N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: 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 Intrinsic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Low Volatility U.S. Equity Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund.

Date of reporting period: January 31, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	26
Appendix A	30

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

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

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Capital Growth Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

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

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Capital Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of January 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		-3.24		10.05		14.45		2.64		11.36		15.13		1.27		1.12
Class C (WFCCX)	7-31-2007		0.97		10.54		14.28		1.97		10.54		14.28		2.02		1.87
Class R6 (WFCRX)3	11-30-2012		–		–		–		2.91		11.84		15.67		0.84		0.61
Administrator Class (WFCDX)	6-30-2003		–		–		–		2.80		11.53		15.37		1.19		0.95
Institutional Class (WWCIX)	4-8-2005		–		–		–		3.04		11.82		15.65		0.94		0.71
Russell 1000® Growth Index4	–		–		–		–		0.24		12.97		16.86		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Capital Growth Fund 7

Ten largest holdings (%) as of January 31, 20195
Amazon.com Incorporated	7.87
Microsoft Corporation	7.09
Alphabet Incorporated Class A	6.02
UnitedHealth Group Incorporated	5.26
Visa Incorporated Class A	4.69
Waste Connections Incorporated	3.55
Union Pacific Corporation	3.03
The Home Depot Incorporated	2.90
First Data Corporation Class A	2.51
Salesforce.com Incorporated	2.39

Sector distribution as of January 31, 2019⁶

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

¹  Reflects the expense ratios as stated in the most recent prospectus, 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 ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

8 Wells Fargo Capital Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	976.75	$	5.28		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class C
Actual	$	1,000.00	$	973.67	$	9.00		1.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.08	$	9.20		1.81	%
Class R6
Actual	$	1,000.00	$	978.95	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	977.35	$	4.68		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Institutional Class
Actual	$	1,000.00	$	979.03	$	3.49		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Capital Growth Fund 9

Security name	Shares		Value
Common Stocks: 98.42%
Communication Services: 11.39%
Entertainment: 3.85%
Activision Blizzard Incorporated		21,300	$	1,006,212
Netflix Incorporated †		4,400		1,493,800
Nintendo Company Limited ADR		33,500		1,247,540
				3,747,552
Interactive Media & Services: 7.54%
Alphabet Incorporated Class A †		5,208		5,863,635
Tencent Holdings Limited ADR		33,050		1,474,361
				7,337,996
Consumer Discretionary: 16.07%
Auto Components: 1.56%
Aptiv plc		19,200		1,519,296
Automobiles: 1.18%
Ferrari NV		9,100		1,149,330
Internet & Direct Marketing Retail: 10.43%
Alibaba Group Holding Limited ADR †		6,050		1,019,365
Amazon.com Incorporated †		4,455		7,656,938
MercadoLibre Incorporated †		4,050		1,474,200
				10,150,503
Specialty Retail: 2.90%
The Home Depot Incorporated		15,383		2,823,242
Energy: 0.77%
Oil, Gas & Consumable Fuels: 0.77%
Pioneer Natural Resources Company		5,250		747,180
Financials: 5.28%
Capital Markets: 5.28%
Intercontinental Exchange Incorporated		28,075		2,155,037
Raymond James Financial Incorporated		21,000		1,690,500
S&P Global Incorporated		6,763		1,296,129
				5,141,666
Health Care: 16.21%
Biotechnology: 2.69%
Celgene Corporation †		19,350		1,711,701
Exact Sciences Corporation †		10,050		905,304
				2,617,005

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

10 Wells Fargo Capital Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Health Care Equipment & Supplies: 7.05%
Align Technology Incorporated †		4,600	$	1,145,170
Boston Scientific Corporation †		53,200		2,029,580
Edwards Lifesciences Corporation †		8,850		1,508,217
Intuitive Surgical Incorporated †		1,400		733,096
Medtronic plc		16,400		1,449,596
				6,865,659
Health Care Providers & Services: 5.26%
UnitedHealth Group Incorporated		18,947		5,119,479
Life Sciences Tools & Services: 1.21%
Illumina Incorporated †		4,200		1,175,118
Industrials: 10.78%
Aerospace & Defense: 0.99%
Teledyne Technologies Incorporated †		4,300		964,146
Commercial Services & Supplies: 5.50%
Cintas Corporation		10,100		1,893,851
Waste Connections Incorporated		41,330		3,453,535
				5,347,386
Electrical Equipment: 1.26%
Rockwell Automation Incorporated		7,250		1,229,020
Road & Rail: 3.03%
Union Pacific Corporation		18,550		2,950,749
Information Technology: 31.20%
Communications Equipment: 1.80%
Motorola Solutions Incorporated		14,950		1,747,805
IT Services: 16.40%
Black Knight Incorporated †		27,950		1,374,861
Fidelity National Information Services Incorporated		18,850		1,970,391
First Data Corporation Class A †		99,050		2,441,583
FleetCor Technologies Incorporated †		6,800		1,372,308
PayPal Holdings Incorporated †		23,150		2,054,794
Shopify Incorporated Class A †		4,800		808,656
Total System Services Incorporated		15,350		1,375,514
Visa Incorporated Class A		33,820		4,566,038
				15,964,145
Semiconductors & Semiconductor Equipment: 0.79%
Infineon Technologies AG ADR		34,750		773,535
Software: 12.21%
Autodesk Incorporated †		8,100		1,192,320
Microsoft Corporation		66,081		6,900,839

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Capital Growth Fund 11

Security name				Shares		Value
Software (continued)
Salesforce.com Incorporated †					15,330	$	2,329,700
ServiceNow Incorporated †					6,630		1,458,733
							11,881,592
Materials: 5.78%
Chemicals: 4.51%
Air Products & Chemicals Incorporated					13,000		2,137,070
The Sherwin-Williams Company					5,350		2,255,132
							4,392,202
Construction Materials: 1.27%
Vulcan Materials Company					12,100		1,229,965
Real Estate: 0.94%
Equity REITs: 0.94%
SBA Communications Corporation †					5,000		912,650
Total Common Stocks (Cost $57,662,769)							95,787,221
	Yield
Short-Term Investments: 2.34%
Investment Companies: 2.34%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33	%		2,277,652		2,277,652
Total Short-Term Investments (Cost $2,277,652)							2,277,652

Total investments in securities (Cost $59,940,421)	100.76	%		98,064,873
Other assets and liabilities, net	(0.76	)		(737,200	)
Total net assets	100.00	%	$	97,327,673

† 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 Capital Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *		1,332,367		11,684,172		13,016,539		0	$	(1,160	)	$	0	$	7,140	$	0
Wells Fargo Government Money Market Fund Select Class		922,555		20,633,116		19,278,019		2,277,652		0			0		12,482		2,277,652
									$	(1,160	)	$	0	$	19,622	$	2,277,652		2.34	%

* No longer held at the end of the period.

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

Statement of assets and liabilities—January 31, 2019 (unaudited) Wells Fargo Capital Growth Fund 13

Assets
Investments in unaffiliated securities, at value (cost $57,662,769)	$	95,787,221
Investments in affiliated securities, at value (cost $2,277,652)		2,277,652
Receivable for Fund shares sold		12,171
Receivable for dividends		20,974
Prepaid expenses and other assets		58,401
Total assets		98,156,419
Liabilities
Payable for investments purchased		654,674
Payable for Fund shares redeemed		73,560
Management fee payable		25,701
Administration fees payable		15,274
Trustees’ fees and expenses payable		2,799
Distribution fee payable		1,809
Due to custodian bank		631
Accrued expenses and other liabilities		54,298
Total liabilities		828,746
Total net assets	$	97,327,673
NET ASSETS CONSIST OF
Paid-in capital	$	52,504,319
Total distributable earnings		44,823,354
Total net assets	$	97,327,673
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	75,246,122
Shares outstanding – Class A1		9,322,846
Net asset value per share – Class A		$8.07
Maximum offering price per share – Class A2		$8.56
Net assets – Class C	$	2,963,659
Shares outstanding – Class C1		542,047
Net asset value per share – Class C		$5.47
Net assets – Class R6	$	2,069,858
Shares outstanding – Class R61		195,791
Net asset value per share – Class R6		$10.57
Net assets – Administrator Class	$	4,706,093
Shares outstanding – Administrator Class1		484,099
Net asset value per share – Administrator Class		$9.72
Net assets – Institutional Class	$	12,341,941
Shares outstanding – Institutional Class1		1,176,710
Net asset value per share – Institutional Class		$10.49

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—six months ended January 31, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $2,615)	$	408,256
Income from affiliated securities		13,609
Total investment income		421,865
Expenses
Management fee		390,574
Administration fees
Class A		83,810
Class C		3,131
Class R6		1,048
Administrator Class		3,567
Institutional Class		10,604
Shareholder servicing fees
Class A		99,774
Class C		3,728
Administrator Class		6,860
Distribution fee
Class C		11,183
Custody and accounting fees		12,098
Professional fees		25,493
Registration fees		55,200
Shareholder report expenses		16,083
Trustees’ fees and expenses		12,611
Other fees and expenses		6,450
Total expenses		742,214
Less: Fee waivers and/or expense reimbursements		(188,324	)
Net expenses		553,890
Net investment loss		(132,025	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		10,551,534
Affiliated securities		(1,160	)
Net realized gains on investments		10,550,374
Net change in unrealized gains (losses) on investments		(14,448,191	)
Net realized and unrealized gains (losses) on investments		(3,897,817	)
Net decrease in net assets resulting from operations	$	(4,029,842	)

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

Statement of changes in net assets Wells Fargo Capital Growth Fund 15

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment loss				$	(132,025	)				$	(105,891	)
Net realized gains on investments					10,550,374						84,278,242
Net change in unrealized gains (losses) on investments					(14,448,191	)					(34,428,399	)
Net increase (decrease) in net assets resulting from operations					(4,029,842	)					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					(7,429,013	)					(2,869,464	)
Total distributions to shareholders					(61,249,680	)					(32,842,057	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		261,725			2,772,894			324,772			5,663,591
Class C		136,150			797,139			51,472			773,137
Class R6		21,407			286,048			429,937			8,300,687
Administrator Class		18,359			223,173			98,501			1,847,357
Institutional Class		65,637			793,641			180,220			3,556,665
					4,872,895						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		(981,678	)		(10,631,637	)		(560,818	)		(9,909,912	)
Class C		(101,146	)		(1,016,596	)		(62,592	)		(954,216	)
Class R4		N/A			N/A			(974	)2		(18,521	)2
Class R6		(396,164	)		(4,594,611	)		(8,922,240	)		(178,495,590	)
Administrator Class		(113,534	)		(1,258,403	)		(1,169,379	)		(22,013,800	)
Institutional Class		(547,905	)		(7,899,700	)		(661,462	)		(12,665,267	)
					(25,400,947	)					(224,057,306	)
Net increase (decrease) in net assets resulting from capital share transactions					36,417,613						(171,390,037	)
Total decrease in net assets					(28,861,909	)					(154,488,142	)
Net assets
Beginning of period					126,189,582						280,677,724
End of period				$	97,327,673					$	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 7, 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)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$19.03			$17.56			$15.12			$17.38			$21.31			$19.87
Net investment loss		(0.02	)1		(0.06	)1		(0.03	)1		(0.03	)1		(0.07	)1		(0.10	)1
Net realized and unrealized gains (losses) on investments		(0.85	)		4.06			2.90			0.04			2.09			3.79
Total from investment operations		(0.87	)		4.00			2.87			0.01			2.02			3.69
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00			(0.02	)
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.43	)		(2.27	)		(5.95	)		(2.25	)
Net asset value, end of period		$8.07			$19.03			$17.56			$15.12			$17.38			$21.31
Total return2		(2.32	)%		25.83	%		19.52	%		0.75	%		11.00	%		19.09	%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.26	%		1.24	%		1.24	%		1.27	%		1.26	%
Net expenses		1.06	%		1.06	%		1.06	%		1.06	%		1.11	%		1.11	%
Net investment loss		(0.30	)%		(0.32	)%		(0.21	)%		(0.18	)%		(0.39	)%		(0.46	)%
Supplemental data
Portfolio turnover rate		12	%		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$75,246			$86,285			$72,511			$77,648			$17,126			$18,561

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Capital Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.41			$15.58			$13.54			$15.92			$20.12			$18.98
Net investment loss		(0.05	)1		(0.16	)1		(0.13	)1		(0.13	)1		(0.20	)1		(0.24	)1
Net realized and unrealized gains (losses) on investments		(0.80	)		3.52			2.58			0.02			1.95			3.61
Total from investment operations		(0.85	)		3.36			2.45			(0.11	)		1.75			3.37
Distributions to shareholders from
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Net asset value, end of period		$5.47			$16.41			$15.58			$13.54			$15.92			$20.12
Total return2		(2.63	)%		24.89	%		18.65	%		0.00	%		10.15	%		18.21	%
Ratios to average net assets (annualized)
Gross expenses		2.14	%		2.01	%		1.99	%		1.99	%		2.02	%		2.01	%
Net expenses		1.81	%		1.81	%		1.81	%		1.81	%		1.86	%		1.86	%
Net investment loss		(1.07	)%		(1.07	)%		(0.95	)%		(0.98	)%		(1.14	)%		(1.20	)%
Supplemental data
Portfolio turnover rate		12	%		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$2,964			$3,365			$2,888			$3,415			$4,212			$4,628

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.55			$19.52			$16.70			$18.87			$22.56			$20.85
Net investment income		0.02	1		0.04	1		0.04			0.04	1		0.02			0.00	1,2
Net realized and unrealized gains (losses) on investments		(0.91	)		4.52			3.24			0.06			2.24			4.00
Total from investment operations		(0.89	)		4.56			3.28			0.10			2.26			4.00
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		0.00			0.00			(0.06	)
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.46	)		(2.27	)		(5.95	)		(2.29	)
Net asset value, end of period		$10.57			$21.55			$19.52			$16.70			$18.87			$22.56
Total return3		(2.11	)%		26.13	%		20.18	%		1.20	%		11.54	%		19.71	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.82	%		0.81	%		0.81	%		0.79	%		0.78	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.18	%		0.19	%		0.23	%		0.23	%		0.11	%		0.01	%
Supplemental data
Portfolio turnover rate		12	%		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$2,070			$10,360			$157,462			$140,581			$153,009			$142,754

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Capital Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.71			$18.87			$16.20			$18.43			$22.22			$20.61
Net investment loss		(0.01	)1		(0.03	)1		(0.01	)1		(0.01	)1		(0.03	)1		(0.05	)1
Net realized and unrealized gains (losses) on investments		(0.89	)		4.40			3.12			0.05			2.19			3.93
Total from investment operations		(0.90	)		4.37			3.11			0.04			2.16			3.88
Distributions to shareholders from
Net investment income		0.00			0.00			(0.03	)		0.00			0.00			(0.04	)
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.44	)		(2.27	)		(5.95	)		(2.27	)
Net asset value, end of period		$9.72			$20.71			$18.87			$16.20			$18.43			$22.22
Total return2		(2.27	)%		26.01	%		19.68	%		0.88	%		11.22	%		19.35	%
Ratios to average net assets (annualized)
Gross expenses		1.31	%		1.17	%		1.16	%		1.16	%		1.11	%		1.09	%
Net expenses		0.94	%		0.94	%		0.94	%		0.93	%		0.90	%		0.90	%
Net investment loss		(0.18	)%		(0.18	)%		(0.04	)%		(0.09	)%		(0.16	)%		(0.24	)%
Supplemental data
Portfolio turnover rate		12	%		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$4,706			$5,950			$23,144			$31,064			$34,886			$67,830

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

20 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.47			$19.44			$16.65			$18.84			$22.54			$20.84
Net investment income		0.00	1,2		0.01	1		0.02	1		0.03	1		0.02	1		0.01	1
Net realized and unrealized gains (losses) on investments		(0.89	)		4.55			3.22			0.05			2.23			4.00
Total from investment operations		(0.89	)		4.56			3.24			0.08			2.25			4.01
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00			0.00			(0.08	)
Net realized gains		(10.09	)		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)
Total distributions to shareholders		(10.09	)		(2.53	)		(0.45	)		(2.27	)		(5.95	)		(2.31	)
Net asset value, end of period		$10.49			$21.47			$19.44			$16.65			$18.84			$22.54
Total return3		(2.10	)%		26.25	%		20.00	%		1.09	%		11.50	%		19.76	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		0.93	%		0.91	%		0.91	%		0.84	%		0.82	%
Net expenses		0.70	%		0.70	%		0.70	%		0.68	%		0.65	%		0.65	%
Net investment income		0.05	%		0.05	%		0.13	%		0.16	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		12	%		40	%		59	%		85	%		114	%		94	%
Net assets, end of period (000s omitted)		$12,342			$20,229			$24,653			$23,670			$22,578			$49,816

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Capital Growth Fund 21

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each

22 Wells Fargo Capital Growth Fund Notes to financial statements (unaudited)

business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $60,019,299 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	39,105,883
Gross unrealized losses		(1,060,309	)
Net unrealized gains	$	38,045,574

Class allocations

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

Notes to financial statements (unaudited) Wells Fargo Capital Growth Fund 23

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 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	$	11,085,548	$	0	$	0	$	11,085,548
Consumer discretionary		15,642,371		0		0		15,642,371
Energy		747,180		0		0		747,180
Financials		5,141,666		0		0		5,141,666
Health care		15,777,261		0		0		15,777,261
Industrials		10,491,301		0		0		10,491,301
Information technology		30,367,077		0		0		30,367,077
Materials		5,622,167		0		0		5,622,167
Real estate		912,650		0		0		912,650
Short-term investments
Investment companies		2,277,652		0		0		2,277,652
Total assets	$	98,064,873	$	0	$	0	$	98,064,873

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

24 Wells Fargo Capital Growth Fund Notes to financial statements (unaudited)

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 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 Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2019, Funds Distributor received $1,797 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 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 six months ended January 31, 2019 were $13,618,307 and $39,847,687, respectively.

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

Notes to financial statements (unaudited) Wells Fargo Capital Growth Fund 25

7. DISTRIBUTIONS TO SHAREHOLDERS

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.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

26 Wells Fargo Capital Growth Fund Other information (unaudited)

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Capital Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

28 Wells Fargo Capital Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Capital Growth Fund 29

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

30 Wells Fargo Capital Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320768 03-19 SA200/SAR200 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	25
Other information	30
Appendix A	34

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

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

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Disciplined U.S. Core Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

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

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Justin Carr, CFA^®‡

Greg W. Golden, CFA^®‡

Average annual total returns (%) as of January 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)	2-28-1990		-11.53		8.82		13.40		-6.12		10.12		14.07		0.83		0.83
Class C (EVSTX)	6-30-1999		-7.87		9.28		13.22		-6.87		9.28		13.22		1.58		1.58
Class R (EVSHX)3	9-30-2015		–		–		–		-6.40		9.83		13.77		1.08		1.08
Class R6 (EVSRX)4	9-30-2015		–		–		–		-5.74		10.58		14.54		0.40		0.40
Administrator Class (EVSYX)	2-21-1995		–		–		–		-6.01		10.25		14.26		0.75		0.74
Institutional Class (EVSIX)5	7-30-2010		–		–		–		-5.81		10.53		14.51		0.50		0.48
S&P 500 Index6	–		–		–		–		-2.31		10.96		15.00		–		–

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

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

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

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

Please see footnotes on page 7.

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

Ten largest holdings (%) as of January 31, 20197
Microsoft Corporation	3.99
Apple Incorporated	3.81
Amazon.com Incorporated	3.15
Berkshire Hathaway Incorporated Class B	2.35
Alphabet Incorporated Class C	1.91
Johnson & Johnson	1.89
Alphabet Incorporated Class A	1.84
Exxon Mobil Corporation	1.83
JPMorgan Chase & Company	1.76
Facebook Incorporated Class A	1.68

Sector distribution as of January 31, 2019⁸

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

* Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

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 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.

⁴  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.

⁵  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.

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.

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	952.63	$	4.13		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class C
Actual	$	1,000.00	$	949.02	$	7.81		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.08		1.59	%
Class R
Actual	$	1,000.00	$	951.23	$	5.36		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class R6
Actual	$	1,000.00	$	954.50	$	2.02		0.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.14	$	2.09		0.41	%
Administrator Class
Actual	$	1,000.00	$	953.36	$	3.64		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Institutional Class
Actual	$	1,000.00	$	953.97	$	2.36		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Disciplined U.S. Core Fund 9

Security name	Shares		Value
Common Stocks: 99.26%
Communication Services: 9.59%
Diversified Telecommunication Services: 2.88%
AT&T Incorporated		583,623	$	17,543,707
Verizon Communications Incorporated		339,450		18,690,117
				36,233,824
Entertainment: 0.90%
The Walt Disney Company		37,728		4,207,427
Twenty-First Century Fox Incorporated Class A		143,304		7,066,320
				11,273,747
Interactive Media & Services: 5.44%
Alphabet Incorporated Class A †		20,582		23,173,068
Alphabet Incorporated Class C †		21,538		24,044,377
Facebook Incorporated Class A †		126,399		21,069,449
				68,286,894
Media: 0.37%
Comcast Corporation Class A		128,087		4,684,142
Consumer Discretionary: 9.81%
Automobiles: 0.84%
Ford Motor Company		898,784		7,909,299
General Motors Company		69,005		2,692,575
				10,601,874
Hotels, Restaurants & Leisure: 0.62%
Chipotle Mexican Grill Incorporated †		5,266		2,788,926
Starbucks Corporation		73,626		5,016,876
				7,805,802
Household Durables: 0.61%
Garmin Limited		52,828		3,654,641
Pulte Group Incorporated		144,091		4,007,171
				7,661,812
Internet & Direct Marketing Retail: 3.16%
Amazon.com Incorporated †		23,056		39,627,039
Multiline Retail: 1.05%
Kohl’s Corporation		60,120		4,129,643
Macy’s Incorporated		195,257		5,135,259
Target Corporation		52,909		3,862,357
				13,127,259
Specialty Retail: 2.46%
Best Buy Company Incorporated		127,725		7,566,429
Lowe’s Companies Incorporated		33,191		3,191,647

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

10 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Specialty Retail (continued)
The Home Depot Incorporated		87,770	$	16,108,428
The TJX Companies Incorporated		81,782		4,067,019
				30,933,523
Textiles, Apparel & Luxury Goods: 1.07%
Nike Incorporated Class B		164,355		13,457,387
Consumer Staples: 6.55%
Beverages: 0.87%
Molson Coors Brewing Company Class B		127,624		8,501,035
PepsiCo Incorporated		21,722		2,447,418
				10,948,453
Food & Staples Retailing: 2.43%
The Kroger Company		282,745		8,010,166
Wal-Mart Stores Incorporated		142,561		13,661,621
Walgreens Boots Alliance Incorporated		122,846		8,876,852
				30,548,639
Food Products: 1.45%
Cal-Maine Foods Incorporated		138,144		5,826,914
Kellogg Company		34,026		2,007,874
Lamb Weston Holdings Incorporated		49,119		3,551,304
Tyson Foods Incorporated Class A		110,607		6,848,785
				18,234,877
Household Products: 1.17%
Kimberly-Clark Corporation		75,228		8,378,895
The Procter & Gamble Company		66,092		6,375,895
				14,754,790
Tobacco: 0.63%
Altria Group Incorporated		90,331		4,457,835
Philip Morris International Incorporated		44,239		3,394,016
				7,851,851
Energy: 6.37%
Energy Equipment & Services: 1.25%
Helmerich & Payne Incorporated		148,364		8,306,900
Schlumberger Limited		168,394		7,444,699
				15,751,599
Oil, Gas & Consumable Fuels: 5.12%
Chevron Corporation		164,408		18,849,377
Exxon Mobil Corporation		313,429		22,968,077
Kinder Morgan Incorporated		523,921		9,482,970
Marathon Petroleum Corporation		78,869		5,225,860

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Disciplined U.S. Core Fund 11

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ONEOK Incorporated		120,369	$	7,728,893
				64,255,177
Financials: 13.59%
Banks: 5.06%
Bank of America Corporation		607,345		17,291,112
Citigroup Incorporated		242,547		15,634,580
Citizens Financial Group Incorporated		84,887		2,879,367
JPMorgan Chase & Company		213,767		22,124,885
Popular Incorporated		104,200		5,690,362
				63,620,306
Capital Markets: 1.52%
Evercore Partners Incorporated Class A		71,610		6,405,515
State Street Corporation		100,619		7,133,887
Waddell & Reed Financial Incorporated Class A		325,520		5,572,902
				19,112,304
Consumer Finance: 0.96%
Capital One Financial Corporation		88,354		7,120,449
Synchrony Financial		161,988		4,866,120
				11,986,569
Diversified Financial Services: 2.35%
Berkshire Hathaway Incorporated Class B †		143,774		29,551,308
Insurance: 3.40%
AFLAC Incorporated		174,985		8,346,785
Everest Reinsurance Group Limited		32,130		7,038,077
MetLife Incorporated		216,226		9,875,041
Prudential Financial Incorporated		98,330		9,060,126
The Progressive Corporation		124,594		8,383,930
				42,703,959
Thrifts & Mortgage Finance: 0.30%
MGIC Investment Corporation †		299,981		3,743,763
Health Care: 15.74%
Biotechnology: 2.87%
AbbVie Incorporated		155,734		12,503,883
Amgen Incorporated		65,210		12,201,443
Gilead Sciences Incorporated		162,278		11,361,083
				36,066,409
Health Care Equipment & Supplies: 2.38%
Abbott Laboratories		165,296		12,063,302
Baxter International Incorporated		118,074		8,559,184
Medtronic plc		104,148		9,205,642
				29,828,128

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

12 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 4.33%
AmerisourceBergen Corporation		31,995	$	2,667,423
Anthem Incorporated		42,369		12,837,807
CVS Health Corporation		140,206		9,190,503
Humana Incorporated		13,137		4,059,202
McKesson Corporation		47,957		6,150,485
UnitedHealth Group Incorporated		72,075		19,474,665
				54,380,085
Life Sciences Tools & Services: 0.26%
Illumina Incorporated †		11,857		3,317,470
Pharmaceuticals: 5.90%
Allergan plc		28,871		4,156,847
Bristol-Myers Squibb Company		157,669		7,784,119
Eli Lilly & Company		99,046		11,871,654
Johnson & Johnson		178,363		23,736,548
Merck & Company Incorporated		233,917		17,410,442
Pfizer Incorporated		215,970		9,167,927
				74,127,537
Industrials: 8.46%
Aerospace & Defense: 1.60%
Lockheed Martin Corporation		12,511		3,624,312
Raytheon Company		49,862		8,215,263
The Boeing Company		7,055		2,720,549
United Technologies Corporation		46,468		5,486,477
				20,046,601
Air Freight & Logistics: 0.55%
C.H. Robinson Worldwide Incorporated		80,236		6,962,078
Airlines: 0.41%
United Continental Holdings Incorporated †		59,775		5,216,564
Commercial Services & Supplies: 0.74%
Waste Management Incorporated		97,145		9,293,862
Construction & Engineering: 1.04%
Fluor Corporation		176,626		6,459,213
KBR Incorporated		196,720		3,383,584
Quanta Services Incorporated		90,707		3,205,585
				13,048,382
Electrical Equipment: 0.31%
Eaton Corporation plc		51,036		3,891,495
Industrial Conglomerates: 0.62%
Honeywell International Incorporated		54,226		7,788,480

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Disciplined U.S. Core Fund 13

Security name	Shares		Value
Machinery: 1.28%
Caterpillar Incorporated		68,226	$	9,084,974
Cummins Incorporated		20,775		3,056,210
Paccar Incorporated		59,346		3,888,350
				16,029,534
Professional Services: 0.78%
Manpower Incorporated		72,624		5,739,475
Robert Half International Incorporated		62,838		4,048,652
				9,788,127
Road & Rail: 0.49%
CSX Corporation		45,501		2,989,416
Norfolk Southern Corporation		19,034		3,192,763
				6,182,179
Trading Companies & Distributors: 0.64%
W.W. Grainger Incorporated		27,266		8,054,104
Information Technology: 20.24%
Communications Equipment: 1.46%
Cisco Systems Incorporated		388,766		18,384,744
Electronic Equipment, Instruments & Components: 0.30%
Amphenol Corporation Class A		42,123		3,703,454
IT Services: 3.91%
Accenture plc Class A		76,685		11,774,982
Cognizant Technology Solutions Corporation Class A		37,346		2,602,269
MasterCard Incorporated Class A		37,478		7,912,730
Total System Services Incorporated		84,888		7,606,814
Visa Incorporated Class A		142,762		19,274,298
				49,171,093
Semiconductors & Semiconductor Equipment: 4.12%
Advanced Micro Devices Incorporated †		122,902		3,000,038
Broadcom Incorporated		26,456		7,096,822
Cypress Semiconductor Corporation		366,242		5,079,777
Intel Corporation		394,979		18,611,410
Micron Technology Incorporated †		245,677		9,389,775
Texas Instruments Incorporated		54,951		5,532,467
Xilinx Incorporated		27,282		3,053,947
				51,764,236
Software: 5.76%
Adobe Systems Incorporated †		17,948		4,447,873
Fortinet Incorporated †		34,586		2,648,250
Intuit Incorporated		30,147		6,506,326
Microsoft Corporation		480,181		50,145,302
Oracle Corporation		110,371		5,543,935

