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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

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: July 31

Registrant is making a filing for 11 of its series:

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

Date of reporting period: July 31, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report

July 31, 2019

Wells Fargo Capital Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Report of independent registered public accounting firm	28
Other information	29

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The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Capital Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Capital Growth Fund for the 12-month period that ended July 31, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Capital Growth Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Capital Growth Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Capital Growth Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (WFCGX)	7-31-2007		7.92		12.66		13.97		14.50		14.00		14.64		1.27		1.12
Class C (WFCCX)	7-31-2007		12.74		13.17		13.80		13.74		13.17		13.80		2.02		1.87
Class R6 (WFCRX)3	11-30-2012		–		–		–		15.03		14.50		15.18		0.84		0.61
Administrator Class (WFCDX)	6-30-2003		–		–		–		14.63		14.17		14.87		1.19		0.95
Institutional Class (WWCIX)	4-8-2005		–		–		–		14.89		14.43		15.15		0.94		0.71
Russell 1000® Growth Index4	–		–		–		–		10.82		14.25		15.74		–		–

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. Currentmonth-end performance is available on the Fund’s website, wfam.com.

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

For Class A shares, the maximumfront-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 afront-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Capital Growth Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁵

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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.

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.11% for Class A, 1.86% for Class C, 0.60% for Class R6, 0.94% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  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.

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

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

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Capital Growth Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the12-month period that ended July 31, 2019.

∎ Stock selection in information technology (IT) and select names within the consumer discretionary sector were key contributors to performance.

∎ Stock selection within the communication services sector detracted from performance.

Volatility reemerged during the middle of the12-month period.

While global stock markets posted positive returns during the12-month period, it was not an entirely smooth ride for investors. Optimism for synchronized global economic growth eventually evolved into a decidedlyrisk-off market driven by escalating uncertainty and investor fear. Mounting geopolitical concerns, rising domestic interest rates, concern over the stability of select emerging market economies, and escalating fears of a trade war between the U.S. and China contributed to market volatility. The Federal Reserve’s shift toward a neutral interest rate policy stance—and eventual easing—helped ease concerns and provided a tailwind for equities to reach new highs by the end of the period.

Despite increased uncertainty, we have not significantly repositioned the Fund. We continue to emphasize companies with a secular rather than a cyclical growth profile. The Fund remains positioned toward companies with high visibility of earnings growth and those positioned on the right side of change. We believe this strategy will prove beneficial should volatility levels remain elevated.

Ten largest holdings(%) as of July 31, 20196
Microsoft Corporation	8.51
Amazon.com Incorporated	6.36
Alphabet Incorporated Class A	5.82
Visa Incorporated Class A	5.23
UnitedHealth Group Incorporated	3.96
Union Pacific Corporation	2.96
The Home Depot Incorporated	2.91
Waste Connections Incorporated	2.84
Total System Services Incorporated	2.46
Fiserv Incorporated	2.46

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

Within the IT sector, the Fund’s position in Shopify Incorporated contributed to returns. Shopify, a provider ofe-commerce solutions fordirect-to-consumer brands such as Tesla Motors, Incorporated, traditionally focused on small andmedium-size businesses but is currently penetrating larger businesses via its Shopify Plus offering. Shopify benefits from its customers’ growth by processing payments for smaller customers and charging a fee on each transaction for larger customers. The company’s two vectors of growth—new customers and growth of existing customers—drove higher-than-expected sales and earnings.

Within consumer discretionary, MercadoLibre, Incorporated, was additive to returns. MercadoLibre is the dominant Latin Americane-commerce provider and owns MercadoPago, the leading online payment solution in Latin America. Increasede-commerce penetration in MercadoLibre’s key markets, such as Brazil and Argentina, drove higher sales growth. Customers’ use of MercadoPago both on and off MercadoLibre’se-commerce marketplace provided an additional avenue of growth for the company.

Please see footnotes on page 7.

8  |  Wells Fargo Capital Growth Fund

Performance highlights (unaudited)

Sector distribution as of July 31, 2019⁷

Stock selection in the communication services sector detracted from performance.

Within the communication services sector, our position in Alphabet Incorporated detracted from the Fund’s performance. Alphabet is the parent company of Google and other services such as Android, Ads, and YouTube. Shares sold off after the company reported deceleration in revenue growth and other key metrics. Management stated the deceleration resulted from changes implemented at YouTube in 2018 to improve the user experience. These initiatives resulted in more difficult comparisons for 2019. We have continued to hold the position in Alphabet as it is the leader in online advertising and is positioned to potentially benefit from global growth in web usage.

Also within communication services, shares of Activision Blizzard, Incorporated, weighed on returns over the past year. Activision, like many video game software firms, is benefiting from rising digital downloads andin-game monetization opportunities. However, increased competition from both themega-hit “Fortnite,” as well as other publishers, pressured the shares. Activision’s “Call of Duty” franchise continues to perform extremely well, but the potential for greater competition to the company’s other titles caused the company to lower guidance for 2019.

The macro outlook is likely to remain muted, but opportunities abound to find companies on the right side of change.

As we look toward the remainder of 2019, we believe the U.S. economy is likely to avoid recessionary pressures and continue to expand, albeit at a slower rate. We believe, however, the collision of slowing economic growth caused partly by structural challenges such as demographics and elevated debt levels and accelerating change driven by technological innovation creates exciting investment opportunities.

Innovative companies on the right side of change have been benefiting from this environment in which true secular growth is becoming increasingly scarce. In our view,right-side-of-change companies may produce predictable earnings and cash flows into the future—characteristics hard to find in the current economy. In a world starved of growth, investors tend to seek out that which is more certain and reward these attributes with a scarcity premium.

However, we also believe the market will become even more selective regarding profitability. In our view, thescarcity-of-growth narrative is playing out, and valuations have expanded meaningfully for many companies levered to new technologies. We think it is essential to stay laser-focused on finding innovative companies on the right side of change while remaining vigilant about risk management.

Please see footnotes on page 7.

Wells Fargo Capital Growth Fund  |  9

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 thesix-month period and held for the entire period from February 1, 2019 to July 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,172.24	$	5.71		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.54	$	5.31		1.06	%
Class C
Actual	$	1,000.00	$	1,168.19	$	9.73		1.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.82	$	9.05		1.81	%
Class R6
Actual	$	1,000.00	$	1,175.02	$	3.24		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,172.84	$	5.06		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.13	$	4.71		0.94	%
Institutional Class
Actual	$	1,000.00	$	1,173.50	$	3.77		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect theone-half-year period).

10  |  Wells Fargo Capital Growth Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 96.26%
Communication Services: 12.72%
Entertainment: 3.88%
Activision Blizzard Incorporated		20,000	$	974,800
Netflix Incorporated †		5,200		1,679,548
Nintendo Company Limited ADR		31,450		1,452,676
				4,107,024
Interactive Media & Services: 8.84%
Alphabet Incorporated Class A †		5,058		6,161,656
IAC Corporation †		7,300		1,745,065
Tencent Holdings Limited ADR		31,050		1,443,825
				9,350,546
Consumer Discretionary: 13.63%
Auto Components: 1.49%
Aptiv plc		18,050		1,582,083
Automobiles: 1.37%
Ferrari NV		9,000		1,449,720
Internet & Direct Marketing Retail: 7.86%
Amazon.com Incorporated †		3,605		6,729,742
MercadoLibre Incorporated †		2,550		1,584,621
				8,314,363
Specialty Retail: 2.91%
The Home Depot Incorporated		14,433		3,084,188
Financials: 5.44%
Capital Markets: 5.44%
Intercontinental Exchange Incorporated		26,375		2,317,308
Raymond James Financial Incorporated		19,700		1,589,199
S&P Global Incorporated		7,563		1,852,557
				5,759,064
Health Care: 15.28%
Biotechnology: 1.01%
Exact Sciences Corporation †		9,300		1,070,523
Health Care Equipment & Supplies: 9.09%
Alcon Incorporated †		22,000		1,292,500
Align Technology Incorporated †		4,800		1,003,584
Boston Scientific Corporation †		60,100		2,551,846
DexCom Incorporated †		9,750		1,529,483
Edwards Lifesciences Corporation †		8,300		1,766,655
Intuitive Surgical Incorporated †		2,850		1,480,604
				9,624,672
Health Care Providers & Services: 3.96%
UnitedHealth Group Incorporated		16,847		4,195,071

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

Wells Fargo Capital Growth Fund  |  11

Portfolio of investments—July 31, 2019

	Shares		Value
Life Sciences Tools & Services: 1.22%
Illumina Incorporated †		4,300	$	1,287,334
Industrials: 9.16%
Commercial Services & Supplies: 5.17%
Cintas Corporation		9,500		2,474,180
Waste Connections Incorporated		33,080		3,001,018
				5,475,198
Electrical Equipment: 1.03%
Rockwell Automation Incorporated		6,800		1,093,304
Road & Rail: 2.96%
Union Pacific Corporation		17,400		3,131,130
Information Technology: 32.72%
Communications Equipment: 1.87%
Motorola Solutions Incorporated		11,900		1,974,924
IT Services: 16.97%
Black Knight Incorporated †		26,250		1,662,150
Fiserv Incorporated †		24,664		2,600,347
FleetCor Technologies Incorporated †		7,450		2,117,067
PayPal Holdings Incorporated †		21,750		2,401,200
Shopify Incorporated Class A †		3,300		1,049,004
Total System Services Incorporated		19,200		2,605,824
Visa Incorporated Class A		31,070		5,530,460
				17,966,052
Software: 13.88%
Autodesk Incorporated †		10,900		1,702,253
Microsoft Corporation		66,081		9,004,853
Salesforce.com Incorporated †		13,430		2,074,935
ServiceNow Incorporated †		6,880		1,908,443
				14,690,484
Materials: 6.22%
Chemicals: 4.73%
Air Products & Chemicals Incorporated		10,700		2,442,489
The Sherwin-Williams Company		5,000		2,565,200
				5,007,689
Construction Materials: 1.49%
Vulcan Materials Company		11,350		1,570,273
Real Estate: 1.09%
Equity REITs: 1.09%
SBA Communications Corporation †		4,700		1,153,427
Total Common Stocks (Cost $51,929,547)				101,887,069

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

12  |  Wells Fargo Capital Growth Fund

Portfolio of investments—July 31, 2019

	Yield			Shares		Value
Short-Term Investments: 3.89%
Investment Companies: 3.89%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26	%		4,112,350	$	4,112,350
Total Short-Term Investments (Cost $4,112,350)							4,112,350

Total investments in securities (Cost $56,041,897)	100.15	%		105,999,419
Other assets and liabilities, net	(0.15	)		(154,294	)
Total net assets	100.00	%	$	105,845,125

† 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 the7-day annualized yield at period end.

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *		1,332,367		16,874,602		18,206,969		0	$	(1,030	)	$	0	$	10,122	#	$	0
Wells Fargo Government Money Market Fund Select Class		922,555		35,178,825		31,989,030		4,112,350		0			0		32,866			4,112,350
									$	(1,030	)	$	0	$	42,988		$	4,112,350		3.89	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Capital Growth Fund  |  13

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $51,929,547)	$	101,887,069
Investments in affiliated securities, at value (cost $4,112,350)		4,112,350
Receivable for investments sold		83,593
Receivable for Fund shares sold		16,523
Receivable for dividends		26,892
Prepaid expenses and other assets		41,374
Total assets		106,167,801
Liabilities
Payable for Fund shares redeemed		177,487
Management fee payable		32,352
Administration fees payable		17,487
Trustees’ fees and expenses payable		4,308
Distribution fee payable		1,364
Accrued expenses and other liabilities		89,678
Total liabilities		322,676
Total net assets	$	105,845,125
Net assets consist of
Paid-in capital	$	44,802,993
Total distributable earnings		61,042,132
Total net assets	$	105,845,125
Computation of net asset value and offering price per share
Net assets – Class A	$	83,922,477
Shares outstanding – Class A1		8,872,748
Net asset value per share – Class A		$9.46
Maximum offering price per share – Class A2		$10.04
Net assets – Class C	$	2,131,304
Shares outstanding – Class C1		333,771
Net asset value per share – Class C		$6.39
Net assets – Class R6	$	2,470,662
Shares outstanding – Class R61		198,972
Net asset value per share – Class R6		$12.42
Net assets – Administrator Class	$	4,986,558
Shares outstanding – Administrator Class1		437,453
Net asset value per share – Administrator Class		$11.40
Net assets – Institutional Class	$	12,334,124
Shares outstanding – Institutional Class1		1,001,694
Net asset value per share – Institutional Class		$12.31

¹  The Fund has an unlimited number of authorized shares.

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

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

14  |  Wells Fargo Capital Growth Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $8,987)	$	812,167
Income from affiliated securities		34,286
Total investment income		846,453
Expenses
Management fee		745,417
Administration fees
Class A		167,756
Class C		5,413
Class R6		1,389
Administrator Class		6,781
Institutional Class		18,434
Shareholder servicing fees
Class A		199,710
Class C		6,445
Administrator Class		13,041
Distribution fee
Class C		19,334
Custody and accounting fees		23,999
Professional fees		50,571
Registration fees		109,500
Shareholder report expenses		34,905
Trustees’ fees and expenses		22,017
Other fees and expenses		12,793
Total expenses		1,437,505
Less: Fee waivers and/or expense reimbursements		(368,002	)
Net expenses		1,069,503
Net investment loss		(223,050	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		14,965,496
Affiliated securities		(1,030	)
Net realized gains on investments		14,964,466
Net change in unrealized gains (losses) on investments		(2,615,121	)
Net realized and unrealized gains (losses) on investments		12,349,345
Net increase in net assets resulting from operations	$	12,126,295

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

Wells Fargo Capital Growth Fund  |  15

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment loss				$	(223,050	)				$	(105,891	)
Net realized gains on investments					14,964,466						84,278,242
Net change in unrealized gains (losses) on investments					(2,615,121	)					(34,428,399	)
Net increase in net assets resulting from operations					12,126,295						49,743,952
Distributions to shareholders from net investment income and net realized gains
Class A					(45,016,507	)					(10,659,612	)
Class C					(1,770,673	)					(475,651	)
Class R4					N/A						(1,544	)2
Class R6					(4,194,378	)					(16,512,790	)
Administrator Class					(2,839,109	)					(2,322,996	)
Institutional Class					(7,429,012	)					(2,869,464	)
Total distributions to shareholders					(61,249,679	)					(32,842,057	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		572,554			5,446,796			324,772			5,663,591
Class C		154,137			905,087			51,472			773,137
Class R6		29,622			381,146			429,937			8,300,687
Administrator Class		30,341			351,635			98,501			1,847,357
Institutional Class		165,425			1,990,728			180,220			3,556,665
					9,075,392						20,141,437
Reinvestment of distributions
Class A		5,508,288			44,139,774			642,270			10,449,869
Class C		301,972			1,666,667			30,860			437,693
Class R4		N/A			N/A			0	2		0	2
Class R6		89,812			934,429			905,002			16,500,487
Administrator Class		291,982			2,801,545			131,868			2,308,838
Institutional Class		716,926			7,403,250			155,432			2,828,945
					56,945,665						32,525,832
Payment for shares redeemed
Class A		(1,742,605	)		(17,335,658	)		(560,818	)		(9,909,912	)
Class C		(327,409	)		(2,306,311	)		(62,592	)		(954,216	)
Class R4		N/A			N/A			(974	)2		(18,521	)2
Class R6		(401,198	)		(4,653,188	)		(8,922,240	)		(178,495,590	)
Administrator Class		(172,162	)		(1,897,228	)		(1,169,379	)		(22,013,800	)
Institutional Class		(822,709	)		(11,049,745	)		(661,462	)		(12,665,267	)
					(37,242,130	)					(224,057,306	)
Net increase (decrease) in net assets resulting from capital share transactions					28,778,927						(171,390,037	)
Total decrease in net assets					(20,344,457	)					(154,488,142	)
Net assets
Beginning of period					126,189,582						280,677,724
End of period				$	105,845,125					$	126,189,582

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $0. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

²  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

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

16  |  Wells Fargo Capital Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$19.03			$17.56			$15.12			$17.38			$21.31
Net investment loss		(0.03	)1		(0.06	)1		(0.03	)1		(0.03	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		0.55			4.06			2.90			0.04			2.09
Total from investment operations		0.52			4.00			2.87			0.01			2.02
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.43	)		(2.27	)		(5.95	)
Net asset value, end of period		$9.46			$19.03			$17.56			$15.12			$17.38
Total return2		14.50	%		25.83	%		19.52	%		0.75	%		11.00	%
Ratios to average net assets (annualized)
Gross expenses		1.40	%		1.26	%		1.24	%		1.24	%		1.27	%
Net expenses		1.06	%		1.06	%		1.06	%		1.06	%		1.11	%
Net investment loss		(0.26	)%		(0.32	)%		(0.21	)%		(0.18	)%		(0.39	)%
Supplemental data
Portfolio turnover rate		20	%		40	%		59	%		85	%		114	%
Net assets, end of period (000s omitted)		$83,922			$86,285			$72,511			$77,648			$17,126

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Capital Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$16.41			$15.58			$13.54			$15.92			$20.12
Net investment loss		(0.07	)1		(0.16	)1		(0.13	)1		(0.13	)1		(0.20	)1
Net realized and unrealized gains (losses) on investments		0.14			3.52			2.58			0.02			1.95
Total from investment operations		0.07			3.36			2.45			(0.11	)		1.75
Distributions to shareholders from
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)
Net asset value, end of period		$6.39			$16.41			$15.58			$13.54			$15.92
Total return2		13.74	%		24.89	%		18.65	%		0.00	%		10.15	%
Ratios to average net assets (annualized)
Gross expenses		2.15	%		2.01	%		1.99	%		1.99	%		2.02	%
Net expenses		1.81	%		1.81	%		1.81	%		1.81	%		1.86	%
Net investment loss		(1.03	)%		(1.07	)%		(0.95	)%		(0.98	)%		(1.14	)%
Supplemental data
Portfolio turnover rate		20	%		40	%		59	%		85	%		114	%
Net assets, end of period (000s omitted)		$2,131			$3,365			$2,888			$3,415			$4,212

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Capital Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.55			$19.52			$16.70			$18.87			$22.56
Net investment income		0.03	1		0.04	1		0.04			0.04	1		0.02
Net realized and unrealized gains (losses) on investments		0.93			4.52			3.24			0.06			2.24
Total from investment operations		0.96			4.56			3.28			0.10			2.26
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		0.00			0.00
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.46	)		(2.27	)		(5.95	)
Net asset value, end of period		$12.42			$21.55			$19.52			$16.70			$18.87
Total return		15.03	%		26.13	%		20.18	%		1.20	%		11.54	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.82	%		0.81	%		0.81	%		0.79	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.19	%		0.19	%		0.23	%		0.23	%		0.11	%
Supplemental data
Portfolio turnover rate		20	%		40	%		59	%		85	%		114	%
Net assets, end of period (000s omitted)		$2,471			$10,360			$157,462			$140,581			$153,009

¹  Calculated based upon average shares outstanding

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

Wells Fargo Capital Growth Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.71			$18.87			$16.20			$18.43			$22.22
Net investment loss		(0.02	)1		(0.03	)1		(0.01	)1		(0.01	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		0.80			4.40			3.12			0.05			2.19
Total from investment operations		0.78			4.37			3.11			0.04			2.16
Distributions to shareholders from
Net investment income		0.00			0.00			(0.03	)		0.00			0.00
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.44	)		(2.27	)		(5.95	)
Net asset value, end of period		$11.40			$20.71			$18.87			$16.20			$18.43
Total return		14.63	%		26.01	%		19.68	%		0.88	%		11.22	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.17	%		1.16	%		1.16	%		1.11	%
Net expenses		0.94	%		0.94	%		0.94	%		0.93	%		0.90	%
Net investment loss		(0.14	)%		(0.18	)%		(0.04	)%		(0.09	)%		(0.16	)%
Supplemental data
Portfolio turnover rate		20	%		40	%		59	%		85	%		114	%
Net assets, end of period (000s omitted)		$4,987			$5,950			$23,144			$31,064			$34,886

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo Capital Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.47			$19.44			$16.65			$18.84			$22.54
Net investment income		0.01	1		0.01	1		0.02	1		0.03	1		0.02	1
Net realized and unrealized gains (losses) on investments		0.92			4.55			3.22			0.05			2.23
Total from investment operations		0.93			4.56			3.24			0.08			2.25
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00			0.00
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.45	)		(2.27	)		(5.95	)
Net asset value, end of period		$12.31			$21.47			$19.44			$16.65			$18.84
Total return		14.89	%		26.25	%		20.00	%		1.09	%		11.50	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		0.93	%		0.91	%		0.91	%		0.84	%
Net expenses		0.70	%		0.70	%		0.70	%		0.68	%		0.65	%
Net investment income		0.09	%		0.05	%		0.13	%		0.16	%		0.09	%
Supplemental data
Portfolio turnover rate		20	%		40	%		59	%		85	%		114	%
Net assets, end of period (000s omitted)		$12,334			$20,229			$24,653			$23,670			$22,578

¹  Calculated based upon average shares outstanding

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

Wells Fargo Capital Growth Fund  |  21

Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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 Capital Growth Fund (the “Fund”) which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registeredopen-end investment companies are valued at net asset value. Interests innon-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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund

22  |  Wells Fargo Capital Growth Fund

Notes to financial statements

are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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 such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $56,136,293 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	49,938,919
Gross unrealized losses		(75,793	)
Net unrealized gains	$	49,863,126

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At July 31, 2019, as a result of permanentbook-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(62,640)	$62,640

As of July 31, 2019, the Fund had a qualified late-year ordinary loss of $160,475 which will be recognized on the first day of the following fiscal year.

Wells Fargo Capital Growth Fund  |  23

Notes to financial statements

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	13,457,570	$	0	$	0	$	13,457,570
Consumer discretionary		14,430,354		0		0		14,430,354
Financials		5,759,064		0		0		5,759,064
Health care		16,177,600		0		0		16,177,600
Industrials		9,699,632		0		0		9,699,632
Information technology		34,631,460		0		0		34,631,460
Materials		6,577,962		0		0		6,577,962
Real estate		1,153,427		0		0		1,153,427
Short-term investments
Investment companies		4,112,350		0		0		4,112,350
Total assets	$	105,999,419	$	0	$	0	$	105,999,419

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the

24  |  Wells Fargo Capital Growth Fund

Notes to financial statements

Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.700	%
Next $500 million		0.675
Next $1 billion		0.650
Next $2 billion		0.625
Next $1 billion		0.600
Next $3 billion		0.590
Next $2 billion		0.565
Next $2 billion		0.555
Next $4 billion		0.530
Over $16 billion		0.505

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.60% for Class R6 shares, 0.94% for Administrator Class shares, and 0.70% for Institutional Class shares. Prior to or after the commitment 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.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-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 thefront-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

Wells Fargo Capital Growth Fund  |  25

Notes to financial statements

contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $3,135 from the sale of Class A shares and $12 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended July 31, 2019.

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 Rule17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $21,643,534 and $58,016,857, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of July 31, 2019, the Fund did not have any securities on loan.

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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	0	$	5,090,507
Long-term capital gain		61,249,679		27,751,550

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Late-year ordinary losses deferred	Unrealized gains
$11,339,481	$(160,475)	$49,863,126

26  |  Wells Fargo Capital Growth Fund

Notes to financial statements

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net realized gains
Class A		$10,659,612
Class C		475,651
Class R4		1,544	*
Class R6		16,512,790
Administrator Class		2,322,996
Institutional Class		2,869,464

* For the period from August 1, 2017 to November 13, 2017.

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. 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.

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. REORGANIZATION

At a regular meeting of the Board of Trustees held on May 21 and 22, 2019, the Trustees of the Fund approved the merger of the Fund into Wells Fargo Endeavor Select Fund. Wells Fargo Endeavor Select Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo Endeavor Select Fund. The merger, which is expected to be atax-free reorganization, does not require approval by shareholders of the Fund and is scheduled to take place on or about September 20, 2019.

12. 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. ASU2018-13 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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Wells Fargo Capital Growth Fund  |  27

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Capital Growth Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

28  |  Wells Fargo Capital Growth Fund

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $61,249,679 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or FormN-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330.

Wells Fargo Capital Growth Fund  |  29

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 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

30  |  Wells Fargo Capital Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Nominating and 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	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 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, anon-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

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

Wells Fargo Capital Growth Fund  |  31

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

32  |  Wells Fargo Capital Growth Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ANDSUB-ADVISORY AGREEMENTS:

Wells Fargo Capital Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management andsub-advisory agreements. In this regard, at anin-person meeting held on May21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management andsub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Capital Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investmentsub-advisory agreement (the“Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the“Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and theSub-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 theSub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at anin-person meeting in April 2019, 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 asub-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 theSub-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 2019. 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 theSub-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 wasall-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 aone-year term and determined that the compensation payable to Funds Management and theSub-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 afund-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 theSub-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 theSub-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 theSub-Adviser, and a description of Funds Management’s and theSub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for theday-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and theSub-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 theSub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Capital Growth Fund  |  33

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, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 1000^® Growth Index, for the five andten-year periods under review, but higher than its benchmark for theone- and three-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the 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 higher or in range performance relative to the Universe for all periods under review and the index over theone- and three-year 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 othernon-management fees, and Rule12b-1 andnon-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 fromyear-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 tore-approve the Advisory Agreements.

Investment management andsub-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 andsub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investmentsub-advisory fee rates that are payable by Funds Management to theSub-Adviser for investmentsub-advisory services.

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

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to theSub-Adviser forsub-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 theSub-Adviser, and about Funds Management’son-going oversight services. Given the affiliation between Funds Management and theSub-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 theSub-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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-partysub-advised fund clients andnon-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 theSub-Adviser under theSub-Advisory Agreement was reasonable.

34  |  Wells Fargo Capital 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”) from providing services to the fund family as a whole. The Board noted that theSub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. Among other things, the Board noted that the levels of profitability reported on afund-by-fund basis varied widely, depending on factors such as the size, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, 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 theSub-Adviser

The Board received and considered information regarding potential“fall-out” or ancillary benefits received by Funds Management and its affiliates, including theSub-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 theSub-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 andsub-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 theSub-Adviser, fees earned by Funds Management and theSub-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 theSub-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 aone-year term and determined that the compensation payable to Funds Management and theSub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo Capital Growth Fund  |  35

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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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405475 09-19

A200/AR200 07-19

Annual Report

July 31, 2019

Wells Fargo

Disciplined U.S. Core Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	27
Report of independent registered public accounting firm	33
Other information	34

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Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports atwellsfargo.com/
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The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Disciplined U.S. Core Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Disciplined U.S. Core Fund for the12-month period that ended July 31, 2019. After the first six months of the period yielded eitherlow-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 Aggregateex-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-termtax-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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Disciplined U.S. Core Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregateex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931.”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Disciplined U.S. Core Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Disciplined U.S. Core Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Justin Carr, CFA^®‡

Greg W. Golden, CFA^®‡

Robert M. Wicentowski, CFA^®‡*

Average annual total returns (%) as of July 31, 2019

		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 (EVSAX)3	2-28-1990		-1.69		8.61		12.46		4.31		9.90		13.12		0.83		0.83
Class C (EVSTX)3	6-30-1999		2.59		9.09		12.28		3.59		9.09		12.28		1.58		1.58
Class R (EVSHX)3,4	9-30-2015		–		–		–		4.07		9.64		12.81		1.08		1.08
Class R6 (EVSRX)3,5	9-30-2015		–		–		–		4.77		10.39		13.58		0.40		0.40
Administrator Class (EVSYX)3	2-21-1995		–		–		–		4.43		10.04		13.29		0.75		0.74
Institutional Class (EVSIX)3,6	7-30-2010		–		–		–		4.69		10.32		13.55		0.50		0.48
S&P 500 Index7	–		–		–		–		7.99		11.34		14.03		–		–

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. Currentmonth-end performance is available on the Fund’s website,wfam.com.

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

For Class A shares, the maximumfront-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 afront-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Disciplined U.S. Core Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁸

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

^*  Mr. Wicentowski became a portfolio manager of the Fund on July 1, 2019.

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

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.87% for Class A, 1.62% for Class C, 1.12% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

⁴  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares.

⁵  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.

⁶  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.

⁷  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.

⁸  The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁹  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.

¹⁰  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

Wells Fargo Disciplined U.S. Core Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the S&P 500 Index, for the12-month period that ended July 31, 2019.

∎ Stock selection was the main performance detractor, adding value in only 3 out of 11 sectors. Favorable stock selection came from energy, real estate, and financials. Notable weakness in stock selection was found within materials, consumer staples, and industrials.

∎ Sector weighting decisions were modestly dilutive to performance. Contributions to total return came from being overweight real estate and underweight within the financials and industrials sectors. Performance detractors included being overweight energy and underweight within materials, consumer discretionary, and consumer staples. Variation in sector weights were relatively small, as is typical for the strategy.

The combination of a moderate-growth economy and potential benefits of tax reform boosted investor sentiment and broad market averages over the trailing12-month period. Both manufacturing and retail sales were generally positive and continued job growth offset concerns from the U.S. Federal Reserve’s (Fed’s) stated goal of normalizing interest rates.

Ten largest holdings(%) as of July 31, 20199
Microsoft Corporation	4.80
Apple Incorporated	3.86
Amazon.com Incorporated	3.01
Berkshire Hathaway Incorporated Class B	1.91
Johnson & Johnson	1.85
JPMorgan Chase & Company	1.80
Alphabet Incorporated Class C	1.79
Alphabet Incorporated Class A	1.73
Exxon Mobil Corporation	1.68
Facebook Incorporated Class A	1.63

Stock selection detracted from performance while sector allocation decisions helped.

Stock selection was the main detractor from performance during the period. The most notable weakness came from the materials sector, specifically due to our holdings of several chemical companies like Huntsman Corporation*, The Mosaic Company*, and Trinseo S.A.* Within consumer staples, performance headwinds came from the beverage industry, where the portfolio’s underweight to The Coca-Cola Company and an overweight position in Molson Coors Brewing Company both detracted from performance.

Sector distribution as of July 31, 2019¹⁰

Stock selection within the financial sector also contributed to relative results. The portfolio benefited from an underweight to banks and avoiding some of the weakest names like SVB Financial Group, Comerica Incorporated, and Zions Bancorporation. Real estate generated the best sector performance. Having an overweight to this sector, in addition to positive stock selection with overweight positions in American Tower Corporation; Crown Castle International Corporation; and Prologis, Incorporated, proved beneficial. The Fund benefited from being overweight within energy in the oil gas and consumable fuels industry, with an overweight position in Kinder Morgan, Incorporated, which turned in the best performance within the group.

Our market outlook is still somewhat favorable.

During the second quarter of 2019, U.S. and international equity markets advanced slightly as investors attempted to balance favorable market data with uncertainty surrounding a slowing global economy, international tariffs, and potential monetary policy actions by the U.S. Federal Open Market Committee (FOMC). In general,large-cap names outperformed small caps and growth continued to outperform value. The yield on the U.S.10-year Treasury note continued to decline, ending the quarter near 2%. Oil prices fell to start the quarter then rebounded in June following heightened tensions between the U.S. and Iran in the Persian Gulf. U.S. economic data reported throughout the quarter indicated slowing growth. At its June meeting, the FOMC held the target for the federal funds rate to a range of 2.25% to 2.50%. The FOMC noted solid job gains, low unemployment,

Please see footnotes on page 7.

8  |  Wells Fargo Disciplined U.S. Core Fund

Performance highlights (unaudited)

and inflation that has declined below 2%. In light of muted inflation pressures and global economic developments, the FOMC revised its interest rate projections downward, indicating support for continued economic expansion. For first-quarter 2019, the blended earnings growth rate for the S&P 500 Index was-0.4%, marking the first year-over-year decline in earnings for the index since second-quarter 2016 when the rate was-3.2%.

We strive to add value relative to the benchmark.

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

Wells Fargo Disciplined U.S. Core Fund  |  9

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 thesix-month period and held for the entire period from February 1, 2019 to July 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,095.00	$	4.36		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.63	$	4.21		0.84	%
Class C
Actual	$	1,000.00	$	1,091.60	$	8.25		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.91	$	7.95		1.59	%
Class R
Actual	$	1,000.00	$	1,094.10	$	5.66		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Class R6
Actual	$	1,000.00	$	1,097.65	$	2.13		0.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.76	$	2.06		0.41	%
Administrator Class
Actual	$	1,000.00	$	1,095.38	$	3.84		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,097.44	$	2.50		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41	$	2.41		0.48	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect theone-half-year period).

10  |  Wells Fargo Disciplined U.S. Core Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 99.50%
Communication Services: 10.64%
Diversified Telecommunication Services: 3.00%
AT&T Incorporated		528,554	$	17,997,264
Verizon Communications Incorporated		305,633		16,892,336
				34,889,600
Entertainment: 0.87%
The Walt Disney Company		70,973		10,149,849
Interactive Media & Services: 5.15%
Alphabet Incorporated Class A †		16,501		20,101,518
Alphabet Incorporated Class C †		17,041		20,733,444
Facebook Incorporated Class A †		97,389		18,915,865
				59,750,827
Media: 1.62%
Comcast Corporation Class A		184,632		7,970,563
Discovery Communications Incorporated Class A «†		197,222		5,977,799
News Corporation Class A		366,260		4,819,982
				18,768,344
Consumer Discretionary: 10.31%
Automobiles: 1.40%
Ford Motor Company		763,008		7,271,466
General Motors Company		223,583		9,019,338
				16,290,804
Hotels, Restaurants & Leisure: 1.03%
Starbucks Corporation		125,812		11,913,138
Household Durables: 0.54%
Garmin Limited		30,997		2,436,054
Pulte Group Incorporated		121,221		3,819,674
				6,255,728
Internet & Direct Marketing Retail: 3.01%
Amazon.com Incorporated †		18,740		34,983,457
Multiline Retail: 0.90%
Macy’s Incorporated		289,316		6,576,153
Target Corporation		44,619		3,855,082
				10,431,235
Specialty Retail: 1.92%
Best Buy Company Incorporated		84,139		6,439,158
The Home Depot Incorporated		74,079		15,829,942
				22,269,100
Textiles, Apparel & Luxury Goods: 1.51%
Nike Incorporated Class B		125,200		10,770,956
Ralph Lauren Corporation		64,979		6,772,761
				17,543,717

Wells Fargo Disciplined U.S. Core Fund  |  11

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

Portfolio of investments—July 31, 2019

	Shares		Value
Consumer Staples: 6.61%
Beverages: 1.22%
Molson Coors Brewing Company Class B		110,664	$	5,974,749
PepsiCo Incorporated		37,241		4,759,772
The Coca-Cola Company		64,736		3,407,056
				14,141,577
Food & Staples Retailing: 2.65%
Costco Wholesale Corporation		8,857		2,441,255
The Kroger Company		298,353		6,313,149
Wal-Mart Stores Incorporated		118,761		13,108,839
Walgreens Boots Alliance Incorporated		162,599		8,860,020
				30,723,263
Food Products: 1.28%
Cal-Maine Foods Incorporated		118,546		4,714,574
Lamb Weston Holdings Incorporated		41,323		2,773,600
Tyson Foods Incorporated Class A		93,220		7,410,990
				14,899,164
Household Products: 0.75%
Colgate-Palmolive Company		31,740		2,277,028
The Procter & Gamble Company		54,919		6,482,639
				8,759,667
Tobacco: 0.71%
Altria Group Incorporated		112,079		5,275,559
Philip Morris International Incorporated		35,972		3,007,619
				8,283,178
Energy: 5.57%
Energy Equipment & Services: 1.04%
Helmerich & Payne Incorporated		127,879		6,353,029
Schlumberger Limited		143,052		5,717,788
				12,070,817
Oil, Gas & Consumable Fuels: 4.53%
Chevron Corporation		137,813		16,966,158
Exxon Mobil Corporation		262,462		19,516,674
Kinder Morgan Incorporated		379,536		7,826,032
Valero Energy Corporation		96,830		8,254,758
				52,563,622
Financials: 13.37%
Banks: 5.35%
Bank of America Corporation		510,948		15,675,885
Citigroup Incorporated		202,812		14,432,102
Citizens Financial Group Incorporated		71,414		2,660,886
Fifth Third Bancorp		118,990		3,532,813
JPMorgan Chase & Company		179,837		20,861,092
Popular Incorporated		86,937		5,004,094
				62,166,872

12  |  Wells Fargo Disciplined U.S. Core Fund

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

Portfolio of investments—July 31, 2019

	Shares		Value
Capital Markets: 1.49%
Evercore Partners Incorporated Class A		60,244	$	5,203,274
Morgan Stanley		163,132		7,269,162
Waddell & Reed Financial Incorporated Class A		273,852		4,792,410
				17,264,846
Consumer Finance: 1.27%
Capital One Financial Corporation		74,330		6,869,579
Synchrony Financial		221,091		7,932,745
				14,802,324
Diversified Financial Services: 1.91%
Berkshire Hathaway Incorporated Class B †		108,117		22,210,475
Insurance: 3.35%
Everest Reinsurance Group Limited		28,035		6,914,552
MetLife Incorporated		158,530		7,834,553
Prudential Financial Incorporated		81,520		8,258,791
The Hartford Financial Services Group Incorporated		127,432		7,343,906
The Progressive Corporation		104,818		8,488,162
				38,839,964
Health Care: 14.71%
Biotechnology: 2.93%
AbbVie Incorporated		131,017		8,728,353
Amgen Incorporated		54,859		10,235,592
Celgene Corporation †		58,174		5,343,864
Gilead Sciences Incorporated		147,979		9,695,584
				34,003,393
Health Care Equipment & Supplies: 2.53%
Abbott Laboratories		138,992		12,106,203
Baxter International Incorporated		44,148		3,707,108
Danaher Corporation		16,421		2,307,151
Medtronic plc		86,552		8,823,111
ResMed Incorporated		18,712		2,408,234
				29,351,807
Health Care Providers & Services: 3.98%
AmerisourceBergen Corporation		41,656		3,630,320
Anthem Incorporated		33,646		9,912,448
Cardinal Health Incorporated		49,489		2,263,132
Humana Incorporated		18,927		5,616,587
McKesson Corporation		52,006		7,226,234
UnitedHealth Group Incorporated		60,539		15,074,816
WellCare Health Plans Incorporated †		8,744		2,511,714
				46,235,251
Pharmaceuticals: 5.27%
Allergan plc		24,522		3,935,781
Bristol-Myers Squibb Company		133,017		5,907,285
Eli Lilly & Company		83,327		9,078,477
Johnson & Johnson		164,675		21,443,979
Merck & Company Incorporated		181,073		15,027,248

Wells Fargo Disciplined U.S. Core Fund  |  13

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

Portfolio of investments—July 31, 2019

	Shares		Value
Pharmaceuticals(continued)
Pfizer Incorporated		149,495	$	5,806,386
				61,199,156
Industrials: 8.52%
Aerospace & Defense: 1.35%
Arconic Incorporated		120,843		3,025,909
Lockheed Martin Corporation		10,525		3,811,839
Raytheon Company		48,232		8,792,211
				15,629,959
Air Freight & Logistics: 0.88%
C.H. Robinson Worldwide Incorporated		82,310		6,891,816
Expeditors International of Washington Incorporated		44,114		3,368,104
				10,259,920
Airlines: 1.36%
Delta Air Lines Incorporated		146,642		8,951,028
United Continental Holdings Incorporated †		74,830		6,877,625
				15,828,653
Construction & Engineering: 0.79%
Fluor Corporation		160,118		5,205,436
Quanta Services Incorporated		105,441		3,945,602
				9,151,038
Electrical Equipment: 0.30%
Eaton Corporation plc		42,937		3,528,992
Industrial Conglomerates: 0.37%
Honeywell International Incorporated		24,780		4,273,559
Machinery: 1.88%
Caterpillar Incorporated		57,396		7,557,331
Cummins Incorporated		48,139		7,894,796
Paccar Incorporated		49,926		3,501,810
Parker-Hannifin Corporation		16,191		2,834,720
				21,788,657
Professional Services: 1.02%
Manpower Incorporated		61,097		5,581,211
Robert Half International Incorporated		104,554		6,316,107
				11,897,318
Trading Companies & Distributors: 0.57%
W.W. Grainger Incorporated		22,765		6,625,298
Information Technology: 21.26%
Communications Equipment: 1.46%
Cisco Systems Incorporated		306,222		16,964,699
Electronic Equipment, Instruments & Components: 0.28%
Amphenol Corporation Class A		34,967		3,263,120

14  |  Wells Fargo Disciplined U.S. Core Fund

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

Portfolio of investments—July 31, 2019

	Shares		Value
IT Services: 4.50%
Accenture plc Class A		64,515	$	12,424,299
International Business Machines Corporation		37,490		5,557,518
KBR Incorporated		163,113		4,302,921
MasterCard Incorporated Class A		31,530		8,584,673
PayPal Holdings Incorporated †		20,005		2,208,552
VeriSign Incorporated		11,195		2,363,153
Visa Incorporated Class A		94,423		16,807,294
				52,248,410
Semiconductors & Semiconductor Equipment: 3.60%
Broadcom Incorporated		26,338		7,637,757
Intel Corporation		355,648		17,978,006
Lam Research Corporation		22,169		4,624,675
Micron Technology Incorporated †		200,659		9,007,583
Xilinx Incorporated		22,954		2,621,576
				41,869,597
Software: 6.61%
Cadence Design Systems Incorporated †		58,486		4,322,700
Intuit Incorporated		38,290		10,618,200
Microsoft Corporation		409,075		55,744,650
Oracle Corporation		107,925		6,076,178
				76,761,728
Technology Hardware, Storage & Peripherals: 4.81%
Apple Incorporated		210,509		44,846,837
HP Incorporated		353,343		7,434,337
Xerox Corporation		110,121		3,534,884
				55,816,058
Materials: 1.96%
Chemicals: 1.04%
Ecolab Incorporated		8,854		1,786,117
FMC Corporation		37,578		3,247,491
LyondellBasell Industries NV Class A		83,830		7,015,733
				12,049,341
Containers & Packaging: 0.21%
Ball Corporation		34,036		2,432,893
Metals & Mining: 0.71%
Newmont Goldcorp Corporation		45,415		1,658,556
Nucor Corporation		121,980		6,633,272
				8,291,828
Real Estate: 3.86%
Equity REITs: 3.86%
American Tower Corporation		39,211		8,297,832
Crown Castle International Corporation		58,221		7,758,530
Equinix Incorporated		16,052		8,059,709
Host Hotels & Resorts Incorporated		82,140		1,428,415
Prologis Incorporated		103,987		8,382,392

Wells Fargo Disciplined U.S. Core Fund  |  15

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

Portfolio of investments—July 31, 2019

				Shares		Value
Equity REITs (continued)
SBA Communications Corporation					18,240	$	4,476,278
Weyerhaeuser Company					250,230		6,358,344
							44,761,500
Utilities: 2.69%
Electric Utilities: 1.34%
American Electric Power Company Incorporated					39,584		3,475,871
Exelon Corporation					186,779		8,416,262
The Southern Company					66,067		3,712,965
							15,605,098
Independent Power & Renewable Electricity Producers: 0.61%
NRG Energy Incorporated					206,281		7,042,433
Multi-Utilities: 0.74%
Dominion Energy Incorporated					53,755		3,993,458
DTE Energy Company					35,999		4,575,833
							8,569,291
Total Common Stocks (Cost $829,998,492)							1,155,420,565
	Yield
Short-Term Investments: 1.01%
Investment Companies: 1.01%
Securities Lending Cash Investments LLC (l)(r)(u)		2.46	%		4,463,040		4,463,486
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26			7,316,959		7,316,959
Total Short-Term Investments (Cost $11,780,445)							11,780,445

Total investments in securities (Cost $841,778,937)	100.51	%		1,167,201,010
Other assets and liabilities, net	(0.51	)		(5,970,407	)
Total net assets	100.00	%	$	1,161,230,603

† 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 anon-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the7-day annualized yield at period end.

