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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

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)

Alexander Kymn

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: March 31

Registrant is making a filing for 9 of its series:

Wells Fargo Intrinsic Small Cap Value Fund, Wells Fargo Small Cap Core Fund, Wells Fargo Disciplined Small Cap Fund, Wells Fargo Small Cap Value Fund, Wells Fargo Special Small Cap Value Fund, Wells Fargo Traditional Small Cap Growth Fund, Wells Fargo Precious Metals Fund, Wells Fargo Specialized Technology Fund, and Wells Fargo Utility and Telecommunications Fund.

Date of reporting period: September 30, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

September 30, 2018

Wells Fargo Intrinsic Small Cap Value 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	24
Appendix A	31

The views expressed and any forward-looking statements are as of September 30, 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 Small Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Intrinsic Small Cap Value Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Intrinsic Small Cap Value Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Intrinsic Small Cap 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

Ann Miletti

Christopher G. Miller, CFA^®

Average annual total returns (%) as of September 30, 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 (WFSMX)	3-31-2008		2.97		7.84		8.42		9.24		9.12		9.06		1.55		1.36
Class C (WSCDX)	3-31-2008		7.43		8.30		8.26		8.43		8.30		8.26		2.30		2.11
Administrator Class (WFSDX)	4-8-2005		–		–		–		9.43		9.31		9.29		1.47		1.21
Institutional Class (WFSSX)	4-8-2005		–		–		–		9.65		9.52		9.52		1.22		1.01
Russell 2000® Value Index3	–		–		–		–		9.33		9.91		9.52		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 7

Ten largest holdings (%) as of September 30, 20184
WPX Energy Incorporated	2.58
Webster Financial Corporation	2.30
Sterling Bancorp	2.12
Bio-Rad Laboratories Incorporated Class A	2.10
AngioDynamics Incorporated	2.06
National General Holdings Corporation	2.03
Steris plc	2.02
Zions Bancorporation	1.95
Integer Holdings Corporation	1.90
Steelcase Incorporated Class A	1.82

Sector distribution as of September 30, 2018⁵

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through July 31, 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 1.35% for Class A, 2.10% for Class C, 1.20% for Administrator Class, and 1.00% 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.

³  The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁴  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.

⁵  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 Intrinsic Small Cap 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,048.32	$	6.93		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Class C
Actual	$	1,000.00	$	1,044.37	$	10.76		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.54	$	10.61		2.10	%
Administrator Class
Actual	$	1,000.00	$	1,049.28	$	6.16		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,050.23	$	5.14		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

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—September 30, 2018 (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 9

Security name	Shares		Value
Common Stocks: 97.28%
Communication Services: 1.35%
Entertainment: 0.96%
Lions Gate Entertainment Class B		32,875	$	765,985
Media: 0.39%
MDC Partners Incorporated Class A †		74,210		307,972
Consumer Discretionary: 7.98%
Auto Components: 3.72%
Dana Incorporated		60,978		1,138,459
Gentherm Incorporated †		18,308		832,099
Tenneco Incorporated		23,256		980,008
				2,950,566
Diversified Consumer Services: 0.93%
Houghton Mifflin Harcourt Company †		105,225		736,575
Hotels, Restaurants & Leisure: 1.14%
Playa Hotels & Resorts NV †		46,611		448,864
Red Robin Gourmet Burgers Incorporated †		11,314		454,257
				903,121
Internet & Direct Marketing Retail: 1.00%
Groupon Incorporated †		209,071		788,198
Textiles, Apparel & Luxury Goods: 1.19%
Carter’s Incorporated		9,592		945,771
Consumer Staples: 0.68%
Food Products: 0.68%
TreeHouse Foods Incorporated †		11,223		537,021
Energy: 7.62%
Oil, Gas & Consumable Fuels: 7.62%
Cimarex Energy Company		13,331		1,238,983
Concho Resources Incorporated †		3,783		577,853
GasLog Limited		38,909		768,453
Matador Resources Company †		42,622		1,408,657
WPX Energy Incorporated †		101,680		2,045,802
				6,039,748
Financials: 25.24%
Banks: 17.07%
Ameris Bancorp		25,936		1,185,275
First Midwest Bancorp Incorporated		26,068		693,148
LegacyTexas Financial Group		31,925		1,360,005
PacWest Bancorp		23,873		1,137,548
Pinnacle Financial Partners Incorporated		19,966		1,200,955

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

10 Wells Fargo Intrinsic Small Cap Value Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Banks (continued)
Renasant Corporation		24,418	$	1,006,266
Sterling Bancorp		76,355		1,679,810
United Community Bank		40,533		1,130,465
Webster Financial Corporation		30,944		1,824,458
Wintrust Financial Corporation		9,069		770,321
Zions Bancorporation		30,741		1,541,661
				13,529,912
Capital Markets: 1.58%
Stifel Financial Corporation		24,413		1,251,410
Insurance: 4.82%
CNO Financial Group Incorporated		65,032		1,379,979
First American Financial Corporation		16,167		834,056
National General Holdings Corporation		59,944		1,608,897
				3,822,932
Thrifts & Mortgage Finance: 1.77%
Essent Group Limited †		31,596		1,398,123
Health Care: 11.08%
Health Care Equipment & Supplies: 7.39%
AngioDynamics Incorporated †		75,173		1,634,261
Haemonetics Corporation †		9,751		1,117,270
Integer Holdings Corporation †		18,129		1,503,801
Steris plc		13,973		1,598,511
				5,853,843
Life Sciences Tools & Services: 3.69%
Bio-Rad Laboratories Incorporated Class A †		5,313		1,662,916
Bruker Corporation		37,850		1,266,083
				2,928,999
Industrials: 21.02%
Aerospace & Defense: 1.19%
Aerojet Rocketdyne Holdings †		27,794		944,718
Airlines: 1.41%
Spirit Airlines Incorporated †«		23,857		1,120,563
Building Products: 1.35%
Masonite International Corporation †		16,765		1,074,637
Commercial Services & Supplies: 4.96%
Interface Incorporated		54,864		1,281,074
KAR Auction Services Incorporated		20,184		1,204,783
Steelcase Incorporated Class A		77,991		1,442,834
				3,928,691

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 11

Security name	Shares		Value
Machinery: 5.80%
Altra Holdings Incorporated «		28,012	$	1,156,896
ITT Incorporated		17,137		1,049,813
Rexnord Corporation †		40,907		1,259,936
SPX Corporation †		33,919		1,129,842
				4,596,487
Road & Rail: 2.43%
Avis Budget Group Incorporated †		16,998		546,316
Genesee & Wyoming Incorporated Class A †		15,146		1,378,135
				1,924,451
Trading Companies & Distributors: 3.88%
Air Lease Corporation		22,757		1,044,091
GATX Corporation «		9,159		793,078
MRC Global Incorporated †		65,953		1,237,938
				3,075,107
Information Technology: 10.03%
Communications Equipment: 1.23%
Infinera Corporation †		133,368		973,586
Electronic Equipment, Instruments & Components: 6.03%
Anixter International Incorporated †		17,263		1,213,589
Avnet Incorporated		29,597		1,325,058
Synnex Corporation		9,789		829,128
Zebra Technologies Corporation Class A †		7,981		1,411,280
				4,779,055
IT Services: 2.48%
Conduent Incorporated †		59,623		1,342,710
WEX Incorporated †		3,086		619,545
				1,962,255
Software: 0.29%
Apptio Incorporated Class A †		6,276		231,961
Materials: 2.72%
Metals & Mining: 2.72%
Reliance Steel & Aluminum Company		14,004		1,194,401
Royal Gold Incorporated		12,460		960,168
				2,154,569
Real Estate: 9.56%
Equity REITs: 9.56%
Cousins Properties Incorporated		102,756		913,501
Four Corners Property Trust Incorporated		47,010		1,207,687
Hudson Pacific Properties Incorporated		39,313		1,286,321
Outfront Media Incorporated		36,170		721,592

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

12 Wells Fargo Intrinsic Small Cap Value Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name				Shares		Value
Equity REITs (continued)
Physicians Realty Trust					76,640	$	1,292,150
Retail Opportunity Investment Corporation					67,205		1,254,717
Taubman Centers Incorporated					15,039		899,783
							7,575,751
Total Common Stocks (Cost $61,469,212)							77,102,007
	Yield
Short-Term Investments: 5.29%
Investment Companies: 5.29%
Securities Lending Cash Investment LLC (l)(r)(u)		2.17	%		2,091,609		2,091,818
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99			2,103,322		2,103,322
Total Short-Term Investments (Cost $4,195,071)							4,195,140

Total investments in securities (Cost $65,664,283)	102.57	%		81,297,147
Other assets and liabilities, net	(2.57	)		(2,036,954	)
Total net assets	100.00	%	$	79,260,193

† 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:

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 Portfolio 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		4,579,892		13,774,183		16,262,466		2,091,609	$	(32	)	$	0	$	9,659	$	2,091,818
Wells Fargo Government Money Market Fund Select Class		893,311		9,723,081		8,513,070		2,103,322		0			0		16,843		2,103,322
									$	(32	)	$	0	$	26,502	$	4,195,140		5.29	%

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

Statement of assets and liabilities—September 30, 2018 (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 13

Assets
Investments in unaffiliated securities (including $1,944,156 of securities loaned), at value (cost $61,469,212)	$	77,102,007
Investments in affiliated securities, at value (cost $4,195,071)		4,195,140
Receivable for investments sold		1,346,229
Receivable for Fund shares sold		4,266
Receivable for dividends		64,739
Receivable for securities lending income		3,545
Prepaid expenses and other assets		41,347
Total assets		82,757,273
Liabilities
Payable upon receipt of securities loaned		2,091,325
Payable for investments purchased		1,219,003
Payable for Fund shares redeemed		90,295
Management fee payable		43,919
Administration fees payable		11,967
Trustees’ fees and expenses payable		928
Distribution fee payable		481
Accrued expenses and other liabilities		39,162
Total liabilities		3,497,080
Total net assets	$	79,260,193
NET ASSETS CONSIST OF
Paid-in capital	$	61,336,984
Total distributable earnings		17,923,209
Total net assets	$	79,260,193
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	50,220,068
Shares outstanding – Class A1		1,522,592
Net asset value per share – Class A		$32.98
Maximum offering price per share – Class A2		$34.99
Net assets – Class C	$	706,676
Shares outstanding – Class C1		23,091
Net asset value per share – Class C		$30.60
Net assets – Administrator Class	$	1,265,406
Shares outstanding – Administrator Class1		37,620
Net asset value per share – Administrator Class		$33.64
Net assets – Institutional Class	$	27,068,043
Shares outstanding – Institutional Class1		794,172
Net asset value per share – Institutional Class		$34.08

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.

14 Wells Fargo Intrinsic Small Cap Value Fund Statement of operations—six months ended September 30, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $872)	$	520,746
Income from affiliated securities		26,502
Total investment income		547,248
Expenses
Management fee		344,804
Administration fees
Class A		53,917
Class C		872
Administrator Class		813
Institutional Class		18,005
Shareholder servicing fees
Class A		64,187
Class C		1,038
Administrator Class		1,563
Distribution fee
Class C		3,115
Custody and accounting fees		2,326
Professional fees		19,417
Registration fees		30,105
Shareholder report expenses		17,855
Trustees’ fees and expenses		11,535
Other fees and expenses		5,901
Total expenses		575,453
Less: Fee waivers and/or expense reimbursements		(74,120	)
Net expenses		501,333
Net investment income		45,915
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		2,754,542
Affiliated securities		(32	)
Net realized gains on investments		2,754,510
Net change in unrealized gains (losses) on investments		1,144,054
Net realized and unrealized gains (losses) on investments		3,898,564
Net increase in net assets resulting from operations	$	3,944,479

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

Statement of changes in net assets Wells Fargo Intrinsic Small Cap Value Fund 15

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 2018
Operations
Net investment income (loss)				$	45,915					$	(122,689	)
Net realized gains on investments					2,754,510						8,079,158
Net change in unrealized gains (losses) on investments					1,144,054						(1,592,607	)
Net increase in net assets resulting from operations					3,944,479						6,363,862
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		12,471			411,348			56,287			1,697,291
Class C		965			29,611			3,291			88,944
Administrator Class		2,290			77,297			9,745			302,977
Institutional Class		26,346			894,764			134,112			4,360,186
					1,413,020						6,449,398
Payment for shares redeemed
Class A		(110,690	)		(3,641,219	)		(261,867	)		(7,767,468	)
Class C		(6,535	)		(199,866	)		(11,065	)		(298,907	)
Administrator Class		(6,673	)		(215,749	)		(115,713	)		(3,702,140	)
Institutional Class		(95,910	)		(3,251,409	)		(1,288,079	)		(37,985,828	)
					(7,308,243	)					(49,754,343	)
Net decrease in net assets resulting from capital share transactions					(5,895,223	)					(43,304,945	)
Total decrease in net assets					(1,950,744	)					(36,941,083	)
Net assets
Beginning of period					81,210,937						118,152,020
End of period				$	79,260,193					$	81,210,937

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

16 Wells Fargo Intrinsic Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS A				2018			2017			2016			2015			20141
Net asset value, beginning of period		$31.46			$28.92			$23.49			$25.50			$23.53			$22.16			$15.96
Net investment income (loss)		0.00	2		(0.08	)3		(0.15	)3		0.22	3		0.04			0.02			0.03
Net realized and unrealized gains (losses) on investments		1.52			2.62			5.71			(2.09	)		1.93			1.35			6.17
Total from investment operations		1.52			2.54			5.56			(1.87	)		1.97			1.37			6.20
Distributions to shareholders from
Net investment income		0.00			0.00			(0.13	)		(0.14	)		0.00			0.00			0.00
Net asset value, end of period		$32.98			$31.46			$28.92			$23.49			$25.50			$23.53			$22.16
Total return4		4.83	%		8.78	%		23.68	%		(7.36	)%		8.37	%		6.33	%		38.66	%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.54	%		1.48	%		1.47	%		1.46	%		1.57	%		1.56	%
Net expenses		1.35	%		1.35	%		1.35	%		1.35	%		1.40	%		1.44	%		1.45	%
Net investment income (loss)		0.00	%		(0.26	)%		(0.57	)%		0.95	%		0.15	%		0.19	%		0.11	%
Supplemental data
Portfolio turnover rate		15	%		27	%		142	%		66	%		60	%		22	%		75	%
Net assets, end of period (000s omitted)		$50,220			$50,993			$52,817			$49,898			$817			$908			$967

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  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 Intrinsic Small Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS C				2018			2017			2016			2015			20141
Net asset value, beginning of period		$29.30			$27.14			$22.11			$24.04			$22.35			$21.12			$15.32
Net investment loss		(0.12	)2		(0.28	)2		(0.39	)2		(0.00	)2,3		(0.14	)2		(0.05	)		(0.13	)2
Net realized and unrealized gains (losses) on investments		1.42			2.44			5.42			(1.93	)		1.83			1.28			5.93
Total from investment operations		1.30			2.16			5.03			(1.93	)		1.69			1.23			5.80
Net asset value, end of period		$30.60			$29.30			$27.14			$22.11			$24.04			$22.35			$21.12
Total return4		4.44	%		7.96	%		22.75	%		(8.03	)%		7.56	%		6.02	%		37.60	%
Ratios to average net assets (annualized)
Gross expenses		2.27	%		2.29	%		2.22	%		2.22	%		2.21	%		2.33	%		2.30	%
Net expenses		2.10	%		2.10	%		2.10	%		2.12	%		2.15	%		2.19	%		2.20	%
Net investment loss		(0.76	)%		(1.02	)%		(1.52	)%		(0.00	)%		(0.62	)%		(0.54	)%		(0.66	)%
Supplemental data
Portfolio turnover rate		15	%		27	%		142	%		66	%		60	%		22	%		75	%
Net assets, end of period (000s omitted)		$707			$840			$989			$285			$304			$429			$418

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

³  Amount is more than $(0.005).

⁴  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.

18 Wells Fargo Intrinsic Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
ADMINISTRATOR CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$32.06			$29.43			$23.89			$25.95			$23.90			$22.49			$16.16
Net investment income (loss)		0.03	2		(0.03	)2		(0.10	)2		0.22	2		0.07	2		0.04	2		0.09
Net realized and unrealized gains (losses) on investments		1.55			2.66			5.80			(2.08	)		1.98			1.37			6.24
Total from investment operations		1.58			2.63			5.70			(1.86	)		2.05			1.41			6.33
Distributions to shareholders from
Net investment income		0.00			0.00			(0.16	)		(0.20	)		0.00			(0.00	)3		0.00
Net asset value, end of period		$33.64			$32.06			$29.43			$23.89			$25.95			$23.90			$22.49
Total return4		4.93	%		8.94	%		23.86	%		(7.17	)%		8.58	%		6.43	%		38.99	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.46	%		1.40	%		1.37	%		1.30	%		1.42	%		1.40	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income (loss)		0.16	%		(0.10	)%		(0.38	)%		0.91	%		0.27	%		0.45	%		0.52	%
Supplemental data
Portfolio turnover rate		15	%		27	%		142	%		66	%		60	%		22	%		75	%
Net assets, end of period (000s omitted)		$1,265			$1,347			$4,355			$4,893			$5,110			$10,498			$11,182

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Intrinsic Small Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
INSTITUTIONAL CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$32.45			$29.73			$24.13			$26.22			$24.19			$22.78			$16.32
Net investment income (loss)		0.06	2		0.03	2		(0.07	)2		0.33			0.14	2		0.06	2		0.12	2
Net realized and unrealized gains (losses) on investments		1.57			2.69			5.89			(2.17	)		1.99			1.39			6.34
Total from investment operations		1.63			2.72			5.82			(1.84	)		2.13			1.45			6.46
Distributions to shareholders from
Net investment income		0.00			0.00			(0.22	)		(0.25	)		(0.10	)		(0.04	)		0.00
Net asset value, end of period		$34.08			$32.45			$29.73			$24.13			$26.22			$24.19			$22.78
Total return3		5.02	%		9.15	%		24.14	%		(7.02	)%		8.83	%		6.50	%		39.40	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.21	%		1.15	%		1.12	%		1.03	%		1.15	%		1.10	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		0.35	%		0.08	%		(0.26	)%		1.10	%		0.57	%		0.64	%		0.58	%
Supplemental data
Portfolio turnover rate		15	%		27	%		142	%		66	%		60	%		22	%		75	%
Net assets, end of period (000s omitted)		$27,068			$28,032			$59,991			$71,072			$84,563			$79,312			$71,934

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

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.

20 Wells Fargo Intrinsic Small Cap Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

Notes to financial statements (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 21

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $65,797,430 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	18,243,287
Gross unrealized losses		(2,743,570	)
Net unrealized gains	$	15,499,717

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.

22 Wells Fargo Intrinsic Small Cap Value Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	1,073,957	$	0	$	0	$	1,073,957
Consumer discretionary		6,324,231		0		0		6,324,231
Consumer staples		537,021		0		0		537,021
Energy		6,039,748		0		0		6,039,748
Financials		20,002,377		0		0		20,002,377
Health care		8,782,842		0		0		8,782,842
Industrials		16,664,654		0		0		16,664,654
Information technology		7,946,857		0		0		7,946,857
Materials		2,154,569		0		0		2,154,569
Real estate		7,575,751		0		0		7,575,751
Short-term investments
Investment companies		2,103,322		2,091,818		0		4,195,140
Total assets	$	79,205,329	$	2,091,818	$	0	$	81,297,147

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

At September 30, 2018, the Fund did not have any transfers into/out of 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, 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 0.85% and declining to 0.71% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.85% 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 0.55% and declining to 0.40% 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

Notes to financial statements (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 23

expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, and 1.20% for Administrator Class shares, and 1.00% 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. Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended September 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $12,099,516 and $18,942,574, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 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.

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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has early adopted the removal and modification disclosures, as permitted, and will adopt the additional new disclosures at the effective date.

24 Wells Fargo Intrinsic Small Cap Value Fund Other information (unaudited)

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 Small Cap Value Fund 25

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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A
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.	N/A

26 Wells Fargo Intrinsic Small Cap Value Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 27

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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.

28 Wells Fargo Intrinsic Small Cap Value Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Intrinsic Small Cap 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 Small Cap 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 Small Cap Value Fund 29

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 three- and five-year periods under review, but lower than the average investment performance of the Universe for the one- 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 2000 Value 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 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 lower than or in range of the sum of these average rates for the Fund’s expense Groups for all 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.

30 Wells Fargo Intrinsic Small Cap Value 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 Intrinsic Small Cap Value Fund 31

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

32 Wells Fargo Intrinsic Small Cap 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 Small Cap Value Fund 33

• 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317296 11-18 SA242/SAR242 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Small Cap Core Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	26
Appendix A	33

The views expressed and any forward-looking statements are as of September 30, 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 Small Cap Core Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Cap Core Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Small Cap Core Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Small Cap Core Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Small Cap Core Fund Performance highlights (unaudited)

The Fund is currently closed to most new investors.¹

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^®

Justin P. Carr, CFA^®

Greg W. Golden, CFA^®

Average annual total returns (%) as of September 30, 2018²

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (WOSCX)	5-20-2016		(7.15	)		6.31		7.19		(1.50	)		7.58		7.82		1.64		1.35
Class C (WCSCX)	5-20-2016		(3.20	)		6.78		7.02		(2.22	)		6.78		7.02		2.39		2.10
Class R6 (WRSCX)	5-20-2016		–			–		–		(0.98	)		8.02		8.23		1.21		0.90
Administrator Class (WNSCX)	5-20-2016		–			–		–		(1.36	)		7.69		7.93		1.56		1.25
Institutional Class (WYSCX)	9-13-2005		–			–		–		(1.07	)		7.98		8.21		1.31		1.00
Russell 2000® Index5	–		–			–		–		15.24			11.07		11.11		–		–

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 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 Small Cap Core Fund 7

Ten largest holdings (%) as of September 30, 20186
AppFolio Incorporated Class A	2.75
Universal Insurance Holdings Company	2.49
Evercore Partners Incorporated Class A	2.16
Helix Energy Solutions Group Incorporated	2.16
ManTech International Corporation Class A	2.15
Supernus Pharmaceuticals Incorporated	2.11
Novocure Limited	2.07
The Greenbrier Companies Incorporated	2.00
Encompass Health Corporation	2.00
Ruth’s Chris Steak House Incorporated	1.97

Sector distribution as of September 30, 2018⁷

¹  Please see the Fund’s current Statement of Additional Information for further details.

²  Historical performance shown for the Class A, Class C, and Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, and are adjusted to reflect the higher expenses applicable to Class A, Class C, and Administrator shares, respectively. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and has not been adjusted to reflect the expenses of the Class R6 shares. If these expenses had been included, returns for Class R6 shares would be higher. Historical performance shown for all classes of the Fund prior to May 20, 2016 is based on the performance of the Fund’s predecessor, Golden Small Cap Core Fund.

³  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.

⁴  The manager has contractually committed through July 31, 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.

⁵  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

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 Small Cap 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	948.10	$	6.59		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Class C
Actual	$	1,000.00	$	944.30	$	10.24		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.54	$	10.61		2.10	%
Class R6
Actual	$	1,000.00	$	950.00	$	4.40		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Administrator Class
Actual	$	1,000.00	$	948.50	$	6.11		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Institutional Class
Actual	$	1,000.00	$	950.00	$	4.89		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

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—September 30, 2018 (unaudited) Wells Fargo Small Cap Core Fund 9

Security name	Shares		Value
Common Stocks: 99.28%
Consumer Discretionary: 13.23%
Auto Components: 2.63%
Tenneco Incorporated		17,865	$	752,831
Tower International Incorporated		26,321		796,210
				1,549,041
Automobiles: 1.11%
Winnebago Industries Incorporated		19,655		651,563
Hotels, Restaurants & Leisure: 1.97%
Ruth’s Chris Steak House Incorporated		36,710		1,158,201
Household Durables: 1.62%
KB Home Incorporated		39,751		950,446
Multiline Retail: 1.38%
Big Lots Stores Incorporated «		19,499		814,863
Specialty Retail: 3.53%
Children’s Place Retail Stores Incorporated		7,957		1,016,905
Zumiez Incorporated †		40,236		1,060,219
				2,077,124
Textiles, Apparel & Luxury Goods: 0.99%
Skechers U.S.A. Incorporated Class A †		20,788		580,609
Energy: 6.63%
Energy Equipment & Services: 5.24%
Archrock Incorporated		83,876		1,023,287
C&J Energy Services Incorporated †		37,914		788,611
Helix Energy Solutions Group Incorporated †		128,383		1,268,424
				3,080,322
Oil, Gas & Consumable Fuels: 1.39%
Delek US Holdings Incorporated		19,318		819,663
Financials: 14.95%
Banks: 3.37%
First Merchants Corporation		25,038		1,126,460
Umpqua Holdings Corporation		41,154		856,003
				1,982,463
Capital Markets: 4.03%
Evercore Partners Incorporated Class A		12,627		1,269,645
Houlihan Lokey Incorporated		24,463		1,099,123
				2,368,768
Consumer Finance: 1.50%
Enova International Incorporated †		30,527		879,178

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

10 Wells Fargo Small Cap Core Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Insurance: 4.32%
National General Holdings Corporation		40,223	$	1,079,585
Universal Insurance Holdings Company		30,122		1,462,423
				2,542,008
Thrifts & Mortgage Finance: 1.73%
MGIC Investment Corporation †		76,432		1,017,310
Health Care: 16.95%
Biotechnology: 1.59%
Exelixis Incorporated †		52,785		935,350
Health Care Equipment & Supplies: 6.73%
ICU Medical Incorporated †		3,347		946,364
Novocure Limited †		23,195		1,215,418
OraSure Technologies Incorporated †		54,089		835,675
Orthofix Medical Incorporated †		16,584		958,721
				3,956,178
Health Care Providers & Services: 4.77%
Encompass Health Corporation		15,080		1,175,486
Magellan Health Services Incorporated †		11,952		861,142
Tivity Health Incorporated †		23,886		767,935
				2,804,563
Pharmaceuticals: 3.86%
Catalent Incorporated †		22,682		1,033,165
Supernus Pharmaceuticals Incorporated †		24,629		1,240,070
				2,273,235
Industrials: 19.61%
Airlines: 1.60%
SkyWest Incorporated		15,996		942,164
Commercial Services & Supplies: 4.80%
ACCO Brands Corporation		72,977		824,640
SP Plus Corporation †		25,260		921,990
UniFirst Corporation		6,194		1,075,588
				2,822,218
Construction & Engineering: 3.15%
EMCOR Group Incorporated		13,352		1,002,869
MasTec Incorporated †		19,045		850,359
				1,853,228
Machinery: 3.42%
EnPro Industries Incorporated		11,366		828,922
The Greenbrier Companies Incorporated		19,612		1,178,681
				2,007,603

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Small Cap Core Fund 11

Security name	Shares			Value
Professional Services: 1.77%
Insperity Incorporated		8,815		$	1,039,729
Road & Rail: 1.60%
Covenant Transport Incorporated Class A †		32,437			942,619
Trading Companies & Distributors: 3.27%
Applied Industrial Technologies Incorporated		14,745			1,153,796
Rush Enterprises Incorporated		19,538			768,039
					1,921,835
Information Technology: 15.43%
Electronic Equipment, Instruments & Components: 2.63%
Kemet Corporation †		46,493			862,445
Synnex Corporation		8,045			681,412
					1,543,857
IT Services: 4.08%
Hackett Group Incorporated		56,517			1,138,818
ManTech International Corporation Class A		19,959			1,263,405
					2,402,223
Semiconductors & Semiconductor Equipment: 4.26%
Advanced Energy Industries Incorporated †		13,840			714,836
Brooks Automation Incorporated		31,366			1,098,751
MKS Instruments Incorporated		8,633			691,935
					2,505,522
Software: 4.46%
AppFolio Incorporated Class A †		20,636			1,617,862
Qualys Incorporated †		11,278			1,004,870
					2,622,732
Materials: 6.93%
Chemicals: 1.94%			��
Trinseo SA		14,610			1,143,963
Metals & Mining: 3.48%
Materion Corporation		18,526			1,120,823
Suncoke Energy Incorporated †		79,562			924,510
					2,045,333
Paper & Forest Products: 1.51%
Louisiana-Pacific Corporation		33,436			885,720
Real Estate: 2.97%
Equity REITs: 2.97%
Ashford Hospitality Trust Incorporated		107,520			687,053
The Geo Group Incorporated		42,197			1,061,677
					1,748,730

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

12 Wells Fargo Small Cap Core Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name				Shares		Value
Utilities: 2.58%
Electric Utilities: 0.67%
Spark Energy Incorporated Class A					47,537	$	392,180
Independent Power & Renewable Electricity Producers: 1.91%
Clearway Energy Incorporated					59,058		1,124,464
Total Common Stocks (Cost $50,135,496)							58,385,005
	Yield
Short-Term Investments: 2.08%
Investment Companies: 2.08%
Securities Lending Cash Investment LLC (l)(r)(u)		2.17	%		798,432		798,512
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99			425,352		425,352
Total Short-Term Investments (Cost $1,223,864)							1,223,864

Total investments in securities (Cost $51,359,360)	101.36	%		59,608,869
Other assets and liabilities, net	(1.36	)		(799,653	)
Total net assets	100.00	%	$	58,809,216

« 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:

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		4,708,943		17,387,791		21,298,302		798,432	$	0	$	0	$	24,858	$	798,512
Wells Fargo Government Money Market Fund Select Class		0		7,220,284		6,794,932		425,352		0		0		3,204		425,352
									$	0	$	0	$	28,062	$	1,223,864		2.08	%

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

Statement of assets and liabilities—September 30, 2018 (unaudited) Wells Fargo Small Cap Core Fund 13

Assets
Investments in unaffiliated securities, (including $782,838, of securities loaned), at value (cost $50,135,496)	$	58,385,005
Investments in affiliated securities, at value (cost $1,223,864)		1,223,864
Receivable for dividends		29,377
Receivable for securities lending income		293
Prepaid expenses and other assets		59,517
Total assets		59,698,056
Liabilities
Payable upon receipt of securities loaned		798,507
Management fee payable		26,033
Payable for Fund shares redeemed		17,900
Administration fees payable		3,320
Trustees’ fees and expenses payable		827
Distribution fee payable		317
Accrued expenses and other liabilities		41,936
Total liabilities		888,840
Total net assets	$	58,809,216
NET ASSETS CONSIST OF
Paid-in capital	$	46,829,722
Total distributable earnings		11,979,494
Total net assets	$	58,809,216
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,217,779
Shares outstanding – Class A1		57,897
Net asset value per share – Class A		$21.03
Maximum offering price per share – Class A2		$22.31
Net assets – Class C	$	534,069
Shares outstanding – Class C1		25,822
Net asset value per share – Class C		$20.68
Net assets – Class R6	$	38,487,209
Shares outstanding – Class R61		1,810,685
Net asset value per share – Class R6		$21.26
Net assets – Administrator Class	$	129,472
Shares outstanding – Administrator Class1		6,142
Net asset value per share – Administrator Class		$21.08
Net assets – Institutional Class	$	18,440,687
Shares outstanding – Institutional Class1		869,147
Net asset value per share – Institutional Class		$21.22

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.