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

14 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Software (continued)
Salesforce.com Incorporated †		20,605	$	3,131,342
				72,423,028
Technology Hardware, Storage & Peripherals: 4.69%
Apple Incorporated		287,613		47,870,308
HP Incorporated		351,081		7,734,314
NetApp Incorporated		51,239		3,267,511
				58,872,133
Materials: 2.13%
Chemicals: 0.77%
CF Industries Holdings Incorporated		60,859		2,656,495
LyondellBasell Industries NV Class A		81,325		7,072,835
				9,729,330
Containers & Packaging: 0.29%
Avery Dennison Corporation		35,110		3,667,240
Metals & Mining: 0.61%
Freeport-McMoRan Incorporated		654,137		7,614,155
Paper & Forest Products: 0.46%
Louisiana-Pacific Corporation		237,150		5,781,717
Real Estate: 4.06%
Equity REITs: 3.43%
American Tower Corporation		64,119		11,082,328
Crown Castle International Corporation		79,293		9,282,039
Kimco Realty Corporation		222,262		3,780,677
Prologis Incorporated		141,994		9,820,305
Weyerhaeuser Company		345,768		9,072,952
				43,038,301
Real Estate Management & Development: 0.63%
CBRE Group Incorporated Class A †		174,399		7,978,754
Utilities: 2.72%
Electric Utilities: 1.25%
Exelon Corporation		187,078		8,934,845
Otter Tail Corporation		61,399		2,974,782
The Southern Company		78,533		3,816,704
				15,726,331
Gas Utilities: 0.48%
UGI Corporation		106,106		6,051,225
Multi-Utilities: 0.99%
CenterPoint Energy Incorporated		237,423		7,341,115

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Disciplined U.S. Core Fund 15

Security name				Shares		Value
Multi-Utilities (continued)
DTE Energy Company					43,440	$	5,115,060
							12,456,175
Total Common Stocks (Cost $986,868,646)							1,247,139,849
	Yield
Short-Term Investments: 0.36%
Investment Companies: 0.36%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33	%		4,483,539		4,483,539
Total Short-Term Investments (Cost $4,483,539)							4,483,539

Total investments in securities (Cost $991,352,185)	99.62	%		1,251,623,388
Other assets and liabilities, net	0.38			4,778,622
Total net assets	100.00	%	$	1,256,402,010

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		9,015,872		152,691,959		157,224,292		4,483,539	$	0	$	0	$	61,586	$	4,483,539		0.36	%

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

16 Wells Fargo Disciplined U.S. Core Fund Statement of assets and liabilities—January 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $986,868,646)	$	1,247,139,849
Investments in affiliated securities, at value (cost $4,483,539)		4,483,539
Receivable for investments sold		4,271,930
Receivable for Fund shares sold		1,762,559
Receivable for dividends		1,645,279
Prepaid expenses and other assets		222,783
Total assets		1,259,525,939
Liabilities
Payable for Fund shares redeemed		2,519,434
Management fee payable		347,975
Administration fees payable		134,341
Distribution fees payable		27,880
Trustees’ fees and expenses payable		2,567
Due to custodian bank		515
Accrued expenses and other liabilities		91,217
Total liabilities		3,123,929
Total net assets	$	1,256,402,010
NET ASSETS CONSIST OF
Paid-in capital	$	1,006,728,072
Total distributable earnings		249,673,938
Total net assets	$	1,256,402,010
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	430,062,714
Shares outstanding – Class A1		27,238,689
Net asset value per share – Class A		$15.79
Maximum offering price per share – Class A2		$16.75
Net assets – Class C	$	46,823,663
Shares outstanding – Class C1		3,223,821
Net asset value per share – Class C		$14.52
Net assets – Class R	$	3,011,418
Shares outstanding – Class R1		188,895
Net asset value per share – Class R		$15.94
Net assets – Class R6	$	382,619,094
Shares outstanding – Class R61		23,645,392
Net asset value per share – Class R6		$16.18
Net assets – Administrator Class	$	58,743,789
Shares outstanding – Administrator Class1		3,615,704
Net asset value per share – Administrator Class		$16.25
Net assets – Institutional Class	$	335,141,332
Shares outstanding – Institutional Class1		20,927,158
Net asset value per share – Institutional Class		$16.01

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2019 (unaudited) Wells Fargo Disciplined U.S. Core Fund 17

Investment income
Dividends (net of foreign withholding taxes of $5,575)	$	15,649,285
Income from affiliated securities		61,586
Total investment income		15,710,871
Expenses
Management fee		2,372,321
Administration fees
Class A		478,227
Class C		52,048
Class R		3,440
Class R6		61,393
Administrator Class		50,679
Institutional Class		251,407
Shareholder servicing fees
Class A		569,318
Class C		61,962
Class R		4,095
Administrator Class		96,859
Distribution fees
Class C		185,886
Class R		4,095
Custody and accounting fees		30,246
Professional fees		26,921
Registration fees		55,200
Shareholder report expenses		59,715
Trustees’ fees and expenses		11,090
Other fees and expenses		40,376
Total expenses		4,415,278
Less: Fee waivers and/or expense reimbursements		(54,204	)
Net expenses		4,361,074
Net investment income		11,349,797
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(10,849,257	)
Net change in unrealized gains (losses) on investments		(68,537,957	)
Net realized and unrealized gains (losses) on investments		(79,387,214	)
Net decrease in net assets resulting from operations	$	(68,037,417	)

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

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

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment income				$	11,349,797					$	18,267,289
Net realized gains (losses) on investments					(10,849,257	)					58,671,899
Net change in unrealized gains (losses) on investments					(68,537,957	)					83,409,567
Net increase (decrease) in net assets resulting from operations					(68,037,417	)					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	)					(55,926,626	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,133,921			18,565,288			3,025,519			51,764,763
Class C		423,926			6,135,011			374,010			5,918,031
Class R		13,300			228,771			106,436			1,833,037
Class R6		2,744,398			43,118,288			31,753,862			558,773,061
Administrator Class		239,895			4,099,451			801,468			14,055,574
Institutional Class		3,245,754			55,710,559			9,147,678			158,493,564
					127,857,368						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		12,744			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		(2,697,692	)		(44,905,060	)		(5,686,039	)		(97,150,526	)
Class C		(610,781	)		(9,023,660	)		(852,666	)		(13,443,380	)
Class R		(21,620	)		(332,190	)		(48,086	)		(836,247	)
Class R6		(5,136,299	)		(86,368,650	)		(10,312,522	)		(185,383,377	)
Administrator Class		(2,036,223	)		(35,432,152	)		(1,497,144	)		(26,145,921	)
Institutional Class		(6,497,757	)		(107,626,453	)		(8,454,555	)		(147,923,158	)
					(283,688,165	)					(470,882,609	)
Net increase (decrease) in net assets resulting from capital share transactions					(79,967,424	)					370,665,682
Total increase (decrease) in net assets					(231,868,973	)					475,088,811
Net assets
Beginning of period					1,488,270,983						1,013,182,172
End of period				$	1,256,402,010					$	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 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Disciplined U.S. Core Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.70			$16.30			$14.50			$15.45			$16.29			$16.27
Net investment income		0.12			0.24			0.22			0.21			0.21			0.19
Net realized and unrealized gains (losses) on investments		(0.99	)		1.90			1.94			0.47			1.60			2.35
Total from investment operations		(0.87	)		2.14			2.16			0.68			1.81			2.54
Distributions to shareholders from
Net investment income		(0.19	)		(0.15	)		(0.15	)		(0.19	)		(0.16	)		(0.24	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(1.04	)		(0.74	)		(0.36	)		(1.63	)		(2.65	)		(2.52	)
Net asset value, end of period		$15.79			$17.70			$16.30			$14.50			$15.45			$16.29
Total return1		(4.74	)%		13.28	%		15.12	%		5.22	%		12.01	%		17.00	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.85	%		0.87	%		0.89	%		0.93	%
Net expenses		0.84	%		0.83	%		0.85	%		0.87	%		0.89	%		0.92	%
Net investment income		1.44	%		1.33	%		1.45	%		1.60	%		1.43	%		1.27	%
Supplemental data
Portfolio turnover rate		30	%		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$430,063			$480,602			$467,491			$412,629			$331,123			$305,577

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$16.28			$15.04			$13.45			$14.50			$15.47			$15.58
Net investment income		0.05			0.09			0.10			0.14			0.13			0.08
Net realized and unrealized gains (losses) on investments		(0.91	)		1.76			1.79			0.38			1.48			2.23
Total from investment operations		(0.86	)		1.85			1.89			0.52			1.61			2.31
Distributions to shareholders from
Net investment income		(0.05	)		(0.02	)		(0.09	)		(0.13	)		(0.09	)		(0.14	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(0.90	)		(0.61	)		(0.30	)		(1.57	)		(2.58	)		(2.42	)
Net asset value, end of period		$14.52			$16.28			$15.04			$13.45			$14.50			$15.47
Total return1		(5.10	)%		12.41	%		14.27	%		4.43	%		11.18	%		16.10	%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.58	%		1.60	%		1.62	%		1.64	%		1.68	%
Net expenses		1.59	%		1.58	%		1.60	%		1.62	%		1.64	%		1.67	%
Net investment income		0.69	%		0.58	%		0.69	%		0.82	%		0.66	%		0.51	%
Supplemental data
Portfolio turnover rate		30	%		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$46,824			$52,647			$54,054			$46,801			$20,680			$10,913

¹ Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R				2018			2017			20161
Net asset value, beginning of period		$17.88			$16.51			$14.77			$14.62
Net investment income		0.10	2		0.18	2		0.17	2		0.13	2
Net realized and unrealized gains (losses) on investments		(1.00	)		1.94			1.99			1.72
Total from investment operations		(0.90	)		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		$15.94			$17.88			$16.51			$14.77
Total return3		(4.88	)%		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		1.19	%		1.04	%		1.10	%		1.12	%
Supplemental data
Portfolio turnover rate		30	%		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$3,011			$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.

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			2017			20161
Net asset value, beginning of period		$18.17			$16.71			$14.86			$14.62
Net investment income		0.19			0.30	2		0.28	2		0.22	2
Net realized and unrealized gains (losses) on investments		(1.05	)		1.97			1.99			1.72
Total from investment operations		(0.86	)		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		$16.18			$18.17			$16.71			$14.86
Total return3		(4.55	)%		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		1.87	%		1.71	%		1.77	%		1.88	%
Supplemental data
Portfolio turnover rate		30	%		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$382,619			$445,678			$41,770			$4,024

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

² Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.17			$16.71			$14.85			$15.80			$16.60			$16.47
Net investment income		0.14	1		0.25	1		0.25	1		0.24	1		0.25	1		0.25	1
Net realized and unrealized gains (losses) on investments		(1.02	)		1.97			1.98			0.48			1.63			2.35
Total from investment operations		(0.88	)		2.22			2.23			0.72			1.88			2.60
Distributions to shareholders from
Net investment income		(0.19	)		(0.17	)		(0.16	)		(0.23	)		(0.19	)		(0.19	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(1.04	)		(0.76	)		(0.37	)		(1.67	)		(2.68	)		(2.47	)
Net asset value, end of period		$16.25			$18.17			$16.71			$14.85			$15.80			$16.60
Total return2		(4.66	)%		13.40	%		15.24	%		5.36	%		12.20	%		17.12	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.77	%		0.78	%		0.74	%		0.76	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.73	%		0.74	%
Net investment income		1.53	%		1.42	%		1.60	%		1.71	%		1.58	%		1.56	%
Supplemental data
Portfolio turnover rate		30	%		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$58,744			$94,058			$94,294			$116,807			$63,544			$50,498

¹ Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.98			$16.55			$14.72			$15.66			$16.47			$16.43
Net investment income		0.16			0.28			0.27	1		0.28	1		0.30			0.26	1
Net realized and unrealized gains (losses) on investments		(1.02	)		1.95			1.98			0.47			1.61			2.37
Total from investment operations		(0.86	)		2.23			2.25			0.75			1.91			2.63
Distributions to shareholders from
Net investment income		(0.26	)		(0.21	)		(0.21	)		(0.25	)		(0.23	)		(0.31	)
Net realized gains		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)
Total distributions to shareholders		(1.11	)		(0.80	)		(0.42	)		(1.69	)		(2.72	)		(2.59	)
Net asset value, end of period		$16.01			$17.98			$16.55			$14.72			$15.66			$16.47
Total return2		(4.60	)%		13.65	%		15.51	%		5.64	%		12.55	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.50	%		0.52	%		0.54	%		0.47	%		0.50	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%
Net investment income		1.80	%		1.67	%		1.76	%		1.96	%		1.86	%		1.63	%
Supplemental data
Portfolio turnover rate		30	%		73	%		60	%		52	%		53	%		71	%
Net assets, end of period (000s omitted)		$335,141			$411,988			$353,573			$163,674			$109,901			$91,144

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

Notes to financial statements (unaudited) Wells Fargo Disciplined U.S. Core Fund 25

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

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

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

26 Wells Fargo Disciplined U.S. Core Fund Notes to financial statements (unaudited)

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

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 January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $990,492,785 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	287,923,883
Gross unrealized losses		(26,793,280	)
Net unrealized gains	$	261,130,603

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 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	$	120,478,607	$	0	$	0	$	120,478,607
Consumer discretionary		123,214,696		0		0		123,214,696
Consumer staples		82,338,610		0		0		82,338,610
Energy		80,006,776		0		0		80,006,776
Financials		170,718,209		0		0		170,718,209
Health care		197,719,629		0		0		197,719,629
Industrials		106,301,406		0		0		106,301,406
Information technology		254,318,688		0		0		254,318,688
Materials		26,792,442		0		0		26,792,442
Real estate		51,017,055		0		0		51,017,055
Utilities		34,233,731		0		0		34,233,731
Short-term investments
Investment companies		4,483,539		0		0		4,483,539
Total assets	$	1,251,623,388	$	0	$	0	$	1,251,623,388

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.35% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended January 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration fees

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

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.87% for Class A shares, 1.62% for Class C shares, 1.12% for Class R shares, 0.43% for Class R6 shares, 0.74% for Administrator Class, and 0.48% for Institutional Class shares. 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 six months ended January 31, 2019, Funds Distributor received $6,136 from the sale of Class A shares and $31 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 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.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2019 were $411,337,078 and $565,246,170, respectively.

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

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

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

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

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

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

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

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

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320769 03-19 SA203/SAR203 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	24
Appendix A	28

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

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

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Endeavor Select Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

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

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.

6 Wells Fargo Endeavor Select Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of January 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		-3.08		10.18		14.44		2.88		11.48		15.12		1.26		1.21
Class C (WECCX)	12-29-2000		1.21		10.66		14.28		2.21		10.66		14.28		2.01		1.96
Administrator Class (WECDX)	4-8-2005		–		–		–		3.21		11.75		15.41		1.18		1.01
Institutional Class (WFCIX)	4-8-2005		–		–		–		3.40		11.95		15.63		0.93		0.81
Russell 1000® Growth Index3	–		–		–		–		0.24		12.97		16.86		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Endeavor Select Fund 7

Ten largest holdings (%) as of January 31, 20194
Amazon.com Incorporated	8.43
Microsoft Corporation	7.78
Alphabet Incorporated Class A	5.56
UnitedHealth Group Incorporated	5.49
Visa Incorporated Class A	5.44
Waste Connections Incorporated	3.95
Union Pacific Corporation	3.41
The Home Depot Incorporated	3.23
Salesforce.com Incorporated	3.08
The Sherwin-Williams Company	2.89

Sector distribution as of January 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 1.20% 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 ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Endeavor Select Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	976.40	$	5.98		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Class C
Actual	$	1,000.00	$	973.07	$	9.70		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.38	$	9.91		1.95	%
Administrator Class
Actual	$	1,000.00	$	978.09	$	4.99		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	978.24	$	3.99		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Endeavor Select Fund 9

Security name	Shares		Value
Common Stocks: 99.98%
Communication Services: 12.36%
Entertainment: 4.20%
Activision Blizzard Incorporated		33,400	$	1,577,816
Netflix Incorporated †		5,900		2,003,050
Nintendo Company Limited ADR		45,200		1,683,248
				5,264,114
Interactive Media & Services: 8.16%
Alphabet Incorporated Class A †		6,199		6,979,392
Alphabet Incorporated Class C †		1,150		1,283,826
Tencent Holdings Limited ADR		44,300		1,976,223
				10,239,441
Consumer Discretionary: 17.61%
Auto Components: 1.68%
Aptiv plc		26,600		2,104,858
Automobiles: 1.43%
Ferrari NV		14,200		1,793,460
Internet & Direct Marketing Retail: 11.27%
Alibaba Group Holding Limited ADR †		7,800		1,314,222
Amazon.com Incorporated †		6,153		10,575,345
MercadoLibre Incorporated †		6,200		2,256,800
				14,146,367
Specialty Retail: 3.23%
The Home Depot Incorporated		22,083		4,052,893
Financials: 7.14%
Capital Markets: 7.14%
Intercontinental Exchange Incorporated		43,315		3,324,859
Raymond James Financial Incorporated		36,300		2,922,150
S&P Global Incorporated		14,178		2,717,214
				8,964,223
Health Care: 13.63%
Biotechnology: 1.82%
Celgene Corporation †		25,779		2,280,410
Health Care Equipment & Supplies: 6.32%
Boston Scientific Corporation †		88,800		3,387,720
Edwards Lifesciences Corporation †		13,400		2,283,628
Medtronic plc		25,500		2,253,945
				7,925,293

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

10 Wells Fargo Endeavor Select Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 5.49%
UnitedHealth Group Incorporated		25,500	$	6,890,100
Industrials: 9.89%
Commercial Services & Supplies: 6.48%
Cintas Corporation		16,900		3,168,919
Waste Connections Incorporated		59,360		4,960,122
				8,129,041
Road & Rail: 3.41%
Union Pacific Corporation		26,900		4,278,983
Information Technology: 30.78%
Communications Equipment: 2.00%
Motorola Solutions Incorporated		21,500		2,513,565
IT Services: 16.08%
Fidelity National Information Services Incorporated		25,100		2,623,703
First Data Corporation Class A †		145,800		3,593,970
FleetCor Technologies Incorporated †		10,400		2,098,824
PayPal Holdings Incorporated †		33,200		2,946,832
Total System Services Incorporated		23,200		2,078,952
Visa Incorporated Class A		50,558		6,825,836
				20,168,117
Software: 12.70%
Microsoft Corporation		93,500		9,764,205
Salesforce.com Incorporated †		25,400		3,860,038
ServiceNow Incorporated †		10,500		2,310,210
				15,934,453
Materials: 6.77%
Chemicals: 5.33%
Air Products & Chemicals Incorporated		18,600		3,057,654
The Sherwin-Williams Company		8,600		3,625,072
				6,682,726
Construction Materials: 1.44%
Vulcan Materials Company		17,800		1,809,370
Real Estate: 1.80%
Equity REITs: 1.80%
SBA Communications Corporation †		12,400		2,263,372
Total Common Stocks (Cost $77,098,829)				125,440,786

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Endeavor Select Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 1.98%
Investment Companies: 1.98%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33	%		2,487,948	$	2,487,948
Total Short-Term Investments (Cost $2,487,948)							2,487,948

Total investments in securities (Cost $79,586,777)	101.96	%		127,928,734
Other assets and liabilities, net	(1.96	)		(2,459,231	)
Total net assets	100.00	%	$	125,469,503

† 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

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		21,676,529		23,848,287		0	$	(1,003	)	$	0	$	18,851	$	0
Wells Fargo Government Money Market Fund Select Class		2,588,003		25,951,309		26,051,364		2,487,948		0			0		28,050		2,487,948
									$	(1,003	)	$	0	$	46,901	$	2,487,948		1.98	%

* No longer held at the end of the period.

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

12 Wells Fargo Endeavor Select Fund Statement of assets and liabilities—January 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $77,098,829)	$	125,440,786
Investments in affiliated securities, at value (cost $2,487,948)		2,487,948
Receivable for Fund shares sold		183,596
Receivable for dividends		28,975
Receivable for securities lending income		288
Prepaid expenses and other assets		139,307
Total assets		128,280,900
Liabilities
Payable for investments purchased		2,526,856
Payable for Fund shares redeemed		154,993
Management fee payable		54,492
Administration fees payable		14,701
Distribution fee payable		2,229
Trustees’ fees and expenses payable		2,209
Due to custodian bank		546
Accrued expenses and other liabilities		55,371
Total liabilities		2,811,397
Total net assets	$	125,469,503
NET ASSETS CONSIST OF
Paid-in capital	$	73,272,412
Total distributable earnings		52,197,091
Total net assets	$	125,469,503
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	14,238,564
Shares outstanding – Class A1		2,018,426
Net asset value per share – Class A		$7.05
Maximum offering price per share – Class A2		$7.48
Net assets – Class C	$	3,722,892
Shares outstanding – Class C1		901,389
Net asset value per share – Class C		$4.13
Net assets – Administrator Class	$	2,674,782
Shares outstanding – Administrator Class1		345,632
Net asset value per share – Administrator Class		$7.74
Net assets – Institutional Class	$	104,833,265
Shares outstanding – Institutional Class1		12,815,064
Net asset value per share – Institutional Class		$8.18

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2019 (unaudited) Wells Fargo Endeavor Select Fund 13

Investment income
Dividends (net of foreign withholding taxes of $3,807)	$	539,995
Income from affiliated securities		32,359
Total investment income		572,354
Expenses
Management fee		493,007
Administration fees
Class A		16,207
Class C		3,850
Administrator Class		1,802
Institutional Class		77,340
Shareholder servicing fees
Class A		19,294
Class C		4,583
Administrator Class		3,465
Distribution fee
Class C		13,750
Custody and accounting fees		7,009
Professional fees		22,893
Registration fees		30,246
Shareholder report expenses		17,644
Trustees’ fees and expenses		11,741
Other fees and expenses		6,248
Total expenses		729,079
Less: Fee waivers and/or expense reimbursements		(110,917	)
Net expenses		618,162
Net investment loss		(45,808	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		9,549,243
Affiliated securities		(1,003	)
Net realized gains on investments		9,548,240
Net change in unrealized gains (losses) on investments		(13,170,545	)
Net realized and unrealized gains (losses) on investments		(3,622,305	)
Net decrease in net assets resulting from operations	$	(3,668,113	)

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

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

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment loss				$	(45,808	)				$	(234,390	)
Net realized gains on investments					9,548,240						29,720,347
Net change in unrealized gains (losses) on investments					(13,170,545	)					10,190,328
Net increase (decrease) in net assets resulting from operations					(3,668,113	)					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					(23,115,769	)					(24,176,044	)
Total distributions to shareholders					(28,282,183	)					(28,246,508	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		272,920			2,232,943			742,375			6,708,296
Class C		114,398			476,747			68,071			431,126
Administrator Class		15,813			118,981			8,610			83,829
Institutional Class		547,899			4,817,729			829,379			8,252,736
					7,646,400						15,475,987
Reinvestment of distributions
Class A		460,780			3,073,403			267,712			2,179,176
Class C		298,728			1,168,031			168,269			942,309
Administrator Class		77,421			566,717			65,748			573,324
Institutional Class		2,976,015			23,004,591			2,647,483			24,092,788
					27,812,742						27,787,597
Payment for shares redeemed
Class A		(443,475	)		(3,444,550	)		(706,902	)		(6,353,582	)
Class C		(98,663	)		(443,905	)		(189,968	)		(1,213,972	)
Administrator Class		(50,698	)		(436,832	)		(155,500	)		(1,499,494	)
Institutional Class		(3,170,028	)		(28,529,442	)		(5,501,471	)		(55,332,910	)
					(32,854,729	)					(64,399,958	)
Net increase (decrease) in net assets resulting from capital share transactions					2,604,413						(21,136,374	)
Total decrease in net assets					(29,345,883	)					(9,706,597	)
Net assets
Beginning of period					154,815,386						164,521,983
End of period				$	125,469,503					$	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 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Endeavor Select Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.43			$9.09			$8.96			$13.74			$14.13			$12.52
Net investment loss		(0.02	)1		(0.04	)1		(0.03	)1		(0.04	)1		(0.08	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		(0.32	)		2.23			1.49			(0.14	)		1.65			2.37
Total from investment operations		(0.34	)		2.19			1.46			(0.18	)		1.57			2.28
Distributions to shareholders from
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Net asset value, end of period		$7.05			$9.43			$9.09			$8.96			$13.74			$14.13
Total return2		(2.36	)%		27.35	%		19.39	%		(0.07	)%		12.14	%		18.40	%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.25	%		1.22	%		1.28	%		1.24	%		1.25	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.23	%		1.24	%
Net investment loss		(0.39	)%		(0.49	)%		(0.33	)%		(0.36	)%		(0.55	)%		(0.66	)%
Supplemental data
Portfolio turnover rate		10	%		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$14,239			$16,301			$12,953			$18,498			$26,197			$41,708

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$6.46			$6.80			$7.09			$11.93			$12.61			$11.32
Net investment loss		(0.03	)1		(0.08	)1		(0.07	)1		(0.09	)1		(0.16	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		(0.26	)		1.59			1.11			(0.15	)		1.44			2.13
Total from investment operations		(0.29	)		1.51			1.04			(0.24	)		1.28			1.96
Distributions to shareholders from
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Net asset value, end of period		$4.13			$6.46			$6.80			$7.09			$11.93			$12.61
Total return2		(2.69	)%		26.43	%		18.46	%		(0.76	)%		11.21	%		17.60	%
Ratios to average net assets (annualized)
Gross expenses		2.05	%		2.00	%		1.97	%		2.03	%		1.99	%		2.00	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.99	%		1.99	%
Net investment loss		(1.15	)%		(1.22	)%		(1.08	)%		(1.11	)%		(1.32	)%		(1.41	)%
Supplemental data
Portfolio turnover rate		10	%		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$3,723			$3,792			$3,676			$4,845			$6,914			$6,747

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Endeavor Select Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.12			$9.62			$9.38			$14.13			$14.45			$12.78
Net investment income (loss)		(0.01	)1		(0.03	)1		(0.01	)1		0.01	1		(0.05	)1		(0.06	)1
Net realized and unrealized gains (losses) on investments		(0.33	)		2.38			1.58			(0.16	)		1.69			2.42
Total from investment operations		(0.34	)		2.35			1.57			(0.15	)		1.64			2.36
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Total distributions to shareholders		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.69	)
Net asset value, end of period		$7.74			$10.12			$9.62			$9.38			$14.13			$14.45
Total return2		(2.19	)%		27.55	%		19.71	%		0.16	%		12.38	%		18.77	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.16	%		1.14	%		1.14	%		1.05	%		1.06	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		0.99	%		1.00	%
Net investment income (loss)		(0.19	)%		(0.28	)%		(0.12	)%		0.06	%		(0.32	)%		(0.42	)%
Supplemental data
Portfolio turnover rate		10	%		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$2,675			$3,068			$3,695			$5,254			$42,776			$48,560

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.57			$9.95			$9.65			$14.39			$14.65			$12.95
Net investment income (loss)		0.00	1,2		(0.01	)1		0.00	1,2		0.00	1,2		(0.01	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		(0.35	)		2.49			1.64			(0.14	)		1.71			2.45
Total from investment operations		(0.35	)		2.48			1.64			(0.14	)		1.70			2.42
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.01	)		0.00			0.00			(0.05	)
Net realized gains		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)
Total distributions to shareholders		(2.04	)		(1.86	)		(1.34	)		(4.60	)		(1.96	)		(0.72	)
Net asset value, end of period		$8.18			$10.57			$9.95			$9.65			$14.39			$14.65
Total return3		(2.18	)%		28.01	%		19.87	%		0.27	%		12.63	%		18.98	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.92	%		0.89	%		0.95	%		0.81	%		0.82	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.01	%		(0.08	)%		0.05	%		0.04	%		(0.09	)%		(0.22	)%
Supplemental data
Portfolio turnover rate		10	%		36	%		59	%		79	%		126	%		100	%
Net assets, end of period (000s omitted)		$104,833			$131,655			$144,199			$162,935			$221,801			$618,502

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Endeavor Select Fund 19

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. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken

20 Wells Fargo Endeavor Select Fund Notes to financial statements (unaudited)

by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $79,509,623 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	49,564,004
Gross unrealized losses		(1,144,893	)
Net unrealized gains	$	48,419,111

Class allocations

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

Notes to financial statements (unaudited) Wells Fargo Endeavor Select Fund 21

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 January 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	$	15,503,555	$	0	$	0	$	15,503,555
Consumer discretionary		22,097,578		0		0		22,097,578
Financials		8,964,223		0		0		8,964,223
Health care		17,095,803		0		0		17,095,803
Industrials		12,408,024		0		0		12,408,024
Information technology		38,616,135		0		0		38,616,135
Materials		8,492,096		0		0		8,492,096
Real estate		2,263,372		0		0		2,263,372
Short-term investments
Investment companies		2,487,948		0		0		2,487,948
Total assets	$	127,928,734	$	0	$	0	$	127,928,734

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

22 Wells Fargo Endeavor Select Fund Notes to financial statements (unaudited)

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2019 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 six months ended January 31, 2019, Funds Distributor received $2,309 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 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 six months ended January 31, 2019 were $13,780,664 and $36,751,657, respectively.

