11,486,229

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$19,977,062	$63,885,783	$317,759,916

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

32 Wells Fargo Disciplined U.S. Core Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Disciplined U.S. Core Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 33

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 66.60% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $28,572,832 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

Pursuant to Section 854 of the Internal Revenue Code, $18,972,307 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2018, $35,950 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended July 31, 2018, $14,038,751 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

34 Wells Fargo Disciplined U.S. Core Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 35

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

36 Wells Fargo Disciplined U.S. Core Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 37

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Disciplined U.S. Core Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Disciplined U.S. Core Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

38 Wells Fargo Disciplined U.S. Core Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than or in range of its benchmark index, the S & P 500 Index, for the three-, five-, and ten-year periods under review, but lower than its benchmark index for the one-year period under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 39

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

40 Wells Fargo Disciplined U.S. Core Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

Appendix A (unaudited) Wells Fargo Disciplined U.S. Core Fund 41

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

42 Wells Fargo Disciplined U.S. Core Fund Appendix A (unaudited)

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

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For more information

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

Wells Fargo Funds

219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314794 09-18 A203/AR203 07-18

Annual Report

July 31, 2018

Wells Fargo Endeavor Select Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Report of independent registered public accounting firm	26
Other information	27
Appendix A	34

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Endeavor Select Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Endeavor Select Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Endeavor Select Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Endeavor Select Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Endeavor Select Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Endeavor Select Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of July 31, 2018

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (STAEX)	12-29-2000		20.09		13.72		8.65		27.35		15.07		9.30		1.22		1.20
Class C (WECCX)	12-29-2000		25.43		14.22		8.49		26.43		14.22		8.49		1.97		1.95
Administrator Class (WECDX)	4-8-2005		–		–		–		27.55		15.34		9.56		1.14		1.00
Institutional Class (WFCIX)	4-8-2005		–		–		–		28.01		15.57		9.78		0.89		0.80
Russell 1000® Growth Index3	–		–		–		–		22.84		15.83		12.37		–		–

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.

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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, focused portfolio 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 Endeavor Select Fund 7

Growth of $10,000 investment as of July 31, 2018⁴

¹  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁴  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Endeavor Select Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2018.

∎ Stock selection in the consumer discretionary sector contributed to performance.

∎ Stock selection in the health care sector detracted from performance.

For much of the period, bullish sentiment for U.S. equities was apparent as global growth was synchronized, corporate earnings were strong, widespread tax cuts had been passed, and deregulations were being enacted. More recently, however, a combination of crosscurrents from macro and geopolitical sources caused a downshift in growth expectations. The most significant change to outlooks came from markets outside the U.S. Arguably the biggest factor precipitating the downshift in growth came from concerns around global trade. The U.S. government expanded tariffs on goods from around the world, with a particular focus on China. This prompted retaliation from China and other trading partners, heightening fears of a possible trade war. These recent global developments highlighted a dynamic that we have long appreciated and incorporated into our portfolio positioning: true organic growth remains scarce and the firms that can make their own luck will be rewarded by investors with continued and new investments.

Ten largest holdings (%) as of July 31, 20185
Amazon.com Incorporated	7.87
Microsoft Corporation	7.49
Visa Incorporated Class A	5.40
Alphabet Incorporated Class A	5.39
UnitedHealth Group Incorporated	5.32
Union Pacific Corporation	3.50
First Data Corporation Class A	3.50
Waste Connections Incorporated	3.45
Salesforce.com Incorporated	3.27
The Home Depot Incorporated	3.25

The Fund’s consumer discretionary holdings contributed to relative performance.

Within the consumer discretionary sector, strength was visible among internet and direct-marketing retail holdings and the portfolio management team’s security selection in this industry proved additive to returns. Shares of Amazon.com, Incorporated, appreciated over the past year as the company remains levered to powerful secular growth trends. Over the past 12 months, sales continued to accelerate while profits soared to a record level. The company also announced plans to increase the price of Amazon Prime subscriptions by 20%, while subscribers topped 100 million for the first time. Additionally, the company has made strategic acquisitions, such as Whole Foods Market, Incorporated. Amazon has continued to

benefit from the powerful shift to online retail spending, while Amazon Web Services (AWS) has become the dominant provider of cloud-computing services. AWS was the largest driver of profit gains during the year. We continue to be impressed with Amazon’s growing scale in a number of large market opportunities.

Despite weakness toward the end of the period, Netflix, Incorporated, also proved additive to returns within the consumer discretionary sector. Netflix is the leading subscription video on demand (SVOD) provider with over 125 million global subscribers. SVOD is taking viewing share from traditional video viewing due to convenience, value proposition, and original content. Over the past 12 months, Netflix posted solid growth in its total streaming subscribers despite raising prices. The company attributed the net additions to content and worldwide adoption of internet video products. Netflix’s strategy is to invest aggressively in original programming to drive additional subscribers, which in turn provides more capital to reinvest in original programming.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Endeavor Select Fund 9

Sector distribution as of July 31, 2018⁶

Stock selection in the health care sector detracted from performance.

Among the Fund’s health care holdings, Celgene Corporation detracted from performance. Celgene, a global biopharmaceutical company, has a strong franchise with several drugs, including Revlimid to treat multiple myeloma and Otezla to treat psoriasis. While Revlimid has been the largest contributor to the company’s recent success and expectations for growth of Revlimid remain on track, this blockbuster drug will come off patent by the middle of 2020. As such, the company has been investing in several other drug-development trials. Over the past 12 months, the stock came under

pressure when it was announced that the development of a drug to treat multiple sclerosis had its filing refused by the FDA. While Celgene intends to refile with additional data, the setback resulted in a downward revision to the company’s longer-term earnings profile.

Additionally within the sector, our position in Hologic, Incorporated, weighed on returns over the past year. Hologic is a medical device company that specializes in imaging, diagnostics, and gynecology surgical tools. The company, a leader in mammography, has developed a breast-imaging device that uses a new technology to produce a 3D image. This 3D screening test is the only one approved by the FDA and is considered superior to standard mammography. The stock came under pressure after the company missed revenue and earnings projections. The results were primarily the result of a slowdown in the surgical business. The other issue affecting Hologic over the past 12 months has been the company’s Cynosure business. Cynosure, which is a noninvasive body-contouring business, had been acquired by Hologic in an effort to diversify revenue sources. The integration of the acquisition has been slower than expected, prompting investor concern and weakness in the stock.

We remain somewhat cautious given geopolitical and macroeconomic uncertainties; however, we maintain confidence in the Fund’s positioning.

Looking broadly at financial markets through our lens of a bottom-up, fundamentally based investment process, we see ample reasons to maintain a cautious stance given factors such as trade wars, political instability, softness in China, and a hawkish Fed. We are, however, excited about companies held in the portfolio—those with organic growth and strategies that we believe are on the right side of change. Yet, with uncertainties on the rise, it may be prudent for investors to be mindful of downside risks and to moderate return expectations.

From a portfolio positioning standpoint, our strategy is to stay balanced. The portfolio includes a substantial allocation to stocks we consider to be core holdings, companies that we believe have consistent and durable fundamentals. These are businesses that our analysis suggests have profitable models, competitive advantages, and long runways of visible growth. On the other side, we own companies we consider to have idiosyncratic qualities. These are developing situations that our process finds to have unique drivers that are not yet clearly visible to other investors. These companies typically trade at reasonable valuations and, importantly, should buffer volatility if the market rotates out of momentum and high-beta factors. Finally, we are being very selective in the areas of our universe where valuations are approaching extremes, including certain cloud software, medical device, and biotechnology companies. The portfolio holds companies that we believe possess strong fundamentals and growth prospect, and yet it trades at a reasonable valuation profile. This is an attractive structure that has us excited to seek continued competitive performance for investors.

Please see footnotes on page 7.

10 Wells Fargo Endeavor Select Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,053.63	$	6.21		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Class C
Actual	$	1,000.00	$	1,050.41	$	10.08		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.38	$	9.90		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,055.27	$	5.18		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,057.00	$	4.15		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Endeavor Select Fund 11

Security name	Shares		Value
Common Stocks: 98.22%
Consumer Discretionary: 16.46%
Auto Components: 1.89%
Aptiv plc		29,800	$	2,922,486
Automobiles: 1.47%
Ferrari NV «		17,200		2,281,064
Internet & Direct Marketing Retail: 9.85%
Amazon.com Incorporated †		6,853		12,180,796
Netflix Incorporated †		9,100		3,070,795
				15,251,591
Specialty Retail: 3.25%
The Home Depot Incorporated		25,483		5,033,402
Financials: 6.77%
Capital Markets: 6.77%
Intercontinental Exchange Incorporated		52,415		3,873,993
Raymond James Financial Incorporated		40,700		3,727,713
S&P Global Incorporated		14,378		2,881,926
				10,483,632
Health Care: 13.68%
Biotechnology: 1.65%
Celgene Corporation †		28,379		2,556,664
Health Care Equipment & Supplies: 6.71%
Baxter International Incorporated		31,800		2,303,910
Boston Scientific Corporation †		95,300		3,203,033
Edwards Lifesciences Corporation †		18,200		2,592,590
Hologic Incorporated †		53,300		2,287,103
				10,386,636
Health Care Providers & Services: 5.32%
UnitedHealth Group Incorporated		32,500		8,229,650
Industrials: 9.82%
Commercial Services & Supplies: 6.32%
Cintas Corporation		21,700		4,437,216
Waste Connections Incorporated		68,860		5,344,225
				9,781,441
Road & Rail: 3.50%
Union Pacific Corporation		36,200		5,426,018
Information Technology: 42.79%
Internet Software & Services: 13.02%
Alibaba Group Holding Limited ADR †		17,000		3,182,910
Alphabet Incorporated Class A †		6,799		8,343,869

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

12 Wells Fargo Endeavor Select Fund Portfolio of investments—July 31, 2018

Security name				Shares		Value
Internet Software & Services (continued)
Alphabet Incorporated Class C †					1,350	$	1,643,301
Facebook Incorporated Class A †					14,549		2,510,866
MercadoLibre Incorporated					6,400		2,194,624
Tencent Holdings Limited ADR					50,000		2,285,000
							20,160,570
IT Services: 15.94%
Fidelity National Information Services Incorporated					23,700		2,444,181
First Data Corporation Class A †					232,800		5,414,928
FleetCor Technologies Incorporated †					18,900		4,101,300
PayPal Holdings Incorporated †					21,800		1,790,652
Total System Services Incorporated					28,100		2,572,274
Visa Incorporated Class A					61,158		8,362,745
							24,686,080
Software: 13.83%
Activision Blizzard Incorporated					40,400		2,966,168
Microsoft Corporation					109,300		11,594,544
Nintendo Company Limited					41,800		1,783,606
Salesforce.com Incorporated †					36,900		5,060,835
							21,405,153
Materials: 7.55%
Chemicals: 5.23%
Air Products & Chemicals Incorporated					22,500		3,693,825
The Sherwin-Williams Company					10,000		4,407,300
							8,101,125
Construction Materials: 2.32%
Vulcan Materials Company					32,000		3,584,000
Real Estate: 1.15%
Equity REITs: 1.15%
SBA Communications Corporation †					11,200		1,772,400
Total Common Stocks (Cost $90,549,410)							152,061,912
	Yield
Short-Term Investments: 3.08%
Investment Companies: 3.08%
Securities Lending Cash Investment LLC (l)(r)(u)		2.10	%		2,171,758		2,171,975
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83			2,588,003		2,588,003
Total Short-Term Investments (Cost $4,759,978)							4,759,978

Total investments in securities (Cost $95,309,388)	101.30	%		156,821,890
Other assets and liabilities, net	(1.30	)		(2,006,504	)
Total net assets	100.00	%	$	154,815,386

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

Portfolio of investments—July 31, 2018 Wells Fargo Endeavor Select Fund 13

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

† Non-income-earning security

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the 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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		0		83,846,076		81,674,318		2,171,758	$	0	$	0	$	6,803	$	2,171,975
Wells Fargo Government Money Market Fund Select Class		4,487,680		66,601,871		68,501,548		2,588,003		0		0		34,047		2,588,003
									$	0	$	0	$	40,850	$	4,759,978		3.08	%

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

14 Wells Fargo Endeavor Select Fund Statement of assets and liabilities—July 31, 2018

Assets
Investments in unaffiliated securities (including $2,161,706 of securities loaned), at value (cost $90,549,410)	$	152,061,912
Investments in affiliated securities, at value (cost $4,759,978)		4,759,978
Receivable for investments sold		145,482
Receivable for Fund shares sold		461,895
Receivable for dividends		31,844
Receivable for securities lending income		381
Prepaid expenses and other assets		138,137
Total assets		157,599,629
Liabilities
Payable upon receipt of securities loaned		2,171,975
Payable for Fund shares redeemed		475,498
Management fee payable		42,121
Administration fees payable		18,953
Distribution fee payable		2,370
Trustees’ fees and expenses payable		1,510
Accrued expenses and other liabilities		71,816
Total liabilities		2,784,243
Total net assets	$	154,815,386
NET ASSETS CONSIST OF
Paid-in capital	$	70,667,999
Accumulated net realized gains on investments		22,634,885
Net unrealized gains on investments		61,512,502
Total net assets	$	154,815,386
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	16,300,556
Shares outstanding – Class A1		1,728,201
Net asset value per share – Class A		$9.43
Maximum offering price per share – Class A2		$10.01
Net assets – Class C	$	3,791,744
Shares outstanding – Class C1		586,926
Net asset value per share – Class C		$6.46
Net assets – Administrator Class	$	3,067,948
Shares outstanding – Administrator Class1		303,096
Net asset value per share – Administrator Class		$10.12
Net assets – Institutional Class	$	131,655,138
Shares outstanding – Institutional Class1		12,461,178
Net asset value per share – Institutional Class		$10.57

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended July 31, 2018 Wells Fargo Endeavor Select Fund 15

Investment income
Dividends (net of foreign withholding taxes of $8,959)	$	1,118,033
Income from affiliated securities		40,850
Total investment income		1,158,883
Expenses
Management fee		1,125,660
Administration fees
Class A		29,660
Class C		7,986
Administrator Class		4,287
Institutional Class		181,460
Shareholder servicing fees
Class A		35,309
Class C	��	9,507
Administrator Class		8,244
Distribution fee
Class C		28,522
Custody and accounting fees		13,903
Professional fees		45,413
Registration fees		41,825
Shareholder report expenses		1,534
Trustees’ fees and expenses		23,291
Other fees and expenses		12,396
Total expenses		1,568,997
Less: Fee waivers and/or expense reimbursements		(175,724	)
Net expenses		1,393,273
Net investment loss		(234,390	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		29,720,347
Net change in unrealized gains (losses) on investments		10,190,328
Net realized and unrealized gains (losses) on investments		39,910,675
Net increase in net assets resulting from operations	$	39,676,285

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

16 Wells Fargo Endeavor Select Fund Statement of changes in net assets

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment loss				$	(234,390	)				$	(27,223	)
Net realized gains on investments					29,720,347						31,650,789
Net change in unrealized gains (losses) on investments					10,190,328						(1,943,395	)
Net increase in net assets resulting from operations					39,676,285						29,680,171
Distributions to shareholders from
Net investment income
Institutional Class					(159,467	)					(104,471	)
Net realized gains
Class A					(2,526,049	)					(2,338,187	)
Class C					(946,756	)					(802,158	)
Administrator Class					(597,659	)					(612,919	)
Institutional Class					(24,016,577	)					(20,446,180	)
Total distributions to shareholders					(28,246,508	)					(24,303,915	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		742,375			6,708,296			223,513			1,869,031
Class C		68,071			431,126			16,419			100,249
Administrator Class		8,610			83,829			43,507			395,396
Institutional Class		829,379			8,252,736			926,362			8,245,314
					15,475,987						10,609,990
Reinvestment of distributions
Class A		267,712			2,179,176			285,522			2,141,414
Class C		168,269			942,309			141,389			797,434
Administrator Class		65,748			573,324			74,930			594,196
Institutional Class		2,647,483			24,092,788			2,494,029			20,451,160
					27,787,597						23,984,204
Payment for shares redeemed
Class A		(706,902	)		(6,353,582	)		(1,149,400	)		(9,511,750	)
Class B		N/A			N/A			(3,203	)1		(22,604	)1
Class C		(189,968	)		(1,213,972	)		(301,126	)		(1,863,589	)
Administrator Class		(155,500	)		(1,499,494	)		(294,386	)		(2,594,416	)
Institutional Class		(5,501,471	)		(55,332,910	)		(5,816,960	)		(53,011,376	)
					(64,399,958	)					(67,003,735	)
Net decrease in net assets resulting from capital share transactions					(21,136,374	)					(32,409,541	)
Total decrease in net assets					(9,706,597	)					(27,033,285	)
Net assets
Beginning of period					164,521,983						191,555,268
End of period				$	154,815,386					$	164,521,983
Undistributed (accumulated) net investment income (loss)				$	0					$	159,330

¹  For the period from August 1, 2016 to September 9, 2016, Class B shares of the Fund were no longer offered to shareholders effective September 10, 2016.

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

Financial highlights Wells Fargo Endeavor Select Fund 17

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.09			$8.96			$13.74			$14.13			$12.52
Net investment loss		(0.04	)1		(0.03	)1		(0.04	)1		(0.08	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		2.23			1.49			(0.14	)		1.65			2.37
Total from investment operations		2.19			1.46			(0.18	)		1.57			2.28
Distributions to shareholders from
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Net asset value, end of period		$9.43			$9.09			$8.96			$13.74			$14.13
Total return2		27.35	%		19.39	%		(0.07	)%		12.14	%		18.40	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.22	%		1.28	%		1.24	%		1.25	%
Net expenses		1.20	%		1.20	%		1.20	%		1.23	%		1.24	%
Net investment loss		(0.49	)%		(0.33	)%		(0.36	)%		(0.55	)%		(0.66	)%
Supplemental data
Portfolio turnover rate		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$16,301			$12,953			$18,498			$26,197			$41,708

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18 Wells Fargo Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$6.80			$7.09			$11.93			$12.61			$11.32
Net investment loss		(0.08	)1		(0.07	)1		(0.09	)1		(0.16	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		1.59			1.11			(0.15	)		1.44			2.13
Total from investment operations		1.51			1.04			(0.24	)		1.28			1.96
Distributions to shareholders from
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Net asset value, end of period		$6.46			$6.80			$7.09			$11.93			$12.61
Total return2		26.43	%		18.46	%		(0.76	)%		11.21	%		17.60	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		1.97	%		2.03	%		1.99	%		2.00	%
Net expenses		1.95	%		1.95	%		1.95	%		1.99	%		1.99	%
Net investment loss		(1.22	)%		(1.08	)%		(1.11	)%		(1.32	)%		(1.41	)%
Supplemental data
Portfolio turnover rate		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$3,792			$3,676			$4,845			$6,914			$6,747

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Endeavor Select Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.62			$9.38			$14.13			$14.45			$12.78
Net investment income (loss)		(0.03	)1		(0.01	)1		0.01	1		(0.05	)1		(0.06	)1
Net realized and unrealized gains (losses) on investments		2.38			1.58			(0.16	)		1.69			2.42
Total from investment operations		2.35			1.57			(0.15	)		1.64			2.36
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Total distributions to shareholders		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.69	)
Net asset value, end of period		$10.12			$9.62			$9.38			$14.13			$14.45
Total return		27.55	%		19.71	%		0.16	%		12.38	%		18.77	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.14	%		1.14	%		1.05	%		1.06	%
Net expenses		1.00	%		1.00	%		1.00	%		0.99	%		1.00	%
Net investment income (loss)		(0.28	)%		(0.12	)%		0.06	%		(0.32	)%		(0.42	)%
Supplemental data
Portfolio turnover rate		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$3,068			$3,695			$5,254			$42,776			$48,560

¹  Calculated based upon average shares outstanding

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

20 Wells Fargo Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.95			$9.65			$14.39			$14.65			$12.95
Net investment income (loss)		(0.01	)1		0.00	1,2		0.00	1,2		(0.01	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		2.49			1.64			(0.14	)		1.71			2.45
Total from investment operations		2.48			1.64			(0.14	)		1.70			2.42
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		0.00			0.00			(0.05	)
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Total distributions to shareholders		(1.86	)		(1.34	)		(4.60	)		(1.96	)		(0.72	)
Net asset value, end of period		$10.57			$9.95			$9.65			$14.39			$14.65
Total return		28.01	%		19.87	%		0.27	%		12.63	%		18.98	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.89	%		0.95	%		0.81	%		0.82	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.08	)%		0.05	%		0.04	%		(0.09	)%		(0.22	)%
Supplemental data
Portfolio turnover rate		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$131,655			$144,199			$162,935			$221,801			$618,502

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

Notes to financial statements Wells Fargo Endeavor Select Fund 21

1. ORGANIZATION

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

Effective at the close of business on September 9, 2016, Class B shares of the Fund were liquidated and the class was subsequently closed. Class B shares are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through September 9, 2016.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

22 Wells Fargo Endeavor Select Fund Notes to financial statements

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $95,804,539 and the unrealized gains consisted of:

Gross unrealized gains	$	62,079,811
Gross unrealized losses		(1,062,460	)
Net unrealized gains	$	61,017,351

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax

Notes to financial statements Wells Fargo Endeavor Select Fund 23

reporting. In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to equalization payments and net operating losses. At July 31, 2018, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$1,261,005	$234,527	$(1,495,532)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	25,488,543	$	0	$	0	$	25,488,543
Financials		10,483,632		0		0		10,483,632
Health care		21,172,950		0		0		21,172,950
Industrials		15,207,459		0		0		15,207,459
Information technology		66,251,803		0		0		66,251,803
Materials		11,685,125		0		0		11,685,125
Real estate		1,772,400		0		0		1,772,400
Short-term investments				0		0
Investment companies		2,588,003		0		0		2,588,003
Investments measured at net asset value*				0		0		2,171,975
Total assets	$	154,649,915	$	0	$	0	$	156,821,890

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $2,171,975 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

24 Wells Fargo Endeavor Select Fund Notes to financial statements

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $4,866 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2018.

Shareholder servicing fees

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

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

Notes to financial statements Wells Fargo Endeavor Select Fund 25

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $56,028,722 and $102,754,598, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	3,933,421	$	104,471
Long-term capital gain		24,313,087		24,199,444

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$2,970,580	$20,159,456	$61,017,351

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

26 Wells Fargo Endeavor Select Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Endeavor Select Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

Other information (unaudited) Wells Fargo Endeavor Select Fund 27

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 39.47% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $25,574,092 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018. Long-term capital gains in the amount of $1,261,005 were distributed in connection with Fund share redemptions.

Pursuant to Section 854 of the Internal Revenue Code, $1,765,466 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2018, $3,773,954 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

28 Wells Fargo Endeavor Select Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Endeavor Select Fund 29

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

30 Wells Fargo Endeavor Select Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Endeavor Select Fund 31

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Endeavor Select Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Endeavor Select Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

32 Wells Fargo Endeavor Select Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and three-year periods under review, but lower than the average investment performance of the Universe for the five- and ten-year periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 1000 Growth Index, for the one-year period under review, but lower than its benchmark index for the three-, five-, and ten-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in the range of the sum of these average rates for the Fund’s expense Groups for all share classes. The Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Other information (unaudited) Wells Fargo Endeavor Select Fund 33

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

34 Wells Fargo Endeavor Select Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

Appendix A (unaudited) Wells Fargo Endeavor Select Fund 35

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

36 Wells Fargo Endeavor Select Fund Appendix A (unaudited)

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314795 09-18 A205/AR205 07-18

Annual Report

July 31, 2018

Wells Fargo Growth 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Report of independent registered public accounting firm	29
Other information	30
Appendix A	37

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Growth Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Growth Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Growth Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Growth Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SGRAX)	2-24-2000		20.33		11.81		12.63		27.66		13.14		13.30		1.17		1.16
Class C (WGFCX)	12-26-2002		25.73		12.30		12.46		26.73		12.30		12.46		1.92		1.91
Class R6 (SGRHX)	9-30-2015		–		–		–		28.26		13.65		13.81		0.74		0.70
Administrator Class (SGRKX)	8-30-2002		–		–		–		27.90		13.38		13.57		1.09		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		28.21		13.62		13.80		0.84		0.75
Russell 3000® Growth Index4	–		–		–		–		22.86		15.55		12.27		–		–

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.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 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 Growth Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

¹  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

³  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

* This security was no longer held at the end of the reporting period.

8 Wells Fargo Growth Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 3000^® Growth Index, for the 12-month period that ended July 31, 2018.

∎ Holdings within consumer discretionary, industrials, information technology (IT), and materials and an underweight to consumer staples aided the Fund’s performance for the period.

∎ The Fund’s performance was inhibited by stocks within the health care sector.

The equity market has remained buoyant over the trailing one-year period as strong economic fundamentals have outweighed a series of geopolitical issues, many of which were exacerbated during the first half of 2018. Strong equity performance largely has been an earnings story as robust profits have supported the market, particularly companies benefiting from secular growth drivers. For example, the success of many of our holdings in gaining share in their respective rapidly growing vertical markets has led to strong growth in revenues, cash flow, and earnings for these companies. Despite the increased volatility that emerged during the beginning of 2018, we have managed to navigate the volatility in the market well, trading around the valuation gap of many of our holdings to generate outperformance. With monetary policy expected to tighten, we believe that a tempered rise in rates is beneficial to faster-growth equities as it mollifies the bond proxy trade that has been a headwind to our investing style in recent years.

Ten largest holdings (%) as of July 31, 20186
Amazon.com Incorporated	7.77
Alphabet Incorporated Class A	6.27
Facebook Incorporated Class A	3.69
Microsoft Corporation	3.42
Microchip Technology Incorporated	3.30
Visa Incorporated Class A	3.08
MasterCard Incorporated Class A	2.90
Burlington Stores Incorporated	2.21
Apple Incorporated	2.17
PayPal Holdings Incorporated	2.12

Performance of consumer discretionary holdings benefited Fund performance.

Select holdings within the consumer discretionary sector were the best-performing area of the Fund. Robust e-commerce and retail sales were driven by strong spending data, which aided companies like Amazon.com, Incorporated, as well as discount retailers like Burlington Stores, Incorporated, with differentiated concepts that offer low prices, convenience, fresh inventory, and economies of scale that cater to a distinct demographic. In addition, select railroad holdings from the industrials sector contributed to performance as firms like Norfolk Southern Corporation reported strong rail volumes and effective cost discipline, which boosted its bottom line.

We remain overweight railroad companies due to their cost efficiencies and environmental benefits of shipping goods across the country.

Sector distribution as of July 31, 2018⁷

Other areas of the Fund that performed well were the high growth areas such as payment processing and software-as-a-service industries within IT that generated market-share penetration and margin expansion in their respective vertical markets. Within the payment space, the movement toward e-commerce has had a positive effect on overall demand as more consumers are moving from cash to digital payments. Within software, demand remained strong as corporate spending continued to rise, coupled with next-generation cloud computing platforms that garnered a disproportionate share of new business at the expense of legacy solutions. The Fund’s underweight to consumer staples also added to relative performance as many high-dividend-yielding equities have struggled in conjunction with a rise in fixed-income yields.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Growth Fund 9

Certain health care holdings detracted from performance.

Select holdings in the health care sector inhibited relative returns during the period. Biotechnology stocks like Celgene Corporation* retraced prior price gains after reporting less-than-inspiring earnings results, with increasing competition impending on some of their key drugs. Throughout the course of the period, we reduced our exposure to the health care sector and the biotechnology industry within it. Although we believe that the industry remains innovative, many larger biopharma companies are facing questions around competition in existing core franchises and sustainability of growth after the future loss of exclusivity in key drugs.

Our view of faster-growth stocks is positive.

We are very positive on the outlook for faster-growth stocks, a core focus of our investment process. Many of these companies are trading at attractive valuations relative to the rest of the market. Additionally, many of our portfolio companies have continued to deliver strong revenue, cash flow, and earnings growth, which were rewarded by the market during the period. We believe that market leadership by growth stocks has been influenced by strong earnings fundamentals over the past several quarters. We also contend that growth companies should benefit from tax reform, influenced by their ability to retain much of the additional post-tax-reform profits. This is in contrast to many cyclical value-oriented names where, in our analysis, the tax benefits have been largely arbitraged away. Going forward, we believe that the faster-growing stocks emphasized in our investment process should continue to drive robust growth through pricing power and strong customer demand in an environment of slightly increased costs and uneven global growth trends.

Please see footnotes on page 7.