Abbreviations:

REIT Real estate investment trust

16  |  Wells Fargo Disciplined U.S. Core Fund

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

Portfolio of investments—July 31, 2019

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 Investments LLC		0		46,628,628		42,165,588		4,463,040	$	0	$	0	$	47,044	#	$	4,463,486
Wells Fargo Government Money Market Fund Select Class		9,015,872		316,174,189		317,873,102		7,316,959		0		0		127,232			7,316,959
									$	0	$	0	$	174,276		$	11,780,445		1.01	%

^# Amount shown represents income before fees and rebates

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

Wells Fargo Disciplined U.S. Core Fund  |  17

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities (including $4,267,648 of securities loaned), at value (cost $829,998,492)	$	1,155,420,565
Investments in affiliated securities, at value (cost $11,780,445)		11,780,445
Receivable for Fund shares sold		336,738
Receivable for dividends		1,382,784
Receivable for securities lending income, net		1,011
Prepaid expenses and other assets		232,651
Total assets		1,169,154,194
Liabilities
Payable upon receipt of securities loaned		4,463,817
Payable for Fund shares redeemed		2,811,732
Management fee payable		339,281
Administration fees payable		134,235
Distribution fees payable		24,092
Trustees’ fees and expenses payable		4,379
Accrued expenses and other liabilities		146,055
Total liabilities		7,923,591
Total net assets	$	1,161,230,603
Net assets consist of
Paid-in capital	$	799,048,706
Total distributable earnings		362,181,897
Total net assets	$	1,161,230,603
Computation of net asset value and offering price per share
Net assets – Class A	$	434,367,099
Shares outstanding – Class A1		25,120,917
Net asset value per share – Class A		$17.29
Maximum offering price per share – Class A2		$18.34
Net assets – Class C	$	38,708,279
Shares outstanding – Class C1		2,442,540
Net asset value per share – Class C		$15.85
Net assets – Class R	$	3,125,625
Shares outstanding – Class R1		179,239
Net asset value per share – Class R		$17.44
Net assets – Class R6	$	340,605,580
Shares outstanding – Class R61		19,179,137
Net asset value per share – Class R6		$17.76
Net assets – Administrator Class	$	58,808,377
Shares outstanding – Administrator Class1		3,303,504
Net asset value per share – Administrator Class		$17.80
Net assets – Institutional Class	$	285,615,643
Shares outstanding – Institutional Class1		16,255,912
Net asset value per share – Institutional Class		$17.57

¹  The Fund has an unlimited number of authorized shares.

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

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

18  |  Wells Fargo Disciplined U.S. Core Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $11,313)	$	28,800,875
Income from affiliated securities		212,886
Total investment income		29,013,761
Expenses
Management fee		4,450,189
Administration fees
Class A		931,308
Class C		94,625
Class R		6,722
Class R6		115,854
Administrator Class		88,591
Institutional Class		450,186
Shareholder servicing fees
Class A		1,108,700
Class C		112,648
Class R		8,003
Administrator Class		169,766
Distribution fees
Class C		337,942
Class R		7,989
Custody and accounting fees		59,999
Professional fees		53,403
Registration fees		109,500
Shareholder report expenses		118,457
Trustees’ fees and expenses		21,999
Interest expense		1,040
Other fees and expenses		80,096
Total expenses		8,327,017
Less: Fee waivers and/or expense reimbursements		(109,621	)
Net expenses		8,217,396
Net investment income		20,796,365
Realized and unrealized gains (losses) on investments
Net realized gains on investments		27,061,264
Net change in unrealized gains (losses) on investments		(3,387,087	)
Net realized and unrealized gains (losses) on investments		23,674,177
Net increase in net assets resulting from operations	$	44,470,542

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

Wells Fargo Disciplined U.S. Core Fund  |  19

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment income				$	20,796,365					$	18,267,289
Net realized gains on investments					27,061,264						58,671,899
Net change in unrealized gains (losses) on investments					(3,387,087	)					83,409,567
Net increase in net assets resulting from operations					44,470,542						160,348,755
Distributions to shareholders from net investment income and net realized gains
Class A					(27,282,105	)					(20,704,762	)
Class C					(2,771,228	)					(2,046,966	)
Class R					(201,547	)					(86,235	)
Class R6					(25,476,362	)					(10,400,864	)
Administrator Class					(3,946,556	)					(4,178,646	)
Institutional Class					(24,186,334	)					(18,508,153	)
Total distributions to shareholders					(83,864,132	)					(55,925,626	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,886,725			30,921,236			3,025,519			51,764,763
Class C		472,068			6,869,156			374,010			5,918,031
Class R		37,989			635,336			106,436			1,833,037
Class R6		3,079,018			48,714,888			31,753,862			558,773,061
Administrator Class		426,111			7,266,082			801,468			14,055,574
Institutional Class		4,282,122			73,227,240			9,147,678			158,493,564
					167,633,938						790,838,030
Reinvestment of distributions
Class A		1,648,190			25,532,516			1,131,935			19,445,471
Class C		177,775			2,524,825			117,892			1,860,460
Class R		12,745			199,335			4,876			84,764
Class R6		1,506,629			23,955,923			589,809			10,399,263
Administrator Class		235,868			3,758,071			230,133			4,058,515
Institutional Class		1,264,383			19,892,703			851,853			14,861,788
					75,863,373						50,710,261
Payment for shares redeemed
Class A		(5,568,268	)		(92,539,888	)		(5,686,039	)		(97,150,526	)
Class C		(1,440,204	)		(21,524,938	)		(852,666	)		(13,443,380	)
Class R		(55,966	)		(904,117	)		(48,086	)		(836,247	)
Class R6		(9,937,174	)		(168,483,143	)		(10,312,522	)		(185,383,377	)
Administrator Class		(2,534,639	)		(43,971,874	)		(1,497,144	)		(26,145,921	)
Institutional Class		(12,205,371	)		(203,720,141	)		(8,454,555	)		(147,923,158	)
					(531,144,101	)					(470,882,609	)
Net increase (decrease) in net assets resulting from capital share transactions					(287,646,790	)					370,665,682
Total increase (decrease) in net assets					(327,040,380	)					475,088,811
Net assets
Beginning of period					1,488,270,983						1,013,182,172
End of period				$	1,161,230,603					$	1,488,270,983

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $18,219,041. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

20  |  Wells Fargo Disciplined U.S. Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.70			$16.30			$14.50			$15.45			$16.29
Net investment income		0.25			0.24			0.22			0.21			0.21
Net realized and unrealized gains (losses) on investments		0.38			1.90			1.94			0.47			1.60
Total from investment operations		0.63			2.14			2.16			0.68			1.81
Distributions to shareholders from
Net investment income		(0.19	)		(0.15	)		(0.15	)		(0.19	)		(0.16	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(1.04	)		(0.74	)		(0.36	)		(1.63	)		(2.65	)
Net asset value, end of period		$17.29			$17.70			$16.30			$14.50			$15.45
Total return1		4.31	%		13.28	%		15.12	%		5.22	%		12.01	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.85	%		0.87	%		0.89	%
Net expenses		0.84	%		0.83	%		0.85	%		0.87	%		0.89	%
Net investment income		1.40	%		1.33	%		1.45	%		1.60	%		1.43	%
Supplemental data
Portfolio turnover rate		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$434,367			$480,602			$467,491			$412,629			$331,123

¹  Total return calculations do not include any sales charges.

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

Wells Fargo Disciplined U.S. Core Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$16.28			$15.04			$13.45			$14.50			$15.47
Net investment income		0.12			0.09			0.10			0.14			0.13
Net realized and unrealized gains (losses) on investments		0.35			1.76			1.79			0.38			1.48
Total from investment operations		0.47			1.85			1.89			0.52			1.61
Distributions to shareholders from
Net investment income		(0.05	)		(0.02	)		(0.09	)		(0.13	)		(0.09	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(0.90	)		(0.61	)		(0.30	)		(1.57	)		(2.58	)
Net asset value, end of period		$15.85			$16.28			$15.04			$13.45			$14.50
Total return1		3.59	%		12.41	%		14.27	%		4.43	%		11.18	%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.58	%		1.60	%		1.62	%		1.64	%
Net expenses		1.59	%		1.58	%		1.60	%		1.62	%		1.64	%
Net investment income		0.66	%		0.58	%		0.69	%		0.82	%		0.66	%
Supplemental data
Portfolio turnover rate		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$38,708			$52,647			$54,054			$46,801			$20,680

¹  Total return calculations do not include any sales charges.

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

22  |  Wells Fargo Disciplined U.S. Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2019			2018			2017			20161
Net asset value, beginning of period		$17.88			$16.51			$14.77			$14.62
Net investment income		0.19	2		0.18	2		0.17	2		0.13	2
Net realized and unrealized gains (losses) on investments		0.41			1.94			1.99			1.72
Total from investment operations		0.60			2.12			2.16			1.85
Distributions to shareholders from
Net investment income		(0.19	)		(0.16	)		(0.21	)		(0.26	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(1.04	)		(0.75	)		(0.42	)		(1.70	)
Net asset value, end of period		$17.44			$17.88			$16.51			$14.77
Total return3		4.07	%		12.97	%		14.86	%		13.56	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.08	%		1.10	%		1.12	%
Net expenses		1.09	%		1.08	%		1.10	%		1.12	%
Net investment income		1.15	%		1.04	%		1.10	%		1.12	%
Supplemental data
Portfolio turnover rate		63	%		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$3,126			$3,298			$2,001			$201

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Disciplined U.S. Core Fund  |  23

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			2017			20161
Net asset value, beginning of period		$18.17			$16.71			$14.86			$14.62
Net investment income		0.32			0.30	2		0.28	2		0.22	2
Net realized and unrealized gains (losses) on investments		0.40			1.97			1.99			1.72
Total from investment operations		0.72			2.27			2.27			1.94
Distributions to shareholders from
Net investment income		(0.28	)		(0.22	)		(0.21	)		(0.26	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(1.13	)		(0.81	)		(0.42	)		(1.70	)
Net asset value, end of period		$17.76			$18.17			$16.71			$14.86
Total return3		4.77	%		13.78	%		15.56	%		14.24	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%		0.40	%		0.42	%		0.44	%
Net expenses		0.41	%		0.40	%		0.42	%		0.43	%
Net investment income		1.84	%		1.71	%		1.77	%		1.88	%
Supplemental data
Portfolio turnover rate		63	%		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$340,606			$445,678			$41,770			$4,024

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

²  Calculated based upon average shares outstanding

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

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

24  |  Wells Fargo Disciplined U.S. Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.17			$16.71			$14.85			$15.80			$16.60
Net investment income		0.26	1		0.25	1		0.25	1		0.24	1		0.25	1
Net realized and unrealized gains (losses) on investments		0.41			1.97			1.98			0.48			1.63
Total from investment operations		0.67			2.22			2.23			0.72			1.88
Distributions to shareholders from
Net investment income		(0.19	)		(0.17	)		(0.16	)		(0.23	)		(0.19	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(1.04	)		(0.76	)		(0.37	)		(1.67	)		(2.68	)
Net asset value, end of period		$17.80			$18.17			$16.71			$14.85			$15.80
Total return		4.43	%		13.40	%		15.24	%		5.36	%		12.20	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.75	%		0.77	%		0.78	%		0.74	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.73	%
Net investment income		1.50	%		1.42	%		1.60	%		1.71	%		1.58	%
Supplemental data
Portfolio turnover rate		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$58,808			$94,058			$94,294			$116,807			$63,544

¹  Calculated based upon average shares outstanding

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

Wells Fargo Disciplined U.S. Core Fund  |  25

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.98			$16.55			$14.72			$15.66			$16.47
Net investment income		0.30	1		0.28			0.27	1		0.28	1		0.30
Net realized and unrealized gains (losses) on investments		0.40			1.95			1.98			0.47			1.61
Total from investment operations		0.70			2.23			2.25			0.75			1.91
Distributions to shareholders from
Net investment income		(0.26	)		(0.21	)		(0.21	)		(0.25	)		(0.23	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(1.11	)		(0.80	)		(0.42	)		(1.69	)		(2.72	)
Net asset value, end of period		$17.57			$17.98			$16.55			$14.72			$15.66
Total return		4.69	%		13.65	%		15.51	%		5.64	%		12.55	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.50	%		0.52	%		0.54	%		0.47	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%
Net investment income		1.77	%		1.67	%		1.76	%		1.96	%		1.86	%
Supplemental data
Portfolio turnover rate		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$285,616			$411,988			$353,573			$163,674			$109,901

¹  Calculated based upon average shares outstanding

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

26  |  Wells Fargo Disciplined U.S. Core Fund

Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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 U.S. Core Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registeredopen-end investment companies are valued at net asset value. Interests innon-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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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 such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

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 theex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Wells Fargo Disciplined U.S. Core Fund  |  27

Notes to financial statements

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $850,566,735 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	339,565,791
Gross unrealized losses		(22,931,516	)
Net unrealized gains	$	316,634,275

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 fund-level 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.

28  |  Wells Fargo Disciplined U.S. Core Fund

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	123,558,620	$	0	$	0	$	123,558,620
Consumer discretionary		119,687,179		0		0		119,687,179
Consumer staples		76,806,849		0		0		76,806,849
Energy		64,634,439		0		0		64,634,439
Financials		155,284,481		0		0		155,284,481
Health care		170,789,607		0		0		170,789,607
Industrials		98,983,394		0		0		98,983,394
Information technology		246,923,612		0		0		246,923,612
Materials		22,774,062		0		0		22,774,062
Real estate		44,761,500		0		0		44,761,500
Utilities		31,216,822		0		0		31,216,822
Short-term investments
Investment companies		11,780,445		0		0		11,780,445
Total assets	$	1,167,201,010	$	0	$	0	$	1,167,201,010

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion	0.350%
Next $4 billion	0.325
Next $5 billion	0.290
Over $10 billion	0.280

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.34% 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 (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration fees

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

Wells Fargo Disciplined U.S. Core Fund  |  29

Notes to financial statements

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.87% for Class A shares, 1.62% for Class C shares, 1.12% for Class R shares, 0.43% for Class R6 shares, 0.74% for Administrator Class shares, and 0.48% for Institutional Class shares. Prior to or after the commitment 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. 

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule12b-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 thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $9,689 from the sale of Class A shares and $114 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2019.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $812,108,850 and $1,159,527,071, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

30  |  Wells Fargo Disciplined U.S. Core Fund

Notes to financial statements

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred.

As of July 31, 2019, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Citigroup Global Market Inc.	$	2,051,987	$	(2,051,987	)	$	0
UBS Securities LLC		2,215,661		(2,215,661	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

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.

During the year ended July 31, 2019, the Fund had average borrowings outstanding of $27,882 at an average interest rate of 3.73% and paid interest in the amount of $1,040.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	19,978,044	$	27,352,794
Long-term capital gain		63,886,088		28,572,832

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$20,794,241	$24,799,513	$316,634,275

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	4,337,310	$	16,367,452
Class C		71,920		1,975,046
Class R		19,170		67,065
Class R6		2,941,311		7,459,553
Administrator Class		938,093		3,240,553
Institutional Class		5,006,239		13,501,914

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

Wells Fargo Disciplined U.S. Core Fund  |  31

Notes to financial statements

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. ASU2018-13 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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

32  |  Wells Fargo Disciplined U.S. Core Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Disciplined U.S. Core Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

Wells Fargo Disciplined U.S. Core Fund  |  33

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $63,886,088 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $19,978,044 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $85,855 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended July 31, 2019, $1,710,747 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q or FormN-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330.

34  |  Wells Fargo Disciplined U.S. Core Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

Wells Fargo Disciplined U.S. Core Fund  |  35

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; Nominating and 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	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 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, anon-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

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

36  |  Wells Fargo Disciplined U.S. Core Fund

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

Wells Fargo Disciplined U.S. Core Fund  |  37

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ANDSUB-ADVISORY AGREEMENTS:

Wells Fargo Disciplined U.S. Core Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management andsub-advisory agreements. In this regard, at anin-person meeting held on May21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management andsub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Disciplined U.S. Core Fund(the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investmentsub-advisory agreement (the“Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the“Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and theSub-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 theSub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at anin-person meeting in April 2019, 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 asub-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 theSub-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 2019. 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 theSub-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 wasall-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 aone-year term and determined that the compensation payable to Funds Management and theSub-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 afund-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 theSub-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 theSub-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 theSub-Adviser, and a description of Funds Management’s and theSub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for theday-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and theSub-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 theSub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

38  |  Wells Fargo Disciplined U.S. Core Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the five- andten-year periods under review, but lower than the average investment performance of the Universe for theone- and three-year periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the S&P 500 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 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 othernon-management fees, and Rule12b-1 andnon-Rule12b-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 fromyear-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 tore-approve the Advisory Agreements.

Investment management andsub-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 andsub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investmentsub-advisory fee rates that are payable by Funds Management to theSub-Adviser for investmentsub-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 theSub-Adviser forsub-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 theSub-Adviser, and about Funds Management’son-going oversight services. Given the affiliation between Funds Management and theSub-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 theSub-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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-partysub-advised fund clients andnon-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 theSub-Adviser under theSub-Advisory Agreement was reasonable.

Wells Fargo Disciplined U.S. Core Fund  |  39

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”) from providing services to the fund family as a whole. The Board noted that theSub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. Among other things, the Board noted that the levels of profitability reported on afund-by-fund basis varied widely, depending on factors such as the size, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, 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 theSub-Adviser

The Board received and considered information regarding potential“fall-out” or ancillary benefits received by Funds Management and its affiliates, including theSub-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 theSub-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 andsub-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 theSub-Adviser, fees earned by Funds Management and theSub-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 theSub-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 aone-year term and determined that the compensation payable to Funds Management and theSub-Adviser under each of the Advisory Agreements was reasonable.

40  |  Wells Fargo Disciplined U.S. Core Fund

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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405476 09-19

A203/AR203 07-19

Annual Report

July 31, 2019

Wells Fargo Endeavor Select Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Report of independent registered public accounting firm	27
Other information	28

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The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Endeavor Select Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Endeavor Select Fund for the 12-month period that ended July 31, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Endeavor Select Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Endeavor Select Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Endeavor Select Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (STAEX)	12-29-2000		8.68		13.13		14.25		15.37		14.47		14.92		1.26		1.21
Class C (WECCX)	12-29-2000		13.51		13.61		14.07		14.51		13.61		14.07		2.01		1.96
Administrator Class (WECDX)	4-8-2005		–		–		–		15.63		14.72		15.19		1.18		1.01
Institutional Class (WFCIX)	4-8-2005		–		–		���		15.76		14.94		15.41		0.93		0.81
Russell 1000® Growth Index3	–		–		–		–		10.82		14.25		15.74		–		–

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

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Endeavor Select Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁴

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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.

²  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.20% for Class A, 1.95% for Class C, 1.00% for Administrator Class, and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Endeavor Select Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2019.

∎ Stock selection in the information technology (IT) sector and select names within the consumer discretionary sector were key contributors to performance.

∎ Stock selection within the communication services sector detracted from performance.

Volatility reemerged during the middle of the 12-month period.

While global stock markets posted positive returns during the 12-month period, it was not an entirely smooth ride for investors. Optimism for synchronized global economic growth eventually evolved into a decidedly risk-off market driven by escalating uncertainty and investor fear. Mounting geopolitical concerns, rising domestic interest rates, concern over the stability of select emerging market economies, and escalating fears of a trade war between the U.S. and China contributed to market volatility. The Federal Reserve’s shift toward a neutral interest rate policy stance—and eventual easing—helped ease concerns and provided a tailwind for equities to reach new highs by the end of the period.

Despite increased uncertainty, we have not significantly repositioned the Fund. We continue to emphasize companies with a secular rather than a cyclical growth profile. The Fund remains positioned toward companies with high visibility of earnings growth and those positioned on the right side of change. We believe this strategy will prove beneficial should volatility levels remain elevated.

Ten largest holdings (%) as of July 31, 20195
Microsoft Corporation	9.05
Amazon.com Incorporated	6.09
Alphabet Incorporated Class A	5.42
Visa Incorporated Class A	5.23
UnitedHealth Group Incorporated	3.96
Union Pacific Corporation	3.18
The Home Depot Incorporated	3.13
Waste Connections Incorporated	3.08
The Sherwin-Williams Company	2.91
Total System Services Incorporated	2.77

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

Within the IT sector, the Fund’s position in Total System Services, Incorporated, contributed to returns. Total System Services, a leading provider of electronic payment processing services to banks and other financial institutions, saw its shares materially increase on the company’s announcement that it would merge with Global Payments Incorporated. The deal is the third combination announced in the payments industry this year. The merger offers potential benefits from synergies and scale as the combined company will serve 3.5 million mostly small and medium-size businesses.

Within consumer discretionary, MercadoLibre, Incorporated, was additive to returns. MercadoLibre is the dominant Latin American e-commerce provider and owns MercadoPago, the leading online payment solution in Latin America. Increased e-commerce penetration in MercadoLibre’s key markets, such as Brazil and Argentina, drove higher sales growth. Customers’ use of MercadoPago both on and off MercadoLibre’s e-commerce marketplace provided an additional avenue of growth for the company.

Please see footnotes on page 7.

8  |  Wells Fargo Endeavor Select Fund

Performance highlights (unaudited)

Sector distribution as of July 31, 2019⁶

Stock selection in the communication services sector detracted from performance.

Within the communication services sector, our position in Alphabet Incorporated detracted from the Fund’s performance. Alphabet is the parent company of Google and other services such as Android, Ads, and YouTube. Shares sold off after the company reported deceleration in revenue growth and other key metrics. Management stated the deceleration resulted from changes implemented at YouTube in 2018 to improve the user experience. These initiatives resulted in more difficult comparisons for 2019. We have continued to hold the position in Alphabet as it is the leader in online advertising and is positioned to potentially benefit from global growth in web usage.

Also within communication services, shares of Activision Blizzard, Incorporated, weighed on returns over the past year. Activision, like many video game software firms, is benefiting from rising digital downloads and in-game monetization opportunities. However, increased competition from both the mega-hit “Fortnite” as well as other publishers pressured the shares. Activision’s “Call of Duty” franchise continues to perform extremely well, but the potential for greater competition to the company’s other titles caused the company to lower guidance for 2019.

The macro outlook is likely to remain muted, but opportunities abound to find companies on the right side of change.

As we look toward the remainder of 2019, we believe the U.S. economy is likely to avoid recessionary pressures and continue to expand albeit at a slower rate. We believe, however, the collision of slowing economic growth—caused partly by structural challenges such as demographics and elevated debt levels—and accelerating change driven by technological innovation creates exciting investment opportunities.

Innovative companies on the right side of change have been benefiting from this environment in which true secular growth is becoming increasingly scarce. In our view, right-side-of-change companies can produce predictable earnings and cash flows into the future—characteristics hard to find in the current economy. In a world starved of growth, investors tend to seek out that which is more certain and reward these attributes with a scarcity premium.

However, we also believe the market may become even more selective regarding profitability. In our view, the scarcity-of-growth narrative is playing out, and valuations have expanded meaningfully for many companies levered to new technologies. We think it is essential to stay laser-focused on finding innovative companies on the right side of change while remaining vigilant about risk management.

Please see footnotes on page 7.

Wells Fargo Endeavor Select Fund  |  9

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,181.56	$	6.49		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Class C
Actual	$	1,000.00	$	1,176.76	$	10.52		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	9.74		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,182.17	$	5.41		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,183.37	$	4.33		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

10  |  Wells Fargo Endeavor Select Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 96.56%
Communication Services: 13.35%
Entertainment: 4.05%
Activision Blizzard Incorporated		28,800	$	1,403,712
Netflix Incorporated †		6,400		2,067,136
Nintendo Company Limited ADR		39,000		1,801,410
				5,272,258
Interactive Media & Services: 9.30%
Alphabet Incorporated Class A †		5,799		7,064,342
Alphabet Incorporated Class C †		950		1,155,846
IAC Corporation †		8,900		2,127,545
Tencent Holdings Limited ADR		38,200		1,776,300
				12,124,033
Consumer Discretionary: 13.86%
Auto Components: 1.54%
Aptiv plc		22,900		2,007,185
Automobiles: 1.62%
Ferrari NV		13,100		2,110,148
Internet & Direct Marketing Retail: 7.57%
Amazon.com Incorporated †		4,253		7,939,415
MercadoLibre Incorporated †		3,100		1,926,402
				9,865,817
Specialty Retail: 3.13%
The Home Depot Incorporated		19,083		4,077,846
Financials: 6.38%
Capital Markets: 6.38%
Intercontinental Exchange Incorporated		37,415		3,287,282
Raymond James Financial Incorporated		25,000		2,016,750
S&P Global Incorporated		12,278		3,007,496
				8,311,528
Health Care: 12.60%
Health Care Equipment & Supplies: 8.65%
Alcon Incorporated †		26,900		1,580,375
Boston Scientific Corporation †		79,200		3,362,832
DexCom Incorporated †		14,100		2,211,867
Edwards Lifesciences Corporation †		10,800		2,298,780
Intuitive Surgical Incorporated †		3,500		1,818,285
				11,272,139
Health Care Providers & Services: 3.95%
UnitedHealth Group Incorporated		20,700		5,154,507
Industrials: 8.94%
Commercial Services & Supplies: 5.76%
Cintas Corporation		13,400		3,489,896
Waste Connections Incorporated		44,260		4,015,267
				7,505,163

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

Wells Fargo Endeavor Select Fund  |  11

Portfolio of investments—July 31, 2019

				Shares		Value
Road & Rail: 3.18%
Union Pacific Corporation					23,000	$	4,138,850
Information Technology: 32.68%
Communications Equipment: 2.09%
Motorola Solutions Incorporated					16,400		2,721,744
IT Services: 15.27%
Fiserv Incorporated †					30,330		3,197,724
FleetCor Technologies Incorporated †					10,600		3,012,202
PayPal Holdings Incorporated †					29,600		3,267,840
Total System Services Incorporated					26,600		3,610,152
Visa Incorporated Class A					38,258		6,809,924
							19,897,842
Software: 15.32%
Autodesk Incorporated †					15,300		2,389,401
Microsoft Corporation					86,600		11,800,982
Salesforce.com Incorporated †					18,400		2,842,800
ServiceNow Incorporated †					10,600		2,940,334
							19,973,517
Materials: 6.92%
Chemicals: 5.21%
Air Products & Chemicals Incorporated					13,100		2,990,337
The Sherwin-Williams Company					7,400		3,796,496
							6,786,833
Construction Materials: 1.71%
Vulcan Materials Company					16,100		2,227,435
Real Estate: 1.83%
Equity REITs: 1.83%
SBA Communications Corporation †					9,700		2,380,477
Total Common Stocks (Cost $67,736,210)							125,827,322
	Yield
Short-Term Investments: 3.31%
Investment Companies: 3.31%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26	%		4,314,739		4,314,739
Total Short-Term Investments (Cost $4,314,739)							4,314,739

Total investments in securities (Cost $72,050,949)	99.87	%		130,142,061
Other assets and liabilities, net	0.13			173,093
Total net assets	100.00	%	$	130,315,154

† Non-income-earning security

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

12  |  Wells Fargo Endeavor Select Fund

Portfolio of investments—July 31, 2019

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 Investments LLC*		2,171,758		29,643,583		31,815,341		0	$	(1,003	)	$	0	$	24,214	#	$	0
Wells Fargo Government Money Market Fund Select Class		2,588,003		50,399,202		48,672,466		4,314,739		0			0		61,730			4,314,739
									$	(1,003	)	$	0	$	85,944		$	4,314,739		3.31	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Endeavor Select Fund  |  13

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $67,736,210)	$	125,827,322
Investments in affiliated securities, at value (cost $4,314,739)		4,314,739
Receivable for investments sold		102,621
Receivable for Fund shares sold		145,907
Receivable for dividends		32,192
Prepaid expenses and other assets		122,959
Total assets		130,545,740
Liabilities
Payable for Fund shares redeemed		89,228
Management fee payable		59,575
Professional fees payable		34,280
Administration fees payable		15,839
Custodian and accounting fees payable		14,887
Trustees’ fees and expenses payable		4,362
Distribution fee payable		1,355
Accrued expenses and other liabilities		11,060
Total liabilities		230,586
Total net assets	$	130,315,154
Net assets consist of
Paid-in capital	$	56,933,388
Total distributable earnings		73,381,766
Total net assets	$	130,315,154
Computation of net asset value and offering price per share
Net assets – Class A	$	17,939,575
Shares outstanding – Class A1		2,153,139
Net asset value per share – Class A		$8.33
Maximum offering price per share – Class A2		$8.84
Net assets – Class C	$	2,115,595
Shares outstanding – Class C1		435,618
Net asset value per share – Class C		$4.86
Net assets – Administrator Class	$	2,590,300
Shares outstanding – Administrator Class1		283,117
Net asset value per share – Administrator Class		$9.15
Net assets – Institutional Class	$	107,669,684
Shares outstanding – Institutional Class1		11,121,976
Net asset value per share – Institutional Class		$9.68

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 Endeavor Select Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $10,340)	$	1,067,333
Income from affiliated securities		67,722
Total investment income		1,135,055
Expenses
Management fee		937,210
Administration fees
Class A		33,432
Class C		6,244
Administrator Class		3,447
Institutional Class		146,044
Shareholder servicing fees
Class A		39,800
Class C		7,433
Administrator Class		6,428
Distribution fee
Class C		22,299
Custody and accounting fees		15,103
Professional fees		45,413
Registration fees		59,999
Shareholder report expenses		35,000
Trustees’ fees and expenses		22,091
Other fees and expenses		12,397
Total expenses		1,392,340
Less: Fee waivers and/or expense reimbursements		(218,066	)
Net expenses		1,174,274
Net investment loss		(39,219	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		21,280,819
Affiliated securities		(1,003	)
Net realized gains on investments		21,279,816
Net change in unrealized gains (losses) on investments		(3,421,390	)
Net realized and unrealized gains (losses) on investments		17,858,426
Net increase in net assets resulting from operations	$	17,819,207

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

Wells Fargo Endeavor Select Fund  |  15

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 2018¹
Operations
Net investment loss				$	(39,219	)				$	(234,390	)
Net realized gains on investments					21,279,816						29,720,347
Net change in unrealized gains (losses) on investments					(3,421,390	)					10,190,328
Net increase in net assets resulting from operations					17,819,207						39,676,285
Distributions to shareholders from net investment income and net realized gains
Class A					(3,430,850	)					(2,526,049	)
Class C					(1,168,306	)					(946,756	)
Administrator Class					(567,258	)					(597,659	)
Institutional Class					(23,115,770	)					(24,176,044	)
Total distributions to shareholders					(28,282,184	)					(28,246,508	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		695,352			5,403,334			742,375			6,708,296
Class C		135,403			567,944			68,071			431,126
Administrator Class		17,483			134,106			8,610			83,829
Institutional Class		927,530			8,358,983			829,379			8,252,736
					14,464,367						15,475,987
Reinvestment of distributions
Class A		460,780			3,073,403			267,712			2,179,176
Class C		298,729			1,168,031			168,269			942,309
Administrator Class		77,420			566,717			65,748			573,324
Institutional Class		2,976,014			23,004,592			2,647,483			24,092,788
					27,812,743						27,787,597
Payment for shares redeemed
Class A		(731,194	)		(5,639,781	)		(706,902	)		(6,353,582	)
Class C		(585,440	)		(2,522,025	)		(189,968	)		(1,213,972	)
Administrator Class		(114,882	)		(964,193	)		(155,500	)		(1,499,494	)
Institutional Class		(5,242,746	)		(47,188,366	)		(5,501,471	)		(55,332,910	)
					(56,314,365	)					(64,399,958	)
Net decrease in net assets resulting from capital share transactions					(14,037,255	)					(21,136,374	)
Total decrease in net assets					(24,500,232	)					(9,706,597	)
Net assets
Beginning of period					154,815,386						164,521,983
End of period				$	130,315,154					$	154,815,386

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $0. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

16  |  Wells Fargo Endeavor Select Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.43			$9.09			$8.96			$13.74			$14.13
Net investment loss		(0.03	)1		(0.04	)1		(0.03	)1		(0.04	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		0.97			2.23			1.49			(0.14	)		1.65
Total from investment operations		0.94			2.19			1.46			(0.18	)		1.57
Distributions to shareholders from
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Net asset value, end of period		$8.33			$9.43			$9.09			$8.96			$13.74
Total return2		15.37	%		27.35	%		19.39	%		(0.07	)%		12.14	%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.25	%		1.22	%		1.28	%		1.24	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.23	%
Net investment loss		(0.35	)%		(0.49	)%		(0.33	)%		(0.36	)%		(0.55	)%
Supplemental data
Portfolio turnover rate		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$17,940			$16,301			$12,953			$18,498			$26,197

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Endeavor Select Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$6.46			$6.80			$7.09			$11.93			$12.61
Net investment loss		(0.06	)1		(0.08	)1		(0.07	)1		(0.09	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		0.50			1.59			1.11			(0.15	)		1.44
Total from investment operations		0.44			1.51			1.04			(0.24	)		1.28
Distributions to shareholders from
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Net asset value, end of period		$4.86			$6.46			$6.80			$7.09			$11.93
Total return2		14.51	%		26.43	%		18.46	%		(0.76	)%		11.21	%
Ratios to average net assets (annualized)
Gross expenses		2.05	%		2.00	%		1.97	%		2.03	%		1.99	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.99	%
Net investment loss		(1.12	)%		(1.22	)%		(1.08	)%		(1.11	)%		(1.32	)%
Supplemental data
Portfolio turnover rate		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$2,116			$3,792			$3,676			$4,845			$6,914

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Endeavor Select Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.12			$9.62			$9.38			$14.13			$14.45
Net investment income (loss)		(0.01	)1		(0.03	)1		(0.01	)1		0.01	1		(0.05	)1
Net realized and unrealized gains (losses) on investments		1.08			2.38			1.58			(0.16	)		1.69
Total from investment operations		1.07			2.35			1.57			(0.15	)		1.64
Distributions to shareholders from
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Net asset value, end of period		$9.15			$10.12			$9.62			$9.38			$14.13
Total return		15.63	%		27.55	%		19.71	%		0.16	%		12.38	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.16	%		1.14	%		1.14	%		1.05	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		0.99	%
Net investment income (loss)		(0.16	)%		(0.28	)%		(0.12	)%		0.06	%		(0.32	)%
Supplemental data
Portfolio turnover rate		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$2,590			$3,068			$3,695			$5,254			$42,776

¹  Calculated based upon average shares outstanding

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

Wells Fargo Endeavor Select Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.57			$9.95			$9.65			$14.39			$14.65
Net investment income (loss)		0.00	1,2		(0.01	)1		0.00	1,2		0.00	1,2		(0.01	)1
Net realized and unrealized gains (losses) on investments		1.15			2.49			1.64			(0.14	)		1.71
Total from investment operations		1.15			2.48			1.64			(0.14	)		1.70
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.01	)		0.00			0.00
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Total distributions to shareholders		(2.04	)		(1.86	)		(1.34	)		(4.60	)		(1.96	)
Net asset value, end of period		$9.68			$10.57			$9.95			$9.65			$14.39
Total return		15.76	%		28.01	%		19.87	%		0.27	%		12.63	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.92	%		0.89	%		0.95	%		0.81	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.05	%		(0.08	)%		0.05	%		0.04	%		(0.09	)%
Supplemental data
Portfolio turnover rate		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$107,670			$131,655			$144,199			$162,935			$221,801

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

20  |  Wells Fargo Endeavor Select Fund

Notes to financial statements

1. ORGANIZATION

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

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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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. The Fund has the right under the lending

Wells Fargo Endeavor Select Fund  |  21

Notes to financial statements

agreement to recover the securities from the borrower on demand. 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 such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $72,506,581 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	57,953,674
Gross unrealized losses		(318,194	)
Net unrealized gains	$	57,635,480

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to equalization payments. At July 31, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$302,644	$(302,644)

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 fund-level 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

22  |  Wells Fargo Endeavor Select Fund

Notes to financial statements

unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	17,396,291	$	0	$	0	$	17,396,291
Consumer discretionary		18,060,996		0		0		18,060,996
Financials		8,311,528		0		0		8,311,528
Health care		16,426,646		0		0		16,426,646
Industrials		11,644,013		0		0		11,644,013
Information technology		42,593,103		0		0		42,593,103
Materials		9,014,268		0		0		9,014,268
Real estate		2,380,477		0		0		2,380,477
Short-term investments
Investment companies		4,314,739		0		0		4,314,739
Total assets	$	130,142,061	$	0	$	0	$	130,142,061

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.700	%
Next $500 million		0.675
Next $1 billion		0.650
Next $2 billion		0.625
Next $1 billion		0.600
Next $3 billion		0.590
Next $2 billion		0.565
Next $2 billion		0.555
Next $4 billion		0.530
Over $16 billion		0.505

Wells Fargo Endeavor Select Fund  |  23

Notes to financial statements

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares. Prior to or after the commitment 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $2,537 from the sale of Class A shares and $79 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended July 31, 2019.