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

Notes to financial statements (unaudited) Wells Fargo Endeavor Select Fund 23

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

24 Wells Fargo Endeavor Select Fund Other information (unaudited)

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Endeavor Select Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

26 Wells Fargo Endeavor Select Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Endeavor Select Fund 27

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

28 Wells Fargo Endeavor Select Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320770 03-19 SA205/SAR205 1-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Other information	27
Appendix A	31

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Growth Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Growth Fund 3

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

4 Wells Fargo Growth Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.

6 Wells Fargo Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of January 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		-3.30		8.78		16.96		2.59		10.08		17.66		1.18		1.16
Class C (WGFCX)	12-26-2002		0.84		9.25		16.78		1.84		9.25		16.78		1.93		1.91
Class R6 (SGRHX)3	9-30-2015		–		–		–		3.04		10.57		18.19		0.75		0.70
Administrator Class (SGRKX)	8-30-2002		–		–		–		2.80		10.30		17.94		1.10		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		3.00		10.53		18.17		0.85		0.75
Russell 3000® Growth Index4	–		–		–		–		0.03		12.57		16.77		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Growth Fund 7

Ten largest holdings (%) as of January 31, 20195
Amazon.com Incorporated	8.00
Alphabet Incorporated Class A	6.36
Microsoft Corporation	3.99
Microchip Technology Incorporated	3.64
MasterCard Incorporated Class A	3.31
Visa Incorporated Class A	3.19
MarketAxess Holdings Incorporated	2.39
Burlington Stores Incorporated	2.31
Monolithic Power Systems Incorporated	2.14
Apple Incorporated	1.99

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

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

8 Wells Fargo Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	966.24	$	5.75		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class C
Actual	$	1,000.00	$	962.62	$	9.45		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R6
Actual	$	1,000.00	$	968.39	$	3.47		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Administrator Class
Actual	$	1,000.00	$	967.32	$	4.76		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	968.14	$	3.72		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Growth Fund 9

Security name	Shares		Value
Common Stocks: 99.02%
Communication Services: 9.93%
Entertainment: 1.11%
Activision Blizzard Incorporated		87,480	$	4,132,555
Electronic Arts Incorporated †		89,770		8,280,385
Netflix Incorporated †		94,340		32,028,430
Take-Two Interactive Software Incorporated †		18,900		1,994,895
				46,436,265
Interactive Media & Services: 8.82%
Alphabet Incorporated Class A †		235,835		265,524,268
Alphabet Incorporated Class C †		22,090		24,660,613
Eventbrite Incorporated Class A †«		362,677		10,883,937
Facebook Incorporated Class A †		404,800		67,476,112
				368,544,930
Consumer Discretionary: 16.45%
Diversified Consumer Services: 0.66%
Bright Horizons Family Solutions Incorporated †		130,530		15,114,069
Grand Canyon Education Incorporated †		133,950		12,449,313
				27,563,382
Hotels, Restaurants & Leisure: 1.59%
Carnival Corporation		417,050		24,013,739
Norwegian Cruise Line Holdings Limited †		477,000		24,532,110
Royal Caribbean Cruises Limited		148,500		17,827,425
				66,373,274
Household Durables: 1.08%
Roku Incorporated †«		999,200		44,914,040
Internet & Direct Marketing Retail: 8.00%
Amazon.com Incorporated †		194,470		334,241,423
Leisure Products: 0.01%
Yeti Holdings Incorporated †«		28,780		489,548
Multiline Retail: 0.48%
Ollie’s Bargain Outlet Holdings Incorporated †		258,400		20,199,128
Specialty Retail: 4.63%
Burlington Stores Incorporated †		562,150		96,526,777
Five Below Incorporated †		271,175		33,552,483
The Home Depot Incorporated		159,710		29,311,576
ULTA Beauty Incorporated †		116,800		34,096,256
				193,487,092

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

10 Wells Fargo Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Consumer Staples: 2.88%
Beverages: 1.97%
Constellation Brands Incorporated Class A		132,910	$	23,081,151
The Coca-Cola Company		1,232,800		59,334,664
				82,415,815
Food & Staples Retailing: 0.12%
Costco Wholesale Corporation		23,770		5,101,755
Personal Products: 0.79%
The Estee Lauder Companies Incorporated Class A		239,960		32,735,343
Energy: 0.95%
Oil, Gas & Consumable Fuels: 0.95%
Concho Resources Incorporated †		330,150		39,565,176
Financials: 6.21%
Capital Markets: 5.61%
BlackRock Incorporated		25,800		10,709,064
CME Group Incorporated		43,610		7,949,231
MarketAxess Holdings Incorporated		465,521		99,979,945
Raymond James Financial Incorporated		831,340		66,922,870
The Charles Schwab Corporation		1,039,250		48,605,723
				234,166,833
Thrifts & Mortgage Finance: 0.60%
LendingTree Incorporated †«		85,260		25,265,948
Health Care: 8.33%
Biotechnology: 3.32%
Alexion Pharmaceuticals Incorporated †		224,400		27,592,224
Ligand Pharmaceuticals Incorporated †		24,600		2,905,260
Neurocrine Biosciences Incorporated †		161,040		14,206,949
Regeneron Pharmaceuticals Incorporated †		30,100		12,921,027
Sage Therapeutics Incorporated †		82,300		11,735,157
Sarepta Therapeutics Incorporated †		62,600		8,745,846
Vertex Pharmaceuticals Incorporated †		316,600		60,442,106
				138,548,569
Health Care Equipment & Supplies: 2.38%
Boston Scientific Corporation †		1,577,020		60,163,313
Novocure Limited †		617,900		30,277,100
Stryker Corporation		51,000		9,056,070
				99,496,483
Health Care Technology: 1.48%
Veeva Systems Incorporated Class A †		567,550		61,897,003

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Growth Fund 11

Security name	Shares		Value
Life Sciences Tools & Services: 0.18%
PRA Health Sciences Incorporated †		69,750	$	7,391,408
Pharmaceuticals: 0.97%
Elanco Animal Health Incorporated †«		386,005		11,263,626
Zoetis Incorporated		340,970		29,377,975
				40,641,601
Industrials: 13.65%
Aerospace & Defense: 1.66%
The Boeing Company		179,980		69,403,888
Commercial Services & Supplies: 3.99%
Casella Waste Systems Incorporated Class A †		666,980		20,089,438
Copart Incorporated †		699,770		35,429,355
KAR Auction Services Incorporated		686,290		35,693,943
Waste Connections Incorporated		901,505		75,329,758
				166,542,494
Industrial Conglomerates: 0.53%
Roper Industries Incorporated		78,690		22,289,729
Machinery: 1.57%
Fortive Corporation		121,960		9,145,780
Milacron Holdings Corporation †(l)		4,080,535		56,556,215
				65,701,995
Professional Services: 1.02%
ASGN Incorporated †		300,300		18,915,897
CoStar Group Incorporated †		60,300		23,561,622
				42,477,519
Road & Rail: 4.52%
CSX Corporation		1,092,480		71,775,936
Norfolk Southern Corporation		361,490		60,636,333
Union Pacific Corporation		354,360		56,368,045
				188,780,314
Trading Companies & Distributors: 0.36%
SiteOne Landscape Supply Incorporated †		279,900		14,918,670
Information Technology: 38.14%
IT Services: 13.02%
Euronet Worldwide Incorporated †		259,800		29,879,598
Global Payments Incorporated		561,970		63,097,992
MasterCard Incorporated Class A		655,770		138,452,720
MongoDB Incorporated †«		288,620		26,656,943
PayPal Holdings Incorporated †		893,590		79,315,048
Shopify Incorporated Class A †		185,110		31,185,482

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

12 Wells Fargo Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
IT Services (continued)
Square Incorporated Class A †		245,900	$	17,544,965
Twilio Incorporated Class A †«		169,630		18,883,212
Visa Incorporated Class A		988,410		133,445,234
WEX Incorporated †		33,300		5,372,289
				543,833,483
Semiconductors & Semiconductor Equipment: 7.92%
Microchip Technology Incorporated «		1,893,690		152,195,865
Monolithic Power Systems Incorporated		707,270		89,512,091
NVIDIA Corporation		50,700		7,288,125
Texas Instruments Incorporated		812,180		81,770,282
				330,766,363
Software: 15.21%
Adobe Systems Incorporated †		74,520		18,467,546
Anaplan Incorporated †		233,839		7,340,206
BlackLine Incorporated †		298,330		14,194,541
Dropbox Incorporated Class A †«		1,375,000		33,976,250
Envestnet Incorporated †		1,477,370		80,147,323
Microsoft Corporation		1,597,650		166,842,590
Mimecast Limited †		812,600		30,529,382
New Relic Incorporated †		191,260		19,441,579
Pivotal Software Incorporated Class A †		1,900,464		35,139,579
Proofpoint Incorporated †		446,690		45,504,310
RealPage Incorporated †		301,200		16,797,924
SailPoint Technologies Holdings Incorporated †		793,871		22,665,017
Salesforce.com Incorporated †		146,780		22,306,157
SendGrid Incorporated †		439,400		23,762,752
ServiceNow Incorporated †		81,190		17,863,424
Splunk Incorporated †		176,400		22,021,776
Tableau Software Incorporated Class A †		75,900		9,703,056
Talend SA ADR †		448,800		16,695,360
The Ultimate Software Group Incorporated †		117,820		32,173,107
				635,571,879
Technology Hardware, Storage & Peripherals: 1.99%
Apple Incorporated		500,140		83,243,302
Materials: 2.48%
Chemicals: 2.48%
Linde plc		287,360		46,842,554
PolyOne Corporation		1,751,663		56,701,330
				103,543,884
Total Common Stocks (Cost $2,146,894,196)				4,136,548,536

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Growth Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 7.31%
Investment Companies: 7.31%
Securities Lending Cash Investments LLC (l)(r)(u)		2.57	%		253,225,707	$	253,251,030
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33			51,925,610		51,925,610
Total Short-Term Investments (Cost $305,172,300)							305,176,640

Total investments in securities (Cost $2,452,066,496)	106.33	%		4,441,725,176
Other assets and liabilities, net	(6.33	)		(264,380,362	)
Total net assets	100.00	%	$	4,177,344,814

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Industrials
Machinery
Milacron Holdings Corporation †		3,945,835		134,700		0		4,080,535	$	0		$	(27,975,984	)	$	0	$	56,556,215		1.35	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		149,251,008		644,399,009		540,424,310		253,225,707		(2,709	)		0			2,710,420		253,251,030
Wells Fargo Government Money Market Fund Select Class		17,742,561		410,497,979		376,314,930		51,925,610		0			0			310,326		51,925,610
																		305,176,640		7.31	%
									$	(2,709	)	$	(27,975,984	)	$	3,020,746	$	361,732,855		8.66	%

† Non-income-earning security

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

14 Wells Fargo Growth Fund Statement of assets and liabilities—January 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $247,729,020 of securities loaned), at value (cost $2,076,955,986)	$	4,079,992,321
Investments in affiliated securities, at value (cost $375,110,510)		361,732,855
Receivable for investments sold		5,320,942
Receivable for Fund shares sold		2,539,377
Receivable for dividends		968,475
Receivable for securities lending income		68,279
Total assets		4,450,622,249
Liabilities
Payable upon receipt of securities loaned		253,242,554
Payable for investments purchased		12,601,530
Payable for Fund shares redeemed		3,456,901
Management fee payable		2,163,369
Administration fees payable		550,550
Distribution fee payable		92,917
Trustees’ fees and expenses payable		2,793
Due to custodian bank		1,377
Accrued expenses and other liabilities		1,165,444
Total liabilities		273,277,435
Total net assets	$	4,177,344,814
NET ASSETS CONSIST OF
Paid-in capital	$	2,079,505,104
Total distributable earnings		2,097,839,710
Total net assets	$	4,177,344,814
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,906,910,643
Shares outstanding – Class A1		63,016,332
Net asset value per share – Class A		$30.26
Maximum offering price per share – Class A2		$32.11
Net assets – Class C	$	152,775,990
Shares outstanding – Class C1		6,914,224
Net asset value per share – Class C		$22.10
Net assets – Class R6	$	269,903,109
Shares outstanding – Class R61		6,934,189
Net asset value per share – Class R6		$38.92
Net assets – Administrator Class	$	473,642,216
Shares outstanding – Administrator Class1		13,399,333
Net asset value per share – Administrator Class		$35.35
Net assets – Institutional Class	$	1,374,112,856
Shares outstanding – Institutional Class1		35,407,349
Net asset value per share – Institutional Class		$38.81

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2019 (unaudited) Wells Fargo Growth Fund 15

Investment income
Dividends (net of foreign withholding taxes of $43,908)	$	15,958,004
Income from affiliated securities		719,482
Total investment income		16,677,486
Expenses
Management fee		15,595,558
Administration fees
Class A		2,121,678
Class C		178,481
Class R6		38,512
Administrator Class		331,674
Institutional Class		970,548
Shareholder servicing fees
Class A		2,525,807
Class C		212,477
Administrator Class		636,764
Distribution fee
Class C		637,431
Custody and accounting fees		79,293
Professional fees		25,686
Registration fees		60,494
Shareholder report expenses		126,027
Trustees’ fees and expenses		12,610
Other fees and expenses		43,107
Total expenses		23,596,147
Less: Fee waivers and/or expense reimbursements		(1,305,858	)
Net expenses		22,290,289
Net investment loss		(5,612,803	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		342,732,800
Affiliated securities		(2,079	)
Net realized gains on investments		342,730,721
Net change in unrealized gains (losses) on:
Unaffiliated securities		(472,479,827	)
Affiliated securities		(27,975,984	)
Net change in unrealized gains (losses) on investments		(500,455,811	)
Net realized and unrealized gains (losses) on investments		(157,725,090	)
Net decrease in net assets resulting from operations	$	(163,337,893	)

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

16 Wells Fargo Growth Fund Statement of changes in net assets

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment loss				$	(5,612,803	)				$	(13,576,427	)
Net realized gains on investments					342,730,721						745,731,324
Net change in unrealized gains (losses) on investments					(500,455,811	)					402,450,351
Net increase (decrease) in net assets resulting from operations					(163,337,893	)					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		1,325,180			44,346,842			2,597,711			97,664,924
Class C		585,986			13,182,812			567,969			15,881,145
Class R6		1,600,879			66,442,536			4,402,138			197,214,825
Administrator Class		915,634			36,427,313			2,015,636			86,044,136
Institutional Class		2,764,677			117,978,723			8,063,218			384,247,586
					278,378,226						781,052,616
Reinvestment of distributions
Class A		12,007,591			343,056,893			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
					694,803,735						1,052,353,302
Payment for shares redeemed
Class A		(5,726,612	)		(191,146,573	)		(10,001,358	)		(381,655,936	)
Class C		(1,349,749	)		(33,163,610	)		(2,374,317	)		(73,235,128	)
Class R6		(771,520	)		(33,830,844	)		(758,315	)		(34,584,223	)
Administrator Class		(2,708,061	)		(107,183,368	)		(7,153,909	)		(302,587,215	)
Institutional Class		(6,988,141	)		(296,613,297	)		(18,199,975	)		(827,075,266	)
					(661,937,692	)					(1,619,137,768	)
Net increase in net assets resulting from capital share transactions					311,244,269						214,268,150
Total increase (decrease) in net assets					(572,659,114	)					250,681,131
Net assets
Beginning of period					4,750,003,928						4,499,322,797
End of period				$	4,177,344,814					$	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 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.67			$40.38			$42.28			$49.50			$49.99			$46.74
Net investment loss		(0.07	)1		(0.12	)		(0.19	)1		(0.20	)1		(0.29	)1		(0.32	)1
Net realized and unrealized gains (losses) on investments		(1.63	)		9.49			5.61			(0.99	)		7.03			5.34
Total from investment operations		(1.70	)		9.37			5.42			(1.19	)		6.74			5.02
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$30.26			$38.67			$40.38			$42.28			$49.50			$49.99
Total return2		(3.38	)%		27.66	%		15.95	%		(1.69	)%		15.01	%		10.77	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.17	%		1.15	%		1.18	%		1.18	%
Net expenses		1.16	%		1.16	%		1.16	%		1.14	%		1.18	%		1.18	%
Net investment loss		(0.41	)%		(0.45	)%		(0.49	)%		(0.49	)%		(0.59	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		24	%		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$1,906,911			$2,142,855			$1,950,551			$2,582,955			$1,465,643			$2,047,410

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$30.33			$34.05			$37.07			$44.51			$45.95			$43.41
Net investment loss		(0.16	)1		(0.33	)		(0.41	)1		(0.46	)1		(0.60	)1		(0.64	)1
Net realized and unrealized gains (losses) on investments		(1.36	)		7.69			4.71			(0.95	)		6.39			4.95
Total from investment operations		(1.52	)		7.36			4.30			(1.41	)		5.79			4.31
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$22.10			$30.33			$34.05			$37.07			$44.51			$45.95
Total return2		(3.74	)%		26.73	%		15.05	%		(2.44	)%		14.16	%		9.96	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.92	%		1.90	%		1.93	%		1.93	%
Net expenses		1.91	%		1.91	%		1.91	%		1.89	%		1.93	%		1.93	%
Net investment loss		(1.16	)%		(1.19	)%		(1.23	)%		(1.24	)%		(1.34	)%		(1.39	)%
Supplemental data
Portfolio turnover rate		24	%		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$152,776			$185,346			$205,607			$321,032			$465,833			$560,481

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			2017			20161
Net asset value, beginning of period		$47.53			$47.13			$47.90			$48.97
Net investment income (loss)		0.01	2		(0.01	)2		(0.02	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		(1.91	)		11.49			6.57			4.98
Total from investment operations		(1.90	)		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		$38.92			$47.53			$47.13			$47.90
Total return3		(3.16	)%		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)		0.04	%		(0.02	)%		(0.05	)%		(0.23	)%
Supplemental data
Portfolio turnover rate		24	%		37	%		42	%		38	%
Net assets, end of period (000s omitted)		$269,903			$242,838			$49,454			$30,906

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

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$43.89			$44.40			$45.66			$52.86			$52.80			$49.16
Net investment loss		(0.04	)1		(0.11	)1		(0.11	)1		(0.14	)1		(0.20	)1		(0.23	)
Net realized and unrealized gains (losses) on investments		(1.79	)		10.68			6.17			(1.03	)		7.49			5.64
Total from investment operations		(1.83	)		10.57			6.06			(1.17	)		7.29			5.41
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$35.35			$43.89			$44.40			$45.66			$52.86			$52.80
Total return2		(3.27	)%		27.90	%		16.20	%		(1.53	)%		15.28	%		11.04	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.09	%		1.07	%		1.02	%		1.02	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.21	)%		(0.24	)%		(0.27	)%		(0.31	)%		(0.37	)%		(0.42	)%
Supplemental data
Portfolio turnover rate		24	%		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$473,642			$564,391			$637,987			$1,528,288			$2,349,359			$3,359,480

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Growth Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$47.43			$47.07			$47.87			$54.99			$54.54			$50.63
Net investment income (loss)		0.00	1,2		(0.02	)1		(0.04	)1		(0.05	)1		(0.09	)1		(0.13	)
Net realized and unrealized gains (losses) on investments		(1.91	)		11.46			6.56			(1.04	)		7.77			5.81
Total from investment operations		(1.91	)		11.44			6.52			(1.09	)		7.68			5.68
Distributions to shareholders from
Net realized gains		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)
Net asset value, end of period		$38.81			$47.43			$47.07			$47.87			$54.99			$54.54
Total return3		(3.19	)%		28.21	%		16.44	%		(1.31	)%		15.53	%		11.26	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.84	%		0.82	%		0.76	%		0.75	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		0.00	%		(0.03	)%		(0.08	)%		(0.10	)%		(0.17	)%		(0.21	)%
Supplemental data
Portfolio turnover rate		24	%		37	%		42	%		38	%		35	%		42	%
Net assets, end of period (000s omitted)		$1,374,113			$1,614,575			$1,655,724			$2,398,134			$3,863,196			$2,975,721

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

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

1. ORGANIZATION

Wells Fargo Fund 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 Growth Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount

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

of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $2,452,304,077 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,020,048,182
Gross unrealized losses		(30,627,083	)
Net unrealized gains	$	1,989,421,099

Class allocations

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

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

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 January 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	$	414,981,195	$	0	$	0	$	414,981,195
Consumer discretionary		687,267,887		0		0		687,267,887
Consumer staples		120,252,913		0		0		120,252,913
Energy		39,565,176		0		0		39,565,176
Financials		259,432,781		0		0		259,432,781
Health care		347,975,064		0		0		347,975,064
Industrials		570,114,609		0		0		570,114,609
Information technology		1,593,415,027		0		0		1,593,415,027
Materials		103,543,884		0		0		103,543,884
Short-term investments
Investment companies		51,925,610		253,251,030		0		305,176,640
Total assets	$	4,188,474,146	$	253,251,030	$	0	$	4,441,725,176

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the six months ended January 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 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 Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2019, Funds Distributor received $13,879 from the sale of Class A shares and $88 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended January 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 six months ended January 31, 2019 were $1,051,180,277 and $1,503,277,903, respectively.

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

26 Wells Fargo Growth Fund Notes to financial statements (unaudited)

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. REDEMPTION IN-KIND

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

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.

Other information (unaudited) Wells Fargo Growth Fund 27

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

28 Wells Fargo 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Other information (unaudited) Wells Fargo Growth Fund 29

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

30 Wells Fargo 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, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Growth Fund 31

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320771 03-19 SA206/SAR206 01-19

Semi-Annual Report

January 31, 2019

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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Other information	27
Appendix A	31

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Intrinsic Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Intrinsic Value Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

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

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Intrinsic Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Miguel E. Giaconi, CFA^®‡

Jean-Baptiste Nadal, CFA^®‡

Average annual total returns (%) as of January 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)	8-1-2006		-8.97		6.23		12.64		-3.42		7.49		13.31		1.18		1.11
Class C (EIVCX)	8-1-2006		-5.10		6.69		12.46		-4.10		6.69		12.46		1.93		1.86
Class R (EIVTX)3	3-1-2013		–		–		–		-3.55		7.24		13.04		1.43		1.36
Class R6 (EIVFX)4	11-30-2012		–		–		–		-2.20		8.07		13.80		0.75		0.65
Administrator Class (EIVDX)5	7-30-2010		–		–		–		-3.21		7.69		13.52		1.10		0.95
Institutional Class (EIVIX)	8-1-2006		–		–		–		-2.99		7.97		13.74		0.85		0.70
Russell 1000® Value Index6	–		–		–		–		-4.81		8.33		13.39		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Intrinsic Value Fund 7

Ten largest holdings (%) as of January 31, 20197
Cisco Systems Incorporated	3.61
Alphabet Incorporated Class C	3.57
Comcast Corporation Class A	3.03
Mondelez International Incorporated Class A	3.02
Dollar Tree Incorporated	2.97
Merck & Company Incorporated	2.90
Microsoft Corporation	2.85
Motorola Solutions Incorporated	2.79
AerCap Holdings NV	2.70
US Bancorp	2.70

Sector distribution as of January 31, 2019⁸

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

* Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

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

⁴  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.

⁵  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.

⁶  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.

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.

8 Wells Fargo Intrinsic Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	966.55	$	5.45		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C
Actual	$	1,000.00	$	962.83	$	9.20		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R
Actual	$	1,000.00	$	965.28	$	6.74		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class R6
Actual	$	1,000.00	$	975.73	$	3.24		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	967.94	$	4.71		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	968.59	$	3.47		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Intrinsic Value Fund 9

Security name	Shares		Value
Common Stocks: 98.67%
Communication Services: 11.04%
Diversified Telecommunication Services: 2.45%
Verizon Communications Incorporated		362,400	$	19,953,744
Entertainment: 1.99%
The Walt Disney Company		145,800		16,259,616
Interactive Media & Services: 3.57%
Alphabet Incorporated Class C †		26,100		29,137,257
Media: 3.03%
Comcast Corporation Class A		676,800		24,750,576
Consumer Discretionary: 5.62%
Multiline Retail: 2.97%
Dollar Tree Incorporated †		250,500		24,255,915
Specialty Retail: 2.65%
Advance Auto Parts Incorporated		135,500		21,571,600
Consumer Staples: 8.12%
Beverages: 2.25%
Anheuser-Busch InBev NV ADR «		240,100		18,353,244
Food Products: 5.87%
ConAgra Foods Incorporated		324,200		7,015,688
Mondelez International Incorporated Class A		532,700		24,642,702
Nestle SA ADR		186,000		16,226,640
				47,885,030
Energy: 8.73%
Energy Equipment & Services: 2.41%
Schlumberger Limited		266,900		11,799,649
TechnipFMC plc		344,300		7,905,128
				19,704,777
Oil, Gas & Consumable Fuels: 6.32%
Chevron Corporation		170,800		19,582,220
Concho Resources Incorporated †		112,400		13,470,016
EOG Resources Incorporated		186,200		18,471,040
				51,523,276
Financials: 22.64%
Banks: 10.30%
Bank of America Corporation		724,100		20,615,127
BB&T Corporation		435,800		21,267,040
CIT Group Incorporated		435,200		20,101,888
US Bancorp		430,200		22,009,032
				83,993,087

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

10 Wells Fargo Intrinsic Value Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Capital Markets: 3.64%
Intercontinental Exchange Incorporated		216,900	$	16,649,245
UBS Group AG «		1,006,900		13,049,424
				29,698,669
Consumer Finance: 1.96%
Synchrony Financial		533,600		16,029,344
Insurance: 6.74%
American International Group Incorporated		383,300		16,570,059
Aon plc		135,300		21,137,919
The Allstate Corporation		196,300		17,248,881
				54,956,859
Health Care: 13.81%
Biotechnology: 2.52%
Gilead Sciences Incorporated		292,800		20,498,927
Health Care Equipment & Supplies: 3.49%
Abbott Laboratories		224,500		16,384,010
Medtronic plc		136,800		12,091,752
				28,475,762
Health Care Providers & Services: 2.48%
Cigna Corporation		101,300		20,240,753
Pharmaceuticals: 5.32%
Eli Lilly & Company		164,700		19,740,942
Merck & Company Incorporated		318,000		23,668,740
				43,409,682
Industrials: 10.23%
Aerospace & Defense: 2.20%
General Dynamics Corporation		104,700		17,921,499
Air Freight & Logistics: 1.75%
United Parcel Service Incorporated Class B		135,100		14,239,540
Electrical Equipment: 0.91%
Sensata Technologies Holding plc †		156,100		7,414,750
Industrial Conglomerates: 2.67%
Honeywell International Incorporated		151,700		21,788,671
Trading Companies & Distributors: 2.70%
AerCap Holdings NV †		466,600		22,051,516
Information Technology: 13.58%
Communications Equipment: 6.39%
Cisco Systems Incorporated		622,400		29,433,296
Motorola Solutions Incorporated		194,400		22,727,304
				52,160,600

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Intrinsic Value Fund 11

Security name				Shares		Value
IT Services: 2.04%
Accenture plc Class A					108,300	$	16,629,465
Semiconductors & Semiconductor Equipment: 1.38%
NXP Semiconductors NV					128,900		11,218,167
Software: 2.85%
Microsoft Corporation					222,700		23,256,561
Technology Hardware, Storage & Peripherals: 0.92%
Apple Incorporated					45,300		7,539,732
Materials: 2.30%
Construction Materials: 2.30%
Vulcan Materials Company					184,800		18,784,920
Real Estate: 0.51%
Equity REITs: 0.51%
Crown Castle International Corporation					35,500		4,155,630
Utilities: 2.09%
Electric Utilities: 2.09%
NextEra Energy Incorporated					95,200		17,038,896
Total Common Stocks (Cost $656,245,572)							804,898,065
	Yield
Short-Term Investments: 4.72%
Investment Companies: 4.72%
Securities Lending Cash Investments LLC (l)(r)(u)		2.57	%		30,355,880		30,358,915
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33			8,181,622		8,181,622
Total Short-Term Investments (Cost $38,540,537)							38,540,537