10 Wells Fargo Growth Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,061.78	$	6.03		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class C
Actual	$	1,000.00	$	1,057.90	$	9.91		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R6
Actual	$	1,000.00	$	1,064.03	$	3.64		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Administrator Class
Actual	$	1,000.00	$	1,062.71	$	4.99		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,063.93	$	3.90		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Growth Fund 11

Security name	Shares		Value
Common Stocks: 99.93%
Consumer Discretionary: 15.62%
Diversified Consumer Services: 0.67%
Bright Horizons Family Solutions Incorporated †		134,180	$	14,355,918
Grand Canyon Education Incorporated †		148,400		17,293,052
				31,648,970
Hotels, Restaurants & Leisure: 0.80%
Carnival Corporation		420,300		24,898,572
Norwegian Cruise Line Holdings Limited †		259,100		12,962,773
				37,861,345
Internet & Direct Marketing Retail: 8.52%
Amazon.com Incorporated †		207,670		369,120,965
Netflix Incorporated †		106,190		35,833,816
				404,954,781
Multiline Retail: 1.39%
Dollar Tree Incorporated †		722,110		65,914,201
Specialty Retail: 4.24%
Burlington Stores Incorporated †		688,100		105,148,561
Five Below Incorporated †		249,475		24,238,991
The Home Depot Incorporated		298,110		58,882,687
ULTA Beauty Incorporated †		54,700		13,368,133
				201,638,372
Consumer Staples: 3.80%
Beverages: 2.13%
Constellation Brands Incorporated Class A		253,110		53,211,315
The Coca-Cola Company		1,030,100		48,033,563
				101,244,878
Food & Staples Retailing: 0.96%
Costco Wholesale Corporation		208,420		45,583,538
Personal Products: 0.71%
The Estee Lauder Companies Incorporated Class A		250,160		33,756,590
Energy: 1.34%
Energy Equipment & Services: 0.15%
Liberty Oilfield Services Class A «		366,300		7,179,480
Oil, Gas & Consumable Fuels: 1.19%
Concho Resources Incorporated †		335,600		48,947,260
Pioneer Natural Resources Company		39,800		7,532,946
				56,480,206

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

12 Wells Fargo Growth Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Financials: 7.53%
Capital Markets: 6.82%
CME Group Incorporated		304,560	$	48,461,587
E*TRADE Financial Corporation †		285,700		17,087,717
MarketAxess Holdings Incorporated		514,071		99,611,538
Raymond James Financial Incorporated		726,240		66,516,322
TD Ameritrade Holding Corporation		391,400		22,368,510
The Charles Schwab Corporation		1,365,000		69,696,900
				323,742,574
Thrifts & Mortgage Finance: 0.71%
LendingTree Incorporated †«		141,490		33,787,812
Health Care: 8.03%
Biotechnology: 3.65%
Agios Pharmaceuticals Incorporated †		252,800		21,844,448
Alexion Pharmaceuticals Incorporated †		114,900		15,277,104
BioMarin Pharmaceutical Incorporated †		48,100		4,836,936
Neurocrine Biosciences Incorporated †		371,940		37,376,251
Sage Therapeutics Incorporated †		118,300		17,073,056
Spark Therapeutics Incorporated †«		80,530		6,178,262
Vertex Pharmaceuticals Incorporated †		405,200		70,930,260
				173,516,317
Health Care Equipment & Supplies: 2.09%
Boston Scientific Corporation †		1,928,170		64,805,794
Edwards Lifesciences Corporation †		91,680		13,059,816
ICU Medical Incorporated †		50,880		14,592,384
Stryker Corporation		41,900		6,840,175
				99,298,169
Health Care Technology: 1.54%
Veeva Systems Incorporated Class A †		964,900		72,975,387
Life Sciences Tools & Services: 0.07%
PRA Health Sciences Incorporated †		29,000		3,049,060
Pharmaceuticals: 0.68%
Zoetis Incorporated		375,220		32,449,026
Industrials: 14.06%
Aerospace & Defense: 1.43%
The Boeing Company		190,930		68,028,359
Air Freight & Logistics: 1.72%
XPO Logistics Incorporated †		820,722		81,842,398
Airlines: 0.35%
Southwest Airlines Company		283,500		16,488,360

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

Portfolio of investments—July 31, 2018 Wells Fargo Growth Fund 13

Security name	Shares		Value
Commercial Services & Supplies: 3.64%
Casella Waste Systems Incorporated Class A †		680,180	$	18,745,761
Copart Incorporated †		404,070		23,189,577
KAR Auction Services Incorporated		895,590		53,242,826
Waste Connections Incorporated		1,000,805		77,672,476
				172,850,640
Industrial Conglomerates: 0.44%
Roper Industries Incorporated		69,640		21,024,316
Machinery: 1.95%
Fortive Corporation		125,310		10,285,445
Milacron Holdings Corporation †(l)		3,945,835		82,270,660
				92,556,105
Road & Rail: 4.33%
CSX Corporation		436,980		30,885,746
Norfolk Southern Corporation		549,840		92,922,960
Union Pacific Corporation		545,960		81,833,944
				205,642,650
Trading Companies & Distributors: 0.20%
SiteOne Landscape Supply Incorporated †		103,100		9,192,396
Information Technology: 45.66%
Internet Software & Services: 15.56%
2U Incorporated †		226,410		17,130,181
Alibaba Group Holding Limited ADR †		195,810		36,661,506
Alphabet Incorporated Class A †		242,635		297,766,525
Alphabet Incorporated Class C †		22,690		27,619,629
CarGurus Incorporated †		187,000		8,106,450
Envestnet Incorporated †		1,543,570		90,453,202
Facebook Incorporated Class A †		1,016,800		175,479,344
MongoDB Incorporated †«		543,920		29,431,511
New Relic Incorporated †		142,160		13,889,032
SendGrid Incorporated †		649,100		16,571,523
Shopify Incorporated Class A †«		114,960		15,888,622
Twilio Incorporated Class A †		174,330		10,091,964
				739,089,489
IT Services: 10.65%
Global Payments Incorporated		584,970		65,850,073
MasterCard Incorporated Class A		695,970		137,802,060
PayPal Holdings Incorporated †		1,225,890		100,694,605
Square Incorporated Class A †		522,850		33,802,253
Switch Incorporated Class A «		1,642,307		21,382,837
Visa Incorporated Class A		1,069,760		146,278,982
				505,810,810

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

14 Wells Fargo Growth Fund Portfolio of investments—July 31, 2018

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 7.34%
Microchip Technology Incorporated «					1,675,790	$	156,569,060
Monolithic Power Systems Incorporated					596,970		79,205,980
NVIDIA Corporation					154,000		37,708,440
Texas Instruments Incorporated					674,380		75,071,982
							348,555,462
Software: 9.94%
Activision Blizzard Incorporated					298,930		21,947,441
Adobe Systems Incorporated †					110,220		26,968,630
BlackLine Incorporated †					427,780		18,266,206
Electronic Arts Incorporated †					254,570		32,775,888
Microsoft Corporation					1,532,200		162,535,776
Pivotal Software Incorporated Class A †					1,012,164		23,229,164
Proofpoint Incorporated †					664,340		75,767,977
SailPoint Technologies Holdings Incorporated †					302,071		7,276,890
Salesforce.com Incorporated †					283,880		38,934,142
ServiceNow Incorporated †					98,490		17,330,300
Splunk Incorporated †					201,250		19,340,125
Tenable Holdings Incorporated †					34,389		1,028,231
The Ultimate Software Group Incorporated †					89,320		24,731,815
Zscaler Incorporated †«					57,942		2,045,932
							472,178,517
Technology Hardware, Storage & Peripherals: 2.17%
Apple Incorporated					542,790		103,287,509
Materials: 3.89%
Chemicals: 3.89%
Air Products & Chemicals Incorporated					127,600		20,948,092
PolyOne Corporation					1,667,963		74,808,136
Praxair Incorporated					532,560		89,203,800
							184,960,028
Total Common Stocks (Cost $2,256,477,594)							4,746,587,745
	Yield
Short-Term Investments: 3.51%
Investment Companies: 3.51%
Securities Lending Cash Investment LLC (l)(r)(u)		2.10	%		149,251,008		149,265,933
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83			17,742,561		17,742,561
Total Short-Term Investments (Cost $167,004,154)							167,008,494

Total investments in securities (Cost $2,423,481,748)	103.44	%		4,913,596,239
Other assets and liabilities, net	(3.44	)		(163,592,311	)
Total net assets	100.00	%	$	4,750,003,928

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

Portfolio of investments—July 31, 2018 Wells Fargo Growth Fund 15

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
The Habit Restaurants Incorporated Class A *		1,735,600		51,000		1,786,600		0	$	(15,305,107	)	$	4,210,514		$	0	$	0
Industrials
Machinery
Milacron Holdings Corporation †		688,196		3,417,919		160,280		3,945,835		198,210			14,593,989			0		82,270,660
																		82,270,660		1.73	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		92,492,281		1,335,249,673		1,278,490,946		149,251,008		1,801			(1,801	)		728,709		149,265,933
Wells Fargo Government Money Market Fund Select Class		36,046,917		896,042,717		914,347,073		17,742,561		0			0			388,869		17,742,561
																		167,008,494		3.51	%
									$	(15,105,096	)	$	18,802,702		$	1,117,578	$	249,279,154		5.24	%

* No longer held at the end of the period

† Non-income-earning security

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

16 Wells Fargo Growth Fund Statement of assets and liabilities—July 31, 2018

Assets
Investments in unaffiliated securities (including $146,940,024 of securities loaned), at value (cost $2,188,800,923)	$	4,664,317,085
Investments in affiliated securities, at value (cost $234,680,825)		249,279,154
Receivable for investments sold		7,489,616
Receivable for Fund shares sold		2,432,082
Receivable for dividends		799,039
Receivable for securities lending income		63,366
Total assets		4,924,380,342
Liabilities
Payable upon receipt of securities loaned		149,254,842
Payable for Fund shares redeemed		11,391,782
Payable for investments purchased		6,507,073
Management fee payable		2,666,799
Due to custodian bank		2,452,673
Administration fees payable		677,431
Distribution fee payable		120,394
Trustees’ fees and expenses payable		1,224
Accrued expenses and other liabilities		1,304,196
Total liabilities		174,376,414
Total net assets	$	4,750,003,928
NET ASSETS CONSIST OF
Paid-in capital	$	1,768,260,835
Accumulated net realized gains on investments		491,628,602
Net unrealized gains on investments		2,490,114,491
Total net assets	$	4,750,003,928
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	2,142,854,712
Shares outstanding – Class A1		55,410,173
Net asset value per share – Class A		$38.67
Maximum offering price per share – Class A2		$41.03
Net assets – Class C	$	185,345,897
Shares outstanding – Class C1		6,111,635
Net asset value per share – Class C		$30.33
Net assets – Class R6	$	242,837,914
Shares outstanding – Class R61		5,109,017
Net asset value per share – Class R6		$47.53
Net assets – Administrator Class	$	564,390,507
Shares outstanding – Administrator Class1		12,857,840
Net asset value per share – Administrator Class		$43.89
Net assets – Institutional Class	$	1,614,574,898
Shares outstanding – Institutional Class1		34,044,613
Net asset value per share – Institutional Class		$47.43

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended July 31, 2018 Wells Fargo Growth Fund 17

Investment income
Dividends (net of foreign withholding taxes of $92,749)	$	31,930,093
Income from affiliated securities		1,117,578
Total investment income		33,047,671
Expenses
Management fee		32,401,026
Administration fees
Class A		4,319,763
Class C		405,841
Class R6		43,943
Administrator Class		762,727
Institutional Class		2,151,686
Shareholder servicing fees
Class A		5,142,575
Class C		483,144
Administrator Class		1,465,187
Distribution fee
Class C		1,449,432
Custody and accounting fees		157,293
Professional fees		50,954
Registration fees		175,673
Shareholder report expenses		296,409
Trustees’ fees and expenses		25,013
Other fees and expenses		148,825
Total expenses		49,479,491
Less: Fee waivers and/or expense reimbursements		(2,855,393	)
Net expenses		46,624,098
Net investment loss		(13,576,427	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		760,836,420
Affiliated securities		(15,105,096	)
Net realized gains on investments		745,731,324
Net change in unrealized gains (losses) on:
Unaffiliated securities		383,647,649
Affiliated securities		18,802,702
Net change in unrealized gains (losses) on investments		402,450,351
Net realized and unrealized gains (losses) on investments		1,148,181,675
Net increase in net assets resulting from operations	$	1,134,605,248

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

18 Wells Fargo Growth Fund Statement of changes in net assets

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment loss				$	(13,576,427	)				$	(17,306,908	)
Net realized gains on investments					745,731,324						1,277,104,391
Net change in unrealized gains (losses) on investments					402,450,351						(595,860,372	)
Net increase in net assets resulting from operations					1,134,605,248						663,937,111
Distributions to shareholders from
Net realized gains
Class A					(505,431,285	)					(385,155,921	)
Class C					(57,934,182	)					(51,825,133	)
Class R6					(16,966,960	)					(3,453,520	)
Administrator Class					(138,040,210	)					(132,054,015	)
Institutional Class					(379,819,630	)					(317,034,333	)
Total distributions to shareholders					(1,098,192,267	)					(889,522,922	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,597,711			97,664,924			2,480,636			94,368,185
Class C		567,969			15,881,145			652,761			19,766,572
Class R6		4,402,138			197,214,825			1,123,887			49,275,787
Administrator Class		2,015,636			86,044,136			2,602,562			109,976,524
Institutional Class		8,063,218			384,247,586			12,846,486			573,284,219
					781,052,616						846,671,287
Reinvestment of distributions
Class A		14,511,944			482,812,377			10,734,969			367,135,939
Class C		1,880,250			49,281,340			1,346,264			39,028,199
Class R6		415,977			16,959,366			86,772			3,453,520
Administrator Class		3,626,546			136,757,066			3,489,159			131,017,902
Institutional Class		9,008,188			366,543,153			7,686,540			305,616,849
					1,052,353,302						846,252,409
Payment for shares redeemed
Class A		(10,001,358	)		(381,655,936	)		(26,011,523	)		(994,860,639	)
Class C		(2,374,317	)		(73,235,128	)		(4,621,153	)		(150,552,988	)
Class R6		(758,315	)		(34,584,223	)		(806,700	)		(36,722,935	)
Administrator Class		(7,153,909	)		(302,587,215	)		(25,194,674	)		(1,090,486,678	)
Institutional Class		(18,199,975	)		(827,075,266	)		(35,457,129	)		(1,556,706,417	)
					(1,619,137,768	)					(3,829,329,657	)
Net increase (decrease) in net assets resulting from capital share transactions					214,268,150						(2,136,405,961	)
Total increase (decrease) in net assets					250,681,131						(2,361,991,772	)
Net assets
Beginning of period					4,499,322,797						6,861,314,569
End of period				$	4,750,003,928					$	4,499,322,797
Undistributed net investment income				$	0					$	0

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

Financial highlights Wells Fargo Growth Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$40.38			$42.28			$49.50			$49.99			$46.74
Net investment loss		(0.12	)		(0.19	)1		(0.20	)1		(0.29	)1		(0.32	)1
Net realized and unrealized gains (losses) on investments		9.49			5.61			(0.99	)		7.03			5.34
Total from investment operations		9.37			5.42			(1.19	)		6.74			5.02
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$38.67			$40.38			$42.28			$49.50			$49.99
Total return2		27.66	%		15.95	%		(1.69	)%		15.01	%		10.77	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.17	%		1.15	%		1.18	%		1.18	%
Net expenses		1.16	%		1.16	%		1.14	%		1.18	%		1.18	%
Net investment loss		(0.45	)%		(0.49	)%		(0.49	)%		(0.59	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$2,142,855			$1,950,551			$2,582,955			$1,465,643			$2,047,410

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20 Wells Fargo Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$34.05			$37.07			$44.51			$45.95			$43.41
Net investment loss		(0.33	)		(0.41	)1		(0.46	)1		(0.60	)1		(0.64	)1
Net realized and unrealized gains (losses) on investments		7.69			4.71			(0.95	)		6.39			4.95
Total from investment operations		7.36			4.30			(1.41	)		5.79			4.31
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$30.33			$34.05			$37.07			$44.51			$45.95
Total return2		26.73	%		15.05	%		(2.44	)%		14.16	%		9.96	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.92	%		1.90	%		1.93	%		1.93	%
Net expenses		1.91	%		1.91	%		1.89	%		1.93	%		1.93	%
Net investment loss		(1.19	)%		(1.23	)%		(1.24	)%		(1.34	)%		(1.39	)%
Supplemental data
Portfolio turnover rate		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$185,346			$205,607			$321,032			$465,833			$560,481

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Growth Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			2017			20161
Net asset value, beginning of period		$47.13			$47.90			$48.97
Net investment loss		(0.01	)2		(0.02	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		11.49			6.57			4.98
Total from investment operations		11.48			6.55			4.96
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)
Net asset value, end of period		$47.53			$47.13			$47.90
Total return3		28.26	%		16.49	%		10.89	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%
Net investment loss		(0.02	)%		(0.05	)%		(0.23	)%
Supplemental data
Portfolio turnover rate		37	%		42	%		38	%
Net assets, end of period (000s omitted)		$242,838			$49,454			$30,906

¹  For the period from September 30, 2015 (commencement of class operations) to July 31, 2016

²  Calculated based upon average shares outstanding

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

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

22 Wells Fargo Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$44.40			$45.66			$52.86			$52.80			$49.16
Net investment loss		(0.11	)1		(0.11	)1		(0.14	)1		(0.20	)1		(0.23	)
Net realized and unrealized gains (losses) on investments		10.68			6.17			(1.03	)		7.49			5.64
Total from investment operations		10.57			6.06			(1.17	)		7.29			5.41
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$43.89			$44.40			$45.66			$52.86			$52.80
Total return		27.90	%		16.20	%		(1.53	)%		15.28	%		11.04	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.09	%		1.07	%		1.02	%		1.02	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.24	)%		(0.27	)%		(0.31	)%		(0.37	)%		(0.42	)%
Supplemental data
Portfolio turnover rate		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$564,391			$637,987			$1,528,288			$2,349,359			$3,359,480

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Growth Fund 23

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$47.07			$47.87			$54.99			$54.54			$50.63
Net investment loss		(0.02	)1		(0.04	)1		(0.05	)1		(0.09	)1		(0.13	)
Net realized and unrealized gains (losses) on investments		11.46			6.56			(1.04	)		7.77			5.81
Total from investment operations		11.44			6.52			(1.09	)		7.68			5.68
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$47.43			$47.07			$47.87			$54.99			$54.54
Total return		28.21	%		16.44	%		(1.31	)%		15.53	%		11.26	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.82	%		0.76	%		0.75	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment loss		(0.03	)%		(0.08	)%		(0.10	)%		(0.17	)%		(0.21	)%
Supplemental data
Portfolio turnover rate		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$1,614,575			$1,655,724			$2,398,134			$3,863,196			$2,975,721

¹  Calculated based upon average shares outstanding

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

24 Wells Fargo Growth Fund Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Notes to financial statements Wells Fargo Growth Fund 25

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $2,431,332,961 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,491,374,152
Gross unrealized losses		(9,110,874	)
Net unrealized gains	$	2,482,263,278

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent

26 Wells Fargo Growth Fund Notes to financial statements

differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to net operating losses and redemptions in-kind. At July 31, 2018, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$46,209,517	$13,576,427	$(59,785,944)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	742,017,669	$	0	$	0	$	742,017,669
Consumer staples		180,585,006		0		0		180,585,006
Energy		63,659,686		0		0		63,659,686
Financials		357,530,386		0		0		357,530,386
Health care		381,287,959		0		0		381,287,959
Industrials		667,625,224		0		0		667,625,224
Information technology		2,168,921,787		0		0		2,168,921,787
Materials		184,960,028		0		0		184,960,028
Short-term investments
Investment companies		17,742,561		0		0		17,742,561
Investments measured at net asset value*								149,265,933
Total assets	$	4,764,330,306	$	0	$	0	$	4,913,596,239

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $149,265,933 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

Notes to financial statements Wells Fargo Growth Fund 27

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class C shares, 0.70% for Class R6 shares, 0.96% for Administrator Class shares, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $23,415 from the sale of Class A shares and $536 in contingent deferred sales charges from redemptions of C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

28 Wells Fargo Growth Fund Notes to financial statements

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $1,706,656,517 and $2,493,570,737, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	19,197,330	$	14,498,099
Long-term capital gain		1,078,994,937		875,024,823

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$25,417,735	$474,062,080	$2,482,263,278

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. REDEMPTION IN-KIND

After the close of business on July 12, 2018, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $75,847,965 and cash in the amount of $271,155. The Fund recognized gains in the amount of $46,392,938 which is reflected on the Statement of Operations. The redemption in-kind by a shareholder of the Institutional Class represented 1.54% of the Fund and is reflected on the Statement of Changes in Net Assets.

Report of independent registered public accounting firm Wells Fargo Growth Fund 29

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Growth Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

30 Wells Fargo Growth Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 99.68% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018

Pursuant to Section 852 of the Internal Revenue Code, $1,078,994,937 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

Pursuant to Section 854 of the Internal Revenue Code, $19,197,330 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2018, $19,197,330 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Growth Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

32 Wells Fargo Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

Other information (unaudited) Wells Fargo Growth Fund 33

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

34 Wells Fargo Growth Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Other information (unaudited) Wells Fargo Growth Fund 35

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, and ten-year periods under review, but lower than the average investment performance of the Universe for the five-year period under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 3000 Growth Index, for the one- and ten-year periods under review, but lower than its benchmark index for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

36 Wells Fargo Growth Fund Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Appendix A (unaudited) Wells Fargo Growth Fund 37

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

38 Wells Fargo Growth Fund Appendix A (unaudited)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

Appendix A (unaudited) Wells Fargo Growth Fund 39

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314796 09-18 A206/AR206 07-18

Annual Report

July 31, 2018

Wells Fargo Intrinsic Value Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	24
Report of independent registered public accounting firm	29
Other information	30
Appendix A	37

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Intrinsic Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Intrinsic Value Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Intrinsic Value Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Intrinsic Value Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Intrinsic Value Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Intrinsic Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Miguel E. Giaconi, CFA^®

Jean-Baptiste Nadal, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EIVAX)	8-1-2006		5.96		7.85		8.55		12.43		9.14		9.20		1.18		1.11
Class C (EIVCX)	8-1-2006		10.65		8.33		8.38		11.65		8.33		8.38		1.93		1.86
Class R (EIVTX)	3-1-2013		–		–		–		12.21		8.88		8.94		1.43		1.36
Class R6 (EIVFX)	11-30-2012		–		–		–		12.96		9.57		9.58		0.75		0.65
Administrator Class (EIVDX)	7-30-2010		–		–		–		12.63		9.34		9.40		1.10		0.95
Institutional Class (EIVIX)	8-1-2006		–		–		–		12.96		9.62		9.60		0.85		0.70
Russell 1000® Value Index4	–		–		–		–		9.54		10.04		8.95		–		–

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. Class R, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 and focused portfolio 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 Intrinsic Value Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

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

³  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

* This security was no longer held at the end of the reporting period.

8 Wells Fargo Intrinsic Value Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Value Index, for the 12-month period that ended July 31, 2018.

∎ Stock selection in the information technology (IT), industrials, and consumer discretionary sectors was the primary contributor to relative performance; an overweight to IT proved beneficial as well.

∎ Stock selection in the consumer staples and financials sectors detracted from the Fund’s relative performance.

Strong market performance from the Russell 1000^® Value Index during the reporting period was driven mainly by strong corporate earnings growth, positive impact of tax reform, continued normalization of interest rates, and economic growth combined with muted inflation. We continued to adhere to our disciplined investment process that relies predominantly on discounted free cash flow. We also continued our focus on individual companies rather than on broad, top-down economic or sector forecasts. To manage risk, we maintained the Fund’s broad diversification by sector, industry, and position.

Ten largest holdings (%) as of July 31, 20186
Microsoft Corporation	3.78
Alphabet Incorporated Class C	3.78
Merck & Company Incorporated	3.24
Motorola Solutions Incorporated	3.24
Cisco Systems Incorporated	3.14
AerCap Holdings NV	3.11
Advance Auto Parts Incorporated	2.97
Honeywell International Incorporated	2.88
Comcast Corporation Class A	2.88
EOG Resources Incorporated	2.85

Sector distribution as of July 31, 2018⁷

Stock selection in multiple sectors contributed to Fund performance.

Within the IT sector, the largest contributors to the Fund’s performance were computer software giant Microsoft Corporation; parent of Google, Alphabet Incorporated; and specialty wireless communication provider Motorola Solutions, Incorporated. Diversified industrial technology company Honeywell International Incorporated was the Fund’s top contributor within the industrials sector. In the consumer discretionary sector, off-price apparel and home fashion retailer The TJX Companies, Incorporated*, and Advance Auto Parts, Incorporated, a retailer/distributor of aftermarket automotive parts, added value.

Security selection in two sectors was the Fund’s main detractor from relative performance.

Within the consumer staples sector, the primary detractor was the largest private-label food supplier, TreeHouse Foods, Incorporated. Stock selection in the financials sector also detracted from relative returns—especially Synchrony Financial, the largest private-label credit card provider, and Swiss bank UBS AG, with strong recognition providing wealth management, asset management, and investment banking services.

During the period, we made changes to the Fund’s portfolio based on our fundamental research.

As a result of trades, stock price movements, and the annual reconstitution of the Russell family of indices, the Fund’s positioning relative to its benchmark shifted noticeably during the period. The most notable sector-weighting change within the Fund was an increase in the financials sector’s weighting; we added positions in four financials companies: global insurer American International Group, Incorporated; global insurance brokerage and consulting firm Aon plc; large diversified megabank Bank of America Corporation; and global commodity and financial-product exchanges operator Intercontinental Exchange, Incorporated. In all cases, trades within the Fund were made based on fundamental bottom-up research and were not top-down sector allocation decisions.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Intrinsic Value Fund 9

We continued to focus on our investment strategy and process.

Expectations for a continuation of improving economic and earnings growth may bode well for the Fund’s positioning. The strong global economy and corporate earnings and rising interest rates are all favorable factors for high-quality companies. The lower corporate tax structure and immediate expensing of capital expenditures should boost U.S. corporate earnings. Corporate cash repatriation is in the early stages and may be a strong catalyst for the economy and the equity markets. As such, we believe investors may be well served by committing to the investment team’s intrinsic value approach.

Despite some of the potential risks in the market, such as trade wars, geopolitical events, renewed deflationary pressures or faster-than-expected inflation, and 2018 U.S. midterm elections, the Fund may be well positioned to benefit from normalization of interest rates, acceleration in global economic growth, expansion in valuation multiples, fundamentals gaining traction, and an increase in market volatility.

We continue to believe that our long-term focus on company fundamentals, our determination to seek out mispricing opportunities in the marketplace, and our ability to identify catalysts that create or unlock value over our investment time horizon should return value for shareholders over a complete market cycle.

10 Wells Fargo Intrinsic Value Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	999.23	$	5.54		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C
Actual	$	1,000.00	$	996.08	$	9.36		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R
Actual	$	1,000.00	$	999.24	$	6.85		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class R6
Actual	$	1,000.00	$	1,002.33	$	3.28		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,000.00	$	4.79		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,001.52	$	3.53		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

¹  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).

Portfolio of investments—July 31, 2018 Wells Fargo Intrinsic Value Fund 11

Security name	Shares		Value
Common Stocks: 99.00%
Consumer Discretionary: 8.32%
Media: 5.35%
Comcast Corporation Class A		739,300	$	26,452,154
The Walt Disney Company		199,700		22,677,932
				49,130,086
Specialty Retail: 2.97%
Advance Auto Parts Incorporated		193,300		27,299,759
Consumer Staples: 7.28%
Beverages: 2.31%
Anheuser-Busch InBev NV ADR «		208,900		21,249,308
Food Products: 4.97%
Mondelez International Incorporated Class A		581,900		25,242,822
Nestle SA ADR		228,200		18,600,582
TreeHouse Foods Incorporated †		38,841		1,844,559
				45,687,963
Energy: 10.63%
Energy Equipment & Services: 3.26%
Schlumberger Limited		291,500		19,682,080
TechnipFMC plc		316,000		10,285,800
				29,967,880
Oil, Gas & Consumable Fuels: 7.37%
Chevron Corporation		186,800		23,587,236
Concho Resources Incorporated †		122,700		17,895,795
EOG Resources Incorporated		203,400		26,226,396
				67,709,427
Financials: 23.38%
Banks: 10.55%
Bank of America Corporation		793,400		24,500,192
BB&T Corporation		476,200		24,195,722
CIT Group Incorporated		441,700		23,379,181
US Bancorp		469,900		24,909,399
				96,984,494
Capital Markets: 3.47%
Intercontinental Exchange Incorporated		186,570		13,789,389
UBS Group AG «		1,099,800		18,058,716
				31,848,105
Consumer Finance: 2.31%
Synchrony Financial		732,100		21,186,972

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

12 Wells Fargo Intrinsic Value Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Insurance: 7.05%
American International Group Incorporated		419,500	$	23,160,595
Aon plc		148,100		21,259,755
The Allstate Corporation		214,400		20,393,728
				64,814,078
Health Care: 12.16%
Biotechnology: 2.15%
Gilead Sciences Incorporated		254,200		19,784,386
Health Care Equipment & Supplies: 1.75%
Abbott Laboratories		245,300		16,076,962
Health Care Providers & Services: 2.58%
Cigna Corporation		131,900		23,665,498
Pharmaceuticals: 5.68%
Eli Lilly & Company		227,300		22,459,513
Merck & Company Incorporated		451,800		29,760,066
				52,219,579
Industrials: 11.42%
Aerospace & Defense: 2.49%
General Dynamics Corporation		114,800		22,932,448
Air Freight & Logistics: 1.93%
United Parcel Service Incorporated Class B		147,600		17,695,764
Electrical Equipment: 1.01%
Sensata Technologies Holding plc †		170,500		9,270,085
Industrial Conglomerates: 2.88%
Honeywell International Incorporated		165,700		26,454,005
Trading Companies & Distributors: 3.11%
AerCap Holdings NV †		509,700		28,609,461
Information Technology: 16.99%
Communications Equipment: 6.38%
Cisco Systems Incorporated		682,600		28,867,154
Motorola Solutions Incorporated		245,300		29,754,890
				58,622,044
Internet Software & Services: 3.77%
Alphabet Incorporated Class C †		28,500		34,691,910
IT Services: 2.05%
Accenture plc Class A		118,300		18,848,741
Software: 3.78%
Microsoft Corporation		327,300		34,719,984

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

Portfolio of investments—July 31, 2018 Wells Fargo Intrinsic Value Fund 13

Security name				Shares		Value
Technology Hardware, Storage & Peripherals: 1.01%
Apple Incorporated					48,800	$	9,286,152
Materials: 2.46%
Construction Materials: 2.46%
Vulcan Materials Company					201,800		22,601,600
Real Estate: 0.93%
Equity REITs: 0.93%
Crown Castle International Corporation					76,900		8,522,827
Telecommunication Services: 2.66%
Diversified Telecommunication Services: 2.66%
Verizon Communications Incorporated					472,900		24,420,556
Utilities: 2.77%
Electric Utilities: 1.90%
NextEra Energy Incorporated					104,000		17,424,160
Multi-Utilities: 0.87%
WEC Energy Group Incorporated					121,000		8,030,770
Total Common Stocks (Cost $699,920,083)							909,755,004
	Yield
Short-Term Investments: 3.49%
Investment Companies: 3.49%
Securities Lending Cash Investment LLC (l)(r)(u)		2.10	%		22,455,104		22,457,350
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83			9,615,845		9,615,845
Total Short-Term Investments (Cost $32,073,195)							32,073,195

Total investments in securities (Cost $731,993,278)	102.49	%		941,828,199
Other assets and liabilities, net	(2.49	)		(22,892,706	)
Total net assets	100.00	%	$	918,935,493

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

† Non-income-earning security

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

14 Wells Fargo Intrinsic Value Fund Portfolio of investments—July 31, 2018

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		17,030,618		488,604,100		483,179,614		22,455,104	$	28	$	(29	)	$	103,879	$	22,457,350
Wells Fargo Government Money Market Fund Select Class		9,318,825		172,733,555		172,436,535		9,615,845		0		0			111,378		9,615,845
									$	28	$	(29	)	$	215,257	$	32,073,195		3.49	%

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

Statement of assets and liabilities—July 31, 2018 Wells Fargo Intrinsic Value Fund 15

Assets
Investments in unaffiliated securities (including $22,066,028 of securities on loan), at value (cost $699,920,083)	$	909,755,004
Investments in affiliated securities, at value (cost $32,073,195)		32,073,195
Receivable for Fund shares sold		30,448
Receivable for dividends		648,942
Receivable for securities lending income		12,622
Prepaid expenses and other assets		11,654
Total assets		942,531,865
Liabilities
Payable upon receipt of securities loaned		22,456,028
Management fee payable		434,078
Payable for Fund shares redeemed		299,766
Administration fees payable		120,826
Distribution fees payable		12,559
Trustees’ fees and expenses payable		1,665
Accrued expenses and other liabilities		271,450
Total liabilities		23,596,372
Total net assets	$	918,935,493
NET ASSETS CONSIST OF
Paid-in capital	$	655,404,744
Undistributed net investment income		7,412,219
Accumulated net realized gains on investments		46,283,609
Net unrealized gains on investments		209,834,921
Total net assets	$	918,935,493
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	289,682,511
Shares outstanding – Class A1		22,192,463
Net asset value per share – Class A		$13.05
Maximum offering price per share – Class A2		$13.85
Net assets – Class C	$	19,873,987
Shares outstanding – Class C1		1,565,970
Net asset value per share – Class C		$12.69
Net assets – Class R	$	74,172
Shares outstanding – Class R1		5,642
Net asset value per share – Class R		$13.15
Net assets – Class R6	$	2,577,870
Shares outstanding – Class R61		199,528
Net asset value per share – Class R6		$12.92
Net assets – Administrator Class	$	469,463,856
Shares outstanding – Administrator Class1		34,307,257
Net asset value per share – Administrator Class		$13.68
Net assets – Institutional Class	$	137,263,097
Shares outstanding – Institutional Class1		10,446,225
Net asset value per share – Institutional Class		$13.14

¹  The Fund has an unlimited number of authorized shares.