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 year ended July 31, 2019 were $26,787,211 and $70,851,990, respectively.

24  |  Wells Fargo Endeavor Select Fund

Notes to financial statements

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of July 31, 2019, the Fund did not have any securities on loan.

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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	3,970,538	$	3,933,421
Long-term capital gain		24,311,646		24,313,087

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$749,865	$14,996,421	$57,635,480

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	0	$	2,526,049
Class C		0		946,756
Administrator Class		0		597,659
Institutional Class		159,467		24,016,577

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. 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.

Wells Fargo Endeavor Select Fund  |  25

Notes to financial statements

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. PManagement has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

26  |  Wells Fargo Endeavor Select Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Endeavor Select Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

Wells Fargo Endeavor Select Fund  |  27

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 29.54% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $24,614,290 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019. Long-term capital gains in the amount of $302,644 were distributed in connection with Fund share redemptions.

Pursuant to Section 854 of the Internal Revenue Code, $1,312,851 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $3,970,538 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330.

28  |  Wells Fargo Endeavor Select Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

Wells Fargo Endeavor Select Fund  |  29

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; Nominating and 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	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	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

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

30  |  Wells Fargo Endeavor Select Fund

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

Wells Fargo Endeavor Select Fund  |  31

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Endeavor Select Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management andsub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Endeavor Select Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the“Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and theSub-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 2019, 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 2019. 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 received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

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

32  |  Wells Fargo Endeavor Select Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 1000^® Growth Index, for the one- and three-year periods under review, but lower than its benchmark for the five- and ten-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the 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 higher or in range performance relative to the Universe for all periods under review and the index over the one- and three-year 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 equal to the median net operating expense ratios of the expense Groups for each share class.

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

Investment management and sub-advisory fee rates

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

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

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

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

Wells Fargo Endeavor Select Fund  |  33

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”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. 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, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

34  |  Wells Fargo Endeavor Select Fund

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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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405477 09-19

A205/AR205 07-19

Annual Report

July 31, 2019

Wells Fargo Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Report of independent registered public accounting firm	30
Other information	31

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The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Growth Fund for the12-month period that ended July 31, 2019. After the first six months of the period yielded eitherlow-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 Aggregateex-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-termtax-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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Growth Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregateex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931.”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Growth Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Growth Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (SGRAX)	2-24-2000		7.02		12.37		16.09		13.55		13.70		16.78		1.18			1.16
Class C (WGFCX)	12-26-2002		11.68		12.85		15.91		12.68		12.85		15.91		1.93			1.91
Class R6 (SGRHX)3	9-30-2015		–		–		–		14.06		14.22		17.31		0.75			0.70
Administrator Class (SGRKX)	8-30-2002		–		–		–		13.78		13.93		17.05		1.10			0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		14.00		14.18		17.29		0.85			0.75
Russell 3000®Growth Index4	–		–		–		–		9.88		13.94		15.58		–			–

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. Currentmonth-end performance is available on the Fund’s website,wfam.com.

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

For Class A shares, the maximumfront-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 afront-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.

6  |  Wells Fargo Growth Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁵

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  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.

⁴  The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000^®Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Growth Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 3000^® Growth Index, for the12-month period that ended July 31, 2019.

∎ Holdings within information technology (IT), health care, financials, and consumer discretionary aided the Fund’s performance for the period.

∎ The Fund’s performance was inhibited by stocks within the communication services and materials sectors.

The equity market pushed higher over the trailingone-year period as solid economic fundamentals have overshadowed periods of negative sentiment, which was particularly pervasive in late 2018. For much of the fourth quarter of 2018, stocks moved sharply lower as a flattening yield curve, corporate debt concerns, a pullback in commodities, tariff and trade concerns, and hues of decelerating global growth flustered markets. Additionally, geopolitical concerns coupled with quantitative easing across the globe have fueled investor concerns. Despite this backdrop, while some economic data has slowed in the U.S., the economy still stands on solid footing with low unemployment and strong consumer confidence. This environment of accommodative fiscal and monetary policy and reasonable energy prices is fostering a healthy landscape for the consumer. The Fund continues to benefit from constructive idiosyncratic dynamics and secular growth catalysts in a variety of areas as many of our portfolio companies are gaining market share in their respective industries.

Ten largest holdings(%) as of July 31, 20196
Amazon.com Incorporated	7.23
Alphabet Incorporated Class A	4.96
Microsoft Corporation	4.66
Microchip Technology Incorporated	3.36
MasterCard Incorporated Class A	3.26
Visa Incorporated Class A	3.09
Monolithic Power Systems Incorporated	2.48
Burlington Stores Incorporated	2.44
Envestnet Incorporated	2.11
Apple Incorporated	2.09

Performance of health care and IT holdings were beneficial to Fund performance.

Select holdings within the health care sector served as the best-performing area of the Fund. Health care technology firm Veeva Systems Incorporated, which providessoftware-as-a-service (SaaS) solutions to the life sciences industry, reported strong revenue and free cash flow with particular strength from its clinical data management system unit. Other areas of strength within the sector came from Insulet Corporation, which makes insulin delivery systems for people with diabetes, and Novocure Limited, whose flagship product Optune slows cancer cell growth for patients with brain cancer. Other areas of the Fund that

performed well were areas such as SaaS and payment processing industries within IT that generated market-share penetration and margin expansion in their respective vertical markets. Within software, demand remained strong as corporate spending continued to rise, coupled with next-generation cloud computing platforms that garnered a large share of new business at the expense of legacy solutions. Within the payment space, the movement towarde-commerce has had a positive effect on overall demand as more consumers are moving from cash to digital payments.

Sector distribution as of July 31, 2019⁷

Certain communication services and materials stocks detracted from performance.

The main source of weakness from a sector perspective came from communication services as the Fund’s underweight position to Facebook, Incorporated, negatively affected relative performance. In 2018, we reduced our positon after privacy issues surfaced and after Facebook shifted its focus toward monetizing stories and video rather than the traditional newsfeed segment. Recently, we have added back to our position as we have grown more comfortable with its ability to monetize both of these properties within Instagram and the legacy Facebook app.

Within materials, PolyOne Corporation, which makes specialized polymer plastics solutions, detracted from performance as organic sales decelerated due to a slowing of macro demand.

Please see footnotes on page 7.

8  |  Wells Fargo Growth Fund

Performance highlights (unaudited)

Areas of focus remain in secular areas like software, payments, and semiconductors.

The Fund continues to be well diversified in a plethora of areas, which include industries within consumer discretionary, health care, communication services, and IT. Some notable segments include the SaaS, payments, and semiconductors industries. The structural advantages of the software space continue to include benefits like a predictable cost of ownership to the customer, flexibility and scale, simplification, and faster implementation times. Within the payments segment, processors like Square, Incorporated, and PayPal Holdings, Incorporated, as well as networks Visa Incorporated and MasterCard Incorporated, continue to capitalize from secular drivers such as the global shift from cash and check to plastic, growth withine-commerce, international and cross-border growth, andpeer-to-peer transfers. Semiconductors, which continue to benefit from the digitization of the economy, are becoming more prevalent in our daily lives as more chips are being used in electrical devices.

Our view of faster-growth stocks is positive.

We continue to be disciplined from a valuation perspective by trimming positions where the valuation gap has narrowed and adding to positions where it has widened. While our process is largelybottom-up, we continue to monitor geopolitical issues like trade tensions between the U.S. and China as well as macroeconomic conditions such as the economic slowdown in Europe, the increasing amount of negative-yielding sovereign debt, and the steep decrease in U.S. Treasury yields. We expect to generate alpha from multiple sectors and industries and are comfortable with our positioning and our focus on SaaS, cloud services, online retail, digital payments, the internet of things, and innovation (SCODIi). We continue to witness a scarcity of growth stock opportunities within the investing universe, which could favor our portfolio in the future. Going forward, given the current economic backdrop, stocks emphasized in our investment process should bode well for the future of the portfolio.

Wells Fargo Growth Fund  |  9

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 thesix-month period and held for the entire period from February 1, 2019 to July 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,175.15	$	6.26		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Class C
Actual	$	1,000.00	$	1,170.59	$	10.28		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.32	$	9.54		1.91	%
Class R6
Actual	$	1,000.00	$	1,177.80	$	3.78		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Administrator Class
Actual	$	1,000.00	$	1,176.24	$	5.18		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,177.53	$	4.05		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect theone-half-year period).

10  |  Wells Fargo Growth Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 98.58%
Communication Services: 8.78%
Entertainment: 0.66%
Live Nation Incorporated †		8,828	$	636,146
Netflix Incorporated †		94,340		30,470,877
				31,107,023
Interactive Media & Services: 8.12%
Alphabet Incorporated Class A †		190,535		232,109,737
Alphabet Incorporated Class C †		19,190		23,348,089
CarGurus Incorporated †		489,600		18,247,392
Facebook Incorporated Class A †		436,900		84,859,087
Pinterest Incorporated Class A †		199,985		5,797,565
Twitter Incorporated †		359,100		15,193,521
				379,555,391
Consumer Discretionary: 18.59%
Diversified Consumer Services: 0.92%
Bright Horizons Family Solutions Incorporated †		128,030		19,469,522
Grand Canyon Education Incorporated †		217,250		23,630,283
				43,099,805
Hotels, Restaurants & Leisure: 1.60%
Norwegian Cruise Line Holdings Limited †		530,500		26,227,920
Royal Caribbean Cruises Limited		416,100		48,409,074
				74,636,994
Household Durables: 1.60%
Roku Incorporated †		723,400		74,748,922
Internet & Direct Marketing Retail: 7.62%
Amazon.com Incorporated †		181,070		338,017,855
Farfetch Limited Class A †«		864,000		17,366,400
The RealReal Incorporated †		38,823		953,105
				356,337,360
Multiline Retail: 0.71%
Ollie’s Bargain Outlet Holdings Incorporated †		391,100		33,122,259
Specialty Retail: 5.31%
Burlington Stores Incorporated †		632,250		114,279,188
CarMax Incorporated †		197,700		17,350,152
Five Below Incorporated †		305,559		35,890,960
The Home Depot Incorporated		159,710		34,128,430
ULTA Beauty Incorporated †		133,800		46,729,650
				248,378,380
Textiles, Apparel & Luxury Goods: 0.83%
Levi Strauss & Company Class A †«		2,027,769		38,649,277
Consumer Staples: 2.58%
Beverages: 1.57%
Constellation Brands Incorporated Class A		64,310		12,657,494
The Coca-Cola Company		1,155,100		60,792,913
				73,450,407

Wells Fargo Growth Fund  |  11

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

Portfolio of investments—July 31, 2019

	Shares		Value
Food & Staples Retailing: 0.07%
Grocery Outlet Holding Corporation †		83,499	$	3,251,451
Personal Products: 0.94%
The Estee Lauder Companies Incorporated Class A		237,960		43,829,852
Energy: 0.40%
Oil, Gas & Consumable Fuels: 0.40%
Concho Resources Incorporated		191,850		18,739,908
Financials: 4.08%
Capital Markets: 3.49%
Assetmark Financial Holdings †		94,579		2,675,640
CME Group Incorporated		102,410		19,910,552
MarketAxess Holdings Incorporated		259,121		87,334,142
Raymond James Financial Incorporated		416,340		33,586,148
The Charles Schwab Corporation		458,050		19,796,921
				163,303,403
Thrifts & Mortgage Finance: 0.59%
LendingTree Incorporated †«		85,260		27,499,760
Health Care: 11.18%
Biotechnology: 3.03%
Alexion Pharmaceuticals Incorporated †		577,300		65,402,317
Natera Incorporated †		617,795		17,038,786
Sage Therapeutics Incorporated †		93,500		14,991,790
Sarepta Therapeutics Incorporated †		89,600		13,336,960
Vertex Pharmaceuticals Incorporated †		186,600		31,091,292
				141,861,145
Health Care Equipment & Supplies: 5.26%
Boston Scientific Corporation †		1,547,520		65,707,699
DexCom Incorporated †		177,100		27,781,677
Edwards Lifesciences Corporation †		109,800		23,370,930
Insulet Corporation †		415,900		51,130,746
Novocure Limited †		808,600		67,291,692
Stryker Corporation		51,000		10,698,780
				245,981,524
Health Care Technology: 1.65%
Health Catalyst Incorporated †		47,213		2,089,175
Veeva Systems Incorporated Class A †		452,250		75,028,275
				77,117,450
Life Sciences Tools & Services: 0.05%
Adaptive Biotechnologies Corporation †		65,003		2,505,866
Pharmaceuticals: 1.19%
Elanco Animal Health Incorporated †		493,405		16,262,629
Zoetis Incorporated		340,970		39,174,043
				55,436,672

12  |  Wells Fargo Growth Fund

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

Portfolio of investments—July 31, 2019

	Shares		Value
Industrials: 12.73%
Aerospace & Defense: 1.14%
The Boeing Company		157,080	$	53,592,554
Airlines: 0.23%
SkyWest Incorporated		177,600		10,782,096
Commercial Services & Supplies: 3.37%
Casella Waste Systems Incorporated Class A †		674,124		29,391,806
Copart Incorporated †		682,070		52,880,887
Waste Connections Incorporated		830,805		75,370,630
				157,643,323
Industrial Conglomerates: 0.69%
Roper Technologies Incorporated		89,190		32,433,944
Machinery: 0.91%
Fortive Corporation		121,960		9,275,058
Milacron Holdings Corporation †		1,965,135		33,092,873
				42,367,931
Professional Services: 1.52%
ASGN Incorporated †		410,000		25,850,500
CoStar Group Incorporated †		57,300		35,262,420
TransUnion		119,800		9,918,242
				71,031,162
Road & Rail: 4.79%
CSX Corporation		1,190,880		83,837,952
Norfolk Southern Corporation		379,490		72,528,129
Union Pacific Corporation		374,760		67,438,062
				223,804,143
Trading Companies & Distributors: 0.08%
SiteOne Landscape Supply Incorporated †		49,500		3,656,565
Information Technology: 38.50%
IT Services: 13.27%
Euronet Worldwide Incorporated †		306,500		47,786,415
Global Payments Incorporated		491,870		82,594,810
InterXion Holding NV †		161,931		12,193,404
MasterCard Incorporated Class A		559,470		152,326,897
MongoDB Incorporated †		144,720		20,726,798
PayPal Holdings Incorporated †		708,890		78,261,456
Square Incorporated Class A †		318,300		25,594,503
Twilio Incorporated Class A †		220,539		30,679,180
Visa Incorporated Class A		811,610		144,466,580
WEX Incorporated †		119,089		25,969,738
				620,599,781
Semiconductors & Semiconductor Equipment: 7.61%
Microchip Technology Incorporated «		1,662,290		156,953,422
Monolithic Power Systems Incorporated		781,070		115,723,331
NVIDIA Corporation		50,700		8,554,104
Texas Instruments Incorporated		597,380		74,678,474
				355,909,331

Wells Fargo Growth Fund  |  13

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

Portfolio of investments—July 31, 2019

				Shares		Value
Software: 15.53%
Adobe Systems Incorporated †					74,520	$	22,271,047
Anaplan Incorporated †					289,439		16,480,657
BlackLine Incorporated †					320,830		14,309,018
Dropbox Incorporated Class A †					2,101,600		49,513,696
Envestnet Incorporated †					1,384,470		98,865,003
Microsoft Corporation					1,597,650		217,711,766
Mimecast Limited †					968,800		46,114,880
New Relic Incorporated †					295,460		27,528,008
Proofpoint Incorporated †					399,390		50,403,018
Rapid7 Incorporated †					108,300		6,568,395
RealPage Incorporated †					699,600		43,711,008
SailPoint Technologies Holdings Incorporated †					414,371		8,759,803
Salesforce.com Incorporated †					164,380		25,396,710
ServiceNow Incorporated †					81,190		22,521,294
Splunk Incorporated †					230,900		31,243,079
Tableau Software Incorporated Class A †					121,700		20,631,801
Talend SA ADR †					724,400		23,767,564
							725,796,747
Technology Hardware, Storage & Peripherals: 2.09%
Apple Incorporated					457,840		97,538,234
Materials: 1.74%
Chemicals: 1.74%
Linde plc					277,660		53,110,805
PolyOne Corporation					858,863		28,144,940
							81,255,745
Total Common Stocks (Cost $2,182,199,712)							4,609,024,405
	Yield
Short-Term Investments: 1.73%
Investment Companies: 1.73%
Securities Lending Cash Investments LLC (l)(r)(u)		2.46	%		18,742,078		18,743,952
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26			62,114,127		62,114,127
Total Short-Term Investments (Cost $80,856,527)							80,858,079

Total investments in securities (Cost $2,263,056,239)	100.31	%		4,689,882,484
Other assets and liabilities, net	(0.31	)		(14,370,406	)
Total net assets	100.00	%	$	4,675,512,078

† 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 anon-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the7-day annualized yield at period end.

Abbreviations:

ADR American depositary receipt

14  |  Wells Fargo Growth Fund

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

Portfolio of investments—July 31, 2019

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 Stock
Industrials
Machinery
Milacron Holdings Corporation †		3,945,835		252,200		2,232,900			1,965,135	*	$	(7,905,476	)	$	(14,593,989	)	$	0		$	0	*		0.00	%*
Short-Term Investments
Investment Companies							��
Securities Lending Cash Investments LLC		149,251,008		1,128,448,585		1,258,957,515			18,742,078			11,560			(2,788	)		4,959,005	#		18,743,952
Wells Fargo Government Money Market Fund Select Class		17,742,561		744,173,549		699,801,983			62,114,127			0			0			625,867			62,114,127
																					80,858,079			1.73	%
											$	(7,893,916	)	$	(14,596,777	)	$	5,584,872		$	80,858,079			1.73	%

† Non-income-earning security

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

^#  Amount shown represents income before fees and rebates

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

Wells Fargo Growth Fund  |  15

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities (including $17,912,500 of securities loaned), at value (cost $2,182,199,712)	$	4,609,024,405
Investments in affiliated securities, at value (cost $80,856,527)		80,858,079
Receivable for investments sold		22,348,970
Receivable for Fund shares sold		2,243,613
Receivable for dividends		771,441
Receivable for securities lending income, net		12,653
Total assets		4,715,259,161
Liabilities
Payable upon receipt of securities loaned		18,725,395
Payable for investments purchased		13,625,953
Management fee payable		2,581,308
Payable for Fund shares redeemed		2,471,591
Administration fees payable		649,539
Distribution fee payable		101,346
Trustees’ fees and expenses payable		4,300
Accrued expenses and other liabilities		1,587,651
Total liabilities		39,747,083
Total net assets	$	4,675,512,078
Net assets consist of
Paid-in capital	$	1,854,006,983
Total distributable earnings		2,821,505,095
Total net assets	$	4,675,512,078
Computation of net asset value and offering price per share
Net assets – Class A	$	2,116,542,230
Shares outstanding – Class A1		59,523,111
Net asset value per share – Class A		$35.56
Maximum offering price per share – Class A2		$37.73
Net assets – Class C	$	156,056,111
Shares outstanding – Class C1		6,032,793
Net asset value per share – Class C		$25.87
Net assets – Class R6	$	337,260,345
Shares outstanding – Class R61		7,356,924
Net asset value per share – Class R6		$45.84
Net assets – Administrator Class	$	561,900,448
Shares outstanding – Administrator Class1		13,514,295
Net asset value per share – Administrator Class		$41.58
Net assets – Institutional Class	$	1,503,752,944
Shares outstanding – Institutional Class1		32,907,982
Net asset value per share – Institutional Class		$45.70

¹  The Fund has an unlimited number of authorized shares.

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

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

16  |  Wells Fargo Growth Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $87,333)	$	30,313,745
Income from affiliated securities		1,495,379
Total investment income		31,809,124
Expenses
Management fee		31,238,968
Administration fees
Class A		4,268,389
Class C		341,676
Class R6		83,693
Administrator Class		672,753
Institutional Class		1,909,274
Shareholder servicing fees
Class A		5,081,415
Class C		406,757
Administrator Class		1,292,686
Distribution fee
Class C		1,220,250
Custody and accounting fees		157,293
Professional fees		50,954
Registration fees		123,001
Shareholder report expenses		249,999
Trustees’ fees and expenses		22,013
Other fees and expenses		85,512
Total expenses		47,204,633
Less: Fee waivers and/or expense reimbursements		(2,583,337	)
Net expenses		44,621,296
Net investment loss		(12,812,172	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		640,616,814
Affiliated securities		(7,893,916	)
Net realized gains on investments		632,722,898
Net change in unrealized gains (losses) on
Unaffiliated securities		(48,691,469	)
Affiiliated securities		(14,596,777	)
Net change in unrealized gains (losses) on investments		(63,288,246	)
Net realized and unrealized gains (losses) on investments		569,434,652
Net increase in net assets resulting from operations	$	556,622,480

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

Wells Fargo Growth Fund  |  17

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment loss				$	(12,812,172	)				$	(13,576,427	)
Net realized gains on investments					632,722,898						745,731,324
Net change in unrealized gains (losses) on investments					(63,288,246	)					402,450,351
Net increase in net assets resulting from operations					556,622,480						1,134,605,248
Distributions to shareholders from net investment income and net realized gains
Class A					(355,696,811	)					(505,431,285	)
Class C					(37,666,442	)					(57,934,182	)
Class R6					(36,585,868	)					(16,966,960	)
Administrator Class					(78,768,918	)					(138,040,210	)
Institutional Class					(211,847,451	)					(379,819,630	)
Total distributions to shareholders					(720,565,490	)					(1,098,192,267	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,458,750			81,981,928			2,597,711			97,664,924
Class C		746,761			17,066,886			567,969			15,881,145
Class R6		2,698,823			114,509,957			4,402,138			197,214,825
Administrator Class		2,744,478			107,374,673			2,015,636			86,044,136
Institutional Class		5,400,449			232,172,883			8,063,218			384,247,586
					553,106,327						781,052,616
Reinvestment of distributions
Class A		12,007,593			343,056,930			14,511,944			482,812,377
Class C		1,566,352			32,721,099			1,880,250			49,281,340
Class R6		995,813			36,576,208			415,977			16,959,366
Administrator Class		2,333,920			77,882,902			3,626,546			136,757,066
Institutional Class		5,586,200			204,566,633			9,008,188			366,543,153
					694,803,772						1,052,353,302
Payment for shares redeemed
Class A		(10,353,405	)		(346,975,927	)		(10,001,358	)		(381,655,936	)
Class C		(2,391,955	)		(58,387,097	)		(2,374,317	)		(73,235,128	)
Class R6		(1,446,729	)		(63,083,744	)		(758,315	)		(34,584,223	)
Administrator Class		(4,421,943	)		(173,395,539	)		(7,153,909	)		(302,587,215	)
Institutional Class		(12,123,280	)		(516,616,632	)		(18,199,975	)		(827,075,266	)
					(1,158,458,939	)					(1,619,137,768	)
Net increase in net assets resulting from capital share transactions					89,451,160						214,268,150
Total increase (decrease) in net assets					(74,491,850	)					250,681,131
Net assets
Beginning of period					4,750,003,928						4,499,322,797
End of period				$	4,675,512,078					$	4,750,003,928

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $0. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

18  |  Wells Fargo Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$38.67			$40.38			$42.28			$49.50			$49.99
Net investment loss		(0.13	)		(0.12	)		(0.19	)1		(0.20	)1		(0.29	)1
Net realized and unrealized gains (losses) on investments		3.73			9.49			5.61			(0.99	)		7.03
Total from investment operations		3.60			9.37			5.42			(1.19	)		6.74
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$35.56			$38.67			$40.38			$42.28			$49.50
Total return2		13.55	%		27.66	%		15.95	%		(1.69	)%		15.01	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.17	%		1.15	%		1.18	%
Net expenses		1.16	%		1.16	%		1.16	%		1.14	%		1.18	%
Net investment loss		(0.45	)%		(0.45	)%		(0.49	)%		(0.49	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$2,116,542			$2,142,855			$1,950,551			$2,582,955			$1,465,643

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Growth Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$30.33			$34.05			$37.07			$44.51			$45.95
Net investment loss		(0.31	)1		(0.33	)		(0.41	)1		(0.46	)1		(0.60	)1
Net realized and unrealized gains (losses) on investments		2.56			7.69			4.71			(0.95	)		6.39
Total from investment operations		2.25			7.36			4.30			(1.41	)		5.79
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$25.87			$30.33			$34.05			$37.07			$44.51
Total return2		12.68	%		26.73	%		15.05	%		(2.44	)%		14.16	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.92	%		1.90	%		1.93	%
Net expenses		1.91	%		1.91	%		1.91	%		1.89	%		1.93	%
Net investment loss		(1.19	)%		(1.19	)%		(1.23	)%		(1.24	)%		(1.34	)%
Supplemental data
Portfolio turnover rate		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$156,056			$185,346			$205,607			$321,032			$465,833

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20  |  Wells Fargo Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			2017			20161
Net asset value, beginning of period		$47.53			$47.13			$47.90			$48.97
Net investment income (loss)		0.00	2,3		(0.01	)2		(0.02	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		5.02			11.49			6.57			4.98
Total from investment operations		5.02			11.48			6.55			4.96
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)
Net asset value, end of period		$45.84			$47.53			$47.13			$47.90
Total return4		14.06	%		28.26	%		16.49	%		10.89	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income (loss)		0.00	%		(0.02	)%		(0.05	)%		(0.23	)%
Supplemental data
Portfolio turnover rate		39	%		37	%		42	%		38	%
Net assets, end of period (000s omitted)		$337,260			$242,838			$49,454			$30,906

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

²  Calculated based upon average shares outstanding

³  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.

Wells Fargo Growth Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$43.89			$44.40			$45.66			$52.86			$52.80
Net investment loss		(0.10	)1		(0.11	)1		(0.11	)1		(0.14	)1		(0.20	)1
Net realized and unrealized gains (losses) on investments		4.50			10.68			6.17			(1.03	)		7.49
Total from investment operations		4.40			10.57			6.06			(1.17	)		7.29
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$41.58			$43.89			$44.40			$45.66			$52.86
Total return		13.78	%		27.90	%		16.20	%		(1.53	)%		15.28	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.09	%		1.07	%		1.02	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.25	)%		(0.24	)%		(0.27	)%		(0.31	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$561,900			$564,391			$637,987			$1,528,288			$2,349,359

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$47.43			$47.07			$47.87			$54.99			$54.54
Net investment loss		(0.01	)1		(0.02	)1		(0.04	)1		(0.05	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		4.99			11.46			6.56			(1.04	)		7.77
Total from investment operations		4.98			11.44			6.52			(1.09	)		7.68
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$45.70			$47.43			$47.07			$47.87			$54.99
Total return		14.00	%		28.21	%		16.44	%		(1.31	)%		15.53	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.84	%		0.82	%		0.76	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment loss		(0.03	)%		(0.03	)%		(0.08	)%		(0.10	)%		(0.17	)%
Supplemental data
Portfolio turnover rate		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$1,503,753			$1,614,575			$1,655,724			$2,398,134			$3,863,196

¹  Calculated based upon average shares outstanding

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

Wells Fargo Growth Fund  |  23

Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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 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 registeredopen-end investment companies are valued at net asset value. Interests innon-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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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

24  |  Wells Fargo Growth Fund

Notes to financial statements

costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $2,267,602,076 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,440,543,528
Gross unrealized losses		(18,263,120	)
Net unrealized gains	$	2,422,280,408

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At July 31, 2019, as a result of permanentbook-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(3,705,012)	$3,705,012

As of July 31, 2019, the Fund had a qualified late-year ordinary loss of $9,108,551 which will be recognized on the first day of the following 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 fund-level 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:

Wells Fargo Growth Fund  |  25

Notes to financial statements

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	410,662,414	$	0	$	0	$	410,662,414
Consumer discretionary		868,972,997		0		0		868,972,997
Consumer staples		120,531,710		0		0		120,531,710
Energy		18,739,908		0		0		18,739,908
Financials		190,803,163		0		0		190,803,163
Health care		522,902,657		0		0		522,902,657
Industrials		595,311,718		0		0		595,311,718
Information technology		1,799,844,093		0		0		1,799,844,093
Materials		81,255,745		0		0		81,255,745
Short-term investments
Investment companies		80,858,079		0		0		80,858,079
Total assets	$	4,689,882,484	$	0	$	0	$	4,689,882,484

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million	0.800%
Next $500 million	0.750
Next $1 billion	0.700
Next $2 billion	0.675
Next $1 billion	0.650
Next $3 billion	0.640
Next $2 billion	0.615
Next $2 billion	0.605
Next $4 billion	0.580
Over $16 billion	0.555

26  |  Wells Fargo Growth Fund

Notes to financial statements

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliated 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class C shares, 0.70% for Class R6 shares, 0.96% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment 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.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-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 thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $27,243 from the sale of Class A shares and $260 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2019.

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 Rule17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $1,749,561,745 and $2,456,087,660, respectively.

Wells Fargo Growth Fund  |  27

Notes to financial statements

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred.

As of July 31, 2019, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	12,816,008	$	(12,816,008	)	$	0
Jefferies LLC		322,540		(322,540	)		0
Morgan Stanley & Co. LLC		257,310		(257,310	)		0
UBS Securities LLC		4,516,642		(4,516,642	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	25,417,735	$	19,197,330
Long-term capital gain		695,147,755		1,078,994,937

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$408,333,238	$2,422,280,408	$(9,108,551)

28  |  Wells Fargo Growth Fund

Notes to financial statements

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net realized gains
Class A		$505,431,285
Class C		57,934,182
Class R6		16,966,960
Administrator Class		138,040,210
Institutional Class		379,819,630

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. 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.

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. REDEMPTIONIN-KIND

After the close of business on July 12, 2018, the Fund redeemed assets through anin-kind redemption. In the redemption transaction, the Fund issued securities with a value of $75,847,965 and cash in the amount of $271,155. The redemptionin-kind by a shareholder of the Institutional Class represented 1.54% of the Fund and is reflected on the Statement of Changes in Net Assets.

12. 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. ASU2018-13 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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Wells Fargo Growth Fund  |  29

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Growth Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

30  |  Wells Fargo Growth Fund

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 98.12% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $695,147,755 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $25,417,735 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $25,417,735 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or FormN-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330.

Wells Fargo Growth Fund  |  31

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 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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 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
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; Nominating and 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	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 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, anon-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

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

Wells Fargo Growth Fund  |  33

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

34  |  Wells Fargo Growth Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ANDSUB-ADVISORY AGREEMENTS:

Wells Fargo Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management andsub-advisory agreements. In this regard, at anin-person meeting held on May21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management andsub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investmentsub-advisory agreement (the“Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the“Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and theSub-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 theSub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at anin-person meeting in April 2019, 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 asub-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 theSub-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 2019. 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 theSub-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 wasall-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 aone-year term and determined that the compensation payable to Funds Management and theSub-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 afund-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 theSub-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 theSub-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 theSub-Adviser, and a description of Funds Management’s and theSub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for theday-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and theSub-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 theSub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Growth Fund  |  35

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, 2018. 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 3000^® Growth Index, for theone-, andten-year periods under review, but lower than its benchmark for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the 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 for all periods under review and the index over theone- andten-year 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 othernon-management fees, and Rule12b-1 andnon-Rule12b-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 fromyear-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 tore-approve the Advisory Agreements.

Investment management andsub-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 andsub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investmentsub-advisory fee rates that are payable by Funds Management to theSub-Adviser for investmentsub-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 the Institutional and R6 share classes, but higher than the sum of these average rates for the Fund’s expense Groups for the Class A and Administrator share classes. However, the Board noted that the net operating expense ratios of the Fund were lower than, equal to or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to theSub-Adviser forsub-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 theSub-Adviser, and about Funds Management’son-going oversight services. Given the affiliation between Funds Management and theSub-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 theSub-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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-partysub-advised fund clients andnon-mutual fund clients such as institutional separate accounts.

36  |  Wells Fargo Growth Fund

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to theSub-Adviser under theSub-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”) from providing services to the fund family as a whole. The Board noted that theSub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. Among other things, the Board noted that the levels of profitability reported on afund-by-fund basis varied widely, depending on factors such as the size, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, 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 theSub-Adviser

The Board received and considered information regarding potential“fall-out” or ancillary benefits received by Funds Management and its affiliates, including theSub-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 theSub-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 andsub-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 theSub-Adviser, fees earned by Funds Management and theSub-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 theSub-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 aone-year term and determined that the compensation payable to Funds Management and theSub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo Growth Fund  |  37

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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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405478 09-19

A206/AR206 07-19

Annual Report

July 31, 2019

Wells Fargo Classic Value Fund

(formerly, Wells Fargo Intrinsic Value Fund)

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Report of independent registered public accounting firm	28
Other information	29

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Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports atwellsfargo.com/advantagedelivery

The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Classic Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Classic Value Fund for the 12-month period that ended July 31, 2019. Effective April 1, 2019, the Fund changed its name from Wells Fargo Intrinsic Value Fund to Wells Fargo Classic Value Fund. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Classic Value Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Classic Value Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Classic Value Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Miguel E. Giaconi, CFA^®‡

Jean-Baptiste Nadal, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (EIVAX)3	8-1-2006		2.76		7.07		11.37		9.03		8.34		12.03		1.18		1.11
Class C (EIVCX)3	8-1-2006		7.16		7.53		11.18		8.16		7.53		11.18		1.93		1.86
Class R (EIVTX)3,4	3-1-2013		–		–		–		8.70		8.08		11.77		1.43		1.36
Class R6 (EIVFX)3,5	11-30-2012		–		–		–		10.38		9.02		12.54		0.75		0.65
Administrator Class (EIVDX)3,6	7-30-2010		–		–		–		9.21		8.53		12.24		1.10		0.95
Institutional Class (EIVIX)3	8-1-2006		–		–		–		9.44		8.80		12.47		0.85		0.70
Russell 1000® Value Index7	–		–		–		–		5.20		8.01		12.40		–		–

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

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Classic Value Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁸

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

⁴  Historical performance shown for Class R shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R shares.

⁵  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.

⁶  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁷  The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁸  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁹  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.

¹⁰  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

Wells Fargo Classic Value Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Value Index, for the 12-month period that ended July 31, 2019.

∎ Stock selection in the information technology (IT), financials, materials, and consumer discretionary sectors contributed to relative performance.

∎ Stock selection in the industrials and energy sectors detracted from the Fund’s relative performance.

Strong market performance from the Russell 1000^® Value Index during the reporting period was driven mainly by strong corporate earnings growth, positive effects of tax reform, and economic growth combined with muted inflation. We continued to adhere to our disciplined investment process that relies predominantly on discounted free cash flow. We also continued our focus on individual companies rather than on broad, top-down economic or sector forecasts. To manage risk, we maintained the Fund’s broad diversification by sector, industry, and position.

Ten largest holdings (%) as of July 31, 20199
Comcast Corporation Class A	3.34
Mondelez International Incorporated Class A	3.26
Medtronic plc	3.24
Merck & Company Incorporated	3.02
Alphabet Incorporated Class C	3.01
Vulcan Materials Company	2.93
Dollar Tree Incorporated	2.92
NXP Semiconductors NV	2.86
Honeywell International Incorporated	2.83
US Bancorp	2.81

Sector distribution as of July 31, 2019¹⁰

Stock selection across several sectors contributed to Fund performance.

Within the IT sector, the largest contributors to the Fund’s performance were specialty wireless communication provider Motorola Solutions, Incorporated; computer software giant Microsoft Corporation; and multinational networking equipment provider, Cisco Systems, Incorporated. Global insurance brokerage and consulting firm Aon plc* and the largest private-label credit card provider Synchrony Financial were the Fund’s top contributors within the financials sector. The Fund’s sole holding in the materials sector, Vulcan Materials Company, a supplier of construction aggregates—crushed stone, sand, and gravel—enhanced relative value. In the consumer discretionary sector, discount variety retailer Dollar Tree, Incorporated, and Advance Auto Parts, Incorporated, a retailer/distributor of aftermarket automotive parts, added value.

Security selection in two sectors was the Fund’s main detractor from relative performance.

Within the industrials sector, the primary detractor was the second-largest airplane leasing company, AerCap Holdings, N.V. Stock selection in the energy sector also detracted from relative return—especially EOG Resources, Incorporated, a U.S. oil shale exploration and production company, and Schlumberger Limited, a global leader in oil-field services.