Total investments in securities (Cost $694,786,109)	103.39	%		843,438,602
Other assets and liabilities, net	(3.39	)		(27,690,577	)
Total net assets	100.00	%	$	815,748,025

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

12 Wells Fargo Intrinsic Value Fund Portfolio of investments—January 31, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		22,455,104		88,601,006		80,700,230		30,355,880	$	1,459	$	0	$	261,575	$	30,358,915
Wells Fargo Government Money Market Fund Select Class		9,615,845		86,651,353		88,085,576		8,181,622		0		0		91,914		8,181,622
									$	1,459	$	0	$	353,489	$	38,540,537		4.72	%

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

Statement of assets and liabilities—January 31, 2019 (unaudited) Wells Fargo Intrinsic Value Fund 13

Assets
Investments in unaffiliated securities (including $29,715,148 of securities on loan), at value (cost $656,245,572)	$	804,898,065
Investments in affiliated securities, at value (cost $38,540,537)		38,540,537
Receivable for investments sold		3,443,464
Receivable for Fund shares sold		41,493
Receivable for dividends		667,941
Receivable for securities lending income		8,970
Total assets		847,600,470
Liabilities
Payable upon receipt of securities loaned		30,356,135
Payable for Fund shares redeemed		756,031
Management fee payable		372,672
Administration fees payable		105,490
Distribution fees payable		10,790
Trustees’ fees and expenses payable		2,714
Due to custodian bank		1,563
Accrued expenses and other liabilities		247,050
Total liabilities		31,852,445
Total net assets	$	815,748,025
NET ASSETS CONSIST OF
Paid-in capital	$	648,207,489
Total distributable earnings		167,540,536
Total net assets	$	815,748,025
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	263,588,830
Shares outstanding – Class A1		22,639,409
Net asset value per share – Class A		$11.64
Maximum offering price per share – Class A2		$12.35
Net assets – Class C	$	17,293,064
Shares outstanding – Class C1		1,523,440
Net asset value per share – Class C		$11.35
Net assets – Class R	$	73,857
Shares outstanding – Class R1		6,293
Net asset value per share – Class R		$11.74
Net assets – Class R6	$	104,648
Shares outstanding – Class R61		9,154
Net asset value per share – Class R6		$11.43
Net assets – Administrator Class	$	431,033,356
Shares outstanding – Administrator Class1		35,227,591
Net asset value per share – Administrator Class		$12.24
Net assets – Institutional Class	$	103,654,270
Shares outstanding – Institutional Class1		8,859,879
Net asset value per share – Institutional Class		$11.70

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 Intrinsic Value Fund Statement of operations—six months ended January 31, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $154,486)	$	7,960,840
Income from affiliated securities		186,285
Total investment income		8,147,125
Expenses
Management fee		3,013,661
Administration fees
Class A		291,456
Class C		19,773
Class R		78
Class R6		119
Administrator Class		293,377
Institutional Class		81,667
Shareholder servicing fees
Class A		334,600
Class C		23,539
Class R		93
Administrator Class		561,703
Distribution fees
Class C		70,618
Class R		93
Custody and accounting fees		17,721
Professional fees		22,573
Registration fees		50,425
Shareholder report expenses		45,369
Trustees’ fees and expenses		11,090
Other fees and expenses		14,719
Total expenses		4,852,674
Less: Fee waivers and/or expense reimbursements		(564,134	)
Net expenses		4,288,540
Net investment income		3,858,585
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		26,113,695
Affiliated securities		1,459
Net realized gains on investments		26,115,154
Net change in unrealized gains (losses) on investments		(61,182,428	)
Net realized and unrealized gains (losses) on investments		(35,067,274	)
Net decrease in net assets resulting from operations	$	(31,208,689	)

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

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

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment income				$	3,858,585					$	8,762,212
Net realized gains on investments					26,115,154						72,505,918
Net change in unrealized gains (losses) on investments					(61,182,428	)					27,765,454
Net increase (decrease) in net assets resulting from operations					(31,208,689	)					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		186,753			2,281,228			331,519			4,190,768
Class C		36,664			443,053			19,728			240,572
Class R		279			3,439			1,671			20,842
Class R6		2,270			26,150			12,234			151,356
Administrator Class		117,883			1,523,154			128,470			1,686,875
Institutional Class		148,724			1,885,853			594,996			7,543,156
					6,162,877						13,833,569
Reinvestment of distributions
Class A		1,707,185			19,644,349			1,816,483			22,389,992
Class C		110,426			1,234,002			131,832			1,579,351
Class R		372			4,310			220			2,728
Class R6		65			713			16,488			201,277
Administrator Class		2,569,095			31,093,192			2,684,570			34,693,107
Institutional Class		740,566			8,584,300			901,012			11,188,786
					60,560,866						70,055,241
Payment for shares redeemed
Class A		(1,446,992	)		(17,725,467	)		(3,243,108	)		(40,904,939	)
Class C		(189,620	)		(2,204,789	)		(349,959	)		(4,293,957	)
Class R		0			0			(33	)		(423	)
Class R4		N/A			N/A			(1,342	)2		(17,226	)2
Class R6		(192,709	)		(2,574,138	)		(21,179	)		(269,458	)
Administrator Class		(1,766,644	)		(22,783,528	)		(3,402,317	)		(44,953,219	)
Institutional Class		(2,475,636	)		(28,633,076	)		(3,859,490	)		(48,539,311	)
					(73,920,998	)					(138,978,533	)
Net decrease in net assets resulting from capital share transactions					(7,197,255	)					(55,089,723	)
Total decrease in net assets					(103,187,468	)					(20,982,676	)
Net assets
Beginning of period					918,935,493						939,918,169
End of period				$	815,748,025					$	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 7, 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 Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.05			$12.61			$12.01			$13.73			$13.60			$12.52
Net investment income		0.04			0.11			0.12	1		0.13			0.10			0.07
Net realized and unrealized gains (losses) on investments		(0.49	)		1.39			1.43			(0.42	)		1.09			1.53
Total from investment operations		(0.45	)		1.50			1.55			(0.29	)		1.19			1.60
Distributions to shareholders from
Net investment income		(0.12	)		(0.06	)		(0.14	)		(0.11	)		(0.07	)		(0.06	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(0.96	)		(1.06	)		(0.95	)		(1.43	)		(1.06	)		(1.52	)
Net asset value, end of period		$11.64			$13.05			$12.61			$12.01			$13.73			$13.60
Total return2		(3.34	)%		12.43	%		13.50	%		(1.73	)%		9.19	%		13.09	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.17	%		1.17	%		1.20	%		1.21	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.16	%		1.16	%
Net investment income		0.76	%		0.83	%		0.95	%		1.12	%		0.75	%		0.53	%
Supplemental data
Portfolio turnover rate		8	%		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$263,589			$289,683			$293,599			$318,543			$372,443			$391,028

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Intrinsic Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.69			$12.31			$11.74			$13.45			$13.36			$12.35
Net investment income (loss)		(0.01	)		0.01	1		0.02	1		0.03			0.00	2		(0.03	)
Net realized and unrealized gains (losses) on investments		(0.47	)		1.37			1.40			(0.41	)		1.08			1.50
Total from investment operations		(0.48	)		1.38			1.42			(0.38	)		1.08			1.47
Distributions to shareholders from
Net investment income		(0.02	)		0.00			(0.04	)		(0.01	)		0.00			(0.00	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(0.86	)		(1.00	)		(0.85	)		(1.33	)		(0.99	)		(0.46	)
Net asset value, end of period		$11.35			$12.69			$12.31			$11.74			$13.45			$13.36
Total return3		(3.72	)%		11.65	%		12.58	%		(2.47	)%		8.42	%		12.24	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.93	%		1.93	%		1.93	%		1.96	%		1.97	%
Net expenses		1.86	%		1.86	%		1.86	%		1.86	%		1.91	%		1.91	%
Net investment income (loss)		(0.00	)%		0.08	%		0.20	%		0.37	%		0.00	%		(0.22	)%
Supplemental data
Portfolio turnover rate		8	%		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$17,293			$19,874			$21,727			$28,756			$36,098			$36,654

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

18 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.15			$12.70			$12.09			$13.81			$13.66			$12.55
Net investment income		0.03			0.05			0.08	1		0.10			0.05			0.03
Net realized and unrealized gains (losses) on investments		(0.50	)		1.44			1.45			(0.43	)		1.12			1.54
Total from investment operations		(0.47	)		1.49			1.53			(0.33	)		1.17			1.57
Distributions to shareholders from
Net investment income		(0.10	)		(0.04	)		(0.11	)		(0.07	)		(0.03	)		0.00
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(0.94	)		(1.04	)		(0.92	)		(1.39	)		(1.02	)		(0.46	)
Net asset value, end of period		$11.74			$13.15			$12.70			$12.09			$13.81			$13.66
Total return2		(3.47	)%		12.21	%		13.22	%		(1.99	)%		8.96	%		12.77	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.44	%		1.44	%		1.44	%		1.47	%		1.49	%
Net expenses		1.36	%		1.36	%		1.36	%		1.36	%		1.40	%		1.41	%
Net investment income		0.50	%		0.56	%		0.69	%		0.86	%		0.50	%		0.26	%
Supplemental data
Portfolio turnover rate		8	%		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$74			$74			$48			$43			$41			$28

¹  Calculated based upon average shares outstanding.

²  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Intrinsic Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.92			$12.49			$11.90			$13.62			$13.60			$12.56
Net investment income		0.09	1		0.16			0.17	1		0.17			0.17	1		0.14	1
Net realized and unrealized gains (losses) on investments		(0.43	)		1.39			1.42			(0.40	)		1.08			1.47
Total from investment operations		(0.34	)		1.55			1.59			(0.23	)		1.25			1.61
Distributions to shareholders from
Net investment income		(0.31	)		(0.12	)		(0.19	)		(0.17	)		(0.24	)		(0.11	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.15	)		(1.12	)		(1.00	)		(1.49	)		(1.23	)		(0.57	)
Net asset value, end of period		$11.43			$12.92			$12.49			$11.90			$13.62			$13.60
Total return2		(2.43	)%		12.96	%		14.03	%		(1.30	)%		9.74	%		13.19	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.74	%		0.74	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.41	%		1.31	%		1.40	%		1.47	%		1.25	%		1.10	%
Supplemental data
Portfolio turnover rate		8	%		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$105			$2,578			$2,397			$2,842			$169			$150

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

20 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.68			$13.17			$12.51			$14.25			$14.08			$12.95
Net investment income		0.06			0.13			0.14	1		0.15			0.13			0.10
Net realized and unrealized gains (losses) on investments		(0.51	)		1.47			1.49			(0.43	)		1.14			1.58
Total from investment operations		(0.45	)		1.60			1.63			(0.28	)		1.27			1.68
Distributions to shareholders from
Net investment income		(0.15	)		(0.09	)		(0.16	)		(0.14	)		(0.11	)		(0.09	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(0.99	)		(1.09	)		(0.97	)		(1.46	)		(1.10	)		(0.55	)
Net asset value, end of period		$12.24			$13.68			$13.17			$12.51			$14.25			$14.08
Total return2		(3.21	)%		12.63	%		13.66	%		(1.58	)%		9.42	%		13.36	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.10	%		1.10	%		1.10	%		1.06	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		0.91	%		0.98	%		1.10	%		1.27	%		0.95	%		0.74	%
Supplemental data
Portfolio turnover rate		8	%		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$431,033			$469,464			$459,650			$470,152			$529,293			$534,641

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Intrinsic Value Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.14			$12.68			$12.08			$13.80			$13.67			$12.58
Net investment income		0.07	1		0.22			0.17	1		0.18			0.15			0.13
Net realized and unrealized gains (losses) on investments		(0.50	)		1.35			1.43			(0.41	)		1.11			1.53
Total from investment operations		(0.43	)		1.57			1.60			(0.23	)		1.26			1.66
Distributions to shareholders from
Net investment income		(0.17	)		(0.11	)		(0.19	)		(0.17	)		(0.14	)		(0.11	)
Net realized gains		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)
Total distributions to shareholders		(1.01	)		(1.11	)		(1.00	)		(1.49	)		(1.13	)		(0.57	)
Net asset value, end of period		$11.70			$13.14			$12.68			$12.08			$13.80			$13.67
Total return2		(3.14	)%		12.96	%		13.88	%		(1.27	)%		9.66	%		13.64	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.85	%		0.85	%		0.79	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		1.17	%		1.24	%		1.36	%		1.52	%		1.20	%		0.99	%
Supplemental data
Portfolio turnover rate		8	%		21	%		27	%		34	%		29	%		23	%
Net assets, end of period (000s omitted)		$103,654			$137,263			$162,480			$215,175			$255,565			$244,378

¹  Calculated based upon average shares outstanding.

²  Returns for periods of less than one year are not annualized.

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

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

1. ORGANIZATION

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

Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was 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. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the

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

fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $694,606,172 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	186,477,457
Gross unrealized losses		(37,645,027	)
Net unrealized gains	$	148,832,430

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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 January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Common stocks
Communication services	$	90,101,193	$	0	$	0	$	90,101,193
Consumer discretionary		45,827,515		0		0		45,827,515
Consumer staples		66,238,274		0		0		66,238,274
Energy		71,228,053		0		0		71,228,053
Financials		184,677,959		0		0		184,677,959
Health care		112,625,124		0		0		112,625,124
Industrials		83,415,976		0		0		83,415,976
Information technology		110,804,525		0		0		110,804,525
Materials		18,784,920		0		0		18,784,920
Real estate		4,155,630		0		0		4,155,630
Utilities		17,038,896		0		0		17,038,896
Short-term investments
Investment companies		8,181,622		30,358,915		0		38,540,537
Total assets	$	813,079,687	$	30,358,915	$	0	$	843,438,602

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration fees

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

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through 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 chares, 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 six months ended January 31, 2019, Funds Distributor received $1,763 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 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 six months ended January 31, 2019 were $69,951,720 and $138,873,684, respectively.

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

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

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo Intrinsic Value Fund 27

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

28 Wells Fargo Intrinsic Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Other information (unaudited) Wells Fargo Intrinsic Value Fund 29

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

30 Wells Fargo Intrinsic Value Fund Other information (unaudited)

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Intrinsic Value Fund 31

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320772 03-19 SA207/SAR207 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Other information	27
Appendix A	31

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Large Cap Core Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Core Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

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

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

Jeff C. Moser, CFA^®‡

Average annual total returns (%) as of January 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)	12-17-2007		-12.48		7.84		12.61		-7.13		9.12		13.28		1.18		1.08
Class C (EGOCX)	12-17-2007		-8.86		8.31		12.43		-7.86		8.31		12.43		1.93		1.83
Class R (EGOHX)3	9-30-2015		–		–		–		-7.37		8.86		13.01		1.43		1.33
Class R6 (EGORX)4	9-30-2015		–		–		–		-6.77		10.26		14.10		0.75		0.65
Administrator Class (WFLLX)5	7-16-2010		–		–		–		-7.05		9.30		13.49		1.10		0.97
Institutional Class (EGOIX)	12-17-2007		–		–		–		-6.75		9.63		13.78		0.85		0.67
S&P 500 Index6	–		–		–		–		-2.31		10.96		15.00		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Large Cap Core Fund 7

Ten largest holdings (%) as of January 31, 20197
Zebra Technologies Corporation Class A	2.61
Apple Incorporated	2.58
VMware Incorporated Class A	2.56
Microsoft Corporation	2.51
JPMorgan Chase & Company	2.40
The Home Depot Incorporated	2.37
UnitedHealth Group Incorporated	2.36
NetApp Incorporated	2.35
Costco Wholesale Corporation	2.33
The Progressive Corporation	2.33

Sector distribution as of January 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 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.

⁴  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.

⁵  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.

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 and 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.

8 Wells Fargo Large Cap Core Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	935.36	$	5.27		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class C
Actual	$	1,000.00	$	931.30	$	8.91		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.98	$	9.30		1.83	%
Class R
Actual	$	1,000.00	$	934.33	$	6.48		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.77		1.33	%
Class R6
Actual	$	1,000.00	$	937.17	$	3.17		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	935.66	$	4.73		0.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.32	$	4.94		0.97	%
Institutional Class
Actual	$	1,000.00	$	937.42	$	3.27		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Large Cap Core Fund 9

Security name	Shares		Value
Common Stocks: 98.92%
Communication Services: 2.09%
Interactive Media & Services: 2.09%
Alphabet Incorporated Class C †		19,096	$	21,318,202
Consumer Discretionary: 10.06%
Auto Components: 1.86%
Lear Corporation		123,312		18,981,416
Multiline Retail: 3.90%
Macy’s Incorporated		635,913		16,724,512
Target Corporation		316,534		23,106,982
				39,831,494
Specialty Retail: 4.30%
The Home Depot Incorporated		131,480		24,130,524
The TJX Companies Incorporated		396,611		19,723,465
				43,853,989
Consumer Staples: 6.19%
Food & Staples Retailing: 6.19%
Casey’s General Stores Incorporated		144,961		18,653,581
Costco Wholesale Corporation		110,915		23,805,686
Wal-Mart Stores Incorporated		215,409		20,642,644
				63,101,911
Energy: 7.02%
Oil, Gas & Consumable Fuels: 7.02%
Chevron Corporation		142,937		16,387,727
Exxon Mobil Corporation		268,415		19,669,451
Marathon Petroleum Corporation		255,938		16,958,452
Valero Energy Corporation		211,360		18,561,635
				71,577,265
Financials: 11.69%
Banks: 5.95%
Bank of America Corporation		726,507		20,683,654
Citizens Financial Group Incorporated		459,158		15,574,639
JPMorgan Chase & Company		236,328		24,459,948
				60,718,241
Capital Markets: 1.87%
Evercore Partners Incorporated Class A		213,521		19,099,453
Insurance: 3.87%
Prudential Financial Incorporated		170,615		15,720,466
The Progressive Corporation		352,728		23,735,067
				39,455,533

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

10 Wells Fargo Large Cap Core Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Health Care: 17.55%
Biotechnology: 5.15%
AbbVie Incorporated		179,032	$	14,374,479
Amgen Incorporated		93,951		17,579,172
Exelixis Incorporated †		874,158		20,603,904
				52,557,555
Health Care Equipment & Supplies: 2.20%
Baxter International Incorporated		310,337		22,496,329
Health Care Providers & Services: 6.33%
Centene Corporation †		166,578		21,750,089
Encompass Health Corporation		279,880		18,707,182
UnitedHealth Group Incorporated		89,113		24,078,333
				64,535,604
Life Sciences Tools & Services: 2.07%
Agilent Technologies Incorporated		277,050		21,069,653
Pharmaceuticals: 1.80%
Johnson & Johnson		138,368		18,414,013
Industrials: 9.00%
Aerospace & Defense: 1.67%
Northrop Grumman Corporation		61,921		17,062,332
Construction & Engineering: 1.93%
EMCOR Group Incorporated		301,957		19,696,655
Machinery: 3.70%
Allison Transmission Holdings Incorporated		429,289		20,893,496
Cummins Incorporated		114,750		16,880,873
				37,774,369
Trading Companies & Distributors: 1.70%
Applied Industrial Technologies Incorporated		292,829		17,279,839
Information Technology: 23.53%
Communications Equipment: 2.10%
Cisco Systems Incorporated		453,920		21,465,877
Electronic Equipment, Instruments & Components: 4.26%
Jabil Circuit Incorporated		629,175		16,767,514
Zebra Technologies Corporation Class A †		153,464		26,641,350
				43,408,864
Semiconductors & Semiconductor Equipment: 5.19%
Intel Corporation		410,287		19,332,723
NVIDIA Corporation		107,539		15,458,731
ON Semiconductor Corporation †		907,348		18,183,254
				52,974,708

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Large Cap Core Fund 11

Security name				Shares		Value
Software: 5.07%
Microsoft Corporation					245,484	$	25,635,894
VMware Incorporated Class A					172,670		26,085,257
							51,721,151
Technology Hardware, Storage & Peripherals: 6.91%
Apple Incorporated					158,330		26,352,445
HP Incorporated					918,023		20,224,047
NetApp Incorporated					375,122		23,921,530
							70,498,022
Materials: 3.83%
Chemicals: 1.64%
Huntsman Corporation					762,464		16,751,334
Containers & Packaging: 2.19%
Avery Dennison Corporation					213,314		22,280,647
Real Estate: 6.11%
Equity REITs: 4.11%
American Tower Corporation					134,653		23,273,425
Prologis Incorporated					269,251		18,621,399
							41,894,824
Real Estate Management & Development: 2.00%
CBRE Group Incorporated Class A †					447,083		20,454,047
Utilities: 1.85%
Multi-Utilities: 1.85%
CenterPoint Energy Incorporated					611,210		18,898,613
Total Common Stocks (Cost $819,056,606)							1,009,171,940
	Yield
Short-Term Investments: 1.03%
Investment Companies: 1.03%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33	%		10,550,830		10,550,830
Total Short-Term Investments (Cost $10,550,830)							10,550,830

Total investments in securities (Cost $829,607,436)	99.95	%		1,019,722,770
Other assets and liabilities, net	0.05			462,296
Total net assets	100.00	%	$	1,020,185,066

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

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

12 Wells Fargo Large Cap Core Fund Portfolio of investments—January 31, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash 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		78,197,811		77,663,090		10,550,830		0		0		119,476		10,550,830
									$	0	$	0	$	164,614	$	10,550,830		1.03	%

* No longer held at the end of the period.

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

Statement of assets and liabilities—January 31, 2019 (unaudited) Wells Fargo Large Cap Core Fund 13

Assets
Investments in unaffiliated securities, at value (cost $819,056,606)	$	1,009,171,940
Investments in affiliated securities, at value (cost $10,550,830)		10,550,830
Receivable for Fund shares sold		1,696,014
Receivable for dividends		525,182
Receivable for securities lending income		679
Prepaid expenses and other assets		49,846
Total assets		1,021,994,491
Liabilities
Payable for Fund shares redeemed		1,202,880
Management fee payable		439,657
Administration fees payable		131,807
Distribution fees payable		32,329
Trustees’ fees and expenses payable		2,752
Total liabilities		1,809,425
Total net assets	$	1,020,185,066
NET ASSETS CONSIST OF
Paid-in capital	$	812,219,703
Total distributable earnings		207,965,363
Total net assets	$	1,020,185,066
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	321,912,196
Shares outstanding – Class A1		18,742,913
Net asset value per share – Class A		$17.18
Maximum offering price per share – Class A2		$18.23
Net assets – Class C	$	52,058,412
Shares outstanding – Class C1		3,078,068
Net asset value per share – Class C		$16.91
Net assets – Class R	$	1,977,196
Shares outstanding – Class R1		114,973
Net asset value per share – Class R		$17.20
Net assets – Class R6	$	12,278,088
Shares outstanding – Class R61		712,458
Net asset value per share – Class R6		$17.23
Net assets – Administrator Class	$	19,148,795
Shares outstanding – Administrator Class1		1,101,174
Net asset value per share – Administrator Class		$17.39
Net assets – Institutional Class	$	612,810,379
Shares outstanding – Institutional Class1		35,512,607
Net asset value per share – Institutional Class		$17.26

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—six months ended January 31, 2019 (unaudited)

Investment income
Dividends	$	13,477,095
Income from affiliated securities		125,139
Total investment income		13,602,234
Expenses
Management fee		3,736,915
Administration fees
Class A		359,122
Class C		59,887
Class R		2,098
Class R6		2,105
Administrator Class		14,390
Institutional Class		425,621
Shareholder servicing fees
Class A		427,527
Class C		71,294
Class R		2,498
Administrator Class		27,423
Distribution fees
Class C		213,883
Class R		2,498
Custody and accounting fees		29,238
Professional fees		23,489
Registration fees		60,492
Shareholder report expenses		75,615
Trustees’ fees and expenses		11,745
Interest expense		588
Other fees and expenses		13,990
Total expenses		5,560,418
Less: Fee waivers and/or expense reimbursements		(831,181	)
Net expenses		4,729,237
Net investment income		8,872,997
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		43,356,371
Net change in unrealized gains (losses) on investments		(125,896,735	)
Net realized and unrealized gains (losses) on investments		(82,540,364	)
Net decrease in net assets resulting from operations	$	(73,667,367	)

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

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

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment income				$	8,872,997					$	10,468,177
Net realized gains on investments					43,356,371						93,764,997
Net change in unrealized gains (losses) on investments					(125,896,735	)					76,367,116
Net increase (decrease) in net assets resulting from operations					(73,667,367	)					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		948,467			17,871,076			1,110,773			22,158,115
Class C		292,683			5,232,031			379,357			7,444,081
Class R		6,558			120,789			64,450			1,271,370
Class R6		104,741			2,028,627			768,314			15,462,838
Administrator Class		28,526			541,281			183,497			3,604,364
Institutional Class		5,677,817			103,069,924			7,081,551			141,445,213
					128,863,728						191,385,981
Reinvestment of distributions
Class A		2,156,895			36,026,156			301,834			5,924,919
Class C		305,503			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		(1,699,502	)		(32,065,018	)		(2,398,895	)		(47,209,115	)
Class C		(530,867	)		(9,551,188	)		(828,652	)		(16,059,336	)
Class R		(2,564	)		(46,682	)		(43,438	)		(851,162	)
Class R6		(143,866	)		(2,709,382	)		(48,034	)		(992,474	)
Administrator Class		(269,644	)		(5,361,478	)		(768,837	)		(15,531,475	)
Institutional Class		(7,229,912	)		(132,216,132	)		(9,084,266	)		(179,681,555	)
					(181,949,880	)					(260,325,117	)
Net increase (decrease) in net assets resulting from capital share transactions					59,676,229						(48,768,080	)
Total increase (decrease) in net assets					(135,846,443	)					109,914,667
Net assets
Beginning of period					1,156,031,509						1,046,116,842
End of period				$	1,020,185,066					$	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 7, Distributions to Shareholders, in the notes to the financial statements.

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

16 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.82			$18.01			$15.13			$15.81			$14.30			$12.13
Net investment income		0.12			0.15			0.15			0.10			0.06			0.06	1
Net realized and unrealized gains (losses) on investments		(1.55	)		3.01			2.85			(0.60	)		1.50			2.20
Total from investment operations		(1.43	)		3.16			3.00			(0.50	)		1.56			2.26
Distributions to shareholders from
Net investment income		(0.16	)		(0.13	)		(0.12	)		(0.05	)		(0.05	)		(0.09	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(2.21	)		(0.35	)		(0.12	)		(0.18	)		(0.05	)		(0.09	)
Net asset value, end of period		$17.18			$20.82			$18.01			$15.13			$15.81			$14.30
Total return2		(6.46	)%		17.66	%		19.94	%		(3.18	)%		10.99	%		18.58	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.19	%		1.20	%		1.26	%		1.29	%
Net expenses		1.08	%		1.10	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		1.42	%		0.73	%		0.82	%		0.80	%		0.35	%		0.47	%
Supplemental data
Portfolio turnover rate		20	%		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$321,912			$360,937			$329,974			$359,971			$97,041			$26,685

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.44			$17.70			$14.87			$15.61			$14.17			$12.05
Net investment income (loss)		0.06			(0.00	)1		0.00	2		0.00	2,3		(0.06	)3		(0.01	)
Net realized and unrealized gains (losses) on investments		(1.54	)		2.96			2.83			(0.61	)		1.50			2.15
Total from investment operations		(1.48	)		2.96			2.83			(0.61	)		1.44			2.14
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(2.05	)		(0.22	)		0.00			(0.13	)		0.00			(0.02	)
Net asset value, end of period		$16.91			$20.44			$17.70			$14.87			$15.61			$14.17
Total return4		(6.87	)%		16.78	%		19.03	%		(3.90	)%		10.16	%		17.73	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.94	%		1.95	%		2.01	%		2.04	%
Net expenses		1.83	%		1.85	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment income (loss)		0.66	%		(0.02	)%		0.07	%		0.02	%		(0.38	)%		(0.30	)%
Supplemental data
Portfolio turnover rate		20	%		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$52,058			$61,529			$60,697			$71,512			$53,076			$8,624

¹  Amount is more than $(0.005).

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R				2018			2017			20161
Net asset value, beginning of period		$20.81			$18.04			$15.17			$14.66
Net investment income		0.10			0.12			0.13			0.06
Net realized and unrealized gains (losses) on investments		(1.55	)		2.99			2.84			0.66
Total from investment operations		(1.45	)		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		$17.20			$20.81			$18.04			$15.17
Total return2		(6.57	)%		17.37	%		19.64	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		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		20	%		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$1,977			$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.