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

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

16 Wells Fargo Intrinsic Value Fund Statement of operations—year ended July 31, 2018

Investment income
Dividends (net of foreign withholding taxes of $189,913)	$	17,507,321
Income from affiliated securities		215,257
Total investment income		17,722,578
Expenses
Management fee		6,310,202
Administration fees
Class A		606,915
Class C		43,838
Class R		115
Class R4		4	1
Class R6		738
Administrator Class		597,357
Institutional Class		187,743
Shareholder servicing fees
Class A		698,297
Class C		52,189
Class R		137
Class R4		5	1
Administrator Class		1,147,785
Distribution fees
Class C		156,565
Class R		137
Custody and accounting fees		35,153
Professional fees		44,778
Registration fees		100,028
Shareholder report expenses		94,682
Trustees’ fees and expenses		24,559
Other fees and expenses		25,935
Total expenses		10,127,162
Less: Fee waivers and/or expense reimbursements		(1,166,796	)
Net expenses		8,960,366
Net investment income		8,762,212
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		72,505,890
Affiliated securities		28
Net realized gains on investments		72,505,918
Net change in unrealized gains (losses) on:
Unaffiliated securities		27,765,483
Affiliated securities		(29	)
Net change in unrealized gains (losses) on investments		27,765,454
Net realized and unrealized gains (losses) on investments		100,271,372
Net increase in net assets resulting from operations	$	109,033,584

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

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

Statement of changes in net assets Wells Fargo Intrinsic Value Fund 17

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment income				$	8,762,212					$	10,341,304
Net realized gains on investments					72,505,918						70,124,352
Net change in unrealized gains (losses) on investments					27,765,454						41,233,576
Net increase in net assets resulting from operations					109,033,584						121,699,232
Distributions to shareholders from
Net investment income
Class A					(1,516,748	)					(3,621,237	)
Class C					0						(86,648	)
Class R					(163	)					(354	)
Class R4					0	1					(231	)
Class R6					(23,745	)					(49,302	)
Administrator Class					(3,138,315	)					(6,085,411	)
Institutional Class					(1,366,652	)					(2,733,344	)
Net realized gains
Class A					(22,059,131	)					(19,813,428	)
Class B					N/A						(17,948	)2
Class C					(1,660,929	)					(1,747,106	)
Class R					(3,846	)					(2,423	)
Class R4					0	1					(1,001	)
Class R6					(185,128	)					(195,458	)
Administrator Class					(33,610,953	)					(28,268,900	)
Institutional Class					(11,360,927	)					(11,235,310	)
Total distributions to shareholders					(74,926,537	)					(73,858,101	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		331,519			4,190,768			305,954			3,691,813
Class B		N/A			N/A			1	2		13	2
Class C		19,728			240,572			51,575			603,442
Class R		1,671			20,842			719			8,721
Class R6		12,234			151,356			11,205			133,634
Administrator Class		128,470			1,686,875			221,167			2,768,721
Institutional Class		594,996			7,543,156			2,650,238			32,333,431
					13,833,569						39,539,775
Reinvestment of distributions
Class A		1,816,483			22,389,992			1,877,183			22,194,613
Class B		N/A			N/A			1,535	2		17,865	2
Class C		131,832			1,579,351			138,250			1,593,565
Class R		220			2,728			233			2,777
Class R4		0	1		0	1		104			1,232
Class R6		16,488			201,277			20,897			244,760
Administrator Class		2,684,570			34,693,107			2,623,161			32,407,128
Institutional Class		901,012			11,188,786			949,096			11,290,466
					70,055,241						67,752,406
Payment for shares redeemed
Class A		(3,243,108	)		(40,904,939	)		(5,420,473	)		(65,302,884	)
Class B		N/A			N/A			(47,468	)2		(566,965	)2
Class C		(349,959	)		(4,293,957	)		(875,054	)		(10,310,692	)
Class R		(33	)		(423	)		(698	)		(8,357	)
Class R4		(1,342	)1		(17,226	)1		0			0
Class R6		(21,179	)		(269,458	)		(78,948	)		(936,987	)
Administrator Class		(3,402,317	)		(44,953,219	)		(5,523,798	)		(69,697,862	)
Institutional Class		(3,859,490	)		(48,539,311	)		(8,606,311	)		(104,462,351	)
					(138,978,533	)					(251,286,098	)
Net decrease in net assets resulting from capital share transactions					(55,089,723	)					(143,993,917	)
Total decrease in net assets					(20,982,676	)					(96,152,786	)
Net assets
Beginning of period					939,918,169						1,036,070,955
End of period				$	918,935,493					$	939,918,169
Undistributed net investment income				$	7,412,219					$	4,695,630

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

²  For the period from August 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

18 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.61			$12.01			$13.73			$13.60			$12.52
Net investment income		0.11			0.12	1		0.13			0.10			0.07
Net realized and unrealized gains (losses) on investments		1.39			1.43			(0.42	)		1.09			1.53
Total from investment operations		1.50			1.55			(0.29	)		1.19			1.60
Distributions to shareholders from
Net investment income		(0.06	)		(0.14	)		(0.11	)		(0.07	)		(0.06	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.06	)		(0.95	)		(1.43	)		(1.06	)		(1.52	)
Net asset value, end of period		$13.05			$12.61			$12.01			$13.73			$13.60
Total return2		12.43	%		13.50	%		(1.73	)%		9.19	%		13.09	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.17	%		1.17	%		1.20	%		1.21	%
Net expenses		1.10	%		1.10	%		1.10	%		1.16	%		1.16	%
Net investment income		0.83	%		0.95	%		1.12	%		0.75	%		0.53	%
Supplemental data
Portfolio turnover rate		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$289,683			$293,599			$318,543			$372,443			$391,028

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Intrinsic Value Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.31			$11.74			$13.45			$13.36			$12.35
Net investment income (loss)		0.01	1		0.02	1		0.03			0.00	2		(0.03	)
Net realized and unrealized gains (losses) on investments		1.37			1.40			(0.41	)		1.08			1.50
Total from investment operations		1.38			1.42			(0.38	)		1.08			1.47
Distributions to shareholders from
Net investment income		0.00			(0.04	)		(0.01	)		0.00			0.00
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.00	)		(0.85	)		(1.33	)		(0.99	)		(0.46	)
Net asset value, end of period		$12.69			$12.31			$11.74			$13.45			$13.36
Total return3		11.65	%		12.58	%		(2.47	)%		8.42	%		12.24	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.93	%		1.96	%		1.97	%
Net expenses		1.86	%		1.86	%		1.86	%		1.91	%		1.91	%
Net investment income (loss)		0.08	%		0.20	%		0.37	%		0.00	%		(0.22	)%
Supplemental data
Portfolio turnover rate		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$19,874			$21,727			$28,756			$36,098			$36,654

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

20 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.70			$12.09			$13.81			$13.66			$12.55
Net investment income		0.05			0.08	1		0.10			0.05			0.03
Net realized and unrealized gains (losses) on investments		1.44			1.45			(0.43	)		1.12			1.54
Total from investment operations		1.49			1.53			(0.33	)		1.17			1.57
Distributions to shareholders from
Net investment income		(0.04	)		(0.11	)		(0.07	)		(0.03	)		0.00
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.04	)		(0.92	)		(1.39	)		(1.02	)		(0.46	)
Net asset value, end of period		$13.15			$12.70			$12.09			$13.81			$13.66
Total return		12.21	%		13.22	%		(1.99	)%		8.96	%		12.77	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.44	%		1.44	%		1.47	%		1.49	%
Net expenses		1.36	%		1.36	%		1.36	%		1.40	%		1.41	%
Net investment income		0.56	%		0.69	%		0.86	%		0.50	%		0.26	%
Supplemental data
Portfolio turnover rate		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$74			$48			$43			$41			$28

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Intrinsic Value Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.49			$11.90			$13.62			$13.60			$12.56
Net investment income		0.16			0.17	1		0.17			0.17	1		0.14	1
Net realized and unrealized gains (losses) on investments		1.39			1.42			(0.40	)		1.08			1.47
Total from investment operations		1.55			1.59			(0.23	)		1.25			1.61
Distributions to shareholders from
Net investment income		(0.12	)		(0.19	)		(0.17	)		(0.24	)		(0.11	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.12	)		(1.00	)		(1.49	)		(1.23	)		(0.57	)
Net asset value, end of period		$12.92			$12.49			$11.90			$13.62			$13.60
Total return		12.96	%		14.03	%		(1.30	)%		9.74	%		13.19	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.75	%		0.74	%		0.74	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.29	%		1.40	%		1.47	%		1.25	%		1.10	%
Supplemental data
Portfolio turnover rate		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$2,578			$2,397			$2,842			$169			$150

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.17			$12.51			$14.25			$14.08			$12.95
Net investment income		0.13			0.14	1		0.15			0.13			0.10
Net realized and unrealized gains (losses) on investments		1.47			1.49			(0.43	)		1.14			1.58
Total from investment operations		1.60			1.63			(0.28	)		1.27			1.68
Distributions to shareholders from
Net investment income		(0.09	)		(0.16	)		(0.14	)		(0.11	)		(0.09	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.09	)		(0.97	)		(1.46	)		(1.10	)		(0.55	)
Net asset value, end of period		$13.68			$13.17			$12.51			$14.25			$14.08
Total return		12.63	%		13.66	%		(1.58	)%		9.42	%		13.36	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.10	%		1.06	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		0.98	%		1.10	%		1.27	%		0.95	%		0.74	%
Supplemental data
Portfolio turnover rate		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$469,464			$459,650			$470,152			$529,293			$534,641

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Intrinsic Value Fund 23

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.68			$12.08			$13.80			$13.67			$12.58
Net investment income		0.22			0.17	1		0.18			0.15			0.13
Net realized and unrealized gains (losses) on investments		1.35			1.43			(0.41	)		1.11			1.53
Total from investment operations		1.57			1.60			(0.23	)		1.26			1.66
Distributions to shareholders from
Net investment income		(0.11	)		(0.19	)		(0.17	)		(0.14	)		(0.11	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.11	)		(1.00	)		(1.49	)		(1.13	)		(0.57	)
Net asset value, end of period		$13.14			$12.68			$12.08			$13.80			$13.67
Total return		12.96	%		13.88	%		(1.27	)%		9.66	%		13.64	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.85	%		0.79	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		1.24	%		1.36	%		1.52	%		1.20	%		0.99	%
Supplemental data
Portfolio turnover rate		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$137,263			$162,480			$215,175			$255,565			$244,378

¹  Calculated based upon average shares outstanding

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

24 Wells Fargo Intrinsic Value Fund Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund. Information for Class R4 shares reflected in the financial statements represents activity through November 13, 2017.

Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities

Notes to financial statements Wells Fargo Intrinsic Value Fund 25

lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $733,054,463 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	219,426,060
Gross unrealized losses		(10,652,324	)
Net unrealized gains	$	208,773,736

Class allocations

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

26 Wells Fargo Intrinsic Value Fund Notes to financial statements

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	76,429,845	$	0	$	0	$	76,429,845
Consumer staples		66,937,271		0		0		66,937,271
Energy		97,677,307		0		0		97,677,307
Financials		214,833,649		0		0		214,833,649
Health care		111,746,425		0		0		111,746,425
Industrials		104,961,763		0		0		104,961,763
Information technology		156,168,831		0		0		156,168,831
Materials		22,601,600		0		0		22,601,600
Real estate		8,522,827		0		0		8,522,827
Telecommunication services		24,420,556		0		0		24,420,556
Utilities		25,454,930		0		0		25,454,930
Short-term investments
Investment companies		9,615,845		0		0		9,615,845
Investments measured at net asset value*								22,457,350
Total assets	$	919,370,849	$	0	$	0	$	941,828,199

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $22,457,350 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement,

Notes to financial statements Wells Fargo Intrinsic Value Fund 27

Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $3,741 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 was charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Interfund transactions

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

28 Wells Fargo Intrinsic Value Fund Notes to financial statements

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $192,179,101 and $312,836,387, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	6,045,623	$	12,576,527
Long-term capital gain		68,880,914		61,281,574

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$7,531,668	$47,344,797	$208,773,736

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

Report of independent registered public accounting firm Wells Fargo Intrinsic Value Fund 29

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Intrinsic Value Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

30 Wells Fargo Intrinsic Value Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $68,880,914 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

Pursuant to Section 854 of the Internal Revenue Code, $6,045,623 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Intrinsic Value Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

32 Wells Fargo Intrinsic Value Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

Other information (unaudited) Wells Fargo Intrinsic Value Fund 33

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

34 Wells Fargo Intrinsic Value Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Intrinsic Value Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Intrinsic Value Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Other information (unaudited) Wells Fargo Intrinsic Value Fund 35

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was in range of the average investment performance of the Universe for the ten-year period under review, but lower than the average investment performance of the Universe for the one-, three- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 1000 Value Index, for the one- and ten-year periods under review, but lower than its benchmark index for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance. The Board also took note of the Fund’s outperformance relative to the Universe and benchmark over the more recent time periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were higher than the sum of these average rates for the expense Groups for each of the Fund’s share classes other than Administrator Class. However, the Board noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

36 Wells Fargo Intrinsic Value Fund Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Appendix A (unaudited) Wells Fargo Intrinsic Value Fund 37

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

38 Wells Fargo Intrinsic Value Fund Appendix A (unaudited)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

Appendix A (unaudited) Wells Fargo Intrinsic Value Fund 39

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314797 09-18 A207/AR207 07-18

Annual Report

July 31, 2018

Wells Fargo Large Cap Core 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	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Report of independent registered public accounting firm	28
Other information	29
Appendix A	36

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Large Cap Core Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Cap Core Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Large Cap Core Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Large Cap Core Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Large Cap Core Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Large Cap Core Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser^‡

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®

Jeff C. Moser, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EGOAX)	12-17-2007		10.89		11.13		9.36		17.66		12.45		10.02		1.19		1.08
Class C (EGOCX)	12-17-2007		15.78		11.62		9.20		16.78		11.62		9.20		1.94		1.83
Class R (EGOHX)	9-30-2015		–		–		–		17.37		12.16		9.75		1.44		1.33
Class R6 (EGORX)	9-30-2015		–		–		–		18.16		13.63		10.81		0.76		0.65
Administrator Class (WFLLX)	7-16-2010		–		–		–		17.81		12.64		10.21		1.11		0.97
Institutional Class (EGOIX)	12-17-2007		–		–		–		18.16		12.96		10.49		0.86		0.67
S&P 500 Index4	–		–		–		–		16.24		13.12		10.67		–		–

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. Class R, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 and focused portfolio 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 Large Cap Core Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

^‡  Wells Capital Management Incorporated became the subadviser of the Fund on January 1, 2018.

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Class R6 shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

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

³  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Large Cap Core Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2018.

∎ Stock selection and sector positioning were additive to performance relative to the benchmark index.

∎ Investments within the industrials sector detracted from performance—especially in capital goods, where holdings in Cummins Incorporated and Toro Company were affected by uneven sales trends.

We experienced an improving economy and earnings-driven market during the period.

Accelerating economic growth and strong earnings led to rewarding overall stock performance over the past year. Earnings have been supported by a positive economic environment, reduced regulatory burdens, and corporate tax reductions. This is likely to present the opportunity for further corporate revenue growth. The markets also have been receptive to a continuation of U.S. Federal Reserve (Fed) policy where actions have been well communicated, data dependent, and in the direction of monetary normalization as the Fed gradually unwinds quantitative easing initiatives.

Ten largest holdings (%) as of July 31, 20186
Apple Incorporated	2.78
NetApp Incorporated	2.68
VMware Incorporated Class A	2.62
Centene Corporation	2.54
Microsoft Corporation	2.52
JPMorgan Chase & Company	2.50
Valero Energy Corporation	2.50
UnitedHealth Group Incorporated	2.49
NVIDIA Corporation	2.43
The Home Depot Incorporated	2.39

The Fund was well positioned to participate in the earnings recovery.

The Fund was overweight the two best-performing sectors in the market (information technology [IT] and consumer discretionary) and underweight the two worst-performing sectors (telecommunication services and consumer staples). Stock selection was additive overall but especially strong in IT and health care. Some of the top contributors in IT included NetApp, Incorporated, and NVIDIA Corporation, which experienced exceptional earnings growth. In health care, long-term holding Centene Corporation continued to execute profitably within the Affordable Care Act health insurance exchanges along with its other business lines.

Sector distribution as of July 31, 2018⁷

Investments in the industrials sector detracted, largely due to weakness in capital goods.

Stock selection suffered in industrials. Toro declined on unsteady and less-than-inspiring results from its commercial division and was sold from the Fund. Cummins also performed poorly due to unsteady results. Cummins remains in the Fund as we believe the company may participate in accelerating economic growth in the U.S., which potentially could benefit the stock based on its current valuation.

Our market outlook is favorable.

We remain positioned to potentially benefit from modest economic growth, strong corporate profit growth, and favorable fiscal policy. We believe a broadening of the

market with better participation by value stocks could benefit the portfolio. Our biggest threat continues to be a significant risk-off event triggered by an economic slowdown or a geopolitical shock where investors seek defensive and lower-beta stocks.

We believe that stocks remain somewhat expensive but supported by current fundamentals. With the significant earnings growth so far in 2018, valuation multiples have contracted. While the risk of a significant uptick in inflation seems to have lessened, the risk of geopolitical shocks has increased.

Inflation and the interest rate environment are likely to be a significant focus for investors in 2018. Geopolitical risk also has risen with trade tensions. We will focus on company fundamentals while being mindful of the evolving macroeconomic environment and its impact on the expectations for corporate earnings as well as investors’ risk appetites.

Please see footnotes on page 7.

Fund expenses (unaudited) Wells Fargo Large Cap Core Fund 9

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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	992.85	$	5.42		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class C
Actual	$	1,000.00	$	989.35	$	9.18		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.98	$	9.30		1.83	%
Class R
Actual	$	1,000.00	$	991.42	$	6.68		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.77		1.33	%
Class R6
Actual	$	1,000.00	$	994.77	$	3.27		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	993.39	$	4.87		0.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.32	$	4.94		0.97	%
Institutional Class
Actual	$	1,000.00	$	994.78	$	3.37		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%

¹ 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).

10 Wells Fargo Large Cap Core Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Common Stocks: 99.13%
Consumer Discretionary: 12.72%
Auto Components: 2.22%
Lear Corporation		142,546	$	25,676,811
Automobiles: 1.65%
General Motors Company		503,758		19,097,466
Multiline Retail: 4.68%
Macy’s Incorporated		677,336		26,910,559
Target Corporation		337,152		27,201,423
				54,111,982
Specialty Retail: 4.17%
The Home Depot Incorporated		140,045		27,661,688
The TJX Companies Incorporated		211,223		20,543,549
				48,205,237
Consumer Staples: 7.12%
Food & Staples Retailing: 5.84%
Costco Wholesale Corporation		118,141		25,838,618
Sysco Corporation		314,853		21,161,270
Wal-Mart Stores Incorporated		229,441		20,473,020
				67,472,908
Food Products: 1.28%
Tyson Foods Incorporated Class A		257,141		14,824,179
Energy: 5.51%
Oil, Gas & Consumable Fuels: 5.51%
Chevron Corporation		152,248		19,224,355
Exxon Mobil Corporation		191,370		15,598,569
Valero Energy Corporation		243,748		28,847,576
				63,670,500
Financials: 13.44%
Banks: 6.25%
Bank of America Corporation		773,831		23,895,901
Citizens Financial Group Incorporated		489,067		19,455,085
JPMorgan Chase & Company		251,722		28,935,444
				72,286,430
Capital Markets: 3.93%
Evercore Partners Incorporated Class A		201,914		22,816,282
Raymond James Financial Incorporated		246,312		22,559,716
				45,375,998

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

Portfolio of investments—July 31, 2018 Wells Fargo Large Cap Core Fund 11

Security name	Shares		Value
Insurance: 3.26%
Lincoln National Corporation		284,091	$	19,346,597
Prudential Financial Incorporated		181,729		18,338,273
				37,684,870
Health Care: 17.86%
Biotechnology: 3.22%
AbbVie Incorporated		190,694		17,587,708
Amgen Incorporated		100,070		19,668,759
				37,256,467
Health Care Equipment & Supplies: 4.18%
Abbott Laboratories		371,917		24,375,440
Baxter International Incorporated		330,553		23,948,565
				48,324,005
Health Care Providers & Services: 7.09%
Aetna Incorporated		126,252		23,784,614
Centene Corporation †		224,894		29,310,435
UnitedHealth Group Incorporated		113,835		28,825,299
				81,920,348
Life Sciences Tools & Services: 1.68%
Agilent Technologies Incorporated		295,096		19,488,140
Pharmaceuticals: 1.69%
Johnson & Johnson		147,381		19,530,930
Industrials: 8.84%
Aerospace & Defense: 1.72%
Northrop Grumman Corporation		65,954		19,818,517
Air Freight & Logistics: 2.00%
Expeditors International of Washington Incorporated		303,956		23,152,329
Construction & Engineering: 1.60%
EMCOR Group Incorporated		240,047		18,471,617
Machinery: 1.51%
Cummins Incorporated		122,226		17,455,095
Trading Companies & Distributors: 2.01%
Applied Industrial Technologies Incorporated		311,905		23,283,708
Information Technology: 24.18%
Communications Equipment: 1.77%
Cisco Systems Incorporated		483,488		20,446,708
Electronic Equipment, Instruments & Components: 1.63%
Jabil Circuit Incorporated		670,160		18,878,407

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

12 Wells Fargo Large Cap Core Fund Portfolio of investments—July 31, 2018

Security name				Shares		Value
Internet Software & Services: 2.14%
Alphabet Incorporated Class C †					20,339	$	24,757,851
Semiconductors & Semiconductor Equipment: 6.09%
Intel Corporation					437,013		21,020,325
NVIDIA Corporation					114,545		28,047,489
ON Semiconductor Corporation †					966,452		21,310,267
							70,378,081
Software: 5.14%
Microsoft Corporation					274,753		29,145,798
VMware Incorporated Class A †					209,267		30,257,916
							59,403,714
Technology Hardware, Storage & Peripherals: 7.41%
Apple Incorporated					168,643		32,091,076
HP Incorporated					977,824		22,568,178
NetApp Incorporated					399,558		30,973,735
							85,632,989
Materials: 4.28%
Chemicals: 2.03%
Huntsman Corporation					698,869		23,433,078
Containers & Packaging: 2.25%
Avery Dennison Corporation					227,210		26,056,443
Real Estate: 3.58%
Equity REITs: 3.58%
American Tower Corporation					143,424		21,261,174
Prologis Incorporated					306,867		20,136,613
							41,397,787
Utilities: 1.60%
Multi-Utilities: 1.60%
CenterPoint Energy Incorporated					651,024		18,541,164
Total Common Stocks (Cost $830,021,690)							1,146,033,759
	Yield
Short-Term Investments: 0.87%
Investment Companies: 0.87%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83	%		10,016,109		10,016,109
Total Short-Term Investments (Cost $10,016,109)							10,016,109

Total investments in securities (Cost $840,037,799)	100.00	%		1,156,049,868
Other assets and liabilities, net	0.00			(18,359	)
Total net assets	100.00	%	$	1,156,031,509

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

Portfolio of investments—July 31, 2018 Wells Fargo Large Cap Core Fund 13

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC *		19,847,049		225,975,484		245,822,533		0	$	0	$	0	$	122,282	$	0
Wells Fargo Government Money Market Fund Select Class		7,987,308		105,679,249		103,650,448		10,016,109		0		0		127,010		10,016,109
									$	0	$	0	$	249,292	$	10,016,109		0.87	%

* No longer held at the end of the period.

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

14 Wells Fargo Large Cap Core Fund Statement of assets and liabilities—July 31, 2018

Assets
Investments in unaffiliated securities, at value (cost $830,021,690)	$	1,146,033,759
Investments in affiliated securities, at value (cost $10,016,109)		10,016,109
Receivable for Fund shares sold		972,695
Receivable for dividends		591,883
Receivable for securities lending income		4,550
Prepaid expenses and other assets		28,522
Total assets		1,157,647,518
Liabilities
Payable for Fund shares redeemed		894,650
Management fee payable		521,068
Administration fees payable		153,876
Distribution fees payable		39,534
Trustees’ fees and expenses payable		1,549
Accrued expenses and other liabilities		5,332
Total liabilities		1,616,009
Total net assets	$	1,156,031,509
NET ASSETS CONSIST OF
Paid-in capital	$	752,543,474
Undistributed net investment income		5,856,737
Accumulated net realized gains on investments		81,619,229
Net unrealized gains on investments		316,012,069
Total net assets	$	1,156,031,509
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	360,936,573
Shares outstanding – Class A1		17,337,053
Net asset value per share – Class A		$20.82
Maximum offering price per share – Class A2		$22.09
Net assets – Class C	$	61,528,850
Shares outstanding – Class C1		3,010,749
Net asset value per share – Class C		$20.44
Net assets – Class R	$	2,042,371
Shares outstanding – Class R1		98,124
Net asset value per share – Class R		$20.81
Net assets – Class R6	$	15,225,079
Shares outstanding – Class R61		727,661
Net asset value per share – Class R6		$20.92
Net assets – Administrator Class	$	25,443,970
Shares outstanding – Administrator Class1		1,208,798
Net asset value per share – Administrator Class		$21.05
Net assets – Institutional Class	$	690,854,666
Shares outstanding – Institutional Class1		32,972,225
Net asset value per share – Institutional Class		$20.95

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended July 31, 2018 Wells Fargo Large Cap Core Fund 15

Investment income
Dividends	$	20,071,623
Income from affiliated securities		249,292
Total investment income		20,320,915
Expenses
Management fee		7,599,675
Administration fees
Class A		734,829
Class C		130,146
Class R		3,793
Class R6		1,363
Administrator Class		41,015
Institutional Class		860,205
Shareholder servicing fees
Class A		874,797
Class C		154,935
Class R		4,515
Administrator Class		78,874
Distribution fees
Class C		464,806
Class R		4,515
Custody and accounting fees		37,467
Professional fees		46,596
Registration fees		130,622
Shareholder report expenses		141,459
Trustees’ fees and expenses		23,298
Other fees and expenses		22,589
Total expenses		11,355,499
Less: Fee waivers and/or expense reimbursements		(1,502,761	)
Net expenses		9,852,738
Net investment income		10,468,177
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		93,764,997
Net change in unrealized gains (losses) on investments		76,367,116
Net realized and unrealized gains (losses) on investments		170,132,113
Net increase in net assets resulting from operations	$	180,600,290

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

16 Wells Fargo Large Cap Core Fund Statement of changes in net assets

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment income				$	10,468,177					$	10,460,847
Net realized gains on investments					93,764,997						51,027,002
Net change in unrealized gains (losses) on investments					76,367,116						125,930,322
Net increase in net assets resulting from operations					180,600,290						187,418,171
Distributions to shareholders from
Net investment income
Class A					(2,344,339	)					(2,565,745	)
Class R					(8,939	)					(172	)
Class R6					(6,623	)					(1,269	)
Administrator Class					(275,902	)					(3,812	)
Institutional Class					(7,110,676	)					(7,464,521	)
Net realized gains
Class A					(3,861,410	)					0
Class C					(697,513	)					0
Class R					(15,405	)					0
Class R6					(6,840	)					0
Administrator Class					(370,395	)					0
Institutional Class					(7,219,501	)					0
Total distributions to shareholders					(21,917,543	)					(10,035,519	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,110,773			22,158,115			1,356,533			22,414,439
Class C		379,357			7,444,081			498,889			8,120,255
Class R		64,450			1,271,370			75,652			1,314,056
Class R6		768,314			15,462,838			7,956			134,824
Administrator Class		183,497			3,604,364			1,481,988			25,548,238
Institutional Class		7,081,551			141,445,213			23,412,722			371,792,237
					191,385,981						429,324,049
Reinvestment of distributions
Class A		301,834			5,924,919			149,877			2,451,983
Class C		30,164			580,958			0			0
Class R		1,208			23,747			10			172
Class R6		644			12,693			77			1,269
Administrator Class		31,853			632,062			230			3,794
Institutional Class		658,543			12,996,677			405,841			6,663,907
					20,171,056						9,121,125
Payment for shares redeemed
Class A		(2,398,895	)		(47,209,115	)		(6,971,518	)		(112,765,238	)
Class C		(828,652	)		(16,059,336	)		(1,878,343	)		(29,564,534	)
Class R		(43,438	)		(851,162	)		(1,487	)		(25,647	)
Class R6		(48,034	)		(992,474	)		(162,028	)		(2,459,889	)
Administrator Class		(768,837	)		(15,531,475	)		(3,533,468	)		(56,128,061	)
Institutional Class		(9,084,266	)		(179,681,555	)		(16,596,815	)		(273,283,736	)
					(260,325,117	)					(474,227,105	)
Net decrease in net assets resulting from capital share transactions					(48,768,080	)					(35,781,931	)
Total increase in net assets					109,914,667						141,600,721
Net assets
Beginning of period					1,046,116,842						904,516,121
End of period				$	1,156,031,509					$	1,046,116,842
Undistributed net investment income				$	5,856,737					$	5,135,039

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

Financial highlights Wells Fargo Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.01			$15.13			$15.81			$14.30			$12.13
Net investment income		0.15			0.15			0.10			0.06			0.06	1
Net realized and unrealized gains (losses) on investments		3.01			2.85			(0.60	)		1.50			2.20
Total from investment operations		3.16			3.00			(0.50	)		1.56			2.26
Distributions to shareholders from
Net investment income		(0.13	)		(0.12	)		(0.05	)		(0.05	)		(0.09	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(0.35	)		(0.12	)		(0.18	)		(0.05	)		(0.09	)
Net asset value, end of period		$20.82			$18.01			$15.13			$15.81			$14.30
Total return2		17.66	%		19.94	%		(3.18	)%		10.99	%		18.58	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.19	%		1.20	%		1.26	%		1.29	%
Net expenses		1.10	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		0.73	%		0.82	%		0.80	%		0.35	%		0.47	%
Supplemental data
Portfolio turnover rate		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$360,937			$329,974			$359,971			$97,041			$26,685

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.70			$14.87			$15.61			$14.17			$12.05
Net investment income (loss)		(0.00	)1		0.00	2		0.00	2,3		(0.06	)3		(0.01	)
Net realized and unrealized gains (losses) on investments		2.96			2.83			(0.61	)		1.50			2.15
Total from investment operations		2.96			2.83			(0.61	)		1.44			2.14
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(0.22	)		0.00			(0.13	)		0.00			(0.02	)
Net asset value, end of period		$20.44			$17.70			$14.87			$15.61			$14.17
Total return4		16.78	%		19.03	%		(3.90	)%		10.16	%		17.73	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.94	%		1.95	%		2.01	%		2.04	%
Net expenses		1.85	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment income (loss)		(0.02	)%		0.07	%		0.02	%		(0.38	)%		(0.30	)%
Supplemental data
Portfolio turnover rate		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$61,529			$60,697			$71,512			$53,076			$8,624

¹  Amount is more than $(0.005).