During the period, we made changes to the Fund’s portfolio based on our fundamental research.

As a result of trades, stock price movements, and the annual reconstitution of the FTSE Russell family of indices, the Fund’s positioning relative to its benchmark shifted noticeably during the period. The most notable sector-weighting change within the Fund was an increase in the health care sector’s weighting. We added positions in two health care companies: specialty distributor of products and services to smaller office-based medical, dental, and animal health practitioners Henry Schein, Incorporated, and leading medical devices player Medtronic plc. In all cases, trades within the Fund were made based on fundamental bottom-up research and were not top-down sector allocation decisions.

Please see footnotes on page 7.

8  |  Wells Fargo Classic Value Fund

Performance highlights (unaudited)

We continued to focus on our investment strategy and process.

The team’s approach is to remain cautious in this environment, as strong first-half 2019 returns increase the challenges of finding attractively priced opportunities within various sectors. We are seeking opportunities in the traditional defensive sectors in order to manage our risk exposures. Our IT exposure looks prudent, in our view, with a tilt toward companies potentially benefiting from long-term structural trends related to the cloud. Our financials exposure is diversified and less dependent on a rising interest rate scenario. Our investments in health care have been additive to relative performance, but as the 2020 election nears, political rhetoric may create headwinds for pharmaceutical pricing. Free cash flow generation within the energy sector should improve as companies continue to control both operating costs and capital expenditures.

We identify several risks that may affect short-term returns, including trade wars, geopolitical events, global economic growth weakening further and affecting the U.S. economy, and congressional investigations into the White House.

We continue to believe that our long-term focus on company fundamentals, our determination to seek out mispricing opportunities in the marketplace, and our ability to identify catalysts that create or unlock value over our investment time horizon should return value for shareholders over a complete market cycle.

Wells Fargo Classic Value Fund  |  9

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,128.01	$	5.80		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Class C
Actual	$	1,000.00	$	1,123.35	$	9.79		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.57	$	9.30		1.86	%
Class R
Actual	$	1,000.00	$	1,126.06	$	7.17		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	6.80		1.36	%
Class R6
Actual	$	1,000.00	$	1,131.23	$	3.43		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,128.27	$	5.01		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,129.91	$	3.70		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

10  |  Wells Fargo Classic Value Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 97.65%
Communication Services: 11.03%
Diversified Telecommunication Services: 2.29%
Verizon Communications Incorporated		362,400	$	20,029,848
Entertainment: 2.39%
The Walt Disney Company		145,800		20,850,858
Interactive Media & Services: 3.01%
Alphabet Incorporated Class C †		21,600		26,280,288
Media: 3.34%
Comcast Corporation Class A		676,800		29,217,456
Consumer Discretionary: 5.25%
Multiline Retail: 2.92%
Dollar Tree Incorporated †		250,500		25,488,375
Specialty Retail: 2.33%
Advance Auto Parts Incorporated		135,500		20,411,720
Consumer Staples: 8.81%
Food Products: 8.81%
Archer Daniels Midland Company		496,000		20,375,680
ConAgra Foods Incorporated		324,200		9,359,654
Kellogg Company		321,500		18,717,730
Mondelez International Incorporated Class A		532,700		28,494,123
				76,947,187
Energy: 7.83%
Energy Equipment & Services: 1.63%
Schlumberger Limited		266,900		10,667,993
TechnipFMC plc		130,000		3,580,200
				14,248,193
Oil, Gas & Consumable Fuels: 6.20%
Chevron Corporation		170,800		21,027,188
ConocoPhillips		289,703		17,115,653
EOG Resources Incorporated		186,200		15,985,270
				54,128,111
Financials: 23.95%
Banks: 15.37%
Bank of America Corporation		724,100		22,215,388
BB&T Corporation		435,800		22,456,774
CIT Group Incorporated		435,200		21,999,360
JPMorgan Chase & Company		173,600		20,137,600
PNC Financial Services Group Incorporated		160,500		22,935,450
US Bancorp		430,200		24,585,930
				134,330,502
Capital Markets: 2.06%
Intercontinental Exchange Incorporated		204,800		17,993,728

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

Wells Fargo Classic Value Fund  |  11

Portfolio of investments—July 31, 2019

	Shares		Value
Consumer Finance: 1.65%
Synchrony Financial		401,900	$	14,420,172
Insurance: 4.87%
American International Group Incorporated		383,300		21,460,967
The Allstate Corporation		196,300		21,082,620
				42,543,587
Health Care: 15.11%
Biotechnology: 2.32%
Gilead Sciences Incorporated		309,000		20,245,680
Health Care Equipment & Supplies: 3.24%
Medtronic plc		277,900		28,329,126
Health Care Providers & Services: 5.27%
Cigna Corporation		134,500		22,854,240
Henry Schein Incorporated †		348,000		23,155,920
				46,010,160
Pharmaceuticals: 4.28%
Eli Lilly & Company		101,000		11,003,950
Merck & Company Incorporated		318,000		26,390,820
				37,394,770
Industrials: 9.05%
Aerospace & Defense: 2.56%
General Dynamics Corporation		120,300		22,368,582
Air Freight & Logistics: 1.80%
United Parcel Service Incorporated Class B		131,600		15,722,252
Electrical Equipment: 0.80%
Sensata Technologies Holding plc †		147,400		6,991,182
Industrial Conglomerates: 2.82%
Honeywell International Incorporated		143,200		24,696,272
Trading Companies & Distributors: 1.07%
AerCap Holdings NV †		171,000		9,324,630
Information Technology: 11.43%
Communications Equipment: 4.36%
Cisco Systems Incorporated		302,100		16,736,340
Motorola Solutions Incorporated		128,900		21,392,244
				38,128,584
Semiconductors & Semiconductor Equipment: 2.86%
NXP Semiconductors NV		241,400		24,958,346
Software: 2.49%
Microsoft Corporation		159,900		21,789,573
Technology Hardware, Storage & Peripherals: 1.72%
Apple Incorporated		70,500		15,019,320

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

12  |  Wells Fargo Classic Value Fund

Portfolio of investments—July 31, 2019

				Shares		Value
Materials: 2.93%
Construction Materials: 2.93%
Vulcan Materials Company					184,800	$	25,567,080
Utilities: 2.26%
Electric Utilities: 2.26%
NextEra Energy Incorporated					95,200		19,722,584
Total Common Stocks (Cost $657,285,582)							853,158,166
	Yield
Short-Term Investments: 2.43%
Investment Companies: 2.43%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26	%		21,251,512		21,251,512
Total Short-Term Investments (Cost $21,251,512)							21,251,512

Total investments in securities (Cost $678,537,094)	100.08	%		874,409,678
Other assets and liabilities, net	(0.08	)		(700,045	)
Total net assets	100.00	%	$	873,709,633

† 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
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *		22,455,104		140,486,684		162,941,788		0	$	1,459	$	0	$	358,002	#	$	0
Wells Fargo Government Money Market Fund Select Class		9,615,845		201,440,126		189,804,459		21,251,512		0		0		239,395			21,251,512
									$	1,459	$	0	$	597,397		$	21,251,512		2.43	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Classic Value Fund  |  13

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $657,285,582)	$	853,158,166
Investments in affiliated securities, at value (cost $21,251,512)		21,251,512
Receivable for Fund shares sold		16,205
Receivable for dividends		853,464
Prepaid expenses and other assets		6,652
Total assets		875,285,999
Liabilities
Payable for Fund shares redeemed		687,604
Management fee payable		416,630
Shareholder servicing fees payable		159,933
Administration fees payable		116,657
Distribution fees payable		4,757
Trustees’ fees and expenses payable		4,526
Accrued expenses and other liabilities		186,259
Total liabilities		1,576,366
Total net assets	$	873,709,633
Net assets consist of
Paid-in capital	$	603,912,301
Total distributable earnings		269,797,332
Total net assets	$	873,709,633
Computation of net asset value and offering price per share
Net assets – Class A	$	291,110,555
Shares outstanding – Class A1		22,170,919
Net asset value per share – Class A		$13.13
Maximum offering price per share – Class A2		$13.93
Net assets – Class C	$	7,370,148
Shares outstanding – Class C1		577,879
Net asset value per share – Class C		$12.75
Net assets – Class R	$	87,680
Shares outstanding – Class R1		6,633
Net asset value per share – Class R		$13.22
Net assets – Class R6	$	4,231,324
Shares outstanding – Class R61		327,350
Net asset value per share – Class R6		$12.93
Net assets – Administrator Class	$	464,041,313
Shares outstanding – Administrator Class1		33,603,751
Net asset value per share – Administrator Class		$13.81
Net assets – Institutional Class	$	106,868,613
Shares outstanding – Institutional Class1		8,083,949
Net asset value per share – Institutional Class		$13.22

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 Classic Value Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $260,917)	$	15,983,955
Income from affiliated securities		431,064
Total investment income		16,415,019
Expenses
Management fee		5,916,910
Administration fees
Class A		586,743
Class C		28,303
Class R		162
Class R6		477
Administrator Class		583,043
Institutional Class		149,526
Shareholder servicing fees
Class A		673,520
Class C		33,693
Class R		193
Administrator Class		1,118,472
Distribution fees
Class C		101,057
Class R		187
Custody and accounting fees		35,153
Professional fees		44,778
Registration fees		100,028
Shareholder report expenses		89,998
Trustees’ fees and expenses		21,999
Other fees and expenses		29,199
Total expenses		9,513,441
Less: Fee waivers and/or expense reimbursements		(1,112,124	)
Net expenses		8,401,317
Net investment income		8,013,702
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		76,995,283
Affiliated securities		1,459
Net realized gains on investments		76,996,742
Net change in unrealized gains (losses) on investments		(13,962,337	)
Net realized and unrealized gains (losses) on investments		63,034,405
Net increase in net assets resulting from operations	$	71,048,107

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

Wells Fargo Classic Value Fund  |  15

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment income				$	8,013,702					$	8,762,212
Net realized gains on investments					76,996,742						72,505,918
Net change in unrealized gains (losses) on investments					(13,962,337	)					27,765,454
Net increase in net assets resulting from operations					71,048,107						109,033,584
Distributions to shareholders from net investment income and net realized gains
Class A					(20,592,244	)					(23,575,879	)
Class C					(1,289,606	)					(1,660,929	)
Class R					(5,465	)					(4,009	)
Class R6					(8,549	)					(208,873	)
Administrator Class					(32,970,858	)					(36,749,268	)
Institutional Class					(9,914,802	)					(12,727,579	)
Total distributions to shareholders					(64,781,524	)					(74,926,537	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,095,957			13,103,460			331,519			4,190,768
Class C		39,212			474,330			19,728			240,572
Class R		620			7,723			1,671			20,842
Class R6		338,872			4,112,428			12,234			151,356
Administrator Class		156,229			2,025,198			128,470			1,686,875
Institutional Class		340,168			4,276,101			594,996			7,543,156
					23,999,240						13,833,569
Reinvestment of distributions
Class A		1,707,185			19,644,349			1,816,483			22,389,992
Class C		110,427			1,234,002			131,832			1,579,351
Class R		372			4,309			220			2,728
Class R6		65			713			16,488			201,277
Administrator Class		2,569,095			31,093,029			2,684,570			34,693,107
Institutional Class		740,566			8,584,300			901,012			11,188,786
					60,560,702						70,055,241
Payment for shares redeemed
Class A		(2,824,686	)		(34,934,918	)		(3,243,108	)		(40,904,939	)
Class C		(1,137,730	)		(13,185,582	)		(349,959	)		(4,293,957	)
Class R		(1	)		(14	)		(33	)		(423	)
Class R4		N/A			N/A			(1,342	)2		(17,226	)2
Class R6		(211,115	)		(2,800,996	)		(21,179	)		(269,458	)
Administrator Class		(3,428,830	)		(44,447,112	)		(3,402,317	)		(44,953,219	)
Institutional Class		(3,443,010	)		(40,683,763	)		(3,859,490	)		(48,539,311	)
					(136,052,385	)					(138,978,533	)
Net decrease in net assets resulting from capital share transactions					(51,492,443	)					(55,089,723	)
Total decrease in net assets					(45,225,860	)					(20,982,676	)
Net assets
Beginning of period					918,935,493						939,918,169
End of period				$	873,709,633					$	918,935,493

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $7,412,219. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

²  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund,

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

16  |  Wells Fargo Classic Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.05			$12.61			$12.01			$13.73			$13.60
Net investment income		0.10			0.11			0.12	1		0.13			0.10
Net realized and unrealized gains (losses) on investments		0.94			1.39			1.43			(0.42	)		1.09
Total from investment operations		1.04			1.50			1.55			(0.29	)		1.19
Distributions to shareholders from
Net investment income		(0.12	)		(0.06	)		(0.14	)		(0.11	)		(0.07	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(0.96	)		(1.06	)		(0.95	)		(1.43	)		(1.06	)
Net asset value, end of period		$13.13			$13.05			$12.61			$12.01			$13.73
Total return2		9.03	%		12.43	%		13.50	%		(1.73	)%		9.19	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.17	%		1.17	%		1.20	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.16	%
Net investment income		0.81	%		0.83	%		0.95	%		1.12	%		0.75	%
Supplemental data
Portfolio turnover rate		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$291,111			$289,683			$293,599			$318,543			$372,443

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Classic Value Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.69			$12.31			$11.74			$13.45			$13.36
Net investment income		0.00	1,2		0.01	1		0.02	1		0.03			0.00	2
Net realized and unrealized gains (losses) on investments		0.92			1.37			1.40			(0.41	)		1.08
Total from investment operations		0.92			1.38			1.42			(0.38	)		1.08
Distributions to shareholders from
Net investment income		(0.02	)		0.00			(0.04	)		(0.01	)		0.00
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(0.86	)		(1.00	)		(0.85	)		(1.33	)		(0.99	)
Net asset value, end of period		$12.75			$12.69			$12.31			$11.74			$13.45
Total return3		8.16	%		11.65	%		12.58	%		(2.47	)%		8.42	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.93	%		1.93	%		1.93	%		1.96	%
Net expenses		1.86	%		1.86	%		1.86	%		1.86	%		1.91	%
Net investment income		0.03	%		0.08	%		0.20	%		0.37	%		0.00	%
Supplemental data
Portfolio turnover rate		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$7,370			$19,874			$21,727			$28,756			$36,098

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Classic Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.15			$12.70			$12.09			$13.81			$13.66
Net investment income		0.06			0.05			0.08	1		0.10			0.05
Net realized and unrealized gains (losses) on investments		0.95			1.44			1.45			(0.43	)		1.12
Total from investment operations		1.01			1.49			1.53			(0.33	)		1.17
Distributions to shareholders from
Net investment income		(0.10	)		(0.04	)		(0.11	)		(0.07	)		(0.03	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(0.94	)		(1.04	)		(0.92	)		(1.39	)		(1.02	)
Net asset value, end of period		$13.22			$13.15			$12.70			$12.09			$13.81
Total return		8.70	%		12.21	%		13.22	%		(1.99	)%		8.96	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.44	%		1.44	%		1.44	%		1.47	%
Net expenses		1.36	%		1.36	%		1.36	%		1.36	%		1.40	%
Net investment income		0.55	%		0.56	%		0.69	%		0.86	%		0.50	%
Supplemental data
Portfolio turnover rate		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$88			$74			$48			$43			$41

¹  Calculated based upon average shares outstanding

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

Wells Fargo Classic Value Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.92			$12.49			$11.90			$13.62			$13.60
Net investment income		0.16	1		0.16			0.17	1		0.17			0.17	1
Net realized and unrealized gains (losses) on investments		1.00			1.39			1.42			(0.40	)		1.08
Total from investment operations		1.16			1.55			1.59			(0.23	)		1.25
Distributions to shareholders from
Net investment income		(0.31	)		(0.12	)		(0.19	)		(0.17	)		(0.24	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.15	)		(1.12	)		(1.00	)		(1.49	)		(1.23	)
Net asset value, end of period		$12.93			$12.92			$12.49			$11.90			$13.62
Total return		10.38	%		12.96	%		14.03	%		(1.30	)%		9.74	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.75	%		0.75	%		0.75	%		0.74	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.27	%		1.29	%		1.40	%		1.47	%		1.25	%
Supplemental data
Portfolio turnover rate		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$4,231			$2,578			$2,397			$2,842			$169

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo Classic Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.68			$13.17			$12.51			$14.25			$14.08
Net investment income		0.12			0.13			0.14	1		0.15			0.13
Net realized and unrealized gains (losses) on investments		1.00			1.47			1.49			(0.43	)		1.14
Total from investment operations		1.12			1.60			1.63			(0.28	)		1.27
Distributions to shareholders from
Net investment income		(0.15	)		(0.09	)		(0.16	)		(0.14	)		(0.11	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(0.99	)		(1.09	)		(0.97	)		(1.46	)		(1.10	)
Net asset value, end of period		$13.81			$13.68			$13.17			$12.51			$14.25
Total return		9.21	%		12.63	%		13.66	%		(1.58	)%		9.42	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.10	%		1.10	%		1.10	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		0.96	%		0.98	%		1.10	%		1.27	%		0.95	%
Supplemental data
Portfolio turnover rate		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$464,041			$469,464			$459,650			$470,152			$529,293

¹  Calculated based upon average shares outstanding

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

Wells Fargo Classic Value Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.14			$12.68			$12.08			$13.80			$13.67
Net investment income		0.15	1		0.22			0.17	1		0.18			0.15
Net realized and unrealized gains (losses) on investments		0.94			1.35			1.43			(0.41	)		1.11
Total from investment operations		1.09			1.57			1.60			(0.23	)		1.26
Distributions to shareholders from
Net investment income		(0.17	)		(0.11	)		(0.19	)		(0.17	)		(0.14	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.01	)		(1.11	)		(1.00	)		(1.49	)		(1.13	)
Net asset value, end of period		$13.22			$13.14			$12.68			$12.08			$13.80
Total return		9.44	%		12.96	%		13.88	%		(1.27	)%		9.66	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.85	%		0.85	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		1.22	%		1.24	%		1.36	%		1.52	%		1.20	%
Supplemental data
Portfolio turnover rate		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$106,869			$137,263			$162,480			$215,175			$255,565

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Classic Value Fund

Notes to financial statements

1. ORGANIZATION

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

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

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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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 such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

Wells Fargo Classic Value Fund  |  23

Notes to financial statements

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $679,586,733 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	213,932,903
Gross unrealized losses		(19,109,958	)
Net unrealized gains	$	194,822,945

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 fund-level 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 Classic Value Fund

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	96,378,450	$	0	$	0	$	96,378,450
Consumer discretionary		45,900,095		0		0		45,900,095
Consumer staples		76,947,187		0		0		76,947,187
Energy		68,376,304		0		0		68,376,304
Financials		209,287,989		0		0		209,287,989
Health care		131,979,736		0		0		131,979,736
Industrials		79,102,918		0		0		79,102,918
Information technology		99,895,823		0		0		99,895,823
Materials		25,567,080		0		0		25,567,080
Utilities		19,722,584		0		0		19,722,584
Short-term investments
Investment companies		21,251,512		0		0		21,251,512
Total assets	$	874,409,678	$	0	$	0	$	874,409,678

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.700	%
Next $500 million		0.675
Next $1 billion		0.650
Next $2 billion		0.625
Next $1 billion		0.600
Next $3 billion		0.590
Next $2 billion		0.565
Next $2 billion		0.555
Next $4 billion		0.530
Over $16 billion		0.505

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

Wells Fargo Classic Value Fund  |  25

Notes to financial statements

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares and 0.70% for Institutional Class shares. Prior to or after the commitment 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. 

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $3,274 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2019.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $230,342,662 and $349,660,125, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of July 31, 2019, the Fund did not have any securities on loan.

26  |  Wells Fargo Classic Value Fund

Notes to financial statements

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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	9,595,122	$	6,045,623
Long-term capital gain		55,186,402		68,880,914

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$6,627,271	$68,463,682	$194,822,945

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$1,516,748		$22,059,131
Class C		0		1,660,929
Class R		163		3,846
Class R6		23,745		185,128
Administrator Class		3,138,315		33,610,953
Institutional Class		1,366,652		11,360,927

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the financials sector. 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.

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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Wells Fargo Classic Value Fund  |  27

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Classic Value Fund (formerly, Wells Fargo Intrinsic Value Fund) (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

28  |  Wells Fargo Classic Value Fund

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $55,186,402 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $9,595,122 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $77,576 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Classic Value Fund  |  29

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 152 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

30  |  Wells Fargo Classic 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; Nominating and 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	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	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

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

Wells Fargo Classic Value Fund  |  31

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 atwfam.com.

32  |  Wells Fargo Classic Value Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Classic 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 21-22, 2019 (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 Classic 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 2019, 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 2019. 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 received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. 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.

Wells Fargo Classic Value Fund  |  33

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, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was in range of the average investment performance of the Universe for the ten-year period and equal to the average investment performance for the Universe for the one-year period under review, but lower than the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 1000^® Value Index, for the three- and five-year periods under review, but higher than its benchmark for the one- 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 took note of the Fund’s outperformance relative to the Universe and benchmark over the one- and ten-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for Class A, Administrator Class, Institutional Class and Class R6 share classes, but higher than the median net operating expense ratios of the expense Groups for the Class R 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 investmentsub-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 the Institutional share class, but higher than the sum of these average rates for the Fund’s expense Groups for the Class R, Class A, Administrator Class and Class R6 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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

34  |  Wells Fargo Classic Value Fund

Other information (unaudited)

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. 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, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, 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.

Wells Fargo Classic Value Fund  |  35

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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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405479 09-19

A207/AR207 07-19

Annual Report

July 31, 2019

Wells Fargo Large Cap Core Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Report of independent registered public accounting firm	29
Other information	30

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Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports atwellsfargo.com/advantagedelivery

The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Large Cap Core Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Cap Core Fund for the 12-month period that ended July 31, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Large Cap Core Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Large Cap Core Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Large Cap Core Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

Jeff C. Moser, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (EGOAX)3	12-17-2007		-4.71		7.64		11.94		1.10		8.92		12.59		1.18		1.08
Class C (EGOCX)3	12-17-2007		-0.66		8.11		11.74		0.34		8.11		11.74		1.93		1.83
Class R (EGOHX)3,4	9-30-2015								0.87		8.66		12.32		1.43		1.33
Class R6 (EGORX)3,5	9-30-2015		–		–		–		1.60		10.05		13.43		0.75		0.65
Administrator Class (WFLLX)3,6	7-16-2010		–		–		–		1.26		9.10		12.81		1.10		0.97
Institutional Class (EGOIX)	12-17-2007		–		–		–		1.56		9.40		13.10		0.85		0.67
S&P 500 Index7	–		–		–		–		7.99		11.34		14.03		–		–

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

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Large Cap Core Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁸

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

⁴  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares.

⁵  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Class R6 shares.

⁶  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Administrator Class shares.

⁷  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.

⁸  The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁹  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.

¹⁰  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

Wells Fargo Large Cap Core Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2019.

∎ Stock selection, a smaller size bias, and valuation characteristics, such as price-to-earnings (P/E), were detractors to performance relative to the benchmark index.

∎ The Fund’s top performers on an absolute basis came from the information technology (IT) sector with favorable performance from VMware, Incorporated; Zebra Technologies Corporation; and Microsoft Corporation.

Heightened uncertainty and volatility influenced investors.

During the second half of 2018, the U.S. economy began to decelerate and trade tensions between the U.S. and China began to intensify. However, the Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) at its September and December 2018 meetings. Investors began to worry about the possibility of an imminent recession and the market sold off sharply in the fourth quarter. The markets rebounded sharply as 2019 opened as Fed officials began to change their rhetoric around the future path of interest rates with a bias toward accommodation. As 2019 progressed, the economy stabilized but corporate earnings weakened. In July 2019, the Fed reduced the federal funds rate by 25 bps, delivering the first rate cut in over a decade. The heightened level of uncertainty and volatility in the market generally influenced investors to favor companies with higher earnings growth expectations, larger capitalizations, and stocks with lower volatility.

The Fund was misaligned with the large-cap growth theme that drove the market.

Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, improving sentiment, and momentum. For the trailing 12 months, those characteristics have been misaligned with market trends, leading to weak relative performance. The smaller size, lower P/E, and better profitability characteristics favored by our quantitative stock selection model has led to a higher exposure to cyclical value companies rather than secular growth companies. The market has continued its extended trend of vastly preferring secular growth stocks over value. During the brief periods favoring value, a narrow segment of the market focused on low-volatility, high-dividend-paying companies outperformed. These companies are typically found in the utilities, consumer staples, and communication services sectors. We currently maintain an underweight exposure to these sectors.

Ten largest holdings (%) as of July 31, 20199
Apple Incorporated	3.09
Microsoft Corporation	3.06
Costco Wholesale Corporation	2.80
The Home Depot Incorporated	2.57
JPMorgan Chase & Company	2.51
Target Corporation	2.51
American Tower Corporation	2.47
Baxter International Incorporated	2.39
Zebra Technologies Corporation Class A	2.35
EMCOR Group Incorporated	2.33

IT and real estate investment trust (REIT) sectors produced some top-performing stocks.

The IT and REIT sectors were the best-performing sectors in the index. Several of the Fund’s best performers on an absolute basis came from those sectors represented by VMware, Zebra Technologies, and Microsoft (IT) and American Tower Corporation and Prologis Incorporated (REIT).

The Fund’s worst detractors were Macy’s Incorporated, NVIDIA Corporation*, Huntsman Corporation, Valero Energy Corporation*, and Marathon Petroleum Corporation*.

Please see footnotes on page 7.

8  |  Wells Fargo Large Cap Core Fund

Performance highlights (unaudited)

Sector distribution as of July 31, 2019¹⁰

Our market outlook is favorable.

We continue to keep in mind that while U.S. economic growth is expected to be lower than 2018, it is most likely to remain positive in the coming months as unemployment remains near a record low, consumer confidence remains high, and personal incomes are growing. Corporate fundamentals have deteriorated somewhat as the earnings outlook has weakened. However, investment spending and corporate balance sheets remain healthy. With the downward revision to earnings expectations over the past several months, consensus estimates have been lowered to a point that they may lead to an upside surprise. However, we recognize that the largest source of risk to earnings is linked to uncertainty regarding trade sanctions, which have the

potential to result in higher input costs, higher labor costs, and profit-margin compression. Further delays to a negotiated trade settlement could cause market disappointment while the resolution of the dispute may provide only a small positive catalyst.

Monetary policy could likely support the market during the second half of 2019. The Fed’s June post-meeting statement dropped the earlier promise to be patient, noting instead that officials would “act as appropriate to sustain the expansion.” Before the end of the period, the Fed lowered the federal funds rate by a quarter percentage point.

As we monitor the macroeconomic environment, we will continue to diligently focus on company fundamentals and disciplined portfolio risk management.

Please see footnotes on page 7.

Wells Fargo Large Cap Core Fund  |  9

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,080.91	$	5.57		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.44	$	5.41		1.08	%
Class C
Actual	$	1,000.00	$	1,077.47	$	9.43		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.72	$	9.15		1.83	%
Class R
Actual	$	1,000.00	$	1,079.65	$	6.86		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.66		1.33	%
Class R6
Actual	$	1,000.00	$	1,084.16	$	3.36		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,082.23	$	5.01		0.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.98	$	4.86		0.97	%
Institutional Class
Actual	$	1,000.00	$	1,083.43	$	3.46		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.47	$	3.36		0.67	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

10  |  Wells Fargo Large Cap Core Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 99.47%
Communication Services: 2.13%
Interactive Media & Services: 2.13%
Alphabet Incorporated Class C †		17,864	$	21,734,772
Consumer Discretionary: 9.82%
Auto Components: 1.43%
Lear Corporation		115,356		14,624,834
Multiline Retail: 3.83%
Macy’s Incorporated		594,884		13,521,713
Target Corporation		296,112		25,584,077
				39,105,790
Specialty Retail: 4.56%
The Home Depot Incorporated		122,998		26,283,443
The TJX Companies Incorporated		371,021		20,242,906
				46,526,349
Consumer Staples: 7.13%
Food & Staples Retailing: 7.13%
Casey’s General Stores Incorporated		135,608		21,956,291
Costco Wholesale Corporation		103,759		28,599,093
Wal-Mart Stores Incorporated		201,510		22,242,674
				72,798,058
Energy: 5.28%
Oil, Gas & Consumable Fuels: 5.28%
Chevron Corporation		133,714		16,461,531
ConocoPhillips		318,083		18,792,344
Exxon Mobil Corporation		251,096		18,671,499
				53,925,374
Financials: 11.75%
Banks: 6.17%
Citizens Financial Group Incorporated		429,533		16,004,400
Fifth Third Bancorp		718,126		21,321,161
JPMorgan Chase & Company		221,080		25,645,280
				62,970,841
Capital Markets: 1.69%
Evercore Partners Incorporated Class A		199,745		17,251,976
Insurance: 3.89%
Prudential Financial Incorporated		159,607		16,169,785
The Progressive Corporation		290,843		23,552,466
				39,722,251
Health Care: 14.14%
Biotechnology: 2.70%
AbbVie Incorporated		167,481		11,157,584
Amgen Incorporated		87,889		16,398,330
				27,555,914

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

Wells Fargo Large Cap Core Fund  |  11

Portfolio of investments—July 31, 2019

	Shares		Value
Health Care Equipment & Supplies: 4.05%
Baxter International Incorporated		290,314	$	24,377,667
Varian Medical Systems Incorporated †		144,778		16,992,594
				41,370,261
Health Care Providers & Services: 5.74%
Anthem Incorporated		73,250		21,580,183
Centene Corporation †		311,661		16,234,421
UnitedHealth Group Incorporated		83,362		20,757,972
				58,572,576
Pharmaceuticals: 1.65%
Johnson & Johnson		129,441		16,855,807
Industrials: 11.52%
Aerospace & Defense: 2.08%
Lockheed Martin Corporation		58,637		21,236,562
Airlines: 1.95%
Delta Air Lines Incorporated		325,963		19,896,782
Construction & Engineering: 2.33%
EMCOR Group Incorporated		282,476		23,838,150
Machinery: 3.53%
Allison Transmission Holdings Incorporated		401,592		18,453,152
Cummins Incorporated		107,346		17,604,744
				36,057,896
Trading Companies & Distributors: 1.63%
Applied Industrial Technologies Incorporated		273,935		16,666,205
Information Technology: 25.89%
Communications Equipment: 2.30%
Cisco Systems Incorporated		424,634		23,524,724
Electronic Equipment, Instruments & Components: 6.24%
CDW Corporation of Delaware		181,727		21,472,862
Jabil Circuit Incorporated		588,581		18,175,381
Zebra Technologies Corporation Class A †		113,961		24,033,235
				63,681,478
Semiconductors & Semiconductor Equipment: 3.74%
Intel Corporation		383,815		19,401,848
Xilinx Incorporated		164,698		18,810,159
				38,212,007
Software: 10.52%
Fortinet Incorporated †		237,260		19,054,351
Intuit Incorporated		71,059		19,705,370
Microsoft Corporation		229,646		31,293,860
Oracle Corporation		346,845		19,527,373
VMware Incorporated Class A		101,986		17,795,534
				107,376,488
Technology Hardware, Storage & Peripherals: 3.09%
Apple Incorporated		148,114		31,554,207

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

12  |  Wells Fargo Large Cap Core Fund

Portfolio of investments—July 31, 2019

				Shares		Value
Materials: 3.57%
Chemicals: 1.44%
Huntsman Corporation					713,270	$	14,657,699
Metals & Mining: 2.13%
Reliance Steel & Aluminum Company					217,889		21,778,006
Real Estate: 6.62%
Equity REITs: 4.45%
American Tower Corporation					118,958		25,173,892
Prologis Incorporated					251,879		20,303,966
							45,477,858
Real Estate Management & Development: 2.17%
CBRE Group Incorporated Class A †					418,236		22,170,690
Utilities: 1.62%
Multi-Utilities: 1.62%
CenterPoint Energy Incorporated					571,775		16,587,193
Total Common Stocks (Cost $818,013,308)							1,015,730,748
	Yield
Short-Term Investments: 0.53%
Investment Companies: 0.53%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26	%		5,360,147		5,360,147
Total Short-Term Investments (Cost $5,360,147)							5,360,147

Total investments in securities (Cost $823,373,455)	100.00	%		1,021,090,895
Other assets and liabilities, net	0.00			29,686
Total net assets	100.00	%	$	1,021,120,581

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares beginning of period		Shares purchased		Shares sold		Shares end of period		Net realied 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 Investments LLC *		0		47,671,858		47,671,858		0	$	0	$	0	$	45,138	#	$	0
Wells Fargo Government Money Market Fund Select Class		10,016,109		154,604,837		159,260,799		5,360,147		0		0		205,041			5,360,147
									$	0	$	0	$	250,179		$	5,360,147		0.53	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Large Cap Core Fund  |  13

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $818,013,308)	$	1,015,730,748
Investments in affiliated securities, at value (cost $5,360,147)		5,360,147
Receivable for Fund shares sold		884,748
Receivable for dividends		617,700
Prepaid expenses and other assets		16,290
Total assets		1,022,609,633
Liabilities
Payable for Fund shares redeemed		788,525
Management fee payable		467,107
Administration fees payable		139,977
Distribution fees payable		31,079
Trustees’ fees and expenses payable		4,309
Accrued expenses and other liabilities		58,055
Total liabilities		1,489,052
Total net assets	$	1,021,120,581
Net assets consist of
Paid-in capital	$	732,660,784
Total distributable earnings		288,459,797
Total net assets	$	1,021,120,581
Computation of net asset value and offering price per share
Net assets – Class A	$	341,045,229
Shares outstanding – Class A1		18,361,265
Net asset value per share – Class A		$18.57
Maximum offering price per share – Class A2		$19.70
Net assets – Class C	$	47,648,550
Shares outstanding – Class C1		2,614,807
Net asset value per share – Class C		$18.22
Net assets – Class R	$	2,042,600
Shares outstanding – Class R1		109,966
Net asset value per share – Class R		$18.57
Net assets – Class R6	$	13,223,159
Shares outstanding – Class R61		708,004
Net asset value per share – Class R6		$18.68
Net assets – Administrator Class	$	16,566,428
Shares outstanding – Administrator Class1		880,434
Net asset value per share – Administrator Class		$18.82
Net assets – Institutional Class	$	600,594,615
Shares outstanding – Institutional Class1		32,117,903
Net asset value per share – Institutional Class		$18.70

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 Large Cap Core Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends	$	26,240,997
Income from affiliated securities		210,704
Total investment income		26,451,701
Expenses
Management fee		7,261,281
Administration fees
Class A		709,549
Class C		111,130
Class R		4,191
Class R6		4,049
Administrator Class		25,958
Institutional Class		823,392
Shareholder servicing fees
Class A		844,702
Class C		132,298
Class R		4,989
Administrator Class		49,671
Distribution fees
Class C		396,893
Class R		4,976
Custody and accounting fees		57,999
Professional fees		46,596
Registration fees		119,997
Shareholder report expenses		151,197
Trustees’ fees and expenses		22,098
Interest expense		595
Other fees and expenses		27,742
Total expenses		10,799,303
Less: Fee waivers and/or expense reimbursements		(1,629,593	)
Net expenses		9,169,710
Net investment income		17,281,991
Realized and unrealized gains (losses) on investments
Net realized gains on investments		109,914,369
Net change in unrealized gains (losses) on investments		(118,294,629	)
Net realized and unrealized gains (losses) on investments		(8,380,260	)
Net increase in net assets resulting from operations	$	8,901,731

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

Wells Fargo Large Cap Core Fund  |  15

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment income				$	17,281,991					$	10,468,177
Net realized gains on investments					109,914,369						93,764,997
Net change in unrealized gains (losses) on investments					(118,294,629	)					76,367,116
Net increase in net assets resulting from operations					8,901,731						180,600,290
Distributions to shareholders from net investment income and net realized gains
Class A					(37,574,345	)					(6,205,749	)
Class C					(5,864,767	)					(697,513	)
Class R					(218,389	)					(24,344	)
Class R6					(1,664,230	)					(13,463	)
Administrator Class					(2,269,291	)					(646,297	)
Institutional Class					(74,264,283	)					(14,330,177	)
Total distributions to shareholders					(121,855,305	)					(21,917,543	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,037,136			37,064,625			1,110,773			22,158,115
Class C		396,352			7,080,379			379,357			7,444,081
Class R		14,501			264,703			64,450			1,271,370
Class R6		159,006			3,008,830			768,314			15,462,838
Administrator Class		58,875			1,101,323			183,497			3,604,364
Institutional Class		8,077,444			146,618,727			7,081,551			141,445,213
					195,138,587						191,385,981
Reinvestment of distributions
Class A		2,156,895			36,026,156			301,834			5,924,919
Class C		305,502			4,991,915			30,164			580,958
Class R		12,855			214,625			1,208			23,747
Class R6		23,922			403,097			644			12,693
Administrator Class		133,494			2,258,572			31,853			632,062
Institutional Class		4,092,477			68,868,016			658,543			12,996,677
					112,762,381						20,171,056
Payment for shares redeemed
Class A		(3,169,819	)		(58,713,000	)		(2,398,895	)		(47,209,115	)
Class C		(1,097,796	)		(19,481,544	)		(828,652	)		(16,059,336	)
Class R		(15,514	)		(283,465	)		(43,438	)		(851,162	)
Class R6		(202,585	)		(3,787,142	)		(48,034	)		(992,474	)
Administrator Class		(520,733	)		(9,967,464	)		(768,837	)		(15,531,475	)
Institutional Class		(13,024,243	)		(237,625,707	)		(9,084,266	)		(179,681,555	)
					(329,858,322	)					(260,325,117	)
Net decrease in net assets resulting from capital share transactions					(21,957,354	)					(48,768,080	)
Total increase (decrease) in net assets					(134,910,928	)					109,914,667
Net assets
Beginning of period					1,156,031,509						1,046,116,842
End of period				$	1,021,120,581					$	1,156,031,509

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $5,856,737. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders,in the notes to the financial statements.

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

16  |  Wells Fargo Large Cap Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.82			$18.01			$15.13			$15.81			$14.30
Net investment income		0.25			0.15			0.15			0.10			0.06
Net realized and unrealized gains (losses) on investments		(0.29	)		3.01			2.85			(0.60	)		1.50
Total from investment operations		(0.04	)		3.16			3.00			(0.50	)		1.56
Distributions to shareholders from
Net investment income		(0.16	)		(0.13	)		(0.12	)		(0.05	)		(0.05	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Total distributions to shareholders		(2.21	)		(0.35	)		(0.12	)		(0.18	)		(0.05	)
Net asset value, end of period		$18.57			$20.82			$18.01			$15.13			$15.81
Total return1		1.10	%		17.66	%		19.94	%		(3.18	)%		10.99	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.18	%		1.19	%		1.20	%		1.26	%
Net expenses		1.08	%		1.10	%		1.14	%		1.14	%		1.14	%
Net investment income		1.42	%		0.73	%		0.82	%		0.80	%		0.35	%
Supplemental data
Portfolio turnover rate		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$341,045			$360,937			$329,974			$359,971			$97,041

¹  Total return calculations do not include any sales charges.