14 Wells Fargo Small Cap Core Fund Statement of operations—six months ended September 30, 2018 (unaudited)

Investment income
Dividends	$	444,459
Income from affiliated securities		28,062
Total investment income		472,521
Expenses
Management fee		279,754
Administration fees
Class A		1,082
Class C		497
Class R6		6,538
Administrator Class		88
Institutional Class		13,390
Shareholder servicing fees
Class A		1,288
Class C		592
Administrator Class		170
Distribution fee
Class C		1,776
Custody and accounting fees		19,569
Professional fees		26,127
Registration fees		36,498
Shareholder report expenses		20,025
Trustees’ fees and expenses		11,417
Other fees and expenses		7,188
Total expenses		425,999
Less: Fee waivers and/or expense reimbursements		(114,091	)
Net expenses		311,908
Net investment income		160,613
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		3,979,260
Net change in unrealized gains (losses) on investments		(1,346,952	)
Net realized and unrealized gains (losses) on investments		2,632,308
Net increase in net assets resulting from operations	$	2,792,921

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

Statement of changes in net assets Wells Fargo Small Cap Core Fund 15

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment income				$	160,613					$	105,535
Net realized gains on investments					3,979,260						8,151,237
Net change in unrealized gains (losses) on investments					(1,346,952	)					(10,668,825	)
Net increase (decrease) in net assets resulting from operations					2,792,921						(2,412,053	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		28,601			614,809			37,520			783,618
Class C		4,425			93,260			16,509			337,254
Class R6		57,005			1,216,078			2,403,202			49,394,331
Administrator Class		134			2,634			526			10,842
Institutional Class		16,878			358,777			439,875			9,607,302
					2,285,558						60,133,347
Payment for shares redeemed
Class A		(10,438	)		(224,502	)		(18,944	)		(398,834	)
Class C		(1,029	)		(21,471	)		(1,955	)		(40,335	)
Class R6		(442,290	)		(9,542,637	)		(213,263	)		(4,357,007	)
Administrator Class		(660	)		(14,195	)		0			0
Institutional Class		(185,805	)		(3,989,057	)		(3,401,750	)		(70,332,621	)
					(13,791,862	)					(75,128,797	)
Net decrease in net assets resulting from capital share transactions					(11,506,304	)					(14,995,450	)
Total decrease in net assets					(8,713,383	)					(17,407,503	)
Net assets
Beginning of period					67,522,599						84,930,102
End of period				$	58,809,216					$	67,522,599

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period. Undistributed net investment income at March 31, 2018 was $105,535.

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

16 Wells Fargo Small Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31						Year ended June 30, 20162
CLASS A				2018			20171
Net asset value, beginning of period		$20.29			$20.95			$16.89			$16.62
Net investment income (loss)		0.01	3		(0.05	)3		(0.05	)3		0.01	3
Net realized and unrealized gains (losses) on investments		0.73			(0.61	)		4.15			0.26
Total from investment operations		0.74			(0.66	)		4.10			0.27
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00
Net asset value, end of period		$21.03			$20.29			$20.95			$16.89
Total return4		3.70	%		(3.15	)%		24.30	%		1.62	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.66	%		1.50	%		1.46	%
Net expenses		1.35	%		1.35	%		1.35	%		1.35	%
Net investment income (loss)		0.08	%		(0.25	)%		(0.32	)%		0.65	%
Supplemental data
Portfolio turnover rate		25	%		53	%		25	%		61	%
Net assets, end of period (000s omitted)		$1,218			$806			$443			$132

¹  For the nine months ended March 31, 2017. The Fund changed its fiscal year end from June 30 to March 31, effective March 31, 2017.

²  For the period May 20, 2016 (commencement of class operations) to June 30, 2016

³  Calculated based upon average shares outstanding

⁴  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 Small Cap Core Fund 17

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31						Year ended June 30, 20162
CLASS C				2018			20171
Net asset value, beginning of period		$20.02			$20.84			$16.87			$16.62
Net investment loss		(0.07	)3		(0.08	)		(0.12	)		(0.00	)3,4
Net realized and unrealized gains (losses) on investments		0.73			(0.74	)		4.12			0.25
Total from investment operations		0.66			(0.82	)		4.00			0.25
Distributions to shareholders from
Net investment income		0.00			0.00			(0.03	)		0.00
Net asset value, end of period		$20.68			$20.02			$20.84			$16.87
Total return5		3.30	%		(3.93	)%		23.70	%		1.50	%
Ratios to average net assets (annualized)
Gross expenses		2.43	%		2.41	%		2.24	%		2.21	%
Net expenses		2.10	%		2.10	%		2.10	%		2.10	%
Net investment loss		(0.65	)%		(0.98	)%		(1.10	)%		(0.27	)%
Supplemental data
Portfolio turnover rate		25	%		53	%		25	%		61	%
Net assets, end of period (000s omitted)		$534			$449			$164			$102

¹  For the nine months ended March 31, 2017. The Fund changed its fiscal year end from June 30 to March 31, effective March 31, 2017.

²  For the period May 20, 2016 (commencement of class operations) to June 30, 2016

³  Calculated based upon average shares outstanding

⁴  Amount is more than $(0.005).

⁵  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.

18 Wells Fargo Small Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31						Year ended June 30, 20162
CLASS R6				2018			20171
Net asset value, beginning of period		$20.46			$21.03			$16.90			$16.62
Net investment income (loss)		0.06			(0.01	)		0.01			0.02	3
Net realized and unrealized gains (losses) on investments		0.74			(0.56	)		4.17			0.26
Total from investment operations		0.80			(0.57	)		4.18			0.28
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		0.00
Net asset value, end of period		$21.26			$20.46			$21.03			$16.90
Total return4		3.96	%		(2.71	)%		24.73	%		1.68	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		2.15	%		1.06	%		1.03	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income (loss)		0.53	%		(1.41	)%		0.09	%		0.93	%
Supplemental data
Portfolio turnover rate		25	%		53	%		25	%		61	%
Net assets, end of period (000s omitted)		$38,487			$44,924			$127			$102

¹  For the nine months ended March 31, 2017. The Fund changed its fiscal year end from June 30 to March 31, effective March 31, 2017.

²  For the period May 20, 2016 (commencement of class operations) to June 30, 2016

³  Calculated based upon average shares outstanding

⁴  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 Small Cap Core Fund 19

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31						Year ended June 30, 20162
ADMINISTRATOR CLASS				2018			20171
Net asset value, beginning of period		$20.33			$20.98			$16.89			$16.62
Net investment income (loss)		0.02			(0.02	)		(0.04	)		0.01	3
Net realized and unrealized gains (losses) on investments		0.73			(0.63	)		4.17			0.26
Total from investment operations		0.75			(0.65	)		4.13			0.27
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00
Net asset value, end of period		$21.08			$20.33			$20.98			$16.89
Total return4		3.74	%		(3.10	)%		24.47	%		1.62	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.57	%		1.41	%		1.37	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (loss)		0.20	%		(0.13	)%		(0.26	)%		0.58	%
Supplemental data
Portfolio turnover rate		25	%		53	%		25	%		61	%
Net assets, end of period (000s omitted)		$129			$136			$129			$102

¹  For the nine months ended March 31, 2017. The Fund changed its fiscal year end from June 30 to March 31, effective March 31, 2017.

²  For the period May 20, 2016 (commencement of class operations) to June 30, 2016

³  Calculated based upon average shares outstanding

⁴  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 Small Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31									Year ended June 30
INSTITUTIONAL CLASS				2018			20171			20162			20152			20142			20132
Net asset value, beginning of period		$20.43			$21.02			$16.90			$18.71			$16.76			$13.57			$10.64
Net investment income (loss)		0.05			0.06	3		(0.01	)3		0.04	3		0.06	3		0.05	3		0.16	3
Net realized and unrealized gains (losses) on investments		0.74			(0.65	)		4.18			(1.83	)		1.92			3.36			2.77
Total from investment operations		0.79			(0.59	)		4.17			(1.79	)		1.98			3.41			2.93
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		(0.02	)		(0.03	)		(0.22	)		0.00
Net asset value, end of period		$21.22			$20.43			$21.02			$16.90			$18.71			$16.76			$13.57
Total return4		3.87	%		(2.81	)%		24.67	%		(9.57	)%		11.80	%		25.21	%		27.54	%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.24	%		1.16	%		1.11	%		1.10	%		1.10	%		1.10	%
Net expenses		1.00	%		1.00	%		1.00	%		1.09	%		1.10	%		1.10	%		1.10	%
Net investment income (loss)		0.44	%		0.26	%		(0.05	)%		0.25	%		0.37	%		0.30	%		1.32	%
Supplemental data
Portfolio turnover rate		25	%		53	%		25	%		61	%		57	%		68	%		52	%
Net assets, end of period (000s omitted)		$18,441			$21,208			$84,067			$111,902			$84,417			$22,170			$20,093

¹  For the nine months ended March 31, 2017. The Fund changed its fiscal year end from June 30 to March 31, effective March 31, 2017.

²  After the close of business on May 20, 2016, the Fund acquired the net assets of Golden Small Cap Core Fund, which became the accounting and performance survivor in the transaction. The information for the periods prior to May 20, 2016 is that of Golden Small Cap Core Fund.

³  Calculated based upon average shares outstanding

⁴  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 (unaudited) Wells Fargo Small Cap Core 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Small 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 of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The 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

22 Wells Fargo Small Cap Core Fund Notes to financial statements (unaudited)

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $51,591,647 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	12,258,107
Gross unrealized losses		(4,240,885	)
Net unrealized gains	$	8,017,222

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 (unaudited) Wells Fargo Small Cap Core Fund 23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	7,781,847	$	0	$	0	$	7,781,847
Energy		3,899,985		0		0		3,899,985
Financials		8,789,727		0		0		8,789,727
Health care		9,969,326		0		0		9,969,326
Industrials		11,529,396		0		0		11,529,396
Information technology		9,074,334		0		0		9,074,334
Materials		4,075,016		0		0		4,075,016
Real estate		1,748,730		0		0		1,748,730
Utilities		1,516,644		0		0		1,516,644
Short-term investments
Investment companies		425,352		798,512		0		1,223,864
Total assets	$	58,810,357	$	798,512	$	0	$	59,608,869

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

At September 30, 2018, the Fund did not have any transfers into/out of 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 0.85% and declining to 0.71% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.85% 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 0.55% and declining to 0.45% 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

24 Wells Fargo Small Cap Core Fund Notes to financial statements (unaudited)

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 July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, 0.90% for Class R6, 1.25% for Administrator Class shares and 1.00% 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, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2018, Funds Distributor received $493 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $16,058,437 and $27,565,417, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management is currently evaluating the potential impact of this new guidance to the financial statements.

Notes to financial statements (unaudited) Wells Fargo Small Cap Core Fund 25

9. SUBSEQUENT DISTRIBUTION

On November 5, 2018, the Fund declared distributions from long-term capital gains to shareholders of record on November 2, 2018. The per share amounts payable on November 6, 2018 were as follows:

	Long-term capital gains
Class A		$8.84489
Class C		8.84489
Class R6		8.84489
Institutional Class		8.84489
Administrator Class		8.84489

These distributions are not reflected in the accompanying financial statements.

10. SUBSEQUENT EVENT

At a meeting held on October 25, 2018, the Board of Trustees approved the closure and liquidation of the Fund. The Fund was closed to new investors and additional investments from existing shareholders effective at the close of business on October 26, 2018.

The liquidation of the Fund is expected to occur after close of business on or about December 14, 2018. Shareholders of the Fund on the date of liquidation will receive a distribution of their account proceeds in complete redemption of their shares.

26 Wells Fargo Small Cap Core Fund Other information (unaudited)

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 Small Cap Core Fund 27

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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A
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.	N/A

28 Wells Fargo Small Cap Core 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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Small Cap Core Fund 29

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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.

30 Wells Fargo Small Cap Core Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Small 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 Small 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.

Other information (unaudited) Wells Fargo Small Cap Core Fund 31

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 (Institutional Class) was higher than the average investment performance of the Universe for the five-year period under review, but lower than the average investment performance of the Universe for the one-, three-, and ten-year periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 2000 Index, for all 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 the range of the median net operating expense ratios of the expense Groups for all share classes.

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 Classes. The Board noted that the net operating expense ratios of the Fund were lower than or in the range of the median net operating expense ratios of the 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.

32 Wells Fargo Small Cap Core 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 Small Cap Core Fund 33

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

34 Wells Fargo Small Cap Core 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 Small Cap Core Fund 35

• 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317297 11-18 SA269/SAR269 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Disciplined Small Cap Fund

(formerly, Wells Fargo Small Cap Opportunities 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	8
Portfolio of investments	9
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	25
Other information	30
Appendix A	37

The views expressed and any forward-looking statements are as of September 30, 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 Small Cap Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Disciplined Small Cap Fund for the six-month period that ended September 30, 2018. Effective June 27, 2018, the Fund changed its name from Wells Fargo Small Cap Opportunities Fund to Wells Fargo Disciplined Small Cap Fund. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Disciplined Small Cap Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Disciplined Small Cap Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Disciplined Small Cap 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 P. Carr, CFA^®

Greg G. Golden, CFA^®

Robert M. Wicentowski, CFA^®

Average annual total returns (%) as of September 30, 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 (WDSAX)	7-31-2018		1.94		9.00		9.89		8.15		10.30		10.54		1.10		0.99
Class R6 (WSCJX)	10-31-2016		–		–		–		8.57		10.57		10.68		0.67		0.56
Administrator Class (NVSOX)	8-1-1993		–		–		–		8.20		10.31		10.55		1.02		0.91
Institutional Class (WSCOX)	10-31-2014		–		–		–		8.48		10.53		10.66		0.77		0.66
Russell 2000® Index4	–		–		–		–		15.24		11.07		11.11		–		–

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Disciplined Small Cap Fund 7

Ten largest holdings (%) as of September 30, 20185
Helen of Troy Limited	0.89
Insperity Incorporated	0.87
iShares Russell 2000 Index ETF	0.84
EnerSys	0.80
Portland General Electric Company	0.80
Ryman Hospitality Properties Incorporated	0.78
Trinseo SA	0.77
Performance Food Group Company	0.76
Steven Madden Limited	0.76
LHC Group Incorporated	0.75

Sector distribution as of September 30, 2018⁶

^‡  Wells Capital Management Incorporated became the subadviser of the Fund on June 27, 2018.

^‡‡  Mr. Carr, Mr. Golden, and Mr. Wicentowski became portfolio managers of the Fund on June 27, 2018.

¹  Class A shares prior to their inception reflects the performance of the Administrator Class shares, and is adjusted to reflect the higher expenses and sales charges of the Class A shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect the expenses of Class R6 shares. If these expenses had been included, returns for Class R6 shares would be higher. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the expenses of the Institutional Class shares. If these expenses had been included, returns for the Institutional Class shares would be higher.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.06% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through July 31, 2019 (July 31, 2020 for Class A shares), 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 0.93% for Class A, 0.50% for Class R6, 0.85% for Administrator Class, and 0.60% 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 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

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 Disciplined Small Cap 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, 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,059.02	$	4.75		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.66		0.92	%
Class R6
Actual	$	1,000.00	$	1,060.95	$	3.56		0.69	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.61	$	3.50		0.69	%
Administrator Class
Actual	$	1,000.00	$	1,059.48	$	5.27		1.02	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.16		1.02	%
Institutional Class
Actual	$	1,000.00	$	1,060.59	$	3.93		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.26	$	3.85		0.76	%

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—September 30, 2018 (unaudited) Wells Fargo Disciplined Small Cap Fund 9

Security name	Shares		Value
Common Stocks: 101.67%
Communication Services: 1.75%
Diversified Telecommunication Services: 0.62%
Vonage Holdings Corporation †		70,671	$	1,000,701
Interactive Media & Services: 1.03%
Quinstreet Incorporated †		69,011		936,479
Yelp Incorporated †		14,665		721,518
				1,657,997
Wireless Telecommunication Services: 0.10%
Boingo Wireless Incorporated †		4,707		164,274
Consumer Discretionary: 13.15%
Auto Components: 1.61%
Cooper-Standard Holdings Incorporated †		5,659		678,967
Dana Incorporated		26,904		502,298
Tenneco Incorporated		17,930		755,570
Tower International Incorporated		21,689		656,092
				2,592,927
Diversified Consumer Services: 1.66%
Grand Canyon Education Incorporated †		8,470		955,416
Strategic Education Incorporated		6,717		920,431
Weight Watchers International Incorporated †		11,256		810,319
				2,686,166
Hotels, Restaurants & Leisure: 2.65%
Brinker International Incorporated «		21,936		1,025,069
Dave & Buster’s Entertainment Incorporated		12,441		823,843
Marriott Vacations Worldwide Corporation		7,280		813,540
Planet Fitness Incorporated Class A †		16,020		865,561
Ruth’s Chris Steak House Incorporated		23,563		743,413
				4,271,426
Household Durables: 1.63%
Century Communities Incorporated †		13,989		367,211
Helen of Troy Limited †		10,978		1,437,020
KB Home Incorporated		17,383		415,628
La-Z-Boy Incorporated		13,177		416,393
				2,636,252
Internet & Direct Marketing Retail: 1.10%
Etsy Incorporated †		7,865		404,104
Nutrisystem Incorporated		16,319		604,619
Stamps.com Incorporated †		3,396		768,175
				1,776,898

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

10 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Specialty Retail: 3.07%
American Eagle Outfitters Incorporated		27,474	$	682,179
Caleres Incorporated		17,795		638,129
Children’s Place Retail Stores Incorporated		7,502		958,756
DSW Incorporated Class A		32,689		1,107,503
Five Below Incorporated †		1,859		241,782
Tailored Brands Incorporated		21,734		547,479
Zumiez Incorporated †		29,638		780,961
				4,956,789
Textiles, Apparel & Luxury Goods: 1.43%
Movado Group Incorporated		15,796		661,852
Skechers U.S.A. Incorporated Class A †		14,759		412,219
Steven Madden Limited		23,174		1,225,905
				2,299,976
Consumer Staples: 2.80%
Food & Staples Retailing: 1.08%
Performance Food Group Company †		37,001		1,232,133
United Natural Foods Incorporated †		17,229		516,009
				1,748,142
Food Products: 0.17%
Fresh Del Monte Produce Incorporated		7,965		269,934
Personal Products: 1.02%
Medifast Incorporated		4,425		980,359
USANA Health Sciences Incorporated †		5,505		663,628
				1,643,987
Tobacco: 0.53%
Turning Point Brands Incorporated		20,714		858,802
Energy: 5.79%
Energy Equipment & Services: 1.60%
Archrock Incorporated		62,275		759,755
Helix Energy Solutions Group Incorporated †		85,384		843,594
Pioneer Energy Services Corporation †		59,759		176,289
ProPetro Holding Corporation †		17,013		280,544
Tetra Technologies Incorporated †		115,024		518,758
				2,578,940
Oil, Gas & Consumable Fuels: 4.19%
Abraxas Petroleum Corporation †		334,045		778,325
Callon Petroleum Company †		58,249		698,406
Delek US Holdings Incorporated		24,901		1,056,549
Denbury Resources Incorporated †		78,759		488,306
HighPoint Resources Corporation †		100,851		492,153
Matador Resources Company †		20,798		687,374

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Disciplined Small Cap Fund 11

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Northern Oil & Gas Incorporated †		122,162	$	488,648
Oasis Petroleum Incorporated †		63,656		902,642
Penn Virginia Corporation †		5,155		415,184
SRC Energy Incorporated †		85,698		761,855
				6,769,442
Financials: 17.78%
Banks: 9.13%
Bank of N.T. Butterfield & Son Limited		18,965		983,525
Brookline Bancorp Incorporated		14,734		246,058
Central Pacific Financial Company		10,042		265,410
CNB Financial Corporation		13,287		383,463
Enterprise Financial Service		14,923		791,665
FB Financial Corporation		14,779		579,041
First Bancorp Corporation		20,396		826,242
First Financial Bancorp		19,547		580,546
First Interstate BancSystem Class A		19,813		887,622
First Merchants Corporation		17,187		773,243
Great Western Bancorp Incorporated		14,579		615,088
Hancock Holding Company		21,184		1,007,299
Heartland Financial USA Incorporated		11,380		660,609
Heritage Commerce Corporation		20,937		312,380
IBERIABANK Corporation		1,807		146,999
Independent Bank Corporation		25,216		596,358
Mercantile Bank Corporation		15,570		519,571
NBT Bancorp Incorporated		14,820		568,792
Peoples Bancorp Incorporated		16,377		573,686
Preferred Bank (Los Angeles)		12,788		748,098
Shore Bancshares Incorporated		6,939		123,653
Simmons First National Corporation Class A		3,463		101,985
Sterling Bancorp		23,444		515,768
TriCo Bancshares		7,790		300,850
Umpqua Holdings Corporation		30,789		640,411
Valley National Bancorp		88,022		990,248
				14,738,610
Capital Markets: 3.04%
BGC Partners Incorporated Class A		78,695		930,175
Blucora Incorporated †		26,795		1,078,499
BrightSphere Investment Group Incorporated		42,085		521,854
Evercore Partners Incorporated Class A		10,193		1,024,906
Houlihan Lokey Incorporated		12,225		549,269
Stifel Financial Corporation		15,724		806,012
				4,910,715
Consumer Finance: 0.72%
Elevate Credit Incorporated †«		41,316		333,007
Enova International Incorporated †		28,586		823,277
				1,156,284

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

12 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Insurance: 2.66%
CNO Financial Group Incorporated		12,116	$	257,102
Health Insurance Innovations Incorporated Class A †		8,627		531,855
Kemper Corporation		14,516		1,167,812
National General Holdings Corporation		21,534		577,973
Selective Insurance Group Incorporated		10,295		653,733
Universal Insurance Holdings Company		22,859		1,109,804
				4,298,279
Thrifts & Mortgage Finance: 2.23%
Essent Group Limited †		25,998		1,150,412
First Defiance Financial Corporation		25,808		777,079
MGIC Investment Corporation †		81,642		1,086,655
Radian Group Incorporated		28,416		587,359
				3,601,505
Health Care: 17.56%
Biotechnology: 5.93%
Amicus Therapeutics Incorporated †		31,242		377,716
Arena Pharmaceuticals Incorporated †		7,926		364,755
Array BioPharma Incorporated †		39,897		606,434
Concert Pharmaceuticals Incorporated †		31,393		465,872
Cytomx Therapeutics Incorporated †		23,168		428,608
Emergent BioSolutions Incorporated †		9,229		607,545
Exelixis Incorporated †		20,882		370,029
Fibrogen Incorporated †		13,107		796,250
Halozyme Therapeutics Incorporated †		23,907		434,390
Heron Therapeutics Incorporated †		13,656		432,212
Immunogen Incorporated †		54,010		511,475
Immunomedics Incorporated †«		22,997		479,028
Intercept Pharmaceuticals Incorporated †		1,933		244,254
Ligand Pharmaceuticals Incorporated †		3,585		984,047
Regenxbio Incorporated †		7,978		602,339
Sangamo Biosciences Incorporated †«		22,534		381,951
Spectrum Pharmaceuticals Incorporated †		27,004		453,667
Vanda Pharmaceuticals Incorporated †		21,046		483,006
Vericel Corporation †		38,377		543,035
				9,566,613
Health Care Equipment & Supplies: 3.51%
Globus Medical Incorporated Class A †		12,961		735,666
Haemonetics Corporation †		4,714		540,130
ICU Medical Incorporated †		2,434		688,214
Inogen Incorporated †		3,694		901,779
Merit Medical Systems Incorporated †		14,200		872,590
Novocure Limited †		20,255		1,061,362
Orthofix Medical Incorporated †		14,910		861,947
				5,661,688

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Disciplined Small Cap Fund 13

Security name	Shares		Value
Health Care Providers & Services: 4.19%
Amedisys Incorporated †		4,753	$	593,935
Biotelemetry Incorporated †		12,293		792,284
Centene Corporation †		5,418		784,418
Encompass Health Corporation		11,190		872,261
Ensign Group Incorporated		16,515		626,249
LHC Group Incorporated †		11,827		1,218,063
Magellan Health Services Incorporated †		4,888		352,180
R1 RCM Incorporated †		76,022		772,384
Select Medical Holdings Corporation †		18,229		335,414
Tivity Health Incorporated †		12,772		410,620
				6,757,808
Health Care Technology: 0.25%
Omnicell Incorporated †		5,711		410,621
Life Sciences Tools & Services: 1.17%
Medpace Holdings Incorporated †		15,965		956,463
PRA Health Sciences Incorporated †		8,457		931,877
				1,888,340
Pharmaceuticals: 2.51%
ANI Pharmaceuticals Incorporated †		7,174		405,618
Catalent Incorporated †		15,849		721,922
Corcept Therapeutics Incorporated †«		21,171		296,817
Horizon Pharma plc †		57,381		1,123,520
Intersect ENT Incorporated †		15,229		437,834
Supernus Pharmaceuticals Incorporated †		21,251		1,069,988
				4,055,699
Industrials: 15.32%
Air Freight & Logistics: 0.15%
XPO Logistics Incorporated †		2,106		240,442
Airlines: 0.39%
SkyWest Incorporated		10,621		625,577
Building Products: 0.89%
Builders FirstSource Incorporated †		26,972		395,949
NCI Building Systems Incorporated †		29,689		449,788
Patrick Industries Incorporated †		10,036		594,131
				1,439,868
Commercial Services & Supplies: 2.41%
ACCO Brands Corporation		71,083		803,238
Deluxe Corporation		5,437		309,583
Knoll Incorporated		25,049		587,399
McGrath RentCorp		13,344		726,848
Tetra Tech Incorporated		17,293		1,181,112
UniFirst Corporation		1,640		284,786
				3,892,966