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Large Cap Core Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2018			2017			20161
Net asset value, beginning of period		$18.04			$15.17			$14.66
Net investment income		0.12			0.13			0.06
Net realized and unrealized gains (losses) on investments		2.99			2.84			0.66
Total from investment operations		3.11			2.97			0.72
Distributions to shareholders from
Net investment income		(0.12	)		(0.10	)		(0.08	)
Net realized gains		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(0.34	)		(0.10	)		(0.21	)
Net asset value, end of period		$20.81			$18.04			$15.17
Total return2		17.37	%		19.64	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.44	%		1.46	%
Net expenses		1.34	%		1.39	%		1.39	%
Net investment income		0.48	%		0.51	%		0.52	%
Supplemental data
Portfolio turnover rate		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$2,042			$1,369			$26

¹  For the period from September 30, 2015 (commencement of class operations) to July 31, 2016

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

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

20 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			2017			20161
Net asset value, beginning of period		$18.09			$15.24			$14.66
Net investment income		0.22	2		0.25	2		0.20
Net realized and unrealized gains (losses) on investments		3.04			3.33			0.62
Total from investment operations		3.26			3.58			0.82
Distributions to shareholders from
Net investment income		(0.21	)		(0.73	)		(0.11	)
Net realized gains		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(0.43	)		(0.73	)		(0.24	)
Net asset value, end of period		$20.92			$18.09			$15.24
Total return3		18.16	%		24.01	%		5.57	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.76	%		0.77	%
Net expenses		0.65	%		0.68	%		0.68	%
Net investment income		1.08	%		1.62	%		1.31	%
Supplemental data
Portfolio turnover rate		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$15,225			$122			$2,449

¹  For the period from September 30, 2015 (commencement of class operations) to July 31, 2016

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Large Cap Core Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.21			$15.18			$15.87			$14.34			$12.16
Net investment income		0.17	1		0.16	1		0.15			0.10			0.09
Net realized and unrealized gains (losses) on investments		3.05			2.87			(0.62	)		1.50			2.20
Total from investment operations		3.22			3.03			(0.47	)		1.60			2.29
Distributions to shareholders from
Net investment income		(0.16	)		(0.00	)2		(0.09	)		(0.07	)		(0.11	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(0.38	)		(0.00	)2		(0.22	)		(0.07	)		(0.11	)
Net asset value, end of period		$21.05			$18.21			$15.18			$15.87			$14.34
Total return		17.81	%		19.99	%		(2.98	)%		11.28	%		18.83	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.12	%		1.11	%		1.11	%
Net expenses		0.98	%		1.00	%		0.96	%		0.90	%		0.90	%
Net investment income		0.86	%		1.00	%		0.95	%		0.61	%		0.63	%
Supplemental data
Portfolio turnover rate		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$25,444			$32,091			$57,879			$83,692			$6,849

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

22 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.12			$15.23			$15.91			$14.35			$12.16
Net investment income		0.23			0.18			0.18	1		0.14	1		0.11	1
Net realized and unrealized gains (losses) on investments		3.03			2.91			(0.62	)		1.50			2.21
Total from investment operations		3.26			3.09			(0.44	)		1.64			2.32
Distributions to shareholders from
Net investment income		(0.21	)		(0.20	)		(0.11	)		(0.08	)		(0.13	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(0.43	)		(0.20	)		(0.24	)		(0.08	)		(0.13	)
Net asset value, end of period		$20.95			$18.12			$15.23			$15.91			$14.35
Total return		18.16	%		20.43	%		(2.75	)%		11.51	%		19.21	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.86	%		0.87	%		0.84	%		0.85	%
Net expenses		0.68	%		0.70	%		0.70	%		0.66	%		0.66	%
Net investment income		1.15	%		1.23	%		1.22	%		0.86	%		0.83	%
Supplemental data
Portfolio turnover rate		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$690,855			$621,864			$412,678			$63,235			$5,775

¹  Calculated based upon average shares outstanding

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

Notes to financial statements Wells Fargo Large Cap Core Fund 23

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The

24 Wells Fargo Large Cap Core Fund Notes to financial statements

Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $841,706,098 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	331,440,873
Gross unrealized losses		(17,097,103	)
Net unrealized gains	$	314,343,770

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements Wells Fargo Large Cap Core Fund 25

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	147,091,496	$	0	$	0	$	147,091,496
Consumer staples		82,297,087		0		0		82,297,087
Energy		63,670,500		0		0		63,670,500
Financials		155,347,298		0		0		155,347,298
Health care		206,519,890		0		0		206,519,890
Industrials		102,181,266		0		0		102,181,266
Information technology		279,497,750		0		0		279,497,750
Materials		49,489,521		0		0		49,489,521
Real estate		41,397,787		0		0		41,397,787
Utilities		18,541,164		0		0		18,541,164
Short-term investments
Investment companies		10,016,109		0		0		10,016,109
Total assets	$	1,156,049,868	$	0	$	0	$	1,156,049,868

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase. Prior to January 1, 2018, Golden Capital Management, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, was the subadviser to the Fund. In connection with the completion of the merger of Golden Capital Management LLC into WellsCap on January 1, 2018, WellsCap became the subadviser to the Fund. The merger did not result in any change to the services provided to the Fund or to its strategies or fees and expenses.

Administration fees

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

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

26 Wells Fargo Large Cap Core Fund Notes to financial statements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 1.33% for Class R shares, 0.65% for Class R6 shares, 0.97% for Administrator Class shares, and 0.67% for Institutional Class shares. 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. Prior to December 1, 2017, the Fund’s expenses were capped at 1.14% for Class A shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.68% for Class R6 shares, 1.00% for Administrator Class shares, and 0.70% for Institutional Class shares.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $20,993 from the sale of Class A shares and $272 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $366,095,120 and $425,456,088, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	9,746,479	$	10,035,519
Long-term capital gain		12,171,064		0

Notes to financial statements Wells Fargo Large Cap Core Fund 27

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$5,856,775	$83,287,528	$314,343,770

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

28 Wells Fargo Large Cap Core Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Large Cap Core Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

Other information (unaudited) Wells Fargo Large Cap Core Fund 29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $12,171,064 was designated as a 20% rate gain distribution for the fiscal year ended August 31, 2018.

Pursuant to Section 854 of the Internal Revenue Code, $9,746,479 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

30 Wells Fargo Large Cap Core Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Large Cap Core Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

32 Wells Fargo Large Cap Core Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Large Cap Core Fund 33

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Large Cap Core Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Cap Core Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

34 Wells Fargo Large Cap Core Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the S&P 500 Index, for the one- and five-year periods under review, but lower than its benchmark index for the three- and ten-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Other information (unaudited) Wells Fargo Large Cap Core Fund 35

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

36 Wells Fargo Large Cap Core Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

Appendix A (unaudited) Wells Fargo Large Cap Core Fund 37

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

38 Wells Fargo Large Cap Core Fund Appendix A (unaudited)

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314798 09-18 A208/AR208 07-18

Annual Report

July 31, 2018

Wells Fargo Large Cap Growth Fund

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Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	25
Report of independent registered public accounting firm	30
Other information	31
Appendix A	38

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Large Cap Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Cap Growth Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Large Cap Growth Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Large Cap Growth Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Large Cap Growth Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Large Cap Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (STAFX)	7-30-2010		20.63		12.80		10.57		27.98		14.14		11.23		1.16		1.07
Class C (STOFX)	7-30-2010		26.03		13.29		10.41		27.03		13.29		10.41		1.91		1.82
Class R (STMFX)	6-15-2012		–		–		–		27.65		13.85		10.98		1.41		1.32
Class R4 (SLGRX)	11-30-2012								28.31		14.49		11.52		0.88		0.80
Class R6 (STFFX)	11-30-2012		–		–		–		28.51		14.65		11.61		0.73		0.65
Administrator Class (STDFX)	7-30-2010		–		–		–		28.14		14.29		11.35		1.08		0.95
Institutional Class (STNFX)	7-30-2010		–		–		–		28.37		14.56		11.56		0.83		0.75
Russell 1000® Growth Index4	–		–		–		–		22.84		15.83		12.37		–		–

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.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Large Cap Growth Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

^‡  Mr. Gruendyke became a portfolio manager of the Fund on December 1, 2017.

¹  Historical performance shown for Class A, Administrator Class, and Institutional Class shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Class A, Administrator Class, and Institutional Class shares would be higher. Historical performance shown for Class C and Class R shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class C and Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

³  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

* This security was no longer held at the end of the reporting period.

8 Wells Fargo Large Cap Growth Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2018.

∎ Holdings within the information technology (IT), consumer discretionary, and industrials sectors and an underweight to consumer staples aided the Fund’s performance for the period.

∎ The Fund’s performance was inhibited by stocks within the health care sector.

The equity market has remained buoyant over the trailing one-year period as strong economic fundamentals have outweighed a series of geopolitical issues, many of which were exacerbated during the first half of 2018. Strong equity performance largely has been an earnings story as robust profits have supported the market, particularly companies benefiting from secular growth drivers. For example, the success of many of our holdings in gaining share in their respective rapidly growing vertical markets has led to strong growth in revenues, cash flow, and earnings for these companies. Despite the increased volatility that emerged during the beginning of 2018, we have managed to navigate the volatility in the market well and trade around the valuation gap of many of our holdings to generate outperformance. With monetary policy expected to tighten, we believe that a tempered rise in rates is beneficial to faster-growth equities as it mollifies the bond proxy trade when equity investors tend to choose stocks that pay higher dividends and have more moderate and stable growth levels. That trade has been a headwind to our investing style in recent years.

Ten largest holdings (%) as of July 31, 20186
Amazon.com Incorporated	7.96
Microsoft Corporation	5.98
Alphabet Incorporated Class A	4.65
Facebook Incorporated Class A	4.20
Visa Incorporated Class A	3.64
MasterCard Incorporated Class A	3.64
Microchip Technology Incorporated	3.40
Alphabet Incorporated Class C	3.27
Texas Instruments Incorporated	2.64
PayPal Holdings Incorporated	2.53

Performance of IT holdings benefited Fund performance.

Select holdings within the IT sector were the best-performing area of the Fund. High-growth areas such as payment processing and software-as-a-service were contributors during the period as several holdings generated market-share penetration and margin expansion in their respective vertical markets. Within the payment space, the movement toward e-commerce has had a positive effect on overall demand as more consumers are moving from cash to digital payments. Within software, demand remains strong as corporate spending continues to rise coupled with next-generation cloud-computing platforms garnering a disproportionate

share of new business at the expense of legacy solutions. Other areas of the portfolio that drove performance were companies like Amazon.com, Incorporated, which benefits from a strong ecosystem of approximately 100 million Amazon Prime members. The company continues to execute on various fronts, from logistics to e-commerce to its rapidly growing Amazon Web Services. The portfolio’s underweight to consumer staples also added to relative performance as many high-dividend-yielding equities have struggled in conjunction with a rise in fixed-income yields.

Sector distribution as of July 31, 2018⁷

Certain health care holdings detracted from performance.

Select holdings in the health care sector inhibited relative returns during the period. Biotechnology stocks like Celgene Corporation* retraced prior price gains after reporting less-than-inspiring earnings results, with increasing competition impending on some of their key drugs. Throughout the course of the period, we reduced our exposure to the health care sector and the biotechnology industry within it. Although we believe that the industry remains innovative, many larger biopharma companies are facing questions around competition in existing core franchises and sustainability of growth after the future loss of exclusivity in key drugs.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Large Cap Growth Fund 9

We remain underweight consumer discretionary, as changing spending patterns have negatively affected our expectations for the sustainability of growth for many stocks in the sector. Nevertheless, we continue to be attracted to companies whose business models are resistant to e-commerce competition. Some of these holdings include off-price stores and retailers with differentiated concepts that offer convenience, low prices, and economies of scale that cater to a distinct demographic.

Our view of faster-growth stocks is positive.

We are very positive on the outlook for faster-growth stocks, a core focus of our investment process. Many of these companies are trading at attractive valuations relative to the rest of the market. Additionally, many of our portfolio companies continue to deliver strong revenue, cash flow, and earnings growth, which were rewarded by the market during the period. We believe that market leadership by growth stocks has been influenced by strong earnings fundamentals over the past several quarters. We also contend that growth companies should benefit from tax reform, influenced by their ability to retain much of the additional post-tax-reform profits. This is in contrast to many cyclical value-oriented names where, in our analysis, the tax benefits have been largely arbitraged away. Going forward, the faster-growing stocks emphasized in our investment process should continue to drive robust growth through pricing power and strong customer demand in an environment of slightly increased costs and uneven global growth trends.

10 Wells Fargo Large Cap Growth Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,043.33	$	5.51		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C
Actual	$	1,000.00	$	1,039.44	$	9.36		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R
Actual	$	1,000.00	$	1,041.97	$	6.79		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Class R4
Actual	$	1,000.00	$	1,044.54	$	4.12		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,045.34	$	3.35		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,043.91	$	4.89		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,044.88	$	3.87		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Large Cap Growth Fund 11

Security name	Shares		Value
Common Stocks: 98.96%
Consumer Discretionary: 14.30%
Hotels, Restaurants & Leisure: 1.52%
Carnival Corporation		27,000	$	1,599,480
Marriott International Incorporated Class A		54,800		7,005,632
Norwegian Cruise Line Holdings Limited †		149,700		7,489,490
				16,094,602
Internet & Direct Marketing Retail: 9.05%
Amazon.com Incorporated †		47,500		84,428,400
Netflix Incorporated †		34,300		11,574,535
				96,002,935
Multiline Retail: 1.84%
Dollar Tree Incorporated †		213,900		19,524,792
Specialty Retail: 1.89%
The Home Depot Incorporated		101,600		20,068,032
Consumer Staples: 4.26%
Beverages: 2.16%
Constellation Brands Incorporated Class A		34,100		7,168,843
The Coca-Cola Company		337,100		15,718,973
				22,887,816
Food & Staples Retailing: 1.11%
Costco Wholesale Corporation		53,950		11,799,405
Personal Products: 0.99%
The Estee Lauder Companies Incorporated Class A		78,100		10,538,814
Energy: 1.29%
Oil, Gas & Consumable Fuels: 1.29%
Concho Resources Incorporated †		93,800		13,680,730
Financials: 6.29%
Capital Markets: 5.82%
CME Group Incorporated		106,760		16,987,651
Morgan Stanley		157,840		7,980,390
Raymond James Financial Incorporated		118,800		10,880,892
The Charles Schwab Corporation		507,350		25,905,291
				61,754,224
Insurance: 0.47%
The Progressive Corporation		83,800		5,028,838

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

12 Wells Fargo Large Cap Growth Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Health Care: 8.10%
Biotechnology: 1.79%
BioMarin Pharmaceutical Incorporated †		21,200	$	2,131,872
Vertex Pharmaceuticals Incorporated †		96,280		16,853,814
				18,985,686
Health Care Equipment & Supplies: 3.80%
Abbott Laboratories		80,400		5,269,416
Baxter International Incorporated		101,100		7,324,695
Boston Scientific Corporation †		466,690		15,685,451
Edwards Lifesciences Corporation †		29,880		4,256,406
Stryker Corporation		47,700		7,787,025
				40,322,993
Life Sciences Tools & Services: 0.60%
Agilent Technologies Incorporated		97,000		6,405,880
Pharmaceuticals: 1.91%
Zoetis Incorporated		234,200		20,253,616
Industrials: 14.63%
Aerospace & Defense: 1.79%
The Boeing Company		53,200		18,955,160
Air Freight & Logistics: 1.73%
FedEx Corporation		38,450		9,453,702
XPO Logistics Incorporated †		89,600		8,934,912
				18,388,614
Airlines: 0.90%
Southwest Airlines Company		163,900		9,532,424
Commercial Services & Supplies: 2.31%
KAR Auction Services Incorporated		138,950		8,260,578
Waste Connections Incorporated		208,700		16,197,207
				24,457,785
Electrical Equipment: 0.80%
Rockwell Automation Incorporated		45,400		8,515,224
Industrial Conglomerates: 1.54%
3M Company		36,600		7,770,912
Roper Industries Incorporated		28,300		8,543,770
				16,314,682
Machinery: 0.93%
Fortive Corporation		120,500		9,890,640

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

Portfolio of investments—July 31, 2018 Wells Fargo Large Cap Growth Fund 13

Security name	Shares		Value
Road & Rail: 4.63%
CSX Corporation		111,200	$	7,859,616
Norfolk Southern Corporation		126,610		21,397,090
Union Pacific Corporation		132,900		19,920,381
				49,177,087
Information Technology: 47.04%
Internet Software & Services: 13.18%
Alibaba Group Holding Limited ADR †		22,900		4,287,567
Alphabet Incorporated Class A †		40,200		49,334,244
Alphabet Incorporated Class C †		28,500		34,691,910
eBay Incorporated †		25,800		863,010
Facebook Incorporated Class A †		258,300		44,577,414
Shopify Incorporated Class A †«		44,100		6,095,061
				139,849,206
IT Services: 11.87%
MasterCard Incorporated Class A		195,100		38,629,800
PayPal Holdings Incorporated †		326,300		26,802,282
Square Incorporated Class A †		214,600		13,873,890
Visa Incorporated Class A		282,700		38,656,398
Worldpay Incorporated Class A †		96,700		7,947,773
				125,910,143
Semiconductors & Semiconductor Equipment: 7.29%
Microchip Technology Incorporated «		386,480		36,108,826
NVIDIA Corporation		53,940		13,207,748
Texas Instruments Incorporated		251,500		27,996,980
				77,313,554
Software: 12.69%
Activision Blizzard Incorporated		167,530		12,300,053
Adobe Systems Incorporated †		56,900		13,922,292
Electronic Arts Incorporated †		43,700		5,626,375
Microsoft Corporation		597,700		63,404,016
Salesforce.com Incorporated †		112,800		15,470,520
ServiceNow Incorporated †		54,000		9,501,840
Splunk Incorporated †		53,410		5,132,701
Ultimate Software Group Incorporated †		19,300		5,343,977
VMware Incorporated Class A †		26,900		3,889,471
				134,591,245
Technology Hardware, Storage & Peripherals: 2.01%
Apple Incorporated		112,300		21,369,567

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

14 Wells Fargo Large Cap Growth Fund Portfolio of investments—July 31, 2018

Security name				Shares		Value
Materials: 3.05%
Chemicals: 3.05%
Air Products & Chemicals Incorporated					61,200	$	10,047,204
Praxair Incorporated					132,900		22,260,750
							32,307,954
Total Common Stocks (Cost $498,895,223)							1,049,921,648
	Yield
Short-Term Investments: 4.62%
Investment Companies: 4.62%
Securities Lending Cash Investment LLC (l)(r)(u)		2.10	%		38,751,625		38,755,500
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83			10,229,653		10,229,653
Total Short-Term Investments (Cost $48,985,153)							48,985,153

Total investments in securities (Cost $547,880,376)	103.58	%		1,098,906,801
Other assets and liabilities, net	(3.58	)		(37,971,348	)
Total net assets	100.00	%	$	1,060,935,453

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		3,647,110		448,561,630		413,457,115		38,751,625	$	0	$	0	$	66,527	$	38,755,500
Wells Fargo Government Money Market Fund Select Class		14,826,435		215,460,715		220,057,497		10,229,653		0		0		116,890		10,229,653
									$	0	$	0	$	183,417	$	48,985,153		4.62	%

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

Statement of assets and liabilities—July 31, 2018 Wells Fargo Large Cap Growth Fund 15

Assets
Investments in unaffiliated securities (including $37,613,036 of securities loaned), at value (cost $498,895,223)	$	1,049,921,648
Investments in affiliated securities, at value (cost $48,985,153)		48,985,153
Receivable for investments sold		2,150,741
Receivable for Fund shares sold		207,379
Receivable for dividends		346,172
Receivable for securities lending income		5,643
Prepaid expenses and other assets		47,119
Total assets		1,101,663,855
Liabilities
Payable upon receipt of securities loaned		38,754,053
Payable for Fund shares redeemed		699,730
Management fee payable		513,250
Payable for investments purchased		422,401
Administration fees payable		128,293
Distribution fees payable		11,284
Trustees’ fees and expenses payable		1,388
Accrued expenses and other liabilities		198,003
Total liabilities		40,728,402
Total net assets	$	1,060,935,453
NET ASSETS CONSIST OF
Paid-in capital	$	345,691,827
Undistributed net investment income		112,534
Accumulated net realized gains on investments		164,104,667
Net unrealized gains on investments		551,026,425
Total net assets	$	1,060,935,453
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	534,694,073
Shares outstanding – Class A1		10,281,051
Net asset value per share – Class A		$52.01
Maximum offering price per share – Class A2		$55.18
Net assets – Class C	$	15,585,775
Shares outstanding – Class C1		324,923
Net asset value per share – Class C		$47.97
Net assets – Class R	$	5,660,717
Shares outstanding – Class R1		111,240
Net asset value per share – Class R		$50.89
Net assets – Class R4	$	2,089,406
Share outstanding – Class R41		39,251
Net asset value per share – Class R4		$53.23
Net assets – Class R6	$	327,942,986
Shares outstanding – Class R61		6,130,971
Net asset value per share – Class R6		$53.49
Net assets – Administrator Class	$	79,153,535
Shares outstanding – Administrator Class1		1,506,605
Net asset value per share – Administrator Class		$52.54
Net assets – Institutional Class	$	95,808,961
Shares outstanding – Institutional Class1		1,797,179
Net asset value per share – Institutional Class		$53.31

¹  The Fund has an unlimited number of authorized shares.

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

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

16 Wells Fargo Large Cap Growth Fund Statement of operations—year ended July 31, 2018

Investment income
Dividends (net of foreign withholding taxes of $17,694)	$	9,773,407
Income from affiliated securities		183,417
Total investment income		9,956,824
Expenses
Management fee		7,439,928
Administration fees
Class A		1,092,003
Class C		31,919
Class R		12,775
Class R4		941
Class R6		102,800
Administrator Class		96,387
Institutional Class		165,932
Shareholder servicing fees
Class A		1,300,004
Class C		37,998
Class R		14,751
Class R4		1,176
Administrator Class		185,360
Distribution fees
Class C		113,994
Class R		15,208
Custody and accounting fees		43,534
Professional fees		42,760
Registration fees		116,044
Shareholder report expenses		78,234
Trustees’ fees and expenses		20,331
Other fees and expenses		26,553
Total expenses		10,938,632
Less: Fee waivers and/or expense reimbursements		(1,119,272	)
Net expenses		9,819,360
Net investment income		137,464
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		234,857,518
Net change in unrealized gains (losses) on investments		33,368,008
Net realized and unrealized gains (losses) on investments		268,225,526
Net increase in net assets resulting from operations	$	268,362,990

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

Statement of changes in net assets Wells Fargo Large Cap Growth Fund 17

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment income				$	137,464					$	1,325,530
Net realized gains on investments					234,857,518						162,163,835
Net change in unrealized gains (losses) on investments					33,368,008						387,141
Net increase in net assets resulting from operations					268,362,990						163,876,506
Distributions to shareholders from
Net investment income
Class R4					0						(9,195	)
Class R6					(368,832	)					(472,646	)
Administrator Class					0						(63,610	)
Institutional Class					(76,634	)					(294,392	)
Net realized gains
Class A					(94,299,274	)					(26,874,841	)
Class C					(2,995,367	)					(872,051	)
Class R					(1,226,176	)					(365,902	)
Class R4					(86,325	)					(424,319	)
Class R6					(60,525,258	)					(13,853,634	)
Administrator Class					(12,791,477	)					(10,174,259	)
Institutional Class					(29,516,610	)					(11,729,550	)
Total distributions to shareholders					(201,885,953	)					(65,134,399	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		350,829			17,319,919			426,944			19,594,139
Class C		45,353			2,068,446			29,111			1,256,023
Class R		59,909			2,827,726			59,408			2,657,278
Class R4		35,016			1,707,466			32,423			1,499,183
Class R6		1,558,098			79,758,923			2,266,868			106,883,116
Administrator Class		200,283			10,104,338			538,207			24,604,747
Institutional Class		238,407			12,259,125			757,332			35,288,511
					126,045,943						191,782,997
Reinvestment of distributions
Class A		1,969,729			89,405,992			579,132			25,111,167
Class C		60,978			2,564,729			17,868			734,193
Class R		3,414			151,866			934			39,944
Class R4		1,781			82,592			9,844			433,514
Class R6		1,305,992			60,875,276			324,173			14,326,280
Administrator Class		278,848			12,776,830			234,472			10,234,532
Institutional Class		442,110			20,540,888			204,593			9,023,692
	��
					186,398,173						59,903,322
Payment for shares redeemed
Class A		(2,346,522	)		(122,033,744	)		(3,218,869	)		(147,540,890	)
Class C		(91,221	)		(4,306,948	)		(167,349	)		(7,261,013	)
Class R		(81,531	)		(3,970,677	)		(111,516	)		(5,013,319	)
Class R4		(4,157	)		(212,862	)		(215,577	)		(10,318,581	)
Class R6		(2,739,730	)		(142,658,457	)		(1,407,477	)		(66,431,975	)
Administrator Class		(576,443	)		(29,889,749	)		(4,298,307	)		(200,619,787	)
Institutional Class		(2,213,468	)		(110,506,781	)		(4,398,813	)		(209,337,854	)
					(413,579,218	)					(646,523,419	)
Net decrease in net assets resulting from capital share transactions					(101,135,102	)					(394,837,100	)
Total decrease in net assets					(34,658,065	)					(296,094,993	)
Net assets
Beginning of period					1,095,593,518						1,391,688,511
End of period				$	1,060,935,453					$	1,095,593,518
Undistributed net investment income				$	112,534					$	420,504

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

18 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$50.10			$46.05			$49.55			$45.30			$39.73
Net investment loss		(0.08	)		(0.03	)1		(0.03	)1		(0.01	)1		(0.06	)
Net realized and unrealized gains (losses) on investments		12.56			6.39			(0.92	)		6.33			7.01
Total from investment operations		12.48			6.36			(0.95	)		6.32			6.95
Distributions to shareholders from
Net investment income		0.00			0.00			(0.00	)2		0.00			0.00
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Net asset value, end of period		$52.01			$50.10			$46.05			$49.55			$45.30
Total return3		27.98	%		14.60	%		(1.83	)%		14.35	%		17.69	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.16	%		1.20	%		1.22	%
Net expenses		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%
Net investment loss		(0.16	)%		(0.06	)%		(0.06	)%		(0.02	)%		(0.17	)%
Supplemental data
Portfolio turnover rate		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$534,694			$516,410			$576,502			$184,504			$212,273

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Large Cap Growth Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$47.25			$43.88			$47.68			$43.99			$38.90
Net investment loss		(0.31	)		(0.35	)1		(0.32	)1		(0.42	)		(0.33	)
Net realized and unrealized gains (losses) on investments		11.60			6.03			(0.93	)		6.18			6.80
Total from investment operations		11.29			5.68			(1.25	)		5.76			6.47
Distributions to shareholders from
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Net asset value, end of period		$47.97			$47.25			$43.88			$47.68			$43.99
Total return2		27.03	%		13.74	%		(2.56	)%		13.47	%		16.81	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.91	%		1.91	%		1.95	%		1.97	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%
Net investment loss		(0.90	)%		(0.81	)%		(0.75	)%		(0.77	)%		(0.89	)%
Supplemental data
Portfolio turnover rate		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$15,586			$14,640			$18,877			$22,839			$22,767