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

Wells Fargo Large Cap Core Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.44			$17.70			$14.87			$15.61			$14.17
Net investment income (loss)		0.13			(0.00	)1		0.00	2		0.00	2,3		(0.06	)3
Net realized and unrealized gains (losses) on investments		(0.30	)		2.96			2.83			(0.61	)		1.50
Total from investment operations		(0.17	)		2.96			2.83			(0.61	)		1.44
Distributions to shareholders from
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Net asset value, end of period		$18.22			$20.44			$17.70			$14.87			$15.61
Total return4		0.34	%		16.78	%		19.03	%		(3.90	)%		10.16	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.93	%		1.94	%		1.95	%		2.01	%
Net expenses		1.83	%		1.85	%		1.89	%		1.89	%		1.89	%
Net investment income (loss)		0.67	%		(0.02	)%		0.07	%		0.02	%		(0.38	)%
Supplemental data
Portfolio turnover rate		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$47,649			$61,529			$60,697			$71,512			$53,076

¹  Amount is more than $(0.005).

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Large Cap Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2019			2018			2017			20161
Net asset value, beginning of period		$20.81			$18.04			$15.17			$14.66
Net investment income		0.21			0.12			0.13			0.06
Net realized and unrealized gains (losses) on investments		(0.29	)		2.99			2.84			0.66
Total from investment operations		(0.08	)		3.11			2.97			0.72
Distributions to shareholders from
Net investment income		(0.11	)		(0.12	)		(0.10	)		(0.08	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(2.16	)		(0.34	)		(0.10	)		(0.21	)
Net asset value, end of period		$18.57			$20.81			$18.04			$15.17
Total return2		0.87	%		17.37	%		19.64	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.43	%		1.44	%		1.46	%
Net expenses		1.33	%		1.34	%		1.39	%		1.39	%
Net investment income		1.18	%		0.48	%		0.51	%		0.52	%
Supplemental data
Portfolio turnover rate		45	%		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$2,043			$2,042			$1,369			$26

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

²  Returns for periods of less than one year are not annualized.

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

Wells Fargo Large Cap Core Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			2017			20161
Net asset value, beginning of period		$20.92			$18.09			$15.24			$14.66
Net investment income		0.34			0.22	2		0.25	2		0.20
Net realized and unrealized gains (losses) on investments		(0.30	)		3.04			3.33			0.62
Total from investment operations		0.04			3.26			3.58			0.82
Distributions to shareholders from
Net investment income		(0.23	)		(0.21	)		(0.73	)		(0.11	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(2.28	)		(0.43	)		(0.73	)		(0.24	)
Net asset value, end of period		$18.68			$20.92			$18.09			$15.24
Total return3		1.60	%		18.16	%		24.01	%		5.57	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.76	%		0.77	%
Net expenses		0.65	%		0.65	%		0.68	%		0.68	%
Net investment income		1.83	%		1.08	%		1.62	%		1.31	%
Supplemental data
Portfolio turnover rate		45	%		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$13,223			$15,225			$122			$2,449

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

²  Calculated based upon average shares outstanding

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

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

20  |  Wells Fargo Large Cap Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.05			$18.21			$15.18			$15.87			$14.34
Net investment income		0.29	1		0.17	1		0.16	1		0.15			0.10
Net realized and unrealized gains (losses) on investments		(0.30	)		3.05			2.87			(0.62	)		1.50
Total from investment operations		(0.01	)		3.22			3.03			(0.47	)		1.60
Distributions to shareholders from
Net investment income		(0.17	)		(0.16	)		(0.00	)2		(0.09	)		(0.07	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Total distributions to shareholders		(2.22	)		(0.38	)		(0.00	)2		(0.22	)		(0.07	)
Net asset value, end of period		$18.82			$21.05			$18.21			$15.18			$15.87
Total return3		1.26	%		17.81	%		19.99	%		(2.98	)%		11.28	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.10	%		1.12	%		1.11	%
Net expenses		0.97	%		0.98	%		1.00	%		0.96	%		0.90	%
Net investment income		1.52	%		0.86	%		1.00	%		0.95	%		0.61	%
Supplemental data
Portfolio turnover rate		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$16,566			$25,444			$32,091			$57,879			$83,692

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

Wells Fargo Large Cap Core Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.95			$18.12			$15.23			$15.91			$14.35
Net investment income		0.34			0.23			0.18			0.18	1		0.14	1
Net realized and unrealized gains (losses) on investments		(0.30	)		3.03			2.91			(0.62	)		1.50
Total from investment operations		0.04			3.26			3.09			(0.44	)		1.64
Distributions to shareholders from
Net investment income		(0.24	)		(0.21	)		(0.20	)		(0.11	)		(0.08	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Total distributions to shareholders		(2.29	)		(0.43	)		(0.20	)		(0.24	)		(0.08	)
Net asset value, end of period		$18.70			$20.95			$18.12			$15.23			$15.91
Total return		1.56	%		18.16	%		20.43	%		(2.75	)%		11.51	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.86	%		0.87	%		0.84	%
Net expenses		0.67	%		0.68	%		0.70	%		0.70	%		0.66	%
Net investment income		1.82	%		1.15	%		1.23	%		1.22	%		0.86	%
Supplemental data
Portfolio turnover rate		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$600,595			$690,855			$621,864			$412,678			$63,235

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Large Cap Core Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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 such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

Wells Fargo Large Cap Core Fund  |  23

Notes to financial statements

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $824,391,987 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	230,746,534
Gross unrealized losses		(34,047,626	)
Net unrealized gains	$	196,698,908

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to equalization payments. At July, 31, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$2,074,664	$(2,074,664)

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 fund-level 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 Large Cap Core Fund

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	21,734,772	$	0	$	0	$	21,734,772
Consumer discretionary		100,256,973		0		0		100,256,973
Consumer staples		72,798,058		0		0		72,798,058
Energy		53,925,374		0		0		53,925,374
Financials		119,945,068		0		0		119,945,068
Health care		144,354,558		0		0		144,354,558
Industrials		117,695,595		0		0		117,695,595
Information technology		264,348,904		0		0		264,348,904
Materials		36,435,705		0		0		36,435,705
Real estate		67,648,548		0		0		67,648,548
Utilities		16,587,193		0		0		16,587,193
Short-term investments
Investment companies		5,360,147		0		0		5,360,147
Total assets	$	1,021,090,895	$	0	$	0	$	1,021,090,895

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.700	%
Next $500 million		0.675
Next $1 billion		0.650
Next $2 billion		0.625
Next $1 billion		0.600
Next $3 billion		0.590
Next $2 billion		0.565
Next $2 billion		0.555
Next $4 billion		0.530
Over $16 billion		0.505

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Wells Fargo Large Cap Core Fund  |  25

Notes to financial statements

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 (“WellsCap”), 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 0.35% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 1.33% for Class R shares, 0.65% for Class R6 shares, 0.97% for Administrator Class shares, and 0.67% for Institutional Class shares. Prior to or after the commitment 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.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $10,619 from the sale of Class A shares and $107 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $472,741,655 and $593,401,086, respectively.

26  |  Wells Fargo Large Cap Core Fund

Notes to financial statements

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of July 31, 2019, the Fund did not have any securities on loan.

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.

During the year ended July 31, 2019, the Fund had average borrowings outstanding of $16,903 at an average rate of 3.52% and paid interest in the amount of $595.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	11,587,477	$	9,746,479
Long-term capital gain		110,267,828		12,171,064

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$9,601,980	$82,158,950	$196,698,908

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$2,344,339		$3,861,410
Class C		0		697,513
Class R		8,939		15,405
Class R6		6,623		6,840
Administrator Class		275,902		370,395
Institutional Class		7,110,676		7,219,501

Wells Fargo Large Cap Core Fund  |  27

Notes to financial statements

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. 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.

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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

28  |  Wells Fargo Large Cap Core Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Large Cap Core Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

Wells Fargo Large Cap Core Fund  |  29

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $110,393,181 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019. Long-term capital gains in the amount of $125,353 were distributed in connection with Fund share redemptions.

Pursuant to Section 854 of the Internal Revenue Code, $13,536,789 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

30  |  Wells Fargo Large Cap Core Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

Wells Fargo Large Cap Core Fund  |  31

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; Nominating and 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	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	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

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

32  |  Wells Fargo Large Cap Core Fund

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 atwfam.com.

Wells Fargo Large Cap Core Fund  |  33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Large Cap Core Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management andsub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Cap Core Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the“Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and theSub-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 anin-person meeting in April 2019, 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 2019. 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 received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

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

34  |  Wells Fargo Large Cap Core Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. 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 three-, five- and ten-year periods under review, but lower than the average investment performance of the Universe for the one-year period under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the S&P 500 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 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 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 investmentsub-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 equal to or in range of the sum of these average rates for the Fund’s expense Groups for the Class R, Class A, Administrator Class and Institutional share classes, but higher than the sum of these average rates for the Fund’s expense Groups for the Class R6 share class. However, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

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’son-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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Wells Fargo Large Cap Core Fund  |  35

Other information (unaudited)

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. 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, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

36  |  Wells Fargo Large Cap Core Fund

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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405480 09-19

A208/AR208 07-19

Annual Report

July 31, 2019

Wells Fargo Large Cap Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	25
Report of independent registered public accounting firm	31
Other information	32

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The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Large Cap Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Cap Growth Fund for the 12-month period that ended July 31, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Large Cap Growth Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Large Cap Growth Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Large Cap Growth Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (STAFX)3	7-30-2010		4.62		11.49		14.00		11.00		12.82		14.68		1.17		1.07
Class C (STOFX)4	7-30-2010		9.17		11.97		13.83		10.17		11.97		13.83		1.92		1.82
Class R (STMFX)5	6-15-2012		–		–		–		10.74		12.53		14.41		1.42		1.32
Class R4 (SLGRX)6	11-30-2012								11.32		13.14		15.00		0.89		0.80
Class R6 (STFFX)7	11-30-2012		–		–		–		11.46		13.30		15.11		0.74		0.65
Administrator Class (STDFX)8	7-30-2010		–		–		–		11.14		12.96		14.81		1.09		0.95
Institutional Class (STNFX)9	7-30-2010		–		–		–		11.37		13.21		15.05		0.84		0.75
Russell 1000® Growth Index10	–		–		–		–		10.82		14.25		15.74		–		–

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |   Wells Fargo Large Cap Growth Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019¹¹

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  Historical performance shown for Class A shares prior to their inception reflects the performance of the former Investor Class shares and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Class A shares would be higher.

⁴  Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares.

⁵  Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class R shares.

⁶  Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares.

⁷  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.

⁸  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Administrator Class shares would be higher.

⁹  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher.

¹⁰  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

¹¹  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

¹²  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.

¹³  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.

Wells Fargo Large Cap Growth Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A excluding sales charges) outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2019.

∎ Holdings within information technology (IT) and health care and an underweight to consumer staples aided the Fund’s performance for the period.

∎ The Fund’s performance was inhibited by stocks within the consumer discretionary and communication services sectors.

The equity market pushed higher over the trailing one-year period as solid economic fundamentals have overshadowed periods of negative sentiment, which was particularly pervasive in late 2018. For much of the fourth quarter of 2018, stocks moved sharply lower as a flattening yield curve, corporate debt concerns, a pullback in commodities, tariff and trade concerns, and hues of decelerating global growth flustered markets. Additionally, geopolitical concerns coupled with quantitative easing across the globe have fueled investor concerns. Despite this backdrop, while some economic data has slowed in the U.S., the economy still stands on solid footing with low unemployment and strong consumer confidence. This environment of accommodative fiscal and monetary policy and reasonable energy prices is fostering a healthy landscape for the consumer. The Fund continues to benefit from constructive idiosyncratic dynamics and secular growth catalysts in a variety of areas as many of our portfolio companies are gaining market share in their respective industries.

Ten largest holdings (%) as of July 31, 201912
Microsoft Corporation	8.11
Amazon.com Incorporated	7.92
MasterCard Incorporated Class A	4.03
Visa Incorporated Class A	3.66
Alphabet Incorporated Class A	3.49
Microchip Technology Incorporated	3.44
Alphabet Incorporated Class C	3.30
Facebook Incorporated Class A	2.88
Texas Instruments Incorporated	2.68
Burlington Stores Incorporated	2.30

Performance of health care and IT holdings were beneficial to Fund performance.

Select holdings within the health care sector served as a strong area of the Fund. Health care firm Zoetis, Incorporated, which makes medicines and vaccines for animals, rallied sharply as it garnered increased demand for its products from both its companion animal and livestock segments. Other areas of the Fund that performed well included software-as-a-service (SaaS) and payment processing industries within IT that generated market-share penetration and margin expansion in their respective vertical markets. Within software, demand remained strong as corporate spending continued to rise, coupled with next-

generation cloud-computing platforms that garnered a large share of new business at the expense of legacy solutions. Within the payment space, the movement toward e-commerce had a positive effect on overall demand as more consumers moved from cash to digital payments.

Sector distribution as of July 31, 2019¹³

Certain communication services stocks detracted from performance.

The main source of weakness from a sector perspective came from communication services as the Fund’s underweight position to Facebook, Incorporated, negatively affected relative performance. In 2018, we reduced our positon after privacy issues surfaced and after Facebook shifted its focus toward monetizing stories and video rather than the traditional newsfeed segment. Recently, we have added back to our position as we have grown more comfortable with its ability to monetize both of these properties within Instagram and the legacy Facebook app.

Please see footnotes on page 7.

8  |   Wells Fargo Large Cap Growth Fund

Performance highlights (unaudited)

Areas of focus remain in secular areas like software, payments, and semiconductors.

The Fund continues to be well diversified in a plethora of areas, which include industries within consumer discretionary, health care, communication services, and IT. Some notable segments include the SaaS, payments, and semiconductors industries. The structural advantages of the software space continue to include benefits like a predictable cost of ownership to the customer, flexibility and scale, simplification, and faster implementation times. Within the payments segment, processors like Square, Incorporated, and PayPal Holdings, Incorporated, as well as networks Visa Incorporated and MasterCard Incorporated, continued to capitalize from secular drivers such as the global shift from cash and check to plastic, growth within e-commerce, international and cross-border growth, and peer-to-peer transfers. Semiconductors, which continue to benefit from the digitization of the economy, are becoming more prevalent in our daily lives as more chips are being used in electrical devices.

Our view of faster-growth stocks is positive.

We continue to be disciplined from a valuation perspective by trimming positions where the valuation gap has narrowed and adding to positions where it has widened. While our process is largely bottom-up, we continue to monitor geopolitical issues like trade tensions between the U.S. and China as well as macroeconomic conditions such as the economic slowdown in Europe, the increasing amount of negative-yielding sovereign debt, and the steep decrease in U.S. Treasury yields. We expect to generate alpha from multiple sectors and industries and remain comfortable with our positioning and our focus on SaaS, cloud services, online retail, digital payments, the internet of things, and innovation (SCODIi). We continue to witness a scarcity of growth stock opportunities within the investing universe, which could favor our portfolio in the future. Going forward, given the current economic backdrop, stocks emphasized in our investment process should bode well for the future of the portfolio.

Wells Fargo Large Cap Growth Fund  |  9

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,145.26	$	5.69		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.49	$	5.36		1.07	%
Class C
Actual	$	1,000.00	$	1,141.00	$	9.66		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.77	$	9.10		1.82	%
Class R
Actual	$	1,000.00	$	1,144.12	$	7.02		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.61		1.32	%
Class R4
Actual	$	1,000.00	$	1,146.98	$	4.26		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class R6
Actual	$	1,000.00	$	1,147.48	$	3.46		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,146.07	$	5.06		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,147.15	$	3.99		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

10  |   Wells Fargo Large Cap Growth Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 99.15%
Communication Services: 12.45%
Entertainment: 1.66%
Live Nation Incorporated †		639	$	46,046
Netflix Incorporated †		30,120		9,728,459
The Walt Disney Company		49,800		7,121,898
				16,896,403
Interactive Media & Services: 10.79%
Alphabet Incorporated Class A †		29,230		35,607,986
Alphabet Incorporated Class C †		27,670		33,665,536
Facebook Incorporated Class A †		151,170		29,361,749
Match Group Incorporated †		63,900		4,811,031
Pinterest Incorporated Class A †«		45,306		1,313,421
Twitter Incorporated †		127,500		5,394,525
				110,154,248
Consumer Discretionary: 17.87%
Hotels, Restaurants & Leisure: 2.45%
Carnival Corporation		134,740		6,363,770
Norwegian Cruise Line Holdings Limited †		157,300		7,776,912
Royal Caribbean Cruises Limited		93,100		10,831,254
				24,971,936
Internet & Direct Marketing Retail: 7.92%
Amazon.com Incorporated †		43,280		80,794,238
Specialty Retail: 6.20%
Burlington Stores Incorporated †		129,700		23,443,275
CarMax Incorporated †		57,700		5,063,752
O’Reilly Automotive Incorporated †		8,400		3,198,384
The Home Depot Incorporated		85,960		18,368,792
ULTA Beauty Incorporated †		37,800		13,201,650
				63,275,853
Textiles, Apparel & Luxury Goods: 1.30%
Levi Strauss & Company Class A †«		532,400		10,147,544
Nike Incorporated Class B		36,100		3,105,683
				13,253,227
Consumer Staples: 3.08%
Beverages: 1.54%
The Coca-Cola Company		299,080		15,740,580
Personal Products: 1.54%
The Estee Lauder Companies Incorporated Class A		84,940		15,645,099
Energy: 0.41%
Oil, Gas & Consumable Fuels: 0.41%
Concho Resources Incorporated		42,840		4,184,611

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

Wells Fargo Large Cap Growth Fund  |  11

Portfolio of investments—July 31, 2019

	Shares		Value
Financials: 4.03%
Capital Markets: 3.21%
BlackRock Incorporated		5,600	$	2,619,008
CME Group Incorporated		54,330		10,562,839
Raymond James Financial Incorporated		35,100		2,831,517
The Charles Schwab Corporation		388,190		16,777,572
				32,790,936
Insurance: 0.82%
The Progressive Corporation		103,070		8,346,609
Health Care: 9.95%
Biotechnology: 2.02%
Alexion Pharmaceuticals Incorporated †		126,700		14,353,843
Vertex Pharmaceuticals Incorporated †		37,390		6,229,922
				20,583,765
Health Care Equipment & Supplies: 5.44%
Abbott Laboratories		132,790		11,566,009
Baxter International Incorporated		49,890		4,189,263
Boston Scientific Corporation †		446,640		18,964,334
Edwards Lifesciences Corporation †		34,800		7,407,180
Intuitive Surgical Incorporated †		5,300		2,753,403
Stryker Corporation		50,700		10,635,846
				55,516,035
Life Sciences Tools & Services: 0.57%
Agilent Technologies Incorporated		84,670		5,876,945
Pharmaceuticals: 1.92%
Zoetis Incorporated		170,290		19,564,618
Industrials: 11.88%
Aerospace & Defense: 1.19%
The Boeing Company		35,640		12,159,655
Air Freight & Logistics: 0.53%
C.H. Robinson Worldwide Incorporated		64,900		5,434,077
Commercial Services & Supplies: 1.89%
Waste Connections Incorporated		213,080		19,330,618
Industrial Conglomerates: 1.27%
Roper Technologies Incorporated		35,630		12,956,850
Machinery: 0.87%
Fortive Corporation		116,260		8,841,573
Road & Rail: 6.13%
CSX Corporation		327,300		23,041,920
Norfolk Southern Corporation		106,370		20,329,434
Union Pacific Corporation		106,550		19,173,673
				62,545,027

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

12  |   Wells Fargo Large Cap Growth Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Information Technology: 37.18%
IT Services: 13.95%
Fidelity National Information Services Incorporated		160,554	$	21,393,775
Global Payments Incorporated		24,400		4,097,248
MasterCard Incorporated Class A		151,080		41,134,552
PayPal Holdings Incorporated †		207,480		22,905,792
Shopify Incorporated Class A †		16,930		5,381,708
Square Incorporated Class A †		125,570		10,097,084
Visa Incorporated Class A		209,830		37,349,740
				142,359,899
Semiconductors & Semiconductor Equipment: 6.51%
Microchip Technology Incorporated «		371,520		35,078,918
NVIDIA Corporation		23,600		3,981,792
Texas Instruments Incorporated		218,720		27,342,187
				66,402,897
Software: 14.59%
Adobe Systems Incorporated †		46,340		13,849,172
Dropbox Incorporated Class A †		439,100		10,345,196
Microsoft Corporation		607,400		82,770,398
Salesforce.com Incorporated †		87,480		13,515,660
ServiceNow Incorporated †		43,720		12,127,491
Splunk Incorporated †		79,480		10,754,439
VMware Incorporated Class A		26,110		4,555,934
Zoom Video Communications Incorporated †«		10,155		969,904
				148,888,194
Technology Hardware, Storage & Peripherals: 2.13%
Apple Incorporated		101,840		21,695,994
Materials: 1.88%
Chemicals: 1.88%
Air Products & Chemicals Incorporated		31,820		7,263,551
Linde plc		62,440		11,943,523
				19,207,074
Real Estate: 0.42%
Real Estate Management & Development: 0.42%
CBRE Group Incorporated Class A †		80,900		4,288,509
Total Common Stocks (Cost $488,156,376)				1,011,705,470

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

Wells Fargo Large Cap Growth Fund  |  13

Portfolio of investments—July 31, 2019

	Yield			Shares		Value
Short-Term Investments: 4.43%
Investment Companies: 4.43%
Securities Lending Cash Investments LLC (l)(r)(u)		2.46	%		39,213,509	$	39,217,430
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26			5,937,879		5,937,879
Total Short-Term Investments (Cost $45,155,433)							45,155,309

Total investments in securities (Cost $533,311,809)	103.58	%		1,056,860,779
Other assets and liabilities, net	(3.58	)		(36,510,050	)
Total net assets	100.00	%	$	1,020,350,729

† 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.

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 Investments LLC		38,751,625		234,377,257		233,915,373		39,213,509	$	(696	)	$	(124	)	$	702,904	#	$	39,217,430
Wells Fargo Government Money Market Fund Select Class		10,229,653		186,067,946		190,359,720		5,937,879		0			0			145,700			5,937,879
									$	(696	)	$	(124	)	$	848,604		$	45,155,309		4.43	%

^#  Amount shown represents income before fees and rebates.

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

14  |   Wells Fargo Large Cap Growth Fund

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities (including $37,618,193 of securities loaned), at value (cost $488,156,376)	$	1,011,705,470
Investments in affiliated securities, at value (cost $45,155,433)		45,155,309
Receivable for investments sold		17,535,940
Receivable for Fund shares sold		86,904
Receivable for dividends		334,955
Receivable for securities lending income, net		4,578
Prepaid expenses and other assets		33,174
Total assets		1,074,856,330
Liabilities
Payable upon receipt of securities loaned		39,216,803
Payable for investments purchased		13,783,729
Payable for Fund shares redeemed		592,267
Management fee payable		508,953
Administration fees payable		123,530
Distribution fees payable		8,457
Trustees’ fees and expenses payable		4,248
Accrued expenses and other liabilities		267,614
Total liabilities		54,505,601
Total net assets	$	1,020,350,729
Net assets consist of
Paid-in capital	$	419,582,618
Total distributable earnings		600,768,111
Total net assets	$	1,020,350,729
Computation of net asset value and offering price per share
Net assets – Class A	$	529,109,827
Shares outstanding – Class A1		11,963,517
Net asset value per share – Class A		$44.23
Maximum offering price per share – Class A2		$46.93
Net assets – Class C	$	11,504,455
Shares outstanding – Class C1		291,938
Net asset value per share – Class C		$39.41
Net assets – Class R	$	4,499,146
Shares outstanding – Class R1		104,966
Net asset value per share – Class R		$42.86
Net assets – Class R4	$	895,659
Share outstanding – Class R41		19,589
Net asset value per share – Class R4		$45.72
Net assets – Class R6	$	326,989,992
Shares outstanding – Class R61		7,098,875
Net asset value per share – Class R6		$46.06
Net assets – Administrator Class	$	67,157,753
Shares outstanding – Administrator Class1		1,496,553
Net asset value per share – Administrator Class		$44.87
Net assets – Institutional Class	$	80,193,897
Shares outstanding – Institutional Class1		1,749,612
Net asset value per share – Institutional Class		$45.84

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.

Wells Fargo Large Cap Growth Fund  |  15

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $19,929)	$	9,718,508
Income from affiliated securities		250,185
Total investment income		9,968,693
Expenses
Management fee		6,829,072
Administration fees
Class A		1,075,776
Class C		27,640
Class R		10,798
Class R4		1,181
Class R6		94,257
Administrator Class		86,253
Institutional Class		105,815
Shareholder servicing fees
Class A		1,280,686
Class C		32,905
Class R		12,627
Class R4		1,476
Administrator Class		164,685
Distribution fees
Class C		98,716
Class R		12,854
Custody and accounting fees		43,534
Professional fees		42,760
Registration fees		116,044
Shareholder report expenses		78,234
Trustees’ fees and expenses		21,999
Other fees and expenses		28,755
Total expenses		10,166,067
Less: Fee waivers and/or expense reimbursements		(1,082,490	)
Net expenses		9,083,577
Net investment income		885,116
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		127,678,828
Affiliated securities		(696	)
Net realized gains on investments		127,678,132
Net change in unrealized gains (losses) on
Unaffiliated securities		(27,477,331	)
Affiliated securities		(124	)
Net change in unrealized gains (losses) on investments		(27,477,455	)
Net realized and unrealized gains (losses) on investments		100,200,677
Net increase in net assets resulting from operations	$	101,085,793

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

16  |   Wells Fargo Large Cap Growth Fund

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment income				$	885,116					$	137,464
Net realized gains on investments					127,678,132						234,857,518
Net change in unrealized gains (losses) on investments					(27,477,455	)					33,368,008
Net increase in net assets resulting from operations					101,085,793						268,362,990
Distributions to shareholders from net investment income and net realized gains
Class A					(111,706,240	)					(94,299,274	)
Class C					(3,431,246	)					(2,995,367	)
Class R					(1,280,121	)					(1,226,176	)
Class R4					(455,047	)					(86,325	)
Class R6					(66,047,400	)					(60,894,090	)
Administrator Class					(14,492,251	)					(12,791,477	)
Institutional Class					(18,149,003	)					(29,593,244	)
Total distributions to shareholders					(215,561,308	)					(201,885,953	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		399,711			17,356,631			350,829			17,319,919
Class C		71,966			2,571,501			45,353			2,068,446
Class R		49,362			1,986,257			59,909			2,827,726
Class R4		9,684			457,992			35,016			1,707,466
Class R6		780,490			34,878,326			1,558,098			79,758,923
Administrator Class		156,702			7,081,152			200,283			10,104,338
Institutional Class		275,036			12,403,795			238,407			12,259,125
					76,735,654						126,045,943
Reinvestment of distributions
Class A		2,918,252			107,245,772			1,969,729			89,405,992
Class C		92,097			3,029,996			60,978			2,564,729
Class R		9,145			326,200			3,414			151,866
Class R4		11,892			451,084			1,781			82,592
Class R6		1,625,721			62,084,213			1,305,992			60,875,276
Administrator Class		388,367			14,470,567			278,848			12,776,830
Institutional Class		407,144			15,475,547			442,110			20,540,888
					203,083,379						186,398,173
Payment for shares redeemed
Class A		(1,635,497	)		(70,467,127	)		(2,346,522	)		(122,033,744	)
Class C		(197,048	)		(7,247,118	)		(91,221	)		(4,306,948	)
Class R		(64,781	)		(2,603,006	)		(81,531	)		(3,970,677	)
Class R4		(41,238	)		(1,706,882	)		(4,157	)		(212,862	)
Class R6		(1,438,307	)		(65,749,149	)		(2,739,730	)		(142,658,457	)
Administrator Class		(555,121	)		(25,132,488	)		(576,443	)		(29,889,749	)
Institutional Class		(729,747	)		(33,022,472	)		(2,213,468	)		(110,506,781	)
					(205,928,242	)					(413,579,218	)
Net increase (decrease) in net assets resulting from capital share transactions					73,890,791						(101,135,102	)
Total decrease in net assets					(40,584,724	)					(34,658,065	)
Net assets
Beginning of period					1,060,935,453						1,095,593,518
End of period				$	1,020,350,729					$	1,060,935,453

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $112,534. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

Wells Fargo Large Cap Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$52.01			$50.10			$46.05			$49.55			$45.30
Net investment loss		(0.03	)1		(0.08	)		(0.03	)1		(0.03	)1		(0.01	)1
Net realized and unrealized gains (losses) on investments		3.47			12.56			6.39			(0.92	)		6.33
Total from investment operations		3.44			12.48			6.36			(0.95	)		6.32
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.00	)2		0.00
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Net asset value, end of period		$44.23			$52.01			$50.10			$46.05			$49.55
Total return3		11.00	%		27.98	%		14.60	%		(1.83	)%		14.35	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.17	%		1.17	%		1.16	%		1.20	%
Net expenses		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%
Net investment loss		(0.07	)%		(0.16	)%		(0.06	)%		(0.06	)%		(0.02	)%
Supplemental data
Portfolio turnover rate		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$529,110			$534,694			$516,410			$576,502			$184,504

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

18  |   Wells Fargo Large Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$47.97			$47.25			$43.88			$47.68			$43.99
Net investment loss		(0.32	)1		(0.31	)		(0.35	)1		(0.32	)1		(0.42	)
Net realized and unrealized gains (losses) on investments		2.98			11.60			6.03			(0.93	)		6.18
Total from investment operations		2.66			11.29			5.68			(1.25	)		5.76
Distributions to shareholders from
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Net asset value, end of period		$39.41			$47.97			$47.25			$43.88			$47.68
Total return2		10.17	%		27.03	%		13.74	%		(2.56	)%		13.47	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.92	%		1.91	%		1.91	%		1.95	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%
Net investment loss		(0.80	)%		(0.90	)%		(0.81	)%		(0.75	)%		(0.77	)%
Supplemental data
Portfolio turnover rate		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$11,504			$15,586			$14,640			$18,877			$22,839

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Large Cap Growth Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2019			2018			2017			2016			2015
Net asset value, beginning of period		$50.89			$49.34			$45.50			$49.11			$45.03
Net investment loss		(0.13	)1		(0.20	)1		(0.14	)1		(0.10	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		3.32			12.32			6.29			(0.96	)		6.31
Total from investment operations		3.19			12.12			6.15			(1.06	)		6.15
Distributions to shareholders from
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Net asset value, end of period		$42.86			$50.89			$49.34			$45.50			$49.11
Total return		10.74	%		27.65	%		14.30	%		(2.08	)%		14.05	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.42	%		1.41	%		1.41	%		1.45	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.29	)%		(0.40	)%		(0.31	)%		(0.23	)%		(0.28	)%
Supplemental data
Portfolio turnover rate		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$4,499			$5,661			$6,387			$8,218			$12,086

¹  Calculated based upon average shares outstanding

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

20  |   Wells Fargo Large Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R4	2019			2018			2017			2016			2015
Net asset value, beginning of period		$53.23			$50.94			$46.69			$50.23			$45.76
Net investment income		0.11	1		0.05	1		0.11	1		0.13			0.07
Net realized and unrealized gains (losses) on investments		3.60			12.81			6.50			(0.95	)		6.47	��
Total from investment operations		3.71			12.86			6.61			(0.82	)		6.54
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		(0.17	)		0.00
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(11.22	)		(10.57	)		(2.36	)		(2.72	)		(2.07	)
Net asset value, end of period		$45.72			$53.23			$50.94			$46.69			$50.23
Total return		11.32	%		28.31	%		14.96	%		(1.54	)%		14.69	%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.90	%		0.88	%		0.88	%		0.87	%
Net expenses		0.80	%		0.80	%		0.80	%		0.78	%		0.75	%
Net investment income		0.24	%		0.10	%		0.25	%		0.27	%		0.17	%
Supplemental data
Portfolio turnover rate		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$896			$2,089			$337			$8,400			$7,205

¹  Calculated based upon average shares outstanding

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

Wells Fargo Large Cap Growth Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			2017			2016			2015
Net asset value, beginning of period		$53.49			$51.12			$46.82			$50.34			$45.82
Net investment income		0.16	1		0.14			0.17			0.22			0.07	1
Net realized and unrealized gains (losses) on investments		3.65			12.85			6.52			(0.97	)		6.56
Total from investment operations		3.81			12.99			6.69			(0.75	)		6.63
Distributions to shareholders from
Net investment income		(0.02	)		(0.05	)		(0.08	)		(0.22	)		(0.04	)
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(11.24	)		(10.62	)		(2.39	)		(2.77	)		(2.11	)
Net asset value, end of period		$46.06			$53.49			$51.12			$46.82			$50.34
Total return		11.46	%		28.51	%		15.09	%		(1.39	)%		14.88	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.74	%		0.73	%		0.72	%
Net expenses		0.65	%		0.65	%		0.65	%		0.64	%		0.60	%
Net investment income		0.35	%		0.27	%		0.36	%		0.39	%		0.13	%
Supplemental data
Portfolio turnover rate		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$326,990			$327,943			$307,048			$225,805			$117,741

¹  Calculated based upon average shares outstanding

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

22  |   Wells Fargo Large Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$52.54			$50.46			$46.32			$49.84			$45.50
Net investment income (loss)		0.02			(0.01	)		0.05			0.05			0.05
Net realized and unrealized gains (losses) on investments		3.53			12.66			6.41			(0.94	)		6.36
Total from investment operations		3.55			12.65			6.46			(0.89	)		6.41
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		(0.08	)		0.00
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(11.22	)		(10.57	)		(2.32	)		(2.63	)		(2.07	)
Net asset value, end of period		$44.87			$52.54			$50.46			$46.32			$49.84
Total return		11.14	%		28.14	%		14.75	%		(1.71	)%		14.48	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.09	%		1.08	%		1.08	%		1.05	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		0.05	%		(0.03	)%		0.06	%		0.12	%		0.10	%
Supplemental data
Portfolio turnover rate		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$67,158			$79,154			$80,937			$237,577			$262,535

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

Wells Fargo Large Cap Growth Fund  |  23

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$53.31			$51.00			$46.74			$50.30			$45.80
Net investment income		0.12	1		0.10	1		0.12	1		0.17	1		0.19	1
Net realized and unrealized gains (losses) on investments		3.63			12.80			6.51			(0.96	)		6.41
Total from investment operations		3.75			12.90			6.63			(0.79	)		6.60
Distributions to shareholders from
Net investment income		0.00			(0.02	)		(0.06	)		(0.22	)		(0.03	)
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(11.22	)		(10.59	)		(2.37	)		(2.77	)		(2.10	)
Net asset value, end of period		$45.84			$53.31			$51.00			$46.74			$50.30
Total return		11.37	%		28.37	%		14.98	%		(1.49	)%		14.82	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.83	%		0.83	%		0.78	%
Net expenses		0.75	%		0.75	%		0.75	%		0.71	%		0.65	%
Net investment income		0.26	%		0.18	%		0.27	%		0.37	%		0.40	%
Supplemental data
Portfolio turnover rate		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$80,194			$95,809			$169,836			$316,310			$534,975

¹  Calculated based upon average shares outstanding

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

24  |   Wells Fargo Large Cap Growth Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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

Wells Fargo Large Cap Growth Fund  |  25

Notes to financial statements

securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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 such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $534,545,716 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	525,744,062
Gross unrealized losses		(3,428,999	)
Net unrealized gains	$	522,315,063

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 fund-level 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.

26  |   Wells Fargo Large Cap Growth Fund

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	127,050,651	$	0	$	0	$	127,050,651
Consumer discretionary		182,295,254		0		0		182,295,254
Consumer staples		31,385,679		0		0		31,385,679
Energy		4,184,611		0		0		4,184,611
Financials		41,137,545		0		0		41,137,545
Health care		101,541,363		0		0		101,541,363
Industrials		121,267,800		0		0		121,267,800
Information technology		379,346,984		0		0		379,346,984
Materials		19,207,074		0		0		19,207,074
Real estate		4,288,509		0		0		4,288,509
Short-term investments
Investment companies		45,155,309		0		0		45,155,309
Total assets	$	1,056,860,779	$	0	$	0	$	1,056,860,779

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.700	%
Next $500 million		0.675
Next $1 billion		0.650
Next $2 billion		0.625
Next $1 billion		0.600
Next $3 billion		0.590
Next $2 billion		0.565
Next $2 billion		0.555
Next $4 billion		0.530
Over $16 billion		0.505

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of

Wells Fargo Large Cap Growth Fund  |  27

Notes to financial statements

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 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A shares, 1.82% for Class C shares, 1.32% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment 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. 

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $2,480 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $425,574,794 and $561,765,594, respectively.

28  |   Wells Fargo Large Cap Growth Fund

Notes to financial statements

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred.

As of July 31, 2019, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	31,707,871	$	(31,707,871	)	$	0
Deutsche Bank Securities Inc.		66,857		(66,857	)		0
JPMorgan Securities LLC		1,902,188		(1,902,188	)		0
Morgan Stanley & Co. LLC		2,443,492		(2,443,492	)		0
Nomura Securities International Inc.		659,974		(659,974	)		0
UBS AG		837,811		(837,811	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	137,477	$	445,466
Long-term capital gain		215,423,831		201,440,487

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$884,116	$77,593,192	$522,315,063

Wells Fargo Large Cap Growth Fund  |  29

Notes to financial statements

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	0	$	94,299,274
Class C		0		2,995,367
Class R		0		1,226,176
Class R4		0		86,325
Class R6		368,832		60,525,258
Administrator Class		0		12,791,477
Institutional Class		76,634		29,516,610

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. 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.

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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

30  |   Wells Fargo Large Cap Growth Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Large Cap Growth Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

Wells Fargo Large Cap Growth Fund  |  31

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $215,423,831 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $137,477 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $1,609 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

32  |   Wells Fargo Large Cap Growth Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

Wells Fargo Large Cap Growth Fund  |  33

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; Nominating and 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	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	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

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

34  |   Wells Fargo Large Cap Growth Fund

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

Wells Fargo Large Cap Growth Fund  |  35

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Large Cap Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Cap Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, 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 2019. 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 received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

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

36  |   Wells Fargo Large Cap Growth Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. 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, equal to, or in range of the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 1000^® Growth Index, for the three-, five- and ten-year periods under review, but higher than its benchmark for the one-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the 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 for all periods under review and the index over the one-year time period under review.

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

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

Investment management and sub-advisory fee rates

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

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

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

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

Wells Fargo Large Cap Growth Fund  |  37

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”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. 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, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

38  |   Wells Fargo Large Cap Growth Fund

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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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405481 09-19

A209/AR209 07-19

Annual Report

July 31, 2019

Wells Fargo

Large Company Value Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Report of independent registered public accounting firm	30
Other information	31

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Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports atwellsfargo.com/advantagedelivery

The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Large Company Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Company Value Fund for the 12-month period that ended July 31, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Large Company Value Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Large Company Value Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Large Company Value Fund

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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

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (WLCAX)	3-31-2008		-4.38		4.57		9.45		1.44		5.82		10.10		0.95		0.84
Class C (WFLVX)	3-31-2008		-0.24		5.04		9.29		0.76		5.04		9.29		1.70		1.59
Class R6 (WTLVX)3	4-7-2017		–		–		–		1.92		6.28		10.61		0.52		0.41
Administrator Class (WWIDX)	12-31-2001		–		–		–		1.61		5.98		10.33		0.87		0.76
Institutional Class (WLCIX)	3-31-2008		–		–		–		1.86		6.23		10.59		0.62		0.51
Russell 1000® Value Index4	–		–		–		–		5.20		8.01		12.40		–		–

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

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Large Company Value Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁵

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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.

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.83% for Class A, 1.58% for Class C, 0.40% for Class R6, 0.75% for Administrator Class, and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 shares would be higher.

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

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

⁶  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of saving and spending. You cannot invest directly in an index.

⁷  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.

⁸  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.

⁹  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

Wells Fargo Large Company Value Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell 1000^® Value Index, for the 12-month period that ended July 31, 2019.

∎ The Fund’s underperformance was primarily due to poor selection within health care and real estate. A modest underweight position to information technology (IT) also negatively affected relative performance.

∎ Stock selection within the consumer discretionary and consumer staples sectors helped relative performance. The Fund’s overweight to the communication services sector helped as well.

U.S. stocks delivered strong results during the reporting period.

Markets posted positive returns for the one-year period despite the Russell 1000 Index^® returning -13.82% in the fourth quarter of 2018. December’s big sell-off seemed to result from concerns over the government shutdown. December started with an argument between the Federal Reserve (Fed) and the White House over rising interest rates and ended with a confrontation between Congress and the White House over budget issues. Both led to increased market volatility.

Early in the period, the strength of the domestic economy helped move stocks higher. Consumer spending figures were strong, driving overall growth for the economy. Continued growth also helped consumer confidence, with The Conference Board Consumer Confidence Index^®6hitting an 18-year high. In addition, August’s unemployment rate was 3.9%, a low not seen since December 2000.

Fed officials raised the federal funds rate in December 2018 and initially reaffirmed the outlook for further gradual hikes well into 2019. The quarter-point increase in December 2018 boosted the benchmark federal funds rate to 2.50%.

The tone surrounding interest rates changed later in the 12-month period when economic growth slowed. For example, only 20,000 new jobs were added in February 2019. In addition, earnings growth disappointed as the first-quarter earnings growth estimate for the S&P 500 Index⁷ fell from 2.9% to -3.9%. Consumer spending growth also pulled back as January’s personal spending report showed 0.1% growth and retail sales in February fell 0.2%. As a result, the Fed initially indicated there would be no further interest rate hikes during 2019. In fact, in response to increasing trade tensions and slowing global economic growth, the Fed lowered interest rates after the close of the 12-month period—on July 31, 2019—its first rate cut since 2008.

Ten largest holdings (%) as of July 31, 20198
Berkshire Hathaway Incorporated Class B	4.33
JPMorgan Chase & Company	4.29
Johnson & Johnson	3.95
The Procter & Gamble Company	3.90
Pfizer Incorporated	3.08
Bank of America Corporation	2.46
Verizon Communications Incorporated	2.42
ConocoPhillips	2.33
Altria Group Incorporated	2.22
ONEOK Incorporated	2.22

Detractors included stock selection within health care and real estate and a modest IT underweight.

Positions in Pfizer Incorporated and Mylan N.V.* were large detractors in the health care sector, while positions in CoreCivic Incorporated and Xenia Hotels & Resorts, Incorporated*, were detractors in the real estate sector. By design, the investment process does not take large relative positions to benchmark weights. During the period, a modest underweight position to IT negatively influenced relative results.

Please see footnotes on page 7.

8  |  Wells Fargo Large Company Value Fund

Performance highlights (unaudited)

Sector distribution as of July 31, 2019⁹

Selection within consumer discretionary and consumer staples helped relative performance.

From a sector standpoint, an overweight to the communication services sector contributed to relative performance. Within consumer discretionary, overweight positions to Yum China Holdings, Incorporated, and Carnival Corporation* were top individual contributors to relative performance. Within consumer staples, overweight positions to both The Procter & Gamble Company and PepsiCo, Incorporated, were top contributors to performance.

Going forward, our investment philosophy and process remain the same.

The investment philosophy employed in our value-equity strategy is that security returns are predictable based on common fundamental factors and that market inefficiencies caused by patterns of investor behavior and economic change may be exploited to earn an excess return. The stock selection model uses over 70 fundamental, technical, and proprietary factors to build a diversified portfolio that we believe is well positioned to generate excess returns over a three- to five-year market cycle.

During the period, the portfolio had an overweight position to valuation characteristics that negatively affected results. Specifically, our process was overweight companies with above-average earnings and cash flow relative to price, which hurt as investors deemphasized valuation when selecting securities. An emphasis to companies with above-average quality characteristics, such as strong profit margins and return on equity, helped results because companies with these qualities outperformed during the period.

Our process is based on the fundamental belief that there is persistency in the types of characteristics investors prefer. If this belief holds going forward, we expect the Fund to potentially benefit from being properly positioned toward stocks with characteristics favored by investors over the long term. We continue to focus on companies with above-average quality metrics, such as stocks with strong profit margins and return on assets. In addition, we continue to emphasize stocks with certain attractive valuation characteristics, such as stocks with above-average cash flow-to-price ratios and dividend yields. Finally, we will continue to deemphasize risk, such as companies with above-average volatility of analyst earnings expectations.

Please see footnotes on page 7.

Wells Fargo Large Company Value Fund  |  9

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,063.84	$	4.25		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class C
Actual	$	1,000.00	$	1,059.96	$	8.07		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90		1.58	%
Class R6
Actual	$	1,000.00	$	1,066.14	$	2.05		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,065.19	$	3.84		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,065.66	$	2.56		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

10  |  Wells Fargo Large Company Value Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 98.81%
Communication Services: 10.21%
Diversified Telecommunication Services: 4.15%
AT&T Incorporated		109,070	$	3,713,834
Verizon Communications Incorporated		93,534		5,169,624
				8,883,458
Entertainment: 1.58%
Viacom Incorporated Class B		111,078		3,371,217
Interactive Media & Services: 0.98%
Alphabet Incorporated Class A †		656		799,139
IAC Corporation †		5,400		1,290,870
				2,090,009
Media: 3.50%
Charter Communications Incorporated Class A †		11,813		4,552,494
Comcast Corporation Class A		67,868		2,929,862
				7,482,356
Consumer Discretionary: 4.60%
Hotels, Restaurants & Leisure: 3.36%
Aramark		48,159		1,742,874
Boyd Gaming Corporation		36,792		974,620
McDonald’s Corporation		6,131		1,291,924
Yum China Holdings Incorporated		69,604		3,166,982
				7,176,400
Specialty Retail: 0.66%
Lowe’s Companies Incorporated		13,993		1,418,890
Textiles, Apparel & Luxury Goods: 0.58%
Lululemon Athletica Incorporated †		6,502		1,242,467
Consumer Staples: 11.13%
Beverages: 0.95%
PepsiCo Incorporated		15,829		2,023,104
Food & Staples Retailing: 2.06%
Costco Wholesale Corporation		16,003		4,410,907
Food Products: 2.00%
Archer Daniels Midland Company		99,115		4,071,644
Ingredion Incorporated		2,789		215,562
				4,287,206
Household Products: 3.90%
The Procter & Gamble Company		70,667		8,341,533
Tobacco: 2.22%
Altria Group Incorporated		100,791		4,744,232

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

Wells Fargo Large Company Value Fund  |  11

Portfolio of investments—July 31, 2019

	Shares		Value
Energy: 6.00%
Oil, Gas & Consumable Fuels: 6.00%
ConocoPhillips		84,175	$	4,973,059
CVR Energy Incorporated		9,137		484,901
Marathon Petroleum Corporation		7,610		429,128
ONEOK Incorporated		67,636		4,739,931
Phillips 66		5,738		588,489
The Williams Companies Incorporated		17,782		438,148
Valero Energy Corporation		13,777		1,174,489
				12,828,145
Financials: 19.26%
Banks: 7.91%
Bank of America Corporation		171,699		5,267,725
Bank of N.T. Butterfield & Son Limited		19,569		615,054
Citigroup Incorporated		26,237		1,867,025
JPMorgan Chase & Company		79,109		9,176,644
				16,926,448
Capital Markets: 2.38%
Ameriprise Financial Incorporated		17,693		2,574,508
Bank of New York Mellon Corporation		49,493		2,322,212
BlackRock Incorporated		414		193,620
				5,090,340
Consumer Finance: 2.39%
Ally Financial Incorporated		140,838		4,634,979
Capital One Financial Corporation		5,105		471,804
				5,106,783
Diversified Financial Services: 4.54%
Berkshire Hathaway Incorporated Class B †		45,034		9,251,335
Cannae Holdings Incorporated †		15,618		452,141
				9,703,476
Insurance: 2.04%
Old Republic International Corporation		191,488		4,367,841
Health Care: 16.24%
Biotechnology: 4.30%
Alexion Pharmaceuticals Incorporated †		21,243		2,406,619
Amgen Incorporated		9,753		1,819,715
Arena Pharmaceuticals Incorporated †		41,466		2,599,089
Gilead Sciences Incorporated		36,133		2,367,434
				9,192,857
Health Care Equipment & Supplies: 1.53%
West Pharmaceutical Services Incorporated		23,831		3,271,281
Health Care Providers & Services: 0.46%
Cardinal Health Incorporated		8,562		391,540
Laboratory Corporation of America Holdings †		3,517		589,168
				980,708

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

12  |  Wells Fargo Large Company Value Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Health Care Technology: 1.08%
Veeva Systems Incorporated Class A †		13,957	$	2,315,466
Life Sciences Tools & Services: 1.34%
Agilent Technologies Incorporated		41,421		2,875,032
Pharmaceuticals: 7.53%
Johnson & Johnson		64,858		8,445,809
Merck & Company Incorporated		231		19,171
Pfizer Incorporated		169,849		6,596,935
Zoetis Incorporated		9,040		1,038,606
				16,100,521
Industrials: 8.08%
Aerospace & Defense: 0.92%
Huntington Ingalls Industries Incorporated		440		100,452
The Boeing Company		5,497		1,875,466
				1,975,918
Air Freight & Logistics: 1.07%
United Parcel Service Incorporated Class B		19,142		2,286,895
Airlines: 2.39%
SkyWest Incorporated		7,935		481,734
Southwest Airlines Company		89,998		4,637,597
				5,119,331
Commercial Services & Supplies: 1.70%
Republic Services Incorporated		38,023		3,370,739
Waste Management Incorporated		2,179		254,943
				3,625,682
Professional Services: 0.09%
CoStar Group Incorporated †		320		196,928
Road & Rail: 1.91%
Norfolk Southern Corporation		11,447		2,187,751
Union Pacific Corporation		10,493		1,888,215
				4,075,966
Information Technology: 8.83%
Communications Equipment: 1.38%
Cisco Systems Incorporated		53,382		2,957,363
IT Services: 3.51%
DXC Technology Company		20,150		1,123,766
Leidos Holdings Incorporated		6,267		514,521
MasterCard Incorporated Class A		16,293		4,436,095
Paychex Incorporated		10,822		898,767
PayPal Holdings Incorporated †		4,765		526,056
				7,499,205

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

Wells Fargo Large Company Value Fund  |  13

Portfolio of investments—July 31, 2019

	Shares		Value
Semiconductors & Semiconductor Equipment: 2.58%
Cabot Microelectronics Corporation		7,432	$	904,103
Intel Corporation		54,105		2,735,008
Maxim Integrated Products Incorporated		31,860		1,885,793
				5,524,904
Software: 0.09%
Intuit Incorporated		647		179,420
Technology Hardware, Storage & Peripherals: 1.27%
HP Incorporated		129,190		2,718,158
Materials: 2.65%
Chemicals: 1.01%
The Mosaic Company		86,135		2,169,741
Metals & Mining: 1.64%
Carpenter Technology Corporation		6,501		292,610
Royal Gold Incorporated		28,017		3,206,546
				3,499,156
Real Estate: 5.46%
Equity REITs: 5.46%
CoreCivic Incorporated		169,661		2,879,145
Hannon Armstrong Sustainable		46,092		1,265,225
Mack-Cali Realty Corporation		92,936		2,210,018
Outfront Media Incorporated		96,893		2,633,552
The Geo Group Incorporated		118,978		2,118,998
Ventas Incorporated		8,293		558,036
Weingarten Realty Investors		414		11,555
				11,676,529
Utilities: 6.35%
Electric Utilities: 4.58%
Duke Energy Corporation		38,572		3,344,964
NextEra Energy Incorporated		11,295		2,339,985
Pinnacle West Capital Corporation		45,146		4,118,218
				9,803,167
Multi-Utilities: 1.77%
Ameren Corporation		8,767		663,574
Dominion Energy Incorporated		10,393		772,096
MDU Resources Group Incorporated		88,012		2,353,441
				3,789,111
Total Common Stocks (Cost $192,906,643)				211,328,151

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

14  |  Wells Fargo Large Company Value Fund

Portfolio of investments—July 31, 2019

	Yield			Shares		Value
Short-Term Investments: 0.77%
Investment Companies: 0.77%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26	%		1,645,324	$	1,645,324
Total Short-Term Investments (Cost $1,645,324)							1,645,324

Total investments in securities (Cost $194,551,967)	99.58	%		212,973,475
Other assets and liabilities, net	0.42			890,123
Total net assets	100.00	%	$	213,863,598

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		15		9-20-2019	$	2,238,784	$	2,236,725	$	0	$	(2,059	)

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		4,171,660		37,345,603		39,871,939		1,645,324	$	0	$	0	$	85,694	$	1,645,324		0.77	%

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

Wells Fargo Large Company Value Fund  |  15

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $192,906,643)	$	211,328,151
Investments in affiliated securities, at value (cost $1,645,324)		1,645,324
Segregated cash for futures contracts		800,000
Receivable for Fund shares sold		5,279
Receivable for dividends		295,700
Prepaid expenses and other assets		88,063
Total assets		214,162,517
Liabilities
Payable for Fund shares redeemed		96,396
Management fee payable		48,100
Shareholder servicing fees payable		45,437
Administration fees payable		37,552
Payable for daily variation margin on open futures contracts		27,500
Professional fees payable		26,587
Trustees’ fees and expenses payable		4,203
Distribution fee payable		696
Accrued expenses and other liabilities		12,448
Total liabilities		298,919
Total net assets	$	213,863,598
Net assets consist of
Paid-in capital	$	198,351,390
Total distributable earnings		15,512,208
Total net assets	$	213,863,598
Computation of net asset value and offering price per share
Net assets – Class A	$	196,075,401
Shares outstanding – Class A1		15,170,282
Net asset value per share – Class A		$12.92
Maximum offering price per share – Class A2		$13.71
Net assets – Class C	$	966,019
Shares outstanding – Class C1		72,412
Net asset value per share – Class C		$13.34
Net assets – Class R6	$	20,199
Shares outstanding – Class R61		1,549
Net asset value per share – Class R6		$13.04
Net assets – Administrator Class	$	13,854,194
Shares outstanding – Administrator Class1		1,061,091
Net asset value per share – Administrator Class		$13.06
Net assets – Institutional Class	$	2,947,785
Shares outstanding – Institutional Class1		226,045
Net asset value per share – Institutional Class		$13.04

¹  The Fund has an unlimited number of authorized shares.

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

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

16  |  Wells Fargo Large Company Value Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $25)	$	5,949,692
Income from affiliated securities		85,694
Total investment income		6,035,386
Expenses
Management fee		904,480
Administration fees
Class A		418,196
Class C		3,988
Class R6		7
Administrator Class		20,232
Institutional Class		12,345
Shareholder servicing fees
Class A		497,852
Class C		4,748
Administrator Class		38,909
Distribution fee
Class C		14,226
Custody and accounting fees		21,999
Professional fees		40,420
Registration fees		80,001
Shareholder report expenses		59,999
Trustees’ fees and expenses		21,999
Interest expense		549
Other fees and expenses		13,365
Total expenses		2,153,315
Less: Fee waivers and/or expense reimbursements		(305,607	)
Net expenses		1,847,708
Net investment income		4,187,678
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(2,051,486	)
Futures contracts		274,927
Net realized losses on investments		(1,776,559	)
Net change in unrealized gains (losses) on
Unaffiliated securities		(1,118,834	)
Futures contracts		(100,670	)
Net change in unrealized gains (losses) on investments		(1,219,504	)
Net realized and unrealized gains (losses) on investments		(2,996,063	)
Net increase in net assets resulting from operations	$	1,191,615

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

Wells Fargo Large Company Value Fund  |  17

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment income				$	4,187,678					$	3,343,736
Net realized gains (losses) on investments					(1,776,559	)					26,456,759
Net change in unrealized gains (losses) on investments					(1,219,504	)					(6,608,842	)
Net increase in net assets resulting from operations					1,191,615						23,191,653
Distributions to shareholders from net investment income and net realized gains
Class A					(23,627,979	)					(46,029,469	)
Class C					(266,385	)					(659,195	)
Class R6					(2,636	)					(6,656	)
Administrator Class					(1,888,886	)					(3,673,062	)
Institutional Class					(1,871,851	)					(3,556,512	)
Total distributions to shareholders					(27,657,737	)					(53,924,894	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		328,569			4,172,689			243,128			3,569,805
Class C		6,704			85,717			4,796			75,911
Class R6		0			0			297			5,000
Administrator Class		14,518			189,634			26,318			380,870
Institutional Class		68,756			908,749			128,944			1,889,629
					5,356,789						5,921,215
Reinvestment of distributions
Class A		1,878,949			23,010,284			3,111,809			44,581,220
Class C		19,913			248,892			42,242			618,917
Class R6		0			0			72			1,037
Administrator Class		150,186			1,857,902			250,317			3,619,530
Institutional Class		39,382			487,708			203,584			2,943,466
					25,604,786						51,764,170
Payment for shares redeemed
Class A		(1,858,015	)		(24,202,649	)		(1,908,557	)		(28,835,984	)
Class C		(151,734	)		(1,973,099	)		(48,634	)		(725,165	)
Class R6		0			0			(369	)		(5,292	)
Administrator Class		(251,379	)		(3,187,791	)		(227,193	)		(3,486,080	)
Institutional Class		(1,090,005	)		(12,813,608	)		(104,675	)		(1,560,195	)
					(42,177,147	)					(34,612,716	)
Net increase (decrease) in net assets resulting from capital share transactions					(11,215,572	)					23,072,669
Total decrease in net assets					(37,681,694	)					(7,660,572	)
Net assets
Beginning of period					251,545,292						259,205,864
End of period				$	213,863,598					$	251,545,292

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $792,952. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders,in the notes to the financial statements.

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

18  |  Wells Fargo Large Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.46			$16.54			$14.58			$16.10			$16.82
Net investment income		0.24			0.19			0.14			0.17			0.13	1
Net realized and unrealized gains (losses) on investments		(0.15	)		1.29			1.93			(0.41	)		0.78
Total from investment operations		0.09			1.48			2.07			(0.24	)		0.91
Distributions to shareholders from
Net investment income		(0.25	)		(0.18	)		(0.11	)		(0.16	)		(0.13	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(1.63	)		(3.56	)		(0.11	)		(1.28	)		(1.63	)
Net asset value, end of period		$12.92			$14.46			$16.54			$14.58			$16.10
Total return2		1.44	%		9.39	%		14.24	%		(0.98	)%		5.72	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.94	%		1.09	%		1.24	%		1.27	%
Net expenses		0.83	%		0.83	%		0.96	%		1.10	%		1.10	%
Net investment income		1.84	%		1.28	%		0.91	%		1.19	%		0.76	%
Supplemental data
Portfolio turnover rate		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$196,075			$214,247			$221,207			$218,922			$104,453

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Large Company Value Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.81			$16.86			$14.90			$16.41			$17.12
Net investment income		0.16	1		0.08			0.03	1		0.06			0.00	2
Net realized and unrealized gains (losses) on investments		(0.15	)		1.30			1.96			(0.40	)		0.80
Total from investment operations		0.01			1.38			1.99			(0.34	)		0.80
Distributions to shareholders from
Net investment income		(0.10	)		(0.05	)		(0.03	)		(0.05	)		(0.01	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(1.48	)		(3.43	)		(0.03	)		(1.17	)		(1.51	)
Net asset value, end of period		$13.34			$14.81			$16.86			$14.90			$16.41
Total return3		0.76	%		8.49	%		13.40	%		(1.68	)%		4.92	%
Ratios to average net assets (annualized)
Gross expenses		1.71	%		1.69	%		1.84	%		1.99	%		2.02	%
Net expenses		1.58	%		1.58	%		1.72	%		1.85	%		1.85	%
Net investment income		1.15	%		0.55	%		0.16	%		0.44	%		0.01	%
Supplemental data
Portfolio turnover rate		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$966			$2,926			$3,356			$3,674			$4,488

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

20  |  Wells Fargo Large Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			20171
Net asset value, beginning of period		$14.59			$16.66			$16.14
Net investment income		0.30			0.26			0.03	2
Net realized and unrealized gains (losses) on investments		(0.14	)		1.30			0.49
Total from investment operations		0.16			1.56			0.52
Distributions to shareholders from
Net investment income		(0.33	)		(0.25	)		0.00
Net realized gains		(1.38	)		(3.38	)		0.00
Total distributions to shareholders		(1.71	)		(3.63	)		0.00
Net asset value, end of period		$13.04			$14.59			$16.66
Total return3		1.92	%		9.88	%		3.22	%
Ratios to average net assets (annualized)
Gross expenses		0.55	%		0.51	%		0.49	%
Net expenses		0.40	%		0.40	%		0.40	%
Net investment income		2.26	%		1.73	%		0.52	%
Supplemental data
Portfolio turnover rate		221	%		258	%		221	%
Net assets, end of period (000s omitted)		$20			$23			$26

¹  For the period from April 7, 2017 (commencement of class operations) to July 31, 2017

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Large Company Value Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.59			$16.66			$14.68			$16.20			$16.93
Net investment income		0.26			0.20			0. 16	1		0.20			0.17
Net realized and unrealized gains (losses) on investments		(0.14	)		1.30			1.94			(0.41	)		0.78
Total from investment operations		0.12			1.50			2.10			(0.21	)		0.95
Distributions to shareholders from
Net investment income		(0.27	)		(0.19	)		(0.12	)		(0.19	)		(0.18	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(1.65	)		(3.57	)		(0.12	)		(1.31	)		(1.68	)
Net asset value, end of period		$13.06			$14.59			$16.66			$14.68			$16.20
Total return		1.61	%		9.44	%		14.35	%		(0.79	)%		5.95	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.86	%		1.01	%		1.16	%		1.12	%
Net expenses		0.75	%		0.75	%		0.87	%		0.93	%		0.85	%
Net investment income		1.93	%		1.37	%		1.01	%		1.35	%		1.01	%
Supplemental data
Portfolio turnover rate		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$13,854			$16,744			$18,296			$24,164			$30,177

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Large Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.58			$16.65			$14.66			$16.17			$16.91
Net investment income		0.29	1		0.24			0.19	1		0.21	1		0.20	1
Net realized and unrealized gains (losses) on investments		(0.14	)		1.30			1.94			(0.38	)		0.78
Total from investment operations		0.15			1.54			2.13			(0.17	)		0.98
Distributions to shareholders from
Net investment income		(0.31	)		(0.23	)		(0.14	)		(0.22	)		(0.22	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(1.69	)		(3.61	)		(0.14	)		(1.34	)		(1.72	)
Net asset value, end of period		$13.04			$14.58			$16.65			$14.66			$16.17
Total return		1.86	%		9.77	%		14.61	%		(0.54	)%		6.14	%
Ratios to average net assets (annualized)
Gross expenses		0.63	%		0.62	%		0.74	%		0.91	%		0.85	%
Net expenses		0.50	%		0.50	%		0.61	%		0.74	%		0.65	%
Net investment income		2.14	%		1.60	%		1.21	%		1.52	%		1.23	%
Supplemental data
Portfolio turnover rate		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$2,948			$17,606			$16,321			$9,343			$1,483

¹  Calculated based upon average shares outstanding

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

Wells Fargo Large Company Value Fund  |  23

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registered open-end investment companies are valued at net asset value.

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.

Futures contracts

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 a 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 and is subject to equity price risk. 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 the counterparty to all exchange traded futures, guarantees the futures contracts against default.

24  |  Wells Fargo Large Company Value Fund

Notes to financial statements

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.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $195,533,541 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	22,042,445
Gross unrealized losses		(4,604,570	)
Net unrealized gains	$	17,437,875

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At July 31, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$47,830	$(47,830)

As of July 31, 2019, the Fund had current year net deferred post-October capital losses consisting of $2,430,946 in short-term losses which will be recognized on the first day of the following 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 fund-level 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.

Wells Fargo Large Company Value Fund  |  25

Notes to financial statements

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	21,827,040	$	0	$	0	$	21,827,040
Consumer discretionary		9,837,757		0		0		9,837,757
Consumer staples		23,806,982		0		0		23,806,982
Energy		12,828,145		0		0		12,828,145
Financials		41,194,888		0		0		41,194,888
Health care		34,735,865		0		0		34,735,865
Industrials		17,280,720		0		0		17,280,720
Information technology		18,879,050		0		0		18,879,050
Materials		5,668,897		0		0		5,668,897
Real estate		11,676,529		0		0		11,676,529
Utilities		13,592,278		0		0		13,592,278
Short-term investments
Investment companies		1,645,324		0		0		1,645,324
Total assets	$	212,973,475	$	0	$	0	$	212,973,475
Liabilities
Futures contracts	$	2,059	$	0	$	0	$	2,059
Total liabilities	$	2,059	$	0	$	0	$	2,059

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the year ended July 31, 2019, 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 & 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

26  |  Wells Fargo Large Company Value Fund

Notes to financial statements

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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion		0.400	%
Next $4 billion		0.375
Next $5 billion		0.340
Over $10 billion		0.330

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“Wells Cap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase. Prior to November 1, 2018, Analytic Investors, LLC served as the subadviser and received an annual fee from Funds Management at the same rates. On November 1, 2018, Analytic Investors, LLC was consolidated into WellsCap.

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares and 0.50% for Institutional Class shares. Prior to or after the commitment 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. 

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $1,599 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2019.

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.

Wells Fargo Large Company Value Fund  |  27

Notes to financial statements

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $491,579,600 and $523,159,216, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended July 31, 2019, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $4,748,998 in long futures contracts during the year ended July 31, 2019.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

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.

During the year ended July 31, 2019, the Fund had average borrowings outstanding of $14,718 at an average rate of 3.73% and paid interest in the amount of $549.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	21,161,855	$	6,104,081
Long-term capital gain		6,495,882		47,820,813

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Post-October capital losses deferred
$516,275	$17,437,875	$(2,430,946)

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$2,599,881		$43,429,588
Class C		11,926		647,269
Class R6		420		6,236
Administrator Class		218,142		3,454,920
Institutional Class		253,844		3,302,668

28  |  Wells Fargo Large Company Value Fund

Notes to financial statements

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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Wells Fargo Large Company Value Fund  |  29

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Large Company Value Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian, transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

30  |  Wells Fargo Large Company Value Fund

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 34.33% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $6,495,882 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $7,183,269 of income dividends paid during the fiscal year ended July 31, 2019, has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $67,582 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended July 31, 2019, $16,686,503 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Large Company Value Fund  |  31

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 152 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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 Large Company 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; Nominating and 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	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	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

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

Wells Fargo Large Company Value Fund  |  33

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

34  |  Wells Fargo Large Company Value Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Large Company Value Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Company Value Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with 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 2019, 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 2019. 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 received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. 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.

Wells Fargo Large Company Value Fund  |  35

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, 2018. 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 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 1000^® 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 that the Sub-Adviser began serving as sub-adviser to the Fund as of February 1, 2017, and that investment performance information for the Fund for periods prior to February 1, 2017 does not reflect the investment performance of the Sub-Adviser or changes to its investment strategy that became effective on February 1, 2017.

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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and 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 Large Company 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”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. 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, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, 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.

Wells Fargo Large Company Value Fund  |  37

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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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405482 09-19

A210/AR210 07-19

Annual Report

July 31, 2019

Wells Fargo

Low Volatility U.S. Equity Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Report of independent registered public accounting firm	29
Other information	30

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Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports atwellsfargo.com/advantagedelivery

The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Low Volatility U.S. Equity Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Low Volatility U.S. Equity Fund for the 12-month period that ended July 31, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Low Volatility U.S. Equity Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Low Volatility U.S. Equity Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at
1-800-222-8222.

4  |  Wells Fargo Low Volatility U.S. Equity Fund

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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

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

Average annual total returns (%) as of July 31, 2019

		Including sales charge				Excluding sales charge					Expense ratios1 (%)
	Inception date	1 year		Since inception		1 year		Since inception			Gross		Net2
Class A (WLVLX)	10-31-2016		6.34		9.17		12.87		11.55			1.56		0.74
Class C (WLVKX)	10-31-2016		11.15		10.74		12.15		10.74			2.31		1.49
Class R6 (WLVJX)	10-31-2016		–		–		13.39		12.03			1.13		0.31
Administrator Class (WLVDX)	10-31-2016		–		–		13.00		11.63			1.48		0.66
Institutional Class (WLVOX)	10-31-2016		–		–		13.28		11.93			1.23		0.41
Russell 1000® Index3	–		–		–		8.00		15.36	*		–		–

* Return is based on inception of the Fund.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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. Currentmonth-end performance is available on the Fund’s website,wfam.com.

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

For Class A shares, the maximumfront-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 afront-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Low Volatility U.S. Equity Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁴

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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.

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.73% for Class A, 1.48% for Class C, 0.30% for Class R6, 0.65% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

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

⁵  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of saving and spending. You cannot invest directly in an index.

⁶  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.

⁷  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.

⁸  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Low Volatility U.S. Equity Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION    

Fund highlights    

∎ The Fund outperformed its benchmark, the Russell 1000^® Index, for the12-month period that ended July 31, 2019.

∎ Primary contributors to Fund performance during the reporting period included our focus on lower-risk/lower-beta stocks, which outperformed both high-risk stocks and the index during the period. Beta is a measure of a stock’s volatility relative to general market movements. Lower-beta stocks tend to deliver lower variation in returns compared with the overall market. In addition, an underweight position to the high-risk energy sector helped relative results.

∎ An underweight position to information technology was a detractor as this sector posted strong returns during the period.

U.S. stocks delivered strong results during the reporting period.

Markets posted positive returns for theone-year period despite the Russell 1000^® Index returning-13.82% in the fourth quarter of 2018. December’s bigsell-off seemed to result from concerns over the government shutdown. December started with an argument between the Federal Reserve (Fed) and the White House over rising interest rates and ended with a confrontation between Congress and the White House over budget issues. Both led to increased market volatility.

Early in the period, the strength of the domestic economy helped move stocks higher. Consumer spending figures were strong, driving overall growth for the economy. Continued growth also helped consumer confidence, with The Conference Board Consumer Confidence Index^®5 hitting an18-year high. In addition, August’s unemployment rate was 3.9%, a low not seen since December 2000.

Fed officials raised the federal funds rate in December 2018, and initially reaffirmed the outlook for further gradual hikes well into 2019. The quarter-point increase in December 2018 boosted the benchmark federal funds rate to 2.50%.

The tone surrounding interest rates changed later in the12-month period when economic growth slowed. For example, only 20,000 new jobs were added in February. In addition, earnings growth disappointed as the first-quarter earnings growth estimate for the S&P 500 Index⁶ fell from 2.9% to-3.9%. Consumer spending growth also pulled back as January’s personal spending report showed 0.1% growth and retail sales in February fell 0.2%. As a result, the Fed initially indicated there would be no further interest rate hikes during 2019. In fact, in response to increasing trade tensions and slowing global economic growth, the Fed lowered interest rates after the close of the12-month period—on July 31, 2019—its first rate cut since 2008.

Ten largest holdings (%) as of July 31, 20197
Republic Services Incorporated	2.51
The Coca-Cola Company	2.49
Waste Management Incorporated	2.49
The Hershey Company	2.39
The Procter & Gamble Company	2.30
Paychex Incorporated	2.26
CME Group Incorporated	2.23
Booz Allen Hamilton Holding Corporation	2.22
Royal Gold Incorporated	2.13
PepsiCo Incorporated	2.09

Our emphases on risk management and high-quality stocks proved favorable during the reporting period.

Lack of exposure to the energy sector helped the Fund’s relative performance. The Fund lacks exposure primarily because this sector has exhibited considerably higher relative volatility in recent years. In addition, overweight position to the lower-risk utilities and consumer discretionary and staples sectors also helped relative returns.

Stock selection was strong in the majority of sectors, led by financials, where an overweight position to MarketAxess Holdings, Incorporated, was a top contributor to relative performance. Security selection was also strong within

consumer staples, where overweight positions to The Hershey Company and The Procter & Gamble Company proved beneficial. Furthermore, stock selection was strong within industrials where an overweight position to Waste Management, Incorporated, helped. Within utilities, an overweight position to NextEra Energy, Incorporated, helped relative returns during the period.

Lower-risk/lower-beta stocks outperformed both high-risk stocks and the index during the period. For example, stocks within the lowest-risk quintile returned 15.70%, whereas stocks within the highest-risk quintile returned 6.07%. As a result, a significant overweight to thelow-risk quintile and a significant underweight to the highest-risk quintile helped results.

Please see footnotes on page 7.

8  |  Wells Fargo Low Volatility U.S. Equity Fund

Performance highlights (unaudited)

Sector distribution as of July 31, 2019⁸

The Fund seeks to have less volatility than the overall stock market.

Our investment process focuses primarily on volatility reduction. We seek to maintain a standard deviation (variation between highest and lowest returns) that is 20% to 30% less than that of the index while delivering a similar or higher level of return over a full market cycle. Using our fundamental and statistical risk models, we construct the portfolio by quantitatively identifying companies that possess lower forecasted risks.

Due to ourlow-volatility emphasis, sector weights within the Fund tend to deviate meaningfully from those of the benchmark. During the period, the Fund held underweights to sectors that generally exhibited higher betas, such as energy, and overweight positions to consumer staples and utilities, sectors that are considered defensive in nature.

Going forward, we will continue to favorlow-beta stocks as they serve the Fund’s goal: to reduce volatility.

Using our fundamental and statistical risk models, we will quantitatively identify companies with lower forecasted risks. In addition, we will use our comprehensive alpha-prediction model when selecting lower-risk stocks. Alpha measures the excess return of an investment vehicle, such as a mutual fund, relative to the return of its index. Our process quantitatively forecasts returns using over 70 fundamental, technical, and proprietary factors, also known as alpha signals. As a result, our process not only assesses investment opportunities from a risk perspective but also from an alpha standpoint. We believe this increases the likelihood that over a full market cycle, the Fund may provide investors with lower overall portfolio risk relative to the index while delivering a similar or higher level of return.

Please see footnotes on page 7.

Wells Fargo Low Volatility U.S. Equity Fund  |  9

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 thesix-month period and held for the entire period from February 1, 2019 to July 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,147.06	$	3.89		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	3.66		0.73	%
Class C
Actual	$	1,000.00	$	1,142.72	$	7.86		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46	$	7.40		1.48	%
Class R6
Actual	$	1,000.00	$	1,148.96	$	1.60		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.50		0.30	%
Administrator Class
Actual	$	1,000.00	$	1,147.20	$	3.46		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Institutional Class
Actual	$	1,000.00	$	1,148.96	$	2.13		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01		0.40	%

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 theone-half-year period).

10  |  Wells Fargo Low Volatility U.S. Equity Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 97.14%
Communication Services: 8.18%
Entertainment: 4.35%
Cinemark Holdings Incorporated		18,704	$	746,664
The Madison Square Garden Company Class A †		1,857		538,604
The Walt Disney Company		2,083		297,890
Zynga Incorporated Class A †		22,481		143,429
				1,726,587
Interactive Media & Services: 0.58%
IAC Corporation †		961		229,727
Media: 3.25%
Cable One Incorporated		617		750,766
John Wiley & Sons Incorporated Class A		798		36,317
Omnicom Group Incorporated		6,313		506,429
				1,293,512
Consumer Discretionary: 7.62%
Diversified Consumer Services: 1.67%
Bright Horizons Family Solutions Incorporated †		466		70,865
Graham Holdings Company Class B		77		57,190
H&R Block Incorporated		19,369		536,328
				664,383
Hotels, Restaurants & Leisure: 0.39%
Darden Restaurants Incorporated		1		122
Six Flags Entertainment Corporation		2,886		152,467
				152,589
Household Durables: 0.99%
NVR Incorporated †		118		394,608
Internet & Direct Marketing Retail: 2.64%
Booking Holdings Incorporated †		300		565,983
eBay Incorporated		11,715		482,541
				1,048,524
Specialty Retail: 1.57%
ULTA Beauty Incorporated †		1,789		624,808
Textiles, Apparel & Luxury Goods: 0.36%
lululemon athletica Incorporated †		742		141,789
Consumer Staples: 19.51%
Beverages: 4.58%
PepsiCo Incorporated		6,485		828,848
The Coca-Cola Company		18,823		990,654
				1,819,502

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

Wells Fargo Low Volatility U.S. Equity Fund  |  11

Portfolio of investments—July 31, 2019

	Shares		Value
Food & Staples Retailing: 3.61%
Costco Wholesale Corporation		2,525	$	695,966
Sysco Corporation		10,725		735,413
				1,431,379
Food Products: 4.61%
Flowers Foods Incorporated		13,327		315,850
Lamb Weston Holdings Incorporated		7,725		518,502
The Hershey Company		6,266		950,803
Tyson Foods Incorporated Class A		561		44,599
				1,829,754
Household Products: 4.54%
Colgate-Palmolive Company		6,020		431,875
The Clorox Company		2,823		459,020
The Procter & Gamble Company		7,741		913,748
				1,804,643
Tobacco: 2.17%
Altria Group Incorporated		7,222		339,939
Philip Morris International Incorporated		6,249		522,479
				862,418
Energy: 0.41%
Energy Equipment & Services: 0.22%
Baker Hughes Incorporated		3,465		87,976
Oil, Gas & Consumable Fuels: 0.19%
ConocoPhillips		1,276		75,386
Financials: 14.07%
Capital Markets: 7.16%
CBOE Holdings Incorporated		6,337		692,697
CME Group Incorporated		4,563		887,138
FactSet Research Systems Incorporated		1,042		288,946
Intercontinental Exchange Incorporated		1,732		152,173
Janus Henderson Group plc		1,277		25,629
MarketAxess Holdings Incorporated		1,977		666,328
Morningstar Incorporated		687		104,410
Virtu Financial Incorporated Class A		1,174		25,452
				2,842,773
Insurance: 4.24%
American Financial Group Incorporated		5,506		563,704
American National Insurance Company		379		45,867
Arch Capital Group Limited †		6,753		261,273
Mercury General Corporation		3,451		195,706
Old Republic International Corporation		10,458		238,547
The Progressive Corporation		4,667		377,934
				1,683,031

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

12  |  Wells Fargo Low Volatility U.S. Equity Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Mortgage REITs: 2.67%
AGNC Investment Corporation		15,735	$	269,698
Annaly Capital Management Incorporated		20,527		196,033
Chimera Investment Corporation		643		12,397
MFA Financial Incorporated		55,154		396,006
Starwood Property Trust Incorporated		8,023		186,374
				1,060,508
Health Care: 2.93%
Health Care Equipment & Supplies: 1.11%
Varian Medical Systems Incorporated †		1,189		139,553
West Pharmaceutical Services Incorporated		2,197		301,582
				441,135
Health Care Providers & Services: 0.34%
Anthem Incorporated		252		74,242
Chemed Corporation		153		62,025
				136,267
Life Sciences Tools & Services: 1.43%
Bio-Rad Laboratories Incorporated Class A †		1,803		567,765
Pharmaceuticals: 0.05%
Merck & Company Incorporated		229		19,005
Industrials: 13.11%
Aerospace & Defense: 5.03%
BWX Technologies Incorporated		4,481		241,571
Curtiss-Wright Corporation		1,305		165,617
Huntington Ingalls Industries Incorporated		1,270		289,941
Lockheed Martin Corporation		2,007		726,875
Raytheon Company		3,136		571,661
				1,995,665
Air Freight & Logistics: 0.85%
Expeditors International of Washington Incorporated		4,435		338,612
Commercial Services & Supplies: 5.02%
ADT Incorporated		1,638		10,401
Republic Services Incorporated		11,239		996,337
Waste Management Incorporated		8,445		988,065
				1,994,803
Industrial Conglomerates: 0.75%
Honeywell International Incorporated		1,720		296,631
Machinery: 1.34%
The Toro Company		7,327		533,552
Road & Rail: 0.12%
Schneider National Incorporated Class B		2,344		45,239

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

Wells Fargo Low Volatility U.S. Equity Fund  |  13

Portfolio of investments—July 31, 2019

	Shares		Value
Information Technology: 16.07%
Communications Equipment: 1.29%
Motorola Solutions Incorporated		3,081	$	511,323
Electronic Equipment, Instruments & Components: 1.95%
CDW Corporation of Delaware		1,366		161,407
FLIR Systems Incorporated		2,974		147,689
National Instruments Corporation		11,172		466,543
				775,639
IT Services: 9.92%
Amdocs Limited		12,802		819,200
Automatic Data Processing Incorporated		3,728		620,787
Booz Allen Hamilton Holding Corporation		12,809		880,619
Genpact Limited		16,448		652,657
Jack Henry & Associates Incorporated		514		71,806
Paychex Incorporated		10,796		896,608
				3,941,677
Semiconductors & Semiconductor Equipment: 0.56%
Maxim Integrated Products Incorporated		3,725		220,483
Software: 2.35%
Cadence Design Systems Incorporated †		3,890		287,510
CDK Global Incorporated		8,550		443,488
Citrix Systems Incorporated		562		52,963
Symantec Corporation		487		10,500
Synopsys Incorporated †		450		59,742
Teradata Corporation †		2,142		78,440
				932,643
Materials: 4.51%
Chemicals: 0.37%
Valvoline Incorporated		7,382		149,043
Containers & Packaging: 0.84%
Ardagh Group SA		1,941		32,279
Sonoco Products Company		5,008		300,630
				332,909
Metals & Mining: 3.30%
Newmont Goldcorp Corporation		12,726		464,753
Royal Gold Incorporated		7,375		844,069
				1,308,822
Real Estate: 2.17%
Equity REITs: 2.17%
Apple Hospitality REIT Incorporated		11,977		188,159
Equity Commonwealth		5		168
VICI Properties Incorporated		31,488		671,954
				860,281

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

14  |  Wells Fargo Low Volatility U.S. Equity Fund

Portfolio of investments—July 31, 2019

				Shares		Value
Utilities: 8.56%
Electric Utilities: 5.78%
American Electric Power Company Incorporated					2,997	$	263,167
Hawaiian Electric Industries Incorporated					8,736		391,373
NextEra Energy Incorporated					3,495		724,059
Pinnacle West Capital Corporation					7,372		672,474
Xcel Energy Incorporated					4,132		246,308
							2,297,381
Multi-Utilities: 2.78%
Ameren Corporation					1,347		101,954
CenterPoint Energy Incorporated					3,079		89,322
CMS Energy Corporation					8,189		476,764
Dominion Energy Incorporated					482		35,808
DTE Energy Company					3,144		399,634
							1,103,482
Total Common Stocks (Cost $33,070,968)							38,576,254
	Yield
Short-Term Investments: 2.90%
Investment Companies: 2.90%
Wells Fargo Government Money Market Fund Select Class (I)(u)		2.26	%		1,153,395		1,153,395
Total Short-Term Investments (Cost $1,153,395)							1,153,395

Total investments in securities (Cost $34,224,363)	100.04	%		39,729,649
Other assets and liabilities, net	(0.04	)		(15,394	)
Total net assets	100.00	%	$	39,714,255

† Non-income-earning security

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

(u) The rate represents the7-day annualized yield at period end.

Abbreviations:

REIT Real state 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
Wells Fargo Government Money Market Fund Select Class		922,225		8,045,325		7,814,155		1,153,395	$	0	$	0	$	21,366	$	1,153,395		2.90	%

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

Wells Fargo Low Volatility U.S. Equity Fund  |  15

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $33,070,968)	$	38,576,254
Investments in affiliated securities, at value (cost $1,153,395)		1,153,395
Receivable for Fund shares sold		13,775
Receivable for dividends		31,943
Receivable from manager		10,872
Prepaid expenses and other assets		17,131
Total assets		39,803,370
Liabilities
Professional fees payable		44,690
Shareholder report expenses payable		23,404
Custodian and accounting fees payable		10,261
Administration fees payable		4,409
Trustees’ fees and expenses payable		4,318
Payable for Fund shares redeemed		1,500
Distribution fee payable		123
Accrued expenses and other liabilities		410
Total liabilities		89,115
Total net assets	$	39,714,255
Net assets consist of
Paid-in capital	$	33,488,336
Total distributable earnings		6,225,919
Total net assets	$	39,714,255
Computation of net asset value and offering price per share
Net assets – Class A	$	1,538,915
Shares outstanding – Class A1		127,275
Net asset value per share – Class A		$12.09
Maximum offering price per share – Class A2		$12.83
Net assets – Class C	$	304,514
Shares outstanding – Class C1		25,363
Net asset value per share – Class C		$12.01
Net assets – Class R6	$	1,216,795
Shares outstanding – Class R61		100,480
Net asset value per share – Class R6		$12.11
Net assets – Administrator Class	$	121,339
Shares outstanding – Administrator Class1		10,042
Net asset value per share – Administrator Class		$12.08
Net assets – Institutional Class	$	36,532,692
Shares outstanding – Institutional Class1		3,017,333
Net asset value per share – Institutional Class		$12.11

¹ The Fund has an unlimited number of authorized shares.

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

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

16  |  Wells Fargo Low Volatility U.S. Equity Fund

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $406)	$	943,694
Income from affiliated securities		21,366
Total investment income		965,060
Expenses
Management fee		148,227
Administration fees
Class A		2,785
Class C		500
Class R6		341
Administrator Class		147
Institutional Class		44,514
Shareholder servicing fees
Class A		3,316
Class C		596
Administrator Class		284
Distribution fee
Class C		1,636
Custody and accounting fees		12,724
Professional fees		53,341
Registration fees		89,133
Shareholder report expenses		49,998
Trustees’ fees and expenses		21,999
Other fees and expenses		9,070
Total expenses		438,611
Less: Fee waivers and/or expense reimbursements		(271,405	)
Net expenses		167,206
Net investment income		797,854
Realized and unrealized gains (losses) on investments
Net realized gains on investments		1,004,676
Net change in unrealized gains (losses) on investments		2,805,492
Net realized and unrealized gains (losses) on investments		3,810,168
Net increase in net assets resulting from operations	$	4,608,022

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

Wells Fargo Low Volatility U.S. Equity Fund  |  17

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment income				$	797,854					$	709,204
Net realized gains on investments					1,004,676						1,575,047
Net change in unrealized gains (losses) on investments					2,805,492						219,615
Net increase in net assets resulting from operations					4,608,022						2,503,866
Distribution to shareholders from net investment income and net realized gains
Class A					(97,183	)					(39,204	)
Class C					(13,679	)					(2,805	)
Class R6					(88,854	)					(41,008	)
Administrator Class					(8,480	)					(3,707	)
Institutional Class					(2,610,423	)					(1,251,431	)
Total distributions to shareholders					(2,818,619	)					(1,338,155	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		22,375			258,259			36,479			411,267
Class C		14,213			159,144			7,545			83,872
Institutional Class		98,413			1,093,577			321,940			3,618,353
					1,510,980						4,113,492
Reinvestment of distributions
Class A		8,338			88,821			3,092			35,640
Class C		567			5,999			3			37
Institutional Class		50,399			537,420			25,951			299,171
					632,240						334,848
Payment for shares redeemed
Class A		(16,971	)		(182,876	)		(23,744	)		(260,000	)
Class C		(5,662	)		(66,877	)		(1,331	)		(15,125	)
Class R		N/A			N/A			(10,037	)2		(114,115	)2
Institutional Class		(205,601	)		(2,340,479	)		(227,303	)		(2,583,866	)
					(2,590,232	)					(2,973,106	)
Net increase (decrease) in net assets resulting from capital share transactions					(447,012	)					1,475,234
Total increase in net assets					1,342,391						2,640,945
Net assets
Beginning of period					38,371,864						35,730,919
End of period				$	39,714,255					$	38,371,864

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net Investment at the end of the period and permitted the aggregation of distribution, with the exception of tax basis returns of capital. Undistributed net investment income at July 31, 2018 was $364,175. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 7,Distribution to Shareholders, in the notes to the financial statements.

²  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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

18  |  Wells Fargo Low Volatility U.S. Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			20171
Net asset value, beginning of period		$11.56			$11.21			$10.00
Net investment income		0.19			0.16			0.13
Net realized and unrealized gains (losses) on investments		1.17			0.54			1.12
Total from investment operations		1.36			0.70			1.25
Distributions to shareholders from
Net investment income		(0.18	)		(0.17	)		(0.04	)
Net realized gains		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.83	)		(0.35	)		(0.04	)
Net asset value, end of period		$12.09			$11.56			$11.21
Total return2		12.87	%		6.32	%		12.53	%
Ratios to average net assets (annualized)
Gross expenses		1.50	%		1.55	%		1.61	%
Net expenses		0.76	%		0.83	%		0.82	%
Net investment income		1.83	%		1.53	%		1.78	%
Supplemental data
Portfolio turnover rate		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$1,539			$1,312			$1,096

¹  For the period from October 31, 2016 (commencement of class operations) to July 31, 2017

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Wells Fargo Low Volatility U.S. Equity Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			20171
Net asset value, beginning of period		$11.49			$11.16			$10.00
Net investment income		0.11			0.08			0.08
Net realized and unrealized gains (losses) on investments		1.17			0.52			1.11
Total from investment operations		1.28			0.60			1.19
Distributions to shareholders from
Net investment income		(0.11	)		(0.09	)		(0.03	)
Net realized gains		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.76	)		(0.27	)		(0.03	)
Net asset value, end of period		$12.01			$11.49			$11.16
Total return2		12.15	%		5.45	%		11.91	%
Ratios to average net assets (annualized)
Gross expenses		2.18	%		2.31	%		2.40	%
Net expenses		1.51	%		1.58	%		1.58	%
Net investment income		1.10	%		0.76	%		1.01	%
Supplemental data
Portfolio turnover rate		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$305			$187			$112

¹  For the period from October 31, 2016 (commencement of class operations) to July 31, 2017

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

20  |  Wells Fargo Low Volatility U.S. Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			20171
Net asset value, beginning of period		$11.58			$11.24			$10.00
Net investment income		0.26			0.22			0.18
Net realized and unrealized gains (losses) on investments		1.15			0.52			1.11
Total from investment operations		1.41			0.74			1.29
Distributions to shareholders from
Net investment income		(0.23	)		(0.22	)		(0.05	)
Net realized gains		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.88	)		(0.40	)		(0.05	)
Net asset value, end of period		$12.11			$11.58			$11.24
Total return2		13.39	%		6.70	%		12.94	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.12	%		1.22	%
Net expenses		0.33	%		0.40	%		0.40	%
Net investment income		2.27	%		1.96	%		2.19	%
Supplemental data
Portfolio turnover rate		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$1,217			$1,164			$1,129

¹  For the period from October 31, 2016 (commencement of class operations) to July 31, 2017

²  Returns for periods of less than one year are not annualized.

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

Wells Fargo Low Volatility U.S. Equity Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			20171
Net asset value, beginning of period		$11.55			$11.21			$10.00
Net investment income		0.22			0.18			0.15
Net realized and unrealized gains (losses) on investments		1.15			0.53			1.10
Total from investment operations		1.37			0.71			1.25
Distributions to shareholders from
Net investment income		(0.19	)		(0.19	)		(0.04	)
Net realized gains		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.84	)		(0.37	)		(0.04	)
Net asset value, end of period		$12.08			$11.55			$11.21
Total return2		13.00	%		6.36	%		12.57	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.47	%		1.57	%
Net expenses		0.68	%		0.75	%		0.75	%
Net investment income		1.92	%		1.61	%		1.87	%
Supplemental data
Portfolio turnover rate		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$121			$116			$113

¹  For the period from October 31, 2016 (commencement of class operations) to July 31, 2017

²  Returns for periods of less than one year are not annualized.

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

22  |  Wells Fargo Low Volatility U.S. Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			20171
Net asset value, beginning of period		$11.58			$11.23			$10.00
Net investment income		0.25			0.20			0.16
Net realized and unrealized gains (losses) on investments		1.15			0.54			1.12
Total from investment operations		1.40			0.74			1.28
Distributions to shareholders from
Net investment income		(0.22	)		(0.21	)		(0.05	)
Net realized gains		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.87	)		(0.39	)		(0.05	)
Net asset value, end of period		$12.11			$11.58			$11.23
Total return2		13.28	%		6.64	%		12.82	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.22	%		1.31	%
Net expenses		0.43	%		0.50	%		0.50	%
Net investment income		2.17	%		1.87	%		2.09	%
Supplemental data
Portfolio turnover rate		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$36,533			$35,593			$33,169

¹  For the period from October 31, 2016 (commencement of class operations) to July 31, 2017

²  Returns for periods of less than one year are not annualized.

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

Wells Fargo Low Volatility U.S. Equity Fund  |  23

Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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 Low Volatility U.S. Equity Fund (the “Fund”) which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registeredopen-end investment companies are valued at net asset value.

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

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 theex-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 theex-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.

24  |  Wells Fargo Low Volatility U.S. Equity Fund

Notes to financial statements

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $34,363,309 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	5,947,622
Gross unrealized losses		(581,282	)
Net unrealized gains	$	5,366,340

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	3,249,826	$	0	$	0	$	3,249,826
Consumer discretionary		3,026,701		0		0		3,026,701
Consumer staples		7,747,696		0		0		7,747,696
Energy		163,362		0		0		163,362
Financials		5,586,312		0		0		5,586,312
Health care		1,164,172		0		0		1,164,172
Industrials		5,204,502		0		0		5,204,502
Information technology		6,381,765		0		0		6,381,765
Materials		1,790,774		0		0		1,790,774
Real estate		860,281		0		0		860,281
Utilities		3,400,863		0		0		3,400,863
Short-term investments
Investment companies		1,153,395		0		0		1,153,395
Total assets	$	39,729,649	$	0	$	0	$	39,729,649

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

For the year ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Low Volatility U.S. Equity Fund  |  25

Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion		0.400	%
Next $4 billion		0.375
Next $5 billion		0.340
Over $10 billion		0.330

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.12% as the average daily net assets of the Fund increase. Prior to November 1, 2018, Analytic Investors, LLC served as the subadviser and received an annual fee from Funds Management at the same rates. On November 1, 2018, Analytic Investors, LLC was consolidated into WellsCap.

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.73% for Class A shares, 1.48% for Class C shares, 0.30% for Class R6 shares, 0.65% for Administrator Class shares, and 0.40% for Institutional Class shares. Prior to or after the commitment 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 December 1, 2018, the Fund’s expenses were capped at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-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.

26  |  Wells Fargo Low Volatility U.S. Equity Fund

Notes to financial statements

In addition, Funds Distributor is entitled to receive thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $87 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2019.

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 Rule17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $26,664,512 and $29,273,718, 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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	979,209	$	1,337,744
Long-term capital gain		1,839,410		411

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$443,618	$415,961	$5,366,340

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	19,083	$	20,121
Class C		941		1,864
Class R6		22,574		18,434
Administrator Class		1,865		1,842
Institutional Class		665,070		586,361

Wells Fargo Low Volatility U.S. Equity Fund  |  27

Notes to financial statements

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. ASU2018-13 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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

28  |  Wells Fargo Low Volatility U.S. Equity Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Low Volatility U.S. Equity Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the period from October 31, 2016 (commencement of operations) to July 31, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods from the commencement of operations to July 31, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

Wells Fargo Low Volatility U.S. Equity Fund  |  29

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 69.31% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $1,839,410 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $718,260 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $12,963 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended July 31, 2019, $260,798 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or FormN-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330.

30  |  Wells Fargo Low Volatility U.S. Equity 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 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

Wells Fargo Low Volatility U.S. Equity Fund  |  31

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; Nominating and 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	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 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, anon-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

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

32  |  Wells Fargo Low Volatility U.S. Equity 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 Kymn (Born 1973)	Secretary and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

Wells Fargo Low Volatility U.S. Equity Fund  |  33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ANDSUB-ADVISORY AGREEMENTS:

Wells Fargo Low Volatility U.S. Equity Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management andsub-advisory agreements. In this regard, at anin-person meeting held on May21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management andsub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Low Volatility U.S. Equity Fund(the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investmentsub-advisory agreement (the“Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the“Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and theSub-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 theSub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at anin-person meeting in April 2019, 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 asub-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 theSub-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 2019. 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 theSub-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 wasall-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 aone-year term and determined that the compensation payable to Funds Management and theSub-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 afund-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 theSub-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 theSub-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 theSub-Adviser, and a description of Funds Management’s and theSub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for theday-to-day portfolio management of the Fund.    

The Board evaluated the ability of Funds Management and theSub-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 theSub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

34  |  Wells Fargo Low Volatility U.S. Equity 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, 2018. 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 theone-year period under review. The Board also noted that the investment performance of the Fund was in range of its benchmark index, the Russell 1000^® Index, for theone-year period under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and othernon-management fees, and Rule12b-1 andnon-Rule12b-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 fromyear-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 tore-approve the Advisory Agreements.

Investment management andsub-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 andsub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investmentsub-advisory fee rates that are payable by Funds Management to theSub-Adviser for investmentsub-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 theSub-Adviser forsub-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 theSub-Adviser, and about Funds Management’son-going oversight services. Given the affiliation between Funds Management and theSub-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 theSub-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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-partysub-advised fund clients andnon-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 theSub-Adviser under theSub-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”) from providing services to the fund family as a whole. The Board noted that theSub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Wells Fargo Low Volatility U.S. Equity Fund  |  35

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on afund-by-fund basis varied widely, depending on factors such as the size, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, 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 theSub-Adviser

The Board received and considered information regarding potential“fall-out” or ancillary benefits received by Funds Management and its affiliates, including theSub-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 theSub-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 andsub-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 theSub-Adviser, fees earned by Funds Management and theSub-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 theSub-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 aone-year term and determined that the compensation payable to Funds Management and theSub-Adviser under each of the Advisory Agreements was reasonable.

36  |  Wells Fargo Low Volatility U.S. Equity Fund

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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405483 09-19

A270/AR270 07-19

Annual Report

July 31, 2019

Wells Fargo Omega Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	29
Other information	30

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The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Omega Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Omega Growth Fund for the 12-month period that ended July 31, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Omega Growth Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years._”

Wells Fargo Omega Growth Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Omega Growth Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (EKOAX)3	4-29-1968		7.34		11.67		14.39		13.89		13.00		15.07		1.28		1.28
Class C (EKOCX)3	8-2-1993		12.04		12.15		14.21		13.04		12.15		14.21		2.03		2.03
Class R (EKORX)3	10-10-2003		–		–		–		13.63		12.72		14.78		1.53		1.53
Administrator Class (EOMYX)3	1-13-1997		–		–		–		14.12		13.22		15.32		1.20		1.10
Institutional Class (EKONX)3,4	7-30-2010		–		–		–		14.39		13.51		15.59		0.95		0.85
Russell 3000® Growth Index5	–		–		–		–		9.88		13.94		15.58		–		–

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

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Omega Growth Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁶

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.30% for Class A, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Omega Fund.

⁴  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.

⁵  The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁷  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.

⁸  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

Wells Fargo Omega Growth Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 3000^® Growth Index, for the 12-month period that ended July 31, 2019.

∎ Stock selection in information technology (IT) and select names within the consumer discretionary sector were key contributors to performance.

∎ Security selection within the communication services sector as well as select holdings within the industrials sector detracted from performance.

Volatility reemerged during the middle of the 12-month period.

While global stock markets posted positive returns during the 12-month period, it was not an entirely smooth ride for investors. Optimism for synchronized global economic growth eventually evolved into a decidedly risk-off market driven by escalating uncertainty and investor fear. Mounting geopolitical concerns, rising domestic interest rates, concern over the stability of select emerging market economies, and escalating fears of a trade war between the U.S. and China contributed to market volatility. The Federal Reserve’s shift toward a neutral policy stance—and eventual easing—helped ease concerns and provided a tailwind for equities to reach new highs by the end of the period.

Despite increased uncertainty, we have not significantly repositioned the Fund. We continue to emphasize companies with a secular rather than a cyclical growth profile. The Fund remains positioned toward companies with high visibility of earnings growth and those positioned on the right side of change. We believe this strategy will prove beneficial should volatility levels remain elevated.

Ten largest holdings (%) as of July 31, 20197
Microsoft Corporation	8.06
Amazon.com Incorporated	5.90
Visa Incorporated Class A	4.64
Alphabet Incorporated Class A	3.88
UnitedHealth Group Incorporated	3.33
Union Pacific Corporation	2.31
Waste Connections Incorporated	2.19
PayPal Holdings Incorporated	2.00
Boston Scientific Corporation	1.92
Motorola Solutions Incorporated	1.84

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

Within the IT sector, the Fund’s position in Shopify Incorporated contributed to returns. Shopify, a provider of e-commerce solutions for direct-to-consumer brands such as Tesla Motors, Incorporated, traditionally focused on small and medium-size businesses but is currently penetrating larger businesses via its Shopify Plus offering. Shopify benefits from its customers’ growth by processing payments for smaller customers and charging a fee on each transaction for larger customers. The company’s two vectors of growth—new customers and growth of existing customers—drove higher-than-expected sales and earnings.

Within consumer discretionary, MercadoLibre, Incorporated, was additive to returns. MercadoLibre is the dominant Latin American e-commerce provider and owns MercadoPago, the leading online payment solution in Latin America. Increasede-commerce penetration in MercadoLibre’s key markets, such as Brazil and Argentina, drove higher sales growth. Customers’ use of MercadoPago both on and off MercadoLibre’s e-commerce marketplace provided an additional avenue of growth for the company.

Please see footnotes on page 7.

8  |  Wells Fargo Omega Growth Fund

Performance highlights (unaudited)

Sector distribution as of July 31, 2019⁸

Security selection within the communication services sector as well as select industrials holdings detracted from relative performance.

Within communication services, shares of Facebook, Incorporated*, weighed on performance. During the period, concern surrounding the company’s data privacy issues continued to mount. Investors feared that the issue would lead to increased regulatory burden and associated costs for Facebook. Additionally, lower user engagement and slowing advertising growth pressured the shares.

Among industrial holdings, Evoqua Water Technologies Corporation* detracted from performance as shares declined sharply after the water treatment company reported disappointing results, reduced guidance, and

announced a restructuring plan. Rising raw material costs hurt profitability as well. Additionally within the sector, SiteOne Landscape Supply, Incorporated*, weighed on returns over the past year as concerns over the housing market and increased competition hurt shares of the landscape materials supplier.

The macro outlook is likely to remain muted, but opportunities abound to find companies on the right side of change.

As we look toward the remainder of 2019, we believe the U.S. economy is likely to avoid recessionary pressures and continue to expand albeit at a slower rate. We believe, however, the collision of slowing economic growth—caused partly by structural challenges such as demographics and elevated debt levels—and accelerating change driven by technological innovation creates exciting investment opportunities.

Innovative companies on the right side of change have been benefiting from this environment in which true secular growth is becoming increasingly scarce. In our view, right-side-of-change companies may produce predictable earnings and cash flows into the future—characteristics hard to find in the current economy. In a world starved of growth, investors tend to seek out that which is more certain and reward these attributes with a scarcity premium.

However, we also believe the market could become even more selective regarding profitability. In our view, the scarcity-of-growth narrative is playing out, and valuations have expanded meaningfully for many companies levered to new technologies. We think it is essential to stay laser-focused on finding innovative companies on the right side of change while remaining vigilant about risk management.

Please see footnotes on page 7.

Wells Fargo Omega Growth Fund  |  9

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,175.26	$	6.90		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.41		1.28	%
Class C
Actual	$	1,000.00	$	1,170.92	$	10.93		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.73	$	10.14		2.03	%
Class R
Actual	$	1,000.00	$	1,173.73	$	8.25		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65		1.53	%
Administrator Class
Actual	$	1,000.00	$	1,176.31	$	5.94		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,177.72	$	4.59		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

10  |  Wells Fargo Omega Growth Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 99.66%
Communication Services: 12.17%
Entertainment: 4.21%
Netflix Incorporated †		38,700	$	12,499,713
Nintendo Company Limited ADR		244,938		11,313,686
Take-Two Interactive Software Incorporated †		97,000		11,884,440
				35,697,839
Interactive Media & Services: 7.96%
Alphabet Incorporated Class A †		27,000		32,891,400
Alphabet Incorporated Class C †		8,185		9,958,526
IAC Corporation †		59,400		14,199,570
Tencent Holdings Limited ADR		226,400		10,527,600
				67,577,096
Consumer Discretionary: 19.03%
Auto Components: 1.52%
Aptiv plc		147,600		12,937,140
Automobiles: 1.12%
Ferrari NV		58,900		9,487,612
Diversified Consumer Services: 2.41%
Adtalem Global Education Incorporated †		185,400		8,782,398
Bright Horizons Family Solutions Incorporated †		76,657		11,657,230
				20,439,628
Hotels, Restaurants & Leisure: 4.35%
Chipotle Mexican Grill Incorporated †		16,700		13,285,351
Domino’s Pizza Incorporated		44,300		10,832,679
Vail Resorts Incorporated		51,802		12,770,229
				36,888,259
Internet & Direct Marketing Retail: 7.37%
Amazon.com Incorporated †		26,800		50,029,704
MercadoLibre Incorporated †		20,100		12,490,542
				62,520,246
Specialty Retail: 1.51%
The Home Depot Incorporated		60,000		12,821,400
Textiles, Apparel & Luxury Goods: 0.75%
Under Armour Incorporated Class C †		311,700		6,339,978
Financials: 3.65%
Capital Markets: 2.87%
Intercontinental Exchange Incorporated		165,800		14,567,188
Raymond James Financial Incorporated		121,202		9,777,365
				24,344,553
Consumer Finance: 0.78%
SLM Corporation		721,885		6,576,372

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

Wells Fargo Omega Growth Fund  |  11

Portfolio of investments—July 31, 2019

	Shares		Value
Health Care: 16.01%
Biotechnology: 1.37%
Exact Sciences Corporation †		78,900	$	9,082,179
Sarepta Therapeutics Incorporated †		17,100		2,545,335
				11,627,514
Health Care Equipment & Supplies: 8.01%
Alcon Incorporated †		140,600		8,260,250
Align Technology Incorporated †		37,700		7,882,316
Boston Scientific Corporation †		383,100		16,266,426
DexCom Incorporated †		77,900		12,220,173
Edwards Lifesciences Corporation †		55,200		11,749,320
Intuitive Surgical Incorporated †		22,300		11,585,073
				67,963,558
Health Care Providers & Services: 4.32%
HealthEquity Incorporated †		102,248		8,382,291
UnitedHealth Group Incorporated		113,600		28,287,536
				36,669,827
Life Sciences Tools & Services: 1.18%
Illumina Incorporated †		33,300		9,969,354
Pharmaceuticals: 1.13%
Elanco Animal Health Incorporated †		289,924		9,555,895
Eli Lilly & Company		1		109
				9,556,004
Industrials: 9.41%
Aerospace & Defense: 1.33%
Teledyne Technologies Incorporated †		38,800		11,301,664
Commercial Services & Supplies: 3.67%
Cintas Corporation		48,000		12,501,120
Waste Connections Incorporated		204,922		18,590,524
				31,091,644
Electrical Equipment: 1.18%
Rockwell Automation Incorporated		62,500		10,048,750
Road & Rail: 2.31%
Union Pacific Corporation		108,800		19,578,560
Trading Companies & Distributors: 0.92%
Univar Incorporated †		351,328		7,771,375
Information Technology: 34.54%
Communications Equipment: 1.84%
Motorola Solutions Incorporated		94,000		15,600,240
Electronic Equipment, Instruments & Components: 1.56%
Littelfuse Incorporated		31,500		5,322,240
Zebra Technologies Corporation Class A †		37,600		7,929,464
				13,251,704

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

12  |  Wells Fargo Omega Growth Fund

Portfolio of investments—July 31, 2019

				Shares		Value
IT Services: 18.75%
Black Knight Incorporated †					240,900	$	15,253,788
EPAM Systems Incorporated †					69,841		13,534,487
Euronet Worldwide Incorporated †					76,700		11,958,297
Fiserv Incorporated †					144,440		15,228,320
PayPal Holdings Incorporated †					154,000		17,001,600
Shopify Incorporated Class A †					26,200		8,328,456
Square Incorporated Class A †					126,900		10,204,029
Total System Services Incorporated					106,200		14,413,464
Visa Incorporated Class A					221,104		39,356,512
WEX Incorporated †					63,202		13,782,460
							159,061,413
Software: 12.39%
Autodesk Incorporated †					59,800		9,338,966
Microsoft Corporation					501,900		68,393,913
Salesforce.com Incorporated †					82,200		12,699,900
ServiceNow Incorporated †					52,700		14,618,453
							105,051,232
Materials: 4.19%
Chemicals: 2.83%
Ingevity Corporation †					86,700		8,543,418
The Sherwin-Williams Company					30,100		15,442,505
							23,985,923
Construction Materials: 1.36%
Vulcan Materials Company					83,700		11,579,895
Real Estate: 0.66%
Equity REITs: 0.66%
SBA Communications Corporation					22,800		5,595,348
Total Common Stocks (Cost $493,953,920)							845,334,128
	Yield
Short-Term Investments: 0.74%
Investment Companies: 0.74%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26	%		6,308,644		6,308,644
Total Short-Term Investments (Cost $6,308,644)							6,308,644

Total investments in securities (Cost $500,262,564)	100.40	%		851,642,772
Other assets and liabilities, net	(0.40	)		(3,416,547	)
Total net assets	100.00	%	$	848,226,225

† Non-income-earning security

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

Wells Fargo Omega Growth Fund  |  13

Portfolio of investments—July 31, 2019

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 Investments LLC *		6,508,449		162,057,067		168,565,516		0	$	(3,860	)	$	0		225,189	#	$	0
Wells Fargo Government Money Market Fund Select Class		5,594,599		176,175,282		175,461,237		6,308,644		0			0		142,260			6,308,644
									$	(3,860	)	$	0	$	367,449		$	6,308,644		0.74	%

* No longer held at the end of the period

^#  Amount shown represents income before fees and rebates.

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

14  |  Wells Fargo Omega Growth Fund

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $493,953,920)	$	845,334,128
Investments in affiliated securities, at value (cost $6,308,644)		6,308,644
Receivable for investments sold		1,131,494
Receivable for Fund shares sold		172,873
Receivable for dividends		33,022
Prepaid expenses and other assets		52,442
Total assets		853,032,603
Liabilities
Payable for investments purchased		3,245,203
Payable for Fund shares redeemed		605,942
Management fee payable		556,500
Administration fees payable		145,347
Distribution fees payable		18,429
Trustees’ fees and expenses payable		4,342
Accrued expenses and other liabilities		230,615
Total liabilities		4,806,378
Total net assets	$	848,226,225
Net assets consist of
Paid-in capital	$	465,977,657
Total distributable earnings		382,248,568
Total net assets	$	848,226,225
Computation of net asset value and offering price per share
Net assets – Class A	$	714,410,983
Shares outstanding – Class A1		12,943,469
Net asset value per share – Class A		$55.19
Maximum offering price per share – Class A2		$58.56
Net assets – Class C	$	26,122,116
Shares outstanding – Class C1		728,983
Net asset value per share – Class C		$35.83
Net assets – Class R	$	6,096,609
Shares outstanding – Class R1		117,651
Net asset value per share – Class R		$51.82
Net assets – Administrator Class	$	26,140,632
Shares outstanding – Administrator Class1		431,481
Net asset value per share – Administrator Class		$60.58
Net assets – Institutional Class	$	75,455,885
Shares outstanding – Institutional Class1		1,203,544
Net asset value per share – Institutional Class		$62.69

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.

Wells Fargo Omega Growth Fund  |  15

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $74,321)	$	4,863,433
Income from affiliated securities		257,263
Total investment income		5,120,696
Expenses
Management fee		6,196,391
Administration fees
Class A		1,372,435
Class C		88,873
Class R		13,244
Administrator Class		31,337
Institutional Class		86,553
Shareholder servicing fees
Class A		1,633,851
Class C		105,802
Class R		15,526
Administrator Class		59,057
Distribution fees
Class C		317,310
Class R		15,766
Custody and accounting fees		42,417
Professional fees		52,177
Registration fees		84,578
Shareholder report expenses		120,001
Trustees’ fees and expenses		21,999
Other fees and expenses		20,960
Total expenses		10,278,277
Less: Fee waivers and/or expense reimbursements		(94,134	)
Net expenses		10,184,143
Net investment loss		(5,063,447	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		47,929,014
Affiliated securities		(3,860	)
Net realized gains on investments		47,925,154
Net change in unrealized gains (losses) on investments		60,465,004
Net realized and unrealized gains (losses) on investments		108,390,158
Net increase in net assets resulting from operations	$	103,326,711

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

16  |  Wells Fargo Omega Growth Fund

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment loss				$	(5,063,447	)				$	(5,063,493	)
Net realized gains on investments					47,925,154						102,987,066
Net change in unrealized gains (losses) on investments					60,465,004						85,525,118
Net increase in net assets resulting from operations					103,326,711						183,448,691
Distributions to shareholders from net investment income and net realized gains
Class A					(68,419,305	)					(78,031,973	)
Class C					(8,678,201	)					(10,985,719	)
Class R					(707,933	)					(974,995	)
Administrator Class					(2,403,661	)					(2,304,666	)
Institutional Class					(6,323,228	)					(6,956,178	)
Total distributions to shareholders					(86,532,328	)					(99,253,531	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		957,256			46,969,436			362,012			18,469,654
Class C		74,164			2,327,314			55,872			2,013,265
Class R		28,311			1,316,755			59,297			2,898,358
Administrator Class		21,538			1,243,245			59,693			3,308,304
Institutional Class		247,352			14,363,418			204,162			11,775,351
					66,220,168						38,464,932
Reinvestment of distributions
Class A		1,458,710			65,102,208			1,554,465			74,101,364
Class C		288,212			8,392,731			318,920			10,604,105
Class R		9,582			402,155			11,375			514,829
Administrator Class		44,842			2,194,127			39,989			2,065,019
Institutional Class		123,606			6,249,540			123,732			6,562,759
					82,340,761						93,848,076
Payment for shares redeemed
Class A		(1,573,949	)		(79,522,009	)		(1,588,303	)		(81,411,378	)
Class C		(1,265,970	)		(40,375,871	)		(456,893	)		(16,729,771	)
Class R		(64,569	)		(3,197,822	)		(59,515	)		(2,895,636	)
Administrator Class		(41,328	)		(2,257,844	)		(66,020	)		(3,608,448	)
Institutional Class		(227,834	)		(13,026,557	)		(429,386	)		(24,161,795	)
					(138,380,103	)					(128,807,028	)
Net increase in net assets resulting from capital share transactions					10,180,826						3,505,980
Total increase in net assets					26,975,209						87,701,140
Net assets
Beginning of period					821,251,016						733,549,876
End of period				$	848,226,225					$	821,251,016

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Accumulated net investment loss at July 31, 2018 was $23,665. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

Wells Fargo Omega Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$54.77			$49.43			$42.73			$48.29			$49.99
Net investment loss		(0.33	)1		(0.32	)1		(0.22	)1		(0.19	)1		(0.28	)1
Net realized and unrealized gains (losses) on investments		6.56			12.57			8.07			(1.44	)		5.12
Total from investment operations		6.23			12.25			7.85			(1.63	)		4.84
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$55.19			$54.77			$49.43			$42.73			$48.29
Total return2		13.89	%		26.86	%		18.88	%		(3.07	)%		10.65	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.28	%		1.28	%		1.32	%
Net expenses		1.28	%		1.28	%		1.28	%		1.28	%		1.30	%
Net investment loss		(0.64	)%		(0.63	)%		(0.50	)%		(0.47	)%		(0.58	)%
Supplemental data
Portfolio turnover rate		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$714,411			$662,751			$581,967			$573,304			$685,005

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Omega Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$38.02			$36.47			$32.07			$37.55			$40.56
Net investment loss		(0.48	)1		(0.50	)1		(0.41	)1		(0.39	)1		(0.51	)1
Net realized and unrealized gains (losses) on investments		4.10			8.96			5.96			(1.16	)		4.04
Total from investment operations		3.62			8.46			5.55			(1.55	)		3.53
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$35.83			$38.02			$36.47			$32.07			$37.55
Total return2		13.04	%		25.88	%		18.00	%		(3.75	)%		9.79	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.03	%		2.03	%		2.07	%
Net expenses		2.03	%		2.03	%		2.03	%		2.03	%		2.05	%
Net investment loss		(1.40	)%		(1.38	)%		(1.24	)%		(1.22	)%		(1.33	)%
Supplemental data
Portfolio turnover rate		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$26,122			$62,074			$62,543			$74,337			$99,100

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Omega Growth Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R	2019			2018			2017			2016			2015
Net asset value, beginning of period		$51.92			$47.30			$41.04			$46.66			$48.62
Net investment loss		(0.43	)1		(0.43	)1		(0.30	)1		(0.29	)1		(0.39	)1
Net realized and unrealized gains (losses) on investments		6.14			11.96			7.71			(1.40	)		4.97
Total from investment operations		5.71			11.53			7.41			(1.69	)		4.58
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$51.82			$51.92			$47.30			$41.04			$46.66
Total return		13.63	%		26.53	%		18.58	%		(3.30	)%		10.38	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.53	%		1.53	%		1.53	%		1.57	%
Net expenses		1.53	%		1.53	%		1.53	%		1.53	%		1.55	%
Net investment loss		(0.88	)%		(0.88	)%		(0.72	)%		(0.71	)%		(0.83	)%
Supplemental data
Portfolio turnover rate		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$6,097			$7,494			$6,298			$10,122			$17,199

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo Omega Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$59.39			$52.99			$45.65			$51.20			$52.50
Net investment loss		(0.25	)1		(0.25	)1		(0.12	)1		(0.12	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		7.25			13.56			8.61			(1.50	)		5.41
Total from investment operations		7.00			13.31			8.49			(1.62	)		5.24
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$60.58			$59.39			$52.99			$45.65			$51.20
Total return		14.12	%		27.07	%		19.08	%		(2.84	)%		10.91	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.20	%		1.20	%		1.19	%		1.15	%
Net expenses		1.10	%		1.10	%		1.10	%		1.08	%		1.05	%
Net investment loss		(0.45	)%		(0.45	)%		(0.25	)%		(0.27	)%		(0.33	)%
Supplemental data
Portfolio turnover rate		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$26,141			$24,140			$19,754			$38,039			$86,756

¹  Calculated based upon average shares outstanding

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

Wells Fargo Omega Growth Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$61.10			$54.21			$46.55			$52.01			$53.10
Net investment loss		(0.12	)1		(0.11	)1		(0.03	)1		(0.00	)2		(0.04	)1
Net realized and unrealized gains (losses) on investments		7.52			13.91			8.84			(1.53	)		5.49
Total from investment operations		7.40			13.80			8.81			(1.53	)		5.45
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$62.69			$61.10			$54.21			$46.55			$52.01
Total return		14.39	%		27.39	%		19.40	%		(2.61	)%		11.20	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.90	%
Net expenses		0.85	%		0.85	%		0.85	%		0.83	%		0.80	%
Net investment loss		(0.20	)%		(0.20	)%		(0.06	)%		(0.01	)%		(0.09	)%
Supplemental data
Portfolio turnover rate		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$75,456			$64,792			$62,987			$76,980			$87,085

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

22  |  Wells Fargo Omega Growth Fund

Notes to financial statements

1. ORGANIZATION

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

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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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

Wells Fargo Omega Growth Fund  |  23

Notes to financial statements

securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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 such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $501,059,848 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	355,617,614
Gross unrealized losses		(5,034,690	)
Net unrealized gains	$	350,582,924

As of July 31, 2019, the Fund had a qualified late-year ordinary loss of $2,084,034 which will be recognized on the first day of the following 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 fund-level 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)

24  |  Wells Fargo Omega Growth Fund

Notes to financial statements

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	103,274,935	$	0	$	0	$	103,274,935
Consumer discretionary		161,434,263		0		0		161,434,263
Financials		30,920,925		0		0		30,920,925
Health care		135,786,257		0		0		135,786,257
Industrials		79,791,993		0		0		79,791,993
Information technology		292,964,589		0		0		292,964,589
Materials		35,565,818		0		0		35,565,818
Real estate		5,595,348		0		0		5,595,348
Short-term investments
Investment companies		6,308,644		0		0		6,308,644
Total assets	$	851,642,772	$	0	$	0	$	851,642,772

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $3 billion		0.640
Next $2 billion		0.615
Next $2 billion		0.605
Next $4 billion		0.580
Over $16 billion		0.555

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds

Wells Fargo Omega Growth Fund  |  25

Notes to financial statements

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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. Prior to or after the commitment 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.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $16,122 from the sale of Class A shares and $24 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended July 31, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $313,160,986 and $391,826,079, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to

26  |  Wells Fargo Omega Growth Fund

Notes to financial statements

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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of July 31, 2019, the Fund did not have any securities on loan.

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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	12,379,292	$	0
Long-term capital gain		74,153,036		99,253,531

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$33,772,771	$350,582,924	$(2,084,034)

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net realized gains
Class A		$78,031,973
Class C		10,985,719
Class R		974,995
Administrator Class		2,304,666
Institutional Class		6,956,178

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. 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.

Wells Fargo Omega Growth Fund  |  27

Notes to financial statements

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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

28  |  Wells Fargo Omega Growth Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Omega Growth Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

Wells Fargo Omega Growth Fund  |  29

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 31.99% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $74,153,036 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $4,549,390 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $12,379,292 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

30  |  Wells Fargo Omega Growth Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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

Wells Fargo Omega Growth Fund  |  31

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; Nominating and 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	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	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

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

32  |  Wells Fargo Omega Growth Fund

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

Wells Fargo Omega Growth Fund  |  33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Omega Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Omega Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, 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 2019. 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 received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

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

34  |  Wells Fargo Omega Growth Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. 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 lower than its benchmark index, the Russell 3000^® Growth Index, for the five- and ten-year periods under review, but higher than or in range of 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 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 for all periods under review and the benchmark over the shorter time periods under review.

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

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

Investment management and sub-advisory fee rates

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

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

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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Wells Fargo Omega Growth Fund  |  35

Other information (unaudited)

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. 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, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

36  |  Wells Fargo Omega Growth Fund

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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405484 09-19

A211/AR211 07-19

Annual Report

July 31, 2019

Wells Fargo

Premier Large Company Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	24
Report of independent registered public accounting firm	30
Other information	31

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The views expressed and any forward-looking statements are as of July 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾  MAY LOSE VALUE

Wells Fargo Premier Large Company Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Premier Large Company Growth Fund for the12-month period that ended July 31, 2019. After the first six months of the period yielded eitherlow-single-digit or negative investment returns, U.S. stock and global bond investors generally enjoyed a recovery during the final six months amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns negatively influenced international equity markets.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 7.99% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.27%. The MSCI EM Index (Net)³ slipped 2.18%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 8.08%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ added 3.74%, the Bloomberg Barclays Municipal Bond Index⁶ gained 7.31%, and the ICE BofAML U.S. High Yield Index⁷ added 6.94%.

Entering the fourth quarter of 2018, economic data was encouraging.

Domestic equity investors entered the fourth quarter of 2018 with reasons to be optimistic. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018, one of four rate increases implemented during the calendar year, a sign of its confidence in the strength of the U.S. economy.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. In September 2018, international investors began to factor a number of disconcerting economic and business data points: lower July manufacturers’ and industrial orders in Germany; falling purchasing manager index numbers for August from the United Kingdom, China, and India; and declining household spending for August in Japan. Taken together, the data fed growing concerns over slowing global growth that unnerved investors.

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 Aggregateex-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-termtax-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 2019. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Premier Large Company Growth Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregateex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecasted the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, a combination of dovish Fed sentiment and steady, if not spectacular, U.S. economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth. During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

During May 2019, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

“December’s S&P 500 Index performance was the worst since 1931.”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Premier Large Company Growth Fund  |  3

Letter to shareholders (unaudited)

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at1-800-222-8222.

4  |  Wells Fargo Premier Large Company Growth Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of July 31, 2019

		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 (EKJAX)3	1-20-1998		6.49		11.41		14.28		12.97		12.74		14.96		1.15		1.11
Class C (EKJCX)3	1-22-1998		11.09		11.90		14.10		12.09		11.90		14.10		1.90		1.86
Class R4 (EKJRX)3,4	11-30-2012		–		–		–		13.21		13.08		15.31		0.87		0.80
Class R6 (EKJFX)3,5	11-30-2012		–		–		–		13.40		13.25		15.43		0.72		0.65
Administrator Class (WFPDX)3,6	7-16-2010		–		–		–		13.02		12.87		15.10		1.07		1.00
Institutional Class (EKJYX)3	6-30-1999		–		–		–		13.38		13.21		15.40		0.82		0.70
Russell 1000® Growth Index7	–		–		–		–		10.82		14.25		15.74		–		–

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. Currentmonth-end performance is available on the Fund’s website,wfam.com.

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

For Class A shares, the maximumfront-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without afront-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Premier Large Company Growth Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of July 31, 2019⁸

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

²  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment 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. 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  Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

⁴  Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares.

⁵  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.

⁶  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁷  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁸  The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁹  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.

¹⁰  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.

Wells Fargo Premier Large Company Growth Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the12-month period that ended July 31, 2019.

∎ Holdings within information technology (IT), health care, financials, and industrials aided the Fund’s performance for the period.

∎ The Fund’s performance was inhibited by stocks within the communication services sectors.

The equity market pushed higher over the trailingone-year period as solid economic fundamentals have overshadowed periods of negative sentiment, which was particularly pervasive in late 2018. For much of the fourth quarter of 2018, stocks moved sharply lower as a flattening yield curve, corporate debt concerns, a pullback in commodities, tariff and trade concerns, and hues of decelerating global growth flustered markets. Additionally, geopolitical concerns coupled with quantitative easing across the globe have fueled investor concerns. Despite this backdrop, while some economic data has slowed in the U.S., the economy still stands on solid footing with low unemployment and strong consumer confidence. This environment of accommodative fiscal and monetary policy and reasonable energy prices is fostering a healthy landscape for the consumer. The Fund continues to benefit from constructive idiosyncratic dynamics and secular growth catalysts in a variety of areas as many of our portfolio companies are gaining market share in their respective industries.

Ten largest holdings(%) as of July 31, 20199
Amazon.com Incorporated	7.08
Microsoft Corporation	5.54
Alphabet Incorporated Class A	5.15
Visa Incorporated Class A	4.07
MasterCard Incorporated Class A	3.87
Microchip Technology Incorporated	2.81
Texas Instruments Incorporated	2.14
PayPal Holdings Incorporated	1.98
CoStar Group Incorporated	1.92
Union Pacific Corporation	1.91

Performance of health care and IT holdings were beneficial to Fund performance.

Select holdings within the health care sector served as the best-performing area of the Fund. Health care technology firm Veeva Systems Incorporated, which providessoftware-as-a-solution (SaaS) solutions to the life sciences industry, reported strong revenue and free cash flow with particular strength from its clinical data management system unit. Other areas of strength within the sector came from Insulet Corporation, which makes insulin delivery systems for people with diabetes, and Zoetis, Incorporated, which makes medicines and vaccines for animals. Other areas of the Fund that performed well were areas such as

SaaS and payment processing industries within IT that generated market-share penetration and margin expansion in their respective markets comprised of customers with similar product needs. Within software, demand remained strong as corporate spending continued to rise, coupled with next-generation cloud-computing platforms that garnered a large share of new business at the expense of legacy solutions. Within the payment space, the movement towarde-commerce has had a positive effect on overall demand as more consumers are moving from cash to digital payments.

Sector distribution as of July 31, 2019¹⁰

Certain communication services stocks detracted from performance.

The main source of weakness from a sector perspective came from communication services as the Fund’s underweight position to Facebook, Incorporated, negatively affected relative performance. In 2018, we reduced our positon after privacy issues surfaced and after Facebook shifted its focus toward monetizing stories and video rather than the traditional newsfeed segment. Recently, we have added back to our position as we have grown more comfortable with its ability to monetize both of these properties within Instagram and the legacy Facebook app.

Please see footnotes on page 7.

8  |  Wells Fargo Premier Large Company Growth Fund

Performance highlights (unaudited)

Areas of focus remain in secular areas like software, payments, and semiconductors.

The Fund continues to be well diversified in a plethora of areas, which include industries within consumer discretionary, health care, communication services, and IT. Some notable segments include the SaaS, payments, and semiconductors industries. The structural advantages of the software space continue to include benefits like a predictable cost of ownership to the customer, flexibility and scale, simplification, and faster implementation times. Within the payments segment, processors like Square, Incorporated, and PayPal Holdings, Incorporated, as well as networks Visa Incorporated and MasterCard Incorporated, continue to capitalize from secular drivers such as the global shift from cash and check to plastic, growth withine-commerce, international and cross-border growth, andpeer-to-peer transfers. Semiconductors, which continue to benefit from the digitization of the economy, are becoming more prevalent in our daily lives as more chips are being used in electrical devices.

Our view of faster-growth stocks is positive.

We continue to be disciplined from a valuation perspective by trimming positions where the valuation gap has narrowed and adding to positions where it has widened. While our process is largelybottom-up, we continue to monitor geopolitical issues like trade tensions between the U.S. and China as well as macroeconomic conditions such as the economic slowdown in Europe, the increasing amount of negative-yielding sovereign debt and the steep decrease in U.S. Treasury yields. Our goal is to generate alpha from multiple sectors and industries. We remain comfortable with our positioning and our focus on SaaS, cloud services, online retail, digital payments, the internet of things, and innovation (SCODIi). We continue to witness a scarcity of growth stock opportunities within the investing universe, which could favor our portfolio in the future. Going forward, given the current economic backdrop, stocks emphasized in our investment process should bode well for the future of the portfolio.

Wells Fargo Premier Large Company Growth Fund  |  9

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 thesix-month period and held for the entire period from February 1, 2019 to July 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,162.16	$	5.95		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.29	$	5.56		1.11	%
Class C
Actual	$	1,000.00	$	1,157.25	$	9.95		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.57	$	9.30		1.86	%
Class R4
Actual	$	1,000.00	$	1,163.28	$	4.29		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class R6
Actual	$	1,000.00	$	1,164.87	$	3.49		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,162.12	$	5.36		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,164.73	$	3.76		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect theone-half-year period).

10  |  Wells Fargo Premier Large Company Growth Fund

Portfolio of investments—July 31, 2019

	Shares		Value
Common Stocks: 99.81%
Communication Services: 11.05%
Entertainment: 1.65%
Live Nation Incorporated †		419,160	$	30,204,670
Netflix Incorporated †		45,620		14,734,804
				44,939,474
Interactive Media & Services: 9.40%
Alphabet Incorporated Class A †		114,990		140,080,818
Alphabet Incorporated Class C †		20,738		25,231,510
Facebook Incorporated Class A †		262,430		50,971,779
Match Group Incorporated		246,460		18,555,973
Pinterest Incorporated Class A †«		718,635		20,833,229
				255,673,309
Consumer Discretionary: 17.32%
Hotels, Restaurants & Leisure: 2.32%
Planet Fitness Incorporated Class A †		322,710		25,384,369
Royal Caribbean Cruises Limited		325,710		37,893,101
				63,277,470
Household Durables: 0.63%
Roku Incorporated †		165,650		17,116,615
Internet & Direct Marketing Retail: 7.91%
Amazon.com Incorporated †		103,140		192,539,689
Farfetch Limited Class A †		521,731		10,486,793
MercadoLibre Incorporated †		19,600		12,179,832
				215,206,314
Specialty Retail: 5.28%
Burlington Stores Incorporated †		206,060		37,245,345
CarMax Incorporated †		269,345		23,637,717
Five Below Incorporated †		206,950		24,308,347
O’Reilly Automotive Incorporated †		94,380		35,936,129
ULTA Beauty Incorporated †		64,960		22,687,280
				143,814,818
Textiles, Apparel & Luxury Goods: 1.18%
Deckers Outdoor Corporation †		117,720		18,397,282
Levi Strauss & Company Class A †		714,789		13,623,878
				32,021,160
Consumer Staples: 3.71%
Beverages: 2.17%
Constellation Brands Incorporated Class A		91,880		18,083,822
The Coca-Cola Company		780,560		41,080,873
				59,164,695
Food & Staples Retailing: 0.54%
Costco Wholesale Corporation		53,280		14,685,566

Wells Fargo Premier Large Company Growth Fund  |  11

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

Portfolio of investments—July 31, 2019

	Shares		Value
Personal Products: 1.00%
The Estee Lauder Companies Incorporated Class A		147,430	$	27,155,132
Financials: 3.94%
Capital Markets: 3.35%
CME Group Incorporated		197,750		38,446,555
MarketAxess Holdings Incorporated		88,480		29,821,299
Raymond James Financial Incorporated		158,566		12,791,519
The Charles Schwab Corporation		232,960		10,068,531
				91,127,904
Thrifts & Mortgage Finance: 0.59%
LendingTree Incorporated †		49,870		16,085,070
Health Care: 10.54%
Biotechnology: 2.83%
Alexion Pharmaceuticals Incorporated †		288,682		32,704,784
Sage Therapeutics Incorporated †		98,500		15,793,490
Sarepta Therapeutics Incorporated †		116,220		17,299,347
Vertex Pharmaceuticals Incorporated †		66,300		11,046,906
				76,844,527
Health Care Equipment & Supplies: 4.30%
Abbott Laboratories		483,420		42,105,882
Boston Scientific Corporation †		1,104,820		46,910,657
Insulet Corporation †		228,200		28,054,908
				117,071,447
Health Care Technology: 0.74%
Veeva Systems Incorporated Class A †		121,060		20,083,854
Life Sciences Tools & Services: 0.20%
Agilent Technologies Incorporated		78,100		5,420,921
Pharmaceuticals: 2.47%
Elanco Animal Health Incorporated †		560,840		18,485,286
Zoetis Incorporated		424,948		48,822,276
				67,307,562
Industrials: 12.16%
Aerospace & Defense: 1.32%
HEICO Corporation		232,822		31,838,409
The Boeing Company		12,240		4,176,043
				36,014,452
Commercial Services & Supplies: 2.26%
Copart Incorporated †		288,770		22,388,338
Waste Connections Incorporated		430,505		39,055,414
				61,443,752
Industrial Conglomerates: 1.22%
Roper Technologies Incorporated		91,380		33,230,337
Machinery: 0.43%
Fortive Corporation		153,005		11,636,030

12  |  Wells Fargo Premier Large Company Growth Fund

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

Portfolio of investments—July 31, 2019

	Shares		Value
Professional Services: 3.59%
CoStar Group Incorporated †		84,970	$	52,290,538
Insperity Incorporated		107,300		11,411,355
TransUnion		411,110		34,035,797
				97,737,690
Road & Rail: 3.34%
CSX Corporation		115,300		8,117,120
Norfolk Southern Corporation		160,700		30,712,984
Union Pacific Corporation		289,060		52,016,347
				90,846,451
Information Technology: 37.87%
IT Services: 16.23%
Black Knight Incorporated †		377,470		23,901,400
Euronet Worldwide Incorporated †		158,486		24,709,552
Global Payments Incorporated		185,490		31,147,481
InterXion Holding NV †		481,660		36,268,998
MasterCard Incorporated Class A		386,320		105,183,346
PayPal Holdings Incorporated †		487,250		53,792,400
Shopify Incorporated Class A †		15,290		4,860,385
Square Incorporated Class A †		170,348		13,697,683
Visa Incorporated Class A		622,120		110,737,360
WEX Incorporated †		170,870		37,261,621
				441,560,226
Semiconductors & Semiconductor Equipment: 6.48%
Microchip Technology Incorporated «		810,640		76,540,629
Monolithic Power Systems Incorporated		157,660		23,358,906
NXP Semiconductors NV		176,830		18,282,454
Texas Instruments Incorporated		465,190		58,153,402
				176,335,391
Software: 14.88%
Adobe Systems Incorporated †		163,549		48,878,254
Crowdstrike Holdings Incorporated Class A †«		136,335		12,143,358
Dropbox Incorporated Class A †		1,396,470		32,900,833
Microsoft Corporation		1,105,790		150,686,003
Proofpoint Incorporated †		284,190		35,864,778
RealPage Incorporated †		384,610		24,030,433
Salesforce.com Incorporated †		248,790		38,438,055
ServiceNow Incorporated †		116,320		32,266,005
Splunk Incorporated †		179,935		24,347,005
Zoom Video Communications Incorporated †«		55,426		5,293,737
				404,848,461
Technology Hardware, Storage & Peripherals: 0.28%
Apple Incorporated		36,360		7,746,134
Materials: 1.38%
Chemicals: 1.38%
Linde plc		196,210		37,531,049

Wells Fargo Premier Large Company Growth Fund  |  13

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

Portfolio of investments—July 31, 2019

				Shares		Value
Real Estate: 1.84%
Equity REITs: 0.87%
SBA Communications Corporation †					96,270	$	23,625,621
Real Estate Management & Development: 0.97%
CBRE Group Incorporated Class A †					498,370		26,418,592
Total Common Stocks (Cost $1,534,604,968)							2,715,970,024
	Yield
Short-Term Investments: 3.64%
Investment Companies: 3.64%
Securities Lending Cash Investments LLC (l)(r)(u)		2.46	%		96,444,554		96,454,199
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.26			2,551,452		2,551,452
Total Short-Term Investments (Cost $99,005,651)							99,005,651

Total investments in securities (Cost $1,633,610,619)	103.45	%		2,814,975,675
Other assets and liabilities, net	(3.45	)		(93,877,611	)
Total net assets	100.00	%	$	2,721,098,064

† 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 anon-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the7-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 Investments LLC		94,411,945		634,485,474		632,452,865		96,444,554	$	1,613	$	0	$	2,191,968	#	$	96,454,199
Wells Fargo Government Money Market Fund Select Class		9,566,578		760,829,878		767,845,004		2,551,452		0		0		305,840			2,551,452
									$	1,613	$	0	$	2,497,808		$	99,005,651		3.64	%

^#  Amount shown represents income before fees and rebates

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

14  |  Wells Fargo Premier Large Company Growth Fund

Statement of assets and liabilities—July 31, 2019

Assets
Investments in unaffiliated securities (including $92,309,900 of securities loaned), at value (cost $1,534,604,968)	$	2,715,970,024
Investments in affiliated securities, at value (cost $99,005,651)		99,005,651
Receivable for investments sold		7,264,293
Receivable for Fund shares sold		1,026,563
Receivable for dividends		789,715
Receivable for securities lending income, net		25,516
Prepaid expenses and other assets		73,006
Total assets		2,824,154,768
Liabilities
Payable upon receipt of securities loaned		96,449,625
Payable for Fund shares redeemed		2,241,755
Overdraft due to custodian bank		1,568,113
Management fee payable		1,405,499
Administration fees payable		318,447
Payable for investments purchased		238,401
Distribution fee payable		99,512
Trustees’ fees and expenses payable		4,350
Accrued expenses and other liabilities		731,002
Total liabilities		103,056,704
Total net assets	$	2,721,098,064
Net assets consist of
Paid-in capital	$	1,348,253,118
Total distributable earnings		1,372,844,946
Total net assets	$	2,721,098,064
Computation of net asset value and offering price per share
Net assets – Class A	$	1,050,751,030
Shares outstanding – Class A1		74,071,913
Net asset value per share – Class A		$14.19
Maximum offering price per share – Class A2		$15.06
Net assets – Class C	$	153,403,702
Shares outstanding – Class C1		14,683,712
Net asset value per share – Class C		$10.45
Net assets – Class R4	$	3,940,471
Share outstanding – Class R41		264,577
Net asset value per share – Class R4		$14.89
Net assets – Class R6	$	820,383,082
Shares outstanding – Class R61		54,259,163
Net asset value per share – Class R6		$15.12
Net assets – Administrator Class	$	49,041,535
Shares outstanding – Administrator Class1		3,385,982
Net asset value per share – Administrator Class		$14.48
Net assets – Institutional Class	$	643,578,244
Shares outstanding – Institutional Class1		42,744,550
Net asset value per share – Institutional Class		$15.06

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.

Wells Fargo Premier Large Company Growth Fund  |  15

Statement of operations—year ended July 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $45,217)	$	16,258,886
Income from affiliated securities		791,955
Total investment income		17,050,841
Expenses
Management fee		15,953,526
Administration fees
Class A		2,113,939
Class C		357,637
Class R4		2,998
Class R6		71,058
Administrator Class		65,607
Institutional Class		1,227,950
Shareholder servicing fees
Class A		2,516,595
Class C		425,759
Class R4		3,748
Administrator Class		126,167
Distribution fee
Class C		1,277,068
Custody and accounting fees		120,001
Professional fees		53,950
Registration fees		130,254
Shareholder report expenses		211,101
Trustees’ fees and expenses		21,999
Other fees and expenses		53,268
Total expenses		24,732,625
Less: Fee waivers and/or expense reimbursements		(1,705,104	)
Net expenses		23,027,521
Net investment loss		(5,976,680	)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		281,041,244
Affiliated securities		1,613
Net realized gains on investments		281,042,857
Net change in unrealized gains (losses) on investments		880,406
Net realized and unrealized gains (losses) on investments		281,923,263
Net increase in net assets resulting from operations	$	275,946,583

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

16  |  Wells Fargo Premier Large Company Growth Fund

Statement of changes in net assets

	Year ended July 31, 2019						Year ended July 31, 20181
Operations
Net investment loss				$	(5,976,680	)				$	(5,025,277	)
Net realized gains on investments					281,042,857						395,034,238
Net change in unrealized gains (losses) on investments					880,406						194,196,842
Net increase in net assets resulting from operations					275,946,583						584,205,803
Distributions to shareholders from net investment income and net realized gains
Class A					(157,260,447	)					(227,679,727	)
Class C					(37,119,006	)					(54,543,209	)
Class R4					(524,816	)					(746,155	)
Class R6					(27,912,392	)					(37,680,602	)
Administrator Class					(7,935,426	)					(18,099,486	)
Institutional Class					(149,877,161	)					(222,234,431	)
Total distributions to shareholders					(380,629,248	)					(560,983,610	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,978,668			64,852,617			3,267,334			47,146,306
Class C		1,500,469			13,864,166			1,584,503			17,609,853
Class R4		40,306			500,326			75,453			1,179,600
Class R6		43,509,076			654,543,608			1,545,725			24,664,037
Administrator Class		330,627			4,405,388			561,343			8,469,670
Institutional Class		9,977,465			140,174,907			13,231,358			209,203,798
					878,341,012						308,273,264
Reinvestment of distributions
Class A		12,562,848			146,357,178			15,972,127			209,554,313
Class C		3,761,732			32,426,128			4,459,739			46,202,895
Class R4		42,768			522,194			54,558			741,983
Class R6		2,036,361			25,210,147			2,631,345			36,154,683
Administrator Class		643,091			7,646,354			1,320,910			17,607,730
Institutional Class		11,058,800			136,355,009			14,695,591			201,476,557
					348,517,010						511,738,161
Payment for shares redeemed
Class A		(12,892,646	)		(172,044,344	)		(14,159,720	)		(208,175,400	)
Class C		(7,522,098	)		(72,094,200	)		(5,118,687	)		(60,638,200	)
Class R4		(56,058	)		(848,702	)		(118,356	)		(1,890,437	)
Class R6		(3,699,221	)		(52,309,727	)		(2,515,229	)		(39,250,052	)
Administrator Class		(1,338,333	)		(18,694,385	)		(3,480,442	)		(50,915,269	)
Institutional Class		(44,233,595	)		(636,259,361	)		(21,905,645	)		(330,565,468	)
					(952,250,719	)					(691,434,826	)
Net increase in net assets resulting from capital share transactions					274,607,303						128,576,599
Total increase in net assets					169,924,638						151,798,792
Net assets
Beginning of period					2,551,173,426						2,399,374,634
End of period				$	2,721,098,064					$	2,551,173,426

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Accumulated net investment loss at July 31, 2018 was $18,243. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

Wells Fargo Premier Large Company Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.10			$15.34			$14.68			$16.28			$14.55
Net investment loss		(0.05	)		(0.05	)		(0.03	)1		(0.03	)		(0.03	)
Net realized and unrealized gains (losses) on investments		1.50			3.56			2.12			(0.52	)		1.97
Total from investment operations		1.45			3.51			2.09			(0.55	)		1.94
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$14.19			$15.10			$15.34			$14.68			$16.28
Total return2		12.97	%		26.54	%		16.01	%		(3.22	)%		13.46	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.15	%		1.14	%		1.13	%		1.16	%
Net expenses		1.11	%		1.11	%		1.11	%		1.11	%		1.12	%
Net investment loss		(0.40	)%		(0.34	)%		(0.20	)%		(0.17	)%		(0.18	)%
Supplemental data
Portfolio turnover rate		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$1,050,751			$1,048,632			$986,791			$1,697,746			$2,280,107

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Premier Large Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.87			$12.86			$12.64			$14.27			$12.87
Net investment loss		(0.12	)1		(0.13	)1		(0.12	)1		(0.12	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		1.06			2.89			1.77			(0.46	)		1.74
Total from investment operations		0.94			2.76			1.65			(0.58	)		1.61
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$10.45			$11.87			$12.86			$12.64			$14.27
Total return2		12.09	%		25.68	%		15.05	%		(3.92	)%		12.65	%
Ratios to average net assets (annualized)
Gross expenses		1.90	%		1.90	%		1.89	%		1.88	%		1.91	%
Net expenses		1.86	%		1.86	%		1.86	%		1.86	%		1.87	%
Net investment loss		(1.14	)%		(1.09	)%		(0.95	)%		(0.92	)%		(0.93	)%
Supplemental data
Portfolio turnover rate		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$153,404			$201,138			$206,026			$296,896			$388,290

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Premier Large Company Growth Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R4	2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.69			$15.75			$15.00			$16.56			$14.75
Net investment income (loss)		(0.03	)		(0.00	)1,2		0.01	1		0.02	1		0.02
Net realized and unrealized gains (losses) on investments		1.59			3.69			2.17			(0.53	)		2.00
Total from investment operations		1.56			3.69			2.18			(0.51	)		2.02
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$14.89			$15.69			$15.75			$15.00			$16.56
Total return		13.21	%		27.06	%		16.30	%		(2.91	)%		13.82	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.87	%		0.86	%		0.85	%		0.83	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.10	)%		(0.02	)%		0.09	%		0.13	%		0.13	%
Supplemental data
Portfolio turnover rate		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$3,940			$3,727			$3,559			$3,988			$2,129

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

20  |  Wells Fargo Premier Large Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
CLASS R6	2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.87			$15.87			$15.08			$16.62			$14.77
Net investment income (loss)		(0.00	)1,2		0.02	1		0.03	1		0.04	1		0.05
Net realized and unrealized gains (losses) on investments		1.61			3.73			2.19			(0.53	)		2.01
Total from investment operations		1.61			3.75			2.22			(0.49	)		2.06
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$15.12			$15.87			$15.87			$15.08			$16.62
Total return		13.40	%		27.27	%		16.48	%		(2.78	)%		14.00	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.72	%		0.71	%		0.70	%		0.68	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss)		(0.02	)%		0.12	%		0.25	%		0.28	%		0.29	%
Supplemental data
Portfolio turnover rate		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$820,383			$196,934			$170,657			$179,198			$166,768

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

Wells Fargo Premier Large Company Growth Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.35			$15.52			$14.82			$16.41			$14.63
Net investment loss		(0.04	)1		(0.03	)1		(0.01	)1		(0.00	)1,2		(0.00	)2
Net realized and unrealized gains (losses) on investments		1.53			3.61			2.14			(0.54	)		1.99
Total from investment operations		1.49			3.58			2.13			(0.54	)		1.99
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$14.48			$15.35			$15.52			$14.82			$16.41
Total return		13.02	%		26.70	%		16.14	%		(3.13	)%		13.73	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.07	%		1.06	%		1.04	%		1.00	%
Net expenses		1.00	%		1.00	%		1.00	%		0.98	%		0.95	%
Net investment loss		(0.29	)%		(0.22	)%		(0.06	)%		(0.02	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$49,042			$57,582			$82,998			$292,900			$1,129,970

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

22  |  Wells Fargo Premier Large Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended July 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.82			$15.84			$15.06			$16.61			$14.77
Net investment income		0.00	1,2		0.01	1		0.02	1		0.03	1		0.03
Net realized and unrealized gains (losses) on investments		1.60			3.72			2.19			(0.53	)		2.02
Total from investment operations		1.60			3.73			2.21			(0.50	)		2.05
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$15.06			$15.82			$15.84			$15.06			$16.61
Total return		13.38	%		27.17	%		16.44	%		(2.85	)%		14.01	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.81	%		0.80	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.02	%		0.07	%		0.19	%		0.23	%		0.23	%
Supplemental data
Portfolio turnover rate		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$643,578			$1,043,161			$949,344			$1,097,976			$1,313,281

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

Wells Fargo Premier Large Company Growth Fund  |  23

Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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 Premier Large Company 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 registeredopen-end investment companies are valued at net asset value. Interests innon-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. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. 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

24  |  Wells Fargo Premier Large Company Growth Fund

Notes to financial statements

costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $1,638,133,287 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,191,166,803
Gross unrealized losses		(14,324,415	)
Net unrealized gains	$	1,176,842,388

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At July 31, 2019, as a result of permanentbook-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(1,420,015)	$1,420,015

As of July 31, 2019, the Fund had a qualified late-year ordinary loss of $4,559,091 which will be recognized on the first day of the following 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 fund-level 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:

Wells Fargo Premier Large Company Growth Fund  |  25

Notes to financial statements

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	300,612,783	$	0	$	0	$	300,612,783
Consumer discretionary		471,436,377		0		0		471,436,377
Consumer staples		101,005,393		0		0		101,005,393
Financials		107,212,974		0		0		107,212,974
Health care		286,728,311		0		0		286,728,311
Industrials		330,908,712		0		0		330,908,712
Information technology		1,030,490,212		0		0		1,030,490,212
Materials		37,531,049		0		0		37,531,049
Real estate		50,044,213		0		0		50,044,213
Short-term investments
Investment companies		99,005,651		0		0		99,005,651
Total assets	$	2,814,975,675	$	0	$	0	$	2,814,975,675

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

For the year ended July 31, 2019, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million	0.700%
Next $500 million	0.675
Next $1 billion	0.650
Next $2 billion	0.625
Next $1 billion	0.600
Next $3 billion	0.590
Next $2 billion	0.565
Next $2 billion	0.555
Next $4 billion	0.530
Over $16 billion	0.505

26  |  Wells Fargo Premier Large Company Growth Fund

Notes to financial statements

For the year ended July 31, 2019, the management fee was equivalent to an annual rate of 0.66% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 1.00% for Administrator class shares, and 0.70% for Institutional Class shares. Prior to or after the commitment 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.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-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 thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2019, Funds Distributor received $34,496 from the sale of Class A. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2019.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2019 were $1,438,462,381 and $1,547,934,306, respectively.

Wells Fargo Premier Large Company Growth Fund  |  27

Notes to financial statements

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred.

As of July 31, 2019, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	64,986,263	$	(64,986,263	)	$	0
Bank of Nova Scotia		706,774		(706,774	)		0
Barclays Capital Inc.		426,153		(426,153	)		0
BMO Capital Markets Corp.		802,284		(802,284	)		0
Deutsche Bank Securities Inc.		1,757,384		(1,757,384	)		0
Jefferies LLC		11,490,030		(11,490,030	)		0
Morgan Stanley & Co. LLC		9,708,751		(9,708,751	)		0
UBS Securities LLC		2,432,261		(2,432,261	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

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 year ended July 31, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2019 and July 31, 2018 were as follows:

	Year ended July 31
	2019		2018
Ordinary income	$	2,032,129	$	0
Long-term capital gain		378,597,119		560,983,610

As of July 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$200,579,451	$1,176,842,388	$(4,559,091)

28  |  Wells Fargo Premier Large Company Growth Fund

Notes to financial statements

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended July 31, 2018 were as follows:

	Net realized gains
Class A		$227,679,727
Class C		54,543,209
Class R4		746,155
Class R6		37,680,602
Administrator Class		18,099,486
Institutional Class		222,234,431

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. 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.

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. ASU2018-13 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 adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Wells Fargo Premier Large Company Growth Fund  |  29

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Premier Large Company Growth Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of July 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

September 25, 2019

30  |  Wells Fargo Premier Large Company Growth Fund

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $378,597,119 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $2,032,129 of income dividends paid during the fiscal year ended July 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2019, $2,032,129 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or FormN-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330.

Wells Fargo Premier Large Company Growth Fund  |  31

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 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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; Audit Committee Chairman, since 2019	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, from 2009 to 2018	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 Premier Large Company 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
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; Nominating and 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	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 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, anon-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

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

Wells Fargo Premier Large Company Growth Fund  |  33

Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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 calling1-800-222-8222 or by visiting the website atwfam.com.

34  |  Wells Fargo Premier Large Company Growth Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ANDSUB-ADVISORY AGREEMENTS:

Wells Fargo Premier Large Company Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management andsub-advisory agreements. In this regard, at anin-person meeting held on May21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management andsub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Premier Large Company Growth Fund(the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investmentsub-advisory agreement (the“Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the“Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and theSub-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 theSub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at anin-person meeting in April 2019, 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 asub-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 theSub-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 2019. 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 theSub-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 wasall-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 aone-year term and determined that the compensation payable to Funds Management and theSub-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 afund-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 theSub-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 theSub-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 theSub-Adviser, and a description of Funds Management’s and theSub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for theday-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and theSub-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 theSub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Premier Large Company Growth Fund  |  35

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, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 1000^® Growth Index, for the three-, five- andten-year periods under review, but higher than its benchmark for theone-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the 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 for all periods under review and the benchmark over theone-year period under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and othernon-management fees, and Rule12b-1 andnon-Rule12b-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 fromyear-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 tore-approve the Advisory Agreements.

Investment management andsub-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 andsub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investmentsub-advisory fee rates that are payable by Funds Management to theSub-Adviser for investmentsub-advisory services.

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

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to theSub-Adviser forsub-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 theSub-Adviser, and about Funds Management’son-going oversight services. Given the affiliation between Funds Management and theSub-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 theSub-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 proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-partysub-advised fund clients andnon-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 theSub-Adviser under theSub-Advisory Agreement was reasonable.

36  |  Wells Fargo Premier Large Company 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”) from providing services to the fund family as a whole. The Board noted that theSub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family 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. Among other things, the Board noted that the levels of profitability reported on afund-by-fund basis varied widely, depending on factors such as the size, type and age 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 received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. 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. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, 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 theSub-Adviser

The Board received and considered information regarding potential“fall-out” or ancillary benefits received by Funds Management and its affiliates, including theSub-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 theSub-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 andsub-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 theSub-Adviser, fees earned by Funds Management and theSub-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 theSub-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 aone-year term and determined that the compensation payable to Funds Management and theSub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo Premier Large Company Growth Fund  |  37

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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:wfam.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, call1-800-222-8222 or visit the Fund’s website atwfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

405485 09-19

A212/AR212 07-19

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this FormN-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of FormN-CSR. Mrs. Johnson is independent for purposes of Item 3 of FormN-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.

	Fiscal year ended July 31, 2019		Fiscal year ended July 31, 2018
Audit fees	$	352,690	$	347,729
Audit-related fees		—		—
Tax fees(1)		46,970		46,695
All other fees		—		—
	$	399,660	$	394,424

⁽¹⁾  Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chairman of the Audit Committees is authorized topre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust;(2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and(3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (wherepre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any suchpre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services.

If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 disclosure controls and procedures (as defined inRule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant 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 registrant’s internal controls over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year 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. DISCLOSURES OF SECURITIES LENDING ACTIVITES FORCLOSED-ENDMANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Code of Ethics pursuant to Item 2 of FormN-CSR is filed and attached hereto as Exhibit COE.

(a)(2) Certification pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	September 25, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	September 25, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	September 25, 2019
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	September 25, 2019