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

14 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Construction & Engineering: 2.37%
Ameresco Incorporated Class A †		29,081	$	396,956
EMCOR Group Incorporated		14,499		1,089,020
MasTec Incorporated †		21,792		973,013
Primoris Services Corporation		26,033		646,139
Sterling Construction Company Incorporated †		36,889		528,250
Tutor Perini Corporation †		10,502		197,438
				3,830,816
Electrical Equipment: 1.39%
Atkore International Incorporated †		35,393		938,976
EnerSys		14,894		1,297,714
				2,236,690
Electronic Equipment, Instruments & Components: 0.29%
ScanSource Incorporated †		11,460		457,254
Machinery: 3.29%
Barnes Group Incorporated		16,576		1,177,393
Global Brass & Copper Holdings Incorporated		29,335		1,082,462
Kadant Incorporated		5,901		636,423
Kennametal Incorporated		16,584		722,399
Lydall Incorporated †		3,537		152,445
Meritor Incorporated †		43,751		847,019
Park Ohio Holdings Corporation		18,110		694,519
				5,312,660
Professional Services: 2.01%
CBIZ Incorporated †		14,328		339,574
Insperity Incorporated		11,872		1,400,302
Korn/Ferry International		20,705		1,019,509
TriNet Group Incorporated †		8,677		488,689
				3,248,074
Road & Rail: 0.93%
Covenant Transport Incorporated Class A †		29,248		849,947
USA Truck Incorporated †		24,342		492,439
YRC Worldwide Incorporated †		17,161		154,106
				1,496,492
Trading Companies & Distributors: 1.20%
Applied Industrial Technologies Incorporated		10,605		829,841
Rush Enterprises Incorporated		9,720		382,093
Triton International Limited		21,936		729,811
				1,941,745
Information Technology: 13.94%
Communications Equipment: 0.62%
Ciena Corporation †		31,776		992,682

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Disciplined Small Cap Fund 15

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 3.32%
Control4 Corporation †		11,123	$	381,853
Electro Scientific Industries Incorporated †		31,001		540,967
Fabrinet †		10,100		467,226
Insight Enterprises Incorporated †		19,213		1,039,231
Kemet Corporation †		25,644		475,696
Plexus Corporation †		5,032		294,422
Synnex Corporation		6,601		559,105
TTM Technologies Incorporated †		50,072		796,646
Vishay Precision Group †		21,374		799,388
				5,354,534
IT Services: 4.15%
CACI International Incorporated Class A †		3,209		590,937
CSG Systems International Incorporated		12,331		494,966
EPAM Systems Incorporated †		6,498		894,775
EVERTEC Incorporated		25,367		611,345
Exlservice Holdings Incorporated †		12,309		814,856
Hackett Group Incorporated		25,367		511,145
ManTech International Corporation Class A		5,708		361,316
Perficient Incorporated †		20,657		550,509
Sykes Enterprises Incorporated †		2,866		87,384
Travelport Worldwide Limited		35,644		601,314
Unisys Corporation †«		26,634		543,334
Virtusa Corporation †		11,904		639,364
				6,701,245
Semiconductors & Semiconductor Equipment: 2.67%
Diodes Incorporated †		17,188		572,189
Entegris Incorporated		37,242		1,078,156
Ichor Holdings Limited †«		19,008		388,143
MKS Instruments Incorporated		5,855		469,278
Rudolph Technologies Incorporated †		13,791		337,190
Smart Global Holdings Incorporated †		20,759		596,614
Ultra Clean Holdings Incorporated †		27,059		339,590
Xcerra Corporation †		37,397		533,655
				4,314,815
Software: 2.85%
Amber Road Incorporated †		24,648		237,114
American Software Incorporated Class A		36,969		448,434
J2 Global Incorporated		13,962		1,156,752
New Relic Incorporated †		4,985		469,737
Qualys Incorporated †		10,550		940,005
Upland Software Incorporated †		8,782		283,746
Verint Systems Incorporated †		21,364		1,070,336
				4,606,124
Technology Hardware, Storage & Peripherals: 0.33%
Immersion Corporation †		50,087		529,420

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

16 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Materials: 4.84%
Chemicals: 2.32%
Ferro Corporation †		16,660	$	386,845
Innospec Incorporated		3,904		299,632
Kooper Holdings Incorporated †		10,438		325,144
Kraton Performance Polymers Incorporated †		10,055		474,093
PolyOne Corporation		23,348		1,020,775
Trinseo SA		15,798		1,236,983
				3,743,472
Containers & Packaging: 0.80%
Berry Global Group Incorporated †		11,563		559,534
Greif Incorporated Class A		13,705		735,410
				1,294,944
Metals & Mining: 0.30%
Commercial Metals Company		23,676		485,832
Paper & Forest Products: 1.42%
Boise Cascade Company		10,457		384,818
Louisiana-Pacific Corporation		25,284		669,773
Schweitzer-Mauduit International Incorporated		10,454		400,493
Verso Corporation Class A †		24,893		838,147
				2,293,231
Real Estate: 6.13%
Equity REITs: 6.13%
Ashford Hospitality Trust Incorporated		99,283		634,418
CoreSite Realty Corporation		6,717		746,527
CyrusOne Incorporated		15,613		989,864
Digital Realty Trust Incorporated		8,701		978,688
Hudson Pacific Properties Incorporated		11,648		381,123
Nexpoint Residential		29,782		988,762
Preferred Apartment Communities Incorporated Series A		54,706		961,731
Ryman Hospitality Properties Incorporated		14,676		1,264,631
Sabra Health Care REIT Incorporated		28,184		651,614
STAG Industrial Incorporated		24,528		674,520
The Geo Group Incorporated		30,525		768,009
Xenia Hotels & Resorts Incorporated		36,149		856,731
				9,896,618
Utilities: 2.61%
Electric Utilities: 1.98%
IDACORP Incorporated		7,807		774,689
Otter Tail Corporation		15,975		765,203
Portland General Electric Company		28,223		1,287,251
Spark Energy Incorporated Class A		46,007		379,558
				3,206,701

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Disciplined Small Cap Fund 17

Security name				Shares		Value
Independent Power & Renewable Electricity Producers: 0.63%
Clearway Energy Incorporated					53,281	$	1,014,470
Total Common Stocks (Cost $159,659,010)							164,115,487
Exchange-Traded Funds: 0.84%
iShares Russell 2000 Index ETF					8,053		1,357,333
Total Exchange-Traded Funds (Cost $1,327,566)							1,357,333
	Yield
Short-Term Investments: 2.88%
Investment Companies: 2.88%
Securities Lending Cash Investment LLC (l)(r)(u)		2.17	%		4,031,036		4,031,440
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99			612,896		612,896
Total Short-Term Investments (Cost $4,644,336)							4,644,336

Total investments in securities (Cost $165,630,912)	105.39	%		170,117,156
Other assets and liabilities, net	(5.39	)		(8,696,955	)
Total net assets	100.00	%	$	161,420,201

† 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:

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		13,754,682		42,419,809		52,143,455		4,031,036	$	(79	)	$	0	$	33,397	$	4,031,440
Wells Fargo Government Money Market Fund Select Class		14,793,357		30,574,783		44,755,244		612,896		0			0		54,889		612,896
									$	(79	)	$	0	$	88,286	$	4,644,336		2.88	%

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

18 Wells Fargo Disciplined Small Cap Fund Statement of assets and liabilities—September 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $3,092,715 of securities loaned), at value (cost $160,986,576)	$	165,472,820
Investments in affiliated securities, at value (cost $4,644,336)		4,644,336
Receivable for investments sold		11,784,100
Receivable for Fund shares sold		80,249
Receivable for dividends		144,949
Receivable for securities lending income		2,293
Prepaid expenses and other assets		44,581
Total assets		182,173,328
Liabilities
Payable for investments purchased		11,728,865
Payable for Fund shares redeemed		4,876,326
Payable upon receipt of securities loaned		4,030,149
Management fee payable		50,919
Administration fees payable		17,432
Trustees’ fees and expenses payable		1,673
Accrued expenses and other liabilities		47,763
Total liabilities		20,753,127
Total net assets	$	161,420,201
NET ASSETS CONSIST OF
Paid-in capital	$	81,050,699
Total distributable earnings		80,369,502
Total net assets	$	161,420,201
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	26,060
Shares outstanding – Class A1		1,092
Net asset value per share – Class A		$23.86
Maximum offering price per share – Class A2		$25.32
Net assets – Class R6	$	9,720,020
Shares outstanding – Class R61		404,633
Net asset value per share – Class R6		$24.02
Net assets – Administrator Class	$	82,633,528
Shares outstanding – Administrator Class1		3,461,957
Net asset value per share – Administrator Class		$23.87
Net assets – Institutional Class	$	69,040,593
Shares outstanding – Institutional Class1		2,878,537
Net asset value per share – Institutional Class		$23.98

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—six months ended September 30, 2018 (unaudited) Wells Fargo Disciplined Small Cap Fund 19

Investment income
Dividends (net of foreign withholding taxes of $1,600)	$	989,457
Income from affiliated securities		88,286
Total investment income		1,077,743
Expenses
Management fee		602,222
Administration fees
Class A		9	1
Class R6		2,937
Administrator Class		58,859
Institutional Class		45,484
Shareholder servicing fees
Class A		11	1
Administrator Class		112,740
Custody and accounting fees		9,508
Professional fees		23,930
Registration fees		40,255
Shareholder report expenses		20,974
Trustees’ fees and expenses		11,822
Other fees and expenses		6,886
Total expenses		935,637
Less: Fee waivers and/or expense reimbursements		(140,039	)
Net expenses		795,598
Net investment income		282,145
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		42,164,176
Affiliated securities		(79	)
Net realized gains on investments		42,164,097
Net change in unrealized gains (losses) on investments		(31,599,934	)
Net realized and unrealized gains (losses) on investments		10,564,163
Net increase in net assets resulting from operations	$	10,846,308

¹  For the period from July 31, 2018 (commencement of operations) to September 30, 2018

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

20 Wells Fargo Disciplined Small Cap Fund Statement of changes in net assets

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment income				$	282,145					$	502,956
Net realized gains on investments					42,164,097						54,267,385
Net change in unrealized gains (losses) on investments					(31,599,934	)					(28,401,505	)
Net increase in net assets resulting from operations					10,846,308						26,368,836
Distributions to shareholders
Class R6					0						(265,386	)
Administrator Class					0						(27,391,629	)
Institutional Class					0						(10,224,030	)
Total distributions to shareholders					0						(37,881,045	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,092	2		25,900	2		N/A			N/A
Class R6		163,876			3,793,304			1,016,892			23,696,710
Administrator Class		151,341			3,583,399			1,003,396			24,583,627
Institutional Class		261,250			6,210,650			1,609,570			39,079,106
					13,613,253						87,359,443
Reinvestment of distributions
Class R6		0			0			11,427			261,336
Administrator Class		0			0			1,202,741			27,387,299
Institutional Class		0			0			386,831			8,839,448
					0						36,488,083
Payment for shares redeemed
Class R6		(814,089	)		(19,341,873	)		(41,737	)		(978,591	)
Administrator Class		(751,794	)		(17,783,045	)		(7,857,302	)		(184,787,406	)
Institutional Class		(381,829	)		(9,088,816	)		(1,280,303	)		(30,434,668	)
					(46,213,734	)					(216,200,665	)
Net decrease in net assets resulting from capital share transactions					(32,600,481	)					(92,353,139	)
Total decrease in net assets					(21,754,173	)					(103,865,348	)
Net assets
Beginning of period					183,174,374						287,039,722
End of period				$	161,420,201					$	183,174,374

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Undistributed net investment income at March 31, 2018 was $168,078. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to September 30, 2018

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

Financial highlights Wells Fargo Disciplined Small Cap Fund 21

(For a share outstanding throughout the period)

CLASS A	Period ended September 30, 20181
Net asset value, beginning of period		$23.70
Net investment income		0.03
Net realized and unrealized gains (losses) on investments		0.13
Total from investment operations		0.16
Net asset value, end of period		$23.86
Total return2		0.68	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%
Net expenses		0.92	%
Net investment income		0.68	%
Supplemental data
Portfolio turnover rate		122	%
Net assets, end of period (000s omitted)		$26

¹  For the period from July 31, 2018 (commencement of class operations) to September 30, 2018

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 Disciplined Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS R6				2018			20171
Net asset value, beginning of period		$22.63			$23.82			$22.43
Net investment income		0.11			0.07			0.14
Net realized and unrealized gains (losses) on investments		1.28			2.08			3.32
Total from investment operations		1.39			2.15			3.46
Distributions to shareholders from
Net investment income		0.00			(0.06	)		(0.14	)
Net realized gains		0.00			(3.28	)		(1.93	)
Total distributions to shareholders		0.00			(3.34	)		(2.07	)
Net asset value, end of period		$24.02			$22.63			$23.82
Total return2		6.10	%		8.95	%		15.63	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		1.06	%		0.92	%
Net expenses		0.69	%		0.85	%		0.85	%
Net investment income		0.46	%		0.14	%		0.67	%
Supplemental data
Portfolio turnover rate		122	%		48	%		73	%
Net assets, end of period (000s omitted)		$9,720			$23,871			$1,626

¹  For the period from October 31, 2016 (commencement of class operations) to March 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 Disciplined Small Cap Fund 23

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
ADMINISTRATOR CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$22.53			$23.79			$21.15			$25.19			$37.93			$42.43			$34.45
Net investment income		0.03			0.06			0.08	2		0.06			0.02			0.02			0.11
Net realized and unrealized gains (losses) on investments		1.31			2.00			4.56			(1.24	)		3.13			2.33			10.48
Total from investment operations		1.34			2.06			4.64			(1.18	)		3.15			2.35			10.59
Distributions to shareholders from
Net investment income		0.00			(0.04	)		(0.07	)		(0.02	)		0.00			(0.02	)		(0.08	)
Net realized gains		0.00			(3.28	)		(1.93	)		(2.84	)		(15.89	)		(6.83	)		(2.53	)
Total distributions to shareholders		0.00			(3.32	)		(2.00	)		(2.86	)		(15.89	)		(6.85	)		(2.61	)
Net asset value, end of period		$23.87			$22.53			$23.79			$21.15			$25.19			$37.93			$42.43
Total return3		5.95	%		8.52	%		22.13	%		(4.39	)%		11.75	%		6.26	%		33.19	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.30	%		1.28	%		1.29	%		1.24	%		1.24	%		1.22	%
Net expenses		1.02	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income		0.18	%		0.12	%		0.36	%		0.25	%		0.06	%		0.11	%		0.31	%
Supplemental data
Portfolio turnover rate		122	%		48	%		73	%		59	%		60	%		26	%		76	%
Net assets, end of period (000s omitted)		$82,634			$91,506			$231,039			$264,560			$306,628			$471,330			$705,671

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

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 Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
INSTITUTIONAL CLASS				2018			2017			2016			20151
Net asset value, beginning of period		$22.61			$23.82			$21.18			$25.22			$39.04
Net investment income		0.05			0.09			0.09			0.16	2		0.06
Net realized and unrealized gains (losses) on investments		1.32			2.03			4.61			(1.28	)		2.01
Total from investment operations		1.37			2.12			4.70			(1.12	)		2.07
Distributions to shareholders from
Net investment income		0.00			(0.05	)		(0.13	)		(0.08	)		0.00
Net realized gains		0.00			(3.28	)		(1.93	)		(2.84	)		(15.89	)
Total distributions to shareholders		0.00			(3.33	)		(2.06	)		(2.92	)		(15.89	)
Net asset value, end of period		$23.98			$22.61			$23.82			$21.18			$25.22
Total return3		6.06	%		8.81	%		22.43	%		(4.12	)%		8.68	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		1.07	%		1.03	%		1.05	%		0.92	%
Net expenses		0.76	%		0.95	%		0.95	%		0.95	%		0.92	%
Net investment income		0.44	%		0.37	%		0.56	%		0.71	%		0.59	%
Supplemental data
Portfolio turnover rate		122	%		48	%		73	%		59	%		60	%
Net assets, end of period (000s omitted)		$69,041			$67,798			$54,375			$263			$11

¹  For the period from October 31, 2014 (commencement of class operations) to March 31, 2015

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.

Notes to financial statements (unaudited) Wells Fargo Disciplined Small Cap 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Disciplined Small Cap Fund (the “Fund”), (formerly, Wells Fargo Small Cap Opportunities 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.

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 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

26 Wells Fargo Disciplined Small Cap Fund Notes to financial statements (unaudited)

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.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $166,285,457 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	11,363,433
Gross unrealized losses		(7,531,734	)
Net unrealized gains	$	3,831,699

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, 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.

Notes to financial statements (unaudited) Wells Fargo Disciplined Small Cap Fund 27

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 September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	2,822,972	$	0	$	0	$	2,822,972
Consumer discretionary		21,220,434		0		0		21,220,434
Consumer staples		4,520,865		0		0		4,520,865
Energy		9,348,382		0		0		9,348,382
Financials		28,705,393		0		0		28,705,393
Health care		28,340,769		0		0		28,340,769
Industrials		24,722,584		0		0		24,722,584
Information technology		22,498,820		0		0		22,498,820
Materials		7,817,479		0		0		7,817,479
Real estate		9,896,618		0		0		9,896,618
Utilities		4,221,171		0		0		4,221,171
Exchange-traded funds		1,357,333		0		0		1,357,333
Short-term investments
Investment companies		612,896		4,031,440		0		4,644,336
Total assets	$	166,085,716	$	4,031,440	$	0	$	170,117,156

At September 30, 2018, the Fund did not have any transfers into/out of Level 3.

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

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 0.50% and declining to 0.43% as the average daily net assets of the Fund increase. Prior to June 27, 2018, Funds Management received a fee at an annual rate which started at 0.85% and declined to 0.71% as the average daily net assets of the Fund increased. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.67% of the Fund’s average daily net assets.

28 Wells Fargo Disciplined Small Cap Fund Notes to financial statements (unaudited)

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. Prior to June 27, 2018, Schroder Investment Management North America Inc., which is not an affiliate of Funds Management, was the subadviser to the Fund and was entitled to receive a fee from Funds Management at an annual rate which started at 0.50% and declined to 0.45% as the average daily net assets of the Fund increased.

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		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 to waive fees and/or reimburse expenses to the extent necessary to cap expenses as follows:

	Expense ratio cap			Expiration date
Class A		0.93	%		July 31, 2020
Class R6		0.50	%		July 31, 2019
Administrator Class		0.85	%		July 31, 2019
Institutional Class		0.60	%		July 31, 2019

After the expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 27, 2018, the Fund’s expenses were capped at 0.85% for Class R6 shares, 1.20% for Administrator Class shares, and 0.95% for Institutional Class shares.

Sales charges

Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, 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 did not receive any front-end or contingent deferred sales charges from Class A shares for the six months ended September 30, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% 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 six months ended September 30, 2018 were $209,032,213 and $221,934,408, respectively.

Notes to financial statements (unaudited) Wells Fargo Disciplined Small Cap Fund 29

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Beginning October 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended March 31, 2018 were as follows:

	Net investment income		Net realized gains
Class R6	$	5,027	$	260,359
Administrator Class		339,109		27,052,520
Institutional Class		183,973		10,040,057

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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has early adopted the removal and modification disclosures, as permitted, and will adopt the additional new disclosures at the effective date.

30 Wells Fargo Disciplined Small Cap Fund Other information (unaudited)

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.

SPECIAL MEETING OF SHAREHOLDERS

On June 22, 2018, a Special Meeting of Shareholders for the Fund was held to consider the following proposal. The results of the proposal are indicated below.

Proposal – To consider and act upon a new investment sub-advisory agreement with Wells Capital Management Incorporated:

Shares voted “For”	2,874,861
Shares voted “Against”	546,337
Shares voted “Abstain”	681,371

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 Disciplined Small Cap 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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A
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.	N/A

32 Wells Fargo Disciplined Small Cap 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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Disciplined Small Cap 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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 Disciplined Small Cap Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Disciplined Small Cap 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 Small Cap 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 Schroder Investment Management North America Inc. (the “Sub-Adviser”). 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 is a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management, 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 Disciplined Small Cap 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 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 2000 Index, for all 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 other 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. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Broadridge to be similar to the Fund. 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. The Board also considered that the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s length basis.

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 collective funds or 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. 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

36 Wells Fargo Disciplined Small Cap Fund Other information (unaudited)

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. The Board did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis.

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, the Sub-Adviser, and their affiliates 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 its affiliate 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, the Sub-Adviser, and their affiliates 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 Disciplined Small Cap 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 Disciplined Small Cap 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 Disciplined Small Cap 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317298 11-18 SA243/SAR243 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Small Cap Value 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	8
Portfolio of investments	9
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
Other information	27
Appendix A	34

The views expressed and any forward-looking statements are as of September 30, 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 Small Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Cap Value Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Small Cap Value Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Small Cap Value Fund Letter to shareholders (unaudited)

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

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.

This page is intentionally left blank.

6 Wells Fargo Small Cap 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

Erik C. Astheimer

Michael Schneider, CFA^®

Average annual total returns (%) as of September 30, 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 (SMVAX)	11-30-2000		(2.04	)		6.18		8.06		3.95		7.45		8.70		1.34		1.29
Class C (SMVCX)	11-30-2000		2.24			6.66		7.90		3.24		6.66		7.90		2.09		2.04
Class R6 (SMVRX)	6-28-2013		–			–		–		4.36		7.94		9.19		0.91		0.84
Administrator Class (SMVDX)	7-30-2010		–			–		–		4.18		7.67		8.95		1.26		1.09
Institutional Class (WFSVX)	7-31-2007		–			–		–		4.36		7.88		9.16		1.01		0.89
Russell 2000® Value Index4	–		–			–		–		9.33		9.91		9.52		–		–

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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to 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 Small Cap Value Fund 7

Ten largest holdings (%) as of September 30, 20185
Randgold Resources Limited ADR	4.00
National General Holdings Corporation	3.52
IBERIABANK Corporation	3.21
The Bancorp Incorporated	3.18
Navigator Holdings Limited	2.98
OSI Systems Incorporated	2.76
Sterling Bancorp	2.52
BankUnited Incorporated	2.38
Cray Incorporated	2.34
Freightcar America Incorporated	2.24

Sector distribution as of September 30, 2018⁶

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. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares.

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

³  The manager has contractually committed through July 31, 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 1.28% for Class A, 2.03% for Class C, 0.83% for Class R6, 1.08% for Administrator Class, and 0.88% 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 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

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 Small Cap 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,028.67	$	6.51		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.48		1.28	%
Class C
Actual	$	1,000.00	$	1,025.95	$	10.31		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.89	$	10.25		2.03	%
Class R6
Actual	$	1,000.00	$	1,031.32	$	4.23		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Administrator Class
Actual	$	1,000.00	$	1,029.99	$	5.50		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Institutional Class
Actual	$	1,000.00	$	1,030.83	$	4.48		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.46		0.88	%

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—September 30, 2018 (unaudited) Wells Fargo Small Cap Value Fund 9

Security name	Shares		Value
Common Stocks: 98.77%
Communication Services: 1.07%
Diversified Telecommunication Services: 1.07%
Iradium Communications Incorporated †		247,700	$	5,573,250
Consumer Discretionary: 7.50%
Hotels, Restaurants & Leisure: 2.81%
Bloomin’ Brands Incorporated		68,000		1,345,720
Century Casinos Incorporated †		1,402,400		10,461,904
Scientific Games Corporation Class A †		99,000		2,514,600
The Wendy’s Company		20,600		353,084
				14,675,308
Household Durables: 4.23%
Cavco Industries Incorporated †		28,255		7,148,515
Nobility Homes Incorporated		89,800		2,195,610
Skyline Champion Corporation		100,300		2,865,571
Taylor Morrison Home Corporation Class A †		181,000		3,265,240
The New Home Company Incorporated †		819,300		6,603,558
				22,078,494
Leisure Products: 0.42%
Vista Outdoor Incorporated †		123,400		2,207,626
Textiles, Apparel & Luxury Goods: 0.04%
G-III Apparel Group Limited †		4,000		192,760
Consumer Staples: 0.38%
Food Products: 0.38%
Amira Nature Foods Limited †		1,187,100		2,006,199
Energy: 8.94%
Energy Equipment & Services: 3.37%
CARBO Ceramics Incorporated †		655,600		4,753,100
Newpark Resources Incorporated †		544,200		5,632,470
Parker Drilling Company †		51,266		152,773
Smart Sand Incorporated †		466,300		1,916,493
Tidewater Incorporated †		164,700		5,136,993
				17,591,829
Oil, Gas & Consumable Fuels: 5.57%
Navigator Holdings Limited †		1,284,402		15,541,264
Oasis Petroleum Incorporated †		367,200		5,206,896
Paramount Resources Limited Class A †		266,500		3,087,056
Range Resources Corporation		306,100		5,200,639
				29,035,855

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

10 Wells Fargo Small Cap Value Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Financials: 32.20%
Banks: 23.38%
Ameris Bancorp		135,300	$	6,183,210
BankUnited Incorporated		351,100		12,428,940
CenterState Banks Incorporated		404,000		11,332,200
First Horizon National Corporation		586,300		10,119,538
Hanmi Financial Corporation		194,900		4,853,010
Hilltop Holdings Incorporated		217,500		4,386,975
Hope Bancorp Incorporated		708,700		11,459,679
IBERIABANK Corporation		206,000		16,758,100
LegacyTexas Financial Group		215,500		9,180,300
OFG Bancorp		184,400		2,978,060
Sterling Bancorp		597,100		13,136,200
The Bancorp Incorporated †		1,732,000		16,609,880
Valley National Bancorp		229,600		2,583,000
				122,009,092
Consumer Finance: 0.66%
Enova International Incorporated †		119,700		3,447,360
Insurance: 5.12%
First Acceptance Corporation †		83,100		95,731
James River Group Holdings Limited		193,700		8,255,494
National General Holdings Corporation		683,900		18,355,876
				26,707,101
Mortgage REITs: 0.25%
Redwood Trust Incorporated		80,500		1,307,320
Thrifts & Mortgage Finance: 2.79%
Axos Financial Incorporated †		49,000		1,685,110
Essent Group Limited †		178,500		7,898,625
NMI Holdings Incorporated Class A †		219,400		4,969,410
				14,553,145
Health Care: 6.11%
Health Care Equipment & Supplies: 1.34%
Hologic Incorporated †		42,800		1,753,944
Lantheus Holdings Incorporated †		341,700		5,108,415
OraSure Technologies Incorporated †		6,800		105,060
				6,967,419
Health Care Providers & Services: 2.06%
Cross Country Healthcare Incorporated †		426,500		3,723,345
Tivity Health Incorporated †		218,900		7,037,635
				10,760,980

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Small Cap Value Fund 11

Security name	Shares		Value
Health Care Technology: 1.62%
Allscripts Healthcare Solutions Incorporated †		582,300	$	8,297,775
Omnicell Incorporated †		2,200		158,180
				8,455,955
Pharmaceuticals: 1.09%
Mallinckrodt plc †		52,300		1,532,913
Prestige Brands Holdings Incorporated †		110,300		4,179,267
				5,712,180
Industrials: 20.38%
Air Freight & Logistics: 1.04%
Atlas Air Worldwide Holdings Incorporated †		84,900		5,412,375
Airlines: 0.40%
Azul SA ADR †		117,950		2,098,331
Building Products: 3.66%
Armstrong Flooring Incorporated †		287,100		5,196,510
Builders FirstSource Incorporated †		714,800		10,493,264
CSW Industrials Incorporated †		62,900		3,377,730
				19,067,504
Commercial Services & Supplies: 4.60%
ABM Industries Incorporated		188,100		6,066,225
ACCO Brands Corporation		982,600		11,103,380
Healthcare Services Group Incorporated		162,900		6,616,998
Hudson Technologies Incorporated †		180,500		231,040
				24,017,643
Construction & Engineering: 1.78%
Bird Construction Incorporated (a)		240,500		1,468,972
IES Holdings Incorporated †		119,700		2,334,150
Tutor Perini Corporation †		290,700		5,465,160
				9,268,282
Machinery: 5.76%
Actuant Corporation Class A		219,700		6,129,630
Freightcar America Incorporated (l)		726,905		11,681,363
Milacron Holdings Corporation †		297,400		6,022,350
Mueller Water Products Incorporated Class A		538,800		6,201,588
				30,034,931
Marine: 0.90%
Seaspan Corporation		564,900		4,705,617
Professional Services: 1.24%
Hill International Incorporated †		1,581,200		6,482,920

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

12 Wells Fargo Small Cap Value Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Trading Companies & Distributors: 1.00%
Applied Industrial Technologies Incorporated		45,500	$	3,560,375
BMC Stock Holdings Incorporated †		63,900		1,191,735
Textainer Group Holdings Limited †		38,000		486,400
				5,238,510
Information Technology: 9.05%
Communications Equipment: 2.41%
Finisar Corporation †		354,800		6,758,940
Harmonic Incorporated †		1,058,000		5,819,000
				12,577,940
Electronic Equipment, Instruments & Components: 3.15%
Coherent Incorporated †		11,700		2,014,623
OSI Systems Incorporated †		188,700		14,399,697
				16,414,320
IT Services: 0.47%
Travelport Worldwide Limited		146,000		2,463,020
Technology Hardware, Storage & Peripherals: 3.02%
Cray Incorporated †		568,100		12,214,150
Quantum Corporation †		1,488,300		3,571,920
				15,786,070
Materials: 11.31%
Containers & Packaging: 0.77%
Intertape Polymer Group Incorporated		269,200		4,013,772
Metals & Mining: 10.54%
Agnico Eagle Mines Limited-U.S. Exchange Traded Shares		5,000		171,000
Argonaut Gold Incorporated †		734,600		830,098
Carpenter Technology Corporation		91,400		5,388,030
Eldorado Gold Corporation †		1,242,600		1,097,340
Haynes International Incorporated		194,000		6,887,000
NovaGold Resources Incorporated †		646,000		2,396,660
Olympic Steel Incorporated		27,700		578,099
Randgold Resources Limited ADR		295,700		20,861,635
Royal Gold Incorporated		34,300		2,643,158
Ryerson Holding Corporation †		41,900		473,470
Sandstorm Gold Limited †		2,869,800		10,704,354
Schnitzer Steel Industries Incorporated Class A		31,000		838,550
SSR Mining Incorporated †		188,700		1,643,577
TimkenSteel Corporation †		31,100		462,457
				54,975,428
Real Estate: 1.83%
Equity REITs: 1.83%
UMH Properties Incorporated		611,700		9,566,988
Total Common Stocks (Cost $424,763,061)				515,405,524

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Small Cap Value Fund 13

Security name				Shares		Value
Exchange-Traded Funds: 1.28%
SPDR S&P Regional Banking ETF					22,400	$	1,331,008
VanEck Vectors Gold Miners ETF					181,451		3,360,473
VanEck Vectors Junior Gold Miners ETF					72,683		1,988,607
Total Exchange-Traded Funds (Cost $7,826,675)							6,680,088
	Yield
Short-Term Investments: 0.20%
Investment Companies: 0.20%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99	%		1,036,143		1,036,143
Total Short-Term Investments (Cost $1,036,143)							1,036,143

Total investments in securities (Cost $433,625,879)	100.25	%		523,121,755
Other assets and liabilities, net	(0.25	)		(1,318,764	)
Total net assets	100.00	%	$	521,802,991

† Non-income-earning security

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

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

(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
Common Stocks
Financials
Capital Markets
Medley Management Incorporated Class A *		323,400		0		323,400		0	$	(3,574,301	)	$	3,438,521	$	121,160	$	0
Industrials
Machinery
Freightcar America Incorporated		697,800		29,105		0		726,905		0			1,860,599		0		11,681,363
																	11,681,363		2.24	%
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,673,791		60,254,026		60,891,674		1,036,143		0			0		34,917		1,036,143		0.20
									$	(3,574,301	)	$	5,299,120	$	156,077	$	12,717,506		2.44	%

* No longer an affiliate of the Fund at the end of the period.