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2018			2017			2016			2015			2014
Net asset value, beginning of period		$49.34			$45.50			$49.11			$45.03			$39.59
Net investment loss		(0.20	)1		(0.14	)1		(0.10	)1		(0.16	)1		(0.15	)
Net realized and unrealized gains (losses) on investments		12.32			6.29			(0.96	)		6.31			6.97
Total from investment operations		12.12			6.15			(1.06	)		6.15			6.82
Distributions to shareholders from
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Net asset value, end of period		$50.89			$49.34			$45.50			$49.11			$45.03
Total return		27.65	%		14.30	%		(2.08	)%		14.05	%		17.42	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.41	%		1.41	%		1.45	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.40	)%		(0.31	)%		(0.23	)%		(0.28	)%		(0.41	)%
Supplemental data
Portfolio turnover rate		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$5,661			$6,387			$8,218			$12,086			$12,295

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Large Cap Growth Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R4	2018			2017			2016			2015			2014
Net asset value, beginning of period		$50.94			$46.69			$50.23			$45.76			$40.05
Net investment income		0.05	1		0.11	1		0.13			0.07			0.08
Net realized and unrealized gains (losses) on investments		12.81			6.50			(0.95	)		6.47			7.11
Total from investment operations		12.86			6.61			(0.82	)		6.54			7.19
Distributions to shareholders from
Net investment income		0.00			(0.05	)		(0.17	)		0.00			(0.10	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(10.57	)		(2.36	)		(2.72	)		(2.07	)		(1.48	)
Net asset value, end of period		$53.23			$50.94			$46.69			$50.23			$45.76
Total return		28.31	%		14.96	%		(1.54	)%		14.69	%		18.07	%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.88	%		0.88	%		0.87	%		0.89	%
Net expenses		0.80	%		0.80	%		0.78	%		0.75	%		0.75	%
Net investment income		0.10	%		0.25	%		0.27	%		0.17	%		0.17	%
Supplemental data
Portfolio turnover rate		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$2,089			$337			$8,400			$7,205			$2,129

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			2017			2016			2015			2014
Net asset value, beginning of period		$51.12			$46.82			$50.34			$45.82			$40.11
Net investment income		0.14			0.17			0.22			0.07	1		0.12
Net realized and unrealized gains (losses) on investments		12.85			6.52			(0.97	)		6.56			7.11
Total from investment operations		12.99			6.69			(0.75	)		6.63			7.23
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.22	)		(0.04	)		(0.14	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(10.62	)		(2.39	)		(2.77	)		(2.11	)		(1.52	)
Net asset value, end of period		$53.49			$51.12			$46.82			$50.34			$45.82
Total return		28.51	%		15.09	%		(1.39	)%		14.88	%		18.25	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.74	%		0.73	%		0.72	%		0.74	%
Net expenses		0.65	%		0.65	%		0.64	%		0.60	%		0.60	%
Net investment income		0.27	%		0.36	%		0.39	%		0.13	%		0.29	%
Supplemental data
Portfolio turnover rate		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$327,943			$307,048			$225,805			$117,741			$5,942

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Large Cap Growth Fund 23

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$50.46			$46.32			$49.84			$45.50			$39.86
Net investment income (loss)		(0.01	)		0.05			0.05			0.05			(0.01	)
Net realized and unrealized gains (losses) on investments		12.66			6.41			(0.94	)		6.36			7.04
Total from investment operations		12.65			6.46			(0.89	)		6.41			7.03
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.08	)		0.00			(0.01	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(10.57	)		(2.32	)		(2.63	)		(2.07	)		(1.39	)
Net asset value, end of period		$52.54			$50.46			$46.32			$49.84			$45.50
Total return		28.14	%		14.75	%		(1.71	)%		14.48	%		17.84	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.08	%		1.08	%		1.05	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.03	)%		0.06	%		0.12	%		0.10	%		(0.02	)%
Supplemental data
Portfolio turnover rate		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$79,154			$80,937			$237,577			$262,535			$245,364

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

24 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$51.00			$46.74			$50.30			$45.80			$40.11
Net investment income		0.10	1		0.12	1		0.17	1		0.19	1		0.11
Net realized and unrealized gains (losses) on investments		12.80			6.51			(0.96	)		6.41			7.09
Total from investment operations		12.90			6.63			(0.79	)		6.60			7.20
Distributions to shareholders from
Net investment income		(0.02	)		(0.06	)		(0.22	)		(0.03	)		(0.13	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(10.59	)		(2.37	)		(2.77	)		(2.10	)		(1.51	)
Net asset value, end of period		$53.31			$51.00			$46.74			$50.30			$45.80
Total return		28.37	%		14.98	%		(1.49	)%		14.82	%		18.16	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.83	%		0.78	%		0.79	%
Net expenses		0.75	%		0.75	%		0.71	%		0.65	%		0.65	%
Net investment income		0.18	%		0.27	%		0.37	%		0.40	%		0.28	%
Supplemental data
Portfolio turnover rate		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$95,809			$169,836			$316,310			$534,975			$596,006

¹  Calculated based upon average shares outstanding

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

Notes to financial statements Wells Fargo Large Cap Growth Fund 25

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at

26 Wells Fargo Large Cap Growth Fund Notes to financial statements

least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $549,663,235 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	550,268,712
Gross unrealized losses		(1,025,146	)
Net unrealized gains	$	549,243,566

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At July 31, 2018, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Undistributed net investment income	Accumulated net realized gains on investments
$32	$(32)

Notes to financial statements Wells Fargo Large Cap Growth Fund 27

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Assets
Investments in:					��
Common stocks
Consumer discretionary	$	151,690,361	$	0		$	0	$	151,690,361
Consumer staples		45,226,035		0			0		45,226,035
Energy		13,680,730		0			0		13,680,730
Financials		66,783,062		0			0		66,783,062
Health care		85,968,175		0			0		85,968,175
Industrials		155,231,616		0			0		155,231,616
Information technology		499,033,715		0			0		499,033,715
Materials		32,307,954		0			0		32,307,954
Short-term investments
Investment companies		10,229,653		0			0		10,229,653
Investments measured at net asset value*									38,755,500
Total assets	$	1,060,151,301	$	0		$	0	$	1,098,906,801

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $38,755,500 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in

28 Wells Fargo Large Cap Growth Fund Notes to financial statements

connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class , Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A shares, 1.82% for Class C shares, 1.32% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $3,629 from the sale of Class A shares and $160 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended July 31, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A , Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Interfund transactions

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

Notes to financial statements Wells Fargo Large Cap Growth Fund 29

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $362,054,477 and $682,752,404, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	445,466	$	839,843
Long-term capital gain		201,440,487		64,294,556

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$137,394	$165,887,526	$549,243,566

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

30 Wells Fargo Large Cap Growth Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Large Cap Growth Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

Other information (unaudited) Wells Fargo Large Cap Growth Fund 31

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $201,440,487 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

Pursuant to Section 854 of the Internal Revenue Code, $445,466 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2018, $2,762 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

32 Wells Fargo Large Cap Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Large Cap Growth Fund 33

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

34 Wells Fargo Large Cap Growth Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Large Cap Growth Fund 35

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Large Cap Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Cap Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis.

The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

36 Wells Fargo Large Cap Growth Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and ten-year periods under review, but lower than the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 1000 Growth Index, for the one-year period under review, but lower than its benchmark index for the three-, five- and ten-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than, equal to, or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Other information (unaudited) Wells Fargo Large Cap Growth Fund 37

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

38 Wells Fargo Large Cap Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

Appendix A (unaudited) Wells Fargo Large Cap Growth Fund 39

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

40 Wells Fargo Large Cap Growth Fund Appendix A (unaudited)

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314799 09-18 A209/AR209 07-18

Annual Report

July 31, 2018

Wells Fargo Large Company Value Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Report of independent registered public accounting firm	30
Other information	31
Appendix A	38

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Large Company Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Company Value Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Large Company Value Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Large Company Value Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Large Company Value Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Large Company Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Analytic Investors, LLC

Portfolio managers

Dennis Bein, CFA^®

Ryan Brown, CFA^®

Harindra de Silva, Ph.D., CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WLCAX)	3-31-2008		3.09		6.98		6.68		9.39		8.26		7.31		0.94		0.83
Class C (WFLVX)	3-31-2008		7.49		7.45		6.52		8.49		7.45		6.52		1.69		1.58
Class R6 (WTLVX)	4-7-2017		–		–		–		9.88		8.72		7.82		0.51		0.40
Administrator Class (WWIDX)	12-31-2001		–		–		–		9.44		8.43		7.56		0.86		0.75
Institutional Class (WLCIX)	3-31-2008		–		–		–		9.77		8.68		7.80		0.61		0.50
Russell 1000® Value Index4	–		–		–		–		9.54		10.04		8.95		–		–

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. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Large Company Value Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

¹  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 shares would be higher.

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

³  The manager has contractually committed through November 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 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  The Personal Consumption Expenditures (PCE) Index is the primary measure of consumer spending on goods and services in the U.S. economy. It accounts for about two-thirds of domestic final spending and is part of the personal income report issued by the Bureau of Economic Analysis of the Department of Commerce. You cannot invest directly in an index.

⁸  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

* This security was no longer held at the end of the reporting period.

8 Wells Fargo Large Company Value Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A, excluding sales charges) underperformed its benchmark, the Russell 1000^® Value Index, for the 12-month period that ended July 31, 2018.

∎ The Fund’s underperformance was primarily due to poor selection within the energy sector. A modest overweight to consumer staples also negatively affected relative performance.

∎ Stock selection within the health care and industrials sectors helped relative performance. The Fund’s underweight to the industrials sector helped as well.

U.S. stocks delivered strong results during the reporting period.

In general, economic data released during the period was positive and upbeat. For example, gross domestic product growth for the fourth quarter of 2017 was revised up to a 2.9% annualized rate. In addition, a surprising 313,000 new jobs were added in February 2018, with another 39,000 added to the already-strong January report. The U.S. unemployment rate fell to 3.8% by the end of the period, the lowest jobless rate since April 2000, and household spending increased.

Ten largest holdings (%) as of July 31, 20186
JPMorgan Chase & Company	4.48
Exxon Mobil Corporation	4.42
Bank of America Corporation	4.13
AT&T Incorporated	3.78
Johnson & Johnson	3.62
Chevron Corporation	3.14
Berkshire Hathaway Incorporated Class B	3.12
ConocoPhillips	2.66
State Street Corporation	2.25
Wal-Mart Stores Incorporated	2.15

Stocks continued to climb despite increasing geopolitical risk. Escalating tension between the U.S. and North Korea, including the launch of North Korean ballistic missiles over Japan, was an example of events in the ongoing tensions between the two countries. In addition, stocks moved higher even as the U.S. Federal Reserve (Fed) raised interest rates three times during the period and six times since the 2008 financial crisis. Year-over-year inflation, as measured by the PCE Index⁷, hit the Fed’s 2% target in March 2018 for the first time in over a year, a sign of strengthening U.S. inflation pressures that could encourage the Fed to continue lifting interest rates this year. Although the Fed left U.S. interest rates unchanged in May 2018, the central bank also took note of rising prices and said it now expects inflation to be near its 2% target over the medium term.

Market volatility, while tame for most of the one-year period, returned in early 2018 amid worries about inflation, global trade wars, and new regulations on technology firms.

Sector distribution as of July 31, 2018⁸

Detractors included stock selection within energy and modest overweights to consumer staples and real estate.

A position in Ultra Petroleum Corporation* and underweight positions to Anadarko Petroleum Corporation*, Occidental Petroleum Corporation*, and Phillips 66* were large detractors in the energy sector. By design, the investment process does not take large relative positions to benchmark weights. During the period, modest overweights to consumer staples and real estate negatively influenced relative results.

Selection within health care and industrials contributed to the Fund’s performance.

From a sector standpoint, an underweight to the industrials sector and stock selection within health care and industrials contributed to relative performance. Within industrials, an underweight position to General Electric Company* and an

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Large Company Value Fund 9

overweight position to Spirit AeroSystems Holdings, Incorporated*, were the top two individual contributors to relative performance. Within health care, overweight positions to both Biogen Incorporated* and Johnson & Johnson were top contributors to performance.

Going forward, our investment philosophy and process remain the same.

The investment philosophy employed in our value-equity strategy is that security returns are predictable based on common fundamental factors and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn an excess return. The stock selection model uses over 70 fundamental, technical, and proprietary factors to build a diversified portfolio that we believe is well positioned to generate excess returns over a three- to five-year market cycle.

During the period, the portfolio had an overweight exposure to the quality factors and an underweight position to risk factors in our model, which overall had a positive effect on results. In particular, an overweight exposure to the profit margin and return-on-equity quality factors were rewarded. In addition, underweighting companies with above-average cash flow and sales-per-share volatility helped as these risk factors were penalized by investors during the period. An emphasis to valuation factors negatively affected results because value factors were not rewarded during the period. For instance, an overweight exposure to the cash-flow-and-earnings-to-price factor dragged on results.

Our process is based on the fundamental belief that there is persistency in the types of characteristics investors prefer. If this holds going forward, we expect the Fund to benefit from being properly positioned toward stocks with characteristics favored by investors. We continue to emphasize stocks with certain attractive valuation characteristics, such as stocks with above-average cash-flow-to-price ratios and sales-to-price ratios. In addition, we will continue to focus on companies with strong quality metrics, such as stocks with relatively higher return-on-equity and return-on-assets factors. Finally, we will continue to deemphasize risk as investors avoid companies with above-average risk characteristics, such as above-average leverage.

Please see footnotes on page 7.

10 Wells Fargo Large Company Value Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	973.44	$	4.13		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class C
Actual	$	1,000.00	$	969.26	$	7.84		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class R6
Actual	$	1,000.00	$	975.84	$	1.99		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Administrator Class
Actual	$	1,000.00	$	973.81	$	3.73		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Institutional Class
Actual	$	1,000.00	$	974.98	$	2.49		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Large Company Value Fund 11

Security name	Shares		Value
Common Stocks: 98.15%
Consumer Discretionary: 6.31%
Hotels, Restaurants & Leisure: 3.29%
Royal Caribbean Cruises Limited		31,322	$	3,531,869
Yum China Holdings Incorporated		131,609		4,748,453
				8,280,322
Household Durables: 0.40%
Cavco Industries Incorporated †		4,715		1,001,702
Leisure Products: 0.12%
Callaway Golf Company		15,975		307,359
Media: 2.00%
DISH Network Corporation Class A †		17,297		545,893
Meredith Corporation		26,612		1,414,428
News Corporation Class A		164,475		2,478,638
Twenty-First Century Fox Incorporated Class B		1,064		47,263
Viacom Incorporated Class B		18,552		538,936
				5,025,158
Specialty Retail: 0.50%
The Home Depot Incorporated		6,328		1,249,907
Consumer Staples: 8.20%
Beverages: 0.04%
PepsiCo Incorporated		796		91,540
Food & Staples Retailing: 3.76%
Performance Food Group Company †		30,036		1,076,791
US Foods Holding Corporation †		87,777		2,967,740
Wal-Mart Stores Incorporated		60,601		5,407,427
				9,451,958
Food Products: 1.99%
Ingredion Incorporated		25,364		2,569,373
Tyson Foods Incorporated Class A		42,293		2,438,191
				5,007,564
Household Products: 1.84%
The Procter & Gamble Company		57,247		4,630,137
Tobacco: 0.57%
Philip Morris International Incorporated		16,643		1,436,291
Energy: 11.99%
Oil, Gas & Consumable Fuels: 11.99%
Chevron Corporation		62,547		7,897,810
ConocoPhillips		92,839		6,700,191

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

12 Wells Fargo Large Company Value Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources Incorporated		29,821	$	3,845,120
Exxon Mobil Corporation		136,290		11,108,998
HollyFrontier Corporation		8,263		616,255
				30,168,374
Financials: 21.95%
Banks: 11.87%
Bank of America Corporation		336,358		10,386,735
Bank of N.T. Butterfield & Son Limited		2,005		99,167
Comerica Incorporated		48,761		4,726,891
JPMorgan Chase & Company		98,065		11,272,572
PNC Financial Services Group Incorporated		1,951		282,563
Synovus Financial Corporation		5,638		278,630
US Bancorp		53,084		2,813,983
				29,860,541
Capital Markets: 3.88%
Affiliated Managers Group Incorporated		1,808		289,298
Ameriprise Financial Incorporated		26,065		3,796,889
State Street Corporation		64,170		5,666,853
				9,753,040
Consumer Finance: 1.28%
Ally Financial Incorporated		46,252		1,237,704
Capital One Financial Corporation		21,028		1,983,361
				3,221,065
Diversified Financial Services: 3.12%
Berkshire Hathaway Incorporated Class B †		39,611		7,837,829
Insurance: 1.76%
CNO Financial Group Incorporated		129,840		2,642,244
The Progressive Corporation		5,922		355,379
Unum Group		36,344		1,443,947
				4,441,570
Mortgage REITs: 0.04%
New Residential Investment Corporation		5,324		95,246
Health Care: 13.65%
Biotechnology: 3.52%
AbbVie Incorporated		37,650		3,472,460
Celgene Corporation †		32,390		2,918,015
Enanta Pharmaceuticals Incorporated †		4,781		466,243
Gilead Sciences Incorporated		18,643		1,450,985
Myriad Genetics Incorporated †		12,799		559,956
				8,867,659

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

Portfolio of investments—July 31, 2018 Wells Fargo Large Company Value Fund 13

Security name	Shares		Value
Health Care Equipment & Supplies: 1.12%
Baxter International Incorporated		36,987	$	2,679,708
ICU Medical Incorporated †		472		135,370
				2,815,078
Health Care Providers & Services: 3.97%
Express Scripts Holding Company †		63,365		5,034,983
Humana Incorporated		15,735		4,943,622
				9,978,605
Life Sciences Tools & Services: 0.31%
Agilent Technologies Incorporated		11,707		773,130
Pharmaceuticals: 4.73%
Johnson & Johnson		68,720		9,106,774
Merck & Company Incorporated		42,491		2,798,882
				11,905,656
Industrials: 6.55%
Aerospace & Defense: 3.47%
Raytheon Company		24,894		4,929,759
The Boeing Company		10,687		3,807,778
				8,737,537
Airlines: 0.23%
Delta Air Lines Incorporated		10,409		566,458
Industrial Conglomerates: 1.24%
Honeywell International Incorporated		19,599		3,128,980
Road & Rail: 1.61%
CSX Corporation		16,156		1,141,906
Norfolk Southern Corporation		17,144		2,897,336
				4,039,242
Information Technology: 8.32%
Communications Equipment: 1.22%
Cisco Systems Incorporated		72,639		3,071,903
Internet Software & Services: 2.23%
Akamai Technologies Incorporated †		3,046		229,242
Alphabet Incorporated Class A †		2,049		2,514,574
Cars.com Incorporated †		100,988		2,865,030
				5,608,846
IT Services: 0.31%
DXC Technology Company		9,109		771,897

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

14 Wells Fargo Large Company Value Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Semiconductors & Semiconductor Equipment: 1.29%
Intel Corporation		52,506	$	2,525,539
Texas Instruments Incorporated		6,561		730,371
				3,255,910
Software: 2.88%
Adobe Systems Incorporated †		17,530		4,289,240
Avaya Holdings Corporation †		98,530		2,027,747
Oracle Corporation		19,259		918,269
				7,235,256
Technology Hardware, Storage & Peripherals: 0.39%
Hewlett Packard Enterprise Company		63,769		984,593
Materials: 3.14%
Metals & Mining: 1.48%
Freeport-McMoRan Incorporated		225,983		3,728,720
Paper & Forest Products: 1.66%
Louisiana-Pacific Corporation		155,040		4,173,677
Real Estate: 6.84%
Equity REITs: 4.71%
Liberty Property Trust		15,483		663,601
Outfront Media Incorporated		145,400		3,089,750
PS Business Parks Incorporated		400		51,108
Retail Properties of America Incorporated Class A		50,073		628,416
STORE Capital Corporation		3,803		104,392
Weingarten Realty Investors		78,327		2,367,042
Xenia Hotels & Resorts Incorporated		203,265		4,957,633
				11,861,942
Real Estate Management & Development: 2.13%
CBRE Group Incorporated Class A †		104,909		5,224,468
Jones Lang LaSalle Incorporated		750		128,258
				5,352,726
Telecommunication Services: 4.59%
Diversified Telecommunication Services: 4.59%
AT&T Incorporated		297,504		9,511,200
Verizon Communications Incorporated		39,495		2,039,522
				11,550,722
Utilities: 6.61%
Electric Utilities: 4.49%
Avangrid Incorporated		79,901		3,999,844
NextEra Energy Incorporated		30,596		5,126,054
PG&E Corporation		50,020		2,154,862
				11,280,760

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

Portfolio of investments—July 31, 2018 Wells Fargo Large Company Value Fund 15

Security name				Shares		Value
Independent Power & Renewable Electricity Producers: 0.62%
Vistra Energy Corporation †					69,313	$	1,566,474
Multi-Utilities: 1.50%
MDU Resources Group Incorporated					129,935		3,768,115
Total Common Stocks (Cost $227,343,147)							246,883,489
	Yield
Short-Term Investments: 1.66%
Investment Companies: 1.66%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83	%		4,171,660		4,171,660
Total Short-Term Investments (Cost $4,171,660)							4,171,660

Total investments in securities (Cost $231,514,807)	99.81	%		251,055,149
Other assets and liabilities, net	0.19			490,143
Total net assets	100.00	%	$	251,545,292

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		37		9-21-2018	$	5,113,024	$	5,211,635	$	98,611	$	0

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		7,807,982		56,996,946		60,633,268		4,171,660	$	0	$	0	$	57,278	$	4,171,660		1.66	%

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

16 Wells Fargo Large Company Value Fund Statement of assets and liabilities—July 31, 2018

Assets
Investments in unaffiliated securities, at value (cost $227,343,147)	$	246,883,489
Investments in affiliated securities, at value (cost $4,171,660)		4,171,660
Segregated cash for futures transactions		300,000
Receivable for Fund shares sold		6,013
Receivable for dividends		306,407
Receivable for daily variation margin on open futures contracts		25,715
Prepaid expenses and other assets		119,507
Total assets		251,812,791
Liabilities
Payable for Fund shares redeemed		101,925
Shareholder servicing fees payable		49,442
Administration fees payable		42,331
Management fee payable		37,319
Professional fees payable		31,187
Distribution fee payable		1,914
Trustees’ fees and expenses payable		1,342
Accrued expenses and other liabilities		2,039
Total liabilities		267,499
Total net assets	$	251,545,292
NET ASSETS CONSIST OF
Paid-in capital	$	209,519,132
Undistributed net investment income		792,952
Accumulated net realized gains on investments		21,594,255
Net unrealized gains on investments		19,638,953
Total net assets	$	251,545,292
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	214,246,853
Shares outstanding – Class A1		14,820,779
Net asset value per share – Class A		$14.46
Maximum offering price per share – Class A2		$15.34
Net assets – Class C	$	2,925,753
Shares outstanding – Class C1		197,529
Net asset value per share – Class C		$14.81
Net assets – Class R6	$	22,593
Shares outstanding – Class R61		1,549
Net asset value per share – Class R6		$14.59
Net assets – Administrator Class	$	16,743,825
Shares outstanding – Administrator Class1		1,147,766
Net asset value per share – Administrator Class		$14.59
Net assets – Institutional Class	$	17,606,268
Shares outstanding – Institutional Class1		1,207,912
Net asset value per share – Institutional Class		$14.58

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended July 31, 2018 Wells Fargo Large Company Value Fund 17

Investment income
Dividends	$	5,370,566
Income from affiliated securities		57,278
Total investment income		5,427,844
Expenses
Management fee		1,026,809
Administration fees
Class A		459,720
Class C		6,753
Class R6		8
Administrator Class		22,608
Institutional Class		22,304
Shareholder servicing fees
Class A		547,286
Class C		8,039
Administrator Class		43,476
Distribution fee
Class C		24,117
Custody and accounting fees		12,977
Professional fees		40,420
Registration fees		83,274
Shareholder report expenses		47,563
Trustees’ fees and expenses		23,566
Other fees and expenses		9,789
Total expenses		2,378,709
Less: Fee waivers and/or expense reimbursements		(294,601	)
Net expenses		2,084,108
Net investment income		3,343,736
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		25,727,536
Futures contracts		729,223
Net realized gains on investments		26,456,759
Net change in unrealized gains (losses) on:
Unaffiliated securities		(6,707,453	)
Futures contracts		98,611
Net change in unrealized gains (losses) on investments		(6,608,842	)
Net realized and unrealized gains (losses) on investments		19,847,917
Net increase in net assets resulting from operations	$	23,191,653

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

18 Wells Fargo Large Company Value Fund Statement of changes in net assets

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment income				$	3,343,736					$	2,348,357
Net realized gains on investments					26,456,759						53,375,979
Net change in unrealized gains (losses) on investments					(6,608,842	)					(21,739,472	)
Net increase in net assets resulting from operations					23,191,653						33,984,864
Distributions to shareholders from
Net investment income
Class A					(2,599,881	)					(1,529,974	)
Class C					(11,926	)					(7,593	)
Class R6					(420	)					0	1
Administrator Class					(218,142	)					(164,278	)
Institutional Class					(253,844	)					(101,228	)
Net realized gains
Class A					(43,429,588	)					0
Class C					(647,269	)					0
Class R6					(6,236	)					0	1
Administrator Class					(3,454,920	)					0
Institutional Class					(3,302,668	)					0
Total distributions to shareholders					(53,924,894	)					(1,803,073	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		243,128			3,569,805			184,685			2,859,171
Class C		4,796			75,911			9,920			159,103
Class R6		297			5,000			1,549	1		25,000	1
Administrator Class		26,318			380,870			52,078			837,524
Institutional Class		128,944			1,889,629			466,653			7,476,610
					5,921,215						11,357,408
Reinvestment of distributions
Class A		3,111,809			44,581,220			96,773			1,482,398
Class C		42,242			618,917			431			6,671
Class R6		72			1,037			0	1		0	1
Administrator Class		250,317			3,619,530			9,395			144,443
Institutional Class		203,584			2,943,466			6,282			97,208
					51,764,170						1,730,720
Payment for shares redeemed
Class A		(1,908,557	)		(28,835,984	)		(1,924,557	)		(29,716,601	)
Class C		(48,634	)		(725,165	)		(57,893	)		(914,888	)
Class R6		(369	)		(5,292	)		0	1		0	1
Administrator Class		(227,193	)		(3,486,080	)		(609,704	)		(9,486,019	)
Institutional Class		(104,675	)		(1,560,195	)		(130,275	)		(2,050,549	)
					(34,612,716	)					(42,168,057	)
Net increase (decrease) in net assets resulting from capital share transactions					23,072,669						(29,079,929	)
Total increase (decrease) in net assets					(7,660,572	)					3,101,862
Net assets
Beginning of period					259,205,864						256,104,002
End of period				$	251,545,292					$	259,205,864
Undistributed net investment income				$	792,952					$	533,429

¹  For the period from April 7, 2017 (commencement of class operations) to July 31, 2017

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

Financial highlights Wells Fargo Large Company Value Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.54			$14.58			$16.10			$16.82			$16.39
Net investment income		0.19			0.14			0.17			0.13	1		0.10
Net realized and unrealized gains (losses) on investments		1.29			1.93			(0.41	)		0.78			2.04
Total from investment operations		1.48			2.07			(0.24	)		0.91			2.14
Distributions to shareholders from
Net investment income		(0.18	)		(0.11	)		(0.16	)		(0.13	)		(0.09	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(3.56	)		(0.11	)		(1.28	)		(1.63	)		(1.71	)
Net asset value, end of period		$14.46			$16.54			$14.58			$16.10			$16.82
Total return2		9.39	%		14.24	%		(0.98	)%		5.72	%		13.68	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		1.09	%		1.24	%		1.27	%		1.28	%
Net expenses		0.83	%		0.96	%		1.10	%		1.10	%		1.10	%
Net investment income		1.28	%		0.91	%		1.19	%		0.76	%		0.61	%
Supplemental data
Portfolio turnover rate		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$214,247			$221,207			$218,922			$104,453			$116,398

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20 Wells Fargo Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.86			$14.90			$16.41			$17.12			$16.70
Net investment income (loss)		0.08			0.03	1		0.06			0.00	2		(0.02	)
Net realized and unrealized gains (losses) on investments		1.30			1.96			(0.40	)		0.80			2.07
Total from investment operations		1.38			1.99			(0.34	)		0.80			2.05
Distributions to shareholders from
Net investment income		(0.05	)		(0.03	)		(0.05	)		(0.01	)		(0.01	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(3.43	)		(0.03	)		(1.17	)		(1.51	)		(1.63	)
Net asset value, end of period		$14.81			$16.86			$14.90			$16.41			$17.12
Total return3		8.49	%		13.40	%		(1.68	)%		4.92	%		12.83	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.84	%		1.99	%		2.02	%		2.03	%
Net expenses		1.58	%		1.72	%		1.85	%		1.85	%		1.85	%
Net investment income (loss)		0.55	%		0.16	%		0.44	%		0.01	%		(0.14	)%
Supplemental data
Portfolio turnover rate		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$2,926			$3,356			$3,674			$4,488			$4,659

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Large Company Value Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			20171
Net asset value, beginning of period		$16.66			$16.14
Net investment income		0.26			0.03	2
Net realized and unrealized gains (losses) on investments		1.30			0.49
Total from investment operations		1.56			0.52
Distributions to shareholders from
Net investment income		(0.25	)		0.00
Net realized gains		(3.38	)		0.00
Total distributions to shareholders		(3.63	)		0.00
Net asset value, end of period		$14.59			$16.66
Total return3		9.88	%		3.22	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.49	%
Net expenses		0.40	%		0.40	%
Net investment income		1.73	%		0.52	%
Supplemental data
Portfolio turnover rate		258	%		221	%
Net assets, end of period (000s omitted)		$23			$26

¹  For the period from April 7, 2017 (commencement of class operations) to July 31, 2017

²  Calculated based upon average shares outstanding

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

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

22 Wells Fargo Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.66			$14.68			$16.20			$16.93			$16.47
Net investment income		0.20			0.16	1		0.20			0.17			0.15
Net realized and unrealized gains (losses) on investments		1.30			1.94			(0.41	)		0.78			2.05
Total from investment operations		1.50			2.10			(0.21	)		0.95			2.20
Distributions to shareholders from
Net investment income		(0.19	)		(0.12	)		(0.19	)		(0.18	)		(0.12	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(3.57	)		(0.12	)		(1.31	)		(1.68	)		(1.74	)
Net asset value, end of period		$14.59			$16.66			$14.68			$16.20			$16.93
Total return		9.44	%		14.35	%		(0.79	)%		5.95	%		13.94	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		1.01	%		1.16	%		1.12	%		1.12	%
Net expenses		0.75	%		0.87	%		0.93	%		0.85	%		0.85	%
Net investment income		1.37	%		1.01	%		1.35	%		1.01	%		0.86	%
Supplemental data
Portfolio turnover rate		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$16,744			$18,296			$24,164			$30,177			$36,002

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Large Company Value Fund 23

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.65			$14.66			$16.17			$16.91			$16.44
Net investment income		0.24			0.19	1		0.21	1		0.20	1		0.18	1
Net realized and unrealized gains (losses) on investments		1.30			1.94			(0.38	)		0.78			2.05
Total from investment operations		1.54			2.13			(0.17	)		0.98			2.23
Distributions to shareholders from
Net investment income		(0.23	)		(0.14	)		(0.22	)		(0.22	)		(0.14	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(3.61	)		(0.14	)		(1.34	)		(1.72	)		(1.76	)
Net asset value, end of period		$14.58			$16.65			$14.66			$16.17			$16.91
Total return		9.77	%		14.61	%		(0.54	)%		6.14	%		14.16	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.74	%		0.91	%		0.85	%		0.85	%
Net expenses		0.50	%		0.61	%		0.74	%		0.65	%		0.65	%
Net investment income		1.60	%		1.21	%		1.52	%		1.23	%		1.10	%
Supplemental data
Portfolio turnover rate		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$17,606			$16,321			$9,343			$1,483			$863

¹  Calculated based upon average shares outstanding

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

24 Wells Fargo Large Company Value Fund Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Notes to financial statements Wells Fargo Large Company Value Fund 25

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Futures contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

26 Wells Fargo Large Company Value Fund Notes to financial statements

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $232,760,787 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	23,778,743
Gross unrealized losses		(5,385,770	)
Net unrealized gains	$	18,392,973

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	15,864,448	$	0	$	0	$	15,864,448
Consumer staples		20,617,490		0		0		20,617,490
Energy		30,168,374		0		0		30,168,374
Financials		55,209,291		0		0		55,209,291
Health care		34,340,128		0		0		34,340,128
Industrials		16,472,217		0		0		16,472,217
Information technology		20,928,405		0		0		20,928,405
Materials		7,902,397		0		0		7,902,397
Real estate		17,214,668		0		0		17,214,668
Telecommunication services		11,550,722		0		0		11,550,722
Utilities		16,615,349		0		0		16,615,349
Short-term investments
Investment companies		4,171,660		0		0		4,171,660
		251,055,149		0		0		251,055,149
Futures contracts		98,611		0		0		98,611
Total assets	$	251,153,760	$	0	$	0	$	251,153,760

Notes to financial statements Wells Fargo Large Company Value Fund 27

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.40% and declining to 0.33% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Analytic Investor LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $2,137 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2018.