Financial highlights Wells Fargo Large Cap Core Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			2017			20161
Net asset value, beginning of period		$20.92			$18.09			$15.24			$14.66
Net investment income		0.18			0.22	2		0.25	2		0.20
Net realized and unrealized gains (losses) on investments		(1.59	)		3.04			3.33			0.62
Total from investment operations		(1.41	)		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		$17.23			$20.92			$18.09			$15.24
Total return3		(6.28	)%		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		1.82	%		1.08	%		1.62	%		1.31	%
Supplemental data
Portfolio turnover rate		20	%		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$12,278			$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)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.05			$18.21			$15.18			$15.87			$14.34			$12.16
Net investment income		0.15	1		0.17	1		0.16	1		0.15			0.10			0.09
Net realized and unrealized gains (losses) on investments		(1.59	)		3.05			2.87			(0.62	)		1.50			2.20
Total from investment operations		(1.44	)		3.22			3.03			(0.47	)		1.60			2.29
Distributions to shareholders from
Net investment income		(0.17	)		(0.16	)		(0.00	)2		(0.09	)		(0.07	)		(0.11	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(2.22	)		(0.38	)		(0.00	)2		(0.22	)		(0.07	)		(0.11	)
Net asset value, end of period		$17.39			$21.05			$18.21			$15.18			$15.87			$14.34
Total return3		(6.43	)%		17.81	%		19.99	%		(2.98	)%		11.28	%		18.83	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.10	%		1.12	%		1.11	%		1.11	%
Net expenses		0.97	%		0.98	%		1.00	%		0.96	%		0.90	%		0.90	%
Net investment income		1.50	%		0.86	%		1.00	%		0.95	%		0.61	%		0.63	%
Supplemental data
Portfolio turnover rate		20	%		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$19,149			$25,444			$32,091			$57,879			$83,692			$6,849

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Large Cap Core Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.95			$18.12			$15.23			$15.91			$14.35			$12.16
Net investment income		0.17			0.23			0.18			0.18	1		0.14	1		0.11	1
Net realized and unrealized gains (losses) on investments		(1.57	)		3.03			2.91			(0.62	)		1.50			2.21
Total from investment operations		(1.40	)		3.26			3.09			(0.44	)		1.64			2.32
Distributions to shareholders from
Net investment income		(0.24	)		(0.21	)		(0.20	)		(0.11	)		(0.08	)		(0.13	)
Net realized gains		(2.05	)		(0.22	)		0.00			(0.13	)		0.00			0.00
Total distributions to shareholders		(2.29	)		(0.43	)		(0.20	)		(0.24	)		(0.08	)		(0.13	)
Net asset value, end of period		$17.26			$20.95			$18.12			$15.23			$15.91			$14.35
Total return2		(6.26	)%		18.16	%		20.43	%		(2.75	)%		11.51	%		19.21	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.86	%		0.87	%		0.84	%		0.85	%
Net expenses		0.67	%		0.68	%		0.70	%		0.70	%		0.66	%		0.66	%
Net investment income		1.82	%		1.15	%		1.23	%		1.22	%		0.86	%		0.83	%
Supplemental data
Portfolio turnover rate		20	%		33	%		50	%		51	%		44	%		61	%
Net assets, end of period (000s omitted)		$612,810			$690,855			$621,864			$412,678			$63,235			$5,775

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo 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. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Notes to financial statements (unaudited) Wells Fargo Large Cap Core Fund 23

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $829,766,698 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	226,930,430
Gross unrealized losses		(36,974,358	)
Net unrealized gains	$	189,956,072

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 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	$	21,318,202	$	0	$	0	$	21,318,202
Consumer discretionary		102,666,899		0		0		102,666,899
Consumer staples		63,101,911		0		0		63,101,911
Energy		71,577,265		0		0		71,577,265
Financials		119,273,227		0		0		119,273,227
Health care		179,073,154		0		0		179,073,154
Industrials		91,813,195		0		0		91,813,195
Information technology		240,068,622		0		0		240,068,622
Materials		39,031,981		0		0		39,031,981
Real estate		62,348,871		0		0		62,348,871
Utilities		18,898,613		0		0		18,898,613
Short-term investments
Investment companies		10,550,830		0		0		10,550,830
Total assets	$	1,019,722,770	$	0	$	0	$	1,019,722,770

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2019, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase.

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through 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 six months ended January 31, 2019, Funds Distributor received $6,900 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 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 six months ended January 31, 2019 were $212,010,530 and $263,522,576, 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.

During the six months ended January 31, 2019, the Fund had average borrowings outstanding of $16,897 (on an annualized basis) at an average rate of 3.48% and paid interest in the amount of $588.

26 Wells Fargo Large Cap Core Fund Notes to financial statements (unaudited)

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo Large Cap Core Fund 27

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

28 Wells Fargo 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

30 Wells Fargo 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, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

²  The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Large Cap Core Fund 31

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320773 03-19 SA208/SAR208 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	23
Other information	28
Appendix A	32

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Large Cap Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Growth Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

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

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Large Cap Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of January 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		-4.69		9.54		14.72		1.12		10.85		15.40		1.17		1.07
Class C (STOFX)4	7-30-2010		-0.63		10.01		14.55		0.37		10.01		14.55		1.92		1.82
Class R (STMFX)5	6-15-2012		–		–		–		0.85		10.56		15.14		1.42		1.32
Class R4 (SLGRX)6	11-30-2012		–		–		–		1.38		11.17		15.71		0.89		0.80
Class R6 (STFFX)7	11-30-2012		–		–		–		1.54		11.33		15.82		0.74		0.65
Administrator Class (STDFX)8	7-30-2010		–		–		–		1.24		10.98		15.53		1.09		0.95
Institutional Class (STNFX)9	7-30-2010		–		–		–		1.44		11.24		15.76		0.84		0.75
Russell 1000® Growth Index10	–		–		–		–		0.24		12.97		16.86		–		–

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Large Cap Growth Fund 7

Ten largest holdings (%) as of January 31, 201911
Amazon.com Incorporated	8.57
Microsoft Corporation	6.99
Alphabet Incorporated Class A	5.04
MasterCard Incorporated Class A	3.87
Visa Incorporated Class A	3.64
Texas Instruments Incorporated	3.48
Microchip Technology Incorporated	3.44
Alphabet Incorporated Class C	3.32
PayPal Holdings Incorporated	2.66
The Charles Schwab Corporation	2.60

Sector distribution as of January 31, 2019¹²

^‡  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 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.

¹²  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Large Cap Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	969.25	$	5.31		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C
Actual	$	1,000.00	$	965.58	$	9.02		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R
Actual	$	1,000.00	$	967.89	$	6.55		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Class R4
Actual	$	1,000.00	$	970.57	$	3.97		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	971.36	$	3.23		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	969.77	$	4.72		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	970.83	$	3.73		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Large Cap Growth Fund 9

Security name	Shares		Value
Common Stocks: 99.09%
Communication Services: 12.50%
Entertainment: 2.06%
Activision Blizzard Incorporated		97,880	$	4,623,851
Electronic Arts Incorporated †		43,700		4,030,888
Netflix Incorporated †		31,220		10,599,190
				19,253,929
Interactive Media & Services: 10.44%
Alphabet Incorporated Class A †		41,930		47,208,568
Alphabet Incorporated Class C †		27,870		31,113,232
Facebook Incorporated Class A †		96,170		16,030,577
Match Group Incorporated «		28,400		1,519,116
Twitter Incorporated †		57,800		1,939,768
				97,811,261
Consumer Discretionary: 15.51%
Hotels, Restaurants & Leisure: 2.73%
Carnival Corporation		197,040		11,345,563
Marriott International Incorporated Class A		60,200		6,894,706
Norwegian Cruise Line Holdings Limited †		77,500		3,985,825
Royal Caribbean Cruises Limited		27,700		3,325,385
				25,551,479
Internet & Direct Marketing Retail: 8.56%
Amazon.com Incorporated †		46,680		80,230,316
Specialty Retail: 4.22%
Burlington Stores Incorporated †		89,700		15,402,387
O’Reilly Automotive Incorporated †		3,200		1,102,912
The Home Depot Incorporated		85,960		15,776,239
ULTA Beauty Incorporated †		24,800		7,239,616
				39,521,154
Consumer Staples: 3.83%
Beverages: 2.18%
Constellation Brands Incorporated Class A		15,790		2,742,091
The Coca-Cola Company		366,480		17,638,682
				20,380,773
Food & Staples Retailing: 0.29%
Costco Wholesale Corporation		12,810		2,749,410
Personal Products: 1.36%
The Estee Lauder Companies Incorporated Class A		93,640		12,774,369

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

10 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Energy: 0.98%
Oil, Gas & Consumable Fuels: 0.98%
Concho Resources Incorporated †		76,740	$	9,196,522
Financials: 5.22%
Capital Markets: 4.47%
BlackRock Incorporated		12,200		5,063,976
CME Group Incorporated		25,030		4,562,468
Raymond James Financial Incorporated		98,000		7,889,000
The Charles Schwab Corporation		521,490		24,390,087
				41,905,531
Insurance: 0.75%
The Progressive Corporation		104,070		7,002,870
Health Care: 10.15%
Biotechnology: 2.81%
Alexion Pharmaceuticals Incorporated †		46,400		5,705,344
BioMarin Pharmaceutical Incorporated †		38,200		3,750,094
Regeneron Pharmaceuticals Incorporated †		9,500		4,078,065
Vertex Pharmaceuticals Incorporated †		66,990		12,789,061
				26,322,564
Health Care Equipment & Supplies: 4.46%
Abbott Laboratories		117,490		8,574,420
Baxter International Incorporated		112,490		8,154,400
Boston Scientific Corporation †		418,340		15,959,671
Stryker Corporation		51,300		9,109,341
				41,797,832
Health Care Providers & Services: 0.23%
Humana Incorporated		7,000		2,162,930
Life Sciences Tools & Services: 1.04%
Agilent Technologies Incorporated		127,870		9,724,514
Pharmaceuticals: 1.61%
Zoetis Incorporated		174,390		15,025,442
Industrials: 12.71%
Aerospace & Defense: 2.05%
The Boeing Company		49,840		19,219,301
Air Freight & Logistics: 0.37%
C.H. Robinson Worldwide Incorporated		40,200		3,488,154
Commercial Services & Supplies: 2.68%
KAR Auction Services Incorporated		144,950		7,538,850
Waste Connections Incorporated		209,980		17,545,929
				25,084,779

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Large Cap Growth Fund 11

Security name	Shares		Value
Industrial Conglomerates: 1.27%
3M Company		12,260	$	2,455,678
Roper Industries Incorporated		33,430		9,469,382
				11,925,060
Machinery: 0.94%
Fortive Corporation		117,460		8,808,325
Road & Rail: 5.40%
CSX Corporation		292,800		19,236,960
Norfolk Southern Corporation		101,270		16,987,030
Union Pacific Corporation		89,950		14,308,347
				50,532,337
Information Technology: 36.47%
IT Services: 13.88%
Global Payments Incorporated		24,600		2,762,088
MasterCard Incorporated Class A		171,480		36,204,572
PayPal Holdings Incorporated †		281,180		24,957,537
Shopify Incorporated Class A †«		43,130		7,266,111
Square Incorporated Class A †		114,370		8,160,300
Visa Incorporated Class A		252,330		34,067,073
Worldpay Incorporated Class A †		197,880		16,519,022
				129,936,703
Semiconductors & Semiconductor Equipment: 7.29%
Microchip Technology Incorporated «		401,420		32,262,125
NVIDIA Corporation		23,800		3,421,250
Texas Instruments Incorporated		323,920		32,612,266
				68,295,641
Software: 13.22%
Adobe Systems Incorporated †		47,940		11,880,491
Microsoft Corporation		627,100		65,488,053
Salesforce.com Incorporated †		83,680		12,716,850
ServiceNow Incorporated †		49,920		10,983,398
Splunk Incorporated †		66,180		8,261,911
The Ultimate Software Group Incorporated †		38,570		10,532,310
VMware Incorporated Class A		26,310		3,974,652
				123,837,665
Technology Hardware, Storage & Peripherals: 2.08%
Apple Incorporated		117,140		19,496,782
Materials: 1.37%
Chemicals: 1.37%
Air Products & Chemicals Incorporated		12,020		1,975,968
Linde plc		66,540		10,846,685
				12,822,653

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

12 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name				Shares		Value
Real Estate: 0.35%
Real Estate Management & Development: 0.35%
CBRE Group Incorporated Class A †					71,100	$	3,252,825
Total Common Stocks (Cost $483,543,856)							928,111,121
	Yield
Short-Term Investments: 4.04%
Investment Companies: 4.04%
Securities Lending Cash Investments LLC (l)(r)(u)		2.57	%		25,842,507		25,845,091
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33			11,987,303		11,987,303
Total Short-Term Investments (Cost $37,832,394)							37,832,394

Total investments in securities (Cost $521,376,250)	103.13	%		965,943,515
Other assets and liabilities, net	(3.13	)		(29,345,193	)
Total net assets	100.00	%	$	936,598,322

† 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		109,649,791		122,558,909		25,842,507	$	(794	)	$	0	$	368,794	$	25,845,091
Wells Fargo Government Money Market Fund Select Class		10,229,653		96,225,914		94,468,264		11,987,303		0			0		79,159		11,987,303
									$	(794	)	$	0	$	447,953	$	37,832,394		4.04	%

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

Statement of assets and liabilities—January 31, 2019 (unaudited) Wells Fargo Large Cap Growth Fund 13

Assets
Investments in unaffiliated securities (including $25,319,903 of securities loaned), at value (cost $483,543,856)	$	928,111,121
Investments in affiliated securities, at value (cost $37,832,394)		37,832,394
Receivable for Fund shares sold		418,132
Receivable for dividends		401,055
Receivable for securities lending income		7,709
Prepaid expenses and other assets		46,880
Total assets		966,817,291
Liabilities
Payable upon receipt of securities loaned		25,844,438
Payable for investments purchased		3,346,443
Management fee payable		437,023
Payable for Fund shares redeemed		308,914
Administration fees payable		107,398
Distribution fees payable		9,113
Trustees’ fees and expenses payable		2,436
Due to custodian bank		470
Accrued expenses and other liabilities		162,734
Total liabilities		30,218,969
Total net assets	$	936,598,322
NET ASSETS CONSIST OF
Paid-in capital	$	470,631,797
Total distributable earnings		465,966,525
Total net assets	$	936,598,322
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	484,438,966
Shares outstanding – Class A1		12,544,926
Net asset value per share – Class A		$38.62
Maximum offering price per share – Class A2		$40.98
Net assets – Class C	$	13,296,248
Shares outstanding – Class C1		384,991
Net asset value per share – Class C		$34.54
Net assets – Class R	$	5,151,004
Shares outstanding – Class R1		137,463
Net asset value per share – Class R		$37.47
Net assets – Class R4	$	2,094,114
Share outstanding – Class R41		52,519
Net asset value per share – Class R4		$39.87
Net assets – Class R6	$	296,321,255
Shares outstanding – Class R61		7,383,052
Net asset value per share – Class R6		$40.14
Net assets – Administrator Class	$	60,514,173
Shares outstanding – Administrator Class1		1,545,345
Net asset value per share – Administrator Class		$39.16
Net assets – Institutional Class	$	74,782,562
Shares outstanding – Institutional Class1		1,871,558
Net asset value per share – Institutional Class		$39.96

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 Growth Fund Statement of operations—six months ended January 31, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $9,592)	$	5,140,069
Income from affiliated securities		129,075
Total investment income		5,269,144
Expenses
Management fee		3,425,678
Administration fees
Class A		536,537
Class C		15,226
Class R		5,876
Class R4		830
Class R6		46,715
Administrator Class		44,472
Institutional Class		54,934
Shareholder servicing fees
Class A		638,734
Class C		18,126
Class R		6,768
Class R4		1,037
Administrator Class		84,337
Distribution fees
Class C		54,378
Class R		6,995
Custody and accounting fees		21,946
Professional fees		21,556
Registration fees		58,499
Shareholder report expenses		39,439
Trustees’ fees and expenses		11,090
Other fees and expenses		14,494
Total expenses		5,107,667
Less: Fee waivers and/or expense reimbursements		(542,629	)
Net expenses		4,565,038
Net investment income		704,106
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		72,040,055
Affiliated securities		(794	)
Net realized gains on investments		72,039,261
Net change in unrealized gains (losses) on investments		(106,459,160	)
Net realized and unrealized gains (losses) on investments		(34,419,899	)
Net decrease in net assets resulting from operations	$	(33,715,793	)

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

Statement of changes in net assets Wells Fargo Large Cap Growth Fund 15

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment income				$	704,106					$	137,464
Net realized gains on investments					72,039,261						234,857,518
Net change in unrealized gains (losses) on investments					(106,459,160	)					33,368,008
Net increase (decrease) in net assets resulting from operations					(33,715,793	)					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		224,486			10,132,532			350,829			17,319,919
Class C		51,192			1,804,809			45,353			2,068,446
Class R		41,872			1,682,545			59,909			2,827,726
Class R4		6,953			340,459			35,016			1,707,466
Class R6		362,237			17,021,547			1,558,098			79,758,923
Administrator Class		80,235			3,807,722			200,283			10,104,338
Institutional Class		161,465			7,427,190			238,407			12,259,125
					42,216,804						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		11,893			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		(878,863	)		(38,604,383	)		(2,346,522	)		(122,033,744	)
Class C		(83,221	)		(3,097,480	)		(91,221	)		(4,306,948	)
Class R		(24,794	)		(993,647	)		(81,531	)		(3,970,677	)
Class R4		(5,578	)		(260,695	)		(4,157	)		(212,862	)
Class R6		(735,877	)		(34,913,734	)		(2,739,730	)		(142,658,457	)
Administrator Class		(429,862	)		(19,788,850	)		(576,443	)		(29,889,749	)
Institutional Class		(494,230	)		(22,701,424	)		(2,213,468	)		(110,506,781	)
					(120,360,213	)					(413,579,218	)
Net increase (decrease) in net assets resulting from capital share transactions					124,939,970						(101,135,102	)
Total decrease in net assets					(124,337,131	)					(34,658,065	)
Net assets
Beginning of period					1,060,935,453						1,095,593,518
End of period				$	936,598,322					$	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 7, Distributions to Shareholders, in the notes to the financial statements.

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

16 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$52.01			$50.10			$46.05			$49.55			$45.30			$39.73
Net investment loss		(0.00	)1,2		(0.08	)		(0.03	)1		(0.03	)1		(0.01	)1		(0.06	)
Net realized and unrealized gains (losses) on investments		(2.17	)		12.56			6.39			(0.92	)		6.33			7.01
Total from investment operations		(2.17	)		12.48			6.36			(0.95	)		6.32			6.95
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.00	)3		0.00			0.00
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Net asset value, end of period		$38.62			$52.01			$50.10			$46.05			$49.55			$45.30
Total return4		(3.08	)%		27.98	%		14.60	%		(1.83	)%		14.35	%		17.69	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.17	%		1.17	%		1.16	%		1.20	%		1.22	%
Net expenses		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%
Net investment loss		(0.01	)%		(0.16	)%		(0.06	)%		(0.06	)%		(0.02	)%		(0.17	)%
Supplemental data
Portfolio turnover rate		27	%		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$484,439			$534,694			$516,410			$576,502			$184,504			$212,273

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$47.97			$47.25			$43.88			$47.68			$43.99			$38.90
Net investment loss		(0.16	)1		(0.31	)		(0.35	)1		(0.32	)1		(0.42	)		(0.33	)
Net realized and unrealized gains (losses) on investments		(2.05	)		11.60			6.03			(0.93	)		6.18			6.80
Total from investment operations		(2.21	)		11.29			5.68			(1.25	)		5.76			6.47
Distributions to shareholders from
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Net asset value, end of period		$34.54			$47.97			$47.25			$43.88			$47.68			$43.99
Total return2		(3.44	)%		27.03	%		13.74	%		(2.56	)%		13.47	%		16.81	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.92	%		1.91	%		1.91	%		1.95	%		1.97	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%
Net investment loss		(0.76	)%		(0.90	)%		(0.81	)%		(0.75	)%		(0.77	)%		(0.89	)%
Supplemental data
Portfolio turnover rate		27	%		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$13,296			$15,586			$14,640			$18,877			$22,839			$22,767

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R				2018			2017			2016			2015			2014
Net asset value, beginning of period		$50.89			$49.34			$45.50			$49.11			$45.03			$39.59
Net investment loss		(0.06	)1		(0.20	)1		(0.14	)1		(0.10	)1		(0.16	)1		(0.15	)
Net realized and unrealized gains (losses) on investments		(2.14	)		12.32			6.29			(0.96	)		6.31			6.97
Total from investment operations		(2.20	)		12.12			6.15			(1.06	)		6.15			6.82
Distributions to shareholders from
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Net asset value, end of period		$37.47			$50.89			$49.34			$45.50			$49.11			$45.03
Total return2		(3.21	)%		27.65	%		14.30	%		(2.08	)%		14.05	%		17.42	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.42	%		1.41	%		1.41	%		1.45	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.26	)%		(0.40	)%		(0.31	)%		(0.23	)%		(0.28	)%		(0.41	)%
Supplemental data
Portfolio turnover rate		27	%		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$5,151			$5,661			$6,387			$8,218			$12,086			$12,295

¹ Calculated based upon average shares outstanding

² Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Large Cap Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R4				2018			2017			2016			2015			2014
Net asset value, beginning of period		$53.23			$50.94			$46.69			$50.23			$45.76			$40.05
Net investment income		0.06	1		0.05	1		0.11	1		0.13			0.07			0.08
Net realized and unrealized gains (losses) on investments		(2.20	)		12.81			6.50			(0.95	)		6.47			7.11
Total from investment operations		(2.14	)		12.86			6.61			(0.82	)		6.54			7.19
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		(0.17	)		0.00			(0.10	)
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(11.22	)		(10.57	)		(2.36	)		(2.72	)		(2.07	)		(1.48	)
Net asset value, end of period		$39.87			$53.23			$50.94			$46.69			$50.23			$45.76
Total return2		(2.94	)%		28.31	%		14.96	%		(1.54	)%		14.69	%		18.07	%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.90	%		0.88	%		0.88	%		0.87	%		0.89	%
Net expenses		0.80	%		0.80	%		0.80	%		0.78	%		0.75	%		0.75	%
Net investment income		0.25	%		0.10	%		0.25	%		0.27	%		0.17	%		0.17	%
Supplemental data
Portfolio turnover rate		27	%		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$2,094			$2,089			$337			$8,400			$7,205			$2,129

¹  Calculated based upon average shares outstanding

² Returns for periods of less than one year are not annualized.

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

20 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$53.49			$51.12			$46.82			$50.34			$45.82			$40.11
Net investment income		0.10	1		0.14			0.17			0.22			0.07	1		0.12
Net realized and unrealized gains (losses) on investments		(2.21	)		12.85			6.52			(0.97	)		6.56			7.11
Total from investment operations		(2.11	)		12.99			6.69			(0.75	)		6.63			7.23
Distributions to shareholders from
Net investment income		(0.02	)		(0.05	)		(0.08	)		(0.22	)		(0.04	)		(0.14	)
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(11.24	)		(10.62	)		(2.39	)		(2.77	)		(2.11	)		(1.52	)
Net asset value, end of period		$40.14			$53.49			$51.12			$46.82			$50.34			$45.82
Total return2		(2.86	)%		28.51	%		15.09	%		(1.39	)%		14.88	%		18.25	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.74	%		0.73	%		0.72	%		0.74	%
Net expenses		0.65	%		0.65	%		0.65	%		0.64	%		0.60	%		0.60	%
Net investment income		0.40	%		0.27	%		0.36	%		0.39	%		0.13	%		0.29	%
Supplemental data
Portfolio turnover rate		27	%		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$296,321			$327,943			$307,048			$225,805			$117,741			$5,942

¹ Calculated based upon average shares outstanding

² Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Large Cap Growth Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$52.54			$50.46			$46.32			$49.84			$45.50			$39.86
Net investment income (loss)		0.02			(0.01	)		0.05			0.05			0.05			(0.01	)
Net realized and unrealized gains (losses) on investments		(2.18	)		12.66			6.41			(0.94	)		6.36			7.04
Total from investment operations		(2.16	)		12.65			6.46			(0.89	)		6.41			7.03
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		(0.08	)		0.00			(0.01	)
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(11.22	)		(10.57	)		(2.32	)		(2.63	)		(2.07	)		(1.39	)
Net asset value, end of period		$39.16			$52.54			$50.46			$46.32			$49.84			$45.50
Total return1		(3.02	)%		28.14	%		14.75	%		(1.71	)%		14.48	%		17.84	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.09	%		1.08	%		1.08	%		1.05	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		0.10	%		(0.03	)%		0.06	%		0.12	%		0.10	%		(0.02	)%
Supplemental data
Portfolio turnover rate		27	%		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$60,514			$79,154			$80,937			$237,577			$262,535			$245,364

¹  Returns for periods of less than one year are not annualized.

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

22 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$53.31			$51.00			$46.74			$50.30			$45.80			$40.11
Net investment income		0.08	1		0.10	1		0.12	1		0.17	1		0.19	1		0.11
Net realized and unrealized gains (losses) on investments		(2.21	)		12.80			6.51			(0.96	)		6.41			7.09
Total from investment operations		(2.13	)		12.90			6.63			(0.79	)		6.60			7.20
Distributions to shareholders from
Net investment income		0.00			(0.02	)		(0.06	)		(0.22	)		(0.03	)		(0.13	)
Net realized gains		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)
Total distributions to shareholders		(11.22	)		(10.59	)		(2.37	)		(2.77	)		(2.10	)		(1.51	)
Net asset value, end of period		$39.96			$53.31			$51.00			$46.74			$50.30			$45.80
Total return2		(2.92	)%		28.37	%		14.98	%		(1.49	)%		14.82	%		18.16	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.83	%		0.83	%		0.78	%		0.79	%
Net expenses		0.75	%		0.75	%		0.75	%		0.71	%		0.65	%		0.65	%
Net investment income		0.31	%		0.18	%		0.27	%		0.37	%		0.40	%		0.28	%
Supplemental data
Portfolio turnover rate		27	%		34	%		40	%		31	%		26	%		35	%
Net assets, end of period (000s omitted)		$74,783			$95,809			$169,836			$316,310			$534,975			$596,006

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“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. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount

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

of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $521,422,865 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	444,796,642
Gross unrealized losses		(275,992	)
Net unrealized gains	$	444,520,650

Class allocations

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

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

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 January 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	$	117,065,190	$	0	$	0	$	117,065,190
Consumer discretionary		145,302,949		0		0		145,302,949
Consumer staples		35,904,552		0		0		35,904,552
Energy		9,196,522		0		0		9,196,522
Financials		48,908,401		0		0		48,908,401
Health care		95,033,282		0		0		95,033,282
Industrials		119,057,956		0		0		119,057,956
Information technology		341,566,791		0		0		341,566,791
Materials		12,822,653		0		0		12,822,653
Real estate		3,252,825		0		0		3,252,825
Short-term investments
Investment companies		11,987,303		25,845,091		0		37,832,394
Total assets	$	940,098,424	$	25,845,091	$	0	$	965,943,515

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2019, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

26 Wells Fargo Large Cap Growth Fund Notes to financial statements (unaudited)

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 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 (“Fund Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2019, Funds Distributor received $1,488 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 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 six months ended January 31, 2019 were $265,709,463 and $352,784,072, respectively.