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

14 Wells Fargo Small Cap Value Fund Statement of assets and liabilities—September 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $421,561,642)	$	510,404,249
Investments in affiliated securities, at value (cost $12,064,237)		12,717,506
Cash		1,021,243
Receivable for investments sold		171,611
Receivable for Fund shares sold		155,875
Receivable for dividends		247,814
Prepaid expenses and other assets		67,181
Total assets		524,785,479
Liabilities
Payable for investments purchased		1,860,841
Payable for Fund shares redeemed		508,321
Management fee payable		330,966
Administration fees payable		83,123
Distribution fee payable		13,881
Trustees’ fees and expenses payable		2,340
Accrued expenses and other liabilities		183,016
Total liabilities		2,982,488
Total net assets	$	521,802,991
NET ASSETS CONSIST OF
Paid-in capital	$	333,612,753
Total distributable earnings		188,190,238
Total net assets	$	521,802,991
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	418,932,107
Shares outstanding – Class A1		23,825,581
Net asset value per share – Class A		$17.58
Maximum offering price per share – Class A2		$18.65
Net assets – Class C	$	21,972,130
Shares outstanding – Class C1		1,853,297
Net asset value per share – Class C		$11.86
Net assets – Class R6	$	42,023,489
Shares outstanding – Class R61		2,199,717
Net asset value per share – Class R6		$19.10
Net assets – Administrator Class	$	9,334,657
Shares outstanding – Administrator Class1		494,204
Net asset value per share – Administrator Class		$18.89
Net assets – Institutional Class	$	29,540,608
Shares outstanding – Institutional Class1		1,549,457
Net asset value per share – Institutional Class		$19.07

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—six months ended September 30, 2018 (unaudited) Wells Fargo Small Cap Value Fund 15

Investment income
Dividends (net of foreign withholding taxes of $15,114)	$	2,519,851
Income from affiliated securities		156,077
Total investment income		2,675,928
Expenses
Management fee		2,343,017
Administration fees
Class A		464,839
Class C		25,319
Class R6		6,553
Administrator Class		6,468
Institutional Class		21,087
Shareholder servicing fees
Class A		553,379
Class C		30,142
Administrator Class		12,439
Distribution fee
Class C		90,427
Custody and accounting fees		22,522
Professional fees		27,911
Registration fees		24,293
Shareholder report expenses		49,973
Trustees’ fees and expenses		12,023
Other fees and expenses		13,822
Total expenses		3,704,214
Less: Fee waivers and/or expense reimbursements		(248,387	)
Net expenses		3,455,827
Net investment loss		(779,899	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		32,966,532
Affiliated securities		(3,574,301	)
Net realized gains on investments		29,392,231
Net change in unrealized gains (losses) on:
Unaffiliated securities		(17,109,203	)
Affiliated securities		5,299,120
Net change in unrealized gains (losses) on investments		(11,810,083	)
Net realized and unrealized gains (losses) on investments		17,582,148
Net increase in net assets resulting from operations	$	16,802,249

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

16 Wells Fargo Small Cap Value Fund Statement of changes in net assets

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment loss				$	(779,899	)				$	(2,802,360	)
Net realized gains on investments					29,392,231						316,315,049
Net change in unrealized gains (losses) on investments					(11,810,083	)					(259,345,164	)
Net increase in net assets resulting from operations					16,802,249						54,167,525
Distributions to shareholders
Class A					0						(139,185,621	)
Class C					0						(11,577,587	)
Class R6					0						(18,852,432	)
Administrator Class					0						(3,280,317	)
Institutional Class					0						(59,214,889	)
Total distributions to shareholders					0						(232,110,846	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		392,638			7,077,978			1,049,139			20,283,556
Class C		24,853			297,876			82,745			1,093,645
Class R6		67,688			1,329,668			362,552			7,674,684
Administrator Class		28,570			552,183			79,721			1,605,699
Institutional Class		209,676			4,143,355			453,494			9,352,699
					13,401,060						40,010,283
Reinvestment of distributions
Class A		0			0			7,549,312			135,464,919
Class C		0			0			870,426			10,955,100
Class R6		0			0			964,823			18,847,152
Administrator Class		0			0			144,268			2,762,509
Institutional Class		0			0			2,910,455			57,830,989
					0						225,860,669
Payment for shares redeemed
Class A		(2,183,540	)		(39,099,404	)		(5,792,964	)		(110,590,516	)
Class C		(343,038	)		(4,189,927	)		(909,855	)		(12,886,548	)
Class R6		(225,650	)		(4,404,270	)		(2,930,324	)		(61,212,656	)
Administrator Class		(76,226	)		(1,468,739	)		(251,974	)		(5,114,206	)
Institutional Class		(428,689	)		(8,358,460	)		(19,803,060	)		(399,900,378	)
					(57,520,800	)					(589,704,304	)
Net decrease in net assets resulting from capital share transactions					(44,119,740	)					(323,833,352	)
Total decrease in net assets					(27,317,491	)					(501,776,673	)
Net assets
Beginning of period					549,120,482						1,050,897,155
End of period				$	521,802,991					$	549,120,482

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Accumulated net investment loss at March 31, 2018 was $666,360. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Small Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS A				2018			2017			2016			2015			20141
Net asset value, beginning of period		$17.09			$21.68			$18.84			$27.51			$35.74			$36.33			$32.87
Net investment income (loss)		(0.03	)2		(0.09	)2		(0.11	)		(0.06	)2		0.01	2		0.18			0.23
Net realized and unrealized gains (losses) on investments		0.52			1.62			5.45			(1.19	)		(2.55	)		2.71			4.68
Total from investment operations		0.49			1.53			5.34			(1.25	)		(2.54	)		2.89			4.91
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.13	)		(0.11	)		(0.24	)
Net realized gains		0.00			(6.12	)		(2.50	)		(7.42	)		(5.56	)		(3.37	)		(1.21	)
Total distributions to shareholders		0.00			(6.12	)		(2.50	)		(7.42	)		(5.69	)		(3.48	)		(1.45	)
Net asset value, end of period		$17.58			$17.09			$21.68			$18.84			$27.51			$35.74			$36.33
Total return3		2.87	%		7.97	%		29.92	%		(2.90	)%		(7.29	)%		8.87	%		15.67	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.33	%		1.32	%		1.36	%		1.35	%		1.33	%		1.33	%
Net expenses		1.28	%		1.28	%		1.28	%		1.28	%		1.29	%		1.30	%		1.30	%
Net investment income (loss)		(0.31	)%		(0.47	)%		(0.48	)%		(0.27	)%		0.02	%		1.26	%		0.72	%
Supplemental data
Portfolio turnover rate		19	%		36	%		31	%		16	%		9	%		7	%		18	%
Net assets, end of period (000s omitted)		$418,932			$437,704			$494,607			$441,679			$289,669			$443,671			$482,677

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS C				2018			2017			2016			2015			20141
Net asset value, beginning of period		$11.56			$16.67			$15.09			$23.80			$31.89			$32.77			$29.82
Net investment income (loss)		(0.06	)2		(0.17	)2		(0.20	)2		(0.24	)2		(0.20	)2		0.07	2		(0.02	)2
Net realized and unrealized gains (losses) on investments		0.36			1.18			4.28			(1.05	)		(2.27	)		2.42			4.23
Total from investment operations		0.30			1.01			4.08			(1.29	)		(2.47	)		2.49			4.21
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.06	)		0.00			(0.05	)
Net realized gains		0.00			(6.12	)		(2.50	)		(7.42	)		(5.56	)		(3.37	)		(1.21	)
Total distributions to shareholders		0.00			(6.12	)		(2.50	)		(7.42	)		(5.62	)		(3.37	)		(1.26	)
Net asset value, end of period		$11.86			$11.56			$16.67			$15.09			$23.80			$31.89			$32.77
Total return3		2.60	%		7.08	%		28.93	%		(3.58	)%		(8.00	)%		8.53	%		14.80	%
Ratios to average net assets (annualized)
Gross expenses		2.11	%		2.08	%		2.07	%		2.11	%		2.10	%		2.08	%		2.08	%
Net expenses		2.03	%		2.03	%		2.03	%		2.03	%		2.04	%		2.05	%		2.05	%
Net investment income (loss)		(1.06	)%		(1.23	)%		(1.23	)%		(1.18	)%		(0.70	)%		0.52	%		(0.06	)%
Supplemental data
Portfolio turnover rate		19	%		36	%		31	%		16	%		9	%		7	%		18	%
Net assets, end of period (000s omitted)		$21,972			$25,111			$35,470			$33,601			$80,969			$105,309			$105,491

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Small Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 20132
CLASS R6				2018			2017			2016			2015			20141
Net asset value, beginning of period		$18.52			$22.93			$19.72			$28.29			$36.52			$37.13			$33.69
Net investment income (loss)		0.04			(0.00	)3,4		(0.01	)3		0.03	3		0.23	3		0.35			0.07	3
Net realized and unrealized gains (losses) on investments		0.54			1.71			5.72			(1.18	)		(2.69	)		2.67			3.37
Total from investment operations		0.58			1.71			5.71			(1.15	)		(2.46	)		3.02			3.44
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.21	)		(0.26	)		0.00
Net realized gains		0.00			(6.12	)		(2.50	)		(7.42	)		(5.56	)		(3.37	)		0.00
Total distributions to shareholders		0.00			(6.12	)		(2.50	)		(7.42	)		(5.77	)		(3.63	)		0.00
Net asset value, end of period		$19.10			$18.52			$22.93			$19.72			$28.29			$36.52			$37.13
Total return5		3.13	%		8.38	%		30.50	%		(2.43	)%		(6.90	)%		9.07	%		10.21	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.90	%		0.89	%		0.92	%		0.87	%		0.85	%		0.85	%
Net expenses		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%		0.85	%		0.85	%
Net investment income (loss)		0.14	%		(0.01	)%		(0.03	)%		0.12	%		0.72	%		2.82	%		0.60	%
Supplemental data
Portfolio turnover rate		19	%		36	%		31	%		16	%		9	%		7	%		18	%
Net assets, end of period (000s omitted)		$42,023			$43,671			$90,809			$92,929			$52,613			$398			$28

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  For the period from June 28, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

⁴  Amount is more than $(0.005).

⁵  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 Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
ADMINISTRATOR CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$18.34			$22.80			$19.66			$28.30			$36.40			$36.98			$33.45
Net investment income (loss)		(0.01	)2		(0.06	)2		(0.07	)2		(0.06	)2		0.01	2		0.21			0.31
Net realized and unrealized gains (losses) on investments		0.56			1.72			5.71			(1.16	)		(2.55	)		2.77			4.75
Total from investment operations		0.55			1.66			5.64			(1.22	)		(2.54	)		2.98			5.06
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.19	)		(0.32	)
Net realized gains		0.00			(6.12	)		(2.50	)		(7.42	)		(5.56	)		(3.37	)		(1.21	)
Total distributions to shareholders		0.00			(6.12	)		(2.50	)		(7.42	)		(5.56	)		(3.56	)		(1.53	)
Net asset value, end of period		$18.89			$18.34			$22.80			$19.66			$28.30			$36.40			$36.98
Total return3		3.00	%		8.18	%		30.22	%		(2.70	)%		(7.16	)%		8.97	%		15.92	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.24	%		1.24	%		1.25	%		1.19	%		1.17	%		1.17	%
Net expenses		1.08	%		1.08	%		1.08	%		1.08	%		1.09	%		1.10	%		1.10	%
Net investment income (loss)		(0.11	)%		(0.28	)%		(0.31	)%		(0.24	)%		0.03	%		1.48	%		0.87	%
Supplemental data
Portfolio turnover rate		19	%		36	%		31	%		16	%		9	%		7	%		18	%
Net assets, end of period (000s omitted)		$9,335			$9,936			$12,994			$24,927			$74,820			$711,869			$666,812

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

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 Small Cap Value Fund 21

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
INSTITUTIONAL CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$18.49			$22.90			$19.71			$28.29			$36.53			$37.12			$33.56
Net investment income (loss)		0.01	2		(0.02	)2		(0.01	)2		(0.01	)2		0.17	2		0.26			0.38	2
Net realized and unrealized gains (losses) on investments		0.57			1.73			5.70			(1.15	)		(2.65	)		2.76			4.76
Total from investment operations		0.58			1.71			5.69			(1.16	)		(2.48	)		3.02			5.14
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.20	)		(0.24	)		(0.37	)
Net realized gains		0.00			(6.12	)		(2.50	)		(7.42	)		(5.56	)		(3.37	)		(1.21	)
Total distributions to shareholders		0.00			(6.12	)		(2.50	)		(7.42	)		(5.76	)		(3.61	)		(1.58	)
Net asset value, end of period		$19.07			$18.49			$22.90			$19.71			$28.29			$36.53			$37.12
Total return3		3.14	%		8.39	%		30.41	%		(2.46	)%		(6.95	)%		9.05	%		16.15	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		0.99	%		0.99	%		0.99	%		0.92	%		0.90	%		0.90	%
Net expenses		0.88	%		0.88	%		0.88	%		0.88	%		0.89	%		0.90	%		0.90	%
Net investment income (loss)		0.09	%		(0.11	)%		(0.06	)%		(0.03	)%		0.52	%		1.66	%		1.08	%
Supplemental data
Portfolio turnover rate		19	%		36	%		31	%		16	%		9	%		7	%		18	%
Net assets, end of period (000s omitted)		$29,541			$32,699			$417,018			$283,728			$1,017,115			$984,881			$1,081,869

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

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 Small Cap Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2018, such fair value pricing was not used in pricing foreign securities.

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. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the 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

Notes to financial statements (unaudited) Wells Fargo Small Cap Value Fund 23

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.

Security transactions and income recognition

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

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $433,426,804 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	133,316,146
Gross unrealized losses		(43,621,195	)
Net unrealized gains	$	89,694,951

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.

24 Wells Fargo Small Cap Value Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	5,573,250	$	0	$	0	$	5,573,250
Consumer discretionary		36,958,578		2,195,610		0		39,154,188
Consumer staples		2,006,199		0		0		2,006,199
Energy		46,627,684		0		0		46,627,684
Financials		168,024,018		0		0		168,024,018
Health care		31,896,534		0		0		31,896,534
Industrials		104,857,141		1,468,972		0		106,326,113
Information technology		47,241,350		0		0		47,241,350
Materials		54,975,428		4,013,772		0		58,989,200
Real estate		9,566,988		0		0		9,566,988
Exchange-traded funds		6,680,088		0		0		6,680,088
Short-term investments
Investment companies		1,036,143		0		0		1,036,143
Total assets	$	515,443,401	$	7,678,354	$	0	$	523,121,755

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

At September 30, 2018, the Fund did not have any transfers into/out of 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 0.85% and declining to 0.71% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.85% 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. Wells Capital Management Incorporated, 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 0.55% and declining to 0.40% 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

Notes to financial statements (unaudited) Wells Fargo Small Cap Value Fund 25

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 July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.28% for Class A shares, 2.03% for Class C shares, 0.83% for Class R6 shares, 1.08% for Administrator Class shares, and 0.88% 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 six months ended September 30, 2018, Funds Distributor received $14,760 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $101,314,103 and $142,906,702, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Beginning October 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended March 31, 2018 were as follows:

	Net realized gains
Class A		$139,185,621
Class C		11,577,587
Class R6		18,852,432
Administrator Class		3,280,317
Institutional Class		59,214,889

26 Wells Fargo Small Cap Value Fund Notes to financial statements (unaudited)

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 7, 2017, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $317,068,893 and cash in the amount of $17,087,078. The redemption in-kind by a shareholder of the Institutional Class represented 34% of the Fund and is reflected on the Statement of Changes in Net Assets.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has early adopted the removal and modification disclosures, as permitted, and will adopt the additional new disclosures at the effective date.

Other information (unaudited) Wells Fargo Small Cap Value Fund 27

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 Small Cap 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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A
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.	N/A

Other information (unaudited) Wells Fargo Small Cap Value 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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

30 Wells Fargo Small Cap Value Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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 Small Cap Value Fund 31

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Small Cap 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 Small Cap 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.

32 Wells Fargo Small Cap 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 (Class A) 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 2000 Value Index, for the one- and three-year periods under review, but lower than its benchmark index for the five- and ten-year periods under review. The Board took note of the recent performance of the Fund relative to both the Universe and benchmark.

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 all share classes.

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 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 Small Cap Value 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 Small Cap 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 Small Cap Value 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 Small Cap 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317299 11-18 SA244/SAR244 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Special Small Cap Value 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	8
Portfolio of investments	9
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
Other information	30
Appendix A	37

The views expressed and any forward-looking statements are as of September 30, 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 Special Small Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Special Small Cap Value Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Special Small Cap Value Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Special Small Cap Value Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Special Small Cap Value Fund Performance highlights (unaudited)

The Fund is currently closed to most new investors.¹

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Robert Rifkin, CFA^®

James M. Tringas, CFA^®

Bryant VanCronkhite, CFA^®, CPA

Average annual total returns (%) as of September 30, 2018²

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (ESPAX)	5-7-1993		5.04		10.31		10.20		11.45		11.63		10.85		1.31		1.31
Class C (ESPCX)	12-12-2000		9.62		10.79		10.03		10.62		10.79		10.03		2.06		2.06
Class R (ESPHX)	9-30-2015		–		–		–		11.14		11.36		10.56		1.56		1.56
Class R6 (ESPRX)	10-31-2014		–		–		–		11.94		12.10		11.28		0.88		0.88
Administrator Class (ESPIX)	7-23-1996		–		–		–		11.56		11.81		11.09		1.23		1.20
Institutional Class (ESPNX)	7-30-2010		–		–		–		11.84		12.06		11.26		0.98		0.94
Russell 2000® Value Index5	–		–		–		–		9.33		9.91		9.52		–		–

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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Special Small Cap Value Fund 7

Ten largest holdings (%) as of September 30, 20186
First Citizens BancShares Corporation Class A	2.48%
Neenah Paper Incorporated	2.27%
Dine Brands Global Incorporated	2.21%
Innospec Incorporated	2.05%
UMB Financial Corporation	2.03%
Mueller Industries Incorporated	2.01%
KMG Chemicals Incorporated	1.88%
Eagle Materials Incorporated	1.78%
Simpson Manufacturing Company Incorporated	1.73%
Hawaiian Electric Industries Incorporated	1.68%

Sector distribution as of September 30, 2018⁷

¹  Please see the Fund’s current Statement of Additional Information for further details.

²  Historical performance shown for Class R shares prior to their inception reflects the performance of the Institutional Class shares adjusted to reflect the higher expenses applicable to Class R shares. Historical performance for Class R6 shares prior to their inception reflects the performance of the 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 Special Values Fund.

³  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.

⁴  The manager has contractually committed through July 31, 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 1.34% for Class A, 2.09% for Class C, 1.59% for Class R, 0.89% for Class R6, 1.20% for Administrator Class, and 0.94% 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.

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

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 Special Small Cap 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,072.63	$	6.70		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.53		1.29	%
Class C
Actual	$	1,000.00	$	1,068.57	$	10.58		2.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.84	$	10.30		2.04	%
Class R
Actual	$	1,000.00	$	1,071.27	$	8.00		1.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.35	$	7.79		1.54	%
Class R6
Actual	$	1,000.00	$	1,075.18	$	4.47		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Administrator Class
Actual	$	1,000.00	$	1,073.25	$	6.24		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,074.57	$	4.89		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.76		0.94	%

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—September 30, 2018 (unaudited) Wells Fargo Special Small Cap Value Fund 9

Security name	Shares		Value
Common Stocks: 94.49%
Communication Services: 1.54%
Diversified Telecommunication Services: 0.27%
Consolidated Communications Holdings Incorporated «		558,524	$	7,283,153
Media: 1.27%
A.H. Belo Corporation Class A (l)		1,496,789		6,885,229
Gannett Company Incorporated		1,224,721		12,259,457
New Media Investment Group Incorporated		1,002,539		15,729,837
				34,874,523
Consumer Discretionary: 8.46%
Auto Components: 0.31%
Delphi Technologies plc		275,800		8,649,088
Diversified Consumer Services: 0.12%
Liberty Tax Incorporated «		273,546		3,186,811
Hotels, Restaurants & Leisure: 4.85%
Denny’s Corporation †		2,787,690		41,034,797
Dine Brands Global Incorporated		744,700		60,551,557
The Wendy’s Company		1,829,300		31,354,202
				132,940,556
Household Durables: 1.70%
Dixie Group Incorporated †		713,035		1,140,856
Helen of Troy Limited †		289,800		37,934,820
Skyline Champion Corporation		264,986		7,570,650
				46,646,326
Specialty Retail: 0.45%
Christopher & Banks Corporation «†		1,086,348		825,733
The Buckle Incorporated «		496,820		11,451,701
				12,277,434
Textiles, Apparel & Luxury Goods: 1.03%
Delta Apparel Incorporated (l)†		469,892		8,359,379
Steven Madden Limited		374,300		19,800,470
				28,159,849
Consumer Staples: 7.21%
Beverages: 0.90%
Cott Corporation		1,523,800		24,609,370
Food Products: 3.42%
Hostess Brands Incorporated †		1,307,023		14,468,745
J & J Snack Foods Corporation		110,800		16,718,612
Nomad Foods Limited †		2,140,124		43,358,912

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

10 Wells Fargo Special Small Cap Value Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Food Products (continued)
TreeHouse Foods Incorporated †		399,685	$	19,124,927
				93,671,196
Household Products: 2.89%
Central Garden & Pet Company (l)«†		709,780		25,580,471
Central Garden & Pet Company Class A †		526,833		17,459,246
Spectrum Brands Holdings Incorporated		486,501		36,351,355
				79,391,072
Energy: 4.88%
Energy Equipment & Services: 2.50%
C&J Energy Services Incorporated †		527,400		10,969,920
Forum Energy Technologies Incorporated †		521,500		5,397,525
Oil States International Incorporated †		547,900		18,190,280
Patterson-UTI Energy Incorporated		1,363,310		23,326,234
Tetra Technologies Incorporated †		2,384,700		10,754,997
				68,638,956
Oil, Gas & Consumable Fuels: 2.38%
Berry Petroleum Corporation		423,242		7,457,524
Callon Petroleum Company †		476,800		5,716,832
Penn Virginia Corporation †		164,400		13,240,776
QEP Resources Incorporated †		2,290,400		25,927,328
WPX Energy Incorporated †		636,637		12,809,136
				65,151,596
Financials: 18.68%
Banks: 11.56%
Associated Banc Corporation		1,385,600		36,025,600
First Citizens BancShares Corporation Class A		150,050		67,864,616
First Hawaiian Incorporated		666,800		18,110,288
Fulton Financial Corporation		548,849		9,138,336
Hancock Holding Company		699,245		33,249,100
IBERIABANK Corporation		357,100		29,050,085
Renasant Corporation		956,945		39,435,703
South State Corporation		346,400		28,404,800
UMB Financial Corporation		783,586		55,556,247
				316,834,775
Capital Markets: 3.06%
Apollo Investment Corporation		2,699,500		14,685,280
Artisan Partners Asset Management Incorporated Class A		960,601		31,123,472
New Mountain Finance Corporation		1,147,590		15,492,465
Westwood Holdings Group Incorporated		436,883		22,604,326
				83,905,543
Diversified Financial Services: 0.04%
Schulman Incorporated Class A (a)		593,658		1,133,887

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Special Small Cap Value Fund 11

Security name	Shares		Value
Insurance: 3.13%
Aspen Insurance Holdings Limited		592,000	$	24,745,600
ProAssurance Corporation		664,600		31,202,970
Stewart Information Services Corporation		664,707		29,918,462
				85,867,032
Mortgage REITs: 0.69%
Apollo Commercial Real Estate Finance Incorporated		1,000,137		18,872,585
Thrifts & Mortgage Finance: 0.20%
Flagstar Bancorp Incorporated †		168,232		5,294,261
Health Care: 2.02%
Health Care Equipment & Supplies: 0.16%
Varex Imaging Corporation †		156,300		4,479,558
Health Care Providers & Services: 0.44%
Hanger Incorporated †		574,700		11,971,001
Life Sciences Tools & Services: 0.16%
Cambrex Corporation †		64,600		4,418,640
Pharmaceuticals: 1.26%
Innoviva Incorporated †		680,202		10,366,278
Prestige Brands Holdings Incorporated †		637,100		24,139,719
				34,505,997
Industrials: 21.57%
Building Products: 4.17%
CSW Industrials Incorporated †		709,244		38,086,403
Griffon Corporation		541,955		8,752,573
Quanex Building Products Corporation		1,095,600		19,939,920
Simpson Manufacturing Company Incorporated		655,895		47,526,152
				114,305,048
Commercial Services & Supplies: 5.13%
ABM Industries Incorporated		39,500		1,273,875
ACCO Brands Corporation		1,665,061		18,815,189
Brady Corporation Class A		700,509		30,647,269
Deluxe Corporation		584,831		33,300,277
Ennis Incorporated (l)		1,386,182		28,347,422
LSC Communications Incorporated		312,862		3,460,254
Viad Corporation		419,850		24,876,113
				140,720,399
Electrical Equipment: 2.56%
Atkore International Incorporated †		1,304,921		34,619,554
EnerSys		406,835		35,447,534
				70,067,088