Shareholder servicing fees

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

28 Wells Fargo Large Company Value Fund Notes to financial statements

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $648,411,599 and $671,668,940, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended July 31, 2018, the Fund entered into futures contract to gain market exposure. The Fund had an average notional amount of $4,849,707 in long futures contracts during the year ended July 31, 2018.

On July 31, 2018, the cumulative unrealized gains on futures contracts in the amount of $98,611 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017
Ordinary income	$	6,104,081	$	1,803,073
Long-term capital gain		47,820,813		0

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$17,490,723	$6,153,732	$18,392,973

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

Notes to financial statements Wells Fargo Large Company Value Fund 29

10. SUBSEQUENT DISTRIBUTIONS

On September 24, 2018, the Fund declared distributions from net investment income to shareholders of record on September 21, 2018. The per share amounts payable on September 25, 2018 were as follows:

	Net investment income
Class A		$0.08258
Class C		0.01906
Class R6		0.11424
Administrator Class		0.08859
Institutional Class		0.10714

These distributions are not reflected in the accompanying financial statements.

30 Wells Fargo Large Company Value Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Large Company Value Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

Other information (unaudited) Wells Fargo Large Company Value Fund 31

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 53.30% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $47,820,813 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

Pursuant to Section 854 of the Internal Revenue Code, $3,329,663 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2018, $30,604 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended July 31, 2018, $3,019,868 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

32 Wells Fargo Large Company Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Large Company Value Fund 33

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

34 Wells Fargo Large Company Value Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Large Company Value Fund 35

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Large Company Value Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Company Value Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Analytic Investors, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

36 Wells Fargo Large Company Value Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was in range of the average investment performance of the Universe for the ten-year period under review, but lower than the average investment performance of the Universe for the one-, three- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 1000 Value Index, for the one-year period under review, but lower than its benchmark index for the three-, five- and ten-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Other information (unaudited) Wells Fargo Large Company Value Fund 37

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

38 Wells Fargo Large Company Value Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

Appendix A (unaudited) Wells Fargo Large Company Value Fund 39

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

40 Wells Fargo Large Company Value Fund Appendix A (unaudited)

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314800 09-18 A210/AR210 07-18

Annual Report

July 31, 2018

Wells Fargo Low Volatility U.S. Equity Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	25
Report of independent registered public accounting firm	29
Other information	30
Appendix A	37

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Low Volatility U.S. Equity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Low Volatility U.S. Equity Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Low Volatility U.S. Equity Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Low Volatility U.S. Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Analytic Investors, LLC

Portfolio managers

Dennis Bein, CFA^®

Ryan Brown, CFA^®

Harindra de Silva, Ph.D., CFA^®

Average annual total returns (%) as of July 31, 2018

		Including sales charge				Excluding sales charge				Expense ratios1 (%)
		1 year		Since inception		1 year		Since inception		Gross		Net2
Class A (WLVLX)	10-31-2016		0.24		7.11		6.32		10.80		1.64		0.83
Class C (WLVKX)	10-31-2016		4.45		9.94		5.45		9.94		2.39		1.58
Class R6 (WLVJX)	10-31-2016		–		–		6.70		11.26		1.21		0.40
Administrator Class (WLVDX)	10-31-2016		–		–		6.36		10.85		1.56		0.75
Institutional Class (WLVOX)	10-31-2016		–		–		6.64		11.16		1.31		0.50
Russell 1000® Index3	–		–		–		16.19		19.79		–		–

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. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 7

Growth of $10,000 investment as of July 31, 2018⁴

¹  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁴  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁶  The Personal Consumption Expenditures (PCE) Index is the primary measure of consumer spending on goods and services in the U.S. economy. It accounts for about two-thirds of domestic final spending and is part of the personal income report issued by the Bureau of Economic Analysis of the Department of Commerce. You cannot invest directly in an index.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

* This security was no longer held at the end of the reporting period.

8 Wells Fargo Low Volatility U.S. Equity Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell 1000^® Index, for the 12-month period that ended July 31, 2018.

∎ Primary detractors from Fund performance during the reporting period included an overweight to the consumer staples and utilities sectors, an underweight to the information technology (IT) sector, and our focus on lower-risk/lower-beta stocks, which underperformed in the rapidly rising market environment. Beta is a measure of a stock’s volatility relative to general market movements; lower-beta stocks tend to deliver lower variation in returns compared with the overall market.

∎ Our risk management and emphasis on high-quality stocks led to lack of exposure to the struggling telecommunication services sector and favorable stock selection in the health care sector.

U.S. stocks delivered strong results during the reporting period.

In general, economic data released during the period was positive and upbeat. For example, gross domestic product growth for the fourth quarter of 2017 was revised up to a 2.9% annualized rate. In addition, a surprising 313,000 new jobs were added in February 2018, with another 39,000 added to the already-strong January report. The U.S. unemployment rate fell to 3.8% by the end of the period, the lowest jobless rate since April 2000, and household spending increased.

Ten largest holdings (%) as of July 31, 20185
NextEra Energy Incorporated	2.45
PepsiCo Incorporated	2.40
The Procter & Gamble Company	2.28
Colgate-Palmolive Company	2.27
Merck & Company Incorporated	2.14
Waste Management Incorporated	2.11
Costco Wholesale Corporation	2.10
Raytheon Company	2.09
Sysco Corporation	2.08
Baxter International Incorporated	2.06

Stocks continued to climb despite increasing geopolitical risk. Escalating tension between the U.S. and North Korea, including the launch of North Korean ballistic missiles over Japan, was an example of events in the ongoing tensions between the two countries. In addition, stocks moved higher even as the U.S. Federal Reserve (Fed) raised interest rates three times during the period and six times since the 2008 financial crisis. Year-over-year inflation, as measured by the PCE Index⁶, hit the Fed’s 2% target in March 2018 for the first time in over a year, a sign of strengthening U.S. inflation pressures that could encourage the Fed to continue lifting interest rates this year. Although the Fed left U.S. interest rates unchanged in May 2018, the central bank also took note of rising prices and said it now expects inflation to be near its 2% target over the medium term.

Market volatility, while tame for most of the one-year period, returned in early 2018 amid worries about inflation, global trade wars, and new regulations on technology firms.

The Fund seeks to have less volatility than the overall stock market.

Our investment process focuses primarily on volatility reduction; we seek to maintain a standard deviation (variation between highest and lowest returns) that is 20% to 30% less than that of the index while delivering a similar or higher level of return over a full market cycle. Using our fundamental and statistical risk models, we construct the portfolio by quantitatively identifying companies that possess lower forecasted risks. Due to the Fund’s focus on low-beta stocks, which tend to be more defensive in nature, we were not surprised by the Fund’s recent underperformance given that the stock market climbed over 16% over the 12-month period.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 9

Sector distribution as of July 31, 2018⁷

The Fund’s focus on low volatility can lead to sector weights and Fund holdings that result in Fund underperformance during a rapidly rising market; this was the case during the reporting period.

Due to our low-volatility emphasis, sector weights within the Fund tend to deviate meaningfully from those of the benchmark. During the period, the Fund held underweights to sectors that generally exhibited higher betas, such as IT, and overweight positions to consumer staples and utilities, sectors that are considered defensive in nature. IT was the best-performing sector in the index for the period; therefore, the Fund’s sizable underweight to IT hampered relative results. The consumer staples and utilities sectors posted

relatively weak returns and underperformed the benchmark, which caused the Fund’s large overweight to the sector to detract from Fund performance. Stock selection within utilities also negatively affected results, as overweight positions to PPL Corporation* and PG&E Corporation negatively influenced results.

Our emphases on risk management and high-quality stocks proved favorable during the reporting period.

Lack of exposure to the telecommunication services sector helped the Fund’s relative performance. The Fund lacks exposure primarily because this sector has exhibited considerably higher relative volatility in recent years.

Stock selection within the health care sector also contributed to performance, due primarily to the Fund’s investment in IDEXX Laboratories, Incorporated, which was the top contributor to relative performance. This company possesses high-quality characteristics favored by our quantitative models, such as strong earnings quality and low risk. We expect these high-quality factors may aid the Fund’s goal of providing lower volatility while retaining the Fund’s potential for appreciation.

Going forward, we will continue to favor low-beta stocks as they serve the Fund’s goal: to reduce volatility.

Using our fundamental and statistical risk models, we will quantitatively identify companies with lower forecasted risks. In addition, we will use our comprehensive alpha-prediction model when selecting lower-risk stocks. Alpha measures the excess return of an investment vehicle, such as a mutual fund, relative to the return of its index. Our process quantitatively forecasts returns using over 70 fundamental, technical, and proprietary factors, also known as alpha signals. As a result, our process not only assesses investment opportunities from a risk perspective but also from an alpha standpoint. We believe this increases the likelihood that over a full market cycle, the Fund may provide investors with lower overall portfolio risk relative to the index while delivering a similar or higher level of return.

Please see footnotes on page 7.

10 Wells Fargo Low Volatility U.S. Equity Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	993.98	$	4.17		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class C
Actual	$	1,000.00	$	989.66	$	7.92		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class R6
Actual	$	1,000.00	$	995.70	$	2.01		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Administrator Class
Actual	$	1,000.00	$	993.98	$	3.77		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Institutional Class
Actual	$	1,000.00	$	995.70	$	2.52		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Low Volatility U.S. Equity Fund 11

Security name	Shares		Value
Common Stocks: 97.46%
Consumer Discretionary: 8.45%
Auto Components: 0.69%
Lear Corporation		868	$	156,353
Visteon Corporation †		915		107,128
				263,481
Diversified Consumer Services: 0.49%
Grand Canyon Education Incorporated †		740		86,232
H&R Block Incorporated		4,045		101,772
				188,004
Hotels, Restaurants & Leisure: 3.54%
Aramark		1,264		50,825
Darden Restaurants Incorporated		5,331		570,097
Hilton Grand Vacations Incorporated †		14,035		485,471
McDonald’s Corporation		1,594		251,119
				1,357,512
Household Durables: 1.66%
Garmin Limited		1,965		122,714
NVR Incorporated †		187		516,013
				638,727
Media: 1.54%
Lions Gate Entertainment Class B		3,262		74,602
Sirius XM Holdings Incorporated		35,539		249,484
The Madison Square Garden Company Class A †		857		267,538
				591,624
Specialty Retail: 0.53%
Best Buy Company Incorporated		1,091		81,858
ULTA Beauty Incorporated †		491		119,995
				201,853
Consumer Staples: 28.45%
Beverages: 3.11%
PepsiCo Incorporated		8,020		922,300
The Coca-Cola Company		5,850		272,786
				1,195,086
Food & Staples Retailing: 6.92%
Costco Wholesale Corporation		3,693		807,696
Sysco Corporation		11,852		796,573
US Foods Holding Corporation †		17,331		585,961
Wal-Mart Stores Incorporated		5,222		465,959
				2,656,189

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

12 Wells Fargo Low Volatility U.S. Equity Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Food Products: 7.10%
Bunge Limited		7,202	$	497,874
Flowers Foods Incorporated		9,853		201,001
Ingredion Incorporated		1,304		132,095
Lamb Weston Holdings Incorporated		10,704		752,170
The Hershey Company		6,658		653,882
Tyson Foods Incorporated Class A		8,448		487,027
				2,724,049
Household Products: 7.44%
Colgate-Palmolive Company		12,989		870,393
Kimberly-Clark Corporation		6,401		728,818
The Clorox Company		2,823		381,585
The Procter & Gamble Company		10,825		875,526
				2,856,322
Personal Products: 0.95%
The Estee Lauder Companies Incorporated Class A		2,694		363,528
Tobacco: 2.93%
Altria Group Incorporated		12,379		726,400
Philip Morris International		4,603		397,239
				1,123,639
Financials: 14.48%
Banks: 0.97%
Comerica Incorporated		2,680		259,799
US Bancorp		2,080		110,261
				370,060
Capital Markets: 4.23%
CBOE Holdings Incorporated		6,330		614,833
CME Group Incorporated		3,719		591,767
Intercontinental Exchange Incorporated		3,817		282,114
LPL Financial Holdings Incorporated		1,092		72,389
Morningstar Incorporated		473		62,436
				1,623,539
Diversified Financial Services: 0.10%
AXA Equitable Holdings Incorporated †		1,771		38,944
Insurance: 5.82%
American Financial Group Incorporated		6,364		717,159
American National Insurance Company		202		26,056
Aon plc		1,358		194,941
Arch Capital Group Limited †		6,753		206,372
Everest Reinsurance Group Limited		1,459		318,573
The Allstate Corporation		383		36,431
The Progressive Corporation		10,951		657,170
Unum Group		1,936		76,917
				2,233,619

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

Portfolio of investments—July 31, 2018 Wells Fargo Low Volatility U.S. Equity Fund 13

Security name	Shares		Value
Mortgage REITs: 3.36%
AGNC Investment Corporation		15,735	$	306,360
Chimera Investment Corporation		6,559		125,277
MFA Financial Incorporated		42,071		338,672
New Residential Investment Corporation		11,700		209,313
Starwood Property Trust Incorporated		8,220		187,745
Two Harbors Investment Corporation		7,828		121,334
				1,288,701
Health Care: 10.79%
Health Care Equipment & Supplies: 3.67%
Baxter International Incorporated		10,892		789,125
ICU Medical Incorporated †		173		49,616
IDEXX Laboratories Incorporated †		2,324		569,217
				1,407,958
Health Care Providers & Services: 2.88%
AmerisourceBergen Corporation		2,751		225,114
Cigna Corporation		228		40,908
Humana Incorporated		2,500		785,450
Laboratory Corporation of America Holdings †		295		51,725
				1,103,197
Life Sciences Tools & Services: 1.83%
Bio-Rad Laboratories Incorporated Class A †		2,295		703,762
Pharmaceuticals: 2.41%
Merck & Company Incorporated		12,440		819,423
Zoetis Incorporated		1,228		106,197
				925,620
Industrials: 8.64%
Aerospace & Defense: 4.08%
BWX Technologies Incorporated		3,788		249,099
Lockheed Martin Corporation		1,583		516,216
Raytheon Company		4,043		800,635
				1,565,950
Air Freight & Logistics: 1.37%
Expeditors International of Washington Incorporated		6,883		524,278
Commercial Services & Supplies: 2.99%
Republic Services Incorporated		4,621		334,930
Waste Management Incorporated		9,015		811,350
				1,146,280
Industrial Conglomerates: 0.20%
Carlisle Companies Incorporated		637		78,249

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

14 Wells Fargo Low Volatility U.S. Equity Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Information Technology: 8.21%
Communications Equipment: 1.25%
Motorola Solutions Incorporated		3,944	$	478,407
Electronic Equipment, Instruments & Components: 0.20%
National Instruments Corporation		1,749		76,624
Internet Software & Services: 0.46%
IAC Corporation †		1,212		178,467
IT Services: 3.71%
Amdocs Limited		10,291		695,466
Booz Allen Hamilton Holding Corporation		14,567		688,582
MasterCard Incorporated Class A		208		41,184
				1,425,232
Semiconductors & Semiconductor Equipment: 0.28%
Maxim Integrated Products Incorporated		1,743		106,567
Software: 2.31%
Cadence Design Systems Incorporated †		4,764		210,045
CDK Global Incorporated		3,840		239,808
Fortinet Incorporated †		1,904		119,781
Synopsys Incorporated †		3,554		317,834
				887,468
Materials: 1.66%
Chemicals: 0.16%
Valvoline Incorporated		2,680		60,541
Containers & Packaging: 0.55%
Avery Dennison Corporation		791		90,712
Berry Global Group Incorporated †		2,460		120,171
				210,883
Metals & Mining: 0.95%
Newmont Mining Corporation		9,963		365,443
Real Estate: 4.60%
Equity REITs: 4.60%
Apple Hospitality REIT Incorporated		15,864		285,393
Equity Commonwealth †		11,457		369,374
Park Hotels & Resorts Incorporated		4,440		138,883
Prologis Incorporated		2,127		139,574
Rayonier Incorporated		5,071		177,536
SBA Communications Corporation †		4,126		652,940
				1,763,700
Telecommunication Services: 1.49%
Diversified Telecommunication Services: 1.49%
AT&T Incorporated		17,848		570,601

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

Portfolio of investments—July 31, 2018 Wells Fargo Low Volatility U.S. Equity Fund 15

Security name				Shares		Value
Utilities: 10.69%
Electric Utilities: 8.03%
American Electric Power Company Incorporated					2,997	$	213,207
Edison International					1,622		108,074
Exelon Corporation					7,612		323,510
Hawaiian Electric Industries Incorporated					16,957		596,378
NextEra Energy Incorporated					5,607		939,397
PG&E Corporation					9,618		414,343
Pinnacle West Capital Corporation					3,661		294,454
Xcel Energy Incorporated					4,132		193,626
							3,082,989
Gas Utilities: 0.83%
UGI Corporation					6,035		320,700
Independent Power & Renewable Electricity Producers: 0.49%
Vistra Energy Corporation †					8,302		187,625
Multi-Utilities: 1.34%
CenterPoint Energy Incorporated					3,700		105,376
CMS Energy Corporation					7,178		346,985
MDU Resources Group Incorporated					2,091		60,639
							513,000
Total Common Stocks (Cost $34,698,624)							37,398,418
	Yield
Short-Term Investments: 2.41%
Investment Companies: 2.41%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83	%		922,225		922,225
Total Short-Term Investments (Cost $922,225)							922,225

Total investments in securities (Cost $35,620,849)	99.87	%		38,320,643
Other assets and liabilities, net	0.13			51,221
Total net assets	100.00	%	$	38,371,864

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

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

16 Wells Fargo Low Volatility U.S. Equity Fund Portfolio of investments—July 31, 2018

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,095,727		9,443,131		9,616,633		922,225	$	0	$	0	$	12,771	$	922,225		2.41	%

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

Statement of assets and liabilities—July 31, 2018 Wells Fargo Low Volatility U.S. Equity Fund 17

Assets
Investments in unaffiliated securities, at value (cost $34,698,624)	$	37,398,418
Investments in affiliated securities, at value (cost $922,225)		922,225
Receivable for dividends		40,188
Receivable from manager		25,772
Prepaid expenses and other assets		72,242
Total assets		38,458,845
Liabilities
Professional fees payable		46,710
Shareholder report expenses payable		28,068
Custodian and accounting fees payable		6,396
Administration fees payable		4,231
Trustees’ fees and expenses payable		1,457
Distribution fees payable		119
Total liabilities		86,981
Total net assets	$	38,371,864
NET ASSETS CONSIST OF
Paid-in capital	$	33,935,348
Undistributed net investment income		364,175
Accumulated net realized gains on investments		1,372,547
Net unrealized gains on investments		2,699,794
Total net assets	$	38,371,864
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,312,226
Shares outstanding – Class A1		113,533
Net asset value per share – Class A		$11.56
Maximum offering price per share – Class A2		$12.27
Net assets – Class C	$	186,722
Shares outstanding – Class C1		16,245
Net asset value per share – Class C		$11.49
Net assets – Class R6	$	1,163,517
Shares outstanding – Class R61		100,480
Net asset value per share – Class R6		$11.58
Net assets – Administrator Class	$	116,023
Shares outstanding – Administrator Class1		10,042
Net asset value per share – Administrator Class		$11.55
Net assets – Institutional Class	$	35,593,376
Shares outstanding – Institutional Class1		3,074,122
Net asset value per share – Institutional Class		$11.58

¹  The Fund has an unlimited number of authorized shares.

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

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

18 Wells Fargo Low Volatility U.S. Equity Fund Statement of operations—year ended July 31, 2018

Investment income
Dividends (net of foreign withholding taxes of $101)	$	892,629
Income from affiliated securities		12,771
Total investment income		905,400
Expenses
Management fee		153,015
Administration fees
Class A		2,584
Class C		299
Class R		68	1
Class R6		342
Administrator Class		148
Institutional Class		46,275
Shareholder servicing fees
Class A		3,076
Class C		356
Class R		81	1
Administrator Class		284
Distribution fees
Class C		1,067
Class R		81	1
Custody and accounting fees		17,724
Professional fees		53,341
Registration fees		110,026
Shareholder report expenses		50,340
Trustees’ fees and expenses		23,307
Other fees and expenses		7,388
Total expenses		469,802
Less: Fee waivers and/or expense reimbursements		(273,606	)
Net expenses		196,196
Net investment income		709,204
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		1,575,047
Net change in unrealized gains (losses) on investments		219,615
Net realized and unrealized gains (losses) on investments		1,794,662
Net increase in net assets resulting from operations	$	2,503,866

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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

Statement of changes in net assets Wells Fargo Low Volatility U.S. Equity Fund 19

	Year ended July 31, 2018						Year ended July 31, 20171
Operations
Net investment income				$	709,204					$	486,714
Net realized gains on investments					1,575,047						426,122
Net change in unrealized gains (losses) on investments					219,615						2,480,179
Net increase in net assets resulting from operations					2,503,866						3,393,015
Distributions to shareholders from
Net investment income
Class A					(19,083	)					(1,837	)
Class C					(941	)					(295	)
Class R					0	2					(382	)
Class R6					(22,574	)					(5,028	)
Administrator Class					(1,865	)					(441	)
Institutional Class					(665,070	)					(114,483	)
Net realized gains
Class A					(20,121	)					0
Class C					(1,864	)					0
Class R6					(18,434	)					0
Administrator Class					(1,842	)					0
Institutional Class					(586,361	)					0
Total distributions to shareholders					(1,338,155	)					(122,466	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		36,479			411,267			114,026			1,216,340
Class C		7,545			83,872			10,000			100,000
Class R		0	2		0	2		10,000			100,000
Class R6		0			0			100,000			1,000,000
Administrator Class		0			0			10,000			100,000
Institutional Class		321,940			3,618,353			2,955,414			30,144,185
					4,113,492						32,660,525
Reinvestment of distributions
Class A		3,092			35,640			175			1,837
Class C		3			37			28			295
Class R		0	2		0	2		37			382
Class R6		0			0			480			5,028
Administrator Class		0			0			42			441
Institutional Class		25,951			299,171			10,934			114,483
					334,848						122,466
Payment for shares redeemed
Class A		(23,744	)		(260,000	)		(16,495	)		(181,770	)
Class C		(1,331	)		(15,125	)		0			0
Class R		(10,037	)2		(114,115	)2		0			0
Institutional Class		(227,303	)		(2,583,866	)		(12,814	)		(140,851	)
					(2,973,106	)					(322,621	)
Net increase in net assets resulting from capital share transactions					1,475,234						32,460,370
Total increase in net assets					2,640,945						35,730,919
Net assets
Beginning of period					35,730,919						0
End of period				$	38,371,864					$	35,730,919
Undistributed net investment income				$	364,175					$	364,504

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

²  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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

20 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			20171
Net asset value, beginning of period		$11.21			$10.00
Net investment income		0.16			0.13
Net realized and unrealized gains (losses) on investments		0.54			1.12
Total from investment operations		0.70			1.25
Distributions to shareholders from
Net investment income		(0.17	)		(0.04	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.35	)		(0.04	)
Net asset value, end of period		$11.56			$11.21
Total return2		6.32	%		12.53	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.61	%
Net expenses		0.83	%		0.82	%
Net investment income		1.53	%		1.78	%
Supplemental data
Portfolio turnover rate		75	%		39	%
Net assets, end of period (000s omitted)		$1,312			$1,096

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

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

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

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			20171
Net asset value, beginning of period		$11.16			$10.00
Net investment income		0.08			0.08
Net realized and unrealized gains (losses) on investments		0.52			1.11
Total from investment operations		0.60			1.19
Distributions to shareholders from
Net investment income		(0.09	)		(0.03	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.27	)		(0.03	)
Net asset value, end of period		$11.49			$11.16
Total return2		5.45	%		11.91	%
Ratios to average net assets (annualized)
Gross expenses		2.31	%		2.40	%
Net expenses		1.58	%		1.58	%
Net investment income		0.76	%		1.01	%
Supplemental data
Portfolio turnover rate		75	%		39	%
Net assets, end of period (000s omitted)		$187			$112

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

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

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

22 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			20171
Net asset value, beginning of period		$11.24			$10.00
Net investment income		0.22			0.18
Net realized and unrealized gains (losses) on investments		0.52			1.11
Total from investment operations		0.74			1.29
Distributions to shareholders from
Net investment income		(0.22	)		(0.05	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.40	)		(0.05	)
Net asset value, end of period		$11.58			$11.24
Total return2		6.70	%		12.94	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.22	%
Net expenses		0.40	%		0.40	%
Net investment income		1.96	%		2.19	%
Supplemental data
Portfolio turnover rate		75	%		39	%
Net assets, end of period (000s omitted)		$1,164			$1,129

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

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

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

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 23

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			20171
Net asset value, beginning of period		$11.21			$10.00
Net investment income		0.18			0.15
Net realized and unrealized gains (losses) on investments		0.53			1.10
Total from investment operations		0.71			1.25
Distributions to shareholders from
Net investment income		(0.19	)		(0.04	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.37	)		(0.04	)
Net asset value, end of period		$11.55			$11.21
Total return2		6.36	%		12.57	%
Ratios to average net assets (annualized)
Gross expenses		1.47	%		1.57	%
Net expenses		0.75	%		0.75	%
Net investment income		1.61	%		1.84	%
Supplemental data
Portfolio turnover rate		75	%		39	%
Net assets, end of period (000s omitted)		$116			$113

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

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

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

24 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			20171
Net asset value, beginning of period		$11.23			$10.00
Net investment income		0.20			0.16
Net realized and unrealized gains (losses) on investments		0.54			1.12
Total from investment operations		0.74			1.28
Distributions to shareholders from
Net investment income		(0.21	)		(0.05	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.39	)		(0.05	)
Net asset value, end of period		$11.58			$11.23
Total return2		6.64	%		12.82	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.31	%
Net expenses		0.50	%		0.50	%
Net investment income		1.87	%		2.09	%
Supplemental data
Portfolio turnover rate		75	%		39	%
Net assets, end of period (000s omitted)		$35,593			$33,169

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

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

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

Notes to financial statements Wells Fargo Low Volatility U.S. Equity Fund 25

1. ORGANIZATION

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

Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. Information for Class R shares reflected in the financial statements represents activity through November 13, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registered open-end investment companies are valued at net asset value.

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security transactions and income recognition

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

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

Distributions to shareholders

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

26 Wells Fargo Low Volatility U.S. Equity Fund Notes to financial statements

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $35,662,635 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	3,717,450
Gross unrealized losses		(1,059,442	)
Net unrealized gains	$	2,658,008

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	3,241,201	$	0	$	0	$	3,241,201
Consumer staples		10,918,813		0		0		10,918,813
Financials		5,554,863		0		0		5,554,863
Health care		4,140,537		0		0		4,140,537
Industrials		3,314,757		0		0		3,314,757
Information technology		3,152,765		0		0		3,152,765
Materials		636,867		0		0		636,867
Real estate		1,763,700		0		0		1,763,700
Telecommunication services		570,601		0		0		570,601
Utilities		4,104,314		0		0		4,104,314
Short-term investments
Investment companies		922,225		0		0		922,225
Total assets	$	38,320,643	$	0	$	0	$	38,320,643

Notes to financial statements Wells Fargo Low Volatility U.S. Equity Fund 27

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.40% and declining to 0.33% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Analytic Investors, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.12% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $99 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2018.

Interfund transactions

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

28 Wells Fargo Low Volatility U.S. Equity Fund Notes to financial statements

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $28,734,731 and $27,633,458, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:

	Year ended July 31
	2018		2017*
Ordinary income	$	1,337,744	$	122,466
Long-term capital gain		411		0

* For the period from October 31, 2016 (commencement of operations) to July 31, 2017

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$624,973	$1,153,535	$2,658,008

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

Report of independent registered public accounting firm Wells Fargo Low Volatility U.S. Equity Fund 29

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Low Volatility U.S. Equity Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for the period from October 31, 2016 (commencement of operations) to July 31, 2017 and the year ended July 31, 2018, and the related notes (collectively, the “financial statements”) and the financial highlights for the period from October 31, 2016 (commencement of operations) to July 31, 2017 and the year ended July 31, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the period from October 31, 2016 (commencement of operations) to July 31, 2017 and the year ended July 31, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

30 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 55.56% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, $411 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

Pursuant to Section 854 of the Internal Revenue Code, $808,364 of income dividends paid during the fiscal year ended July 31, 2018 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2018, $8,583 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended July 31, 2018, $628,211 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

32 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

Other information (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 33

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

34 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Low Volatility U.S. Equity Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Low Volatility U.S. Equity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Analytic Investors, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by

Other information (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 35

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was lower than the average investment performance of the Universe for the one-year period under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 1000 Index, for the one-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the period identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance. The Board also took note of the Fund’s short operating history.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class. The Board noted that the net operating expense ratio caps for the Fund’s Class A, Class C, Administrator Class, Institutional Class and Class R6 would be reduced.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

36 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Appendix A (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 37

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

38 Wells Fargo Low Volatility U.S. Equity Fund Appendix A (unaudited)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

Appendix A (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 39

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314802 09-18 A270/AR270 07-18

Annual Report

July 31, 2018

Wells Fargo Omega Growth Fund

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Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	28
Other information	29
Appendix A	36

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Omega Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Omega Growth Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Omega Growth Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Omega Growth Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Omega Growth Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Omega Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKOAX)	4-29-1968		19.57		12.19		12.05		26.86		13.53		12.72		1.28		1.28
Class C (EKOCX)	8-2-1993		24.88		12.68		11.87		25.88		12.68		11.87		2.03		2.03
Class R (EKORX)	10-10-2003		–		–		–		26.53		13.24		12.44		1.53		1.53
Administrator Class (EOMYX)	1-13-1997		–		–		–		27.07		13.77		12.98		1.20		1.10
Institutional Class (EKONX)	7-30-2010		–		–		–		27.39		14.06		13.21		0.95		0.85
Russell 3000® Growth Index4	–		–		–		–		22.86		15.55		12.27		–		–

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.

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 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 Omega Growth Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

¹  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Omega Fund.

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

³  The manager has contractually committed through November 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 1.30% for Class A, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Omega Growth Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 3000^® Growth Index, for the 12-month period that ended July 31, 2018.

∎ Stock selection within the consumer discretionary and information technology (IT) sectors benefited performance.

∎ Stock selection in the health care sector detracted from performance.

For much of the past 12 months, bullish sentiment for U.S. equities was apparent as global growth was synchronized, corporate earnings were strong, widespread tax cuts had been passed, and deregulations were being enacted. More recently, however, a combination of crosscurrents from macro and geopolitical sources caused a downshift in growth expectations. The most significant change to outlooks came from markets outside the U.S. Arguably the biggest factor precipitating the downshift in growth came from concerns around global trade. The U.S. government expanded tariffs on goods from around the world, with a particular focus on China. This prompted retaliation from China and other trading partners, heightening fears of a possible trade war. These recent global developments highlighted a dynamic that we have long appreciated and incorporated into our portfolio positioning: true organic growth remains scarce and the firms that can make their own luck will be rewarded by investors.

Ten largest holdings (%) as of July 31, 20186
Amazon.com Incorporated	6.49
Microsoft Corporation	6.40
Visa Incorporated Class A	4.04
Alphabet Incorporated Class A	3.93
UnitedHealth Group Incorporated	3.91
First Data Corporation Class A	2.53
Waste Connections Incorporated	2.29
The Sherwin-Williams Company	1.80
Aptiv plc	1.76
Union Pacific Corporation	1.73

The Fund’s consumer discretionary and IT holdings contributed to relative performance.

Within the consumer discretionary sector, strength was visible among internet and direct-marketing retail holdings, and the portfolio management team’s security selection in this industry proved additive to returns. Shares of Amazon.com, Incorporated, appreciated over the past year as the company remains levered to powerful secular growth trends. Over the past 12 months, sales continued to accelerate while profits soared to a record level. The company also announced plans to increase the price of Amazon Prime subscriptions by 20%, while subscribers topped 100 million for the first time. Additionally, the company has made strategic acquisitions, such as Whole Foods Market, Incorporated. Amazon has continued to

benefit from the powerful shift to online retail spending, while Amazon Web Services (AWS) has become the dominant provider of cloud-computing services. AWS was the largest driver of profit gains during the year. We continue to be impressed with Amazon’s growing scale in a number of large market opportunities.

Within the IT sector, specific strength was visible in the IT services industry as shares of WEX Incorporated appreciated over the past year. WEX provides corporate payment solutions and has reported better-than-expected financial results across its business segments as well as raised earnings guidance over the past 12 months. The company’s fleet-management business, which accounts for the majority of company revenue, saw strong growth as WEX continues to take market share. WEX is the second-largest fuel card provider in the U.S. and, as such, typically benefits when gas prices rise, as they have over the past year. Additionally, the company has attracted new customers, as evidenced by an agreement to provide management services and fuel cards to Verizon Communications Incorporated’s 25,000-vehicle fleet. WEX’s other business segments, which provide payment solutions to online travel agencies such as Expedia, Incorporated, and payment processing for health savings accounts, also saw robust growth over the period. Finally, the recently passed tax-reform bill should provide for a meaningful reduction in the company’s effective tax rate. These factors contributed to the strength in WEX shares over the past year.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Omega Growth Fund 9

Sector distribution as of July 31, 2018⁷

Stock selection in the health care sector detracted from relative performance.

Among the Fund’s health care holdings, Celgene Corporation detracted from performance. Celgene, a global biopharmaceutical company, has a strong franchise with several drugs, including Revlimid to treat multiple myeloma and Otezla to treat psoriasis. While Revlimid has been the largest contributor to the company’s recent success and expectations for growth of Revlimid remain on track, this blockbuster drug will come off patent by the middle of 2020. The company has been investing in several other drug development trials. Over the past 12 months, the stock came under pressure when

it was announced that the development of a drug to treat multiple sclerosis had its filing refused by the FDA. While Celgene intends to refile with additional data, the setback resulted in a downward revision to the company’s longer-term earnings profile.

Additionally within the health care sector, our position in Hologic, Incorporated, weighed on returns over the past year. Hologic is a medical device company that specializes in imaging, diagnostics, and gynecology surgical tools. The company, a leader in mammography, has developed a breast-imaging device that uses a new technology to produce a 3D image. This 3D screening test is the only one approved by the FDA and is considered superior to standard mammography. The stock came under pressure after the company missed revenue and earnings projections. The results were primarily the result of a slowdown in the surgical business. The other issue affecting Hologic over the past 12 months has been the company’s Cynosure business. Cynosure, which is a noninvasive body-contouring business, had been acquired by Hologic in an effort to diversify revenue sources. The integration of the acquisition has been slower than expected, prompting investor concern and weakness in the stock.

We remain somewhat cautious given geopolitical and macroeconomic uncertainties; however, we maintain confidence in the Fund’s positioning.

Looking broadly at financial markets through our lens of a bottom-up, fundamentally based investment process, we see ample reasons to maintain a cautious stance given potential factors such as trade wars, political instability, softness in China, and a hawkish U.S. Federal Reserve. We are, however, excited about companies held in the portfolio—those with organic growth and strategies that we believe are on the right side of change. Yet, with uncertainties on the rise, it may be prudent for investors to be mindful of downside risks and to moderate return expectations.

From a portfolio positioning standpoint, our strategy is to stay balanced. The portfolio includes a substantial allocation to stocks we consider to be core holdings, companies that we believe have consistent and durable fundamentals. These are businesses that our analysis suggests have profitable models, competitive advantages, and long runways of visible growth. On the other side, we own companies we consider to have idiosyncratic qualities. These are developing situations that our process finds to have unique drivers that are not yet clearly visible to other investors. These companies typically trade at reasonable valuations and, importantly, should buffer volatility if the market rotates out of momentum and high-beta factors. Finally, we are being very selective in the areas of our universe where valuations are approaching extremes, including certain cloud software, medical device, and biotechnology companies. The portfolio holds companies that we believe possess strong fundamentals and growth prospect, and yet it trades at a reasonable valuation profile. This is an attractive structure that has us excited to seek continued competitive performance for investors.

Please see footnotes on page 7.

10 Wells Fargo Omega Growth Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,047.43	$	6.59		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.77	$	6.50		1.28	%
Class C
Actual	$	1,000.00	$	1,043.36	$	10.44		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.99	$	10.29		2.03	%
Class R
Actual	$	1,000.00	$	1,045.93	$	7.87		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.51	$	7.76		1.53	%
Administrator Class
Actual	$	1,000.00	$	1,048.18	$	5.68		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,049.47	$	4.39		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Omega Growth Fund 11

Security name	Shares		Value
Common Stocks: 99.31%
Consumer Discretionary: 17.57%
Auto Components: 1.76%
Aptiv plc		147,200	$	14,435,904
Automobiles: 0.76%
Ferrari NV «		47,100		6,246,402
Diversified Consumer Services: 3.05%
Adtalem Global Education Incorporated †		229,500		12,519,225
Bright Horizons Family Solutions Incorporated †		117,357		12,556,025
				25,075,250
Hotels, Restaurants & Leisure: 2.37%
Melco Crown Entertainment Limited ADR		372,500		9,632,850
Vail Resorts Incorporated		35,602		9,857,126
				19,489,976
Internet & Direct Marketing Retail: 8.03%
Amazon.com Incorporated †		30,000		53,323,200
Netflix Incorporated †		37,400		12,620,630
				65,943,830
Specialty Retail: 1.60%
The Home Depot Incorporated		66,400		13,115,328
Consumer Staples: 1.54%
Food Products: 1.54%
Lamb Weston Holdings Incorporated		179,800		12,634,546
Energy: 0.72%
Oil, Gas & Consumable Fuels: 0.72%
Pioneer Natural Resources Company		31,100		5,886,297
Financials: 4.39%
Capital Markets: 3.07%
Intercontinental Exchange Incorporated		178,300		13,178,153
Raymond James Financial Incorporated		131,402		12,035,109
				25,213,262
Consumer Finance: 1.32%
SLM Corporation †		963,400		10,876,786
Health Care: 10.26%
Biotechnology: 1.81%
Celgene Corporation †		105,375		9,493,234
Exelixis Incorporated †		261,500		5,413,050
				14,906,284

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

12 Wells Fargo Omega Growth Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Health Care Equipment & Supplies: 2.20%
Baxter International Incorporated		86,700	$	6,281,415
Edwards Lifesciences Corporation †		53,500		7,621,075
Hologic Incorporated †		96,900		4,157,979
				18,060,469
Health Care Providers & Services: 4.69%
Amedisys Incorporated †		68,389		6,403,262
UnitedHealth Group Incorporated		126,700		32,082,974
				38,486,236
Life Sciences Tools & Services: 1.56%
Illumina Incorporated †		39,500		12,812,220
Industrials: 14.00%
Aerospace & Defense: 2.21%
BWX Technologies Incorporated		135,400		8,903,904
Mercury Computer Systems Incorporated †		221,900		9,259,887
				18,163,791
Commercial Services & Supplies: 3.99%
Cintas Corporation		68,400		13,986,432
Waste Connections Incorporated		242,422		18,814,371
				32,800,803
Electrical Equipment: 0.79%
Rockwell Automation Incorporated		34,700		6,508,332
Machinery: 1.38%
Evoqua Water Technologies Company †		531,256		11,337,003
Professional Services: 0.84%
TransUnion		94,735		6,858,814
Road & Rail: 1.73%
Union Pacific Corporation		94,800		14,209,572
Trading Companies & Distributors: 3.06%
SiteOne Landscape Supply Incorporated Ǡ		142,500		12,705,300
Univar Incorporated †		452,228		12,431,748
				25,137,048
Information Technology: 44.94%
Electronic Equipment, Instruments & Components: 1.99%
Littelfuse Incorporated		29,300		6,352,826
Zebra Technologies Corporation Class A †		72,600		10,013,718
				16,366,544

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

Portfolio of investments—July 31, 2018 Wells Fargo Omega Growth Fund 13

Security name	Shares		Value
Internet Software & Services: 10.88%
Alibaba Group Holding Limited ADR †		61,600	$	11,533,368
Alphabet Incorporated Class A †		26,300		32,275,886
Alphabet Incorporated Class C †		9,485		11,545,711
Facebook Incorporated Class A †		40,600		7,006,748
MercadoLibre Incorporated		33,900		11,624,649
Tencent Holdings Limited ADR		200,300		9,153,710
Yandex NV Class A †		171,500		6,167,140
				89,307,212
IT Services: 16.03%
Black Knight Incorporated †		209,300		10,810,345
EPAM Systems Incorporated †		95,041		12,375,289
Euronet Worldwide Incorporated †		72,000		6,619,680
Fidelity National Information Services Incorporated		68,800		7,095,344
First Data Corporation Class A †		892,000		20,747,920
FleetCor Technologies Incorporated †		32,900		7,139,300
Gartner Incorporated †		65,600		8,884,208
PayPal Holdings Incorporated †		54,500		4,476,630
Total System Services Incorporated		81,000		7,414,740
Visa Incorporated Class A		242,504		33,159,997
WEX Incorporated †		68,002		12,908,140
				131,631,593
Semiconductors & Semiconductor Equipment: 0.69%
Infineon Technologies AG ADR		212,800		5,644,520
Software: 15.35%
Activision Blizzard Incorporated		113,000		8,296,460
Autodesk Incorporated †		53,400		6,858,696
Microsoft Corporation		495,200		52,530,816
Nintendo Company Limited		203,738		8,693,500
Red Hat Incorporated †		68,600		9,688,378
Salesforce.com Incorporated †		102,800		14,099,020
ServiceNow Incorporated †		44,100		7,759,836
Take-Two Interactive Software Incorporated †		102,600		11,595,852
Ultimate Software Group Incorporated †		23,700		6,562,293
				126,084,851
Materials: 5.57%
Chemicals: 4.21%
Air Products & Chemicals Incorporated		70,100		11,508,317
Albemarle Corporation		87,600		8,251,920
The Sherwin-Williams Company		33,600		14,808,528
				34,568,765
Construction Materials: 1.36%
Vulcan Materials Company		99,800		11,177,600

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

14 Wells Fargo Omega Growth Fund Portfolio of investments—July 31, 2018

Security name				Shares		Value
Real Estate: 0.32%
Equity REITs: 0.32%
SBA Communications Corporation †					16,600	$	2,626,950
Total Common Stocks (Cost $524,690,984)							815,606,188
	Yield
Short-Term Investments: 1.48%
Investment Companies: 1.48%
Securities Lending Cash Investment LLC (l)(r)(u)		2.10	%		6,508,449		6,509,100
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83			5,594,599		5,594,599
Total Short-Term Investments (Cost $12,103,699)							12,103,699

Total investments in securities (Cost $536,794,683)	100.79	%		827,709,887
Other assets and liabilities, net	(0.79	)		(6,458,871	)
Total net assets	100.00	%	$	821,251,016

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

† Non-income-earning security

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the 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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		3,211,364		198,547,677		195,250,592		6,508,449	$	2	$	(1	)	$	27,801	$	6,509,100
Wells Fargo Government Money Market Fund Select Class		370,082		165,268,372		160,043,855		5,594,599		0		0			66,460		5,594,599
									$	2	$	(1	)	$	94,261	$	12,103,699		1.48	%

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

Statement of assets and liabilities—July 31, 2018 Wells Fargo Omega Growth Fund 15

Assets
Investments in unaffiliated securities (including $6,489,822 of securities loaned), at value (cost $524,690,984)	$	815,606,188
Investments in affiliated securities, at value (cost $12,103,699)		12,103,699
Receivable for investments sold		1,691,475
Receivable for Fund shares sold		234,228
Receivable for dividends		90,721
Receivable for securities lending income		435
Prepaid expenses and other assets		62,665
Total assets		829,789,411
Liabilities
Payable upon receipt of securities loaned		6,509,065
Payable for Fund shares redeemed		1,133,514
Management fee payable		532,493
Administration fees payable		141,371
Distribution fees payable		41,897
Trustees’ fees and expenses payable		1,481
Accrued expenses and other liabilities		178,574
Total liabilities		8,538,395
Total net assets	$	821,251,016
NET ASSETS CONSIST OF
Paid-in capital	$	455,796,831
Accumulated net investment loss		(23,665	)
Accumulated net realized gains on investments		74,562,646
Net unrealized gains on investments		290,915,204
Total net assets	$	821,251,016
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	662,750,925
Shares outstanding – Class A1		12,101,452
Net asset value per share – Class A		$54.77
Maximum offering price per share – Class A2		$58.11
Net assets – Class C	$	62,074,076
Shares outstanding – Class C1		1,632,577
Net asset value per share – Class C		$38.02
Net assets – Class R	$	7,493,805
Shares outstanding – Class R1		144,327
Net asset value per share – Class R		$51.92
Net assets – Administrator Class	$	24,139,825
Shares outstanding – Administrator Class1		406,429
Net asset value per share – Administrator Class		$59.39
Net assets – Institutional Class	$	64,792,385
Shares outstanding – Institutional Class1		1,060,420
Net asset value per share – Institutional Class		$61.10

¹  The Fund has an unlimited number of authorized shares.

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

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

16 Wells Fargo Omega Growth Fund Statement of operations—year ended July 31, 2018

Investment income
Dividends (net of foreign withholding taxes of $38,018)	$	4,951,573
Income from affiliated securities		94,261
Total investment income		5,045,834
Expenses
Management fee		6,073,170
Administration fees
Class A		1,309,654
Class C		132,809
Class R		14,665
Administrator Class		27,595
Institutional Class		79,723
Shareholder servicing fees
Class A		1,559,112
Class C		158,106
Class R		17,255
Administrator Class		53,068
Distribution fees
Class C		474,317
Class R		17,458
Custody and accounting fees		42,417
Professional fees		52,177
Registration fees		79,578
Shareholder report expenses		64,769
Trustees’ fees and expenses		22,210
Other fees and expenses		18,760
Total expenses		10,196,843
Less: Fee waivers and/or expense reimbursements		(87,516	)
Net expenses		10,109,327
Net investment loss		(5,063,493	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		102,987,064
Affiliated securities		2
Net realized gains on investments		102,987,066
Net change in unrealized gains (losses) on:
Unaffiliated securities		85,525,119
Affiliated securities		(1	)
Net change in unrealized gains (losses) on investments		85,525,118
Net realized and unrealized gains (losses) on investments		188,512,184
Net increase in net assets resulting from operations	$	183,448,691

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

Statement of changes in net assets Wells Fargo Omega Growth Fund 17

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment loss				$	(5,063,493	)				$	(3,775,501	)
Net realized gains on investments					102,987,066						105,143,718
Net change in unrealized gains (losses) on investments					85,525,118						20,481,932
Net increase in net assets resulting from operations					183,448,691						121,850,149
Distributions to shareholders from
Net realized gains
Class A					(78,031,973	)					(14,517,010	)
Class B					N/A						(74,045	)1
Class C					(10,985,719	)					(2,315,756	)
Class R					(974,995	)					(182,366	)
Administrator Class					(2,304,666	)					(492,743	)
Institutional Class					(6,956,178	)					(1,888,610	)
Total distributions to shareholders					(99,253,531	)					(19,470,530	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		362,012			18,469,654			386,109			17,173,940
Class B		N/A			N/A			11	1		310	1
Class C		55,872			2,013,265			78,754			2,557,877
Class R		59,297			2,898,358			32,485			1,390,762
Administrator Class		59,693			3,308,304			29,254			1,389,488
Institutional Class		204,162			11,775,351			660,341			31,392,598
					38,464,932						53,904,975
Reinvestment of distributions
Class A		1,554,465			74,101,364			328,215			13,634,032
Class B		N/A			N/A			2,395	1		73,511	1
Class C		318,920			10,604,105			68,889			2,121,773
Class R		11,375			514,829			1,939			77,183
Administrator Class		39,989			2,065,019			10,178			452,700
Institutional Class		123,732			6,562,759			40,190			1,825,826
					93,848,076						18,185,025
Payment for shares redeemed
Class A		(1,588,303	)		(81,411,378	)		(2,356,992	)		(103,241,366	)
Class B		N/A			N/A			(111,214	)1		(3,587,613	)1
Class C		(456,893	)		(16,729,771	)		(751,077	)		(24,503,753	)
Class R		(59,515	)		(2,895,636	)		(147,893	)		(6,089,364	)
Administrator Class		(66,020	)		(3,608,448	)		(500,001	)		(22,798,416	)
Institutional Class		(429,386	)		(24,161,795	)		(1,192,233	)		(56,958,674	)
					(128,807,028	)					(217,179,186	)
Net increase (decrease) in net assets resulting from capital share transactions					3,505,980						(145,089,186	)
Total increase (decrease) in net assets					87,701,140						(42,709,567	)
Net assets
Beginning of period					733,549,876						776,259,443
End of period				$	821,251,016					$	733,549,876
Accumulated net investment loss				$	(23,665	)				$	(2,688,066	)

¹  For the period from August 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

18 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$49.43			$42.73			$48.29			$49.99			$47.97
Net investment loss		(0.32	)1		(0.22	)1		(0.19	)1		(0.28	)1		(0.49	)
Net realized and unrealized gains (losses) on investments		12.57			8.07			(1.44	)		5.12			8.28
Total from investment operations		12.25			7.85			(1.63	)		4.84			7.79
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$54.77			$49.43			$42.73			$48.29			$49.99
Total return2		26.86	%		18.88	%		(3.07	)%		10.65	%		16.58	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.28	%		1.32	%		1.32	%
Net expenses		1.28	%		1.28	%		1.28	%		1.30	%		1.30	%
Net investment loss		(0.63	)%		(0.50	)%		(0.47	)%		(0.58	)%		(0.84	)%
Supplemental data
Portfolio turnover rate		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$662,751			$581,967			$573,304			$685,005			$724,071

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Omega Growth Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$36.47			$32.07			$37.55			$40.56			$40.15
Net investment loss		(0.50	)1		(0.41	)1		(0.39	)1		(0.51	)1		(0.65	)1
Net realized and unrealized gains (losses) on investments		8.96			5.96			(1.16	)		4.04			6.83
Total from investment operations		8.46			5.55			(1.55	)		3.53			6.18
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$38.02			$36.47			$32.07			$37.55			$40.56
Total return2		25.88	%		18.00	%		(3.75	)%		9.79	%		15.73	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.03	%		2.07	%		2.07	%
Net expenses		2.03	%		2.03	%		2.03	%		2.05	%		2.05	%
Net investment loss		(1.38	)%		(1.24	)%		(1.22	)%		(1.33	)%		(1.59	)%
Supplemental data
Portfolio turnover rate		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$62,074			$62,543			$74,337			$99,100			$108,073

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2018			2017			2016			2015			2014
Net asset value, beginning of period		$47.30			$41.04			$46.66			$48.62			$46.90
Net investment loss		(0.43	)1		(0.30	)1		(0.29	)1		(0.39	)1		(0.53	)1
Net realized and unrealized gains (losses) on investments		11.96			7.71			(1.40	)		4.97			8.02
Total from investment operations		11.53			7.41			(1.69	)		4.58			7.49
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$51.92			$47.30			$41.04			$46.66			$48.62
Total return		26.53	%		18.58	%		(3.30	)%		10.38	%		16.30	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.53	%		1.53	%		1.57	%		1.57	%
Net expenses		1.53	%		1.53	%		1.53	%		1.55	%		1.55	%
Net investment loss		(0.88	)%		(0.72	)%		(0.71	)%		(0.83	)%		(1.09	)%
Supplemental data
Portfolio turnover rate		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$7,494			$6,298			$10,122			$17,199			$20,095

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Omega Growth Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$52.99			$45.65			$51.20			$52.50			$50.00
Net investment loss		(0.25	)1		(0.12	)1		(0.12	)1		(0.17	)1		(0.31	)1
Net realized and unrealized gains (losses) on investments		13.56			8.61			(1.50	)		5.41			8.58
Total from investment operations		13.31			8.49			(1.62	)		5.24			8.27
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$59.39			$52.99			$45.65			$51.20			$52.50
Total return		27.07	%		19.08	%		(2.84	)%		10.91	%		16.89	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.20	%		1.19	%		1.15	%		1.15	%
Net expenses		1.10	%		1.10	%		1.08	%		1.05	%		1.05	%
Net investment loss		(0.45	)%		(0.25	)%		(0.27	)%		(0.33	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$24,140			$19,754			$38,039			$86,756			$115,281

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$54.21			$46.55			$52.01			$53.10			$50.40
Net investment loss		(0.11	)1		(0.03	)1		(0.00	)2		(0.04	)1		(0.24	)
Net realized and unrealized gains (losses) on investments		13.91			8.84			(1.53	)		5.49			8.71
Total from investment operations		13.80			8.81			(1.53	)		5.45			8.47
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$61.10			$54.21			$46.55			$52.01			$53.10
Total return		27.39	%		19.40	%		(2.61	)%		11.20	%		17.17	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.95	%		0.95	%		0.90	%		0.89	%
Net expenses		0.85	%		0.85	%		0.83	%		0.80	%		0.80	%
Net investment loss		(0.20	)%		(0.06	)%		(0.01	)%		(0.09	)%		(0.36	)%
Supplemental data
Portfolio turnover rate		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$64,792			$62,987			$76,980			$87,085			$49,960

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

Notes to financial statements Wells Fargo Omega Growth Fund 23

1. ORGANIZATION

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

Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

24 Wells Fargo Omega Growth Fund Notes to financial statements

Security lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $537,584,459 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	298,407,596
Gross unrealized losses		(8,282,168	)
Net unrealized gains	$	290,125,428

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between

Notes to financial statements Wells Fargo Omega Growth Fund 25

financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At July 31, 2018, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Accumulated net investment loss	Accumulated net realized gains on investments
$7,727,894	$(7,727,894)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	144,306,690	$	0	$	0	$	144,306,690
Consumer staples		12,634,546		0		0		12,634,546
Energy		5,886,297		0		0		5,886,297
Financials		36,090,048		0		0		36,090,048
Health care		84,265,209		0		0		84,265,209
Industrials		115,015,363		0		0		115,015,363
Information technology		369,034,720		0		0		369,034,720
Materials		45,746,365		0		0		45,746,365
Real estate		2,626,950		0		0		2,626,950
Short-term investments
Investment companies		5,594,599		0		0		5,594,599
Investments measured at net asset value*								6,509,100
Total assets	$	821,200,787	$	0	$	0	$	827,709,887

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $6,509,100 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

26 Wells Fargo Omega Growth Fund Notes to financial statements

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $17,100 from the sale of Class A shares and $123 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended July 31, 2018.

Shareholder servicing fees

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

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

Notes to financial statements Wells Fargo Omega Growth Fund 27

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $367,526,299 and $822,115,288, respectively

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $99,253,531 and $19,470,530 of long-term capital gain for the years ended July 31, 2018 and July 31, 2017, respectively.

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$12,379,292	$62,973,130	$290,125,428

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

28 Wells Fargo Omega Growth Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Omega Growth Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

Other information (unaudited) Wells Fargo Omega Growth Fund 29

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $99,253,531 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

30 Wells Fargo Omega Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation: Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Omega Growth Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

32 Wells Fargo Omega Growth Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Omega Growth Fund 33

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Omega Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Omega Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by

34 Wells Fargo Omega Growth Fund Other information (unaudited)

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 3000 Growth Index, for the one- and ten-year periods under review, but lower than its benchmark index for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance. The Board also took note of the Fund’s outperformance relative to the Universe and benchmark over the more recent time periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for each share class except Class A and Institutional Class. However, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class, including Class A and Institutional Class.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Other information (unaudited) Wells Fargo Omega Growth Fund 35

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

36 Wells Fargo Omega Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

Appendix A (unaudited) Wells Fargo Omega Growth Fund 37

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

38 Wells Fargo Omega Growth Fund Appendix A (unaudited)

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314803 09-18 A211/AR211 07-18

Annual Report

July 31, 2018

Wells Fargo
Premier Large Company Growth 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	25
Report of independent registered public accounting firm	30
Other information	31
Appendix A	38

The views expressed and any forward-looking statements are as of July 31, 2018, 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 Premier Large Company Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Premier Large Company Growth Fund for the 12-month period that ended July 31, 2018. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 16.24%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 5.94%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ added 4.36%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.80% while fixed-income investments outside the U.S. fell 0.27%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 0.99%, and the ICE BofAML U.S. High Yield Index⁷ was up 2.49%.

Volatility increased as summer turned to fall in 2017, although data generally was favorable.

During the third quarter of 2017, investor expectations rose and fell amid shifting geopolitical tensions, particularly in Asia as North Korea’s nuclear aspirations and U.S./China trade rhetoric caused concerns. In the U.S., corporate earnings and consumer confidence improved. The U.S. Bureau of Economic Analysis reported that annualized U.S. gross domestic product (GDP) growth for the quarter was 2.8%. The rate of inflation was below the U.S. Federal Reserve’s (Fed’s) targets.