Notes to financial statements (unaudited) Wells Fargo Large Cap Growth Fund 27

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Cap Growth Fund 29

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
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

30 Wells Fargo Large Cap Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Large Cap Growth Fund 31

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

32 Wells Fargo Large Cap Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320774 03-19 SA209/SAR209 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Other information	28
Appendix A	32

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Large Company Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Company Value Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Large Company Value Fund 3

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

4 Wells Fargo Large Company Value Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.

6 Wells Fargo Large Company Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

Average annual total returns (%) as of January 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		-12.52		4.72		10.69		-7.18		5.96		11.34		0.95		0.84
Class C (WFLVX)	3-31-2008		-8.86		5.19		10.52		-7.86		5.19		10.52		1.70		1.59
Class R6 (WTLVX)3	4-7-2017		–		–		–		-6.72		6.43		11.85		0.52		0.41
Administrator Class (WWIDX)	12-31-2001		–		–		–		-7.11		6.13		11.58		0.87		0.76
Institutional Class (WLCIX)	3-31-2008		–		–		–		-6.81		6.39		11.83		0.62		0.51
Russell 1000® Value Index4	–		–		–		–		-4.81		8.33		13.39		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Large Company Value Fund 7

Ten largest holdings (%) as of January 31, 20195
JPMorgan Chase & Company	4.62
Bank of America Corporation	3.95
The Procter & Gamble Company	3.79
Pfizer Incorporated	3.77
Cisco Systems Incorporated	3.73
Berkshire Hathaway Incorporated Class B	3.32
AT&T Incorporated	3.11
Agilent Technologies Incorporated	2.32
ConocoPhillips	2.23
Exxon Mobil Corporation	2.15

Sector distribution as of January 31, 2019⁶

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

¹  Reflects the expense ratios as stated in the most recent prospectus, 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 ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

8 Wells Fargo Large Company Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	953.56	$	4.09		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class C
Actual	$	1,000.00	$	950.60	$	7.77		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class R6
Actual	$	1,000.00	$	955.94	$	1.97		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Administrator Class
Actual	$	1,000.00	$	953.88	$	3.69		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Institutional Class
Actual	$	1,000.00	$	955.86	$	2.46		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Large Company Value Fund 9

Security name	Shares		Value
Common Stocks: 97.03%
Communication Services: 8.91%
Diversified Telecommunication Services: 4.58%
AT&T Incorporated		223,136	$	6,707,468
Verizon Communications Incorporated		57,875		3,186,598
				9,894,066
Entertainment: 1.31%
Viacom Incorporated Class B		96,148		2,828,674
Interactive Media & Services: 2.11%
Alphabet Incorporated Class A †		1,313		1,478,294
Alphabet Incorporated Class C †		1,237		1,380,950
Cars.com Incorporated †		61,962		1,692,182
				4,551,426
Media: 0.91%
Comcast Corporation Class A		53,936		1,972,440
Consumer Discretionary: 5.36%
Hotels, Restaurants & Leisure: 3.03%
Carnival Corporation		2,549		146,771
Las Vegas Sands Corporation		41,093		2,398,187
McDonald’s Corporation		2,303		411,730
Wingstop Incorporated		6,181		405,783
Yum China Holdings Incorporated		87,192		3,178,148
				6,540,619
Household Durables: 0.54%
Garmin Limited		14,675		1,015,217
MDC Holdings Incorporated		4,996		164,518
				1,179,735
Leisure Products: 0.05%
Callaway Golf Company		6,373		103,816
Multiline Retail: 1.07%
Target Corporation		31,726		2,315,998
Specialty Retail: 0.24%
Tiffany & Company		5,843		518,449
Textiles, Apparel & Luxury Goods: 0.43%
Nike Incorporated Class B		9,702		794,400
PVH Corporation		1,197		130,605
				925,005
Consumer Staples: 8.47%
Beverages: 1.90%
PepsiCo Incorporated		36,503		4,112,793

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

10 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 0.19%
Walgreens Boots Alliance Incorporated		5,547	$	400,826
Food Products: 2.52%
Cal-Maine Foods Incorporated		1,905		80,353
Ingredion Incorporated		28,688		2,840,112
The Kraft Heinz Company		8,999		432,492
Tyson Foods Incorporated Class A		33,750		2,089,800
				5,442,757
Household Products: 3.79%
The Procter & Gamble Company		84,810		8,181,621
Tobacco: 0.07%
Universal Corporation		2,766		159,598
Energy: 7.85%
Energy Equipment & Services: 0.21%
McDermott International Incorporated †		51,551		454,680
Oil, Gas & Consumable Fuels: 7.64%
Chevron Corporation		32,793		3,759,717
ConocoPhillips		71,172		4,817,633
Exxon Mobil Corporation		63,466		4,650,788
Marathon Petroleum Corporation		16,170		1,071,424
PBF Energy Incorporated Class A		8,326		304,898
Pioneer Natural Resources Company		13,289		1,891,290
				16,495,750
Financials: 19.05%
Banks: 9.45%
Bank of America Corporation		299,285		8,520,644
Bank of N.T. Butterfield & Son Limited		4,001		140,235
Citigroup Incorporated		5,591		360,396
Home Bancshares Incorporated		6,524		119,454
JPMorgan Chase & Company		96,428		9,980,298
PNC Financial Services Group Incorporated		10,507		1,288,894
				20,409,921
Capital Markets: 2.59%
Ameriprise Financial Incorporated		16,326		2,066,872
CME Group Incorporated		10,534		1,920,138
State Street Corporation		22,436		1,590,712
T. Rowe Price Group Incorporated		125		11,683
				5,589,405
Consumer Finance: 1.32%
Capital One Financial Corporation		24,473		1,972,279
Discover Financial Services		13,036		879,800
				2,852,079

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Large Company Value Fund 11

Security name	Shares		Value
Diversified Financial Services: 3.32%
Berkshire Hathaway Incorporated Class B †		34,834	$	7,159,780
Insurance: 2.28%
CNO Financial Group Incorporated		9,973		178,317
Employers Holdings Incorporated		15,654		663,260
Kemper Corporation		4,627		347,858
Old Republic International Corporation		120,553		2,429,143
The Progressive Corporation		19,363		1,302,936
				4,921,514
Thrifts & Mortgage Finance: 0.09%
Capitol Federal Financial Incorporated		15,832		203,758
Health Care: 16.39%
Biotechnology: 1.49%
AbbVie Incorporated		10,857		871,709
Alexion Pharmaceuticals Incorporated †		18,767		2,307,590
Genomic Health Incorporated †		479		36,313
				3,215,612
Health Care Equipment & Supplies: 1.59%
Baxter International Incorporated		1,519		110,112
Intuitive Surgical Incorporated †		883		462,374
Medtronic plc		2,274		200,999
West Pharmaceutical Services Incorporated		24,559		2,659,003
				3,432,488
Health Care Providers & Services: 2.29%
Laboratory Corporation of America Holdings †		2,071		288,594
Quest Diagnostics Incorporated		1,833		160,113
UnitedHealth Group Incorporated		16,656		4,500,451
				4,949,158
Health Care Technology: 0.23%
Evolent Health Incorporated Class A †		28,137		497,462
Life Sciences Tools & Services: 2.32%
Agilent Technologies Incorporated		65,880		5,010,174
Pharmaceuticals: 8.47%
Allergan plc		17,528		2,523,681
Bristol-Myers Squibb Company		34,479		1,702,228
Johnson & Johnson		5,282		702,929
Mallinckrodt plc †		9,513		207,954
Merck & Company Incorporated		48,445		3,605,761
Mylan NV †		47,026		1,408,429
Pfizer Incorporated		191,886		8,145,561
				18,296,543

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

12 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Industrials: 6.63%
Aerospace & Defense: 2.15%
Moog Incorporated Class A		4,260	$	381,142
Raytheon Company		25,846		4,258,387
				4,639,529
Airlines: 1.87%
Southwest Airlines Company		71,211		4,041,936
Construction & Engineering: 0.26%
Comfort Systems Incorporated		11,416		547,626
Industrial Conglomerates: 0.60%
Honeywell International Incorporated		9,071		1,302,868
Road & Rail: 1.75%
Norfolk Southern Corporation		22,502		3,774,485
Information Technology: 7.88%
Communications Equipment: 3.73%
Cisco Systems Incorporated		170,153		8,046,535
Electronic Equipment, Instruments & Components: 0.13%
National Instruments Corporation		6,542		289,287
IT Services: 1.42%
MasterCard Incorporated Class A		14,463		3,053,573
Semiconductors & Semiconductor Equipment: 1.50%
Cabot Microelectronics Corporation		6,436		655,764
Intel Corporation		49,827		2,347,848
Skyworks Solutions Incorporated		3,323		242,712
				3,246,324
Software: 1.10%
Adobe Systems Incorporated †		2,209		547,434
Intuit Incorporated		3,677		793,570
Microsoft Corporation		9,889		1,032,708
				2,373,712
Materials: 2.38%
Chemicals: 0.99%
LyondellBasell Industries NV Class A		8,142		708,110
The Mosaic Company		44,470		1,435,492
				2,143,602
Containers & Packaging: 0.02%
International Paper Company		910		43,161

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Large Company Value Fund 13

Security name				Shares		Value
Metals & Mining: 1.37%
Newmont Mining Corporation					23,003	$	784,632
Nucor Corporation					35,334		2,163,854
							2,948,486
Real Estate: 6.10%
Equity REITs: 6.10%
AvalonBay Communities Incorporated					4,615		890,326
CoreCivic Incorporated					150,438		2,989,203
Duke Realty Corporation					14,266		417,138
Equity Residential					20,116		1,459,617
Outfront Media Incorporated					16,115		334,386
Park Hotels & Resorts Incorporated					19,139		575,510
PS Business Parks Incorporated					4,724		685,878
Public Storage Incorporated					5,895		1,252,805
Senior Housing Properties Trust					17,592		242,242
The Geo Group Incorporated					66,463		1,498,741
VICI Properties Incorporated					10,189		219,369
Weingarten Realty Investors					414		11,878
Xenia Hotels & Resorts Incorporated					138,769		2,604,694
							13,181,787
Utilities: 8.01%
Electric Utilities: 4.07%
Avangrid Incorporated					67,426		3,362,535
Duke Energy Corporation					27,256		2,392,532
NextEra Energy Incorporated					2,538		454,251
Pinnacle West Capital Corporation					29,343		2,585,705
							8,795,023
Gas Utilities: 2.08%
UGI Corporation					78,659		4,485,923
Multi-Utilities: 1.86%
DTE Energy Company					2,302		271,061
MDU Resources Group Incorporated					145,401		3,738,260
							4,009,321
Total Common Stocks (Cost $195,844,054)							209,539,325
	Yield
Short-Term Investments: 2.45%
Investment Companies: 2.45%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33	%		5,282,073		5,282,073
Total Short-Term Investments (Cost $5,282,073)							5,282,073

Total investments in securities (Cost $201,126,127)	99.48	%		214,821,398
Other assets and liabilities, net	0.52			1,124,575
Total net assets	100.00	%	$	215,945,973

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

14 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2019 (unaudited)

† 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		43		3-15-2019	$	5,540,219	$	5,814,675	$	274,456	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		4,171,660		23,393,833		22,283,420		5,282,073	$	0	$	0	$	46,053	$	5,282,073		2.45	%

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

Statement of assets and liabilities—January 31, 2019 (unaudited) Wells Fargo Large Company Value Fund 15

Assets
Investments in unaffiliated securities, at value (cost $195,844,054)	$	209,539,325
Investments in affiliated securities, at value (cost $5,282,073)		5,282,073
Segregated cash for futures contracts		572,733
Receivable for Fund shares sold		2,436
Receivable for dividends		394,847
Receivable for daily variation margin on open futures contracts		274,558
Prepaid expenses and other assets		98,099
Total assets		216,164,071
Liabilities
Payable for Fund shares redeemed		72,644
Management fee payable		45,386
Shareholder servicing fees payable		43,214
Administration fees payable		35,871
Professional fees payable		13,455
Trustees’ fees and expenses payable		2,391
Distribution fee payable		1,614
Due to custodian bank		153
Accrued expenses and other liabilities		3,370
Total liabilities		218,098
Total net assets	$	215,945,973
NET ASSETS CONSIST OF
Paid-in capital	$	212,193,881
Total distributable earnings		3,752,092
Total net assets	$	215,945,973
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	192,959,130
Shares outstanding – Class A1		15,762,967
Net asset value per share – Class A		$12.24
Maximum offering price per share – Class A2		$12.99
Net assets – Class C	$	2,525,747
Shares outstanding – Class C1		200,175
Net asset value per share – Class C		$12.62
Net assets – Class R6	$	19,125
Shares outstanding – Class R61		1,549
Net asset value per share – Class R6		$12.35
Net assets – Administrator Class	$	15,206,529
Shares outstanding – Administrator Class1		1,229,899
Net asset value per share – Administrator Class		$12.36
Net assets – Institutional Class	$	5,235,442
Shares outstanding – Institutional Class1		424,000
Net asset value per share – Institutional Class		$12.35

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—six months ended January 31, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $25)	$	3,277,740
Income from affiliated securities		46,053
Total investment income		3,323,793
Expenses
Management fee		473,609
Administration fees
Class A		213,662
Class C		2,809
Class R6		3
Administrator Class		10,468
Institutional Class		9,436
Shareholder servicing fees
Class A		254,360
Class C		3,344
Administrator Class		20,130
Distribution fee
Class C		10,030
Custody and accounting fees		11,090
Professional fees		20,376
Registration fees		40,329
Shareholder report expenses		30,246
Trustees’ fees and expenses		11,090
Interest expense		549
Other fees and expenses		6,732
Total expenses		1,118,263
Less: Fee waivers and/or expense reimbursements		(155,392	)
Net expenses		962,871
Net investment income		2,360,922
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(8,580,510	)
Futures contracts		(414,825	)
Net realized losses on investments		(8,995,335	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(5,845,071	)
Futures contracts		175,845
Net change in unrealized gains (losses) on investments		(5,669,226	)
Net realized and unrealized gains (losses) on investments		(14,664,561	)
Net decrease in net assets resulting from operations	$	(12,303,639	)

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

Statement of changes in net assets Wells Fargo Large Company Value Fund 17

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment income				$	2,360,922					$	3,343,736
Net realized gains (losses) on investments					(8,995,335	)					26,456,759
Net change in unrealized gains (losses) on investments					(5,669,226	)					(6,608,842	)
Net increase (decrease) in net assets resulting from operations					(12,303,639	)					23,191,653
Distributions to shareholders from net investment income and net realized gains
Class A					(22,107,555	)					(46,029,469	)
Class C					(263,413	)					(659,195	)
Class R6					(2,446	)					(6,656	)
Administrator Class					(1,768,262	)					(3,673,062	)
Institutional Class					(1,828,753	)					(3,556,512	)
Total distributions to shareholders					(25,970,429	)					(53,924,894	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		130,224			1,695,563			243,128			3,569,805
Class C		5,267			66,983			4,796			75,911
Class R6		0			0			297			5,000
Administrator Class		9,776			129,415			26,318			380,870
Institutional Class		22,465			319,784			128,944			1,889,629
					2,211,745						5,921,215
Reinvestment of distributions
Class A		1,760,655			21,527,593			3,111,809			44,581,220
Class C		19,718			246,346			42,242			618,917
Class R6		0			0			72			1,037
Administrator Class		140,900			1,740,415			250,317			3,619,530
Institutional Class		36,953			456,951			203,584			2,943,466
					23,971,305						51,764,170
Payment for shares redeemed
Class A		(948,691	)		(12,688,315	)		(1,908,557	)		(28,835,984	)
Class C		(22,339	)		(317,540	)		(48,634	)		(725,165	)
Class R6		0			0			(369	)		(5,292	)
Administrator Class		(68,543	)		(839,420	)		(227,193	)		(3,486,080	)
Institutional Class		(843,330	)		(9,663,026	)		(104,675	)		(1,560,195	)
					(23,508,301	)					(34,612,716	)
Net increase in net assets resulting from capital share transactions					2,674,749						23,072,669
Total decrease in net assets					(35,599,319	)					(7,660,572	)
Net assets
Beginning of period					251,545,292						259,205,864
End of period				$	215,945,973					$	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)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$14.46			$16.54			$14.58			$16.10			$16.82			$16.39
Net investment income		0.13			0.19			0.14			0.17			0.13	1		0.10
Net realized and unrealized gains (losses) on investments		(0.82	)		1.29			1.93			(0.41	)		0.78			2.04
Total from investment operations		(0.69	)		1.48			2.07			(0.24	)		0.91			2.14
Distributions to shareholders from
Net investment income		(0.15	)		(0.18	)		(0.11	)		(0.16	)		(0.13	)		(0.09	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(1.53	)		(3.56	)		(0.11	)		(1.28	)		(1.63	)		(1.71	)
Net asset value, end of period		$12.24			$14.46			$16.54			$14.58			$16.10			$16.82
Total return2		(4.64	)%		9.39	%		14.24	%		(0.98	)%		5.72	%		13.68	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.94	%		1.09	%		1.24	%		1.27	%		1.28	%
Net expenses		0.83	%		0.83	%		0.96	%		1.10	%		1.10	%		1.10	%
Net investment income		1.99	%		1.28	%		0.91	%		1.19	%		0.76	%		0.61	%
Supplemental data
Portfolio turnover rate		108	%		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$192,959			$214,247			$221,207			$218,922			$104,453			$116,398

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Large Company Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$14.81			$16.86			$14.90			$16.41			$17.12			$16.70
Net investment income (loss)		0.09			0.08			0.03	1		0.06			0.00	2		(0.02	)
Net realized and unrealized gains (losses) on investments		(0.84	)		1.30			1.96			(0.40	)		0.80			2.07
Total from investment operations		(0.75	)		1.38			1.99			(0.34	)		0.80			2.05
Distributions to shareholders from
Net investment income		(0.06	)		(0.05	)		(0.03	)		(0.05	)		(0.01	)		(0.01	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(1.44	)		(3.43	)		(0.03	)		(1.17	)		(1.51	)		(1.63	)
Net asset value, end of period		$12.62			$14.81			$16.86			$14.90			$16.41			$17.12
Total return3		(4.94	)%		8.49	%		13.40	%		(1.68	)%		4.92	%		12.83	%
Ratios to average net assets (annualized)
Gross expenses		1.71	%		1.69	%		1.84	%		1.99	%		2.02	%		2.03	%
Net expenses		1.58	%		1.58	%		1.72	%		1.85	%		1.85	%		1.85	%
Net investment income (loss)		1.23	%		0.55	%		0.16	%		0.44	%		0.01	%		(0.14	)%
Supplemental data
Portfolio turnover rate		108	%		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$2,526			$2,926			$3,356			$3,674			$4,488			$4,659

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. 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 Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			20171
Net asset value, beginning of period		$14.59			$16.66			$16.14
Net investment income		0.17			0.26			0.03	2
Net realized and unrealized gains (losses) on investments		(0.83	)		1.30			0.49
Total from investment operations		(0.66	)		1.56			0.52
Distributions to shareholders from
Net investment income		(0.20	)		(0.25	)		0.00
Net realized gains		(1.38	)		(3.38	)		0.00
Total distributions to shareholders		(1.58	)		(3.63	)		0.00
Net asset value, end of period		$12.35			$14.59			$16.66
Total return3		(4.41	)%		9.88	%		3.22	%
Ratios to average net assets (annualized)
Gross expenses		0.54	%		0.51	%		0.49	%
Net expenses		0.40	%		0.40	%		0.40	%
Net investment income		2.40	%		1.73	%		0.52	%
Supplemental data
Portfolio turnover rate		108	%		258	%		221	%
Net assets, end of period (000s omitted)		$19			$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.

Financial highlights Wells Fargo Large Company Value Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$14.59			$16.66			$14.68			$16.20			$16.93			$16.47
Net investment income		0.14	1		0.20			0.16	1		0.20			0.17			0.15
Net realized and unrealized gains (losses) on investments		(0.83	)		1.30			1.94			(0.41	)		0.78			2.05
Total from investment operations		(0.69	)		1.50			2.10			(0.21	)		0.95			2.20
Distributions to shareholders from
Net investment income		(0.16	)		(0.19	)		(0.12	)		(0.19	)		(0.18	)		(0.12	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(1.54	)		(3.57	)		(0.12	)		(1.31	)		(1.68	)		(1.74	)
Net asset value, end of period		$12.36			$14.59			$16.66			$14.68			$16.20			$16.93
Total return2		(4.61	)%		9.44	%		14.35	%		(0.79	)%		5.95	%		13.94	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.86	%		1.01	%		1.16	%		1.12	%		1.12	%
Net expenses		0.75	%		0.75	%		0.87	%		0.93	%		0.85	%		0.85	%
Net investment income		2.07	%		1.37	%		1.01	%		1.35	%		1.01	%		0.86	%
Supplemental data
Portfolio turnover rate		108	%		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$15,207			$16,744			$18,296			$24,164			$30,177			$36,002

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

22 Wells Fargo Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$14.58			$16.65			$14.66			$16.17			$16.91			$16.44
Net investment income		0.15			0.24			0.19	1		0.21	1		0.20	1		0.18	1
Net realized and unrealized gains (losses) on investments		(0.81	)		1.30			1.94			(0.38	)		0.78			2.05
Total from investment operations		(0.66	)		1.54			2.13			(0.17	)		0.98			2.23
Distributions to shareholders from
Net investment income		(0.19	)		(0.23	)		(0.14	)		(0.22	)		(0.22	)		(0.14	)
Net realized gains		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)
Total distributions to shareholders		(1.57	)		(3.61	)		(0.14	)		(1.34	)		(1.72	)		(1.76	)
Net asset value, end of period		$12.35			$14.58			$16.65			$14.66			$16.17			$16.91
Total return2		(4.41	)%		9.77	%		14.61	%		(0.54	)%		6.14	%		14.16	%
Ratios to average net assets (annualized)
Gross expenses		0.63	%		0.62	%		0.74	%		0.91	%		0.85	%		0.85	%
Net expenses		0.50	%		0.50	%		0.61	%		0.74	%		0.65	%		0.65	%
Net investment income		2.15	%		1.60	%		1.21	%		1.52	%		1.23	%		1.10	%
Supplemental data
Portfolio turnover rate		108	%		258	%		221	%		50	%		71	%		59	%
Net assets, end of period (000s omitted)		$5,235			$17,606			$16,321			$9,343			$1,483			$863

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Fund 23

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“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

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

24 Wells Fargo Large Company Value Fund Notes to financial statements (unaudited)

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 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 January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $200,139,176 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	19,946,155
Gross unrealized losses		(5,263,933	)
Net unrealized gains	$	14,682,222

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Fund 25

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 January 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	$	19,246,606	$	0	$	0	$	19,246,606
Consumer discretionary		11,583,622		0		0		11,583,622
Consumer staples		18,297,595		0		0		18,297,595
Energy		16,950,430		0		0		16,950,430
Financials		41,136,457		0		0		41,136,457
Health care		35,401,437		0		0		35,401,437
Industrials		14,306,444		0		0		14,306,444
Information technology		17,009,431		0		0		17,009,431
Materials		5,135,249		0		0		5,135,249
Real Estate		13,181,787		0		0		13,181,787
Utilities		17,290,267		0		0		17,290,267
Short-term investments
Investment companies		5,282,073		0		0		5,282,073
		214,821,398						214,821,398
Futures contracts		274,456						274,456
Total assets	$	215,095,854	$	0	$	0	$	215,095,854

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.

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.40% and declining to 0.33% as the average daily net assets of the Fund increase. For the six months ended January 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 0.25% 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.

26 Wells Fargo Large Company Value Fund Notes to financial statements (unaudited)

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares. 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 of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2019, Funds Distributor received $975 from the sale of Class A. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 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 six months ended January 31, 2019 were $249,587,974 and $272,034,287, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2019, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $5,164,942 in long futures contracts during the six months ended January 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.

Notes to financial statements (unaudited) Wells Fargo Large Company Value Fund 27

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 six months ended January 31, 2019, the Fund had average borrowings outstanding of $14,718 (on an annualized basis) at an average interest rate of 3.73% and paid interest in the amount of $549.

8. DISTRIBUTIONS TO SHAREHOLDERS

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

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.

28 Wells Fargo Large Company Value Fund Other information (unaudited)

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Company Value Fund 29

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
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

30 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
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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Large Company Value Fund 31

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

32 Wells Fargo Large Company Value Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320775 03-19 SA210/SAR210 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Other information	26
Appendix A	30

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Low Volatility U.S. Equity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Low Volatility U.S. Equity Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 3

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

4 Wells Fargo Low Volatility U.S. Equity Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.

6 Wells Fargo Low Volatility U.S. Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

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

		Including sales charge				Excluding sales charge				Expense ratios1 (%)
		1 year		Since inception		1 year		Since inception		Gross		Net2
Class A (WLVLX)	10-31-2016		-7.82		4.73		-2.19		7.52		1.56		0.74
Class C (WLVKX)	10-31-2016		-3.87		6.74		-2.87		6.74		2.31		1.49
Class R6 (WLVJX)	10-31-2016		–		–		-1.74		8.00		1.13		0.31
Administrator Class (WLVDX)	10-31-2016		–		–		-2.09		7.60		1.48		0.66
Institutional Class (WLVOX)	10-31-2016		–		–		-1.83		7.88		1.23		0.41
Russell 1000® Index3	–		–		–		-2.17		13.49		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 7

Ten largest holdings (%) as of January 31, 20194
Waste Management Incorporated	2.49
The Procter & Gamble Company	2.47
NextEra Energy Incorporated	2.46
PepsiCo Incorporated	2.42
CME Group Incorporated	2.33
Merck & Company Incorporated	2.29
VICI Properties Incorporated	2.25
The Hershey Company	2.25
Sysco Corporation	2.17
Costco Wholesale Corporation	2.13

Sector distribution as of January 31, 2019⁵

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

¹  Reflects the expense ratios as stated in the most recent prospectus, 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 ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

8 Wells Fargo Low Volatility U.S. Equity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	983.99	$	4.00		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class C
Actual	$	1,000.00	$	981.43	$	7.74		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Class R6
Actual	$	1,000.00	$	986.86	$	1.85		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	985.01	$	3.60		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Institutional Class
Actual	$	1,000.00	$	985.97	$	2.35		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 9

Security name	Shares		Value
Common Stocks: 96.97%
Communication Services: 3.49%
Entertainment: 2.59%
Cinemark Holdings Incorporated		9,381	$	383,871
The Madison Square Garden Company Class A †		1,857		516,060
				899,931
Media: 0.90%
Cable One Incorporated		184		162,719
Sirius XM Holdings Incorporated		25,733		150,023
				312,742
Consumer Discretionary: 3.88%
Diversified Consumer Services: 0.74%
H&R Block Incorporated		10,825		255,362
Hotels, Restaurants & Leisure: 1.45%
Darden Restaurants Incorporated		868		91,079
Hilton Grand Vacations Incorporated †		13,662		414,505
				505,584
Household Durables: 1.23%
NVR Incorporated †		160		425,600
Specialty Retail: 0.20%
ULTA Beauty Incorporated †		242		70,645
Textiles, Apparel & Luxury Goods: 0.26%
Carter’s Incorporated		1,102		91,356
Consumer Staples: 22.84%
Beverages: 3.69%
Keurig Dr Pepper Incorporated		3,629		98,781
PepsiCo Incorporated		7,476		842,321
The Coca-Cola Company		7,126		342,974
				1,284,076
Food & Staples Retailing: 4.31%
Costco Wholesale Corporation		3,458		742,191
Sysco Corporation		11,852		756,750
				1,498,941
Food Products: 6.45%
Bunge Limited		50		2,753
Flowers Foods Incorporated		9,853		193,710
Ingredion Incorporated		2,020		199,980
Lamb Weston Holdings Incorporated		7,725		558,517
The Hershey Company		7,365		781,426
Tyson Foods Incorporated Class A		8,206		508,115
				2,244,501

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

10 Wells Fargo Low Volatility U.S. Equity Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Household Products: 5.47%
Colgate-Palmolive Company		9,683	$	626,296
The Clorox Company		2,823		418,877
The Procter & Gamble Company		8,922		860,705
				1,905,878
Tobacco: 2.92%
Altria Group Incorporated		10,700		528,045
Philip Morris International Incorporated		6,349		487,095
				1,015,140
Energy: 0.23%
Energy Equipment & Services: 0.23%
Baker Hughes Incorporated		3,465		81,670
Financials: 16.97%
Banks: 0.16%
First Citizens BancShares Corporation Class A		135		55,017
Capital Markets: 5.92%
CBOE Holdings Incorporated		6,519		608,027
CME Group Incorporated		4,455		812,057
FactSet Research Systems Incorporated		1,042		227,812
Intercontinental Exchange Incorporated		1,732		132,948
MarketAxess Holdings Incorporated		902		193,723
Morningstar Incorporated		687		85,291
				2,059,858
Diversified Financial Services: 0.27%
AXA Equitable Holdings Incorporated		405		7,509
Berkshire Hathaway Incorporated Class B †		424		87,149
				94,658
Insurance: 5.27%
American Financial Group Incorporated		5,506		525,217
American National Insurance Company		379		52,753
Aon plc		682		106,549
Arch Capital Group Limited †		6,753		198,201
Mercury General Corporation		3,451		178,417
Old Republic International Corporation		10,458		210,729
The Progressive Corporation		8,335		560,862
				1,832,728
Mortgage REITs: 5.35%
AGNC Investment Corporation		15,735		281,814
Annaly Capital Management Incorporated		35,362		369,179
Chimera Investment Corporation		12,137		230,967
MFA Financial Incorporated		55,154		404,279
Starwood Property Trust Incorporated		8,023		177,148
Two Harbors Investment Corporation		27,325		398,672
				1,862,059