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

12 Wells Fargo Special Small Cap Value Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Machinery: 8.87%
Douglas Dynamics Incorporated		706,670	$	31,022,813
Franklin Electric Company Incorporated		969,336		45,801,126
Global Brass & Copper Holdings Incorporated		870,719		32,129,531
Hillenbrand Incorporated		605,544		31,669,951
Kadant Incorporated		299,259		32,275,083
Mueller Industries Incorporated		1,899,080		55,035,338
NN Incorporated		972,410		15,169,596
				243,103,438
Professional Services: 0.49%
Korn/Ferry International		274,232		13,503,184
Trading Companies & Distributors: 0.35%
Aircastle Limited		440,300		9,646,973
Information Technology: 9.91%
Communications Equipment: 0.91%
NETGEAR Incorporated †		395,502		24,857,301
Electronic Equipment, Instruments & Components: 5.22%
AVX Corporation		971,360		17,533,048
Badger Meter Incorporated		314,977		16,678,032
Belden Incorporated		596,968		42,629,485
Coherent Incorporated †		92,900		15,996,451
Novanta Incorporated †		341,545		23,361,678
Orbotech Limited †		450,630		26,785,447
				142,984,141
IT Services: 1.93%
Conduent Incorporated †		891,000		20,065,320
Maximus Incorporated		162,900		10,598,274
Sykes Enterprises Incorporated †		733,500		22,364,415
				53,028,009
Semiconductors & Semiconductor Equipment: 0.99%
Brooks Automation Incorporated		143,400		5,023,302
Cabot Microelectronics Corporation		143,100		14,763,627
DSP Group Incorporated †		605,448		7,204,831
				26,991,760
Software: 0.32%
Cision Limited †		527,701		8,865,377
Technology Hardware, Storage & Peripherals: 0.54%
Glassbridge Enterprises Incorporated (l)Ǡ		305,421		174,090
NCR Corporation †		519,100		14,747,631
				14,921,721

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Special Small Cap Value Fund 13

Security name				Shares		Value
Materials: 14.79%
Chemicals: 7.36%
GCP Applied Technologies Incorporated †					227,900	$	6,050,745
Innophos Holdings Incorporated					160,418		7,122,559
Innospec Incorporated					730,641		56,076,697
KMG Chemicals Incorporated					680,456		51,415,255
PolyOne Corporation					369,200		16,141,424
PQ Group Holdings Incorporated †					596,373		10,418,636
Quaker Chemical Corporation					94,890		19,187,707
Sensient Technologies Corporation					460,468		35,230,407
							201,643,430
Construction Materials: 1.78%
Eagle Materials Incorporated					571,700		48,731,708
Containers & Packaging: 1.48%
Silgan Holdings Incorporated					1,459,442		40,572,488
Metals & Mining: 0.89%
Compass Minerals International Incorporated					362,600		24,366,720
Paper & Forest Products: 3.28%
Neenah Paper Incorporated					720,121		62,146,442
Schweitzer-Mauduit International Incorporated					727,887		27,885,351
							90,031,793
Real Estate: 2.61%
Equity REITs: 2.61%
Acadia Realty Trust					593,000		16,621,790
LaSalle Hotel Properties					851,300		29,446,467
Washington REIT					828,657		25,398,337
							71,466,594
Utilities: 2.82%
Electric Utilities: 2.82%
Hawaiian Electric Industries Incorporated					1,293,454		46,034,028
IDACORP Incorporated					315,700		31,326,911
							77,360,939
Total Common Stocks (Cost $2,218,618,736)							2,589,931,320
	Dividend yield
Preferred Stocks: 0.41%
Industrials: 0.41%
Industrial Conglomerates: 0.41%
Steel Partners Holdings LP «		6.00	%		483,767		11,078,264
Total Preferred Stocks (Cost $12,001,048)							11,078,264

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

14 Wells Fargo Special Small Cap Value Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 5.41%
Investment Companies: 5.41%
Securities Lending Cash Investment LLC (l)(r)(u)		2.17	%		29,360,632	$	29,363,568
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99			118,901,581		118,901,581
Total Short-Term Investments (Cost $148,265,149)							148,265,149

Total investments in securities (Cost $2,378,884,933)	100.31	%		2,749,274,733
Other assets and liabilities, net	(0.31	)		(8,396,769	)
Total net assets	100.00	%	$	2,740,877,964

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

† Non-income-earning security

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

(l) The issuer of the security is an affiliated person of the 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:

REIT Real estate investment trust

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Special Small Cap Value 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
Common Stocks
Communication Services
Media
A.H. Belo Corporation Class A		1,423,589		73,200		0		1,496,789	$	0	$	(781,613	)	$	230,558	$	6,885,229
Consumer Discretionary
Textiles, Apparel & Luxury Goods
Delta Apparel Incorporated		459,492		10,400		0		469,892		0		(114,006	)		0		8,359,379
Consumer Staples
Household Products
Central Garden & Pet Company		553,580		156,200		0		709,780		0		10,546,547			0		25,580,471
Industrials
Commercial Services & Supplies
Ennis Incorporated		1,320,620		65,562		0		1,386,182		0		1,027,947			566,326		28,347,422
Information Technology
Technology Hardware, Storage & Peripherals
Glassbridge Enterprises Incorporated		305,221		200		0		305,421		0		(189,312	)		0		174,090
																	69,346,591		2.53	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		81,074,217		138,744,790		190,458,375		29,360,632		242		0			206,504		29,363,568
Wells Fargo Government Money Market Fund Select Class		139,485,748		409,376,787		429,960,954		118,901,581		0		0			1,353,040		118,901,581
																	148,265,149		5.41
									$	242	$	10,489,563		$	2,356,428	$	217,611,740		7.94	%

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

16 Wells Fargo Special Small Cap Value Fund Statement of assets and liabilities—September 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $28,562,536 of securities loaned), at value (cost $2,147,384,500)	$	2,531,662,993
Investments in affiliated securities, at value (cost $231,500,433)		217,611,740
Receivable for investments sold		6,695,678
Receivable for Fund shares sold		22,611,065
Receivable for dividends		3,345,239
Receivable for securities lending income		21,988
Prepaid expenses and other assets		116,907
Total assets		2,782,065,610
Liabilities
Payable upon receipt of securities loaned		29,358,522
Payable for investments purchased		7,866,295
Management fee payable		1,828,529
Payable for Fund shares redeemed		1,501,147
Administration fees payable		307,423
Distribution fees payable		34,641
Trustees’ fees and expenses payable		2,484
Accrued expenses and other liabilities		288,605
Total liabilities		41,187,646
Total net assets	$	2,740,877,964
NET ASSETS CONSIST OF
Paid-in capital	$	2,208,028,328
Total distributable earnings		532,849,636
Total net assets	$	2,740,877,964
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	582,911,880
Shares outstanding – Class A1		15,790,088
Net asset value per share – Class A		$36.92
Maximum offering price per share – Class A2		$39.17
Net assets – Class C	$	53,068,119
Shares outstanding – Class C1		1,591,313
Net asset value per share – Class C		$33.35
Net assets – Class R	$	5,888,000
Shares outstanding – Class R1		157,289
Net asset value per share – Class R		$37.43
Net assets – Class R6	$	417,768,346
Shares outstanding – Class R61		11,023,885
Net asset value per share – Class R6		$37.90
Net assets – Administrator Class	$	189,709,851
Shares outstanding – Administrator Class1		5,018,860
Net asset value per share – Administrator Class		$37.80
Net assets – Institutional Class	$	1,491,531,768
Shares outstanding – Institutional Class1		39,356,899
Net asset value per share – Institutional Class		$37.90

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—six months ended September 30, 2018 (unaudited) Wells Fargo Special Small Cap Value Fund 17

Investment income
Dividends (net of foreign withholding taxes of $24,610)	$	20,762,282
Income from affiliated securities		2,356,428
Interest		499
Total investment income		23,119,209
Expenses
Management fee		10,305,231
Administration fees
Class A		600,199
Class C		56,755
Class R		5,647
Class R6		52,715
Administrator Class		141,258
Institutional Class		875,562
Shareholder servicing fees
Class A		714,522
Class C		67,566
Class R		6,722
Administrator Class		270,298
Distribution fees
Class C		202,698
Class R		6,722
Custody and accounting fees		38,543
Professional fees		26,882
Registration fees		118,393
Shareholder report expenses		111,304
Trustees’ fees and expenses		11,113
Other fees and expenses		20,804
Total expenses		13,632,934
Less: Fee waivers and/or expense reimbursements		(191,481	)
Net expenses		13,441,453
Net investment income		9,677,756
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		68,200,569
Affiliated securities		242
Net realized gains on investments		68,200,811
Net change in unrealized gains (losses) on:
Unaffiliated securities		86,285,455
Affiliated securities		10,489,563
Net change in unrealized gains (losses) on investments		96,775,018
Net realized and unrealized gains (losses) on investments		164,975,829
Net increase in net assets resulting from operations	$	174,653,585

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

18 Wells Fargo Special Small Cap Value Fund Statement of changes in net assets

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment income				$	9,677,756					$	18,358,131
Net realized gains on investments					68,200,811						148,275,813
Net change in unrealized gains (losses) on investments					96,775,018						21,367,502
Net increase in net assets resulting from operations					174,653,585						188,001,446
Distributions to shareholders
Class A					0						(28,923,817	)
Class C					0						(2,701,391	)
Class R					0	��					(151,245	)
Class R6					0						(13,961,093	)
Administrator Class					0						(11,096,481	)
Institutional Class					0						(59,336,216	)
Total distributions to shareholders					0						(116,170,243	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,783,799			64,544,897			2,772,875			94,731,826
Class C		121,382			3,998,459			191,743			5,942,942
Class R		44,893			1,641,525			122,899			4,239,675
Class R6		4,538,357			168,198,202			4,147,795			146,057,838
Administrator Class		900,653			33,364,581			2,707,738			94,110,194
Institutional Class		13,109,991			490,938,019			15,040,023			526,877,607
					762,685,683						871,960,082
Reinvestment of distributions
Class A		0			0			772,732			26,881,022
Class C		0			0			82,534			2,591,651
Class R		0			0			4,226			149,401
Class R6		0			0			360,421			12,863,108
Administrator Class		0			0			304,887			10,860,280
Institutional Class		0			0			1,252,402			44,708,634
					0						98,054,096
Payment for shares redeemed
Class A		(1,669,654	)		(60,731,335	)		(5,222,764	)		(178,462,050	)
Class B		N/A			N/A			(11,387	)2		(339,787	)2
Class C		(233,112	)		(7,702,390	)		(568,844	)		(17,485,661	)
Class R		(20,147	)		(737,514	)		(17,869	)		(617,184	)
Class R6		(741,870	)		(27,755,776	)		(2,479,153	)		(87,096,747	)
Administrator Class		(2,411,493	)		(90,197,739	)		(2,360,366	)		(81,310,178	)
Institutional Class		(7,678,954	)		(287,906,705	)		(9,522,751	)		(332,025,710	)
					(475,031,459	)					(697,337,317	)
Net increase in net assets resulting from capital share transactions					287,654,224						272,676,861
Total increase in net assets					462,307,809						344,508,064
Net assets
Beginning of period					2,278,570,155						1,934,062,091
End of period				$	2,740,877,964					$	2,278,570,155

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Undistributed net investment income at March 31, 2018 was $3,571,012. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from April 1, 2017 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 Special Small Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS A				2018			2017			2016			2015			20141
Net asset value, beginning of period		$34.42			$33.15			$27.40			$29.27			$32.59			$31.35			$22.97
Net investment income		0.09			0.24			0.35	2		0.20			0.26			0.10			0.01	2
Net realized and unrealized gains (losses) on investments		2.41			2.89			6.15			(1.46	)		1.81			3.14			8.37
Total from investment operations		2.50			3.13			6.50			(1.26	)		2.07			3.24			8.38
Distributions to shareholders from
Net investment income		0.00			(0.32	)		(0.18	)		(0.19	)		(0.21	)		(0.03	)		0.00
Net realized gains		0.00			(1.54	)		(0.57	)		(0.42	)		(5.18	)		(1.97	)		0.00
Total distributions to shareholders		0.00			(1.86	)		(0.75	)		(0.61	)		(5.39	)		(2.00	)		0.00
Net asset value, end of period		$36.92			$34.42			$33.15			$27.40			$29.27			$32.59			$31.35
Total return3		7.26	%		9.42	%		23.69	%		(4.21	)%		7.56	%		10.74	%		36.48	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.31	%		1.32	%		1.36	%		1.39	%		1.41	%		1.40	%
Net expenses		1.29	%		1.31	%		1.32	%		1.34	%		1.34	%		1.34	%		1.34	%
Net investment income		0.51	%		0.66	%		1.14	%		0.73	%		0.90	%		0.75	%		0.04	%
Supplemental data
Portfolio turnover rate		13	%		41	%		51	%		46	%		79	%		37	%		65	%
Net assets, end of period (000s omitted)		$582,912			$539,499			$575,269			$417,161			$448,980			$429,089			$409,557

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS C				2018			2017			2016			2015			20141
Net asset value, beginning of period		$31.21			$30.19			$25.05			$26.81			$30.31			$29.34			$21.66
Net investment income (loss)		(0.04	)2		(0.03	)2		0.12	2		(0.03	)		0.04	2		0.00	2,3		(0.18	)2
Net realized and unrealized gains (losses) on investments		2.18			2.64			5.59			(1.31	)		1.65			2.94			7.86
Total from investment operations		2.14			2.61			5.71			(1.34	)		1.69			2.94			7.68
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			(0.01	)		0.00			0.00
Net realized gains		0.00			(1.54	)		(0.57	)		(0.42	)		(5.18	)		(1.97	)		0.00
Total distributions to shareholders		0.00			(1.59	)		(0.57	)		(0.42	)		(5.19	)		(1.97	)		0.00
Net asset value, end of period		$33.35			$31.21			$30.19			$25.05			$26.81			$30.31			$29.34
Total return4		6.86	%		8.60	%		22.75	%		(4.93	)%		6.75	%		10.42	%		35.46	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.06	%		2.07	%		2.11	%		2.14	%		2.16	%		2.15	%
Net expenses		2.04	%		2.06	%		2.07	%		2.09	%		2.09	%		2.09	%		2.09	%
Net investment income (loss)		(0.25	)%		(0.10	)%		0.42	%		(0.02	)%		0.15	%		0.00	%		(0.71	)%
Supplemental data
Portfolio turnover rate		13	%		41	%		51	%		46	%		79	%		37	%		65	%
Net assets, end of period (000s omitted)		$53,068			$53,145			$60,309			$40,512			$44,327			$42,816			$39,620

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  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 Special Small Cap Value Fund 21

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS R				2018			2017			20161
Net asset value, beginning of period		$34.94			$33.73			$27.97			$26.72
Net investment income		0.07			0.17			0.63	2		0.08	2
Net realized and unrealized gains (losses) on investments		2.42			2.92			5.94			1.87
Total from investment operations		2.49			3.09			6.57			1.95
Distributions to shareholders from
Net investment income		0.00			(0.34	)		(0.24	)		(0.28	)
Net realized gains		0.00			(1.54	)		(0.57	)		(0.42	)
Total distributions to shareholders		0.00			(1.88	)		(0.81	)		(0.70	)
Net asset value, end of period		$37.43			$34.94			$33.73			$27.97
Total return3		7.13	%		9.13	%		23.47	%		7.40	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.57	%		1.56	%		1.59	%
Net expenses		1.54	%		1.56	%		1.56	%		1.58	%
Net investment income		0.28	%		0.43	%		1.86	%		0.56	%
Supplemental data
Portfolio turnover rate		13	%		41	%		51	%		46	%
Net assets, end of period (000s omitted)		$5,888			$4,631			$785			$27

¹  For the period from September 30, 2015 (commencement of class operations) to March 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 Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS R6				2018			2017			2016			20151
Net asset value, beginning of period		$35.25			$33.93			$28.01			$29.91			$33.38
Net investment income		0.18			0.38	2		0.61	2		0.39			0.26	2
Net realized and unrealized gains (losses) on investments		2.47			2.97			6.18			(1.54	)		1.80
Total from investment operations		2.65			3.35			6.79			(1.15	)		2.06
Distributions to shareholders from
Net investment income		0.00			(0.49	)		(0.30	)		(0.33	)		(0.35	)
Net realized gains		0.00			(1.54	)		(0.57	)		(0.42	)		(5.18	)
Total distributions to shareholders		0.00			(2.03	)		(0.87	)		(0.75	)		(5.53	)
Net asset value, end of period		$37.90			$35.25			$33.93			$28.01			$29.91
Total return3		7.52	%		9.85	%		24.22	%		(3.74	)%		7.42	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.88	%		0.89	%		0.93	%		0.89	%
Net expenses		0.86	%		0.88	%		0.89	%		0.89	%		0.89	%
Net investment income		0.98	%		1.10	%		1.87	%		1.56	%		2.19	%
Supplemental data
Portfolio turnover rate		13	%		41	%		51	%		46	%		79	%
Net assets, end of period (000s omitted)		$417,768			$254,801			$176,362			$36,344			$27

¹ For the period from October 31, 2014 (commencement of class operations) to March 31, 2015

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 Special Small Cap Value Fund 23

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
ADMINISTRATOR CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$35.22			$33.90			$28.02			$29.94			$33.21			$31.85			$23.28
Net investment income		0.11	2		0.27	2		0.44	2		0.26	2		0.35	2		0.14	2		0.08	2
Net realized and unrealized gains (losses) on investments		2.47			2.97			6.24			(1.49	)		1.83			3.21			8.49
Total from investment operations		2.58			3.24			6.68			(1.23	)		2.18			3.35			8.57
Distributions to shareholders from
Net investment income		0.00			(0.38	)		(0.23	)		(0.27	)		(0.27	)		(0.02	)		(0.00	)3
Net realized gains		0.00			(1.54	)		(0.57	)		(0.42	)		(5.18	)		(1.97	)		0.00
Total distributions to shareholders		0.00			(1.92	)		(0.80	)		(0.69	)		(5.45	)		(1.99	)		(0.00	)3
Net asset value, end of period		$37.80			$35.22			$33.90			$28.02			$29.94			$33.21			$31.85
Total return4		7.33	%		9.52	%		23.82	%		(4.01	)%		7.78	%		10.91	%		36.82	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.23	%		1.24	%		1.26	%		1.23	%		1.24	%		1.23	%
Net expenses		1.20	%		1.20	%		1.20	%		1.17	%		1.09	%		1.09	%		1.09	%
Net investment income		0.59	%		0.76	%		1.36	%		0.95	%		1.10	%		1.04	%		0.30	%
Supplemental data
Portfolio turnover rate		13	%		41	%		51	%		46	%		79	%		37	%		65	%
Net assets, end of period (000s omitted)		$189,710			$229,992			$199,262			$95,030			$70,100			$78,563			$96,940

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

24 Wells Fargo Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
INSTITUTIONAL CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$35.27			$33.94			$28.03			$29.93			$33.21			$31.94			$23.36
Net investment income		0.15			0.33			0.60	2		0.30			0.43	2		0.15			0.10
Net realized and unrealized gains (losses) on investments		2.48			3.01			6.17			(1.46	)		1.80			3.22			8.53
Total from investment operations		2.63			3.34			6.77			(1.16	)		2.23			3.37			8.63
Distributions to shareholders from
Net investment income		0.00			(0.47	)		(0.29	)		(0.32	)		(0.33	)		(0.13	)		(0.05	)
Net realized gains		0.00			(1.54	)		(0.57	)		(0.42	)		(5.18	)		(1.97	)		0.00
Total distributions to shareholders		0.00			(2.01	)		(0.86	)		(0.74	)		(5.51	)		(2.10	)		(0.05	)
Net asset value, end of period		$37.90			$35.27			$33.94			$28.03			$29.93			$33.21			$31.94
Total return3		7.46	%		9.82	%		24.13	%		(3.79	)%		7.96	%		10.97	%		37.02	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.98	%		0.99	%		1.01	%		0.96	%		0.98	%		0.97	%
Net expenses		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income		0.88	%		1.02	%		1.86	%		1.17	%		1.36	%		1.15	%		0.42	%
Supplemental data
Portfolio turnover rate		13	%		41	%		51	%		46	%		79	%		37	%		65	%
Net assets, end of period (000s omitted)		$1,491,532			$1,196,501			$921,732			$256,190			$189,965			$146,162			$138,638

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

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.

Notes to financial statements (unaudited) Wells Fargo Special Small Cap Value 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Special Small Cap Value 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 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.

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

26 Wells Fargo Special Small Cap Value Fund Notes to financial statements (unaudited)

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. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

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.

Notes to financial statements (unaudited) Wells Fargo Special Small Cap Value Fund 27

As of September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $2,378,661,684 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	479,066,236
Gross unrealized losses		(108,453,187	)
Net unrealized gains	$	370,613,049

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 September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	42,157,676	$	0	$	0	$	42,157,676
Consumer discretionary		231,860,064		0		0		231,860,064
Consumer staples		197,671,638		0		0		197,671,638
Energy		133,790,552		0		0		133,790,552
Financials		510,774,196		1,133,887		0		511,908,083
Health care		55,375,196		0		0		55,375,196
Industrials		591,346,130		0		0		591,346,130
Information technology		271,474,219		174,090		0		271,648,309
Materials		405,346,139		0		0		405,346,139
Real estate		71,466,594		0		0		71,466,594
Utilities		77,360,939		0		0		77,360,939
Preferred stocks
Financials		11,078,264		0		0		11,078,264
Short-term investments
Investment companies		118,901,581		29,363,568		0		148,265,149
Total assets	$	2,718,603,188	$	30,671,545	$	0	$	2,749,274,733

28 Wells Fargo Special Small Cap Value Fund Notes to financial statements (unaudited)

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

At September 30, 2018, the Fund did not have any transfers into/out of 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 0.85% and declining to 0.71% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.81% 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 0.55% and declining to 0.40% 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 July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.34% for Class A shares, 2.09% for Class C shares, 1.59% for Class R shares, 0.89% for Class R6 shares, 1.20% for Administrator Class shares, and 0.94% 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 six months ended September 30, 2018, Funds Distributor received $14,760 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 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.

Notes to financial statements (unaudited) Wells Fargo Special Small Cap Value Fund 29

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 $21,695,501 and $27,546,894 in interfund purchases and sales, respectively, during the six months ended September 30, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $671,041,796, and $303,143,223, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Beginning October 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended March 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$5,156,558		$23,767,259
Class C		80,902		2,620,489
Class R		28,233		123,012
Class R6		3,491,795		10,469,298
Administrator Class		2,253,608		8,842,873
Institutional Class		14,206,922		45,129,294

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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has early adopted the removal and modification disclosures, as permitted, and will adopt the additional new disclosures at the effective date.

30 Wells Fargo Special Small Cap Value Fund Other information (unaudited)

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 Special Small Cap 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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A

32 Wells Fargo Special Small Cap Value Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Special Small Cap 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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 Special Small Cap Value Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Special Small Cap 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 Special Small Cap 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 Special Small Cap 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 (Administrator Class) 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 Russell 2000 Value Index, for all 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 except Class R.

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 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 Special Small Cap Value 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 Special Small Cap 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 Special Small Cap 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 70¹⁄₂

• 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 Special Small Cap 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317300 11-18 SA246/SAR246 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Traditional Small Cap 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	8
Portfolio of investments	9
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
Other information	26
Appendix A	33

The views expressed and any forward-looking statements are as of September 30, 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 Traditional Small Cap Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Traditional Small Cap Growth Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Traditional Small Cap Growth Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Traditional Small Cap Growth Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Traditional Small 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

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of September 30, 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 (EGWAX)	6-5-1995	17.38	8.74	11.34	24.56	10.04	11.99	1.54	1.25
Class C (EGWCX)	7-30-2010	22.63	9.22	11.16	23.63	9.22	11.16	2.29	2.00
Administrator Class (EGWDX)	7-30-2010	–	–	–	24.77	10.23	12.15	1.46	1.17
Institutional Class (EGRYX)	11-19-1997	–	–	–	25.01	10.42	12.36	1.21	0.92
Russell 2000® Growth Index4	–	–	–	–	21.06	12.14	12.65	–	–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Traditional Small Cap Growth Fund 7

Ten largest holdings (%) as of September 30, 20185
Envestnet Incorporated	2.27
Viper Energy Partners LP	2.25
Haemonetics Corporation	2.13
Globant SA	2.02
Adtalem Global Education Incorporated	1.92
WNS Holdings Limited ADR	1.87
Univar Incorporated	1.82
Insulet Corporation	1.82
Eldorado Resorts Incorporated	1.80
Ingevity Corporation	1.80

Sector distribution as of September 30, 2018⁶

¹  Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been 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 Growth Fund.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through July 31, 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 1.23% for Class A, 1.98% for Class C, 1.15% for Administrator Class, and 0.90% 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 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

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 Traditional Small 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,195.82	$	6.77		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.23		1.23	%
Class C
Actual	$	1,000.00	$	1,191.54	$	10.88		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.14	$	10.00		1.98	%
Administrator Class
Actual	$	1,000.00	$	1,196.62	$	6.33		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,197.95	$	4.96		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

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—September 30, 2018 (unaudited) Wells Fargo Traditional Small Cap Growth Fund 9

Security name	Shares		Value
Common Stocks: 96.85%
Communication Services: 1.14%
Entertainment: 1.14%
CD Projekt SA †		24,054	$	1,226,035
Consumer Discretionary: 17.41%
Auto Components: 1.37%
Stoneridge Incorporated †		49,400		1,468,168
Diversified Consumer Services: 5.10%
Adtalem Global Education Incorporated †		42,781		2,062,044
Bright Horizons Family Solutions Incorporated †		14,983		1,765,597
Chegg Incorporated †		37,633		1,069,906
Landcadia Holdings Incorporated †		53,700		582,108
				5,479,655
Hotels, Restaurants & Leisure: 6.08%
Dave & Buster’s Entertainment Incorporated		24,819		1,643,514
Eldorado Resorts Incorporated †«		39,809		1,934,717
Hilton Grand Vacations Incorporated †		41,162		1,362,462
Six Flags Entertainment Corporation «		22,747		1,588,196
				6,528,889
Household Durables: 1.17%
Skyline Champion Corporation		44,110		1,260,223
Internet & Direct Marketing Retail: 2.52%
Etsy Incorporated †		27,048		1,389,726
Zooplus AG †«		7,539		1,310,348
				2,700,074
Leisure Products: 1.17%
Games Workshop Group plc		25,537		1,259,835
Consumer Staples: 4.03%
Beverages: 4.03%
Boston Beer Company Incorporated Class A †		4,994		1,435,775
Craft Brew Alliance Incorporated †		75,490		1,234,262
National Beverage Corporation †«		14,163		1,651,689
				4,321,726
Energy: 2.25%
Oil, Gas & Consumable Fuels: 2.25%
Viper Energy Partners LP		57,493		2,420,455
Financials: 2.05%
Consumer Finance: 1.30%
SLM Corporation †		125,251		1,396,549

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

10 Wells Fargo Traditional Small Cap Growth Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
Diversified Financial Services: 0.75%
Texas Pacific Land Trust		930	$	802,181
Health Care: 24.42%
Biotechnology: 8.26%
AnaptysBio Incorporated †		7,451		743,386
Array BioPharma Incorporated †		57,095		867,844
Avrobio Incorporated †		8,826		457,805
CareDx Incorporated †		31,097		897,148
Coherus Biosciences Incorporated †		41,723		688,430
CRISPR Therapeutics AG †		5,214		231,241
Deciphera Pharmaceuticals Incorporated †		7,598		294,195
Editas Medicine Incorporated †«		11,291		359,280
Flexion Therapeutics Incorporated †«		47,704		892,542
Gritstone Oncology Incorporated †		40,000		600,000
Halozyme Therapeutics Incorporated †		36,600		665,022
Iovance Biotherapeutics Incorporated †		35,028		394,065
KalVista Pharmaceuticals Incorporated †		26,680		589,895
Mirati Therapeutics Incorporated †		6,344		298,802
Tyme Technologies Incorporated †		97,709		271,631
Vericel Corporation †		43,598		616,912
				8,868,198
Health Care Equipment & Supplies: 10.61%
Avanos Medical Incorporated †		18,831		1,289,924
BioLife Solutions Incorporated †		74,400		1,302,000
Haemonetics Corporation †		19,985		2,289,881
ICU Medical Incorporated †		5,233		1,479,631
Insulet Corporation †		18,484		1,958,380
iRhythm Technologies Incorporated †		10,739		1,016,554
Orthopediatrics Corporation †«		29,730		1,089,307
Sientra Incorporated †		40,504		967,236
				11,392,913
Health Care Providers & Services: 2.24%
Amedisys Incorporated †		10,215		1,276,466
RadNet Incorporated †		75,029		1,129,186
				2,405,652
Health Care Technology: 0.62%
Inspire Medical Systems Incorporated †		15,841		666,589
Pharmaceuticals: 2.69%
Assembly Biosciences Incorporated †		9,228		342,728
Endocyte Incorporated †		35,659		633,304
GW Pharmaceuticals plc ADR †		3,600		621,864
MyoKardia Incorporated †		10,565		688,838
Wave Life Sciences Limited †		12,128		606,400
				2,893,134