Economic momentum increased in Europe; the European Central Bank (ECB) held its rates steady at low levels and continued its quantitative easing bond-buying program with the goal of sparking economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar while commodity price increases benefited countries that rely on natural resources for exports.

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

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

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Premier Large Company Growth Fund 3

The fourth quarter of 2017 was characterized by continued optimism in the U.S.

By the end of 2017, some observers were describing conditions as a Goldilocks economic scenario: synchronized global growth, low inflation, and healthy corporate earnings, all supported abroad by a weaker U.S. dollar.

U.S. stocks continued to rally during the fourth quarter of 2017, boosted by favorable company earnings and the potential for tax reform and industry deregulation. The Fed increased rates by 25 basis points (bps; 100 bps equal 1.00%) in December. The annualized GDP growth rate for the fourth quarter was 2.3%.

Internationally, the Bank of England (BoE) raised interest rates in November 2017 to 0.50%, the first increase in more than 10 years and a move up from the 0.25% rate put in place after the Brexit vote to leave the European Union in June 2016. The pound gained against other currencies. Meanwhile, the ECB and the Bank of Japan maintained interest rate policies and bond-buying programs intended to spur business activities and enhance the attractiveness of equity investments. The People’s Bank of China (PBOC) also continued policies that encouraged business investment. International equity markets, particularly emerging markets, continued to show strength.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

The Fed increased the federal funds rate by 25 bps in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter GDP growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the 7-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

4 Wells Fargo Premier Large Company Growth Fund Letter to shareholders (unaudited)

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the BoE’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, PBOC monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Letter to shareholders (unaudited) Wells Fargo Premier Large Company Growth Fund 5

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

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.

6 Wells Fargo Premier Large Company Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Robert Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®

Average annual total returns (%) as of July 31, 2018¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKJAX)	1-20-1998		19.24		11.95		11.62		26.54		13.29		12.29		1.14		1.11
Class C (EKJCX)	1-22-1998		24.68		12.45		11.45		25.68		12.45		11.45		1.89		1.86
Class R4 (EKJRX)	11-30-2012		–		–		–		27.06		13.66		12.64		0.86		0.80
Class R6 (EKJFX)	11-30-2012		–		–		–		27.27		13.82		12.74		0.71		0.65
Administrator Class (WFPDX)	7-16-2010		–		–		–		26.70		13.45		12.43		1.06		1.00
Institutional Class (EKJYX)	6-30-1999		–		–		–		27.17		13.77		12.71		0.81		0.70
Russell 1000® Growth Index4	–		–		–		–		22.84		15.83		12.37		–		–

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.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Premier Large Company Growth Fund 7

Growth of $10,000 investment as of July 31, 2018⁵

^‡ Mr. Gruendyke became a portfolio manager of the Fund on December 1, 2017.

¹  Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

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

³  The manager has contractually committed through November 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 (if any), and extraordinary expenses are excluded from 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 (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, 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.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Premier Large Company Growth Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2018.

∎ Holdings within consumer discretionary, industrials, information technology (IT), and materials and an underweight to consumer staples aided the Fund’s performance for the period.

∎ The Fund’s performance was inhibited by stocks within the health care sector.

The equity market has remained buoyant over the trailing one-year period as strong economic fundamentals have outweighed a series of geopolitical issues, many of which were exacerbated during the first half of 2018. Strong equity performance largely has been an earnings story as robust profits have supported the market, particularly companies benefiting from secular growth drivers. For example, the success of many of our holdings in gaining share in their respective rapidly growing vertical markets has led to strong growth in revenues, cash flow, and earnings for these companies. Despite the increased volatility that emerged during the beginning of 2018, we have managed to navigate the volatility in the market well, trading around the valuation gap of many of our holdings to generate outperformance. With monetary policy expected to tighten, we believe that a tempered rise in rates is beneficial to faster-growth equities as it mollifies the bond proxy trade that has been a headwind to our investing style in recent years.

Ten largest holdings (%) as of July 31, 20186
Amazon.com Incorporated	7.44
Alphabet Incorporated Class A	6.23
Microsoft Corporation	4.06
Visa Incorporated Class A	3.95
Facebook Incorporated Class A	3.69
Microchip Technology Incorporated	2.91
MasterCard Incorporated Class A	2.82
PayPal Holdings Incorporated	2.53
The Home Depot Incorporated	2.12
Texas Instruments Incorporated	2.00

Performance of consumer discretionary holdings benefited Fund performance.

Select holdings within the consumer discretionary sector were the best-performing area of the Fund. Robust e-commerce and retail sales were driven by strong spending data, which aided companies like Amazon.com, Incorporated, as well as discount retailers like Burlington Stores, Incorporated, with differentiated concepts that offer low prices, convenience, fresh inventory, and economies of scale that cater to a distinct demographic. In addition, select railroad holdings from the industrials sector contributed to performance as firms like Norfolk Southern Corporation reported strong rail volumes and effective cost discipline, which boosted its bottom line.

We remain overweight railroad companies due to their cost efficiencies and environmental benefits of shipping goods across the country.

Sector distribution as of July 31, 2018⁷

Other areas of the Fund that performed well were the high growth areas such as payment processing and software-as-a-service industries within IT that generated market-share penetration and margin expansion in their respective vertical markets. Within the payment space, the movement toward e-commerce has had a positive effect on overall demand as more consumers are moving from cash to digital payments. Within software, demand remained strong as corporate spending continued to rise, coupled with next-generation cloud computing platforms that garnered a disproportionate share of new business at the expense of legacy solutions in recent years. The Fund’s underweight to consumer staples

also added to relative performance as many high-dividend-yielding equities have struggled in conjunction with a rise in fixed-income yields.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Premier Large Company Growth Fund 9

Certain health care holdings detracted from performance.

Select holdings in the health care sector inhibited relative returns during the period. Biotechnology stocks like Alexion Pharmaceuticals, Incorporated, retraced prior price gains after reporting less-than-inspiring earnings results, with increasing competition impending on some of their key drugs. Throughout the course of the period, we reduced our exposure to the health care sector and the biotechnology industry within it. Although we believe that the industry remains innovative, many larger biopharma companies are facing questions around competition in existing core franchises and sustainability of growth after the future loss of exclusivity in key drugs.

Our view of faster-growth stocks is positive.

We are very positive on the outlook for faster-growth stocks, a core focus of our investment process. Many of these companies are trading at attractive valuations relative to the rest of the market. Additionally, many of our portfolio companies have continued to deliver strong revenue, cash flow, and earnings growth, which were rewarded by the market during the period. We believe that market leadership by growth stocks has been influenced by strong earnings fundamentals over the past several quarters. We also contend that growth companies should benefit from tax reform, influenced by their ability to retain much of the additional post-tax-reform profits. This is in contrast to many cyclical value-oriented names where, in our analysis, the tax benefits have been largely arbitraged away. Going forward, the faster-growing stocks emphasized in our investment process should continue to drive robust growth through pricing power and strong customer demand in an environment of slightly increased costs and uneven global growth trends.

10 Wells Fargo Premier Large Company Growth Fund 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 February 1, 2018 to July 31, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,049.34	$	5.73		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C
Actual	$	1,000.00	$	1,045.81	$	9.59		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R4
Actual	$	1,000.00	$	1,051.61	$	4.14		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,052.39	$	3.36		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,049.93	$	5.17		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,051.86	$	3.62		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

¹ 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).

Portfolio of investments—July 31, 2018 Wells Fargo Premier Large Company Growth Fund 11

Security name	Shares		Value
Common Stocks: 99.71%
Consumer Discretionary: 15.56%
Hotels, Restaurants & Leisure: 0.89%
Royal Caribbean Cruises Limited		200,320	$	22,588,083
Internet & Direct Marketing Retail: 7.92%
Amazon.com Incorporated †		106,800		189,830,592
Netflix Incorporated †		36,610		12,354,045
				202,184,637
Media: 0.99%
Live Nation Incorporated †		513,510		25,305,773
Multiline Retail: 0.73%
Dollar Tree Incorporated †		203,850		18,607,428
Specialty Retail: 5.03%
Burlington Stores Incorporated †		218,420		33,376,760
O’Reilly Automotive Incorporated †		73,650		22,536,900
The Home Depot Incorporated		273,640		54,049,373
ULTA Beauty Incorporated †		75,400		18,427,006
				128,390,039
Consumer Staples: 3.44%
Beverages: 1.55%
Constellation Brands Incorporated Class A		113,150		23,787,525
The Coca-Cola Company		336,490		15,690,529
				39,478,054
Food & Staples Retailing: 1.13%
Costco Wholesale Corporation		131,590		28,780,049
Personal Products: 0.76%
The Estee Lauder Companies Incorporated Class A		144,370		19,481,288
Energy: 1.08%
Oil, Gas & Consumable Fuels: 1.08%
Concho Resources Incorporated †		188,470		27,488,350
Financials: 5.71%
Capital Markets: 5.71%
CME Group Incorporated		226,810		36,090,007
E*TRADE Financial Corporation †		170,100		10,173,681
MarketAxess Holdings Incorporated		159,610		30,927,630
Raymond James Financial Incorporated		287,646		26,345,497
TD Ameritrade Holding Corporation		222,760		12,730,734
The Charles Schwab Corporation		575,610		29,390,647
				145,658,196

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

12 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—July 31, 2018

Security name	Shares		Value
Health Care: 12.73%
Biotechnology: 4.71%
Agios Pharmaceuticals Incorporated †		118,820	$	10,267,236
Alexion Pharmaceuticals Incorporated †		158,940		21,132,662
BioMarin Pharmaceutical Incorporated †		52,200		5,249,232
Neurocrine Biosciences Incorporated †		232,900		23,404,121
Sage Therapeutics Incorporated †		80,050		11,552,816
Vertex Pharmaceuticals Incorporated †		277,930		48,651,647
				120,257,714
Health Care Equipment & Supplies: 2.82%
Abbott Laboratories		299,600		19,635,784
Boston Scientific Corporation †		991,750		33,332,718
Edwards Lifesciences Corporation †		27,810		3,961,535
Intuitive Surgical Incorporated †		29,360		14,920,458
				71,850,495
Health Care Providers & Services: 0.86%
Centene Corporation †		169,160		22,046,623
Health Care Technology: 0.66%
Veeva Systems Incorporated Class A †		223,930		16,935,826
Life Sciences Tools & Services: 2.08%
Agilent Technologies Incorporated		336,290		22,208,592
PRA Health Sciences Incorporated †		293,900		30,900,646
				53,109,238
Pharmaceuticals: 1.60%
Zoetis Incorporated		470,298		40,671,371
Industrials:14.61%
Aerospace & Defense: 2.51%
HEICO Corporation		225,733		17,239,153
The Boeing Company		131,220		46,753,686
				63,992,839
Air Freight & Logistics: 1.08%
FedEx Corporation		5,780		1,421,129
XPO Logistics Incorporated †		262,010		26,127,637
				27,548,766
Airlines: 0.88%
Southwest Airlines Company		387,450		22,534,092
Commercial Services & Supplies: 2.69%
KAR Auction Services Incorporated		497,287		29,563,712
Waste Connections Incorporated		504,155		39,127,470
				68,691,182

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

Portfolio of investments—July 31, 2018 Wells Fargo Premier Large Company Growth Fund 13

Security name	Shares		Value
Construction & Engineering: 0.51%
MasTec Incorporated †		279,310	$	13,001,881
Industrial Conglomerates: 1.08%
Honeywell International Incorporated		173,400		27,683,310
Machinery: 1.04%
Fortive Corporation		322,065		26,435,095
Professional Services: 1.85%
CoStar Group Incorporated †		79,290		32,972,747
TransUnion		196,640		14,236,736
				47,209,483
Road & Rail: 2.97%
CSX Corporation		150,930		10,667,732
Norfolk Southern Corporation		139,960		23,653,240
Union Pacific Corporation		276,160		41,393,622
				75,714,594
Information Technology: 43.98%
Electronic Equipment, Instruments & Components: 1.04%
TE Connectivity Limited		282,890		26,470,017
Internet Software & Services: 12.28%
Alibaba Group Holding Limited ADR †		40,690		7,618,389
Alphabet Incorporated Class A †		129,560		158,998,623
Alphabet Incorporated Class C †		20,588		25,060,949
Facebook Incorporated Class A †		545,430		94,130,309
Match Group Incorporated †«		230,890		8,339,747
MercadoLibre Incorporated		21,310		7,307,412
Shopify Incorporated Class A †«		85,200		11,775,492
				313,230,921
IT Services: 10.85%
Euronet Worldwide Incorporated †		20,656		1,899,113
Global Payments Incorporated		160,410		18,057,354
MasterCard Incorporated Class A		363,890		72,050,220
PayPal Holdings Incorporated †		785,080		64,486,471
Square Incorporated Class A †		300,570		19,431,851
Visa Incorporated Class A		737,720		100,875,833
				276,800,842
Semiconductors & Semiconductor Equipment: 6.73%
Broadcom Incorporated		3,703		821,214
Microchip Technology Incorporated «		794,130		74,195,566
Monolithic Power Systems Incorporated		95,010		12,605,927
NVIDIA Corporation		134,500		32,933,670
Texas Instruments Incorporated		458,390		51,027,975
				171,584,352

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

14 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—July 31, 2018

Security name				Shares		Value
Software: 12.55%
Activision Blizzard Incorporated					303,230	$	22,263,147
Adobe Systems Incorporated †					167,499		40,983,655
Microsoft Corporation					976,740		103,612,579
Pivotal Software Incorporated Class A †					454,456		10,429,765
Proofpoint Incorporated †					181,080		20,652,174
RealPage Incorporated †					232,480		12,809,648
salesforce.com Incorporated †					304,300		41,734,745
ServiceNow Incorporated †					142,800		25,127,088
Splunk Incorporated †					51,055		4,906,386
Take-Two Interactive Software Incorporated †					185,870		21,007,027
Ultimate Software Group Incorporated †					60,522		16,757,937
							320,284,151
Technology Hardware, Storage & Peripherals: 0.53%
Apple Incorporated					71,630		13,630,473
Materials: 1.89%
Chemicals: 1.89%
Praxair Incorporated					287,200		48,106,000
Real Estate: 0.71%
Real Estate Management & Development: 0.71%
CBRE Group Incorporated Class A †					363,770		18,115,740
Total Common Stocks (Cost $1,363,382,252)							2,543,866,902
	Yield
Short-Term Investments: 4.08%
Investment Companies: 4.08%
Securities Lending Cash Investment LLC (l)(r)(u)		2.10	%		94,411,945		94,421,386
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.83			9,566,578		9,566,578
Total Short-Term Investments (Cost $103,987,964)							103,987,964

Total investments in securities (Cost $1,467,370,216)	103.79	%		2,647,854,866
Other assets and liabilities, net	(3.79	)		(96,681,440	)
Total net assets	100.00	%	$	2,551,173,426

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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

Portfolio of investments—July 31, 2018 Wells Fargo Premier Large Company Growth Fund 15

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 purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		46,026,258		631,669,909		583,284,222		94,411,945	$	1,715	$	(1,715	)	$	140,280	$	94,421,386
Wells Fargo Government Money Market Fund Select Class		9,162,823		574,522,273		574,118,518		9,566,578		0		0			156,115		9,566,578
									$	1,715	$	(1,715	)	$	296,395	$	103,987,964		4.08	%

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

16 Wells Fargo Premier Large Company Growth Fund Statement of assets and liabilities—July 31, 2018

Assets
Investments in unaffiliated securities (including $91,945,385 of securities loaned, at value (cost $1,363,382,252)	$	2,543,866,902
Investments in affiliated securities, at value (cost $103,987,964)		103,987,964
Cash		38
Receivable for investments sold		15,545,635
Receivable for Fund shares sold		1,599,202
Receivable for dividends		478,945
Receivable for securities lending income		22,811
Prepaid expenses and other assets		104,121
Total assets		2,665,605,618
Liabilities
Payable upon receipt of securities loaned		94,418,425
Payable for investments purchased		14,421,218
Payable for Fund shares redeemed		3,207,839
Management fee payable		1,307,273
Administration fees payable		355,724
Distribution fee payable		130,403
Trustees’ fees and expenses payable		1,489
Accrued expenses and other liabilities		589,821
Total liabilities		114,432,192
Total net assets	$	2,551,173,426
NET ASSETS CONSIST OF
Paid-in capital	$	1,075,065,830
Accumulated net investment loss		(18,243	)
Accumulated net realized gains on investments		295,641,189
Net unrealized gains on investments		1,180,484,650
Total net assets	$	2,551,173,426
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,048,631,839
Shares outstanding – Class A1		69,423,043
Net asset value per share – Class A		$15.10
Maximum offering price per share – Class A2		$16.02
Net assets – Class C	$	201,137,668
Shares outstanding – Class C1		16,943,609
Net asset value per share – Class C		$11.87
Net assets – Class R4	$	3,726,719
Share outstanding – Class R41		237,561
Net asset value per share – Class R4		$15.69
Net assets – Class R6	$	196,933,849
Shares outstanding – Class R61		12,412,947
Net asset value per share – Class R6		$15.87
Net assets – Administrator Class	$	57,582,196
Shares outstanding – Administrator Class1		3,750,597
Net asset value per share – Administrator Class		$15.35
Net assets – Institutional Class	$	1,043,161,155
Shares outstanding – Institutional Class1		65,941,880
Net asset value per share – Institutional Class		$15.82

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended July 31, 2018 Wells Fargo Premier Large Company Growth Fund 17

Investment income
Dividends (net of foreign withholding taxes of $39,501)	$	18,690,844
Income from affiliated securities		296,395
Total investment income		18,987,239
Expenses
Management fee		16,327,413
Administration fees
Class A		2,158,740
Class C		427,230
Class R4		2,912
Class R6		53,784
Administrator Class		94,117
Institutional Class		1,281,353
Shareholder servicing fees
Class A		2,569,929
Class C		508,607
Class R4		3,640
Administrator Class		180,725
Distribution fee
Class C		1,525,821
Custody and accounting fees		162,714
Professional fees		53,951
Registration fees		130,254
Shareholder report expenses		216,101
Trustees’ fees and expenses		22,229
Other fees and expenses		76,635
Total expenses		25,796,155
Less: Fee waivers and/or expense reimbursements		(1,783,639	)
Net expenses		24,012,516
Net investment loss		(5,025,277	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		395,032,523
Affiliated securities		1,715
Net realized gains on investments		395,034,238
Net change in unrealized gains (losses) on:
Unaffiliated securities		194,198,557
Affiliated securities		(1,715	)
Net change in unrealized gains (losses) on investments		194,196,842
Net realized and unrealized gains (losses) on investments		589,231,080
Net increase in net assets resulting from operations	$	584,205,803

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

18 Wells Fargo Premier Large Company Growth Fund Statement of changes in net assets

	Year ended July 31, 2018						Year ended July 31, 2017
Operations
Net investment loss				$	(5,025,277	)				$	(2,578,112	)
Net realized gains on investments					395,034,238						573,282,638
Net change in unrealized gains (losses) on investments					194,196,842						(214,116,686	)
Net increase in net assets resulting from operations					584,205,803						356,587,840
Distributions to shareholders from
Net realized gains
Class A					(227,679,727	)					(141,609,478	)
Class B					N/A						(64,503	)1
Class C					(54,543,209	)					(28,218,921	)
Class R4					(746,155	)					(356,581	)
Class R6					(37,680,602	)					(14,601,788	)
Administrator Class					(18,099,486	)					(11,817,935	)
Institutional Class					(222,234,431	)					(94,245,557	)
Total distributions to shareholders					(560,983,610	)					(290,914,763	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,267,334			47,146,306			6,001,464			83,780,770
Class B		N/A			N/A			657	1		7,221	1
Class C		1,584,503			17,609,853			1,164,251			13,390,566
Class R4		75,453			1,179,600			67,177			939,076
Class R6		1,545,725			24,664,037			1,591,648			23,787,894
Administrator Class		561,343			8,469,670			991,894			14,305,839
Institutional Class		13,231,358			209,203,798			28,960,656			420,855,765
					308,273,264						557,067,131
Reinvestment of distributions
Class A		15,972,127			209,554,313			10,164,417			132,137,425
Class B		N/A			N/A			4,868	1		53,503	1
Class C		4,459,739			46,202,895			2,029,580			22,223,900
Class R4		54,558			741,983			26,770			356,581
Class R6		2,631,345			36,154,683			1,045,350			14,018,149
Administrator Class		1,320,910			17,607,730			870,110			11,433,242
Institutional Class		14,695,591			201,476,557			5,849,310			78,322,263
					511,738,161						258,545,063
Payment for shares redeemed
Class A		(14,159,720	)		(208,175,400	)		(67,446,125	)		(941,219,557	)
Class B		N/A			N/A			(74,169	)1		(895,170	)1
Class C		(5,118,687	)		(60,638,200	)		(10,665,863	)		(126,947,986	)
Class R4		(118,356	)		(1,890,437	)		(133,927	)		(1,970,170	)
Class R6		(2,515,229	)		(39,250,052	)		(3,768,974	)		(55,499,096	)
Administrator Class		(3,480,442	)		(50,915,269	)		(16,274,337	)		(233,767,928	)
Institutional Class		(21,905,645	)		(330,565,468	)		(47,785,920	)		(691,184,624	)
					(691,434,826	)					(2,051,484,531	)
Net increase (decrease) in net assets resulting from capital share transactions					128,576,599						(1,235,872,337	)
Total increase (decrease) in net assets					151,798,792						(1,170,199,260	)
Net assets
Beginning of period					2,399,374,634						3,569,573,894
End of period				$	2,551,173,426					$	2,399,374,634
Accumulated net investment loss				$	(18,243	)				$	(1,838,979	)

¹  For the period from August 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 19

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.34			$14.68			$16.28			$14.55			$12.57
Net investment loss		(0.05	)		(0.03	)1		(0.03	)		(0.03	)		(0.05	)
Net realized and unrealized gains (losses) on investments		3.56			2.12			(0.52	)		1.97			2.03
Total from investment operations		3.51			2.09			(0.55	)		1.94			1.98
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$15.10			$15.34			$14.68			$16.28			$14.55
Total return2		26.54	%		16.01	%		(3.22	)%		13.46	%		15.75	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.14	%		1.13	%		1.16	%		1.17	%
Net expenses		1.11	%		1.11	%		1.11	%		1.12	%		1.12	%
Net investment loss		(0.34	)%		(0.20	)%		(0.17	)%		(0.18	)%		(0.36	)%
Supplemental data
Portfolio turnover rate		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$1,048,632			$986,791			$1,697,746			$2,280,107			$1,908,455

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.86			$12.64			$14.27			$12.87			$11.20
Net investment loss		(0.13	)1		(0.12	)1		(0.12	)1		(0.13	)1		(0.14	)1
Net realized and unrealized gains (losses) on investments		2.89			1.77			(0.46	)		1.74			1.81
Total from investment operations		2.76			1.65			(0.58	)		1.61			1.67
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$11.87			$12.86			$12.64			$14.27			$12.87
Total return2		25.68	%		15.05	%		(3.92	)%		12.65	%		14.91	%
Ratios to average net assets (annualized)
Gross expenses		1.90	%		1.89	%		1.88	%		1.91	%		1.92	%
Net expenses		1.86	%		1.86	%		1.86	%		1.87	%		1.87	%
Net investment loss		(1.09	)%		(0.95	)%		(0.92	)%		(0.93	)%		(1.11	)%
Supplemental data
Portfolio turnover rate		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$201,138			$206,026			$296,896			$388,290			$374,136

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 21

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R4	2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.75			$15.00			$16.56			$14.75			$12.70
Net investment income (loss)		(0.00	)1,2		0.01	1		0.02	1		0.02			(0.01	)
Net realized and unrealized gains (losses) on investments		3.69			2.17			(0.53	)		2.00			2.06
					��
Total from investment operations		3.69			2.18			(0.51	)		2.02			2.05
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$15.69			$15.75			$15.00			$16.56			$14.75
Total return		27.06	%		16.30	%		(2.91	)%		13.82	%		16.14	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.86	%		0.85	%		0.83	%		0.84	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.02	)%		0.09	%		0.13	%		0.13	%		(0.11	)%
Supplemental data
Portfolio turnover rate		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$3,727			$3,559			$3,988			$2,129			$765

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

22 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.87			$15.08			$16.62			$14.77			$12.71
Net investment income		0.02	1		0.03	1		0.04	1		0.05			0.01
Net realized and unrealized gains (losses) on investments		3.73			2.19			(0.53	)		2.01			2.05
Total from investment operations		3.75			2.22			(0.49	)		2.06			2.06
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$15.87			$15.87			$15.08			$16.62			$14.77
Total return		27.27	%		16.48	%		(2.78	)%		14.00	%		16.29	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.71	%		0.70	%		0.68	%		0.69	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.12	%		0.25	%		0.28	%		0.29	%		0.09	%
Supplemental data
Portfolio turnover rate		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$196,934			$170,657			$179,198			$166,768			$163,871

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 23

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.52			$14.82			$16.41			$14.63			$12.62
Net investment loss		(0.03	)1		(0.01	)1		(0.00	)1,2		(0.00	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		3.61			2.14			(0.54	)		1.99			2.03
Total from investment operations		3.58			2.13			(0.54	)		1.99			2.01
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$15.35			$15.52			$14.82			$16.41			$14.63
Total return		26.70	%		16.14	%		(3.13	)%		13.73	%		15.93	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.06	%		1.04	%		1.00	%		1.00	%
Net expenses		1.00	%		1.00	%		0.98	%		0.95	%		0.95	%
Net investment loss		(0.22	)%		(0.06	)%		(0.02	)%		(0.01	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$57,582			$82,998			$292,900			$1,129,970			$1,325,864

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

24 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.84			$15.06			$16.61			$14.77			$12.71
Net investment income		0.01	1		0.02	1		0.03	1		0.03			0.01	1
Net realized and unrealized gains (losses) on investments		3.72			2.19			(0.53	)		2.02			2.05
Total from investment operations		3.73			2.21			(0.50	)		2.05			2.06
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$15.82			$15.84			$15.06			$16.61			$14.77
Total return		27.17	%		16.44	%		(2.85	)%		14.01	%		16.21	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.81	%		0.80	%		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.07	%		0.19	%		0.23	%		0.23	%		0.07	%
Supplemental data
Portfolio turnover rate		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$1,043,161			$949,344			$1,097,976			$1,313,281			$1,031,979

¹  Calculated based upon average shares outstanding

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

Notes to financial statements Wells Fargo Premier Large Company Growth Fund 25

1. ORGANIZATION

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

Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

26 Wells Fargo Premier Large Company Growth Fund Notes to financial statements

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $1,469,270,495 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,187,035,754
Gross unrealized losses		(8,451,383	)
Net unrealized gains	$	1,178,584,371

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary

Notes to financial statements Wells Fargo Premier Large Company Growth Fund 27

permanent difference causing such reclassification is due net operating losses. At July 31, 2018, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Accumulated net investment loss	Accumulated net realized gains on investments
$6,846,013	$(6,846,013)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	397,075,960	$	0	$	0	$	397,075,960
Consumer staples		87,739,391		0		0		87,739,391
Energy		27,488,350		0		0		27,488,350
Financials		145,658,196		0		0		145,658,196
Health care		324,871,267		0		0		324,871,267
Industrials		372,811,242		0		0		372,811,242
Information technology		1,122,000,756		0		0		1,122,000,756
Materials		48,106,000		0		0		48,106,000
Real estate		18,115,740		0		0		18,115,740
Short-term investments
Investment companies		9,566,578		0		0		9,566,578
Investments measured at net asset value*								94,421,386
Total assets	$	2,553,433,480	$	0	$	0	$	2,647,854,866

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $94,421,386 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

28 Wells Fargo Premier Large Company Growth Fund Notes to financial statements

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the year ended July 31, 2018, the management fee was equivalent to an annual rate of 0.66% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 1.00% for Administrator Class, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2018, Funds Distributor received $30,345 from the sale of Class A shares and $142 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2018.

Notes to financial statements Wells Fargo Premier Large Company Growth Fund 29

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2018 were $1,106,477,895 and $1,558,117,543, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the year ended July 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $560,983,610 and $290,914,763 of long-term capital gain for the years ended July 31, 2018 and July 31, 2017, respectively.

As of July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$2,032,129	$295,509,339	$1,178,584,371

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

30 Wells Fargo Premier Large Company Growth Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Premier Large Company Growth Fund (the “Fund”), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

September 24, 2018

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 31

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $560,983,610 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2018.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

32 Wells Fargo Premier Large Company Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 33

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

34 Wells Fargo Premier Large Company Growth Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn3 (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 77 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 35

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Premier Large Company Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Premier Large Company Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

36 Wells Fargo Premier Large Company Growth Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for the one- and ten-year periods under review, but lower than the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 1000 Growth Index, for the one- and ten-year periods under review, but lower than its benchmark for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance. The Board noted that the Fund experienced a portfolio manager change in 2018.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 37

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

38 Wells Fargo Premier Large Company Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Ameriprise

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available)

• Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the Fund’s prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

Automatic Exchange of Class C Shares Available at Ameriprise Financial

• Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Merrill Lynch

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Merrill Lynch affiliated investment advisory program

Appendix A (unaudited) Wells Fargo Premier Large Company Growth Fund 39

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund’s prospectus.

• Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

• Shares acquired through a right of reinstatement

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in the Fund’s prospectus

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley

Effective on or about July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed in the Fund’s prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares Available at Morgan Stanley

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

40 Wells Fargo Premier Large Company Growth Fund Appendix A (unaudited)

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This waiver is subject to the Fund’s policy regarding frequent purchases and redemption of Fund shares, as discussed under “Account Information—Frequent Purchases and Redemptions of Fund Shares” in the Fund’s prospectus.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

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

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

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

314804 09-18 A212/AR212 07-18

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by

the Registrant’s audit committee.

	Fiscal year ended July 31, 2018		Fiscal year ended July 31, 2017
Audit fees	$	347,729	$	336,286
Audit-related fees		—		—
Tax fees (1)		46,695		43,220
All other fees		—		—
	$	394,424	$	379,506

⁽¹⁾  Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit COE.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	September 24, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	September 24, 2018
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	September 24, 2018