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 11

Security name	Shares		Value
Health Care: 7.26%
Health Care Equipment & Supplies: 1.74%
ICU Medical Incorporated †		830	$	206,504
IDEXX Laboratories Incorporated †		1,134		241,292
Varian Medical Systems Incorporated †		1,189		156,984
				604,780
Health Care Providers & Services: 1.62%
Humana Incorporated		1,824		563,598
Life Sciences Tools & Services: 1.61%
Bio-Rad Laboratories Incorporated Class A †		2,236		558,709
Pharmaceuticals: 2.29%
Merck & Company Incorporated		10,725		798,262
Industrials: 10.60%
Aerospace & Defense: 4.19%
BWX Technologies Incorporated		6,993		324,615
Lockheed Martin Corporation		1,927		558,233
Northrop Grumman Corporation		136		37,475
Raytheon Company		3,258		536,788
				1,457,111
Air Freight & Logistics: 0.88%
Expeditors International of Washington Incorporated		4,435		307,345
Commercial Services & Supplies: 4.42%
ADT Incorporated		2,494		18,007
Republic Services Incorporated		8,478		650,347
Waste Management Incorporated		9,072		867,918
				1,536,272
Industrial Conglomerates: 0.33%
Honeywell International Incorporated		791		113,611
Machinery: 0.33%
The Toro Company		1,951		116,085
Road & Rail: 0.45%
Schneider National Incorporated Class B		7,416		157,516
Information Technology: 15.43%
Communications Equipment: 1.52%
Motorola Solutions Incorporated		4,536		530,304
Electronic Equipment, Instruments & Components: 1.42%
National Instruments Corporation		11,172		494,026

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

12 Wells Fargo Low Volatility U.S. Equity Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
IT Services: 6.49%
Amdocs Limited		10,754	$	600,934
Automatic Data Processing Incorporated		3,728		521,324
Booz Allen Hamilton Holding Corporation		11,321		556,201
Genpact Limited		12,749		380,303
Jack Henry & Associates Incorporated		1,493		199,390
				2,258,152
Semiconductors & Semiconductor Equipment: 1.21%
Maxim Integrated Products Incorporated		3,725		202,156
NXP Semiconductors N.V.		2,506		218,097
				420,253
Software: 4.79%
Aspen Technology Incorporated †		2,000		193,260
Cadence Design Systems Incorporated †		4,764		228,815
CDK Global Incorporated		6,652		325,349
Symantec Corporation		20,398		428,766
Synopsys Incorporated †		5,253		490,368
				1,666,558
Materials: 2.60%
Chemicals: 0.52%
Valvoline Incorporated		8,208		181,479
Containers & Packaging: 0.39%
Ardagh Group SA		4,415		53,510
Avery Dennison Corporation		791		82,620
				136,130
Metals & Mining: 1.69%
Newmont Mining Corporation		12,726		434,084
Royal Gold Incorporated		1,746		152,548
				586,632
Real Estate: 3.60%
Equity REITs: 3.60%
Apple Hospitality REIT Incorporated		15,864		260,328
Equity Commonwealth		3,215		104,037
Outfront Media Incorporated		4,980		103,335
VICI Properties Incorporated		36,399		783,670
				1,251,370
Utilities: 10.07%
Electric Utilities: 6.82%
American Electric Power Company Incorporated		2,997		237,123
Avangrid Incorporated		1,784		88,968
Hawaiian Electric Industries Incorporated		8,736		324,892

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 13

Security name				Shares		Value
Electric Utilities (continued)
NextEra Energy Incorporated					4,782	$	855,882
Pinnacle West Capital Corporation					7,372		649,621
Xcel Energy Incorporated					4,132		216,351
							2,372,837
Gas Utilities: 0.42%
UGI Corporation					2,569		146,510
Multi-Utilities: 2.83%
Ameren Corporation					1,347		93,401
CenterPoint Energy Incorporated					3,079		95,203
CMS Energy Corporation					8,189		426,974
DTE Energy Company					3,144		370,206
							985,784
Total Common Stocks (Cost $32,529,833)							33,739,070
	Yield
Short-Term Investments: 2.92%
Investment Companies: 2.92%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33	%		1,016,458		1,016,458
Total Short-Term Investments (Cost $1,016,458)							1,016,458

Total investments in securities (Cost $33,546,291)	99.89	%		34,755,528
Other assets and liabilities, net	0.11			38,438
Total net assets	100.00	%	$	34,793,966

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment companies
Wells Fargo Government Money Market Fund Select Class		922,225		5,942,273		5,848,040		1,016,458	$	0	$	0	$	9,549	$	1,016,458		2.92	%

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

14 Wells Fargo Low Volatility U.S. Equity Fund Statement of assets and liabilities—January 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $32,529,833)	$	33,739,070
Investments in affiliated securities, at value (cost $1,016,458)		1,016,458
Receivable for dividends		28,476
Receivable from manager		12,385
Receivable for Fund shares sold		2,075
Prepaid expenses and other assets		85,495
Total assets		34,883,959
Liabilities
Shareholder report expenses payable		45,768
Professional fees payable		30,152
Custodian and accounting fees payable		7,680
Administration fees payable		3,710
Trustees’ fees and expenses payable		2,506
Distribution fee payable		137
Accrued expenses and other liabilities		40
Total liabilities		89,993
Total net assets	$	34,793,966
NET ASSETS CONSIST OF
Paid-in capital	$	33,714,381
Total distributable earnings		1,079,585
Total net assets	$	34,793,966
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,263,811
Shares outstanding – Class A¹		119,877
Net asset value per share – Class A		$10.54
Maximum offering price per share – Class A²		$11.18
Net assets – Class C	$	221,773
Shares outstanding – Class C¹		21,106
Net asset value per share – Class C		$10.51
Net assets – Class R6	$	1,058,679
Shares outstanding – Class R6¹		100,480
Net asset value per share – Class R6		$10.54
Net assets – Administrator Class	$	105,755
Shares outstanding – Administrator Class¹		10,042
Net asset value per share – Administrator Class		$10.53
Net assets – Institutional Class	$	32,143,948
Shares outstanding – Institutional Class¹		3,049,842
Net asset value per share – Institutional Class		$10.54

¹ The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2019 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 15

Investment income
Dividends (net of foreign withholding taxes of $220)	$	492,818
Income from affiliated securities		9,549
Total investment income		502,367
Expenses
Management fee		73,874
Administration fees
Class A		1,354
Class C		211
Class R6		171
Administrator Class		74
Institutional Class		22,228
Shareholder servicing fees
Class A		1,612
Class C		251
Administrator Class		142
Distribution fee
Class C		753
Custody and accounting fees		6,414
Professional fees		26,890
Registration fees		44,933
Shareholder report expenses		25,204
Trustees’ fees and expenses		11,090
Other fees and expenses		4,573
Total expenses		219,774
Less: Fee waivers and/or expense reimbursements		(130,228	)
Net expenses		89,546
Net investment income		412,821
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		539,423
Net change in unrealized gains (losses) on investments		(1,490,557	)
Net realized and unrealized gains (losses) on investments		(951,134	)
Net decrease in net assets resulting from operations	$	(538,313	)

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

16 Wells Fargo Low Volatility U.S. Equity Fund Statement of changes in net assets

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 2018¹
Operations
Net investment income				$	412,821					$	709,204
Net realized gains on investments					539,423						1,575,047
Net change in unrealized gains (losses) on investments					(1,490,557	)					219,615
Net increase (decrease) in net assets resulting from operations					(538,313	)					2,503,866
Distributions to shareholders from net investment income and net realized gains
Class A					(97,183	)					(39,204	)
Class C					(13,678	)					(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					(2,818,618	)					(1,338,155	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		12,356			139,406			36,479			411,267
Class C		6,977			77,744			7,545			83,872
Institutional Class		58,188			630,999			321,940			3,618,353
					848,149						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		(14,350	)		(153,841	)		(23,744	)		(260,000	)
Class C		(2,683	)		(31,181	)		(1,331	)		(15,125	)
Class R		N/A			N/A			(10,037	)²		(114,115	)²
Institutional Class		(132,867	)		(1,516,334	)		(227,303	)		(2,583,866	)
					(1,701,356	)					(2,973,106	)
Net increase (decrease) in net assets resulting from capital share transactions					(220,967	)					1,475,234
Total increase (decrease) in net assets					(3,577,898	)					2,640,945
Net assets
Beginning of period					38,371,864						35,730,919
End of period				$	34,793,966					$	38,371,864

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 $364,175. The disaggregated distributions information for the year ended July 31, 2018 is included in Note 7, 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 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.

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			20171
Net asset value, beginning of period		$11.56			$11.21			$10.00
Net investment income		0.10			0.16			0.13
Net realized and unrealized gains (losses) on investments		(0.29	)		0.54			1.12
Total from investment operations		(0.19	)		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		$10.54			$11.56			$11.21
Total return2		(1.60	)%		6.32	%		12.53	%
Ratios to average net assets (annualized)
Gross expenses		1.51	%		1.55	%		1.61	%
Net expenses		0.80	%		0.83	%		0.82	%
Net investment income		1.93	%		1.53	%		1.78	%
Supplemental data
Portfolio turnover rate		45	%		75	%		39	%
Net assets, end of period (000s omitted)		$1,264			$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.

18 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			20171
Net asset value, beginning of period		$11.49			$11.16			$10.00
Net investment income		0.05			0.08			0.08
Net realized and unrealized gains (losses) on investments		(0.27	)		0.52			1.11
Total from investment operations		(0.22	)		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		$10.51			$11.49			$11.16
Total return2		(1.86	)%		5.45	%		11.91	%
Ratios to average net assets (annualized)
Gross expenses		2.26	%		2.31	%		2.40	%
Net expenses		1.55	%		1.58	%		1.58	%
Net investment income		1.22	%		0.76	%		1.03	%
Supplemental data
Portfolio turnover rate		45	%		75	%		39	%
Net assets, end of period (000s omitted)		$222			$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.

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			20171
Net asset value, beginning of period		$11.58			$11.24			$10.00
Net investment income		0.13			0.22			0.18
Net realized and unrealized gains (losses) on investments		(0.29	)		0.52			1.11
Total from investment operations		(0.16	)		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		$10.54			$11.58			$11.24
Total return2		(1.31	)%		6.70	%		12.94	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.12	%		1.22	%
Net expenses		0.37	%		0.40	%		0.40	%
Net investment income		2.35	%		1.96	%		2.19	%
Supplemental data
Portfolio turnover rate		45	%		75	%		39	%
Net assets, end of period (000s omitted)		$1,059			$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.

20 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			20171
Net asset value, beginning of period		$11.55			$11.21			$10.00
Net investment income		0.11			0.18			0.15
Net realized and unrealized gains (losses) on investments		(0.29	)		0.53			1.10
Total from investment operations		(0.18	)		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		$10.53			$11.55			$11.21
Total return2		(1.50	)%		6.36	%		12.57	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.47	%		1.57	%
Net expenses		0.72	%		0.75	%		0.75	%
Net investment income		2.00	%		1.61	%		1.87	%
Supplemental data
Portfolio turnover rate		45	%		75	%		39	%
Net assets, end of period (000s omitted)		$106			$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.

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			20171
Net asset value, beginning of period		$11.58			$11.23			$10.00
Net investment income		0.13			0.20			0.16
Net realized and unrealized gains (losses) on investments		(0.30	)		0.54			1.12
Total from investment operations		(0.17	)		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		$10.54			$11.58			$11.23
Total return2		(1.40	)%		6.64	%		12.82	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.22	%		1.31	%
Net expenses		0.47	%		0.50	%		0.50	%
Net investment income		2.25	%		1.87	%		2.09	%
Supplemental data
Portfolio turnover rate		45	%		75	%		39	%
Net assets, end of period (000s omitted)		$32,144			$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.

22 Wells Fargo Low Volatility U.S. Equity Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registered open-end investment companies are valued at net asset value.

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

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.

Notes to financial statements (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 23

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $33,428,590 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,624,577
Gross unrealized losses		(1,297,639	)
Net unrealized gains	$	1,326,938

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized 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 January 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	$	1,212,673	$	0	$	0	$	1,212,673
Consumer discretionary		1,348,547		0		0		1,348,547
Consumer staples		7,948,536		0		0		7,948,536
Energy		81,670		0		0		81,670
Financials		5,904,320		0		0		5,904,320
Health care		2,525,349		0		0		2,525,349
Industrials		3,687,940		0		0		3,687,940
Information technology		5,369,293		0		0		5,369,293
Materials		904,241		0		0		904,241
Real estate		1,251,370		0		0		1,251,370
Utilities		3,505,131		0		0		3,505,131
Short-term investments
Investment companies		1,016,458		0		0		1,016,458
Total assets	$	34,755,528	$	0	$	0	$	34,755,528

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

24 Wells Fargo Low Volatility U.S. Equity Fund Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.40% and declining to 0.33% as the average daily net assets of the Fund increase. For the six months ended January 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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.73% 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, 0.75% for Administrator Class shares, and 0.50% for Institutional Class.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended January 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 respective average daily net assets of each class.

Notes to financial statements (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 25

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2019 were $15,979,149 and $18,687,363, respectively.

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

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		119,172		586,361

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

26 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

28 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 29

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

30 Wells Fargo Low Volatility U.S. Equity Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320776 03-19 SA270/SAR270 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	26
Appendix A	30

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Omega Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Omega Growth Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

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

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Omega Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of January 31, 2019¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKOAX)	4-29-1968		-4.34		8.59		15.35		1.50		9.88		16.03		1.28		1.28
Class C (EKOCX)	8-2-1993		-0.27		9.06		15.16		0.73		9.06		15.16		2.03		2.03
Class R (EKORX)	10-10-2003		–		–		–		1.25		9.62		15.74		1.53		1.53
Administrator Class (EOMYX)	1-13-1997		–		–		–		1.69		10.11		16.29		1.20		1.10
Institutional Class (EKONX)4	7-30-2010		–		–		–		1.94		10.39		16.54		0.95		0.85
Russell 3000® Growth Index5	–		–		–		–		0.03		12.57		16.77		–		–

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Omega Growth Fund 7

Ten largest holdings (%) as of January 31, 20196
Amazon.com Incorporated	6.75
Microsoft Corporation	6.64
UnitedHealth Group Incorporated	4.18
Visa Incorporated Class A	4.07
Alphabet Incorporated Class A	3.94
Waste Connections Incorporated	2.54
Union Pacific Corporation	2.36
First Data Corporation Class A	2.03
EPAM Systems Incorporated	1.97
PayPal Holdings Incorporated	1.83

Sector distribution as of January 31, 2019⁷

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

¹  Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Omega Fund.

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

³  The manager has contractually committed through November 30, 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.

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

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

8 Wells Fargo Omega Growth Fund 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 August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	969.03	$	6.40		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.56		1.29	%
Class C
Actual	$	1,000.00	$	965.44	$	10.11		2.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.92	$	10.36		2.04	%
Class R
Actual	$	1,000.00	$	968.07	$	7.59		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.49	$	7.78		1.53	%
Administrator Class
Actual	$	1,000.00	$	970.13	$	5.46		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Institutional Class
Actual	$	1,000.00	$	971.32	$	4.22		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Omega Growth Fund 9

Security name	Shares		Value
Common Stocks: 100.34%
Communication Services: 10.66%
Entertainment: 4.07%
Netflix Incorporated †		32,200	$	10,931,900
Nintendo Company Limited ADR		249,538		9,292,795
Take-Two Interactive Software Incorporated †		98,900		10,438,895
				30,663,590
Interactive Media & Services: 6.59%
Alphabet Incorporated Class A †		26,400		29,723,496
Alphabet Incorporated Class C †		8,685		9,695,673
Tencent Holdings Limited ADR		230,600		10,287,066
				49,706,235
Consumer Discretionary: 18.62%
Auto Components: 1.58%
Aptiv plc		150,300		11,893,239
Automobiles: 0.83%
Ferrari NV		49,900		6,302,370
Diversified Consumer Services: 2.59%
Adtalem Global Education Incorporated †		214,400		10,484,160
Bright Horizons Family Solutions Incorporated †		78,157		9,049,799
				19,533,959
Hotels, Restaurants & Leisure: 2.83%
Chipotle Mexican Grill Incorporated †		21,500		11,386,615
Vail Resorts Incorporated		52,902		9,959,331
				21,345,946
Internet & Direct Marketing Retail: 9.28%
Alibaba Group Holding Limited ADR †		47,000		7,919,030
Amazon.com Incorporated †		29,600		50,874,408
MercadoLibre Incorporated †		30,700		11,174,800
				69,968,238
Specialty Retail: 1.51%
The Home Depot Incorporated		61,900		11,360,507
Energy: 0.82%
Oil, Gas & Consumable Fuels: 0.82%
Pioneer Natural Resources Company		43,400		6,176,688
Financials: 4.35%
Capital Markets: 3.04%
Intercontinental Exchange Incorporated		168,800		12,957,088
Raymond James Financial Incorporated		123,702		9,958,011
				22,915,099

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

10 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Consumer Finance: 1.31%
SLM Corporation		921,100	$	9,864,981
Health Care: 15.37%
Biotechnology: 3.09%
Celgene Corporation †		148,775		13,160,637
Exact Sciences Corporation †		80,400		7,242,432
Sarepta Therapeutics Incorporated †		20,500		2,864,055
				23,267,124
Health Care Equipment & Supplies: 5.08%
Align Technology Incorporated †		34,200		8,514,090
Boston Scientific Corporation †		279,600		10,666,740
Edwards Lifesciences Corporation †		56,300		9,594,646
Medtronic plc		108,000		9,546,120
				38,321,596
Health Care Providers & Services: 5.58%
UnitedHealth Group Incorporated		116,700		31,532,340
WellCare Health Plans Incorporated †		38,200		10,561,536
				42,093,876
Life Sciences Tools & Services: 0.97%
Illumina Incorporated †		26,200		7,330,498
Pharmaceuticals: 0.65%
Elanco Animal Health Incorporated †«		166,377		4,854,881
Industrials: 10.85%
Aerospace & Defense: 1.26%
Teledyne Technologies Incorporated †		42,200		9,462,084
Commercial Services & Supplies: 3.89%
Cintas Corporation		54,000		10,125,540
Waste Connections Incorporated		229,522		19,178,858
				29,304,398
Electrical Equipment: 1.41%
Rockwell Automation Incorporated		62,800		10,645,856
Road & Rail: 2.36%
Union Pacific Corporation		111,800		17,784,026
Trading Companies & Distributors: 1.93%
SiteOne Landscape Supply Incorporated †		105,500		5,623,150
Univar Incorporated †		429,828		8,953,317
				14,576,467

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Omega Growth Fund 11

Security name	Shares		Value
Information Technology: 35.14%
Communications Equipment: 1.70%
Motorola Solutions Incorporated		109,900	$	12,848,409
Electronic Equipment, Instruments & Components: 2.01%
Littelfuse Incorporated		32,200		5,658,184
Zebra Technologies Corporation Class A †		54,800		9,513,280
				15,171,464
IT Services: 19.15%
Black Knight Incorporated †		246,100		12,105,659
EPAM Systems Incorporated †		104,741		14,818,757
Euronet Worldwide Incorporated †		85,400		9,821,854
Fidelity National Information Services Incorporated		84,200		8,801,426
First Data Corporation Class A †		619,900		15,280,535
Gartner Incorporated †		59,700		8,112,633
PayPal Holdings Incorporated †		155,600		13,811,056
Shopify Incorporated Class A †«		50,600		8,524,582
Total System Services Incorporated		114,000		10,215,540
Visa Incorporated Class A		227,404		30,701,814
WEX Incorporated †		75,302		12,148,472
				144,342,328
Semiconductors & Semiconductor Equipment: 0.76%
Infineon Technologies AG ADR		258,800		5,760,888
Software: 11.52%
Autodesk Incorporated †		49,500		7,286,400
Microsoft Corporation		479,400		50,063,742
Salesforce.com Incorporated †		80,800		12,279,176
ServiceNow Incorporated †		53,300		11,727,066
The Ultimate Software Group Incorporated †		20,000		5,461,400
				86,817,784
Materials: 3.91%
Chemicals: 3.03%
Ingevity Corporation †		103,900		9,773,873
The Sherwin-Williams Company		31,100		13,109,272
				22,883,145
Construction Materials: 0.88%
Vulcan Materials Company		65,000		6,607,250
Real Estate: 0.62%
Equity REITs: 0.62%
SBA Communications Corporation †		25,600		4,672,768
Total Common Stocks (Cost $515,964,643)				756,475,694

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

12 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 2.74%
Investment Companies: 2.74%
Securities Lending Cash Investments LLC (l)(r)(u)		2.57	%		12,131,527	$	12,132,740
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33			8,496,291		8,496,291
Total Short-Term Investments (Cost $20,629,031)							20,629,031

Total investments in securities (Cost $536,593,674)	103.08	%		777,104,725
Other assets and liabilities, net	(3.08	)		(23,195,545	)
Total net assets	100.00	%	$	753,909,180

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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		6,508,449		94,620,463		88,997,385		12,131,527	$	(3,860	)	$	0	$	172,108	$	12,132,740
Wells Fargo Government Money Market Fund Select Class		5,594,599		87,542,327		84,640,635		8,496,291		0			0		71,246		8,496,291
									$	(3,860	)	$	0	$	243,354	$	20,629,031		2.74	%

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

Statement of assets and liabilities—January 31, 2019 (unaudited) Wells Fargo Omega Growth Fund 13

Assets
Investments in unaffiliated securities (including $11,857,400 of securities loaned), at value (cost $515,964,643)	$	756,475,694
Investments in affiliated securities, at value (cost $20,629,031)		20,629,031
Receivable for Fund shares sold		211,141
Receivable for dividends		21,638
Receivable for securities lending income		6,233
Prepaid expenses and other assets		64,981
Total assets		777,408,718
Liabilities
Payable upon receipt of securities loaned		12,136,565
Payable for investments purchased		9,712,201
Payable for Fund shares redeemed		861,471
Management fee payable		471,203
Administration fees payable		122,619
Distribution fees payable		33,060
Trustees’ fees and expenses payable		2,530
Due to custodian bank		463
Accrued expenses and other liabilities		159,426
Total liabilities		23,499,538
Total net assets	$	753,909,180
NET ASSETS CONSIST OF
Paid-in capital	$	501,257,432
Total distributable earnings		252,651,748
Total net assets	$	753,909,180
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	609,740,814
Shares outstanding – Class A1		12,982,513
Net asset value per share – Class A		$46.97
Maximum offering price per share – Class A2		$49.84
Net assets – Class C	$	51,886,195
Shares outstanding – Class C1		1,695,307
Net asset value per share – Class C		$30.61
Net assets – Class R	$	6,205,383
Shares outstanding – Class R1		140,554
Net asset value per share – Class R		$44.15
Net assets – Administrator Class	$	23,249,767
Shares outstanding – Administrator Class1		451,406
Net asset value per share – Administrator Class		$51.51
Net assets – Institutional Class	$	62,827,021
Shares outstanding – Institutional Class1		1,180,206
Net asset value per share – Institutional Class		$53.23

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 Omega Growth Fund Statement of operations—six months ended January 31, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $14,377)	$	2,285,605
Income from affiliated securities		102,874
Total investment income		2,388,479
Expenses
Management fee		3,056,617
Administration fees
Class A		663,158
Class C		59,484
Class R		6,674
Administrator Class		15,296
Institutional Class		41,192
Shareholder servicing fees
Class A		789,473
Class C		70,814
Class R		7,704
Administrator Class		28,209
Distribution fees
Class C		212,441
Class R		7,945
Custody and accounting fees		21,383
Professional fees		26,303
Registration fees		42,636
Shareholder report expenses		60,494
Trustees’ fees and expenses		11,090
Other fees and expenses		10,565
Total expenses		5,131,478
Less: Fee waivers and/or expense reimbursements		(45,390	)
Net expenses		5,086,088
Net investment loss		(2,697,609	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		26,835,513
Affiliated securities		(3,860	)
Net realized gains on investments		26,831,653
Net change in unrealized gains (losses) on investments		(50,404,153	)
Net realized and unrealized gains (losses) on investments		(23,572,500	)
Net decrease in net assets resulting from operations	$	(26,270,109	)

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

Statement of changes in net assets Wells Fargo Omega Growth Fund 15

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment loss				$	(2,697,609	)				$	(5,063,493	)
Net realized gains on investments					26,831,653						102,987,066
Net change in unrealized gains (losses) on investments					(50,404,153	)					85,525,118
Net increase (decrease) in net assets resulting from operations					(26,270,109	)					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		262,117			13,012,930			362,012			18,469,654
Class C		61,850			1,907,713			55,872			2,013,265
Class R		19,279			872,696			59,297			2,898,358
Administrator Class		17,211			998,035			59,693			3,308,304
Institutional Class		125,838			7,309,385			204,162			11,775,351
					24,100,759						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		(839,766	)		(41,657,646	)		(1,588,303	)		(81,411,378	)
Class C		(287,332	)		(9,519,264	)		(456,893	)		(16,729,771	)
Class R		(32,634	)		(1,634,137	)		(59,515	)		(2,895,636	)
Administrator Class		(17,076	)		(905,325	)		(66,020	)		(3,608,448	)
Institutional Class		(129,658	)		(7,264,547	)		(429,386	)		(24,161,795	)
					(60,980,919	)					(128,807,028	)
Net increase in net assets resulting from capital share transactions					45,460,601						3,505,980
Total increase (decrease) in net assets					(67,341,836	)					87,701,140
Net assets
Beginning of period					821,251,016						733,549,876
End of period				$	753,909,180					$	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 7, Distributions to Shareholders, in the notes to the financial statements.

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

16 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$54.77			$49.43			$42.73			$48.29			$49.99			$47.97
Net investment loss		(0.17	)1		(0.32	)1		(0.22	)1		(0.19	)1		(0.28	)1		(0.49	)
Net realized and unrealized gains (losses) on investments		(1.82	)		12.57			8.07			(1.44	)		5.12			8.28
Total from investment operations		(1.99	)		12.25			7.85			(1.63	)		4.84			7.79
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$46.97			$54.77			$49.43			$42.73			$48.29			$49.99
Total return2		(3.10	)%		26.86	%		18.88	%		(3.07	)%		10.65	%		16.58	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.28	%		1.28	%		1.28	%		1.32	%		1.32	%
Net expenses		1.29	%		1.28	%		1.28	%		1.28	%		1.30	%		1.30	%
Net investment loss		(0.68	)%		(0.63	)%		(0.50	)%		(0.47	)%		(0.58	)%		(0.84	)%
Supplemental data
Portfolio turnover rate		24	%		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$609,741			$662,751			$581,967			$573,304			$685,005			$724,071

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Omega Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.02			$36.47			$32.07			$37.55			$40.56			$40.15
Net investment loss		(0.25	)1		(0.50	)1		(0.41	)1		(0.39	)1		(0.51	)1		(0.65	)1
Net realized and unrealized gains (losses) on investments		(1.35	)		8.96			5.96			(1.16	)		4.04			6.83
Total from investment operations		(1.60	)		8.46			5.55			(1.55	)		3.53			6.18
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$30.61			$38.02			$36.47			$32.07			$37.55			$40.56
Total return2		(3.46	)%		25.88	%		18.00	%		(3.75	)%		9.79	%		15.73	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.03	%		2.03	%		2.03	%		2.07	%		2.07	%
Net expenses		2.04	%		2.03	%		2.03	%		2.03	%		2.05	%		2.05	%
Net investment loss		(1.42	)%		(1.38	)%		(1.24	)%		(1.22	)%		(1.33	)%		(1.59	)%
Supplemental data
Portfolio turnover rate		24	%		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$51,886			$62,074			$62,543			$74,337			$99,100			$108,073

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R				2018			2017			2016			2015			2014
Net asset value, beginning of period		$51.92			$47.30			$41.04			$46.66			$48.62			$46.90
Net investment loss		(0.22	)1		(0.43	)1		(0.30	)1		(0.29	)1		(0.39	)1		(0.53	)1
Net realized and unrealized gains (losses) on investments		(1.74	)		11.96			7.71			(1.40	)		4.97			8.02
Total from investment operations		(1.96	)		11.53			7.41			(1.69	)		4.58			7.49
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$44.15			$51.92			$47.30			$41.04			$46.66			$48.62
Total return2		(3.19	)%		26.53	%		18.58	%		(3.30	)%		10.38	%		16.30	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.53	%		1.53	%		1.53	%		1.57	%		1.57	%
Net expenses		1.53	%		1.53	%		1.53	%		1.53	%		1.55	%		1.55	%
Net investment loss		(0.92	)%		(0.88	)%		(0.72	)%		(0.71	)%		(0.83	)%		(1.09	)%
Supplemental data
Portfolio turnover rate		24	%		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$6,205			$7,494			$6,298			$10,122			$17,199			$20,095

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Omega Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$59.39			$52.99			$45.65			$51.20			$52.50			$50.00
Net investment loss		(0.14	)1		(0.25	)1		(0.12	)1		(0.12	)1		(0.17	)1		(0.31	)1
Net realized and unrealized gains (losses) on investments		(1.93	)		13.56			8.61			(1.50	)		5.41			8.58
Total from investment operations		(2.07	)		13.31			8.49			(1.62	)		5.24			8.27
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$51.51			$59.39			$52.99			$45.65			$51.20			$52.50
Total return2		(2.99	)%		27.07	%		19.08	%		(2.84	)%		10.91	%		16.89	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.20	%		1.20	%		1.19	%		1.15	%		1.15	%
Net expenses		1.10	%		1.10	%		1.10	%		1.08	%		1.05	%		1.05	%
Net investment loss		(0.49	)%		(0.45	)%		(0.25	)%		(0.27	)%		(0.33	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		24	%		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$23,250			$24,140			$19,754			$38,039			$86,756			$115,281

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

20 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$61.10			$54.21			$46.55			$52.01			$53.10			$50.40
Net investment loss		(0.07	)1		(0.11	)1		(0.03	)1		(0.00	)2		(0.04	)1		(0.24	)
Net realized and unrealized gains (losses) on investments		(1.99	)		13.91			8.84			(1.53	)		5.49			8.71
Total from investment operations		(2.06	)		13.80			8.81			(1.53	)		5.45			8.47
Distributions to shareholders from
Net realized gains		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)
Net asset value, end of period		$53.23			$61.10			$54.21			$46.55			$52.01			$53.10
Total return3		(2.87	)%		27.39	%		19.40	%		(2.61	)%		11.20	%		17.17	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.95	%		0.95	%		0.95	%		0.90	%		0.89	%
Net expenses		0.85	%		0.85	%		0.85	%		0.83	%		0.80	%		0.80	%
Net investment loss		(0.24	)%		(0.20	)%		(0.06	)%		(0.01	)%		(0.09	)%		(0.36	)%
Supplemental data
Portfolio turnover rate		24	%		48	%		76	%		84	%		94	%		101	%
Net assets, end of period (000s omitted)		$62,827			$64,792			$62,987			$76,980			$87,085			$49,960

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

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

Notes to financial statements (unaudited) Wells Fargo Omega Growth Fund 21

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo 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. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount

22 Wells Fargo Omega Growth Fund Notes to financial statements (unaudited)

of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

The 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 January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $536,209,336 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	253,010,536
Gross unrealized losses		(12,115,147	)
Net unrealized gains	$	240,895,389

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the

Notes to financial statements (unaudited) Wells Fargo Omega Growth Fund 23

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 January 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	$	80,369,825	$	0	$	0	$	80,369,825
Consumer discretionary		140,404,259		0		0		140,404,259
Energy		6,176,688		0		0		6,176,688
Financials		32,780,080		0		0		32,780,080
Health care		115,867,975		0		0		115,867,975
Industrials		81,772,831		0		0		81,772,831
Information technology		264,940,873		0		0		264,940,873
Materials		29,490,395		0		0		29,490,395
Real estate		4,672,768		0		0		4,672,768
Short-term investments
Investment companies		8,496,291		12,132,740		0		20,629,031
Total assets	$	764,971,985	$	12,132,740	$	0	$	777,104,725

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the six months ended January 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

24 Wells Fargo Omega Growth Fund Notes to financial statements (unaudited)

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 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 six months ended January 31, 2019, Funds Distributor received $7,830 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 shares for the six months ended January 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 six months ended January 31, 2019 were $184,631,778 and $220,192,633, respectively.