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Traditional Small Cap Growth Fund 11

Security name	Shares		Value
Industrials: 18.18%
Aerospace & Defense: 2.84%
Aerojet Rocketdyne Holdings †		43,265	$	1,470,577
Mercury Computer Systems Incorporated †		28,462		1,574,518
				3,045,095
Airlines: 1.11%
Spirit Airlines Incorporated †		25,296		1,188,153
Commercial Services & Supplies: 5.70%
Casella Waste Systems Incorporated Class A †		60,793		1,888,231
Mobile Mini Incorporated		31,900		1,398,815
MSA Safety Incorporated		15,788		1,680,475
The Brink’s Company		16,572		1,155,897
				6,123,418
Construction & Engineering: 1.77%
WillScot Corporation †«		110,975		1,903,221
Machinery: 1.61%
Energy Recovery Incorporated †«		61,022		546,147
Evoqua Water Technologies Company †		66,589		1,183,952
				1,730,099
Road & Rail: 1.77%
Saia Incorporated †		24,874		1,901,617
Trading Companies & Distributors: 3.38%
SiteOne Landscape Supply Incorporated †		22,166		1,669,986
Univar Incorporated †		63,879		1,958,530
				3,628,516
Information Technology: 25.57%
Electronic Equipment, Instruments & Components: 2.38%
Littelfuse Incorporated		7,060		1,397,103
Novanta Incorporated †		17,040		1,165,536
				2,562,639
IT Services: 8.18%
EPAM Systems Incorporated †		12,455		1,715,054
Euronet Worldwide Incorporated †		13,811		1,384,138
GreenSky Incorporated Class A †		34,126		614,268
Keywords Studios plc		53,976		1,371,871
WEX Incorporated †		8,424		1,691,202
WNS Holdings Limited ADR †		39,523		2,005,792
				8,782,325
Semiconductors & Semiconductor Equipment: 0.76%
Universal Display Corporation «		6,929		816,929

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

12 Wells Fargo Traditional Small Cap Growth Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name				Shares		Value
Software: 12.72%
2U Incorporated †					13,675	$	1,028,223
Bottomline Technologies (de) Incorporated †					22,772		1,655,752
Envestnet Incorporated †					39,965		2,435,867
Globant SA †					36,772		2,169,180
LivePerson Incorporated †					41,221		1,069,685
MINDBODY Incorporated Class A †					43,094		1,751,771
Model N Incorporated †					61,067		967,912
Proofpoint Incorporated †					8,455		899,020
SendGrid Incorporated †					45,691		1,680,972
							13,658,382
Technology Hardware, Storage & Peripherals: 1.53%
NCR Corporation †					47,273		1,343,026
USA Technologies Incorporated †					41,451		298,447
							1,641,473
Materials: 1.80%
Chemicals: 1.80%
Ingevity Corporation †					18,980		1,933,682
Total Common Stocks (Cost $85,905,706)							104,005,825
	Yield
Short-Term Investments: 10.12%
Investment Companies: 10.12%
Securities Lending Cash Investment LLC (l)(r)(u)		2.17	%		8,492,773		8,493,622
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99			2,367,984		2,367,984
Total Short-Term Investments (Cost $10,861,606)							10,861,606

Total investments in securities (Cost $96,767,312)	106.97	%		114,867,431
Other assets and liabilities, net	(6.97	)		(7,482,955	)
Total net assets	100.00	%	$	107,384,476

† 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—September 30, 2018 (unaudited) Wells Fargo Traditional Small Cap Growth Fund 13

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		10,521,186		43,024,484		45,052,897		8,492,773	$	689	$	0	$	57,780	$	8,493,622
Wells Fargo Government Money Market Fund Select Class		870,700		25,989,964		24,492,680		2,367,984		0		0		25,179		2,367,984
									$	689	$	0	$	82,959	$	10,861,606		10.12	%

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

14 Wells Fargo Traditional Small Cap Growth Fund Statement of assets and liabilities—September 30, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $8,216,597 of securities loaned), at value (cost $85,905,706)	$	104,005,825
Investments in affiliated securities, at value (cost $10,861,606)		10,861,606
Foreign currency, at value (cost $334)		334
Receivable for investments sold		1,660,675
Receivable for Fund shares sold		1,554
Receivable for dividends		23,440
Receivable for securities lending income		11,720
Prepaid expenses and other assets		51,915
Total assets		116,617,069
Liabilities
Payable upon receipt of securities loaned		8,491,945
Payable for investments purchased		600,000
Management fee payable		53,063
Payable for Fund shares redeemed		19,656
Administration fees payable		18,107
Trustees’ fees and expenses payable		1,985
Distribution fee payable		229
Accrued expenses and other liabilities		47,608
Total liabilities		9,232,593
Total net assets	$	107,384,476
NET ASSETS CONSIST OF
Paid-in capital	$	63,922,774
Total distributable earnings		43,461,702
Total net assets	$	107,384,476
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	96,000,009
Shares outstanding – Class A1		5,240,377
Net asset value per share – Class A		$18.32
Maximum offering price per share – Class A2		$19.44
Net assets – Class C	$	383,467
Shares outstanding – Class C1		23,084
Net asset value per share – Class C		$16.61
Net assets – Administrator Class	$	146,483
Shares outstanding – Administrator Class1		7,142
Net asset value per share – Administrator Class		$20.51
Net assets – Institutional Class	$	10,854,517
Shares outstanding – Institutional Class1		516,907
Net asset value per share – Institutional Class		$21.00

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—six months ended September 30, 2018 (unaudited) Wells Fargo Traditional Small Cap Growth Fund 15

Investment income
Dividends	$	159,448
Securities lending income from affiliates, net		57,780
Income from affiliated securities		25,179
Total investment income		242,407
Expenses
Management fee		436,004
Administration fees
Class A		96,557
Class C		318
Administrator Class		88
Institutional Class		6,626
Shareholder servicing fees
Class A		114,948
Class C		378
Administrator Class		168
Distribution fee
Class C		1,136
Custody and accounting fees		4,029
Professional fees		26,186
Registration fees		31,319
Shareholder report expenses		21,952
Trustees’ fees and expenses		10,972
Other fees and expenses		4,460
Total expenses		755,141
Less: Fee waivers and/or expense reimbursements		(139,954	)
Net expenses		615,187
Net investment loss		(372,780	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		22,149,917
Affiliated securities		689
Net realized gains on investments		22,150,606
Net change in unrealized gains (losses) on investments		(3,559,026	)
Net realized and unrealized gains (losses) on investments		18,591,580
Net increase in net assets resulting from operations	$	18,218,800

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

16 Wells Fargo Traditional Small Cap Growth Fund Statement of changes in net assets

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment loss				$	(372,780	)				$	(710,379	)
Net realized gains on investments					22,150,606						6,532,249
Net change in unrealized gains (losses) on investments					(3,559,026	)					8,067,432
Net increase in net assets resulting from operations					18,218,800						13,889,302
Distributions to shareholders
Class A					0						(5,360,360	)
Class C					0						(16,142	)
Administrator Class					0						(7,844	)
Institutional Class					0						(468,228	)
Total distributions to shareholders					0						(5,852,574	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		73,293			1,249,411			100,773			1,525,252
Class C		6,352			102,469			3,801			52,022
Administrator Class		2,464			44,433			6,799			114,428
Institutional Class		97,021			1,828,225			85,364			1,472,577
					3,224,538						3,164,279
Reinvestment of distributions
Class A		0			0			352,388			5,243,537
Class C		0			0			975			13,232
Administrator Class		0			0			362			6,032
Institutional Class		0			0			26,092			443,822
					0						5,706,623
Payment for shares redeemed
Class A		(364,160	)		(6,306,097	)		(795,898	)		(11,972,813	)
Class C		(2,896	)		(42,929	)		(2,471	)		(34,576	)
Administrator Class		(3,057	)		(52,436	)		(10,531	)		(172,453	)
Institutional Class		(86,516	)		(1,679,682	)		(107,067	)		(1,838,265	)
					(8,081,144	)					(14,018,107	)
Net decrease in net assets resulting from capital share transactions					(4,856,606	)					(5,147,205	)
Total increase in net assets					13,362,194						2,889,523
Net assets
Beginning of period					94,022,282						91,132,759
End of period				$	107,384,476					$	94,022,282

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Accumulated net investment loss at March 31, 2018 was $73,600. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Traditional Small Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS A				2018			2017			2016			2015			20141
Net asset value, beginning of period		$15.32			$14.08			$12.05			$18.04			$20.37			$23.11			$17.08
Net investment loss		(0.06	)2		(0.12	)2		(0.10	)2		(0.12	)2		(0.18	)		(0.09	)2		(0.11	) 2
Net realized and unrealized gains (losses) on investments		3.06			2.35			2.51			(2.13	)		1.33			0.96			6.34
Total from investment operations		3.00			2.23			2.41			(2.25	)		1.15			0.87			6.23
Distributions to shareholders from
Net realized gains		0.00			(0.99	)		(0.38	)		(3.74	)		(3.48	)		(3.61	)		(0.20	)
Net asset value, end of period		$18.32			$15.32			$14.08			$12.05			$18.04			$20.37			$23.11
Total return3		19.58	%		16.08	%		20.10	%		(12.86	)%		6.77	%		4.14	%		36.98	%
Ratios to average net assets (annualized)
Gross expenses		1.50	%		1.52	%		1.51	%		1.50	%		1.47	%		1.54	%		1.48	%
Net expenses		1.23	%		1.33	%		1.33	%		1.33	%		1.33	%		1.33	%		1.33	%
Net investment loss		(0.76	)%		(0.79	)%		(0.77	)%		(0.74	)%		(0.87	)%		(1.04	)%		(0.58	)%
Supplemental data
Portfolio turnover rate		120	%		44	%		113	%		123	%		73	%		36	%		77	%
Net assets, end of period (000s omitted)		$96,000			$84,738			$82,734			$84,139			$123,712			$141,446			$141,933

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Traditional Small Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
CLASS C				2018			2017			2016			2015			20141
Net asset value, beginning of period		$13.94			$12.99			$11.22			$17.21			$19.73			$22.56			$16.80
Net investment loss		(0.12	)2		(0.21	)2		(0.18	)2		(0.18	)		(0.29	)2		(0.15	)2		(0.26	)
Net realized and unrealized gains (losses) on investments		2.79			2.15			2.33			(2.07	)		1.25			0.93			6.22
Total from investment operations		2.67			1.94			2.15			(2.25	)		0.96			0.78			5.96
Distributions to shareholders from
Net realized gains		0.00			(0.99	)		(0.38	)		(3.74	)		(3.48	)		(3.61	)		(0.20	)
Net asset value, end of period		$16.61			$13.94			$12.99			$11.22			$17.21			$19.73			$22.56
Total return3		19.15	%		15.17	%		19.26	%		(13.55	)%		5.98	%		3.85	%		35.92	%
Ratios to average net assets (annualized)
Gross expenses		2.25	%		2.27	%		2.26	%		2.25	%		2.22	%		2.30	%		2.23	%
Net expenses		1.98	%		2.08	%		2.08	%		2.08	%		2.08	%		2.08	%		2.08	%
Net investment loss		(1.50	)%		(1.54	)%		(1.52	)%		(1.49	)%		(1.61	)%		(1.81	)%		(1.36	)%
Supplemental data
Portfolio turnover rate		120	%		44	%		113	%		123	%		73	%		36	%		77	%
Net assets, end of period (000s omitted)		$383			$274			$225			$162			$232			$403			$150

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Traditional Small Cap Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
ADMINISTRATOR CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$17.14			$15.63			$13.29			$19.44			$21.65			$24.33			$17.94
Net investment loss		(0.06	)2		(0.11	)2		(0.09	)2		(0.10	)2		(0.15	)2		(0.08	)2		(0.09	)2
Net realized and unrealized gains (losses) on investments		3.43			2.61			2.81			(2.31	)		1.42			1.01			6.68
Total from investment operations		3.37			2.50			2.72			(2.41	)		1.27			0.93			6.59
Distributions to shareholders from
Net realized gains		0.00			(0.99	)		(0.38	)		(3.74	)		(3.48	)		(3.61	)		(0.20	)
Net asset value, end of period		$20.51			$17.14			$15.63			$13.29			$19.44			$21.65			$24.33
Total return3		19.66	%		16.21	%		20.56	%		(12.76	)%		6.93	%		4.18	%		37.21	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.44	%		1.43	%		1.39	%		1.29	%		1.32	%		1.26	%
Net expenses		1.15	%		1.20	%		1.20	%		1.20	%		1.19	%		1.19	%		1.17	%
Net investment loss		(0.68	)%		(0.66	)%		(0.64	)%		(0.61	)%		(0.73	)%		(0.90	)%		(0.43	)%
Supplemental data
Portfolio turnover rate		120	%		44	%		113	%		123	%		73	%		36	%		77	%
Net assets, end of period (000s omitted)		$146			$133			$174			$2,413			$3,128			$3,896			$3,882

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

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.

20 Wells Fargo Traditional Small Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31															Year ended October 31, 2013
INSTITUTIONAL CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$17.53			$15.94			$13.54			$19.69			$21.84			$24.50			$18.03
Net investment income (loss)		(0.04	)2		(0.08	)2		(0.06	)2		(0.07	)2		(0.11	)2		(0.07	)2		0.00	2,3
Net realized and unrealized gains (losses) on investments		3.51			2.66			2.84			(2.34	)		1.44			1.02			6.67
Total from investment operations		3.47			2.58			2.78			(2.41	)		1.33			0.95			6.67
Distributions to shareholders from
Net realized gains		0.00			(0.99	)		(0.38	)		(3.74	)		(3.48	)		(3.61	)		(0.20	)
Net asset value, end of period		$21.00			$17.53			$15.94			$13.54			$19.69			$21.84			$24.50
Total return4		19.79	%		16.40	%		20.62	%		(12.58	)%		7.16	%		4.29	%		37.42	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.19	%		1.18	%		1.14	%		1.04	%		1.10	%		1.04	%
Net expenses		0.90	%		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Net investment income (loss)		(0.43	)%		(0.44	)%		(0.43	)%		(0.39	)%		(0.52	)%		(0.69	)%		0.01	%
Supplemental data
Portfolio turnover rate		120	%		44	%		113	%		123	%		73	%		36	%		77	%
Net assets, end of period (000s omitted)		$10,855			$8,878			$8,001			$8,980			$11,812			$17,086			$17,997

¹  For the five months ended March 31, 2014. The Fund changed its fiscal year end from October 31 to March 31, effective March 31, 2014.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Traditional Small Cap Growth 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Traditional Small 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.

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 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

22 Wells Fargo Traditional Small Cap Growth Fund Notes to financial statements (unaudited)

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 is included in securities lending income from affiliated (net of fees and rebates) 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.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $96,888,827 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	20,020,334
Gross unrealized losses		(2,041,730	)
Net unrealized gains	$	17,978,604

As of March 31, 2018, the Fund had a qualified late-year ordinary loss of $61,372 which was recognized on the first day of the current fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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.

Notes to financial statements (unaudited) Wells Fargo Traditional Small Cap Growth Fund 23

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 September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	1,226,035	$	0	$	0	$	1,226,035
Consumer discretionary		18,696,844		0		0		18,696,844
Consumer staples		4,321,726		0		0		4,321,726
Energy		2,420,455		0		0		2,420,455
Financials		2,198,730		0		0		2,198,730
Health care		26,226,486		0		0		26,226,486
Industrials		19,520,119		0		0		19,520,119
Information technology		27,461,748		0		0		27,461,748
Materials		1,933,682		0		0		1,933,682
Short-term investments
Investment companies		2,367,984		8,493,622		0		10,861,606
Total assets	$	106,373,809	$	8,493,622	$	0	$	114,867,431

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

At September 30, 2018, the Fund did not have any transfers into/out of 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 applicable 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 0.85% and declining to 0.71% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.85% 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 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

24 Wells Fargo Traditional Small Cap Growth Fund Notes to financial statements (unaudited)

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
Administrator Class, 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 July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.23% for Class A shares, 1.98% for Class C shares, 1.15% for Administrator Class shares, and 0.90% 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 April 2, 2018, the Fund’s expenses were capped at 1.33 % for Class A shares, 2.08 % for Class C shares, 1.20 % for Administrator Class shares, and 0.98% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2018, Funds Distributor received $987 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $119,053,413 and $126,892,386, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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.

Notes to financial statements (unaudited) Wells Fargo Traditional Small Cap Growth Fund 25

For the six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Beginning October 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended March 31, 2018 were as follows:

	Net realized gains
Class A		$5,360,360
Class C		16,142
Administrator Class		7,844
Institutional Class		468,228

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. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has early adopted the removal and modification disclosures, as permitted, and will adopt the additional new disclosures at the effective date.

26 Wells Fargo Traditional Small Cap Growth Fund Other information (unaudited)

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 Traditional Small Cap Growth Fund 27

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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A
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.	N/A

28 Wells Fargo Traditional Small Cap 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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Traditional Small Cap Growth Fund 29

Officers    

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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.

30 Wells Fargo Traditional Small Cap Growth Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Traditional Small 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 Traditional Small 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.

Other information (unaudited) Wells Fargo Traditional Small Cap Growth Fund 31

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 lower 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 lower than its benchmark index, the Russell 2000 Growth Index, for all 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 noted that it had approved changes to the Fund’s principal investment strategies that went effective 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 the median net operating expense ratios of the expense Groups for all share classes.

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 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.

32 Wells Fargo Traditional Small Cap 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 Traditional Small Cap Growth Fund 33

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

34 Wells Fargo Traditional Small Cap 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 Traditional Small Cap Growth Fund 35

• 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317301 11-18 SA247/SAR247 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Precious Metals 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	8
Consolidated portfolio of investments	9
Financial statements
Consolidated statement of assets and liabilities	11
Consolidated statement of operations	12
Consolidated statement of changes in net assets	13
Consolidated financial highlights	14
Notes to consolidated financial statements	18
Other information	23
Appendix A	30

The views expressed and any forward-looking statements are as of September 30, 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 Precious Metals Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Precious Metals Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Precious Metals Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Precious Metals Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Precious Metals 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 Bradshaw, CFA^®

Oleg Makhorine

Average annual total returns (%) as of September 30, 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 (EKWAX)	1-20-1998		(25.93	)		(6.87	)		(4.13	)		(21.42	)		(5.76	)		(3.56	)		1.21		1.09
Class C (EKWCX)	1-29-1998		(23.02	)		(6.47	)		(4.28	)		(22.02	)		(6.47	)		(4.28	)		1.96		1.84
Administrator Class (EKWDX)	7-30-2010		–			–			–			(21.31	)		(5.63	)		(3.43	)		1.13		0.95
Institutional Class (EKWYX)	2-29-2000		–			–			–			(21.18	)		(5.49	)		(3.27	)		0.88		0.79
FTSE Gold Mines Index4	–		–			–			–			(21.33	)		(4.34	)		(5.47	)		–		–
S&P 500 Index5	–		–			–			–			17.91			13.95			11.97			–		–

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.

While the S&P 500 Index is comprised of U.S. equity securities of companies diversified across ten sectors, the Fund’s holdings are concentrated primarily in precious metals related stocks. Therefore, the performance of the S&P 500 Index is displayed only to show how the concentrated Fund performed compared with a diversified selection of U.S. equity securities.

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. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Funds that concentrate their investments in limited sectors, such as gold-related investments, are more vulnerable to adverse market, economic, regulatory, political, or other developments affecting those sectors. 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, geographic, non-diversification risk, smaller-company securities risk, and subsidiary 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 Precious Metals Fund 7

Ten largest holdings (%) as of September 30, 20186
Randgold Resources Limited ADR	7.47
Newmont Mining Corporation	6.89
Kirkland Lake Gold Limited	6.00
Newcrest Mining Limited	5.51
Royal Gold Incorporated	5.40
Gold Bullion	4.62
Kinross Gold Corporation	4.58
Franco-Nevada Corporation-Legend Shares	3.57
Agnico Eagle Mines Limited-U.S. Exchange Traded Shares	3.47
B2Gold Corporation	3.14

Country allocation as of September 30, 2018⁷

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior July 19, 2010, is based on the Fund’s predecessor Evergreen Precious Metals 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 July 31, 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), fees and expenses of its wholly-owned subsidiary, 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  FTSE Gold Mines Index is an unmanaged, open-ended index designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. You cannot invest directly in an index.

⁵  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.

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 Precious Metals 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	852.44	$	5.06		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Class C
Actual	$	1,000.00	$	849.09	$	8.53		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.30		1.84	%
Administrator Class
Actual	$	1,000.00	$	852.83	$	4.41		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Class
Actual	$	1,000.00	$	853.75	$	3.67		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.00		0.79	%

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).

Consolidated portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Precious Metals Fund 9

Security name	Shares		Value
Common Stocks: 94.47%
Australia: 10.04%
Evolution Mining Limited (Materials, Metals & Mining)		3,100,000	$	5,938,212
Newcrest Mining Limited (Materials, Metals & Mining)		982,294		13,782,093
Northern Star Resources Limited (Materials, Metals & Mining)		900,000		5,399,689
				25,119,994
Canada: 60.49%
Agnico Eagle Mines Limited-U.S. Exchange Traded Shares (Materials, Metals & Mining)		254,164		8,692,409
Agnico-Eagle Mines Limited (Materials, Metals & Mining)		225,370		7,698,157
Agnico-Eagle Mines Limited-Legend Shares (Materials, Metals & Mining)		35,000		1,197,000
Alamos Gold Incorporated Class A (Materials, Metals & Mining)		1,453,980		6,675,261
B2Gold Corporation (Materials, Metals & Mining)†		3,450,000		7,852,746
Barrick Gold Corporation (Materials, Metals & Mining)		609,083		6,748,640
Centerra Gold Incorporated-Legend Shares (Materials, Metals & Mining)144A		350,000		1,395,502
Continental Gold Incorporated (Materials, Metals & Mining)†		600,000		1,221,693
Detour Gold Corporation (Materials, Metals & Mining)†		91,057		735,985
Detour Gold Corporation-Legend Shares (Materials, Metals & Mining)†144A		525,000		4,243,410
Detour Gold Corporation-Legend Shares (Materials, Metals & Mining)†		90,000		727,442
Endeavour Mining Corporation (Materials, Metals & Mining)†		390,000		6,087,098
Franco-Nevada Corporation (Materials, Metals & Mining)		10,000		625,556
Franco-Nevada Corporation-Legend Shares (Materials, Metals & Mining)144A		142,948		8,942,204
Goldcorp Incorporated (Materials, Metals & Mining)		737,454		7,513,565
Goldcorp Incorporated-U.S. Exchange Traded Shares (Materials, Metals & Mining)		265,694		2,710,079
IAMGOLD Corporation (Materials, Metals & Mining)†		1,675,000		6,159,757
Kinross Gold Corporation (Materials, Metals & Mining)†		4,200,553		11,447,331
Kirkland Lake Gold Limited (Materials, Metals & Mining)		792,000		15,010,382
Mag Silver Corporation (Materials, Metals & Mining)†		600,000		4,849,611
Mag Silver Corporation-Legend Shares (Materials, Metals & Mining)		100,000		808,268
OceanaGold Corporation (Materials, Metals & Mining)		1,650,000		4,982,000
Osisko Gold Royalties Limited (Materials, Metals & Mining)		246,700		1,871,761
Pan American Silver Corporation (Materials, Metals & Mining)		440,000		6,494,400
Pretium Resources Incorporated (Materials, Metals & Mining)†		100,000		760,268
Semafo Incorporated (Materials, Metals & Mining)†		2,560,400		6,026,103
SSR Mining Incorporated (Materials, Metals & Mining)†		480,000		4,180,800
Tahoe Resources Incorporated-Legend Shares (Materials, Metals & Mining)		280,000		773,894
Torex Gold Resources Incorporated (Materials, Metals & Mining)†		275,000		2,335,579
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & Mining)†		185,000		1,571,207
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & Mining)†144A		266,250		2,261,265
Wheaton Precious Metals Corporation (Materials, Metals & Mining)		12,950		226,586
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares (Materials, Metals & Mining)		400,000		7,000,000
Yamana Gold Incorporated (Materials, Metals & Mining)		600,000		1,495,761
				151,321,720
Peru: 0.67%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		125,000		1,676,250
South Africa: 0.74%
AngloGold Ashanti Limited ADR (Materials, Metals & Mining)		215,591		1,849,771

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

10 Wells Fargo Precious Metals Fund Consolidated portfolio of investments—September 30, 2018 (unaudited)

Security name				Shares		Value
United Kingdom: 10.24%
Centamin plc (Materials, Metals & Mining)					750,000	$	1,038,158
Fresnillo plc (Materials, Metals & Mining)					550,000		5,888,372
Randgold Resources Limited ADR (Materials, Metals & Mining)					265,000		18,695,750
							25,622,280
United States: 12.29%
Newmont Mining Corporation (Materials, Metals & Mining)					570,455		17,227,741
Royal Gold Incorporated (Materials, Metals & Mining)					175,436		13,519,098
							30,746,839
Total Common Stocks (Cost $208,338,706)							236,336,854
				Troy ounces
Commodities: 4.62%
Gold Bullion †**					9,690		11,548,300
Total Commodities (Cost $5,772,407)							11,548,300
	Yield			Shares
Short-Term Investments: 1.17%
Investment Companies: 1.17%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99	%		2,933,700		2,933,700
Total Short-Term Investments (Cost $2,933,700)							2,933,700

Total investments in securities (Cost $217,044,813)	100.26	%		250,818,854
Other assets and liabilities, net	(0.26	)		(655,618	)
Total net assets	100.00	%	$	250,163,236

† Non-income-earning security

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

** Represents an investment held in Special Investments (Cayman) SPC, the consolidated entity.

(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:
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
Wells Fargo Government Money Market Fund Select Class		4,941,346		39,438,431		41,446,077		2,933,700	$	0	$	0	$	44,205	$	2,933,700		1.17	%

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

Consolidated statement of assets and liabilities—September 30, 2018 (unaudited) Wells Fargo Precious Metals Fund 11

Assets
Investments in unaffiliated securities, at value (cost $208,338,706)	$	236,336,854
Investments commodities, at value (cost $5,772,407)		11,548,300
Investments in affiliated securities, at value (cost $2,933,700)		2,933,700
Cash		71,903
Foreign currency, at value (cost $718,148)		718,361
Receivable for investments sold		1,291
Receivable for Fund shares sold		539,728
Receivable for dividends		180,497
Prepaid expenses and other assets		64,513
Total assets		252,395,147
Liabilities
Payable for Fund shares redeemed		1,839,799
Management fee payable		104,634
Administration fees payable		37,374
Distribution fee payable		14,940
Trustees’ fees and expenses payable		2,869
Accrued expenses and other liabilities		232,295
Total liabilities		2,231,911
Total net assets	$	250,163,236
NET ASSETS CONSIST OF
Paid-in capital	$	412,971,249
Total distributable loss		(162,808,013	)
Total net assets	$	250,163,236
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	138,344,670
Shares outstanding – Class A1		4,948,714
Net asset value per share – Class A		$27.96
Maximum offering price per share – Class A2		$29.67
Net assets – Class C	$	24,136,673
Shares outstanding – Class C1		977,324
Net asset value per share – Class C		$24.70
Net assets – Administrator Class	$	7,648,262
Shares outstanding – Administrator Class1		271,046
Net asset value per share – Administrator Class		$28.22
Net assets – Institutional Class	$	80,033,631
Shares outstanding – Institutional Class1		2,815,548
Net asset value per share – Institutional Class		$28.43

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.

12 Wells Fargo Precious Metals Fund Consolidated statement of operations—six months ended September 30, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $76,163)	$	1,173,438
Income from affiliated securities		44,205
Total investment income		1,217,643
Expenses
Management fee		953,722
Administration fees
Class A		172,796
Class C		31,568
Administrator Class		5,738
Institutional Class		58,495
Shareholder servicing fees
Class A		205,710
Class C		37,582
Administrator Class		11,034
Distribution fee
Class C		112,745
Custody and accounting fees		22,726
Professional fees		32,484
Registration fees		34,721
Shareholder report expenses		37,807
Trustees’ fees and expenses		10,973
Transfer agent fees		2,777
Other fees and expenses		14,338
Total expenses		1,745,216
Less: Fee waivers and/or expense reimbursements		(169,454	)
Net expenses		1,575,762
Net investment loss		(358,119	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(5,316,703	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(37,503,726	)
Commodities		(1,305,744	)
Net change in unrealized gains (losses) on investments		(38,809,470	)
Net realized and unrealized gains (losses) on investments		(44,126,173	)
Net decrease in net assets resulting from operations	$	(44,484,292	)

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

Consolidated statement of changes in net assets Wells Fargo Precious Metals Fund 13

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment loss				$	(358,119	)				$	(1,185,623	)
Net realized losses on investments					(5,316,703	)					(589,728	)
Net change in unrealized gains (losses) on investments					(38,809,470	)					(24,177,396	)
Net decrease in net assets resulting from operations					(44,484,292	)					(25,952,747	)
Distributions to shareholders
Class A					0						(2,808,058	)
Class C					0						(414,068	)
Administrator Class					0						(169,120	)
Institutional Class					0						(1,238,811	)
Total distributions to shareholders					0						(4,630,057	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		396,810			12,500,407			1,343,343			47,874,671
Class C		18,742			532,103			71,931			2,255,869
Administrator Class		9,742			319,156			312,074			11,409,031
Institutional Class		1,003,606			33,389,268			1,240,353			44,707,060
					46,740,934						106,246,631
Reinvestment of distributions
Class A		0			0			76,499			2,579,538
Class C		0			0			12,259			367,387
Administrator Class		0			0			4,880			165,920
Institutional Class		0			0			34,049			1,164,824
					0						4,277,669
Payment for shares redeemed
Class A		(870,454	)		(27,666,161	)		(2,732,751	)		(97,070,775	)
Class B		N/A			N/A			(9,235	)2		(291,832	)2
Class C		(176,736	)		(4,940,881	)		(467,766	)		(14,797,679	)
Administrator Class		(15,195	)		(483,972	)		(463,024	)		(16,820,569	)
Institutional Class		(669,896	)		(21,681,346	)		(1,251,776	)		(44,720,355	)
					(54,772,360	)					(173,701,210	)
Net decrease in net assets resulting from capital share transactions					(8,031,426	)					(63,176,910	)
Total decrease in net assets					(52,515,718	)					(93,759,714	)
Net assets
Beginning of period					302,678,954						396,438,668
End of period				$	250,163,236					$	302,678,954

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Accumulated net investment loss at March 31, 2018 was $12,736. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from April 1, 2017 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.

14 Wells Fargo Precious Metals Fund Consolidated financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS A				2018			2017			2016			2015			20141
Net asset value, beginning of period		$32.80			$35.99			$32.73			$28.99			$36.65			$53.59
Net investment income (loss)		(0.04	)2		(0.11	)2		(0.22	)2		(0.05	)		(0.11	)2		0.05	2
Net realized and unrealized gains (losses) on investments		(4.80	)		(2.60	)		3.85			3.79			(7.55	)		(16.78	)
Total from investment operations		(4.84	)		(2.71	)		3.63			3.74			(7.66	)		(16.73	)
Distributions to shareholders from
Net investment income		0.00			(0.48	)		(0.37	)		0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.21	)
Total distributions to shareholders		0.00			(0.48	)		(0.37	)		0.00			0.00			(0.21	)
Net asset value, end of period		$27.96			$32.80			$35.99			$32.73			$28.99			$36.65
Total return3		(14.76	)%		(7.56	)%		11.24	%		12.90	%		(20.90	)%		(31.17	)%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.20	%		1.23	%		1.23	%		1.22	%
Net expenses		1.09	%		1.04	%		1.09	%		1.10	%		1.10	%		1.09	%
Net investment income (loss)		(0.27	)%		(0.33	)%		(0.57	)%		(0.24	)%		(0.30	)%		0.12	%
Supplemental data
Portfolio turnover rate		10	%4		27	%4		21	%4		18	%4		9	%4		16	%
Net assets, end of period (000s omitted)		$138,345			$177,859			$242,423			$236,310			$211,477			$300,906

¹  Amounts do not reflect the consolidated results of its wholly-owned subsidiary.

²  Calculated based upon average shares outstanding

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

⁴  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

Consolidated financial highlights Wells Fargo Precious Metals Fund 15

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS C				2018			2017			2016			2015			20141
Net asset value, beginning of period		$29.09			$32.07			$29.10			$25.97			$33.08			$48.76
Net investment loss		(0.14	)2		(0.33	)2		(0.46	)2		(0.24	)2		(0.35	)2		(0.22	)2
Net realized and unrealized gains (losses) on investments		(4.25	)		(2.30	)		3.49			3.37			(6.76	)		(15.25	)
Total from investment operations		(4.39	)		(2.63	)		3.03			3.13			(7.11	)		(15.47	)
Distributions to shareholders from
Net investment income		0.00			(0.35	)		(0.06	)		0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.21	)
Total distributions to shareholders		0.00			(0.35	)		(0.06	)		0.00			0.00			(0.21	)
Net asset value, end of period		$24.70			$29.09			$32.07			$29.10			$25.97			$33.08
Total return3		(15.09	)%		(8.24	)%		10.42	%		12.05	%		(21.49	)%		(31.67	)%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.96	%		1.95	%		1.99	%		1.98	%		1.97	%
Net expenses		1.84	%		1.79	%		1.84	%		1.85	%		1.85	%		1.84	%
Net investment loss		(1.02	)%		(1.07	)%		(1.32	)%		(0.99	)%		(1.06	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		10	%4		27	%4		21	%4		18	%4		9	%4		16	%
Net assets, end of period (000s omitted)		$24,137			$33,022			$48,710			$52,648			$59,074			$94,865

¹  Amounts do not reflect the consolidated results of its wholly-owned subsidiary.

²  Calculated based upon average shares outstanding

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

⁴  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

16 Wells Fargo Precious Metals Fund Consolidated financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$33.09			$36.27			$32.98			$29.17			$36.82			$53.75
Net investment income (loss)		(0.02	)2		(0.09	)2		(0.17	)2		(0.03	)2		(0.06	)2		0.10	2
Net realized and unrealized gains (losses) on investments		(4.85	)		(2.59	)		3.87			3.84			(7.59	)		(16.82	)
Total from investment operations		(4.87	)		(2.68	)		3.70			3.81			(7.65	)		(16.72	)
Distributions to shareholders from
Net investment income		0.00			(0.50	)		(0.41	)		0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.21	)
Total distributions to shareholders		0.00			(0.50	)		0.00			0.00			0.00			(0.21	)
Net asset value, end of period		$28.22			$33.09			$36.27			$32.98			$29.17			$36.82
Total return3		(14.72	)%		(7.40	)%		11.37	%		13.06	%		(20.78	)%		(31.06	)%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.15	%		1.12	%		1.13	%		1.07	%		1.04	%
Net expenses		0.95	%		0.91	%		0.95	%		0.96	%		0.96	%		0.95	%
Net investment income (loss)		(0.12	)%		(0.25	)%		(0.44	)%		(0.10	)%		(0.17	)%		0.26	%
Supplemental data
Portfolio turnover rate		10	%4		27	%4		21	%4		18	%4		9	%4		16	%
Net assets, end of period (000s omitted)		$7,648			$9,148			$15,325			$16,114			$21,917			$32,230

¹  Amounts do not reflect the consolidated results of its wholly-owned subsidiary.

²  Calculated based upon average shares outstanding

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

⁴  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

Consolidated financial highlights Wells Fargo Precious Metals Fund 17

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			20141
Net asset value, beginning of period		$33.30			$36.47			$33.21			$29.33			$36.96			$53.87
Net investment income (loss)		0.01	2		0.02			(0.09	)2		0.02	2		0.01	2		0.16	2
Net realized and unrealized gains (losses) on investments		(4.88	)		(2.67	)		3.85			3.86			(7.64	)		(16.86	)
Total from investment operations		(4.87	)		(2.65	)		3.76			3.88			(7.63	)		(16.70	)
Distributions to shareholders from
Net investment income		0.00			(0.52	)		(0.50	)		0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.21	)
Total distributions to shareholders		0.00			(0.52	)		(0.50	)		0.00			0.00			(0.21	)
Net asset value, end of period		$28.43			$33.30			$36.47			$33.21			$29.33			$36.96
Total return3		(14.62	)%		(7.27	)%		11.49	%		13.23	%		(20.64	)%		(30.95	)%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.88	%		0.88	%		0.80	%		0.79	%
Net expenses		0.79	%		0.73	%		0.79	%		0.80	%		0.79	%		0.78	%
Net investment income (loss)		0.04	%		0.01	%		(0.24	)%		0.06	%		0.03	%		0.41	%
Supplemental data
Portfolio turnover rate		10	%4		27	%4		21	%4		18	%4		9	%4		16	%
Net assets, end of period (000s omitted)		$80,034			$82,650			$89,680			$60,156			$43,014			$41,993

¹  Amounts do not reflect the consolidated results of its wholly-owned subsidiary.

²  Calculated based upon average shares outstanding

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

⁴  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

18 Wells Fargo Precious Metals Fund Notes to consolidated financial statements (unaudited)

1. ORGANIZATION

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

The Fund invests in precious metals and minerals through Special Investments (Cayman) SPC (the “Subsidiary”), a wholly-owned subsidiary incorporated on May 3, 2005 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of September 30, 2018, the Subsidiary held $11,548,300 in gold bullion representing 100% of its net assets. The Fund is the sole shareholder of the Subsidiary. As of September 30, 2018, the Fund held $11,496,956 in the Subsidiary, representing 4.60% of the Fund’s net assets.

The consolidated financial statements of the Fund include the financial results of its wholly-owned subsidiary. The Consolidated Portfolio of Investments includes positions of the Fund and the Subsidiary and the consolidated financial statements include the accounts of the Fund and the Subsidiary. Accordingly, all interfund balances and transactions between the Fund and the Subsidiary have been eliminated in consolidation.

3. 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 commodities are valued at their last traded price.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2018, such fair value pricing was not used in pricing foreign securities.

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. The Board of Trustees has established a Valuation Committee comprised of the

Notes to consolidated financial statements (unaudited) Wells Fargo Precious Metals Fund 19

Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the 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.

Security transactions and income recognition

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

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

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 Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $159,349,312 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	153,006,973
Gross unrealized losses		(61,537,431	)
Net unrealized gains	$	91,469,542

20 Wells Fargo Precious Metals Fund Notes to consolidated financial statements (unaudited)

As of March 31, 2018, the Fund had capital loss carryforwards which consist of $25,473,541 in short-term capital losses and $150,718,316 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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.

4. 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 September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	25,119,994	$	0	$	0	$	25,119,994
Canada		129,401,528		21,920,192		0		151,321,720
Peru		1,676,250		0		0		1,676,250
South Africa		1,849,771		0		0		1,849,771
United Kingdom		25,622,280		0		0		25,622,280
United States		30,746,839		0		0		30,746,839
Commodities		11,548,300		0		0		11,548,300
Short-term investments
Investment companies		2,933,700		0		0		2,933,700
Total assets	$	228,898,662	$	21,920,192	$	0	$	250,818,854

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

At September 30, 2018 the Fund did not have any transfers into/out of Level 3.

5. 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

Notes to consolidated financial statements (unaudited) Wells Fargo Precious Metals Fund 21

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 0.65% and declining to 0.48% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

The Subsidiary has entered into a separate advisory contract with Funds Management to manage the investment and reinvestment of its assets in conformity with its investment objectives and restrictions. Under this agreement, the Subsidiary does not pay Funds Management a fee for its services.

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. Wells Capital Management Incorporated, 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 0.40% 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	%
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 July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.09% for Class A shares, 1.84% for Class C shares, 0.95% for Administrator Class shares and 0.79% 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 six months ended September 30, 2018, Funds Distributor received $1,398 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 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.

22 Wells Fargo Precious Metals Fund Notes to consolidated financial statements (unaudited)

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $29,475,929 and $34,038,069, respectively. These amounts include purchases and sales transactions of the Subsidiary.

7. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

Beginning October 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended March 31, 2018 were as follows:

	Net investment income
Class A		$2,808,058
Class C		414,068
Administrator Class		169,120
Institutional Class		1,238,811

9. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in precious metals companies and, therefore, may be more affected by changes in the precious metals sector than a fund whose investments are not heavily weighted in any sector.

10. 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.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has early adopted the removal and modification disclosures, as permitted, and will adopt the additional new disclosures at the effective date.

Other information (unaudited) Wells Fargo Precious Metals Fund 23

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended March 31, 2018. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$213,150	$0.0191	47.33%

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.

24 Wells Fargo Precious Metals 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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A

Other information (unaudited) Wells Fargo Precious Metals Fund 25

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
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

26 Wells Fargo Precious Metals Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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 Precious Metals Fund 27

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Precious Metals 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 Precious Metals 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.

28 Wells Fargo Precious Metals 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 or in range of the average investment performance of the Universe for the five- and ten-year periods under review, but lower than the average investment performance of the Universe for the one- and three-year 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 FTSE Gold Mines Index, for the five- and ten-year periods under review, but lower than its benchmark for the one- and three-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 longer 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 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 Precious Metals Fund 29

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.

30 Wells Fargo Precious Metals 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 Precious Metals Fund 31

• 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 70¹⁄₂

• 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

32 Wells Fargo Precious Metals Fund Appendix A (unaudited)

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

• 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317302 11-18 SA316/SAR316 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Specialized Technology 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	26
Appendix A	33

The views expressed and any forward-looking statements are as of September 30, 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 Specialized Technology Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Specialized Technology Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Specialized Technology Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Specialized Technology Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Specialized Technology Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Allianz Global Investors U.S. LLC

Portfolio managers

Huachen Chen, CFA^®

Walter C. Price, Jr., CFA^®

Michael A. Seidenberg^‡

Average annual total returns (%) as of September 30, 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 (WFSTX)	9-18-2000		32.30		18.83		17.10		40.34		20.24		17.81		1.42		1.39
Class C (WFTCX)	9-18-2000		38.30		19.35		16.93		39.30		19.35		16.93		2.17		2.14
Administrator Class (WFTDX)	7-30-2010		–		–		–		40.55		20.41		17.97		1.34		1.29
Institutional Class (WFTIX)	10-31-2016		–		–		–		40.80		20.49		18.01		1.09		1.04
S&P North American Technology Index4	–		–		–		–		36.28		22.84		17.86		–		–
S&P 500 Index5	–		–		–		–		17.91		13.95		11.97		–		–

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.

While the S&P 500 Index is comprised of U.S. equity securities of companies diversified across ten sectors, the Fund’s holdings are concentrated primarily in technology related stocks. Therefore, the performance of the S&P 500 Index is displayed only to show how the concentrated Fund performed compared with a diversified selection of U.S. equity securities.

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. Funds that concentrate their investments in limited sectors, such as information technology, are more vulnerable to adverse market, economic, regulatory, political, or other developments affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to convertible securities risk, foreign investment risk, non-diversification 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 Specialized Technology Fund 7

Ten largest holdings (%) as of September 30, 20186
Amazon.com Incorporated	8.60
Apple Incorporated	7.04
Microsoft Corporation	6.24
Square Incorporated Class A	5.75
NetApp Incorporated	5.17
ServiceNow Incorporated	3.62
Paycom Software Incorporated	3.38
Alphabet Incorporated Class A	3.17
Alphabet Incorporated Class C	2.74
Salesforce.com Incorporated	2.58

Industry distribution as of September 30, 2018⁷

^‡  Mr. Seidenberg became a portfolio manager of the Fund on August 1, 2018.

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

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

³  The manager has contractually committed through July 31, 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 1.38% for Class A, 2.13% for class C, 1.28% for Administrator Class, and 1.03% 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 North American Technology Index is a modified market-capitalization-weighted index of select technology stocks. You cannot invest directly in an index.

⁵  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.

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 Specialized Technology 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,188.92	$	7.63		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class C
Actual	$	1,000.00	$	1,184.53	$	11.72		2.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.34	$	10.81		2.14	%
Administrator Class
Actual	$	1,000.00	$	1,190.51	$	7.14		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.58		1.30	%
Institutional Class
Actual	$	1,000.00	$	1,191.37	$	5.77		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%

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—September 30, 2018 (unaudited) Wells Fargo Specialized Technology Fund 9

Security name	Shares		Value
Common Stocks: 94.00%
Communication Services: 11.40%
Entertainment: 4.16%
Activision Blizzard Incorporated		35,755	$	2,974,458
Electronic Arts Incorporated †		6,490		781,980
Netflix Incorporated †		24,255		9,074,523
Take-Two Interactive Software Incorporated †		68,145		9,403,329
				22,234,290
Interactive Media & Services: 7.24%
Alphabet Incorporated Class A †		14,045		16,953,439
Alphabet Incorporated Class C †		12,310		14,691,616
Baidu Incorporated ADR †		1,850		423,058
Facebook Incorporated Class A †		37,195		6,117,090
Tencent Holdings Limited		3,815		157,505
Yandex NV Class A †		12,570		413,427
				38,756,135
Consumer Discretionary: 9.83%
Automobiles: 0.23%
Tesla Motors Incorporated †«		4,610		1,220,590
Internet & Direct Marketing Retail: 9.60%
Alibaba Group Holding Limited ADR †		1,945		320,458
Amazon.com Incorporated †		22,970		46,008,910
GrubHub Incorporated †		36,450		5,052,699
				51,382,067
Health Care: 0.12%
Health Care Technology: 0.12%
Veeva Systems Incorporated Class A †		5,815		633,079
Industrials: 0.36%
Electrical Equipment: 0.36%
Bloom Energy Corporation †		56,540		1,926,883
Information Technology: 72.29%
Communications Equipment: 3.65%
Arista Networks Incorporated †		31,555		8,389,212
Palo Alto Networks Incorporated †		49,505		11,151,496
				19,540,708
Electronic Equipment, Instruments & Components: 0.91%
CDW Corporation of Delaware		11,420		1,015,466
Cognex Corporation		21,455		1,197,618
Flex Limited †		29,945		392,878
IPG Photonics Corporation †		6,400		998,848
Samsung SDI Company Limited		5,560		1,295,704
				4,900,514

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

10 Wells Fargo Specialized Technology Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name	Shares		Value
IT Services: 18.63%
Capgemini SA		5,725	$	720,536
DXC Technology Company		118,435		11,076,041
MasterCard Incorporated Class A		46,325		10,312,408
MongoDB Incorporated †«		79,970		6,521,554
Okta Incorporated †		180,095		12,671,484
PayPal Holdings Incorporated †		74,155		6,513,775
Perspecta Incorporated		55,804		1,435,279
Square Incorporated Class A †		310,980		30,790,130
Twilio Incorporated Class A †		116,880		10,084,406
Visa Incorporated Class A		63,875		9,586,999
				99,712,612
Semiconductors & Semiconductor Equipment: 8.98%
Advanced Micro Devices Incorporated †		171,310		5,291,766
ASML Holding NV «		2,465		463,469
Broadcom Incorporated		14,400		3,552,912
Cree Incorporated †		93,230		3,530,620
Infineon Technologies AG		51,605		1,172,556
Intel Corporation		11,445		541,234
Microchip Technology Incorporated «		74,415		5,872,088
Micron Technology Incorporated †		96,815		4,378,942
NVIDIA Corporation		37,185		10,449,729
ON Semiconductor Corporation †		30,615		564,234
QUALCOMM Incorporated		38,665		2,785,040
SK Hynix Incorporated		4,772		314,477
Taiwan Semiconductor Manufacturing Company Limited ADR		135,140		5,967,782
Teradyne Incorporated		85,735		3,170,480
				48,055,329
Software: 27.58%
Adobe Systems Incorporated †		7,900		2,132,605
Aspen Technology Incorporated †		4,920		560,437
Atlassian Corporation plc Class A †		32,755		3,149,066
Autodesk Incorporated †		8,775		1,369,865
AVEVA Group plc		26,370		994,687
Dropbox Incorporated Class A †		605		16,232
ForeScout Technologies Incorporated †		7,965		300,758
Guidewire Software Incorporated †		4,775		482,323
HubSpot Incorporated †		9,815		1,481,574
Intuit Incorporated		2,265		515,061
Microsoft Corporation		292,245		33,424,061
New Relic Incorporated †		9,235		870,214
Nutanix Incorporated Class A †		77,155		3,296,062
Oracle Corporation		30,730		1,584,439
Paycom Software Incorporated †		116,555		18,113,813
Proofpoint Incorporated †		73,945		7,862,572
RealPage Incorporated †		29,875		1,968,763
RingCentral Incorporated Class A †		125,855		11,710,808
Salesforce.com Incorporated †		86,994		13,834,656

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

Portfolio of investments—September 30, 2018 (unaudited) Wells Fargo Specialized Technology Fund 11

Security name				Shares		Value
Software (continued)
ServiceNow Incorporated †					99,170	$	19,400,627
Sophos Group plc 144A					163,120		1,037,540
Tableau Software Incorporated Class A †					67,900		7,587,146
Temenos Group AG					11,205		1,817,644
Workday Incorporated Class A †					76,670		11,192,287
Zendesk Incorporated †					15,985		1,134,935
Zscaler Incorporated †					43,465		1,772,503
							147,610,678
Technology Hardware, Storage & Peripherals: 12.54%
Apple Incorporated					166,915		37,679,394
NetApp Incorporated					322,435		27,693,942
Pure Storage Incorporated Class A †					67,380		1,748,511
							67,121,847
Total Common Stocks (Cost $300,410,041)							503,094,732
	Yield
Short-Term Investments: 7.99%
Investment Companies: 7.99%
Securities Lending Cash Investment LLC (l)(r)(u)		2.17	%		11,346,796		11,347,930
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99			31,430,389		31,430,389
Total Short-Term Investments (Cost $42,778,319)							42,778,319

Total investments in securities (Cost $343,188,360)	101.99	%		545,873,051
Other assets and liabilities, net	(1.99	)		(10,627,295	)
Total net assets	100.00	%	$	535,245,756

† Non-income-earning security

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

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

(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.

12 Wells Fargo Specialized Technology Fund Portfolio of investments—September 30, 2018 (unaudited)

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		23,934,530		104,305,554		116,893,288		11,346,796	$	33	$	0	$	71,095	$	11,347,930
Wells Fargo Government Money Market Fund Select Class		2,705,051		140,768,977		112,043,639		31,430,389		0		0		223,762		31,430,389
									$	33	$	0	$	294,857	$	42,778,319		7.99	%

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

Statement of assets and liabilities—September 30, 2018 (unaudited) Wells Fargo Specialized Technology Fund 13

Assets
Investments in unaffiliated securities, (including $11,119,991 of securities loaned), at value (cost $300,410,041)	$	503,094,732
Investments in affiliated securities, at value (cost $42,778,319)		42,778,319
Receivable for investments sold		418,745
Receivable for Fund shares sold		1,040,105
Receivable for dividends		85,375
Receivable for securities lending income		20,725
Prepaid expenses and other assets		48,284
Total assets		547,486,285
Liabilities
Payable upon receipt of securities loaned		11,347,874
Management fee payable		370,011
Payable for Fund shares redeemed		213,952
Administration fees payable		85,004
Payable for investments purchased		59,774
Distribution fee payable		10,983
Trustees’ fees and expenses payable		2,337
Due to custodian bank, foreign currency, at value (cost $1,833)		1,831
Accrued expenses and other liabilities		148,763
Total liabilities		12,240,529
Total net assets	$	535,245,756
NET ASSETS CONSIST OF
Paid-in capital	$	226,848,165
Total distributable earnings		308,397,591
Total net assets	$	535,245,756
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	435,787,561
Shares outstanding – Class A1		26,029,144
Net asset value per share – Class A		$16.74
Maximum offering price per share – Class A2		$17.76
Net assets – Class C	$	18,108,061
Shares outstanding – Class C1		1,342,928
Net asset value per share – Class C		$13.48
Net assets – Administrator Class	$	25,036,134
Shares outstanding – Administrator Class1		1,467,941
Net asset value per share – Administrator Class		$17.06
Net assets – Institutional Class	$	56,314,000
Shares outstanding – Institutional Class1		3,289,625
Net asset value per share – Institutional Class		$17.12

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.

14 Wells Fargo Specialized Technology Fund Statement of operations—six months ended September 30, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $4,363)		$	975,516
Income from affiliated securities			223,762
Securities lending income from affiliates, net			71,095
Total investment income			1,270,373
Expenses
Management fee			2,059,230
Administration fees
Class A			409,969
Class C	��		17,740
Administrator Class			13,899
Institutional Class			25,547
Shareholder servicing fees
Class A			488,059
Class C			21,119
Administrator Class			26,728
Distribution fee
Class C			63,358
Custody and accounting fees			15,034
Professional fees			24,146
Registration fees			46,222
Shareholder report expenses			34,990
Trustees’ fees and expenses			11,948
Other fees and expenses			12,613
Total expenses			3,270,602
Less: Fee waivers and/or expense reimbursements			(21,974	)
Net expenses			3,248,628
Net investment loss			(1,978,255	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities			26,397,651
Affiliated securities			33
Forward foreign currency contracts			1,464
Net realized gains on investments			26,399,148
Net change in unrealized gains (losses) on:
Unaffiliated securities			56,122,115
Forward foreign currency contracts			(860	)
Net change in unrealized gains (losses) on investments			56,121,255
Net realized and unrealized gains (losses) on investments			82,520,403
Net increase in net assets resulting from operations		$	80,542,148

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

Statement of changes in net assets Wells Fargo Specialized Technology Fund 15

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment loss				$	(1,978,255	)				$	(2,968,325	)
Net realized gains on investments					26,399,148						85,463,589
Net change in unrealized gains (losses) on investments					56,121,255						45,515,664
Net increase in net assets resulting from operations					80,542,148						128,010,928
Distributions to shareholders
Class A					0						(22,775,603	)
Class C					0						(1,248,847	)
Administrator Class					0						(3,999,359	)
Institutional Class					0						(1,741,744	)
Total distributions to shareholders					0						(29,765,553	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,538,295			39,981,049			2,084,687			27,533,950
Class C		142,150			1,781,109			192,101			2,045,595
Administrator Class		304,743			4,876,660			1,546,441			19,850,044
Institutional Class		1,650,908			26,295,461			564,328			7,724,961
					72,934,279						57,154,550
Reinvestment of distributions
Class A		0			0			1,731,116			22,071,725
Class C		0			0			116,005			1,198,329
Administrator Class		0			0			307,642			3,990,121
Institutional Class		0			0			123,913			1,610,864
					0						28,871,039
Payment for shares redeemed
Class A		(1,613,843	)		(24,856,103	)		(3,040,823	)		(38,796,202	)
Class C		(198,611	)		(2,480,038	)		(323,924	)		(3,371,408	)
Administrator Class		(171,132	)		(2,707,658	)		(4,102,652	)		(57,561,216	)
Institutional Class		(274,995	)		(4,319,385	)		(561,375	)		(7,267,274	)
					(34,363,184	)					(106,996,100	)
Net increase (decrease) in net assets resulting from capital share transactions					38,571,095						(20,970,511	)
Total increase in net assets					119,113,243						77,274,864
Net assets
Beginning of period					416,132,513						338,857,649
End of period				$	535,245,756					$	416,132,513

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Accumulated net investment loss at March 31, 2018 was $860. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

16 Wells Fargo Specialized Technology Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$14.08			$10.95			$9.39			$10.74			$10.65			$8.15
Net investment loss		(0.07	)		(0.10	)1		(0.03	)1		(0.06	)		(0.06	)		(0.06	)
Net realized and unrealized gains (losses) on investments		2.73			4.20			2.17			0.02			1.43			3.07
Total from investment operations		2.66			4.10			2.14			(0.04	)		1.37			3.01
Distributions to shareholders from
Net realized gains		0.00			(0.97	)		(0.58	)		(1.31	)		(1.28	)		(0.51	)
Net asset value, end of period		$16.74			$14.08			$10.95			$9.39			$10.74			$10.65
Total return2		18.89	%		38.41	%		23.55	%		(0.66	)%		13.24	%		37.27	%
Ratios to average net assets (annualized)
Gross expenses		1.40	%		1.41	%		1.44	%		1.45	%		1.52	%		1.60	%
Net expenses		1.39	%		1.41	%		1.44	%		1.45	%		1.51	%		1.56	%
Net investment loss		(0.85	)%		(0.75	)%		(0.28	)%		(0.53	)%		(0.58	)%		(0.63	)%
Supplemental data
Portfolio turnover rate		55	%		109	%		131	%		153	%		119	%		132	%
Net assets, end of period (000s omitted)		$435,788			$353,552			$266,329			$267,811			$168,108			$154,833

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Specialized Technology Fund 17

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.38			$9.06			$7.92			$9.33			$9.47			$7.35
Net investment loss		(0.13	)		(0.16	)		(0.09	)1		(0.12	)1		(0.13	)1		(0.12	)1
Net realized and unrealized gains (losses) on investments		2.23			3.45			1.81			0.02			1.27			2.75
Total from investment operations		2.10			3.29			1.72			(0.10	)		1.14			2.63
Distributions to shareholders from
Net realized gains		0.00			(0.97	)		(0.58	)		(1.31	)		(1.28	)		(0.51	)
Net asset value, end of period		$13.48			$11.38			$9.06			$7.92			$9.33			$9.47
Total return2		18.45	%		37.45	%		22.59	%		(1.45	)%		12.44	%		36.14	%
Ratios to average net assets (annualized)
Gross expenses		2.15	%		2.16	%		2.19	%		2.20	%		2.27	%		2.35	%
Net expenses		2.14	%		2.16	%		2.19	%		2.20	%		2.26	%		2.31	%
Net investment loss		(1.60	)%		(1.49	)%		(1.03	)%		(1.34	)%		(1.33	)%		(1.38	)%
Supplemental data
Portfolio turnover rate		55	%		109	%		131	%		153	%		119	%		132	%
Net assets, end of period (000s omitted)		$18,108			$15,932			$12,827			$13,797			$14,143			$10,907

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Specialized Technology Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$14.34			$11.12			$9.52			$10.86			$10.74			$8.20
Net investment loss		(0.06	)1		(0.09	)1		(0.02	)		(0.05	)		(0.05	)		(0.05	)
Net realized and unrealized gains (losses) on investments		2.78			4.28			2.20			0.02			1.45			3.10
Total from investment operations		2.72			4.19			2.18			(0.03	)		1.40			3.05
Distributions to shareholders from
Net realized gains		0.00			(0.97	)		(0.58	)		(1.31	)		(1.28	)		(0.51	)
Net asset value, end of period		$17.06			$14.34			$11.12			$9.52			$10.86			$10.74
Total return2		19.05	%		38.55	%		23.65	%		(0.56	)%		13.42	%		37.54	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.33	%		1.36	%		1.35	%		1.36	%		1.44	%
Net expenses		1.30	%		1.32	%		1.33	%		1.33	%		1.35	%		1.40	%
Net investment loss		(0.75	)%		(0.66	)%		(0.17	)%		(0.48	)%		(0.42	)%		(0.48	)%
Supplemental data
Portfolio turnover rate		55	%		109	%		131	%		153	%		119	%		132	%
Net assets, end of period (000s omitted)		$25,036			$19,140			$39,833			$32,373			$31,842			$31,681

¹  Calculated based upon average shares outstanding

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 Specialized Technology Fund 19

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
INSTITUTIONAL CLASS				2018			20171
Net asset value, beginning of period		$14.37			$11.12			$10.42
Net investment income (loss)		(0.05	)		(0.05	)		0.01	2
Net realized and unrealized gains (losses) on investments		2.80			4.27			1.27
Total from investment operations		2.75			4.22			1.28
Distributions to shareholders from
Net realized gains		0.00			(0.97	)		(0.58	)
Net asset value, end of period		$17.12			$14.37			$11.12
Total return3		19.14	%		38.91	%		12.97	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.08	%		1.11	%
Net expenses		1.05	%		1.07	%		1.08	%
Net investment income (loss)		(0.51	)%		(0.40	)%		0.17	%
Supplemental data
Portfolio turnover rate		55	%		109	%		131	%
Net assets, end of period (000s omitted)		$56,314			$27,509			$19,869

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

20 Wells Fargo Specialized Technology Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2018, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the 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

Notes to financial statements (unaudited) Wells Fargo Specialized Technology Fund 21

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.

Forward foreign currency contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

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 is included in securities lending income from affiliates (net of fees and rebates) 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, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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.

22 Wells Fargo Specialized Technology Fund Notes to financial statements (unaudited)

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $343,176,708 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	202,744,035
Gross unrealized losses		(47,692	)
Net unrealized gains	$	202,696,343

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 (unaudited) Wells Fargo Specialized Technology Fund 23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	60,990,425	$	0	$	0	$	60,990,425
Consumer discretionary		52,602,657		0		0		52,602,657
Health care		633,079		0		0		633,079
Industrials		1,926,883		0		0		1,926,883
Information technology		386,941,688		0		0		386,941,688
Short-term investments
Investment companies		31,430,389		11,347,930		0		42,778,319
Total assets	$	534,525,121	$	11,347,930	$	0	$	545,873,051

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

At September 30, 2018, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

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 0.88% and declining to 0.78% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.88% 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. Allianz Global Investors U.S. LLC, which is not an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.80% and declining to 0.55% 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 July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.38% for Class A shares, 2.13% for Class C shares, 1.28% for Administrator Class shares, and 1.03% for Institutional Class shares. After this time, the cap may

24 Wells Fargo Specialized Technology Fund Notes to financial statements (unaudited)

be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to August 1, 2018, the Fund’s expenses were capped at 1.41% for Class A shares, 2.16% for Class C shares, 1.31% for Administrator Class shares, and 1.06% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2018, Funds Distributor received $16,184 from the sale of Class A. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $263,718,964 and $241,618,212, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Beginning October 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended March 31, 2018 were as follows:

	Net realized gains
Class A	$	22,775,603
Class C		1,248,847
Administrator Class		3,999,359
Institutional Class		1,741,744

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in technology companies and, therefore, would be more affected by changes in the technology sector than would be a fund whose investments are not heavily weighted in the sector.

Notes to financial statements (unaudited) Wells Fargo Specialized Technology Fund 25

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. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management is currently evaluating the potential impact of this new guidance to the financial statements.

26 Wells Fargo Specialized Technology Fund Other information (unaudited)

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 Specialized Technology Fund 27

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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A

28 Wells Fargo Specialized Technology 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
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Specialized Technology Fund 29

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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.

30 Wells Fargo Specialized Technology Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Specialized Technology 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 Specialized Technology 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 Allianz Global Investors U.S. LLC (the “Sub-Adviser”). 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 is a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management, 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 Specialized Technology Fund 31

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 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 North American Technology TR 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 noted the Fund’s outperformance relative to its peer group and its recent outperformance relative to its benchmark index.

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 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 other funds in the expense Groups. The Board noted that the Management Rates of the Fund were equal to or in range of the sum of these average rates for the Fund’s expense Groups for all share classes except for Class A. The Board noted that the net operating expense ratios of Class A were in range of the median net operating expense ratios of Class A’s expense Group. The Board also noted that Funds Management provided the Board with additional information about the Fund’s Class A shares in response to a request by the Board, and the Board noted that Funds Management advised the Board that Funds Management would continue to monitor the net operating expenses ratio of the Fund’s Class A shares.

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. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Broadridge to be similar to the Fund. 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. The Board also considered that the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s length basis.

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 collective funds or 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.

32 Wells Fargo Specialized Technology 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. 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. The Board did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis.

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, the Sub-Adviser, and their affiliates 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 its affiliate 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, the Sub-Adviser, and their affiliates 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 Specialized Technology Fund 33

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

34 Wells Fargo Specialized Technology 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 70¹⁄₂

• 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 Specialized Technology Fund 35

• 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317303 11-18 SA317/SAR317 09-18

Semi-Annual Report

September 30, 2018

Wells Fargo Utility and Telecommunications 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	18
Other information	23
Appendix A	30

The views expressed and any forward-looking statements are as of September 30, 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 Utility and Telecommunications Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Utility and Telecommunications Fund for the six-month period that ended September 30, 2018. The second and third quarters of 2018 were characterized by growing economic and investment activity in the U.S. In contrast, economies overseas were restrained as geopolitical tensions and rising interest rates diverted investor interest in those markets.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 11.41% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² lost 1.93%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.97%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ lost 0.14% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 6.42%. The Bloomberg Barclays Municipal Bond Index⁶ added 0.72%, and the ICE BofAML U.S. High Yield Index⁷ was up 3.46%.

Global trade tensions escalated during the second quarter.

During the second quarter of 2018, the U.S. government imposed tariffs, and foreign governments in North America, Europe, and Asia retaliated. The actions marked the initialization of trade tensions that would escalate during the next six months. The increasing tensions chilled investment activity as observers awaited signals of next steps.

Meanwhile, inflation continued an upward trend. The CPI-U⁸ added 0.1% in June after an increase of 0.2% in both April and May. On a year-over-year basis, the all-items index rose 2.9% for the 12 months that ended June 30, 2018. The index for all items less food and energy rose 2.3% for the same 12-month period.

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 close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Utility and Telecommunications Fund 3

U.S. stocks gained while international stocks and bonds declined during the summer of 2018.

The U.S. economy strengthened during the summer months. Revised second-quarter gross domestic product data released in August showed the U.S. economy growing at a 4.2% rate. After ticking up slightly in June, the unemployment rate in the U.S. was 3.9% in July and August, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong.

Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.76% for the three-month period that ended August 31, 2018. International stock values continued to suffer under the effects of a strong U.S. dollar and continuing trade tensions. The MSCI ACWI ex USA Index (Net) and the MSCI EM Index (Net) were down 4.70% and 1.64%, during the same three-month period.

The U.S. Federal Reserve (Fed) increased the federal funds rate in June, and expectations grew that two more rate increases were in the offing in 2018. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.74% and 2.97%, respectively, on March 31, 2018—were 3.05% and 3.19%, respectively, on September 30, off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Some 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 Fed decided to forgo an interest rate increase at its August meeting.

Internationally, members of Prime Minister Theresa May’s U.K./Brexit negotiating team resigned amid unproductive negotiations. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. Central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions 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.

The U.S. economy strengthened during the summer months.

4 Wells Fargo Utility and Telecommunications Fund Letter to shareholders (unaudited)

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

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.

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6 Wells Fargo Utility and Telecommunications Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Crow Point Partners, LLC

Portfolio manager

Timothy P. O’Brien, CFA^®

Average annual total returns (%) as of September 30, 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 (EVUAX)	1-4-1994		(0.56	)		7.11		7.89		5.51		8.38		8.53		1.17		1.14
Class C (EVUCX)	9-2-1994		3.69			7.57		7.71		4.69		7.57		7.71		1.92		1.89
Administrator Class (EVUDX)	7-30-2010		–			–		–		5.66		8.59		8.71		1.09		0.95
Institutional Class (EVUYX)	2-28-1994		–			–		–		5.84		8.74		8.87		0.84		0.78
S&P 500 Utilities Index4	–		–			–		–		2.93		11.06		9.04		–		–
S&P 500 Index5	–		–			–		–		17.91		13.95		11.97		–		–

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.

While the S&P 500 Index is comprised of U.S. equity securities of companies diversified across ten sectors, the Fund’s holdings are concentrated primarily in utilities and telecommunication services stocks. Therefore, the performance of the S&P 500 Index is displayed only to show how the concentrated Fund performed compared with a diversified selection of U.S. equity securities.

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. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bondmarket and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Funds that concentrate their investments in limited sectors, such as utilities and telecommunication services, are more vulnerable to adverse market, economic, regulatory, political, or other developments affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to convertible securities risk, foreign investment risk, high-yield securities risk, smaller-company securities risk, non-diversification risk and subsidiary 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 Utility and Telecommunications Fund 7

Ten largest holdings (%) as of September 30, 20186
Visa Incorporated Class A	10.81
CMS Energy Corporation	7.84
NextEra Energy Incorporated	7.83
Eversource Energy	6.97
Alliant Energy Corporation	6.68
PNM Resources Incorporated	6.31
Sempra Energy	6.07
Shenandoah Telecommunications Company	6.05
Edison International	5.87
MasterCard Incorporated Class A	5.64

Industry distribution as of September 30, 2018⁷

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been 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 Utility and Telecommunications 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 July 31, 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 S&P 500 Utilities Index is a market-value-weighted index that measures the performance of all stocks within the utilities sector of the S&P 500 Index. You cannot invest directly in an index.

⁵  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.

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 Utility and Telecommunications 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 April 1, 2018 to September 30, 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 4-1-2018		Ending account value 9-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,078.53	$	5.94		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.35	$	5.77		1.14	%
Class C
Actual	$	1,000.00	$	1,074.26	$	9.83		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.59	$	9.55		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,079.47	$	4.95		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,080.52	$	4.07		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%

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—September 30, 2018 (unaudited) Wells Fargo Utility and Telecommunications Fund 9

Security name	Shares		Value
Common Stocks: 97.42%
Communication Services: 15.65%
Diversified Telecommunication Services: 5.35%
AT&T Incorporated		200,000	$	6,716,000
Verizon Communications Incorporated		250,000		13,347,500
				20,063,500
Media: 4.25%
Comcast Corporation Class A		450,200		15,941,582
Wireless Telecommunication Services: 6.05%
Shenandoah Telecommunications Company		585,000		22,668,750
Financials: 0.38%
Diversified Financial Services: 0.38%
A-Mark Precious Metals Incorporated		109,999		1,432,187
Industrials: 0.65%
Machinery: 0.65%
Perma-Pipe International Holdings Incorporated †		266,500		2,425,150
Information Technology: 16.46%
IT Services: 16.46%
MasterCard Incorporated Class A		95,000		21,147,950
Visa Incorporated Class A		270,000		40,524,300
				61,672,250
Utilities: 64.28%
Electric Utilities: 36.96%
Alliant Energy Corporation		588,000		25,031,160
American Electric Power Company Incorporated		175,000		12,404,000
Edison International		325,000		21,996,000
Eversource Energy		425,000		26,112,000
NextEra Energy Incorporated		175,000		29,330,000
PNM Resources Incorporated		600,000		23,670,000
				138,543,160
Gas Utilities: 0.02%
Spire Incorporated		1,000		73,550
Multi-Utilities: 22.61%
CMS Energy Corporation		600,000		29,400,000
Dominion Energy Incorporated		269,000		18,905,320
Hera SpA		1,000,000		3,113,938
Public Service Enterprise Group Incorporated		200,000		10,558,000
Sempra Energy		200,000		22,750,000
				84,727,258

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

10 Wells Fargo Utility and Telecommunications Fund Portfolio of investments—September 30, 2018 (unaudited)

Security name				Shares		Value
Water Utilities: 4.69%
American Water Works Company Incorporated					200,000	$	17,594,000
Total Common Stocks (Cost $151,623,490)							365,141,387
	Dividend yield
Preferred Stocks: 0.94%
Utilities: 0.94%
Electric Utilities: 0.94%
Spark Energy Incorporated		4.63	%		150,000		3,543,000
Total Preferred Stocks (Cost $3,787,500)							3,543,000
	Yield
Short-Term Investments: 1.54%
Investment Companies: 1.54%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.99			5,762,193		5,762,193
Total Short-Term Investments (Cost $5,762,193)							5,762,193

Total investments in securities (Cost $161,173,183)	99.90	%		374,446,580
Other assets and liabilities, net	0.10			377,198
Total net assets	100.00	%	$	374,823,778

† 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.

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
Utilities
Electric Utilities
Spark Energy Incorporated Class A*		729,006		0		729,006		0	$	(158,537	)	$	(1,882,680	)	$	132,132	$	0		0.00	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC**		1,328,142		2,655,088		3,983,230		0		0			0			33,162		0
Wells Fargo Government Money Market Fund Select Class		9,340,273		37,799,072		41,377,152		5,762,193		0			0			49,613		5,762,193
																		5,762,193		1.54
									$	(158,537	)	$	(1,882,680	)	$	214,907	$	5,762,193		1.54	%

* No longer an affiliate of the Fund at the end of the period.

** No longer held at the end of the period.

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

Statement of assets and liabilities—September 30, 2018 (unaudited) Wells Fargo Utility and Telecommunications Fund 11

Assets
Investments in unaffiliated securities, at value (cost $155,410,990)	$	368,684,387
Investments in affiliated securities, at value (cost $5,762,193)		5,762,193
Foreign currency, at value (cost $276,897)		266,227
Receivable for Fund shares sold		111,172
Receivable for dividends		467,892
Prepaid expenses and other assets		33,100
Total assets		375,324,971
Liabilities
Management fee payable		185,302
Payable for Fund shares redeemed		99,911
Shareholder servicing fees payable		70,356
Administration fees payable		62,483
Distribution fee payable		25,033
Trustees’ fees and expenses payable		2,329
Accrued expenses and other liabilities		55,779
Total liabilities		501,193
Total net assets	$	374,823,778
NET ASSETS CONSIST OF
Paid-in capital	$	159,980,118
Total distributable earnings		214,843,660
Total net assets	$	374,823,778
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	295,718,957
Shares outstanding – Class A1		13,498,961
Net asset value per share – Class A		$21.91
Maximum offering price per share – Class A2		$23.25
Net assets – Class C	$	40,402,397
Shares outstanding – Class C1		1,843,269
Net asset value per share – Class C		$21.92
Net assets – Administrator Class	$	4,479,627
Shares outstanding – Administrator Class1		204,265
Net asset value per share – Administrator Class		$21.93
Net assets – Institutional Class	$	34,222,797
Shares outstanding – Institutional Class1		1,562,958
Net asset value per share – Institutional Class		$21.90

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.

12 Wells Fargo Utility and Telecommunications Fund Statement of operations—six months ended September 30, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $16,751)	$	4,674,484
Income from affiliated securities		214,907
Total investment income		4,889,391
Expenses
Management fee		1,187,222
Administration fees
Class A		302,336
Class C		42,477
Administrator Class		2,945
Institutional Class		21,044
Shareholder servicing fees
Class A		359,923
Class C		50,568
Administrator Class		5,664
Distribution fee
Class C		151,704
Custody and accounting fees		11,540
Professional fees		26,104
Registration fees		43,872
Shareholder report expenses		40,030
Trustees’ fees and expenses		11,367
Other fees and expenses		6,415
Total expenses		2,263,211
Less: Fee waivers and/or expense reimbursements		(93,338	)
Net expenses		2,169,873
Net investment income		2,719,518
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on investments on:
Unaffiliated securities		11,097,871
Affiliated securities		(158,537	)
Net realized gains on investments		10,939,334
Net change in unrealized gains (losses) on:
Unaffiliated securities		15,770,386
Affiliated securities		(1,882,680	)
Net change in unrealized gains (losses) on investments		13,887,706
Net realized and unrealized gains (losses) on investments		24,827,040
Net increase in net assets resulting from operations	$	27,546,558

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

Statement of changes in net assets Wells Fargo Utility and Telecommunications Fund 13

	Six months ended September 30, 2018 (unaudited)						Year ended March 31, 20181
Operations
Net investment income				$	2,719,518					$	5,986,877
Net realized gains (losses) on investments					10,939,334						(3,563,384	)
Net change in unrealized gains (losses) on investments					13,887,706						13,369,403
Net increase in net assets resulting from operations					27,546,558						15,792,896
Distributions to shareholders
Class A					(2,064,896	)					(5,216,624	)
Class C					(128,319	)					(426,300	)
Administrator Class					(36,772	)					(90,935	)
Institutional Class					(293,431	)					(572,093	)
Total distributions to shareholders					(2,523,418	)					(6,305,952	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		145,874			3,047,336			519,687			10,873,178
Class C		29,191			618,995			32,953			695,831
Administrator Class		16,770			353,390			69,039			1,434,536
Institutional Class		250,784			5,262,977			667,149			13,862,735
					9,282,698						26,866,280
Reinvestment of distributions
Class A		91,309			1,938,192			231,217			4,823,724
Class C		5,841			123,516			19,292			401,388
Administrator Class		1,714			36,409			4,175			87,094
Institutional Class		13,529			287,406			25,626			532,962
					2,385,523						5,845,168
Payment for shares redeemed
Class A		(766,680	)		(16,054,839	)		(2,125,163	)		(44,280,111	)
Class B		N/A			N/A			(34,601	)2		(704,872	)2
Class C		(230,386	)		(4,815,524	)		(568,843	)		(11,910,983	)
Administrator Class		(43,788	)		(920,736	)		(101,645	)		(2,105,048	)
Institutional Class		(243,881	)		(5,103,328	)		(379,011	)		(7,884,279	)
					(26,894,427	)					(66,885,293	)
Net decrease in net assets resulting from capital share transactions					(15,226,206	)					(34,173,845	)
Total increase (decrease) in net assets					9,796,934						(24,686,901	)
Net assets
Beginning of period					365,026,844						389,713,745
End of period				$	374,823,778					$	365,026,844

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Undistributed net investment income at March 31, 2018 was $451,894. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from April 1, 2017 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.

14 Wells Fargo Utility and Telecommunications Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.46			$20.01			$18.70			$18.23			$17.71			$15.85
Net investment income		0.16			0.34			0.35			0.31			0.29			0.36
Net realized and unrealized gains (losses) on investments		1.44			0.47			1.30			0.45			0.57			1.84
Total from investment operations		1.60			0.81			1.65			0.76			0.86			2.20
Distributions to shareholders from
Net investment income		(0.15	)		(0.36	)		(0.34	)		(0.29	)		(0.34	)		(0.34	)
Net asset value, end of period		$21.91			$20.46			$20.01			$18.70			$18.23			$17.71
Total return1		7.85	%		4.00	%		8.87	%		4.30	%		4.82	%		14.12	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.17	%		1.18	%		1.20	%		1.22	%		1.22	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		1.54	%		1.60	%		1.79	%		1.73	%		1.57	%		2.21	%
Supplemental data
Portfolio turnover rate		8	%		7	%		22	%		15	%		29	%		20	%
Net assets, end of period (000s omitted)		$295,719			$287,047			$308,152			$315,238			$341,342			$350,029

¹  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 Utility and Telecommunications Fund 15

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.47			$20.01			$18.70			$18.25			$17.73			$15.86
Net investment income		0.06			0.13			0.16			0.17	1		0.15			0.24	1
Net realized and unrealized gains (losses) on investments		1.46			0.52			1.34			0.45			0.57			1.85
Total from investment operations		1.52			0.65			1.50			0.62			0.72			2.09
Distributions to shareholders from
Net investment income		(0.07	)		(0.19	)		(0.19	)		(0.17	)		(0.20	)		(0.22	)
Net asset value, end of period		$21.92			$20.47			$20.01			$18.70			$18.25			$17.73
Total return2		7.43	%		3.24	%		8.04	%		3.49	%		4.04	%		13.31	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.92	%		1.93	%		1.95	%		1.97	%		1.97	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment income		0.78	%		0.86	%		1.02	%		0.99	%		0.82	%		1.46	%
Supplemental data
Portfolio turnover rate		8	%		7	%		22	%		15	%		29	%		20	%
Net assets, end of period (000s omitted)		$40,402			$41,729			$51,123			$57,431			$63,632			$61,329

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Utility and Telecommunications Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.48			$20.03			$18.72			$18.25			$17.73			$15.86
Net investment income		0.18			0.37			0.38			0.34			0.33			0.40
Net realized and unrealized gains (losses) on investments		1.44			0.48			1.30			0.45			0.56			1.84
Total from investment operations		1.62			0.85			1.68			0.79			0.89			2.24
Distributions to shareholders from
Net investment income		(0.17	)		(0.40	)		(0.37	)		(0.32	)		(0.37	)		(0.37	)
Net asset value, end of period		$21.93			$20.48			$20.03			$18.72			$18.25			$17.73
Total return1		7.95	%		4.21	%		9.04	%		4.49	%		5.01	%		14.41	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.09	%		1.10	%		1.09	%		1.06	%		1.04	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.73	%		1.80	%		1.93	%		1.93	%		1.79	%		2.38	%
Supplemental data
Portfolio turnover rate		8	%		7	%		22	%		15	%		29	%		20	%
Net assets, end of period (000s omitted)		$4,480			$4,702			$5,168			$6,740			$8,365			$9,383

¹  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 Utility and Telecommunications Fund 17

(For a share outstanding throughout each period)

	Six months ended September 30, 2018 (unaudited)			Year ended March 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.45			$20.00			$18.69			$18.23			$17.74			$15.87
Net investment income		0.20			0.42			0.42			0.36	1		0.35	1		0.42
Net realized and unrealized gains (losses) on investments		1.44			0.46			1.30			0.45			0.54			1.85
Total from investment operations		1.64			0.88			1.72			0.81			0.89			2.27
Distributions to shareholders from
Net investment income		(0.19	)		(0.43	)		(0.41	)		(0.35	)		(0.40	)		(0.40	)
Net asset value, end of period		$21.90			$20.45			$20.00			$18.69			$18.23			$17.74
Total return2		8.05	%		4.38	%		9.26	%		4.63	%		5.02	%		14.58	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.84	%		0.85	%		0.84	%		0.79	%		0.79	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income		1.90	%		1.95	%		2.18	%		2.03	%		1.89	%		2.56	%
Supplemental data
Portfolio turnover rate		8	%		7	%		22	%		15	%		29	%		20	%
Net assets, end of period (000s omitted)		$34,223			$31,548			$24,575			$15,295			$14,156			$10,325

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Utility and Telecommunications Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2018, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the 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

Notes to financial statements (unaudited) Wells Fargo Utility and Telecommunications Fund 19

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

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

20 Wells Fargo Utility and Telecommunications Fund Notes to financial statements (unaudited)

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 September 30, 2018, the aggregate cost of all investments for federal income tax purposes was $166,173,183 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	213,611,564
Gross unrealized losses		(5,338,167	)
Net unrealized gains	$	208,273,397

As of March 31, 2018, the Fund had capital loss carryforwards which consisted of $4,983,682 in short-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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 September 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	58,673,832	$	0	$	0	$	58,673,832
Financials		1,432,187		0		0		1,432,187
Industrials		2,425,150		0		0		2,425,150
Information technology		61,672,250		0		0		61,672,250
Utilities		240,937,968		0		0		240,937,968
Preferred stocks
Utilities		3,543,000		0		0		3,543,000
Short-term investments
Investment companies		5,762,193		0		0		5,762,193
Total assets	$	374,446,580	$	0	$	0	$	374,446,580

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

At September 30, 2018, the Fund did not have any transfers into/out of Level 3.

Notes to financial statements (unaudited) Wells Fargo Utility and Telecommunications Fund 21

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

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 0.65% and declining to 0.48% as the average daily net assets of the Fund increase. For the six months ended September 30, 2018, the management fee was equivalent to an annual rate of 0.65% 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. Crow Point Partners, LLC, which is not an affiliate of Funds Management, 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 0.10% 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 July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class C shares, 0.95% for Administrator Class shares, and 0.78% 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 six months ended September 30, 2018, Funds Distributor received $4,321 from the sale of Class A. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 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.

22 Wells Fargo Utility and Telecommunications Fund Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2018 were $28,287,984 and $36,006,129, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust 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 six months ended September 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Beginning October 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended March 31, 2018 were as follows:

	Net investment income
Class A		$5,216,624
Class C		426,300
Administrator Class		90,935
Institutional Class		572,093

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in utility and telecommunications companies and, therefore, may be more affected by changes in the utility and telecommunications sectors 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. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has early adopted the removal and modification disclosures, as permitted, and will adopt the additional new disclosures at the effective date.

Other information (unaudited) Wells Fargo Utility and Telecommunications Fund 23

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.

24 Wells Fargo Utility and Telecommunications 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 153 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
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.	N/A

Other information (unaudited) Wells Fargo Utility and Telecommunications Fund 25

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
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

26 Wells Fargo Utility and Telecommunications Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹  Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 77 funds and Assistant Treasurer of 76 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 Utility and Telecommunications Fund 27

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Utility and Telecommunications 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 Utility and Telecommunications 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 Crow Point Partners, LLC (the “Sub-Adviser”). 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 is a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management, 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.

28 Wells Fargo Utility and Telecommunications 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 or in range of the average 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 Utilities 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 noted the Fund’s outperformance relative to the Universe.

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 other 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. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Broadridge to be similar to the Fund. 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. The Board also considered that the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s length basis.

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. 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. The Board did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis.

Other information (unaudited) Wells Fargo Utility and Telecommunications Fund 29

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, the Sub-Adviser, and their affiliates 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 its affiliate 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, the Sub-Adviser, and their affiliates 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.

30 Wells Fargo Utility and Telecommunications 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 Utility and Telecommunications Fund 31

• 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 70¹⁄₂

• 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

32 Wells Fargo Utility and Telecommunications 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.

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James 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 SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• 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).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• 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).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• 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 as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation 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 Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: 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.

317304 11-18 SA318/SAR318 09-18

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo 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) Not applicable.

(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:	November 26, 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:	November 26, 2018
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	November 26, 2018