6. BANK BORROWINGS

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

Notes to financial statements (unaudited) Wells Fargo Omega Growth Fund 25

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

26 Wells Fargo Omega Growth Fund Other information (unaudited)

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Omega Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

28 Wells Fargo Omega Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Omega Growth Fund 29

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

30 Wells Fargo Omega Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

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

320777 03-19 SA211/SAR211 01-19

Semi-Annual Report

January 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 calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Other information	28
Appendix A	32

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Premier Large Company Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Premier Large Company Growth Fund for the six-month period that ended January 31, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.00% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 6.34%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 2.60%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.71% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.37%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.05%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.02%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada made progress. The Conference Board Consumer Confidence Index^®8 reached its highest level in 18 years during September. Several U.S. equity market indices reached records during August. 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. For the quarter that ended September 30, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased when the U.S. imposed an additional $200 billion in tariffs on Chinese goods. China responded with $60 billion in tariffs on U.S. products. In addition, economic growth in China drew renewed concerns. The Bank of England, having raised its monetary policy rate to 0.50% in November 2017, increased the rate again in August 2018 to 0.75%. During the three-month period that ended September 30, 2018, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09%.

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

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

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

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

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

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

⁷  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  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 savings and spending. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Premier Large Company Growth Fund 3

In bond markets, U.S. bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, were flat. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74% during the quarter that ended September 30, 2018.

Conflicting data unsettled markets during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November for the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. 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.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan disputes. The Bureau of Economic Analysis reported that third-quarter U.S. gross domestic product (GDP) grew at an annualized 3.4% rate, lower than second-quarter GDP growth. Brexit efforts stalled in the U.K. ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts, and the value of the yuan declined to low levels last seen in 2008. Oil prices fell.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018—the ninth such increase since the Fed began raising rates three years ago from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan disputes over spending and immigration policies extended into January. Globally, economic signals were uneven. Investors expected high levels of stock market volatility to continue, as measured by the VIX⁹.

January’s returns tended to support the investing adage that the market climbs a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its 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.

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.

January’s returns tended to support the investing adage that the market climbs a wall of worry.

⁹  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

4 Wells Fargo Premier Large Company Growth Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Premier Large Company Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡ , CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of January 31, 2019¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKJAX)	1-20-1998		-3.87		8.94		15.06		2.01		10.23		15.73		1.15		1.11
Class C (EKJCX)	1-22-1998		0.30		9.42		14.87		1.30		9.42		14.87		1.90		1.86
Class R4 (EKJRX)4	11-30-2012		–		–		–		2.34		10.57		16.10		0.87		0.80
Class R6 (EKJFX)5	11-30-2012		–		–		–		2.45		10.75		16.20		0.72		0.65
Administrator Class (WFPDX)6	7-16-2010		–		–		–		2.11		10.38		15.88		1.07		1.00
Institutional Class (EKJYX)	6-30-1999		–		–		–		2.39		10.69		16.17		0.82		0.70
Russell 1000® Growth Index7	–		–		–		–		0.24		12.97		16.86		–		–

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Premier Large Company Growth Fund 7

Ten largest holdings (%) as of January 31, 20198
Amazon.com Incorporated	7.53
Alphabet Incorporated Class A	6.40
Microsoft Corporation	4.48
Visa Incorporated Class A	3.79
MasterCard Incorporated Class A	3.55
Microchip Technology Incorporated	2.89
PayPal Holdings Incorporated	2.88
The Boeing Company	2.35
Texas Instruments Incorporated	2.06
Union Pacific Corporation	2.00

Sector distribution as of January 31, 2019⁹

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

¹  Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

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

³  The manager has contractually committed through November 30, 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.

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 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.

8 Wells Fargo Premier Large Company Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 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 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	972.10	$	5.52		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C
Actual	$	1,000.00	$	968.62	$	9.23		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R4
Actual	$	1,000.00	$	973.19	$	3.98		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	973.51	$	3.23		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	972.53	$	4.97		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	973.46	$	3.48		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Premier Large Company Growth Fund 9

Security name	Shares		Value
Common Stocks: 99.71%
Communication Services: 11.84%
Entertainment: 2.95%
Activision Blizzard Incorporated		115,930	$	5,476,533
Live Nation Incorporated †		346,790		18,556,733
Netflix Incorporated †		63,800		21,660,100
Take-Two Interactive Software Incorporated †		191,260		20,187,493
				65,880,859
Interactive Media & Services: 8.89%
Alphabet Incorporated Class A †		126,850		142,819,147
Alphabet Incorporated Class C †		19,348		21,599,527
Facebook Incorporated Class A †		114,010		19,004,327
Match Group Incorporated «		277,300		14,832,777
				198,255,778
Consumer Discretionary: 15.46%
Hotels, Restaurants & Leisure: 2.31%
Planet Fitness Incorporated Class A †		355,230		20,574,922
Royal Caribbean Cruises Limited		247,980		29,769,999
Vail Resorts Incorporated		5,870		1,105,086
				51,450,007
Household Durables: 0.61%
Roku Incorporated †«		304,870		13,703,907
Internet & Direct Marketing Retail: 7.98%
Amazon.com Incorporated †		97,760		168,023,045
Farfetch Limited Class A †		243,051		4,897,478
MercadoLibre Incorporated †		13,700		4,986,800
				177,907,323
Specialty Retail: 4.56%
Burlington Stores Incorporated †		213,710		36,696,144
Five Below Incorporated †		136,360		16,871,823
O’Reilly Automotive Incorporated †		70,640		24,346,782
Ross Stores Incorporated		24,000		2,210,880
The Home Depot Incorporated		6,330		1,161,745
ULTA Beauty Incorporated †		69,700		20,346,824
				101,634,198
Consumer Staples: 2.88%
Beverages: 1.76%
Constellation Brands Incorporated Class A		71,420		12,402,797
The Coca-Cola Company		557,070		26,811,779
				39,214,576

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

10 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 0.47%
Costco Wholesale Corporation		49,380	$	10,598,429
Personal Products: 0.65%
The Estee Lauder Companies Incorporated Class A		105,570		14,401,859
Energy: 0.36%
Oil, Gas & Consumable Fuels: 0.36%
Concho Resources Incorporated †		66,130		7,925,019
Financials: 5.06%
Capital Markets: 5.06%
CME Group Incorporated		200,140		36,481,519
MarketAxess Holdings Incorporated		160,650		34,502,801
Raymond James Financial Incorporated		247,746		19,943,553
The Charles Schwab Corporation		469,230		21,945,887
				112,873,760
Health Care: 13.99%
Biotechnology: 4.82%
Alexion Pharmaceuticals Incorporated †		139,882		17,199,891
BioMarin Pharmaceutical Incorporated †		34,300		3,367,231
Fibrogen Incorporated †		122,600		6,957,550
Ligand Pharmaceuticals Incorporated †		64,710		7,642,251
Neurocrine Biosciences Incorporated †		76,210		6,723,246
Regeneron Pharmaceuticals Incorporated †		26,300		11,289,801
Sage Therapeutics Incorporated †		75,590		10,778,378
Sarepta Therapeutics Incorporated †		116,770		16,313,937
Vertex Pharmaceuticals Incorporated †		142,970		27,294,403
				107,566,688
Health Care Equipment & Supplies: 3.69%
Abbott Laboratories		422,750		30,852,295
Boston Scientific Corporation †		925,590		35,311,259
Intuitive Surgical Incorporated †		30,650		16,049,566
				82,213,120
Health Care Providers & Services: 0.40%
Centene Corporation †		68,720		8,972,770
Health Care Technology: 0.70%
Veeva Systems Incorporated Class A †		142,130		15,500,698
Life Sciences Tools & Services: 2.28%
Agilent Technologies Incorporated		385,190		29,293,700
PRA Health Sciences Incorporated †		203,900		21,607,283
				50,900,983

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Premier Large Company Growth Fund 11

Security name	Shares		Value
Pharmaceuticals: 2.10%
Elanco Animal Health Incorporated †«		255,470	$	7,454,615
Zoetis Incorporated		458,368		39,492,987
				46,947,602
Industrials: 14.07%
Aerospace & Defense: 3.25%
HEICO Corporation		236,882		20,016,529
The Boeing Company		136,120		52,490,594
				72,507,123
Commercial Services & Supplies: 3.25%
KAR Auction Services Incorporated		227,417		11,827,958
Rollins Incorporated		561,955		20,927,204
Waste Connections Incorporated		476,015		39,775,813
				72,530,975
Industrial Conglomerates: 1.05%
Roper Industries Incorporated		82,550		23,383,113
Machinery: 0.88%
Fortive Corporation		261,425		19,604,261
Professional Services: 2.25%
CoStar Group Incorporated †		85,800		33,525,492
TransUnion		275,030		16,727,325
				50,252,817
Road & Rail: 3.39%
CSX Corporation		134,200		8,816,940
Norfolk Southern Corporation		132,110		22,160,131
Union Pacific Corporation		280,260		44,580,958
				75,558,029
Information Technology: 33.59%
IT Services: 13.51%
Euronet Worldwide Incorporated †		124,096		14,272,281
Global Payments Incorporated		167,130		18,765,356
MasterCard Incorporated Class A		375,110		79,196,974
PayPal Holdings Incorporated †		723,180		64,189,457
Shopify Incorporated Class A †«		88,130		14,847,261
Square Incorporated Class A †		102,328		7,301,103
Visa Incorporated Class A		626,230		84,547,312
WEX Incorporated †		113,240		18,269,009
				301,388,753
Semiconductors & Semiconductor Equipment: 5.69%
Microchip Technology Incorporated «		803,140		64,548,362
Monolithic Power Systems Incorporated		129,150		16,345,224

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

12 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2019 (unaudited)

Security name				Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments Incorporated					456,150	$	45,925,182
							126,818,768
Software: 13.99%
Adobe Systems Incorporated †					154,169		38,206,162
Dropbox Incorporated Class A †«					809,800		20,010,158
Microsoft Corporation					957,620		100,004,257
Pivotal Software Incorporated Class A †					536,236		9,915,004
Proofpoint Incorporated †					214,760		21,877,601
RealPage Incorporated †					249,850		13,934,135
Salesforce.com Incorporated †					279,420		42,463,457
ServiceNow Incorporated †					152,680		33,592,654
Splunk Incorporated †					116,385		14,529,503
The Ultimate Software Group Incorporated †					64,092		17,501,602
							312,034,533
Technology Hardware, Storage & Peripherals: 0.40%
Apple Incorporated					52,750		8,779,710
Materials: 1.26%
Chemicals: 1.26%
Linde plc					172,900		28,184,429
Real Estate: 1.20%
Equity REITs: 0.69%
SBA Communications Corporation †					83,800		15,296,014
Real Estate Management & Development: 0.51%
CBRE Group Incorporated Class A †					250,510		11,460,831
Total Common Stocks (Cost $1,254,692,373)							2,223,746,932
	Yield
Short-Term Investments: 5.01%
Investment Companies: 5.01%
Securities Lending Cash Investments LLC (l)(r)(u)		2.57	%		98,277,497		98,287,325
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.33			13,592,723		13,592,723
Total Short-Term Investments (Cost $111,880,048)							111,880,048

Total investments in securities (Cost $1,366,572,421)	104.72	%		2,335,626,980
Other assets and liabilities, net	(4.72	)		(105,368,654	)
Total net assets	100.00	%	$	2,230,258,326

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

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

Portfolio of investments—January 31, 2019 (unaudited) Wells Fargo Premier Large Company Growth Fund 13

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		94,411,945		309,236,998		305,371,446		98,277,497	$	(2,806	)	$	0	$	1,185,984	$	98,287,325
Wells Fargo Government Money Market Fund Select Class		9,566,578		225,319,341		221,293,196		13,592,723		0			0		118,261		13,592,723
									$	(2,806	)	$	0	$	1,304,245	$	111,880,048		5.01	%

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

14 Wells Fargo Premier Large Company Growth Fund Statement of assets and liabilities—January 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $96,113,591 of securities loaned), at value (cost $1,254,692,373)	$	2,223,746,932
Investments in affiliated securities, at value (cost $111,880,048)		111,880,048
Receivable for investments sold		6,620,032
Receivable for Fund shares sold		1,479,349
Receivable for dividends		703,680
Receivable for securities lending income		24,627
Prepaid expenses and other assets		114,012
Total assets		2,344,568,680
Liabilities
Payable upon receipt of securities loaned		98,287,171
Payable for investments purchased		10,656,963
Payable for Fund shares redeemed		3,336,190
Management fee payable		1,062,244
Administration fees payable		293,224
Distribution fee payable		100,655
Trustees’ fees and expenses payable		2,538
Due to custodian bank		265
Accrued expenses and other liabilities		571,104
Total liabilities		114,310,354
Total net assets	$	2,230,258,326
NET ASSETS CONSIST OF
Paid-in capital	$	1,213,940,337
Total distributable earnings		1,016,317,989
Total net assets	$	2,230,258,326
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	942,604,802
Shares outstanding – Class A1		77,205,558
Net asset value per share – Class A		$12.21
Maximum offering price per share – Class A2		$12.95
Net assets – Class C	$	164,186,669
Shares outstanding – Class C1		18,192,049
Net asset value per share – Class C		$9.03
Net assets – Class R4	$	3,746,288
Share outstanding – Class R41		292,715
Net asset value per share – Class R4		$12.80
Net assets – Class R6	$	170,783,922
Shares outstanding – Class R61		13,155,392
Net asset value per share – Class R6		$12.98
Net assets – Administrator Class	$	48,086,938
Shares outstanding – Administrator Class1		3,859,739
Net asset value per share – Administrator Class		$12.46
Net assets – Institutional Class	$	900,849,707
Shares outstanding – Institutional Class1		69,654,897
Net asset value per share – Institutional Class		$12.93

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2019 (unaudited) Wells Fargo Premier Large Company Growth Fund 15

Investment income
Dividends (net of foreign withholding taxes of $22,584)	$	9,135,006
Income from affiliated securities		303,609
Total investment income		9,438,615
Expenses
Management fee		8,001,272
Administration fees
Class A		1,048,317
Class C		196,442
Class R4		1,430
Class R6		27,713
Administrator Class		33,707
Institutional Class		645,865
Shareholder servicing fees
Class A		1,247,997
Class C		233,859
Class R4		1,788
Administrator Class		64,821
Distribution fee
Class C		701,578
Custody and accounting fees		60,494
Professional fees		27,197
Registration fees		65,662
Shareholder report expenses		106,418
Trustees’ fees and expenses		11,090
Other fees and expenses		26,853
Total expenses		12,502,503
Less: Fee waivers and/or expense reimbursements		(869,711	)
Net expenses		11,632,792
Net investment loss		(2,194,177	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		134,466,715
Affiliated securities		(2,806	)
Net realized gains on investments		134,463,909
Net change in unrealized gains (losses) on investments		(211,430,091	)
Net realized and unrealized gains (losses) on investments		(76,966,182	)
Net decrease in net assets resulting from operations	$	(79,160,359	)

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

	Six months ended January 31, 2019 (unaudited)						Year ended July 31, 20181
Operations
Net investment loss				$	(2,194,177	)				$	(5,025,277	)
Net realized gains on investments					134,463,909						395,034,238
Net change in unrealized gains (losses) on investments					(211,430,091	)					194,196,842
Net increase (decrease) in net assets resulting from operations					(79,160,359	)					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		2,626,923			34,420,274			3,267,334			47,146,306
Class C		1,196,732			10,866,992			1,584,503			17,609,853
Class R4		32,705			395,164			75,453			1,179,600
Class R6		740,461			10,404,628			1,545,725			24,664,037
Administrator Class		217,733			2,857,902			561,343			8,469,670
Institutional Class		6,611,297			92,065,619			13,231,358			209,203,798
					151,010,579						308,273,264
Reinvestment of distributions
Class A		12,562,848			146,357,178			15,972,127			209,554,313
Class C		3,761,731			32,426,128			4,459,739			46,202,895
Class R4		42,767			522,194			54,558			741,983
Class R6		2,036,360			25,210,147			2,631,345			36,154,683
Administrator Class		643,092			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		(7,407,256	)		(98,526,304	)		(14,159,720	)		(208,175,400	)
Class C		(3,710,023	)		(35,465,687	)		(5,118,687	)		(60,638,200	)
Class R4		(20,318	)		(336,252	)		(118,356	)		(1,890,437	)
Class R6		(2,034,376	)		(27,856,630	)		(2,515,229	)		(39,250,052	)
Administrator Class		(751,683	)		(10,672,637	)		(3,480,442	)		(50,915,269	)
Institutional Class		(13,957,080	)		(187,795,572	)		(21,905,645	)		(330,565,468	)
					(360,653,082	)					(691,434,826	)
Net increase in net assets resulting from capital share transactions					138,874,507						128,576,599
Total increase (decrease) in net assets					(320,915,100	)					151,798,792
Net assets
Beginning of period					2,551,173,426						2,399,374,634
End of period				$	2,230,258,326					$	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 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.10			$15.34			$14.68			$16.28			$14.55			$12.57
Net investment loss		(0.02	)1		(0.05	)		(0.03	)1		(0.03	)		(0.03	)		(0.05	)
Net realized and unrealized gains (losses) on investments		(0.51	)		3.56			2.12			(0.52	)		1.97			2.03
Total from investment operations		(0.53	)		3.51			2.09			(0.55	)		1.94			1.98
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$12.21			$15.10			$15.34			$14.68			$16.28			$14.55
Total return2		(2.79	)%		26.54	%		16.01	%		(3.22	)%		13.46	%		15.75	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.15	%		1.14	%		1.13	%		1.16	%		1.17	%
Net expenses		1.11	%		1.11	%		1.11	%		1.11	%		1.12	%		1.12	%
Net investment loss		(0.33	)%		(0.34	)%		(0.20	)%		(0.17	)%		(0.18	)%		(0.36	)%
Supplemental data
Portfolio turnover rate		22	%		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$942,605			$1,048,632			$986,791			$1,697,746			$2,280,107			$1,908,455

¹ Calculated based upon average shares outstanding

² Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.87			$12.86			$12.64			$14.27			$12.87			$11.20
Net investment loss		(0.06	)1		(0.13	)1		(0.12	)1		(0.12	)1		(0.13	)1		(0.14	)1
Net realized and unrealized gains (losses) on investments		(0.42	)		2.89			1.77			(0.46	)		1.74			1.81
Total from investment operations		(0.48	)		2.76			1.65			(0.58	)		1.61			1.67
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$9.03			$11.87			$12.86			$12.64			$14.27			$12.87
Total return2		(3.14	)%		25.68	%		15.05	%		(3.92	)%		12.65	%		14.91	%
Ratios to average net assets (annualized)
Gross expenses		1.90	%		1.90	%		1.89	%		1.88	%		1.91	%		1.92	%
Net expenses		1.86	%		1.86	%		1.86	%		1.86	%		1.87	%		1.87	%
Net investment loss		(1.08	)%		(1.09	)%		(0.95	)%		(0.92	)%		(0.93	)%		(1.11	)%
Supplemental data
Portfolio turnover rate		22	%		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$164,187			$201,138			$206,026			$296,896			$388,290			$374,136

¹ Calculated based upon average shares outstanding

² Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R4				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.69			$15.75			$15.00			$16.56			$14.75			$12.70
Net investment income (loss)		(0.00	)1,2		(0.00	)1,2		0.01	1		0.02	1		0.02			(0.01	)
Net realized and unrealized gains (losses) on investments		(0.53	)		3.69			2.17			(0.53	)		2.00			2.06
Total from investment operations		(0.53	)		3.69			2.18			(0.51	)		2.02			2.05
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$12.80			$15.69			$15.75			$15.00			$16.56			$14.75
Total return3		(2.68	)%		27.06	%		16.30	%		(2.91	)%		13.82	%		16.14	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.87	%		0.86	%		0.85	%		0.83	%		0.84	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.03	)%		(0.02	)%		0.09	%		0.13	%		0.13	%		(0.11	)%
Supplemental data
Portfolio turnover rate		22	%		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$3,746			$3,727			$3,559			$3,988			$2,129			$765

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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 Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.87			$15.87			$15.08			$16.62			$14.77			$12.71
Net investment income		0.01	1		0.02	1		0.03	1		0.04	1		0.05			0.01
Net realized and unrealized gains (losses) on investments		(0.54	)		3.73			2.19			(0.53	)		2.01			2.05
Total from investment operations		(0.53	)		3.75			2.22			(0.49	)		2.06			2.06
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$12.98			$15.87			$15.87			$15.08			$16.62			$14.77
Total return2		(2.65	)%		27.27	%		16.48	%		(2.78	)%		14.00	%		16.29	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.72	%		0.71	%		0.70	%		0.68	%		0.69	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.13	%		0.12	%		0.25	%		0.28	%		0.29	%		0.09	%
Supplemental data
Portfolio turnover rate		22	%		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$170,784			$196,934			$170,657			$179,198			$166,768			$163,871

¹ Calculated based upon average shares outstanding

² Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.35			$15.52			$14.82			$16.41			$14.63			$12.62
Net investment loss		(0.02	)1		(0.03	)1		(0.01	)1		(0.00	)1,2		(0.00	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		(0.51	)		3.61			2.14			(0.54	)		1.99			2.03
Total from investment operations		(0.53	)		3.58			2.13			(0.54	)		1.99			2.01
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$12.46			$15.35			$15.52			$14.82			$16.41			$14.63
Total return3		(2.75	)%		26.70	%		16.14	%		(3.13	)%		13.73	%		15.93	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.07	%		1.06	%		1.04	%		1.00	%		1.00	%
Net expenses		1.00	%		1.00	%		1.00	%		0.98	%		0.95	%		0.95	%
Net investment loss		(0.22	)%		(0.22	)%		(0.06	)%		(0.02	)%		(0.01	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		22	%		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$48,087			$57,582			$82,998			$292,900			$1,129,970			$1,325,864

¹  Calculated based upon average shares outstanding

² Amount is more than $(0.005).

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

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

22 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2019 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.82			$15.84			$15.06			$16.61			$14.77			$12.71
Net investment income		0.01	1		0.01	1		0.02	1		0.03	1		0.03			0.01	1
Net realized and unrealized gains (losses) on investments		(0.54	)		3.72			2.19			(0.53	)		2.02			2.05
Total from investment operations		(0.53	)		3.73			2.21			(0.50	)		2.05			2.06
Distributions to shareholders from
Net realized gains		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00
Net asset value, end of period		$12.93			$15.82			$15.84			$15.06			$16.61			$14.77
Total return2		(2.65	)%		27.17	%		16.44	%		(2.85	)%		14.01	%		16.21	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.81	%		0.80	%		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.08	%		0.07	%		0.19	%		0.23	%		0.23	%		0.07	%
Supplemental data
Portfolio turnover rate		22	%		45	%		65	%		47	%		44	%		37	%
Net assets, end of period (000s omitted)		$900,850			$1,043,161			$949,344			$1,097,976			$1,313,281			$1,031,979

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

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

Notes to financial statements (unaudited) Wells Fargo Premier Large Company Growth Fund 23

1. ORGANIZATION

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

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

Foreign currency translation

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the

24 Wells Fargo Premier Large Company Growth Fund Notes to financial statements (unaudited)

securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $1,364,492,667 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	983,672,342
Gross unrealized losses		(12,538,029	)
Net unrealized gains	$	971,134,313

Class allocations

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

Notes to financial statements (unaudited) Wells Fargo Premier Large Company Growth Fund 25

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 January 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	$	264,136,637	$	0	$	0	$	264,136,637
Consumer discretionary		344,695,435		0		0		344,695,435
Consumer staples		64,214,864		0		0		64,214,864
Energy		7,925,019		0		0		7,925,019
Financials		112,873,760		0		0		112,873,760
Health care		312,101,861		0		0		312,101,861
Industrials		313,836,318		0		0		313,836,318
Information technology		749,021,764		0		0		749,021,764
Materials		28,184,429		0		0		28,184,429
Real estate		26,756,845		0		0		26,756,845
Short-term investments
Investment companies		13,592,723		98,287,325		0		111,880,048
Total assets	$	2,237,339,655	$	98,287,325	$	0	$	2,335,626,980

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

At January 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2019, the management fee was equivalent to an annual rate of 0.66% of the Fund’s average daily net assets.

26 Wells Fargo Premier Large Company Growth Fund Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through November 30, 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, 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 Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2019, Funds Distributor received $19,668 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 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 Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2019 were $522,392,809 and $765,309,311, respectively.

Notes to financial statements (unaudited) Wells Fargo Premier Large Company Growth Fund 27

6. BANK BORROWINGS

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

For the six months ended January 31, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

28 Wells Fargo Premier Large Company Growth Fund Other information (unaudited)

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 calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 29

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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.3 (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. Johnson3 (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
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

30 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
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; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 31

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-260-5969 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

32 Wells Fargo Premier Large Company Growth Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

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

• Shares purchased in an investment advisory program.

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

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

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

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

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320778 03-19 SA212/SAR212 01-19

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date: March 27, 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: March 27, 2019

By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer

Date: March 27, 2019

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Capital Growth Fund, Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Intrinsic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Low Volatility U.S. Equity Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: March 27, 2019

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Capital Growth Fund, Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Intrinsic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Low Volatility U.S. Equity Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: March 27, 2019

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust (the “Trust”), hereby certifies, to the best of his knowledge, that the Trust’s report on Form N-CSRS for the six months ended January 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: March 27, 2019

By:	/s/ Andrew Owen
	Andrew Owen
	President
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust (the “Trust”), hereby certifies, to the best of his knowledge, that the Trust’s report on Form N-CSRS for the six months ended January 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: March 27, 2019

By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT