N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Registrant is making a filing for 8 of its series:

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

Date of reporting period: March 31, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report

March 31, 2019

Wells Fargo Intrinsic Small Cap 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	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	22
Report of independent registered public accounting firm	27
Other information	28
Appendix A	32

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Small Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Intrinsic Small Cap Value Fund for the 12-month period that ended March 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

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

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Small Cap Value Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Ann Miletti

Christopher G. Miller, CFA^®‡

Average annual total returns (%) as of March 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 (WFSMX)	3-31-2008		-9.32		4.14		12.28		-3.78		5.38		12.95		1.55		1.36
Class C (WSCDX)	3-31-2008		-5.51		4.60		12.11		-4.51		4.60		12.11		2.30		2.11
Administrator Class (WFSDX)	4-8-2005		–		–		–		-3.65		5.55		13.18		1.47		1.21
Institutional Class (WFSSX)	4-8-2005		–		–		–		-3.45		5.77		13.41		1.22		1.01
Russell 2000® Value Index3	–		–		–		–		0.17		5.59		14.12		–		–

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

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

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

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

Please see footnotes on page 7.

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

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

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

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

²  The manager has contractually committed through July 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.35% for Class A, 2.10% for Class C, 1.20% for Administrator Class, and 1.00% for Institutional Class. 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 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁴  The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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.

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

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

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell 2000^® Value Index, for the 12-month period that ended March 31, 2019.

∎ Stock selection in the financials and information technology (IT) sectors were the largest detractors from performance relative to the benchmark.

∎ Stock selection in the health care and consumer staples sectors contributed the most to performance relative to the benchmark.

Volatility was notable at times in the small-cap market during the period.

The small-cap value segment of the U.S. stock market, represented by the benchmark Russell 2000^® Value Index, moved sharply in both directions during the reporting period. The benchmark rose 10% during the second and third quarters of 2018, declined 19% during the fourth quarter of 2018, and then rebounded 12% in the first quarter of 2019 to end the reporting period just 0.17% above where it began. The utilities, communication services, and real estate sectors rose the most while the energy, materials, and consumer staples sectors declined the most during the reporting period. Volatility spiked when the markets declined but remained relatively low for the rest of the period. Across the broader market spectrum, larger-cap and growth stocks generally outperformed smaller-cap and value stocks.

The lowering of corporate taxes, reduction in burdensome regulations, and other progrowth government policies fueled optimism among U.S. businesses and bolstered overall economic activity to continue the nearly 10-year-old economic expansion. U.S. equity markets also benefited from the repatriation of cash held overseas, a significant ramp-up in share buybacks, increased capital spending, initial public offerings, and high-profile merger and acquisition activity. The U.S. economy remained resilient, with the gross domestic product having increased for 19 quarters in a row, unemployment reaching recovery lows, and job openings at recovery highs. Lower personal income taxes and household debt ratios, combined with higher household net worth and new housing starts, contributed to consumer confidence and optimism. However, investor sentiment turned negative during the fourth quarter of 2018 over concerns about inflation, interest rates, trade disputes, and the slowing of global economic growth. While the U.S. government has negotiated agreements with its North American neighbors and Europe, trade discussions with China are still ongoing and creating uncertainty in the market. The U.S. Federal Reserve (Fed) raised its benchmark interest rate three times during the reporting period, most recently to a range of 2.25% to 2.50% at its December 2018 meeting. However, the Fed has pivoted its posture since then and has not raised rates any further. It also has indicated a slowdown in reducing balance sheet assets. The yield curve continued to flatten for most of the reporting period, with the spread between the 3-month and 10-year U.S. Treasury yields briefly inverting in March 2019.

Ten largest holdings (%) as of March 31, 20195
AngioDynamics Incorporated	2.43
Steris plc	2.33
Bio-Rad Laboratories Incorporated Class A	2.30
Webster Financial Corporation	2.22
Sterling Bancorp	2.04
WPX Energy Incorporated	2.02
National General Holdings Corporation	2.01
Cimarex Energy Company	1.98
Four Corners Property Trust Incorporated	1.97
Essent Group Limited	1.94

Throughout all of the market and economic events that occurred during the reporting period, we continued to seek well-positioned companies—those with good business models, strong management teams, and healthy cash flows—trading at attractive discounts to their private market valuations (PMVs). The PMV represents the expected price an investor would pay for the entire company as a stand-alone private entity.

Portfolio holdings in the financials and IT sectors were the largest detractors from relative performance.

Within the financials sector, banks and insurance company holdings underperformed their peers. Banks suffered from the flattening and brief inversion of the

yield curve, declining valuation multiples, and generally less lending from late-cycle fears. Regional banks including Ameris Bancorp, Sterling Bancorp, and PacWest Bancorp were the largest detractors. Maiden Holdings, Limited*, a reinsurance company, had ongoing issues with its commercial automobile insurance reserves. When the chief executive officer and chief financial officer were replaced, we lost confidence in the company’s ability to fix these issues and exited our position. Within

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 9

the IT sector, holdings in equipment and peripherals underperformed their peers. Infinera Corporation, a provider of optical networking equipment, was affected by negative investor sentiment related to integration risk and indebtedness from a large acquisition. We exited our position in Diebold Nixdorf, Incorporated, best known for its ATM machines, as it continued to report weak financial results and disappointing forecasts. Utilities were the best-performing sector in the benchmark, rising over 21% during the period, and a lack of exposure to this sector in the portfolio hurt relative performance.

Sector distribution as of March 31, 2019⁶

Stock selection in the health care and consumer staples sectors contributed the most to relative performance.

Holdings in the health care equipment and life sciences industries benefited from the market recognizing their ability to grow profits while keeping up with product innovation. STERIS plc, a medical/surgical equipment company; AngioDynamics, Incorporated, and Integer Holdings Corporation, both medical device providers; and Bio-Rad Laboratories, Incorporated, a life sciences research company, were a few of our holdings that outperformed their peers. In the consumer staples sector, TreeHouse Foods, Incorporated, is a food and beverage manufacturing company that specializes in the

production of private-label products. The company had been dealing with competitive pressures that caused the stock to decline in the prior year. However, we retained conviction in the company as a new management team was able to turn around operations and profitability, and we benefited from a 69% gain in the stock for the reporting period.

Our methodology includes buying stocks at a discount to their estimated PMV and selling stocks as they approach or exceed the upper end of their PMV range.

Our disciplined, bottom-up investment process leads us to be overweight or underweight certain sectors. This positioning changes over time based on macroeconomic and industry-specific factors. During the reporting period, our process led us to be overweight the industrials and health care sectors while being underweight the utilities and financials sectors. Through our investment process, we remain keenly aware of both price and enterprise values on a company-by-company basis. Our proprietary database of company acquisitions across industries, sectors, and time frames enables us to maintain a steady foundation for assessing the PMVs of companies compared with their public stock prices. We strive to take advantage of those price discrepancies for the benefit of Fund shareholders by purchasing stocks when we believe they are selling at a discount to their PMV.

Some of these themes may prevail into 2019.

Looking ahead into 2019, interest rates, the policies of the U.S. government, energy prices, and global trade agreements may likely be themes that influence the overall market and the relative performance of the Fund. Lower taxes and reduced regulations already have had an effect on the overall U.S. economy, but a divided U.S. Congress after the 2018 midterm elections may slow down the pace and direction of reform. The U.S. and China are in the middle of intense trade negotiations that could affect bilateral as well as global trade. The U.S. economy is on its way to the longest expansion in history and the aging economic cycle is a constant factor in investor sentiment, but there are still indicators that do not foreshadow a recession in the near future. Most major global economies are expected to slow down, in contrast to the synchronized growth of previous years. The Fed has signaled no further interest rate hikes in the near future as well as a slowdown in the reduction to its balance sheet, which could have a positive effect on the markets.

Please see footnotes on page 7.

10 Wells Fargo Intrinsic Small Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	917.83	$	6.45		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.79		1.35	%
Class C
Actual	$	1,000.00	$	914.38	$	10.02		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.46	$	10.55		2.10	%
Administrator Class
Actual	$	1,000.00	$	918.25	$	5.74		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Institutional Class
Actual	$	1,000.00	$	919.31	$	4.79		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%

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

Portfolio of investments—March 31, 2019 Wells Fargo Intrinsic Small Cap Value Fund 11

Security name	Shares		Value
Common Stocks: 96.13%
Communication Services: 0.93%
Entertainment: 0.93%
Lions Gate Entertainment Class B		41,451	$	625,914
Consumer Discretionary: 9.75%
Auto Components: 3.58%
American Axle & Manufacturing Holdings Incorporated †		60,228		861,863
Dana Incorporated		52,301		927,820
Gentherm Incorporated †		16,641		613,387
				2,403,070
Diversified Consumer Services: 0.81%
Houghton Mifflin Harcourt Company †		74,219		539,572
Hotels, Restaurants & Leisure: 1.78%
Jack in the Box Incorporated		10,524		853,075
Playa Hotels & Resorts NV †		44,283		337,879
				1,190,954
Internet & Direct Marketing Retail: 1.05%
Groupon Incorporated †		198,630		705,137
Specialty Retail: 1.30%
National Vision Holdings Incorporated †		27,834		874,823
Textiles, Apparel & Luxury Goods: 1.23%
Carter’s Incorporated		8,205		826,982
Consumer Staples: 1.24%
Food Products: 1.24%
TreeHouse Foods Incorporated †		12,929		834,567
Energy: 4.89%
Oil, Gas & Consumable Fuels: 4.89%
Cimarex Energy Company		18,987		1,327,191
Concho Resources Incorporated		3,594		398,790
Matador Resources Company †		10,431		201,631
WPX Energy Incorporated †		103,168		1,352,532
				3,280,144
Financials: 24.20%
Banks: 15.99%
Ameris Bancorp		28,641		983,818
LegacyTexas Financial Group		26,264		982,011
PacWest Bancorp		26,358		991,324
Pinnacle Financial Partners Incorporated		18,969		1,037,604
Renasant Corporation		27,650		935,953

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

12 Wells Fargo Intrinsic Small Cap Value Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Banks (continued)
Sterling Bancorp		73,407	$	1,367,572
United Community Bank		33,897		845,052
Webster Financial Corporation		29,399		1,489,647
Wintrust Financial Corporation		13,637		918,179
Zions Bancorporation		26,016		1,181,387
				10,732,547
Capital Markets: 1.07%
Stifel Financial Corporation		13,648		720,068
Insurance: 5.19%
CNO Financial Group Incorporated		67,835		1,097,570
First American Financial Corporation		20,109		1,035,614
National General Holdings Corporation		56,950		1,351,424
				3,484,608
Thrifts & Mortgage Finance: 1.95%
Essent Group Limited †		30,018		1,304,282
Health Care: 11.99%
Health Care Equipment & Supplies: 7.74%
AngioDynamics Incorporated †		71,418		1,632,615
Haemonetics Corporation †		10,912		954,582
Integer Holdings Corporation †		13,882		1,046,980
Steris plc		12,208		1,562,990
				5,197,167
Health Care Providers & Services: 0.55%
MEDNAX Incorporated †		13,502		366,849
Life Sciences Tools & Services: 3.70%
Bio-Rad Laboratories Incorporated Class A †		5,047		1,542,767
Bruker Corporation		24,467		940,511
				2,483,278
Industrials: 18.35%
Airlines: 1.13%
Spirit Airlines Incorporated †		14,334		757,695
Building Products: 1.39%
Masonite International Corporation †		18,717		933,791
Commercial Services & Supplies: 5.03%
Advanced Disposal Services Incorporated †		28,946		810,488
Interface Incorporated		59,017		904,140
KAR Auction Services Incorporated		15,518		796,229
Knoll Incorporated		45,909		868,139
				3,378,996

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

Portfolio of investments—March 31, 2019 Wells Fargo Intrinsic Small Cap Value Fund 13

Security name	Shares		Value
Machinery: 6.21%
Altra Holdings Incorporated		31,322	$	972,548
ITT Incorporated		17,956		1,041,448
Rexnord Corporation †		38,864		977,041
SPX Corporation †		33,793		1,175,658
				4,166,695
Road & Rail: 2.07%
Avis Budget Group Incorporated †		11,599		404,341
Genesee & Wyoming Incorporated Class A †		11,284		983,288
				1,387,629
Trading Companies & Distributors: 2.52%
Air Lease Corporation		25,203		865,723
MRC Global Incorporated †		47,383		828,255
				1,693,978
Information Technology: 12.29%
Communications Equipment: 0.86%
Infinera Corporation †		133,086		577,593
Electronic Equipment, Instruments & Components: 6.04%
Anixter International Incorporated †		16,401		920,260
Avnet Incorporated		24,937		1,081,518
SYNNEX Corporation		9,300		887,127
Zebra Technologies Corporation Class A †		5,558		1,164,568
				4,053,473
IT Services: 2.37%
Conduent Incorporated †		58,283		806,054
WEX Incorporated †		4,092		785,623
				1,591,677
Semiconductors & Semiconductor Equipment: 1.41%
Brooks Automation Incorporated		32,338		948,474
Software: 1.61%
Mimecast Limited †		22,734		1,076,455
Materials: 2.85%
Metals & Mining: 2.85%
Reliance Steel & Aluminum Company		11,255		1,015,876
Royal Gold Incorporated		9,847		895,388
				1,911,264
Real Estate: 9.64%
Equity REITs: 9.64%
Cousins Properties Incorporated		117,840		1,138,334
Four Corners Property Trust Incorporated		44,663		1,322,025

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

14 Wells Fargo Intrinsic Small Cap Value Fund Portfolio of investments—March 31, 2019

Security name				Shares		Value
Equity REITs (continued)
Hudson Pacific Properties Incorporated					28,467	$	979,834
Physicians Realty Trust					62,200		1,169,982
Retail Opportunity Investment Corporation					63,850		1,107,159
Taubman Centers Incorporated					14,288		755,549
							6,472,883
Total Common Stocks (Cost $56,658,497)							64,520,565
	Yield
Short-Term Investments: 4.26%
Investment Companies: 4.26%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38	%		2,859,333		2,859,333
Total Short-Term Investments (Cost $2,859,333)							2,859,333

Total investments in securities (Cost $59,517,830)	100.39	%		67,379,898
Other assets and liabilities, net	(0.39	)		(262,677	)
Total net assets	100.00	%	$	67,117,221

† 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 Portfolio at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *		4,579,892		14,874,073		19,453,965		0	$	37	$	69	$	30,454	$	0
Wells Fargo Government Money Market Fund Select Class		893,311		19,621,400		17,655,378		2,859,333		0		0		34,285		2,859,333
									$	37	$	69	$	64,739	$	2,859,333		4.26	%

* 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—March 31, 2019 Wells Fargo Intrinsic Small Cap Value Fund 15

Assets
Investments in unaffiliated securities, at value (cost $56,658,497)	$	64,520,565
Investments in affiliated securities, at value (cost $2,859,333)		2,859,333
Receivable for investments sold		581,788
Receivable for Fund shares sold		22,040
Receivable for dividends		45,748
Prepaid expenses and other assets		29,333
Total assets		68,058,807
Liabilities
Payable for investments purchased		788,280
Payable for Fund shares redeemed		46,243
Management fee payable		36,944
Administration fees payable		10,675
Trustees’ fees and expenses payable		1,928
Distribution fee payable		346
Accrued expenses and other liabilities		57,170
Total liabilities		941,586
Total net assets	$	67,117,221
NET ASSETS CONSIST OF
Paid-in capital	$	55,685,693
Total distributable earnings		11,431,528
Total net assets	$	67,117,221
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	44,028,005
Shares outstanding – Class A1		1,454,513
Net asset value per share – Class A		$30.27
Maximum offering price per share – Class A2		$32.12
Net assets – Class C	$	526,121
Shares outstanding – Class C1		18,802
Net asset value per share – Class C		$27.98
Net assets – Administrator Class	$	1,164,886
Shares outstanding – Administrator Class1		37,707
Net asset value per share – Administrator Class		$30.89
Net assets – Institutional Class	$	21,398,209
Shares outstanding – Institutional Class1		682,901
Net asset value per share – Institutional Class		$31.33

¹  The Fund has an unlimited number of authorized shares.

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

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

16 Wells Fargo Intrinsic Small Cap Value Fund Statement of operations—year ended March 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $872)	$	884,140
Income from affiliated securities		44,493
Total investment income		928,633
Expenses
Management fee		637,288
Administration fees
Class A		99,941
Class C		1,500
Administrator Class		1,548
Institutional Class		33,123
Shareholder servicing fees
Class A		118,978
Class C		1,785
Administrator Class		2,977
Distribution fee
Class C		5,356
Custody and accounting fees		4,652
Professional fees		38,210
Registration fees		60,209
Shareholder report expenses		36,575
Trustees’ fees and expenses		22,368
Other fees and expenses		11,535
Total expenses		1,076,045
Less: Fee waivers and/or expense reimbursements		(149,490	)
Net expenses		926,555
Net investment income		2,078
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		4,077,425
Affiliated securities		37
Net realized gains on investments		4,077,462
Net change in unrealized gains (losses) on:
Unaffiliated securities		(6,626,673	)
Affiliated securities		(69	)
Net change in unrealized gains (losses) on investments		(6,626,742	)
Net realized and unrealized gains (losses) on investments		(2,549,280	)
Net decrease in net assets resulting from operations	$	(2,547,202	)

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

Statement of changes in net assets Wells Fargo Intrinsic Small Cap Value Fund 17

	Year ended March 31, 2019						Year ended March 31, 2018
Operations
Net investment income (loss)				$	2,078					$	(122,689	)
Net realized gains on investments					4,077,462						8,079,158
Net change in unrealized gains (losses) on investments					(6,626,742	)					(1,592,607	)
Net increase (decrease) in net assets resulting from operations					(2,547,202	)					6,363,862
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		32,828			1,010,693			56,287			1,697,291
Class C		1,268			37,710			3,291			88,944
Administrator Class		13,111			411,209			9,745			302,977
Institutional Class		40,538			1,300,358			134,112			4,360,186
					2,759,970						6,449,398
Payment for shares redeemed
Class A		(199,126	)		(6,242,566	)		(261,867	)		(7,767,468	)
Class C		(11,127	)		(325,796	)		(11,065	)		(298,907	)
Administrator Class		(17,407	)		(542,222	)		(115,713	)		(3,702,140	)
Institutional Class		(221,373	)		(7,195,900	)		(1,288,079	)		(37,985,828	)
					(14,306,484	)					(49,754,343	)
Net decrease in net assets resulting from capital share transactions					(11,546,514	)					(43,304,945	)
Total decrease in net assets					(14,093,716	)					(36,941,083	)
Net assets
Beginning of period					81,210,937						118,152,020
End of period				$	67,117,221					$	81,210,937

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

18 Wells Fargo Intrinsic Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$31.46			$28.92			$23.49			$25.50			$23.53
Net investment income (loss)		(0.04	)1		(0.08	)1		(0.15	)1		0.22	1		0.04
Net realized and unrealized gains (losses) on investments		(1.15	)		2.62			5.71			(2.09	)		1.93
Total from investment operations		(1.19	)		2.54			5.56			(1.87	)		1.97
Distributions to shareholders from
Net investment income		0.00			0.00			(0.13	)		(0.14	)		0.00
Net asset value, end of period		$30.27			$31.46			$28.92			$23.49			$25.50
Total return2		(3.78	)%		8.78	%		23.68	%		(7.36	)%		8.37	%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.54	%		1.48	%		1.47	%		1.46	%
Net expenses		1.35	%		1.35	%		1.35	%		1.35	%		1.40	%
Net investment income (loss)		(0.11	)%		(0.26	)%		(0.57	)%		0.95	%		0.15	%
Supplemental data
Portfolio turnover rate		34	%		27	%		142	%		66	%		60	%
Net assets, end of period (000s omitted)		$44,028			$50,993			$52,817			$49,898			$817

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Intrinsic Small Cap Value Fund 19

(For a share outstanding throughout each period)

	Year ended March 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$29.30			$27.14			$22.11			$24.04			$22.35
Net investment loss		(0.25	)1		(0.28	)1		(0.39	)1		(0.00	)1,2		(0.14	)1
Net realized and unrealized gains (losses) on investments		(1.07	)		2.44			5.42			(1.93	)		1.83
Total from investment operations		(1.32	)		2.16			5.03			(1.93	)		1.69
Net asset value, end of period		$27.98			$29.30			$27.14			$22.11			$24.04
Total return3		(4.51	)%		7.96	%		22.75	%		(8.03	)%		7.56	%
Ratios to average net assets (annualized)
Gross expenses		2.29	%		2.29	%		2.22	%		2.22	%		2.21	%
Net expenses		2.10	%		2.10	%		2.10	%		2.12	%		2.15	%
Net investment loss		(0.85	)%		(1.02	)%		(1.52	)%		(0.00	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		34	%		27	%		142	%		66	%		60	%
Net assets, end of period (000s omitted)		$526			$840			$989			$285			$304

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

³  Total return calculations do not include any sales charges.

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

20 Wells Fargo Intrinsic Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$32.06			$29.43			$23.89			$25.95			$23.90
Net investment income (loss)		0.01	1		(0.03	)1		(0.10	)1		0.22	1		0.07	1
Net realized and unrealized gains (losses) on investments		(1.18	)		2.66			5.80			(2.08	)		1.98
Total from investment operations		(1.17	)		2.63			5.70			(1.86	)		2.05
Distributions to shareholders from
Net investment income		0.00			0.00			(0.16	)		(0.20	)		0.00
Net asset value, end of period		$30.89			$32.06			$29.43			$23.89			$25.95
Total return		(3.65	)%		8.94	%		23.86	%		(7.17	)%		8.58	%
Ratios to average net assets (annualized)
Gross expenses		1.46	%		1.46	%		1.40	%		1.37	%		1.30	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income (loss)		0.05	%		(0.10	)%		(0.38	)%		0.91	%		0.27	%
Supplemental data
Portfolio turnover rate		34	%		27	%		142	%		66	%		60	%
Net assets, end of period (000s omitted)		$1,165			$1,347			$4,355			$4,893			$5,110

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Intrinsic Small Cap Value Fund 21

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$32.45			$29.73			$24.13			$26.22			$24.19
Net investment income (loss)		0.08	1		0.03	1		(0.07	)1		0.33			0.14	1
Net realized and unrealized gains (losses) on investments		(1.20	)		2.69			5.89			(2.17	)		1.99
Total from investment operations		(1.12	)		2.72			5.82			(1.84	)		2.13
Distributions to shareholders from
Net investment income		0.00			0.00			(0.22	)		(0.25	)		(0.10	)
Net asset value, end of period		$31.33			$32.45			$29.73			$24.13			$26.22
Total return		(3.45	)%		9.15	%		24.14	%		(7.02	)%		8.83	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.15	%		1.12	%		1.03	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		0.24	%		0.08	%		(0.26	)%		1.10	%		0.57	%
Supplemental data
Portfolio turnover rate		34	%		27	%		142	%		66	%		60	%
Net assets, end of period (000s omitted)		$21,398			$28,032			$59,991			$71,072			$84,563

¹  Calculated based upon average shares outstanding

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

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

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

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

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $60,005,271 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	11,896,999
Gross unrealized losses		(4,522,372	)
Net unrealized gains	$	7,374,627

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 Small Cap Value Fund Notes to financial statements

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 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	$	625,914	$	0	$	0	$	625,914
Consumer discretionary		6,540,538		0		0		6,540,538
Consumer staples		834,567		0		0		834,567
Energy		3,280,144		0		0		3,280,144
Financials		16,241,505		0		0		16,241,505
Health care		8,047,294		0		0		8,047,294
Industrials		12,318,784		0		0		12,318,784
Information technology		8,247,672		0		0		8,247,672
Materials		1,911,264		0		0		1,911,264
Real estate		6,472,883		0		0		6,472,883
Short-term investments
Investment companies		2,859,333		0		0		2,859,333
Total assets	$	67,379,898	$	0	$	0	$	67,379,898

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

At March 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.850	%
Next $500 million		0.825
Next $1 billion		0.800
Next $1 billion		0.775
Next $1 billion		0.750
Next $1 billion		0.730
Next $5 billion		0.720
Over $10 billion		0.710

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

Notes to financial statements Wells Fargo Intrinsic Small Cap Value Fund 25

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, and 1.20% for Administrator Class shares, and 1.00% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2019, Funds Distributor received $105 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended March 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 is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $24,545,859 and $37,288,789, 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.

26 Wells Fargo Intrinsic Small Cap Value Fund Notes to financial statements

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

7. DISTRIBUTIONS TO SHAREHOLDERS

For the years ended March 31, 2019 and March 31, 2018, the Fund did not have any distributions paid to shareholders.

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

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$920,734	$3,136,167	$7,374,627

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.

Report of independent registered public accounting firm Wells Fargo Intrinsic Small Cap Value Fund 27

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 24, 2019

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

Other information (unaudited) Wells Fargo Intrinsic Small Cap Value Fund 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 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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 Intrinsic Small Cap 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

32 Wells Fargo Intrinsic Small Cap 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: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

401591 05-19 A242/AR242 03-19

Annual Report

March 31, 2019

Wells Fargo Disciplined Small Cap Fund

(formerly, Wells Fargo Small Cap Opportunities 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	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	21
Statement of operations	22
Statement of changes in net assets	23
Financial highlights	24
Notes to financial statements	28
Report of independent registered public accounting firm	35
Other information	36
Appendix A	40

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Small Cap Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Disciplined Small Cap Fund for the 12-month period that ended March 31, 2019. Effective June 27, 2018, the Fund changed its name from Wells Fargo Small Cap Opportunities Fund to Wells Fargo Disciplined Small Cap Fund. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

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

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Small Cap Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated*

Portfolio managers⁺

Justin P. Carr, CFA^®‡

Greg G. Golden, CFA^®‡

Robert M. Wicentowski, CFA^®‡

Average annual total returns (%) as of March 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 (WDSAX)3	7-31-2018		-12.28		4.43		12.51		-6.93		5.68		13.18		1.10		0.99
Class R6 (WSCJX)4	10-31-2016		–		–		–		-6.75		5.94		13.32		0.67		0.56
Administrator Class (NVSOX)	8-1-1993		–		–		–		-7.01		5.66		13.17		1.02		0.91
Institutional Class (WSCOX)5	10-31-2014		–		–		–		-6.79		5.90		13.29		0.77		0.66
Russell 2000® Index6	–		–		–		–		2.05		7.05		15.36		–		–

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

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

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

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

Please see footnotes on page 7.

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

Growth of $10,000 investment as of March 31, 2019⁷

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

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

^‡  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 0.06% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through July 31, 2019 (July 31, 2020 for Class A shares), to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.93% for Class A, 0.50% for Class R6, 0.85% for Administrator Class, and 0.60% for Institutional Class. 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 Administrator Class shares, and is adjusted to reflect the higher expenses and sales charges of the Class A shares.

⁴  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect the expenses of Class R6. If these expenses had been included, returns for Class R6 would be higher.

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the expenses of the Institutional Class. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁷  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁸  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell 2000^® Index, for the 12-month period that ended March 31, 2019.

∎ Negative stock selection occurred most significantly within the information technology (IT), consumer discretionary, and materials sectors.

∎ The Fund benefited from positive stock selection in the health care, real estate, and consumer staples sectors.

A strong economy and tax bill stimulus sent U.S. stocks climbing higher.

The global economy appears to be losing steam. According to Capital Economics, global gross domestic product growth has slowed from 3.8% in the first quarter of 2018 to around 3.0% in the first quarter of 2019, a level the International Monetary Fund considers a perilously slow growth rate. The slowdown has been particularly severe in Europe and, to a lesser extent, in Asia. Manufacturing has slowed markedly along with the sharp decline in global trade, while the service sector has been more resilient.

The v-shaped recovery in the equity markets from the fourth quarter of 2018 through the first quarter of 2019 was driven by a dovish pivot from the Federal Open Market Committee (FOMC), expectations for a trade deal between the U.S. and China, and better-than-expected corporate earnings. On the trade front, the planned early-March increase in the tariff rate on $200 billion of Chinese imports was delayed and talk of a summit between U.S. President Donald Trump and People’s Republic of China President Xi Jinping boosted confidence. However, the summit did not materialize as progress on a trade deal stalled. On the earnings front during the first quarter of 2019, the S&P 500 Index⁷ registered the fifth-straight quarter of double-digit earnings growth, indicating greater resilience than expected at the end of 2018. The Russell 2000^® Index rose by 2.05% for the reporting period. The broader small-cap equity market was driven by periods of high growth and high beta followed by reversal. Quality also outperformed.

Ten largest holdings (%) as of March 31, 20198
Performance Food Group Company	0.88
Verint Systems Incorporated	0.88
J2 Global Incorporated	0.83
Ryman Hospitality Properties Incorporated	0.83
Steven Madden Limited	0.80
SYNNEX Corporation	0.78
MGIC Investment Corporation	0.74
CACI International Incorporated Class A	0.73
EMCOR Group Incorporated	0.73
Horizon Pharma plc	0.72

Changes to the Fund’s portfolio during the period were minimal.

Investor concerns about the duration of the economic expansion and slowing economic growth caused crowding into a narrow segment of the market. There has been a preference for growth, even at high valuations, and quality. Value, however, has drastically underperformed. With the changes in investors’ attitudes toward risk assets, sentiment drove rallies in the market that were characterized by risk-on sentiment during the first quarter of 2019 and risk-off sentiment during the last quarter of 2018. Significant and well-timed exposures to risk factors has been the recipe for successful performance. Fundamental factors largely have been ineffective, making this the most challenging period in

the history of the Fund. Our past experience demonstrates that fundamentally weighted strategies that invest in relatively inexpensive companies with improving fundamentals reward long-term investors. We continue to build portfolios that adhere to this philosophy while recognizing that pervasive macroeconomic risks require an elevated emphasis on risk controls, particularly as it relates to industry exposures and secular growth.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Disciplined Small Cap Fund 9

Sector distribution as of March 31, 2019⁹

Stock selection was strongest in health care, real estate, and consumer staples.

Stock selection was strongest in the health care, real estate, and consumer staples sectors. Within health care, the Fund benefited from not owning Nektar Therapeutics, a previously high-flying name that declined on setbacks in its pipeline and competition. An overweight to Horizon Pharma plc, which commercializes late-stage biopharmaceutical therapies, was a consistent performer all year with results that bested consensus estimates on the top and bottom lines. Gout treatment Krystexxa experienced double-digit growth and continues to be strong. Teprotumumab, which treats thyroid eye disease, is also tracking well. In real estate,

NexPoint Residential Trust, Incorporated, which operates multifamily properties throughout the southeast and southwest, delivered strong growth despite mixed results relative to consensus expectations. Fundamentals in the apartment sector remain strong. Across consumer staples, Medifast, Incorporated, was the top-performing name. While the company has finished higher for the year, prudent trimming of the position preserved some gains as the stock demonstrated weakness in the back half of the year. Overall, the company delivered double-digit earnings and revenue growth while raising guidance early in the year.

Stock selection was weakest in IT, consumer discretionary, and materials.

The strategy’s risk-control discipline and its focus on bottom-up stock selection tend to limit the effect of sector allocations on relative performance. Though the cumulative effect of generally neutral sector positioning was small, it was not immaterial this period. Stock selection was weakest in IT, consumer discretionary, and materials. Across consumer discretionary, particularly within specialty retail, names such as Tailored Brands, Incorporated, detracted from relative performance. Stronger growth prospects led internet retail stocks higher, while valuation multiples for traditional brick-and-mortar retail names contracted to mid-single digits. Late-cycle industries in the IT sector lagged over supply and margin concerns. As an example, the Fund’s overweight exposure to Ultra Clean Holdings, Incorporated, a supplier of critical subsystems in the semiconductor manufacturing process, detracted from relative performance. Trinseo S.A., a manufacturer of polymers and plastics in the materials sector’s chemical industry, detracted from relative performance on global macroeconomic weakness, particularly in Europe, and foreign currency exchange headwinds.

We will continue to diligently focus on company fundamentals and disciplined portfolio risk management.

Though U.S. economic growth is expected to be lower than in 2018, it is most likely to remain positive in the coming months as unemployment remains near a record low, consumer confidence remains high, and personal incomes are growing. Corporate fundamentals have deteriorated somewhat as the earnings outlook has weakened; however, investment spending and corporate balance sheets remain healthy. With the downward revision to earnings expectations over the past several months, consensus estimates have been lowered to a point that they may lead to an upside surprise. However, we recognize that the largest source of risk to earnings is linked to uncertainty regarding trade sanctions, which have the potential to result in higher input costs, higher labor costs, and profit margin compression. Further delays to a negotiated trade settlement could cause market disappointment, while the resolution of the dispute may only provide a small positive catalyst.

The risk of slow economic growth for several quarters or an economic downturn has increased. However, the combination of weak core inflation and slower economic growth will likely keep the FOMC on hold in 2019 with a bias toward loosening monetary policy. As we monitor the macroeconomic environment, we will continue to diligently focus on company fundamentals and disciplined portfolio risk management.

Please see footnotes on page 7.

10 Wells Fargo Disciplined Small Cap Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	878.87	$	4.31		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.35	$	4.63		0.92	%
Class R6
Actual	$	1,000.00	$	878.91	$	2.34		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44	$	2.52		0.50	%
Administrator Class
Actual	$	1,000.00	$	877.65	$	3.98		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Institutional Class
Actual	$	1,000.00	$	878.88	$	2.81		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02		0.60	%

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—March 31, 2019 Wells Fargo Disciplined Small Cap Fund 11

Security name	Shares		Value
Common Stocks: 98.95%
Communication Services: 2.85%
Diversified Telecommunication Services: 0.33%
Vonage Holdings Corporation †		26,155	$	262,596
Entertainment: 0.61%
Marcus Corporation		6,121		245,146
World Wrestling Entertainment Incorporated Class A		2,787		241,856
				487,002
Interactive Media & Services: 0.54%
QuinStreet Incorporated †		26,190		350,684
Yelp Incorporated †		2,319		80,006
				430,690
Media: 1.29%
Gray Television Incorporated †		13,126		280,371
MSG Networks Incorporated Class A †		13,144		285,882
Nexstar Media Group Incorporated Class A		4,266		462,306
				1,028,559
Wireless Telecommunication Services: 0.08%
Boingo Wireless Incorporated †		2,565		59,713
Consumer Discretionary: 11.36%
Auto Components: 0.77%
Dana Incorporated		18,667		331,153
Modine Manufacturing Company †		13,504		187,300
Tower International Incorporated		4,561		95,918
				614,371
Diversified Consumer Services: 1.17%
Career Education Corporation †		17,102		282,525
Grand Canyon Education Incorporated †		3,171		363,111
K12 Incorporated †		8,419		287,340
				932,976
Hotels, Restaurants & Leisure: 3.06%
Bloomin’ Brands Incorporated		12,197		249,429
Brinker International Incorporated		11,555		512,811
Dave & Buster’s Entertainment Incorporated		6,779		338,069
Marriott Vacations Worldwide Corporation		2,731		255,349
Planet Fitness Incorporated Class A †		7,561		519,592
Playags Incorporated †		9,526		227,957
Ruth’s Chris Steak House Incorporated		12,838		328,524
				2,431,731

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

12 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Household Durables: 1.43%
Helen of Troy Limited †		4,834	$	560,551
La-Z-Boy Incorporated		7,179		236,835
Universal Electronics Incorporated †		9,153		340,034
				1,137,420
Internet & Direct Marketing Retail: 0.60%
Etsy Incorporated †		4,285		288,038
Stamps.com Incorporated †		2,319		188,790
				476,828
Specialty Retail: 2.20%
American Eagle Outfitters Incorporated		14,411		319,492
Caleres Incorporated		9,695		239,370
Children’s Place Retail Stores Incorporated		2,297		223,452
Designer Brands Incorporated		12,255		272,306
Five Below Incorporated †		1,014		125,990
Tailored Brands Incorporated		7,140		55,978
Tilly’s Incorporated Class A		29,232		325,352
Zumiez Incorporated †		7,736		192,549
				1,754,489
Textiles, Apparel & Luxury Goods: 2.13%
G-III Apparel Group Limited †		8,956		357,882
Movado Group Incorporated		11,782		428,629
Skechers U.S.A. Incorporated Class A †		8,042		270,292
Steven Madden Limited		18,938		640,862
				1,697,665
Consumer Staples: 3.01%
Food & Staples Retailing: 0.88%
Performance Food Group Company †		17,731		702,857
Food Products: 0.91%
Fresh Del Monte Produce Incorporated		14,516		392,367
Simply Good Foods Company †		16,006		329,564
				721,931
Personal Products: 0.71%
Medifast Incorporated		2,410		307,396
USANA Health Sciences Incorporated †		3,086		258,823
				566,219
Tobacco: 0.51%
Turning Point Brands Incorporated		8,805		405,822
Energy: 4.01%
Energy Equipment & Services: 1.45%
Archrock Incorporated		41,607		406,916
Helix Energy Solutions Group Incorporated †		36,654		289,933

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

Portfolio of investments—March 31, 2019 Wells Fargo Disciplined Small Cap Fund 13

Security name	Shares		Value
Energy Equipment & Services (continued)
ProPetro Holding Corporation †		17,252	$	388,860
Tetra Technologies Incorporated †		28,806		67,406
				1,153,115
Oil, Gas & Consumable Fuels: 2.56%
Abraxas Petroleum Corporation †		82,264		102,830
Callon Petroleum Company †		15,640		118,082
Delek US Holdings Incorporated		13,565		494,037
Denbury Resources Incorporated †		42,907		87,959
HighPoint Resources Corporation †		30,518		67,445
Northern Oil & Gas Incorporated †		50,836		139,291
Oasis Petroleum Incorporated †		20,963		126,617
Par Pacific Holdings Incorporated †		11,349		202,126
Renewable Energy Group Incorporated †		14,149		310,712
SRC Energy Incorporated †		31,112		159,293
World Fuel Services Corporation		7,854		226,902
				2,035,294
Financials: 16.83%
Banks: 7.49%
Bank of N.T. Butterfield & Son Limited		9,006		323,135
Central Pacific Financial Company		5,470		157,755
CNB Financial Corporation		7,238		182,904
Enterprise Financial Service		9,225		376,103
First Bancorp of North Carolina		11,113		386,288
First Financial Bancorp		6,712		161,491
First Financial Corporation		6,530		274,260
First Interstate BancSystem Class A		8,844		352,168
First Merchants Corporation		7,379		271,916
Great Southern Bancorp Incorporated		7,278		377,728
Great Western Bancorp Incorporated		7,943		250,919
Hancock Holding Company		11,539		466,176
Heritage Commerce Corporation		11,406		138,013
IBERIABANK Corporation		984		70,563
Independent Bank Corporation		10,142		218,053
Mercantile Bank Corporation		8,482		277,531
NBT Bancorp Incorporated		5,895		212,279
Peoples Bancorp Incorporated		11,428		353,925
Preferred Bank (Los Angeles)		6,966		313,261
Shore Bancshares Incorporated		3,781		56,375
Simmons First National Corporation Class A		1,887		46,194
Sterling Bancorp		6,059		112,879
TriCo Bancshares		4,246		166,825
Umpqua Holdings Corporation		16,774		276,771
WesBanco Incorporated		3,498		139,046
				5,962,558
Capital Markets: 2.57%
BGC Partners Incorporated Class A		27,820		147,724
Blucora Incorporated †		14,599		487,315

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

14 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Capital Markets (continued)
BrightSphere Investment Group Incorporated		22,927	$	310,890
Evercore Partners Incorporated Class A		4,576		416,416
Houlihan Lokey Incorporated		10,430		478,216
Stifel Financial Corporation		3,930		207,347
				2,047,908
Consumer Finance: 0.72%
Enova International Incorporated †		15,573		355,376
Regional Management Corporation †		8,934		218,168
				573,544
Diversified Financial Services: 0.29%
On Deck Capital Incorporated †		42,673		231,288
Insurance: 2.88%
Argo Group International Holdings Limited		3,351		236,782
FBL Financial Group Incorporated		3,774		236,705
Health Insurance Innovations Incorporated Class A «†		4,929		132,196
Kemper Corporation		6,883		524,072
National General Holdings Corporation		17,681		419,570
Selective Insurance Group Incorporated		5,609		354,938
Universal Insurance Holdings Company		12,454		386,074
				2,290,337
Thrifts & Mortgage Finance: 2.88%
Essent Group Limited †		12,078		524,789
First Defiance Financial Corporation		6,587		189,310
MGIC Investment Corporation †		44,479		586,678
Provident Financial Services Incorporated		7,543		195,288
Radian Group Incorporated		27,188		563,879
Walker & Dunlop Incorporated		4,519		230,062
				2,290,006
Health Care: 15.51%
Biotechnology: 5.57%
Akebia Therapeutics Incorporated †		18,264		149,582
Arena Pharmaceuticals Incorporated †		5,176		232,040
Array BioPharma Incorporated †		19,010		463,464
CytomX Therapeutics Incorporated †		3,377		36,303
Emergent BioSolutions Incorporated †		5,026		253,914
Exelixis Incorporated †		11,378		270,796
Fibrogen Incorporated †		7,517		408,549
Halozyme Therapeutics Incorporated †		13,024		209,686
Heron Therapeutics Incorporated †		11,175		273,117
Inovio Pharmaceuticals Incorporated Ǡ		32,454		121,053
Intercept Pharmaceuticals Incorporated †		2,049		229,201
Ligand Pharmaceuticals Incorporated †		2,208		277,568
Pfenex Incorporated †		26,209		161,972
REGENXBIO Incorporated †		4,345		249,012

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

Portfolio of investments—March 31, 2019 Wells Fargo Disciplined Small Cap Fund 15

Security name	Shares		Value
Biotechnology (continued)
Repligen Corporation †		2,076	$	122,650
Rigel Pharmaceuticals Incorporated †		76,575		196,798
Sangamo Therapeutics Incorporated †		12,277		117,123
Spectrum Pharmaceuticals Incorporated †		4,382		46,844
Ultragenyx Pharmaceutical Incorporated †		1,843		127,830
Vanda Pharmaceuticals Incorporated †		11,465		210,956
Vericel Corporation †		15,760		275,958
				4,434,416
Health Care Equipment & Supplies: 3.40%
Globus Medical Incorporated Class A †		7,061		348,884
Haemonetics Corporation †		2,569		224,736
Inogen Incorporated †		2,768		263,984
Merit Medical Systems Incorporated †		7,736		478,317
Novocure Limited †		6,313		304,097
Orthofix Medical Incorporated †		4,014		226,430
Seaspine Holdings Corporation †		16,275		245,427
STAAR Surgical Company †		9,332		319,061
Wright Medical Group NV †		9,531		299,750
				2,710,686
Health Care Providers & Services: 2.77%
Amedisys Incorporated †		2,589		319,120
BioTelemetry Incorporated †		6,720		420,806
Centene Corporation †		5,904		313,502
Encompass Health Corporation		4,172		243,645
Ensign Group Incorporated		8,997		460,556
Magellan Health Services Incorporated †		1,342		88,465
R1 RCM Incorporated †		37,153		359,270
				2,205,364
Health Care Technology: 0.32%
Omnicell Incorporated †		3,111		251,493
Life Sciences Tools & Services: 0.70%
Medpace Holdings Incorporated †		4,733		279,105
PRA Health Sciences Incorporated †		2,519		277,821
				556,926
Pharmaceuticals: 2.75%
ANI Pharmaceuticals Incorporated †		3,909		275,741
Catalent Incorporated †		8,633		350,413
Horizon Pharma plc †		21,581		570,386
Intersect ENT Incorporated †		8,361		268,806
Mallinckrodt plc †		14,722		320,056
Supernus Pharmaceuticals Incorporated †		11,578		405,693
				2,191,095

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

16 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Industrials: 14.90%
Aerospace & Defense: 0.78%
Ducommun Incorporated †		5,320	$	231,526
Moog Incorporated Class A		4,472		388,840
				620,366
Airlines: 0.61%
SkyWest Incorporated		9,002		488,719
Building Products: 0.77%
Builders FirstSource Incorporated †		14,693		196,005
CSW Industrials Incorporated †		5,013		287,195
NCI Building Systems Incorporated †		7,809		48,103
Patrick Industries Incorporated †		1,857		84,159
				615,462
Commercial Services & Supplies: 2.67%
Ennis Incorporated		11,521		239,176
Knoll Incorporated		13,645		258,027
McGrath RentCorp		7,270		411,264
Tetra Tech Incorporated		9,422		561,457
UniFirst Corporation		895		137,383
Viad Corporation		9,227		519,388
				2,126,695
Construction & Engineering: 2.23%
Ameresco Incorporated Class A †		15,844		256,356
Comfort Systems Incorporated		4,537		237,693
EMCOR Group Incorporated		7,899		577,259
MasTec Incorporated †		8,770		421,837
Primoris Services Corporation		9,365		193,668
Sterling Construction Company Incorporated †		7,087		88,729
				1,775,542
Electrical Equipment: 1.29%
Atkore International Incorporated †		19,282		415,141
Encore Wire Corporation		5,592		319,974
EnerSys		4,422		288,138
				1,023,253
Electronic Equipment, Instruments & Components: 0.47%
ScanSource Incorporated †		10,404		372,671
Machinery: 2.71%
EnPro Industries Incorporated		4,401		283,644
Global Brass & Copper Holdings Incorporated		10,018		345,020
Kadant Incorporated		3,215		282,791
Kennametal Incorporated		12,073		443,683
Meritor Incorporated †		23,837		485,083

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

Portfolio of investments—March 31, 2019 Wells Fargo Disciplined Small Cap Fund 17

Security name	Shares		Value
Machinery (continued)
Park Ohio Holdings Corporation		9,867	$	319,493
				2,159,714
Professional Services: 1.57%
BG Staffing Incorporated		7,877		172,034
CBIZ Incorporated †		7,806		157,993
Insperity Incorporated		4,151		513,313
TriNet Group Incorporated †		6,760		403,842
				1,247,182
Road & Rail: 0.38%
Covenant Transport Incorporated Class A †		5,991		113,709
USA Truck Incorporated †		13,262		191,503
				305,212
Trading Companies & Distributors: 1.42%
Applied Industrial Technologies Incorporated		5,777		343,558
DXP Enterprises Incorporated †		11,009		428,470
Rush Enterprises Incorporated		8,513		355,929
				1,127,957
Information Technology: 16.19%
Communications Equipment: 1.40%
Ciena Corporation †		13,208		493,187
Extreme Networks Incorporated †		38,305		286,904
Quantenna Communications Incorporated †		13,702		333,370
				1,113,461
Electronic Equipment, Instruments & Components: 3.15%
Control4 Corporation †		3,809		64,486
Fabrinet †		7,549		395,266
Insight Enterprises Incorporated †		5,647		310,924
Kemet Corporation		13,970		237,071
Plexus Corporation †		2,740		167,003
SYNNEX Corporation		6,491		619,176
TTM Technologies Incorporated †		27,279		319,983
Vishay Precision Group †		11,645		398,375
				2,512,284
IT Services: 4.95%
CACI International Incorporated Class A †		3,204		583,192
Cardtronics Incorporated Class A †		9,161		325,948
CSG Systems International Incorporated		9,633		407,476
EPAM Systems Incorporated †		2,994		506,375
Evertec Incorporated		10,834		301,294
MAXIMUS Incorporated		5,606		397,914
Perficient Incorporated †		14,305		391,814
The Trade Desk Incorporated †		1,652		327,013

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

18 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
IT Services (continued)
Unisys Corporation †		14,511	$	169,343
Virtusa Corporation †		9,895		528,888
				3,939,257
Semiconductors & Semiconductor Equipment: 2.09%
Diodes Incorporated †		6,399		222,045
Entegris Incorporated		9,603		342,731
Ichor Holdings Limited Ǡ		12,943		292,253
MKS Instruments Incorporated		1,536		142,925
Rudolph Technologies Incorporated †		3,740		85,272
Ultra Clean Holdings Incorporated †		14,742		152,580
Xperi Corporation		18,396		430,466
				1,668,272
Software: 4.46%
ACI Worldwide Incorporated †		4,546		149,427
Amber Road Incorporated †		27,718		240,315
American Software Incorporated Class A		9,238		110,394
AppFolio Incorporated Class A †		5,046		400,652
HubSpot Incorporated †		1,400		232,694
J2 Global Incorporated		7,606		658,680
New Relic Incorporated †		2,715		267,971
Qualys Incorporated †		1,298		107,397
SPS Commerce Incorporated †		4,532		480,664
Upland Software Incorporated †		4,783		202,608
Verint Systems Incorporated †		11,640		696,770
				3,547,572
Technology Hardware, Storage & Peripherals: 0.14%
Immersion Corporation †		13,289		112,026
Materials: 3.64%
Chemicals: 1.53%
Ferro Corporation †		6,643		125,752
Innospec Incorporated		5,781		481,846
Kraton Performance Polymers Incorporated †		4,029		129,653
PolyOne Corporation		8,180		239,756
Trinseo SA		5,358		242,717
				1,219,724
Containers & Packaging: 0.55%
Berry Global Group Incorporated †		4,256		229,271
Greif Incorporated Class A		4,979		205,384
				434,655
Metals & Mining: 0.22%
Suncoke Energy Incorporated †		20,698		175,726

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

Portfolio of investments—March 31, 2019 Wells Fargo Disciplined Small Cap Fund 19

Security name	Shares		Value
Paper & Forest Products: 1.34%
Boise Cascade Company		5,698	$	152,478
Louisiana-Pacific Corporation		13,776		335,859
Schweitzer-Mauduit International Incorporated		5,695		220,510
Verso Corporation Class A †		16,922		362,469
				1,071,316
Real Estate: 7.21%
Equity REITs: 6.33%
Ashford Hospitality Trust Incorporated		27,599		131,095
Catchmark Timber Trust Incorporated Class A		30,163		296,201
CoreCivic Incorporated		8,761		170,401
CyrusOne Incorporated		7,451		390,730
Digital Realty Trust Incorporated		4,369		519,911
Global Medical REIT Incorporated		28,229		277,209
NexPoint Residential Trust Incorporated		9,801		375,770
Piedmont Office Realty Trust Incorporated Class A		21,838		455,322
Preferred Apartment Communities Incorporated Class A		29,803		441,680
Ryman Hospitality Properties Incorporated		7,995		657,509
STAG Industrial Incorporated		16,335		484,333
Tier Incorporated		11,906		341,226
Xenia Hotels & Resorts Incorporated		22,517		493,347
				5,034,734
Real Estate Management & Development: 0.88%
Kennedy Wilson Holdings Incorporated		15,244		326,069
Newmark Group Incorporated Class A		45,239		377,293
				703,362
Utilities: 3.44%
Electric Utilities: 2.43%
IDACORP Incorporated		4,254		423,443
Otter Tail Corporation		8,704		433,633
PNM Resources Incorporated		6,122		289,815
Portland General Electric Company		10,822		561,012
Spark Energy Incorporated Class A		25,063		223,311
				1,931,214
Gas Utilities: 0.50%
Southwest Gas Corporation		4,791		394,108
Independent Power & Renewable Electricity Producers: 0.32%
Clearway Energy Incorporated		17,774		258,438
Water Utilities: 0.19%
Consolidated Water Company		12,018		154,672
Total Common Stocks (Cost $81,667,238)				78,778,493

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

20 Wells Fargo Disciplined Small Cap Fund Portfolio of investments—March 31, 2019

Security name	Yield					Shares		Value
Short-Term Investments: 1.90%
Investment Companies: 1.74%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%				533,068	$	533,142
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38					849,992		849,992
									1,383,134
				Maturity date		Principal
U.S. Treasury Securities: 0.16%
Treasury Bill (z)#		2.44			7-5-2019	$	130,000		129,189
Total Short-Term Investments (Cost $1,512,294)									1,512,323

Total investments in securities (Cost $83,179,532)	100.85	%		80,290,816
Other assets and liabilities, net	(0.85	)		(673,856	)
Total net assets	100.00	%	$	79,616,960

† 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.

(z) Zero coupon security. The rate represents the current yield to maturity.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
Russell 2000 E-Mini Index		8		6-21-2019	$	621,444	$	617,520	$	0	$	(3,924	)

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		13,754,682		55,235,285		68,456,899		533,068	$	0	$	0	$	97,828	$	533,142
Wells Fargo Government Money Market Fund Select Class		14,793,357		49,632,418		63,575,783		849,992		0		0		73,626		849,992
									$	0	$	0	$	171,454	$	1,383,134		1.74	%

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

Statement of assets and liabilities—March 31, 2019 Wells Fargo Disciplined Small Cap Fund 21

Assets
Investments in unaffiliated securities (including $525,426 of securities loaned), at value (cost $81,796,398)	$	78,907,682
Investments in affiliated securities, at value (cost $1,383,134)		1,383,134
Cash		2,927
Receivable for Fund shares sold		52,071
Receivable for dividends		76,161
Receivable for daily variation margin on open futures contracts		1,440
Receivable for securities lending income		57
Prepaid expenses and other assets		30,859
Total assets		80,454,331
Liabilities
Payable upon receipt of securities loaned		531,851
Payable for Fund shares redeemed		214,918
Management fee payable		15,081
Administration fees payable		8,597
Trustees’ fees and expenses payable		1,912
Accrued expenses and other liabilities		65,012
Total liabilities		837,371
Total net assets	$	79,616,960
NET ASSETS CONSIST OF
Paid-in capital	$	84,999,865
Total distributable loss		(5,382,905	)
Total net assets	$	79,616,960
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	34,499
Shares outstanding – Class A1		4,114
Net asset value per share – Class A		$8.39
Maximum offering price per share – Class A2		$8.90
Net assets – Class R6	$	4,013,530
Shares outstanding – Class R61		472,030
Net asset value per share – Class R6		$8.50
Net assets – Administrator Class	$	49,911,392
Shares outstanding – Administrator Class1		5,941,030
Net asset value per share – Administrator Class		$8.40
Net assets – Institutional Class	$	25,657,539
Shares outstanding – Institutional Class1		3,024,737
Net asset value per share – Institutional Class		$8.48

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.

22 Wells Fargo Disciplined Small Cap Fund Statement of operations—year ended March 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $1,600)	$	1,463,483
Income from affiliated securities		113,864
Total investment income		1,577,347
Expenses
Management fee		859,735
Administration fees
Class A		41	1
Class R6		3,999
Administrator Class		97,776
Institutional Class		68,899
Shareholder servicing fees
Class A		48	1
Administrator Class		186,592
Custody and accounting fees		19,480
Professional fees		46,392
Registration fees		73,526
Shareholder report expenses		39,777
Trustees’ fees and expenses		22,693
Other fees and expenses		12,688
Total expenses		1,431,646
Less: Fee waivers and/or expense reimbursements		(255,682	)
Net expenses		1,175,964
Net investment income		401,383
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		28,906,757
Futures contracts		(296,940	)
Net realized gains on investments		28,609,817
Net change in unrealized gains (losses) on:
Unaffiliated securities		(38,974,894	)
Futures contracts		(3,924	)
Net change in unrealized gains (losses) on investments		(38,978,818	)
Net realized and unrealized gains (losses) on investments		(10,369,001	)
Net decrease in net assets resulting from operations	$	(9,967,618	)

¹  For the period from July 31, 2018 (commencement of class operations) to March 31, 2019

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

Statement of changes in net assets Wells Fargo Disciplined Small Cap Fund 23

	Year ended March 31, 2019						Year ended March 31, 20181
Operations
Net investment income				$	401,383					$	502,956
Net realized gains on investments					28,609,817						54,267,385
Net change in unrealized gains (losses) on investments					(38,978,818	)					(28,401,505	)
Net increase (decrease) in net assets resulting from operations					(9,967,618	)					26,368,836
Distributions to shareholders from net investment income and net realized gains
Class A					(23,529	)2					N/A
Class R6					(4,570,209	)					(265,386	)
Administrator Class					(37,650,733	)					(27,391,629	)
Institutional Class					(22,694,010	)					(10,224,030	)
Total distributions to shareholders					(64,938,481	)					(37,881,045	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,960	2		51,409	2		N/A			N/A
Class R6		220,833			4,395,129			1,016,892			23,696,710
Administrator Class		348,961			5,660,352			1,003,396			24,583,627
Institutional Class		657,651			12,223,841			1,609,570			39,079,106
					22,330,731						87,359,443
Reinvestment of distributions
Class A		1,361	2		10,912	2		N/A			N/A
Class R6		523,136			4,271,599			11,427			261,336
Administrator Class		4,686,419			37,625,033			1,202,741			27,387,299
Institutional Class		2,679,230			21,773,661			386,831			8,839,448
					63,681,205						36,488,083
Payment for shares redeemed
Class A		(207	)2		(1,692	)2		N/A			N/A
Class R6		(1,326,785	)		(24,323,015	)		(41,737	)		(978,591	)
Administrator Class		(3,156,760	)		(42,530,327	)		(7,857,302	)		(184,787,406	)
Institutional Class		(3,311,260	)		(47,808,217	)		(1,280,303	)		(30,434,668	)
					(114,663,251	)					(216,200,665	)
Net decrease in net assets resulting from capital share transactions					(28,651,315	)					(92,353,139	)
Total decrease in net assets					(103,557,414	)					(103,865,348	)
Net assets
Beginning of period					183,174,374						287,039,722
End of period				$	79,616,960					$	183,174,374

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 March 31, 2018 was $168,078. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to March 31, 2019

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

24 Wells Fargo Disciplined Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

CLASS A	Year ended March 31, 20191
Net asset value, beginning of period		$23.70
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		(3.37	)
Total from investment operations		(3.35	)
Distributions to shareholders from
Net investment income		(0.04	)
Net realized gains		(11.92	)
Total distributions to shareholders		(11.96	)
Net asset value, end of period		$8.39
Total return2		(11.52	)%
Ratios to average net assets (annualized)
Gross expenses		1.14	%
Net expenses		0.92	%
Net investment income		0.16	%
Supplemental data
Portfolio turnover rate		176	%
Net assets, end of period (000s omitted)		$34

¹  For the period from July 31, 2018 (commencement of class operations) to March 31, 2019

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 Disciplined Small Cap Fund 25

(For a share outstanding throughout each period)

	Year ended March 31
CLASS R6	2019			2018			20171
Net asset value, beginning of period		$22.63			$23.82			$22.43
Net investment income		0.06			0.07			0.14
Net realized and unrealized gains (losses) on investments		(2.19	)		2.08			3.32
Total from investment operations		(2.13	)		2.15			3.46
Distributions to shareholders from
Net investment income		(0.08	)		(0.06	)		(0.14	)
Net realized gains		(11.92	)		(3.28	)		(1.93	)
Total distributions to shareholders		(12.00	)		(3.34	)		(2.07	)
Net asset value, end of period		$8.50			$22.63			$23.82
Total return2		(6.75	)%		8.95	%		15.63	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		1.06	%		0.92	%
Net expenses		0.64	%		0.85	%		0.85	%
Net investment income		0.48	%		0.14	%		0.67	%
Supplemental data
Portfolio turnover rate		176	%		48	%		73	%
Net assets, end of period (000s omitted)		$4,014			$23,871			$1,626

¹  For the period from October 31, 2016 (commencement of class operations) to March 31, 2017

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

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

26 Wells Fargo Disciplined Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$22.53			$23.79			$21.15			$25.19			$37.93
Net investment income		0.03	1		0.06			0.08	1		0.06			0.02
Net realized and unrealized gains (losses) on investments		(2.21	)		2.00			4.56			(1.24	)		3.13
Total from investment operations		(2.18	)		2.06			4.64			(1.18	)		3.15
Distributions to shareholders from
Net investment income		(0.03	)		(0.04	)		(0.07	)		(0.02	)		0.00
Net realized gains		(11.92	)		(3.28	)		(1.93	)		(2.84	)		(15.89	)
Total distributions to shareholders		(11.95	)		(3.32	)		(2.00	)		(2.86	)		(15.89	)
Net asset value, end of period		$8.40			$22.53			$23.79			$21.15			$25.19
Total return		(7.01	)%		8.52	%		22.13	%		(4.39	)%		11.75	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.30	%		1.28	%		1.29	%		1.24	%
Net expenses		0.95	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income		0.16	%		0.12	%		0.36	%		0.25	%		0.06	%
Supplemental data
Portfolio turnover rate		176	%		48	%		73	%		59	%		60	%
Net assets, end of period (000s omitted)		$49,911			$91,506			$231,039			$264,560			$306,628

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Disciplined Small Cap Fund 27

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			20151
Net asset value, beginning of period		$22.61			$23.82			$21.18			$25.22			$39.04
Net investment income		0.07	2		0.09			0.09			0.16	2		0.06
Net realized and unrealized gains (losses) on investments		(2.22	)		2.03			4.61			(1.28	)		2.01
Total from investment operations		(2.15	)		2.12			4.70			(1.12	)		2.07
Distributions to shareholders from
Net investment income		(0.06	)		(0.05	)		(0.13	)		(0.08	)		0.00
Net realized gains		(11.92	)		(3.28	)		(1.93	)		(2.84	)		(15.89	)
Total distributions to shareholders		(11.98	)		(3.33	)		(2.06	)		(2.92	)		(15.89	)
Net asset value, end of period		$8.48			$22.61			$23.82			$21.18			$25.22
Total return3		(6.79	)%		8.81	%		22.43	%		(4.12	)%		8.68	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		1.07	%		1.03	%		1.05	%		0.92	%
Net expenses		0.71	%		0.95	%		0.95	%		0.95	%		0.92	%
Net investment income		0.41	%		0.37	%		0.56	%		0.71	%		0.59	%
Supplemental data
Portfolio turnover rate		176	%		48	%		73	%		59	%		60	%
Net assets, end of period (000s omitted)		$25,658			$67,798			$54,375			$263			$11

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

²  Calculated based upon average shares outstanding

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

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

28 Wells Fargo Disciplined Small Cap Fund Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities 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.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2019, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

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

Notes to financial statements Wells Fargo Disciplined Small Cap Fund 29

foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

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

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

Futures contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

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

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

30 Wells Fargo Disciplined Small Cap Fund Notes to financial statements

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $83,780,500 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	5,766,477
Gross unrealized losses		(9,260,085	)
Net unrealized losses	$	(3,493,608	)

As of March 31, 2019, the Fund had current year net deferred post-October capital losses consisting of $1,969,221 in short-term losses which will be recognized on the first day of the following fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements Wells Fargo Disciplined Small Cap Fund 31

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 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	$	2,268,560	$	0	$	0	$	2,268,560
Consumer discretionary		9,045,480		0		0		9,045,480
Consumer staples		2,396,829		0		0		2,396,829
Energy		3,188,409		0		0		3,188,409
Financials		13,395,641		0		0		13,395,641
Health care		12,349,980		0		0		12,349,980
Industrials		11,862,773		0		0		11,862,773
Information technology		12,892,872		0		0		12,892,872
Materials		2,901,421		0		0		2,901,421
Real estate		5,738,096		0		0		5,738,096
Utilities		2,738,432		0		0		2,738,432
Short-term investments
Investment companies		849,992		533,142		0		1,383,134
U.S. Treasury securities		129,189		0		0		129,189
Total assets	$	79,757,674	$	533,142	$	0	$	80,290,816
Liabilities
Futures contracts	$	3,924	$	0	$	0	$	3,924
Total liabilities	$	3,924	$	0	$	0	$	3,924

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.

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion		0.500	%
Next $4 billion		0.475
Next $5 billion		0.440
Over $10 billion		0.430

32 Wells Fargo Disciplined Small Cap Fund Notes to financial statements

Prior to June 27, 2018, the management fee rate was as follows:

Average daily net assets	Management fee
First $500 million		0.850	%
Next $500 million		0.825
Next $1 billion		0.800
Next $1 billion		0.775
Next $1 billion		0.750
Next $1 billion		0.730
Next $5 billion		0.720
Over $10 billion		0.710

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.61% 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. Prior to June 27, 2018, Schroder Investment Management North America Inc., which is not an affiliate of Funds Management, was the subadviser to the fund and was entitled to receive a fee from Funds Management at an annual rate which started at 0.50% and declined to 0.45% as the average daily net assets of the Fund increased

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed to waive fees and/or reimburse expenses to the extent necessary to cap expenses as follows:

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

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 June 27, 2018, the Fund’s expenses were capped at 0.85% for Class R6 shares, 1.20% for Administrator Class shares, and 0.95% for Institutional Class shares.

Notes to financial statements Wells Fargo Disciplined Small Cap Fund 33

Sales charges

Wells Fargo Funds Distributor, LLC (“Funds Distributor’), the principal underwriter, is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A shares for the year ended March 31, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $238,956,435 and $317,379,696, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended March 31, 2019, the Fund entered into futures contracts for economic hedging purposes. The Fund had an average notional amount of $674,718 in long futures contracts during the year ended March 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.

6. BANK BORROWINGS

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

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

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Year ended March 31
	2019		2018
Ordinary income	$	1,060,055	$	4,968,700
Long-term capital gain		63,878,426		32,912,345

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

Undistributed ordinary income	Unrealized losses	Post-October capital losses deferred
$79,924	$(3,493,608)	$(1,969,221)

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 March 31, 2018 were as follows:

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

34 Wells Fargo Disciplined Small Cap Fund Notes to financial statements

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. 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.

Report of independent registered public accounting firm Wells Fargo Disciplined Small Cap Fund 35

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 24, 2019

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

TAX INFORMATION

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

Pursuant to Section 852 of the Internal Revenue Code, $63,878,426 was designated as a 20% rate gain distribution for the fiscal year ended March 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $1,060,055 of income dividends paid during the fiscal year ended March 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2019, $30,175 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended March 31, 2019, $493,040 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.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 (wfam.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Disciplined Small Cap Fund 37

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 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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 Small Cap Fund 39

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

40 Wells Fargo Disciplined Small Cap 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: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

401592 05-19 A243/AR243 03-19

Annual Report

March 31, 2019

Wells Fargo Small Cap 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	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	25
Report of independent registered public accounting firm	31
Other information	32
Appendix A	36

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Small Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Small Cap Value Fund for the 12-month period that ended March 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

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

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Small Cap Value Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers*

Jeff Goverman

Garth R. Nisbet, CFA^®‡

Craig Pieringer, CFA^®‡

Average annual total returns (%) as of March 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 (SMVAX)	11-30-2000		-12.34		2.05		10.78		-7.00		3.27		11.43		1.34		1.29
Class C (SMVCX)	11-30-2000		-8.67		2.49		10.60		-7.67		2.49		10.60		2.09		2.04
Class R6 (SMVRX)3	6-28-2013		–		–		–		-6.55		3.73		11.92		0.91		0.84
Administrator Class (SMVDX)4	7-30-2010		–		–		–		-6.85		3.46		11.67		1.26		1.09
Institutional Class (WFSVX)	7-31-2007		–		–		–		-6.61		3.68		11.89		1.01		0.89
Russell 2000® Value Index5	–		–		–		–		0.17		5.59		14.12		–		–

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

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

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

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

Please see footnotes on page 7.

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

Growth of $10,000 investment as of March 31, 2019⁶

* Mr. Goverman, Mr. Nisbet and Mr. Pieringer became portfolio managers of the Fund on May 23, 2019.

^‡ 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, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through July 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.83% for Class R6, 1.08% for Administrator Class, and 0.88% for Institutional Class. 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  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares.

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

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses.

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 Small Cap Value Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell 2000^® Value Index, for the 12-month period that ended March 31, 2019.

∎ Weakness in our industrials and financials holdings detracted from performance.

∎ Strong stock selection in the materials, information technology (IT), and communication services sectors contributed to performance.

Small-cap stock performance ranged widely during the period.

U.S. small-cap stocks performed poorly in the back half of 2018, driven by fears of a recession in the U.S., potential trade wars, increased interest rates, and a slowing global economy. Stocks have rebounded since the beginning of 2019 as these fears have abated. The U.S. economy remains on sound footing; it appears increasingly likely the U.S. will sign a trade deal with China; the U.S. Federal Reserve (Fed) has halted its program of interest rate increases; and while global growth has slowed, it may have bottomed and could improve from here. Given the strong recent performance of equities, stocks may pause for a quarter or two in order to digest recent gains. Nevertheless, our outlook is cautiously optimistic and we believe many of our investments are trading at extremely attractive valuations.

We increased the Fund’s industrials weight and modestly trimmed materials sector holdings.

We are bottom-up stock pickers, so sector weights are a reflection of individual stock selection. Over the past year, the Fund’s weighting in industrials increased materially. We initiated positions in Air Lease Corporation and Seaspan Corporation and are encouraged about both opportunities. Air Lease is an aircraft leasing company that stands to benefit from an improvement in lease rates due to healthy airline passenger trends and the aging of the existing fleet. Seaspan is an owner of containerships and is benefiting from an inflection in time charter rates and the expansion of its containership and infrastructure footprint. We also decreased our exposure to select materials sector stocks; however, we still remain overweight the sector. The decreased weight was driven primarily by the exit of our steel investments during the year.

Weakness in our industrials and financials holdings detracted from performance.

Industrials were a relative underperformer during the period, with the top detractors being ACCO Brands Corporation and FreightCar America, Incorporated. ACCO, a provider of office and computer supplies, was hurt in late 2018 by margin pressure due to tariffs and the destocking of inventory by its wholesale customers. FreightCar America, which manufactures freight cars for the railroad industry, made good progress on its operational turnaround in the first half of the year but took a step back in the third quarter as margins were hit by higher costs related to manufacturing a new railcar model.

Our overweight to banks hurt our performance. Macro concerns increased investors’ caution toward credit-exposed entities, including banks. Late-cycle fears also sent interest rates lower and flattened the yield curve—negatives for banks. Nevertheless, we remain overweight banks. We believe the underperformance is overdone. We believe the stocks are very cheap, expect earnings to be solid, and believe merger and acquisition (M&A) activity is likely to increase, driven by an improved regulatory backdrop.

Also affecting relative performance was our underweight to both the utilities and real estate sectors. Strong performance in these sectors was driven by the Fed’s signal to stop increasing interest rates, driving yield stocks higher.

Strong stock selection in the materials, IT, and communication services sectors contributed to performance.

Strong stock selection in the materials sector helped the Fund’s performance. Key contributors were our largest gold positions, Randgold Resources Limited and Sandstorm Gold Limited. Randgold announced a merger with Barrick Gold Corporation that closed at year-end to form a company that will have the lowest total cash cost position among its peers and will own a diversified asset portfolio. Sandstorm, a gold-streaming and royalty company, has a strong portfolio of underlying mines and has had strong recent results.

Within the IT and communication services sectors, the Fund’s holdings contributed to performance. OSI Systems, Incorporated, provides security and inspection systems for airports and border stations and also has a health care business. Shares improved, driven by continued positive results within its security business. Iridium Communications Incorporated, which operates a satellite communications network, recently completed the launch of its new satellite constellation, creating a highly competitive network.

Performance highlights (unaudited) Wells Fargo Small Cap Value Fund 9

We are cautiously optimistic.

We remain positive on how the portfolio is positioned. Despite the strong start to the year, we believe many of our stocks continue to trade at extremely attractive valuations. This includes our bank investments, which have underperformed the market for most of the past two years and continue to appear undervalued to us. We expect our bank holdings to benefit from deregulation and increased M&A activity. Although gold has lagged the recent market upturn, this is not surprising, as the gold price often lags other asset classes in a risk-on environment. We believe our investments in the gold miners can provide the Fund with important diversification benefits in times of market volatility.

Ten largest holdings (%) as of March 31, 20197
Navigator Holdings Limited	4.13
Barrick Gold Corporation	3.75
The Bancorp Incorporated	3.63
National General Holdings Corporation	3.60
IBERIABANK Corporation	3.44
Cray Incorporated	3.41
Century Casinos Incorporated	3.04
Air Lease Corporation	2.85
Sterling Bancorp	2.70
Sandstorm Gold Limited	2.62

Sector distribution as of March 31, 2019⁸

Please see footnotes on page 7.

10 Wells Fargo Small Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	904.04	$	6.08		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.44		1.28	%
Class C
Actual	$	1,000.00	$	899.98	$	9.62		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.81	$	10.20		2.03	%
Class R6
Actual	$	1,000.00	$	906.17	$	3.94		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.79	$	4.18		0.83	%
Administrator Class
Actual	$	1,000.00	$	904.35	$	5.13		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Institutional Class
Actual	$	1,000.00	$	906.00	$	4.18		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.54	$	4.43		0.88	%

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

Portfolio of investments—March 31, 2019 Wells Fargo Small Cap Value Fund 11

Security name	Shares		Value
Common Stocks: 99.02%
Communication Services: 0.74%
Diversified Telecommunication Services: 0.74%
Iridium Communications Incorporated †		120,760	$	3,192,894
Consumer Discretionary: 8.22%
Auto Components: 0.39%
Modine Manufacturing Company †		122,073		1,693,153
Automobiles: 0.05%
Thor Industries Incorporated		3,600		224,532
Hotels, Restaurants & Leisure: 3.79%
Century Casinos Incorporated †		1,439,000		13,037,340
Scientific Games Corporation †		156,900		3,203,898
				16,241,238
Household Durables: 3.30%
Cavco Industries Incorporated †		28,100		3,302,593
Nobility Homes Incorporated		89,800		2,020,500
Skyline Champion Corporation		86,692		1,647,148
Taylor Morrison Home Corporation Class A †		181,000		3,212,750
The New Home Company Incorporated †		829,800		3,949,848
				14,132,839
Leisure Products: 0.65%
Vista Outdoor Incorporated †		349,800		2,801,898
Textiles, Apparel & Luxury Goods: 0.04%
G-III Apparel Group Limited †		4,000		159,840
Energy: 9.95%
Energy Equipment & Services: 3.68%
CARBO Ceramics Incorporated †		717,700		2,511,950
Newpark Resources Incorporated †		575,800		5,274,328
Parker Drilling Company †		8,360		129,581
Smart Sand Incorporated †		466,300		2,075,035
Tidewater Incorporated †		249,400		5,783,586
				15,774,480
Oil, Gas & Consumable Fuels: 6.27%
Navigator Holdings Limited †		1,609,400		17,703,400
Nordic American Tanker Limited		692,500		1,398,850
Oasis Petroleum Incorporated †		342,800		2,070,512
Paramount Resources Limited Class A †		266,500		1,420,445
Range Resources Corporation		306,100		3,440,564
Southwestern Energy Company †		184,900		867,181
				26,900,952

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

12 Wells Fargo Small Cap Value Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Financials: 30.33%
Banks: 24.10%
Ameris Bancorp		233,600	$	8,024,160
Bank OZK		189,800		5,500,404
BankUnited Incorporated		245,400		8,196,360
CenterState Banks Incorporated		404,000		9,619,240
First Horizon National Corporation		586,300		8,196,474
Hanmi Financial Corporation		194,900		4,145,523
Hope Bancorp Incorporated		677,200		8,857,776
IBERIABANK Corporation		206,000		14,772,260
LegacyTexas Financial Group		216,400		8,091,196
Sterling Bancorp		620,900		11,567,367
The Bancorp Incorporated †		1,924,400		15,549,152
Valley National Bancorp		91,200		873,696
				103,393,608
Consumer Finance: 0.80%
Enova International Incorporated †		149,600		3,413,872
Insurance: 3.62%
First Acceptance Corporation †		83,100		103,875
National General Holdings Corporation		650,500		15,436,365
				15,540,240
Mortgage REITs: 0.13%
Redwood Trust Incorporated		35,100		566,865
Thrifts & Mortgage Finance: 1.68%
Axos Financial Incorporated †		91,500		2,649,840
Essent Group Limited †		99,700		4,331,965
NMI Holdings Incorporated Class A †		8,400		217,308
				7,199,113
Health Care: 3.93%
Health Care Equipment & Supplies: 0.41%
Hologic Incorporated †		32,500		1,573,000
Lantheus Holdings Incorporated †		7,381		180,687
				1,753,687
Health Care Providers & Services: 1.45%
Cross Country Healthcare Incorporated †		43,300		304,399
Tivity Health Incorporated †		337,900		5,933,524
				6,237,923
Health Care Technology: 1.30%
Allscripts Healthcare Solutions Incorporated †		582,300		5,555,142
Pharmaceuticals: 0.77%
Prestige Consumer Healthcare Incorporated †		110,300		3,299,073

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

Portfolio of investments—March 31, 2019 Wells Fargo Small Cap Value Fund 13

Security name	Shares		Value
Industrials: 21.44%
Air Freight & Logistics: 1.04%
Atlas Air Worldwide Holdings Incorporated †		87,800	$	4,439,168
Building Products: 4.46%
Armstrong Flooring Incorporated †		379,900		5,166,640
Builders FirstSource Incorporated †		777,500		10,371,850
CSW Industrials Incorporated †		62,900		3,603,541
				19,142,031
Commercial Services & Supplies: 2.71%
ABM Industries Incorporated		98,100		3,565,935
ACCO Brands Corporation		881,700		7,547,352
Healthcare Services Group Incorporated		5,400		178,146
Hudson Technologies Incorporated †		180,500		348,365
				11,639,798
Construction & Engineering: 1.98%
Bird Construction Incorporated (a)		250,500		1,469,908
IES Holdings Incorporated †		104,000		1,848,080
Tutor Perini Corporation †		302,500		5,178,800
				8,496,788
Machinery: 3.13%
FreightCar America Incorporated (l)†		736,700		4,538,072
Milacron Holdings Corporation †		309,000		3,497,880
Mueller Water Products Incorporated Class A		536,100		5,382,444
				13,418,396
Marine: 1.20%
Seaspan Corporation		592,700		5,156,490
Professional Services: 1.10%
Hill International Incorporated †		1,609,700		4,700,324
Trading Companies & Distributors: 5.82%
Air Lease Corporation		355,800		12,221,730
Applied Industrial Technologies Incorporated		77,500		4,608,925
Beacon Roofing Supply Incorporated †		90,500		2,910,480
BMC Stock Holdings Incorporated †		205,400		3,629,418
Textainer Group Holdings Limited †		166,300		1,604,795
				24,975,348
Information Technology: 9.95%
Communications Equipment: 2.01%
Finisar Corporation †		127,400		2,951,858
Harmonic Incorporated †		1,042,400		5,649,808
				8,601,666

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

14 Wells Fargo Small Cap Value Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 1.25%
Coherent Incorporated †		19,200	$	2,721,024
OSI Systems Incorporated †		30,100		2,636,760
				5,357,784
IT Services: 1.40%
CACI International Incorporated Class A †		7,900		1,437,958
Net 1 UEPS Technologies Incorporated †		384,700		1,381,073
Unisys Corporation †		274,300		3,201,081
				6,020,112
Semiconductors & Semiconductor Equipment: 0.92%
Ichor Holdings Limited †		52,200		1,178,676
Tower Semiconductor Limited †		166,200		2,752,272
				3,930,948
Technology Hardware, Storage & Peripherals: 4.37%
Cray Incorporated †		562,000		14,640,100
Quantum Corporation (l)†		1,733,100		4,124,778
				18,764,878
Materials: 10.98%
Containers & Packaging: 1.07%
Intertape Polymer Group Incorporated (a)		338,200		4,570,952
Metals & Mining: 9.91%
Agnico Eagle Mines Limited-U.S. Exchange Traded Shares		5,000		217,500
Argonaut Gold Incorporated †		534,600		748,440
Barrick Gold Corporation		1,173,301		16,085,957
Carpenter Technology Corporation		90,100		4,131,085
Eldorado Gold Corporation †		172,860		800,342
Haynes International Incorporated		202,500		6,648,075
NovaGold Resources Incorporated †		153,800		641,346
Olympic Steel Incorporated		4,900		77,763
Sandstorm Gold Limited †		2,052,034		11,245,146
Schnitzer Steel Industries Incorporated Class A		9,400		225,600
SSR Mining Incorporated †		130,800		1,655,929
TimkenSteel Corporation †		4,100		44,526
				42,521,709
Real Estate: 3.48%
Equity REITs: 3.48%
PotlatchDeltic Corporation		169,800		6,416,742
UMH Properties Incorporated		603,300		8,494,464
				14,911,206
Total Common Stocks (Cost $408,033,400)				424,728,947

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

Portfolio of investments—March 31, 2019 Wells Fargo Small Cap Value Fund 15

Security name				Shares		Value
Exchange-Traded Funds: 0.85%
SPDR S&P Regional Banking ETF					22,400	$	1,150,016
VanEck Vectors Gold Miners ETF					72,300		1,620,966
VanEck Vectors Junior Gold Miners ETF					27,000		856,710
Total Exchange-Traded Funds (Cost $2,927,612)							3,627,692
	Yield
Short-Term Investments: 0.16%
Investment Companies: 0.16%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38	%		681,307		681,307
Total Short-Term Investments (Cost $681,307)							681,307

Total investments in securities (Cost $411,642,319)	100.03	%		429,037,946
Other assets and liabilities, net	(0.03	)		(123,363	)
Total net assets	100.00	%	$	428,914,583

† Non-income-earning security

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

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

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

Abbreviations:

REIT Real estate investment trust

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

16 Wells Fargo Small Cap Value Fund Portfolio of investments—March 31, 2019

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Industrials
Machinery
FreightCar America Incorporated †		697,800		38,900		0		736,700	$	0		$	(5,434,331	)	$	0	$	4,538,072
Information Technology
Technology Hardware, Storage & Peripherals
Quantum Corporation †		1,090,300		642,800		0		1,733,100		0			(9,885,880	)		0		4,124,778
Financials
Capital Markets
Medley Management Incorporated Class A *		323,400		0		323,400		0		(3,574,301	)		3,438,521			121,160		0
																		8,662,850		2.02	%
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,673,791		93,580,781		94,573,265		681,307		0			0			43,998		681,307		0.16
									$	(3,574,301	)	$	(11,881,690	)	$	165,158	$	9,344,157		2.18	%

* No longer held at the end of the period.

† Non-income-earning security

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

Statement of assets and liabilities—March 31, 2019 Wells Fargo Small Cap Value Fund 17

Assets
Investments in unaffiliated securities, at value (cost $385,770,621)	$	419,693,789
Investments in affiliated securities, at value (cost $25,871,698)		9,344,157
Receivable for investments sold		1,623,466
Receivable for Fund shares sold		439,411
Receivable for dividends		298,611
Prepaid expenses and other assets		37,506
Total assets		431,436,940
Liabilities
Payable for investments purchased		1,516,761
Payable for Fund shares redeemed		336,750
Management fee payable		276,718
Due to custodian bank		114,727
Administration fees payable		70,872
Distribution fee payable		7,078
Trustees’ fees and expenses payable		1,906
Accrued expenses and other liabilities		197,545
Total liabilities		2,522,357
Total net assets	$	428,914,583
NET ASSETS CONSIST OF
Paid-in capital	$	381,795,977
Total distributable earnings		47,118,606
Total net assets	$	428,914,583
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	353,030,781
Shares outstanding – Class A1		27,997,544
Net asset value per share – Class A		$12.61
Maximum offering price per share – Class A2		$13.38
Net assets – Class C	$	10,609,857
Shares outstanding – Class C1		1,433,231
Net asset value per share – Class C		$7.40
Net assets – Class R6	$	34,135,544
Shares outstanding – Class R61		2,435,079
Net asset value per share – Class R6		$14.02
Net assets – Administrator Class	$	7,571,408
Shares outstanding – Administrator Class1		548,482
Net asset value per share – Administrator Class		$13.80
Net assets – Institutional Class	$	23,566,993
Shares outstanding – Institutional Class1		1,685,998
Net asset value per share – Institutional Class		$13.98

¹  The Fund has an unlimited number of authorized shares.

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

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

18 Wells Fargo Small Cap Value Fund Statement of operations—year ended March 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $36,631)	$	4,713,069
Income from affiliated securities		165,158
Total investment income		4,878,227
Expenses
Management fee		4,247,020
Administration fees
Class A		846,172
Class C		42,359
Class R6		11,977
Administrator Class		11,695
Institutional Class		36,962
Shareholder servicing fees
Class A		1,007,347
Class C		50,427
Administrator Class		22,257
Distribution fee
Class C		151,282
Custody and accounting fees		31,260
Professional fees		57,228
Registration fees		73,587
Shareholder report expenses		92,725
Trustees’ fees and expenses		22,721
Other fees and expenses		26,130
Total expenses		6,731,149
Less: Fee waivers and/or expense reimbursements		(485,332	)
Net expenses		6,245,817
Net investment loss		(1,367,590	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		54,825,615
Affiliated securities		(3,574,301	)
Net realized gains on investments		51,251,314
Net change in unrealized gains (losses) on:
Unaffiliated securities		(72,028,665	)
Affiiliated securities		(11,881,690	)
Net change in unrealized gains (losses) on investments		(83,910,355	)
Net realized and unrealized gains (losses) on investments		(32,659,041	)
Net decrease in net assets resulting from operations	$	(34,026,631	)

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

Statement of changes in net assets Wells Fargo Small Cap Value Fund 19

	Year ended March 31, 2019						Year ended March 31, 20181
Operations
Net investment loss				$	(1,367,590	)				$	(2,802,360	)
Net realized gains on investments					51,251,314						316,315,049
Net change in unrealized gains (losses) on investments					(83,910,355	)					(259,345,164	)
Net increase (decrease) in net assets resulting from operations					(34,026,631	)					54,167,525
Distributions to shareholders from net investment income and net realized gains
Class A					(71,877,689	)					(139,185,621	)
Class C					(5,381,139	)					(11,577,587	)
Class R6					(6,938,699	)					(18,852,432	)
Administrator Class					(1,539,465	)					(3,280,317	)
Institutional Class					(4,505,760	)					(59,214,889	)
Total distributions to shareholders					(90,242,752	)					(232,110,846	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,378,910			19,869,995			1,049,139			20,283,556
Class C		85,413			760,928			82,745			1,093,645
Class R6		314,495			4,957,498			362,552			7,674,684
Administrator Class		72,948			1,228,586			79,721			1,605,699
Institutional Class		371,588			6,490,839			453,494			9,352,699
					33,307,846						40,010,283
Reinvestment of distributions
Class A		5,855,579			70,149,839			7,549,312			135,464,919
Class C		724,350			5,106,665			870,426			10,955,100
Class R6		477,445			6,350,028			964,823			18,847,152
Administrator Class		101,619			1,332,230			144,268			2,762,509
Institutional Class		327,365			4,340,864			2,910,455			57,830,989
					87,279,626						225,860,669
Payment for shares redeemed
Class A		(4,853,428	)		(75,405,593	)		(5,792,964	)		(110,590,516	)
Class C		(1,548,014	)		(13,673,784	)		(909,855	)		(12,886,548	)
Class R6		(714,540	)		(11,020,449	)		(2,930,324	)		(61,212,656	)
Administrator Class		(167,945	)		(2,777,438	)		(251,974	)		(5,114,206	)
Institutional Class		(781,425	)		(13,646,724	)		(19,803,060	)		(399,900,378	)
					(116,523,988	)					(589,704,304	)
Net increase (decrease) in net assets resulting from capital share transactions					4,063,484						(323,833,352	)
Total decrease in net assets					(120,205,899	)					(501,776,673	)
Net assets
Beginning of period					549,120,482						1,050,897,155
End of period				$	428,914,583					$	549,120,482

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 March 31, 2018 was $666,360. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

20 Wells Fargo Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.09			$21.68			$18.84			$27.51			$35.74
Net investment income (loss)		(0.05	)1		(0.09	)1		(0.11	)		(0.06	)1		0.01	1
Net realized and unrealized gains (losses) on investments		(1.31	)		1.62			5.45			(1.19	)		(2.55	)
Total from investment operations		(1.36	)		1.53			5.34			(1.25	)		(2.54	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.13	)
Net realized gains		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.56	)
Total distributions to shareholders		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.69	)
Net asset value, end of period		$12.61			$17.09			$21.68			$18.84			$27.51
Total return2		(7.00	)%		7.97	%		29.92	%		(2.90	)%		(7.29	)%
Ratios to average net assets (annualized)
Gross expenses		1.37	%		1.33	%		1.32	%		1.36	%		1.35	%
Net expenses		1.28	%		1.28	%		1.28	%		1.28	%		1.29	%
Net investment income (loss)		(0.31	)%		(0.47	)%		(0.48	)%		(0.27	)%		0.02	%
Supplemental data
Portfolio turnover rate		37	%		36	%		31	%		16	%		9	%
Net assets, end of period (000s omitted)		$353,031			$437,704			$494,607			$441,679			$289,669

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Small Cap Value Fund 21

(For a share outstanding throughout each period)

	Year ended March 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.56			$16.67			$15.09			$23.80			$31.89
Net investment loss		(0.11	)1		(0.17	)1		(0.20	)1		(0.24	)1		(0.20	)1
Net realized and unrealized gains (losses) on investments		(0.93	)		1.18			4.28			(1.05	)		(2.27	)
Total from investment operations		(1.04	)		1.01			4.08			(1.29	)		(2.47	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.06	)
Net realized gains		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.56	)
Total distributions to shareholders		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.62	)
Net asset value, end of period		$7.40			$11.56			$16.67			$15.09			$23.80
Total return2		(7.67	)%		7.08	%		28.93	%		(3.58	)%		(8.00	)%
Ratios to average net assets (annualized)
Gross expenses		2.12	%		2.08	%		2.07	%		2.11	%		2.10	%
Net expenses		2.03	%		2.03	%		2.03	%		2.03	%		2.04	%
Net investment loss		(1.02	)%		(1.23	)%		(1.23	)%		(1.18	)%		(0.70	)%
Supplemental data
Portfolio turnover rate		37	%		36	%		31	%		16	%		9	%
Net assets, end of period (000s omitted)		$10,610			$25,111			$35,470			$33,601			$80,969

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

22 Wells Fargo Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS R6	2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.52			$22.93			$19.72			$28.29			$36.52
Net investment income (loss)		0.03	1		(0.00	)1,2		(0.01	)1		0.03	1		0.23	1
Net realized and unrealized gains (losses) on investments		(1.41	)		1.71			5.72			(1.18	)		(2.69	)
Total from investment operations		(1.38	)		1.71			5.71			(1.15	)		(2.46	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.21	)
Net realized gains		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.56	)
Total distributions to shareholders		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.77	)
Net asset value, end of period		$14.02			$18.52			$22.93			$19.72			$28.29
Total return		(6.55	)%		8.38	%		30.50	%		(2.43	)%		(6.90	)%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.89	%		0.89	%		0.92	%		0.87	%
Net expenses		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income (loss)		0.15	%		(0.01	)%		(0.03	)%		0.12	%		0.72	%
Supplemental data
Portfolio turnover rate		37	%		36	%		31	%		16	%		9	%
Net assets, end of period (000s omitted)		$34,136			$43,671			$90,809			$92,929			$52,613

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

Financial highlights Wells Fargo Small Cap Value Fund 23

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.34			$22.80			$19.66			$28.30			$36.40
Net investment income (loss)		(0.02	)1		(0.06	)1		(0.07	)1		(0.06	)1		0.01	1
Net realized and unrealized gains (losses) on investments		(1.40	)		1.72			5.71			(1.16	)		(2.55	)
Total from investment operations		(1.42	)		1.66			5.64			(1.22	)		(2.54	)
Distributions to shareholders from
Net realized gains		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.56	)
Net asset value, end of period		$13.80			$18.34			$22.80			$19.66			$28.30
Total return		(6.85	)%		8.18	%		30.22	%		(2.70	)%		(7.16	)%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.24	%		1.24	%		1.25	%		1.19	%
Net expenses		1.08	%		1.08	%		1.08	%		1.08	%		1.09	%
Net investment income (loss)		(0.11	)%		(0.28	)%		(0.31	)%		(0.24	)%		0.03	%
Supplemental data
Portfolio turnover rate		37	%		36	%		31	%		16	%		9	%
Net assets, end of period (000s omitted)		$7,571			$9,936			$12,994			$24,927			$74,820

¹  Calculated based upon average shares outstanding

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

24 Wells Fargo Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.49			$22.90			$19.71			$28.29			$36.53
Net investment income (loss)		0.02	1		(0.02	)1		(0.01	)1		(0.01	)1		0.17	1
Net realized and unrealized gains (losses) on investments		(1.41	)		1.73			5.70			(1.15	)		(2.65	)
Total from investment operations		(1.39	)		1.71			5.69			(1.16	)		(2.48	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.20	)
Net realized gains		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.56	)
Total distributions to shareholders		(3.12	)		(6.12	)		(2.50	)		(7.42	)		(5.76	)
Net asset value, end of period		$13.98			$18.49			$22.90			$19.71			$28.29
Total return		(6.61	)%		8.39	%		30.41	%		(2.46	)%		(6.95	)%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		0.99	%		0.99	%		0.99	%		0.92	%
Net expenses		0.88	%		0.88	%		0.88	%		0.88	%		0.89	%
Net investment income (loss)		0.09	%		(0.11	)%		(0.06	)%		(0.03	)%		0.52	%
Supplemental data
Portfolio turnover rate		37	%		36	%		31	%		16	%		9	%
Net assets, end of period (000s omitted)		$23,567			$32,699			$417,018			$283,728			$1,017,115

¹  Calculated based upon average shares outstanding

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

Notes to financial statements Wells Fargo Small Cap Value Fund 25

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registered open-end investment companies are valued at net asset value.

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.

Security transactions and income recognition

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

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

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

26 Wells Fargo Small Cap Value Fund Notes to financial statements

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $412,555,210 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	82,633,669
Gross unrealized losses		(66,150,933	)
Net unrealized gains	$	16,482,736

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements Wells Fargo Small Cap Value Fund 27

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	3,192,894	$	0	$	0	$	3,192,894
Consumer discretionary		33,233,000		2,020,500		0		35,253,500
Energy		42,675,432		0		0		42,675,432
Financials		130,113,698		0		0		130,113,698
Health care		16,845,825		0		0		16,845,825
Industrials		90,498,435		1,469,908		0		91,968,343
Information technology		42,675,388		0		0		42,675,388
Materials		42,521,709		4,570,952		0		47,092,661
Real estate		14,911,206		0		0		14,911,206
Exchange-traded funds		3,627,692		0		0		3,627,692
Short-term investments
Investment companies		681,307		0		0		681,307
Total assets	$	420,976,586	$	8,061,360	$	0	$	429,037,946

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $500 million		0.850	%
Next $500 million		0.825
Next $1 billion		0.800
Next $1 billion		0.775
Next $1 billion		0.750
Next $1 billion		0.730
Next $5 billion		0.720
Over $10 billion		0.710

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

28 Wells Fargo Small Cap Value Fund Notes to financial statements

Administration fees

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

	Class-level administration fee
Class A, Class C		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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.28% for Class A shares, 2.03% for Class C shares, 0.83% for Class R6 shares, 1.08% for Administrator Class shares, and 0.88% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2019, Funds Distributor received $371 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended March 31, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $183,716,277 and $267,978,201, respectively.

6. BANK BORROWINGS

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

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

Notes to financial statements Wells Fargo Small Cap Value Fund 29

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Year ended March 31
	2019		2018
Ordinary income	$	0	$	1,352,843
Long-term capital gain		90,242,752		230,758,003

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

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$14,978,067	$15,657,779	$16,482,760

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 March 31, 2018 were as follows:

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

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. REDEMPTION IN-KIND

After the close of business on July 7, 2017, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $317,068,893 and cash in the amount of $17,087,078. The Fund recognized gains in the amount of $145,197,411. The redemption in-kind by a shareholder of the Institutional Class represented 34% of the Fund and is reflected on the Statement of Changes in Net Assets.

11. NEW ACCOUNTING PRONOUNCEMENT

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

30 Wells Fargo Small Cap Value Fund Notes to financial statements

12. SUBSEQUENT EVENT

At a regular meeting of the Board of Trustees held on May 21-22, 2019, the Trustees of the Fund approved the merger of the Fund into Wells Fargo Small Company Value Fund. As a result of the merger, Wells Fargo Small Company Value Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo Small Company Value Fund. The merger does not require approval by the Fund’s shareholders.

Shareholders of the Fund will receive a prospectus/information statement with information on the principal aspects of the merger of the Fund into Wells Fargo Small Company Value Fund in June 2019. The merger is scheduled to take place on or about September 20, 2019.

Report of independent registered public accounting firm Wells Fargo Small Cap Value Fund 31

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 29, 2019

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

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $90,242,752 was designated as a 20% rate gain distribution for the fiscal year ended March 31, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.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 (wfam.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Small Cap Value Fund 33

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 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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 Small Cap Value Fund 35

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

36 Wells Fargo Small Cap 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: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

401593 05-19 A244/AR244 03-19

Annual Report

March 31, 2019

Wells Fargo Special Small Cap 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	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	27
Report of independent registered public accounting firm	33
Other information	34
Appendix A	38

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Special Small Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Special Small Cap Value Fund for the 12-month period that ended March 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

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

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Special Small Cap Value Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

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

The Fund is currently closed to most new investors.¹

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Robert Rifkin, CFA^®‡

James M. Tringas, CFA^®‡

Bryant VanCronkhite, CFA^®‡, CPA

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

		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 (ESPAX)4	5-7-1993		-6.57		5.43		14.36		-0.87			6.69		15.03		1.31		1.31
Class C (ESPCX)4	12-12-2000		-2.59		5.89		14.17		-1.59	*		5.89		14.17		2.06		2.06
Class R (ESPHX)5	9-30-2015		–		–		–		-1.08	*		6.44		14.73		1.56		1.56
Class R6 (ESPRX)6	10-31-2014		–		–		–		-0.42			7.14		15.49		0.88		0.88
Administrator Class (ESPIX)4	7-23-1996		–		–		–		-0.77			6.84		15.27		1.23		1.20
Institutional Class (ESPNX)7	7-30-2010		–		–		–		-0.50	*		7.10		15.46		0.98		0.94
Russell 2000® Value Index8	–		–		–		–		0.17			5.59		14.12		–		–

* Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles.

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

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

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

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

Please see footnotes on page 7.

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

Growth of $10,000 investment as of March 31, 2019⁹

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

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

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

³  The manager has contractually committed through July 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.34% for Class A, 2.09% for Class C, 1.59% for Class R, 0.89% for Class R6, 1.20% for Administrator Class, and 0.94% for Institutional Class. 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 this class prior to July 19, 2010, is based on the performance of the same class of the Fund’s predecessor, Evergreen Special Values Fund.

⁵  Historical performance shown for Class R shares prior to their inception reflects the performance of the Institutional Class shares adjusted to reflect the higher expenses applicable to Class R shares.

⁶  Historical performance for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁷  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.

⁸  The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁹  The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

¹⁰  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.

¹¹  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell 2000^® Value Index, for the 12-month period that ended March 31, 2019.

∎ Stock selection in the information technology (IT) sector and an underweight to the real estate sector detracted from performance.

∎ Stock selection in the consumer discretionary and industrials sectors contributed to relative performance.

Equity markets saw significant volatility over the period.

Over the 12-month reporting period, equity markets saw significant volatility, but the Russell 2000^® Value Index posted a benign return of 0.17%. The first five months of the period saw small-cap value stocks post healthy returns as many investors believed small-cap stocks would benefit from the new U.S. corporate tax reform legislation as well as insulation from global trade disputes. The last four months of 2018 saw volatility increase and stocks moved sharply lower, driven by a fear of rising interest rates, rising trade tensions, and high-yield credit spreads widening. These concerns began to subside as 2018 came to a close. Small-cap stocks rallied in early 2019, largely due to the Federal Open Market Committee stating that it would pause and evaluate the need for future interest rate increases and the administration saying it would allow for more time to negotiate a trade agreement with China.

Ten largest holdings (%) as of March 31, 201910
Mueller Industries Incorporated	2.53
Dine Brands Global Incorporated	2.51
Innospec Incorporated	2.50
Eagle Materials Incorporated	2.37
Denny’s Corporation	2.35
Neenah Paper Incorporated	2.18
UMB Financial Corporation	2.14
Nomad Foods Limited	1.95
Franklin Electric Company Incorporated	1.94
Simpson Manufacturing Company Incorporated	1.89

Recent market volatility strengthens our belief that it is always prudent to protect downside risks. Our bottom-up process is designed to seek out companies that can control their own destiny via their clear competitive advantages, strong and sustainable free cash flows, and flexible balance sheets that can be used to grow shareholder value regardless of the macro environment. We did not make any major changes to portfolio positioning during the reporting period; however, we did adjust individual positions as reward/risk levels changed. We continue to emphasize companies that can control their destiny by using their balance sheets to protect capital during periods of volatility and also be offensive when their competitors are forced to be defensive.

Key contributors included stock selection within the consumer discretionary and industrials sectors.

Stock selection in the consumer discretionary sector contributed to relative performance. Full-service restaurant operator, Dine Brands Global, Incorporated, was a top contributor. The manager of restaurant brands IHOP and Applebee’s reported several strong quarters that highlighted much improved same-store growth comparisons from its Applebee’s unit. We continue to like the company’s franchise model, which generates significant free cash flow, requires minimal capital investments, and allows for shareholder value appreciation via future capital deployment opportunities. In the industrials sector, copper tubing and piping systems manufacturer Mueller Industries, Incorporated, contributed to results as the company’s gross margins benefited from its operational improvement initiatives and the company continues to make accretive acquisitions to diversify and strengthen its market share.

Detractors from performance included stock selection in the IT sector and an underweight to real estate.

Security selection in the IT sector detracted from relative performance. Belden Incorporated designs and manufactures signal transmission solutions worldwide. The company had a volatile year as investors’ fears of industrial end markets softening increased. Although we are disappointed with the stock’s performance, we continue to see an attractive reward/risk opportunity going forward. The company continues to diversify and has ample dry powder on the balance sheet to continue to pursue its diversification strategy and provide further value creation. The Fund’s underweight to the real estate sector detracted from relative performance. The sector outperformed as investors preferred more defensive stocks during the volatile fourth quarter of 2018 and as Treasury yields declined in early 2019. Our decision to underweight the sector is based on the view that there are more attractive long-term reward/risk opportunities outside of the sector that possess more attractive long-term prospects.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Special Small Cap Value Fund 9

Our outlook is cautious yet confident.

As we look out over the next 12 months, we expect volatility could remain elevated. We believe it is prudent to protect the Fund’s downside risks as we look for investment opportunities to present themselves. We do not focus on forecasting future macroeconomic news or the short-term direction of the market. Through our bottom-up stock-selection process, we focus on investing in companies that we believe have the potential to generate strong cash flows and have the balance sheet flexibility to make intelligent investment decisions. In our view, this approach may better position our investments to reap outsized rewards relative to other stocks. Because of this disciplined investment process, we remain confident in our ability to navigate all economic environments over the long term.

Sector distribution as of March 31, 2019¹¹

Please see footnotes on page 7.

10 Wells Fargo Special Small Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	924.15	$	6.20		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.49	$	6.50		1.29	%
Class C
Actual	$	1,000.00	$	920.91	$	9.78		2.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.75	$	10.25		2.04	%
Class R
Actual	$	1,000.00	$	923.39	$	7.41		1.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.23	$	7.77		1.54	%
Class R6
Actual	$	1,000.00	$	926.20	$	4.15		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.36		0.86	%
Administrator Class
Actual	$	1,000.00	$	924.56	$	5.76		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Institutional Class
Actual	$	1,000.00	$	925.98	$	4.51		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.24	$	4.74		0.94	%

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

Portfolio of investments—March 31, 2019 Wells Fargo Special Small Cap Value Fund 11

Security name	Shares		Value
Common Stocks: 92.49%
Communication Services: 1.11%
Media: 1.11%
A.H. Belo Corporation Class A (l)		1,658,289	$	6,168,835
Gannett Company Incorporated		1,220,821		12,867,453
New Media Investment Group Incorporated		935,139		9,818,960
				28,855,248
Consumer Discretionary: 8.89%
Diversified Consumer Services: 0.10%
Liberty Tax Incorporated «		274,046		2,710,315
Hotels, Restaurants & Leisure: 6.09%
Denny’s Corporation (l)†		3,316,971		60,866,418
Dine Brands Global Incorporated		713,300		65,117,157
The Wendy’s Company		1,797,800		32,162,642
				158,146,217
Household Durables: 1.24%
Dixie Group Incorporated †		616,935		579,919
Helen of Troy Limited †		271,400		31,471,544
				32,051,463
Specialty Retail: 0.17%
Christopher & Banks Corporation «†		1,086,348		370,445
The Buckle Incorporated «		210,120		3,933,446
				4,303,891
Textiles, Apparel & Luxury Goods: 1.29%
Delta Apparel Incorporated (l)†		519,692		11,547,556
Steven Madden Limited		648,100		21,931,704
				33,479,260
Consumer Staples: 8.53%
Beverages: 1.03%
Cott Corporation		1,822,700		26,629,647
Food Products: 5.12%
Hostess Brands Incorporated †		1,541,623		19,270,288
J & J Snack Foods Corporation		264,600		42,029,064
Nomad Foods Limited †		2,469,330		50,497,799
TreeHouse Foods Incorporated †		328,985		21,235,982
				133,033,133
Household Products: 2.38%
Central Garden & Pet Company (l)«†		743,522		19,004,422
Central Garden & Pet Company Class A †		735,533		17,101,142
Spectrum Brands Holdings Incorporated		470,001		25,746,655
				61,852,219

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

12 Wells Fargo Special Small Cap Value Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Energy: 4.02%
Energy Equipment & Services: 2.07%
C&J Energy Services Incorporated †		547,074	$	8,490,588
Forum Energy Technologies Incorporated †		871,000		4,450,810
Oil States International Incorporated †		594,100		10,075,936
Patterson-UTI Energy Incorporated		1,799,010		25,222,120
Tetra Technologies Incorporated †		2,372,700		5,552,118
				53,791,572
Oil, Gas & Consumable Fuels: 1.95%
Berry Petroleum Corporation		590,242		6,811,393
Callon Petroleum Company †		1,083,400		8,179,670
Magnolia Oil & Gas Corporation †		501,100		6,013,200
Penn Virginia Corporation †		217,000		9,569,700
QEP Resources Incorporated †		2,582,300		20,116,117
				50,690,080
Financials: 19.62%
Banks: 10.66%
Associated Banc Corporation		1,591,500		33,978,525
First Citizens BancShares Corporation Class A		97,950		39,885,240
First Hawaiian Incorporated		1,049,100		27,329,055
Hancock Holding Company		757,245		30,592,698
IBERIABANK Corporation		399,800		28,669,658
Renasant Corporation		1,005,645		34,041,083
South State Corporation		391,800		26,775,612
UMB Financial Corporation		866,286		55,476,955
				276,748,826
Capital Markets: 3.24%
Apollo Investment Corporation «		1,255,636		19,010,329
Artisan Partners Asset Management Incorporated Class A		1,126,695		28,358,913
New Mountain Finance Corporation		1,574,526		21,366,318
Westwood Holdings Group Incorporated		436,883		15,408,863
				84,144,423
Insurance: 4.22%
ProAssurance Corporation		875,400		30,297,594
Stewart Information Services Corporation		707,507		30,203,474
The Hanover Insurance Group Incorporated		217,091		24,785,279
White Mountains Insurance Group Limited		26,100		24,155,028
				109,441,375
Mortgage REITs: 1.50%
Apollo Commercial Real Estate Finance Incorporated		1,117,037		20,330,073
Invesco Mortgage Capital Incorporated		605,880		9,572,904
Two Harbors Investment Corporation		665,000		8,997,450
				38,900,427

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

Portfolio of investments—March 31, 2019 Wells Fargo Special Small Cap Value Fund 13

Security name	Shares		Value
Health Care: 2.16%
Health Care Equipment & Supplies: 0.39%
Avanos Medical Incorporated †		233,700	$	9,974,316
Health Care Providers & Services: 0.49%
Hanger Incorporated †		667,280		12,711,684
Pharmaceuticals: 1.28%
Innoviva Incorporated †		900,702		12,636,849
Prestige Consumer Healthcare Incorporated †		691,300		20,676,783
				33,313,632
Industrials: 21.36%
Building Products: 4.75%
CSW Industrials Incorporated (l)†		759,969		43,538,624
Griffon Corporation		649,185		11,996,939
Quanex Building Products Corporation		1,179,133		18,736,423
Simpson Manufacturing Company Incorporated		828,896		49,128,666
				123,400,652
Commercial Services & Supplies: 4.26%
ACCO Brands Corporation		1,492,561		12,776,322
Brady Corporation Class A		319,009		14,805,208
Deluxe Corporation		692,931		30,294,943
Ennis Incorporated		1,223,593		25,401,791
Viad Corporation		484,050		27,247,175
				110,525,439
Electrical Equipment: 2.14%
Atkore International Incorporated †		1,525,890		32,852,412
EnerSys		346,135		22,554,157
				55,406,569
Machinery: 9.29%
Douglas Dynamics Incorporated		714,847		27,214,225
Franklin Electric Company Incorporated		983,936		50,269,290
Global Brass & Copper Holdings Incorporated		1,074,272		36,997,928
Hillenbrand Incorporated		712,776		29,601,587
Kadant Incorporated		268,384		23,607,057
Mueller Industries Incorporated		2,095,171		65,662,661
NN Incorporated		1,026,510		7,688,560
				241,041,308
Professional Services: 0.62%
Korn/Ferry International		361,832		16,202,837
Trading Companies & Distributors: 0.30%
Aircastle Limited		385,800		7,808,592

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

14 Wells Fargo Special Small Cap Value Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Information Technology: 9.09%
Communications Equipment: 0.59%
NETGEAR Incorporated		463,802	$	15,361,122
Electronic Equipment, Instruments & Components: 3.47%
AVX Corporation		1,043,630		18,096,544
Badger Meter Incorporated		184,477		10,264,300
Belden Incorporated		388,268		20,849,992
Coherent Incorporated †		49,900		7,071,828
Novanta Incorporated †		399,285		33,831,418
				90,114,082
IT Services: 1.40%
Conduent Incorporated †		368,300		5,093,589
MAXIMUS Incorporated		139,500		9,901,710
Sykes Enterprises Incorporated †		755,200		21,357,056
				36,352,355
Semiconductors & Semiconductor Equipment: 2.44%
Brooks Automation Incorporated		395,200		11,591,216
Cabot Microelectronics Corporation		305,213		34,171,647
DSP Group Incorporated †		659,148		9,274,212
KLA-Tencor Corporation		69,557		8,305,801
				63,342,876
Software: 0.64%
ACI Worldwide Incorporated †		282,300		9,279,201
Cision Limited †		534,201		7,355,948
				16,635,149
Technology Hardware, Storage & Peripherals: 0.55%
Glassbridge Enterprises Incorporated (l)Ǡ		305,421		61,084
NCR Corporation †		514,700		14,046,163
				14,107,247
Materials: 12.36%
Chemicals: 4.58%
Element Solutions Incorporated †		299,200		3,021,920
Innospec Incorporated		777,572		64,810,626
PolyOne Corporation		656,401		19,239,113
PQ Group Holdings Incorporated †		566,273		8,590,361
Sensient Technologies Corporation		341,468		23,148,116
				118,810,136
Construction Materials: 2.37%
Eagle Materials Incorporated		730,300		61,564,290
Containers & Packaging: 1.60%
Silgan Holdings Incorporated		1,399,542		41,468,429

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

Portfolio of investments—March 31, 2019 Wells Fargo Special Small Cap Value Fund 15

Security name						Shares		Value
Metals & Mining: 0.42%
Compass Minerals International Incorporated							199,800	$	10,863,126
Paper & Forest Products: 3.39%
Neenah Paper Incorporated (l)							877,121		56,451,508
Schweitzer-Mauduit International Incorporated							814,387		31,533,065
									87,984,573
Real Estate: 2.59%
Equity REITs: 2.59%
Acadia Realty Trust							648,300		17,679,141
Pebblebrook Hotel Trust							764,280		23,738,537
Washington REIT							908,562		25,784,990
									67,202,668
Utilities: 2.76%
Electric Utilities: 2.76%
Hawaiian Electric Industries Incorporated							1,091,637		44,506,040
IDACORP Incorporated							272,500		27,124,650
									71,630,690
Total Common Stocks (Cost $2,258,733,643)									2,400,599,868
Exchange-Traded Funds: 1.45%
iShares Russell 2000 Index ETF «							135,500		20,743,695
iShares Russell 2000 Value Index ETF «							140,400		16,833,960
Total Exchange-Traded Funds (Cost $38,073,683)									37,577,655
	Dividend yield
Preferred Stocks: 0.35%
Industrials: 0.35%
Industrial Conglomerates: 0.35%
Steel Partners Holdings LP		6.93	%				419,586		9,075,645
Total Preferred Stocks (Cost $9,312,343)									9,075,645
				Expiration date
Rights: 0.01%
Financials: 0.01%
Diversified Financial Services: 0.01%
Schulman Incorporated Class A †(a)‡					12-31-2099		593,658		257,054
Total Rights (Cost $257,054)									257,054

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

16 Wells Fargo Special Small Cap Value Fund Portfolio of investments—March 31, 2019

	Yield			Shares		Value
Short-Term Investments: 7.20%
Investment Companies: 7.20%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		57,964,218	$	57,970,015
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38			128,767,336		128,767,336
Total Short-Term Investments (Cost $186,737,351)							186,737,351

Total investments in securities (Cost $2,493,114,074)	101.50	%		2,634,247,573
Other assets and liabilities, net	(1.50	)		(38,818,369	)
Total net assets	100.00	%	$	2,595,429,204

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

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

† Non-income-earning security

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

‡ Security is valued using significant unobservable inputs.

(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—March 31, 2019 Wells Fargo Special Small Cap Value Fund 17

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Communication Services
Media
A.H. Belo Corporation Class A		1,423,589		234,700		0		1,658,289	$	0		$	(2,245,390	)	$	494,660	$	6,168,835
Consumer Discretionary
Hotels, Restaurants & Leisure
Denny’s Corporation †		2,668,018		946,753		297,800		3,316,971		758,602			22,219,311			0		60,866,418
Textiles, Apparel & Luxury Goods
Delta Apparel Incorporated †		459,492		60,200		0		519,692		0			2,150,944			0		11,547,556
Consumer Staples
Household Products
Central Garden & Pet Company †		553,580		194,042		4,100		743,522		(24,132	)		3,002,444			0		19,004,422
Industrials
Building Products
CSW Industrials Incorporated †		664,244		95,725		0		759,969		0			15,478,835			0		43,538,624
Commercial Services & Supplies
Ennis Incorporated *		1,320,620		163,273		260,300		1,223,593		140,786			1,370,302			1,186,963		25,401,791
Information Technology
Technology Hardware, Storage & Peripherals
Glassbridge Enterprises Incorporated †		305,221		200		0		305,421		0			(302,317	)		0		61,084
Materials
Paper and Forest Products
Neenah Paper Incorporated		623,520		255,201		1,600		877,121		(27,006	)		(5,753,520	)		1,211,644		56,451,508
																		223,040,238		8.59	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		81,074,217		311,429,137		334,539,136		57,964,218		242			0			1,009,779		57,970,015
Wells Fargo Government Money Market Fund Select Class		139,485,748		863,750,440		874,468,852		128,767,336		0			0			3,237,079		128,767,336
																		186,737,351		7.20
									$	848,492		$	35,920,609		$	7,140,125	$	409,777,589		15.79	%

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

† Non-income-earning security

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

18 Wells Fargo Special Small Cap Value Fund Statement of assets and liabilities—March 31, 2019

Assets
Investments in unaffiliated securities (including $56,429,332 of securities loaned), at value (cost $2,094,878,838)	$	2,224,469,984
Investments in affiliated securities, at value (cost $398,235,236)		409,777,589
Cash		59
Receivable for investments sold		19,538,111
Receivable for Fund shares sold		7,868,960
Receivable for dividends		5,049,477
Receivable for securities lending income		2,609
Prepaid expenses and other assets		80,225
Total assets		2,666,787,014
Liabilities
Payable upon receipt of securities loaned		57,965,377
Payable for investments purchased		6,941,261
Payable for Fund shares redeemed		4,079,974
Management fee payable		1,775,525
Administration fees payable		284,064
Distribution fees payable		17,277
Trustees’ fees and expenses payable		1,908
Accrued expenses and other liabilities		292,424
Total liabilities		71,357,810
Total net assets	$	2,595,429,204
NET ASSETS CONSIST OF
Paid-in capital	$	2,446,401,127
Total distributable earnings		149,028,077
Total net assets	$	2,595,429,204
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	526,655,658
Shares outstanding – Class A1		16,593,124
Net asset value per share – Class A		$31.74
Maximum offering price per share – Class A2		$33.68
Net assets – Class C	$	24,333,942
Shares outstanding – Class C1		853,987
Net asset value per share – Class C		$28.49
Net assets – Class R	$	6,655,998
Shares outstanding – Class R1		206,688
Net asset value per share – Class R		$32.20
Net assets – Class R6	$	518,377,158
Shares outstanding – Class R61		15,926,919
Net asset value per share – Class R6		$32.55
Net assets – Administrator Class	$	160,368,773
Shares outstanding – Administrator Class1		4,926,477
Net asset value per share – Administrator Class		$32.55
Net assets – Institutional Class	$	1,359,037,675
Shares outstanding – Institutional Class1		41,735,490
Net asset value per share – Institutional Class		$32.56

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended March 31, 2019 Wells Fargo Special Small Cap Value Fund 19

Investment income
Dividends (net of foreign withholding taxes of $55,162)	$	42,702,888
Income from affiliated securities		7,352,809
Interest		499
Total investment income		50,056,196
Expenses
Management fee		20,420,941
Administration fees
Class A		1,141,115
Class C		98,047
Class R		12,045
Class R6		118,377
Administrator Class		246,173
Institutional Class		1,745,380
Shareholder servicing fees
Class A		1,358,470
Class C		116,722
Class R		14,339
Administrator Class		470,993
Distribution fees
Class C		350,167
Class R		14,339
Custody and accounting fees		79,311
Professional fees		52,873
Registration fees		202,601
Shareholder report expenses		216,811
Trustees’ fees and expenses		22,719
Interest expense		1,197
Other fees and expenses		38,193
Total expenses		26,720,813
Less: Fee waivers and/or expense reimbursements		(351,006	)
Net expenses		26,369,807
Net investment income		23,686,389
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		70,020,020
Affiliated securities		848,492
Net realized gains on investments		70,868,512
Net change in unrealized gains (losses) on:
Unaffiliated securities		(168,401,892	)
Affiliated securities		35,920,609
Net change in unrealized gains (losses) on investments		(132,481,283	)
Net realized and unrealized gains (losses) on investments		(61,612,771	)
Net decrease in net assets resulting from operations	$	(37,926,382	)

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

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

	Year ended March 31, 2019						Year ended March 31, 20181
Operations
Net investment income				$	23,686,389					$	18,358,131
Net realized gains on investments					70,868,512						148,275,813
Net change in unrealized gains (losses) on investments					(132,481,283	)					21,367,502
Net increase (decrease) in net assets resulting from operations					(37,926,382	)					188,001,446
Distributions to shareholders from net investment income and net realized gains
Class A					(34,950,655	)					(28,923,817	)
Class C					(3,190,299	)					(2,701,391	)
Class R					(404,926	)					(151,245	)
Class R6					(29,776,704	)					(13,961,093	)
Administrator Class					(10,505,173	)					(11,096,481	)
Institutional Class					(92,413,835	)					(59,336,216	)
Total distributions to shareholders					(171,241,592	)					(116,170,243	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,399,455			147,434,144			2,772,875			94,731,826
Class C		176,335			5,606,048			191,743			5,942,942
Class R		108,771			3,732,400			122,899			4,239,675
Class R6		10,731,533			369,575,214			4,147,795			146,057,838
Administrator Class		1,731,106			60,553,466			2,707,738			94,110,194
Institutional Class		25,518,350			892,397,775			15,040,023			526,877,607
					1,479,299,047						871,960,082
Reinvestment of distributions
Class A		1,076,242			31,879,046			772,732			26,881,022
Class C		114,907			3,053,065			82,534			2,591,651
Class R		13,400			402,776			4,226			149,401
Class R6		757,094			23,032,048			360,421			12,863,108
Administrator Class		339,786			10,323,048			304,887			10,860,280
Institutional Class		2,401,764			73,095,306			1,252,402			44,708,634
					141,785,289						98,054,096
Payment for shares redeemed
Class A		(4,558,516	)		(151,304,840	)		(5,222,764	)		(178,462,050	)
Class B		N/A			N/A			(11,387	)2		(339,787	)2
Class C		(1,140,298	)		(33,300,231	)		(568,844	)		(17,485,661	)
Class R		(48,026	)		(1,606,676	)		(17,869	)		(617,184	)
Class R6		(2,789,106	)		(93,680,041	)		(2,479,153	)		(87,096,747	)
Administrator Class		(3,674,115	)		(131,798,914	)		(2,360,366	)		(81,310,178	)
Institutional Class		(20,110,486	)		(683,366,611	)		(9,522,751	)		(332,025,710	)
					(1,095,057,313	)					(697,337,317	)
Net increase in net assets resulting from capital share transactions					526,027,023						272,676,861
Total increase in net assets					316,859,049						344,508,064
Net assets
Beginning of period					2,278,570,155						1,934,062,091
End of period				$	2,595,429,204					$	2,278,570,155

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 March 31, 2018 was $3,571,012. The disaggregated distributions information for the period ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from April 1, 2017 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Special Small Cap Value Fund 21

(For a share outstanding throughout each period)

	Year ended March 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$34.42			$33.15			$27.40			$29.27			$32.59
Net investment income		0.22			0.24			0.35	1		0.20			0.26
Net realized and unrealized gains (losses) on investments		(0.69	)		2.89			6.15			(1.46	)		1.81
Total from investment operations		(0.47	)		3.13			6.50			(1.26	)		2.07
Distributions to shareholders from
Net investment income		(0.15	)		(0.32	)		(0.18	)		(0.19	)		(0.21	)
Net realized gains		(2.06	)		(1.54	)		(0.57	)		(0.42	)		(5.18	)
Total distributions to shareholders		(2.21	)		(1.86	)		(0.75	)		(0.61	)		(5.39	)
Net asset value, end of period		$31.74			$34.42			$33.15			$27.40			$29.27
Total return2		(0.87	)%		9.42	%		23.69	%		(4.21	)%		7.56	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.31	%		1.32	%		1.36	%		1.39	%
Net expenses		1.29	%		1.31	%		1.32	%		1.34	%		1.34	%
Net investment income		0.67	%		0.66	%		1.14	%		0.73	%		0.90	%
Supplemental data
Portfolio turnover rate		32	%		41	%		51	%		46	%		79	%
Net assets, end of period (000s omitted)		$526,656			$539,499			$575,269			$417,161			$448,980

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

22 Wells Fargo Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$31.21			$30.19			$25.05			$26.81			$30.31
Net investment income (loss)		(0.05	)1		(0.03	)1		0.12	1		(0.03	)		0.04	1
Net realized and unrealized gains (losses) on investments		(0.61	)		2.64			5.59			(1.31	)		1.65
Total from investment operations		(0.66	)		2.61			5.71			(1.34	)		1.69
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			(0.01	)
Net realized gains		(2.06	)		(1.54	)		(0.57	)		(0.42	)		(5.18	)
Total distributions to shareholders		(2.06	)		(1.59	)		(0.57	)		(0.42	)		(5.19	)
Net asset value, end of period		$28.49			$31.21			$30.19			$25.05			$26.81
Total return2		(1.63	)%		8.60	%		22.75	%		(4.93	)%		6.75	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.06	%		2.07	%		2.11	%		2.14	%
Net expenses		2.04	%		2.06	%		2.07	%		2.09	%		2.09	%
Net investment income (loss)		(0.13	)%		(0.10	)%		0.42	%		(0.02	)%		0.15	%
Supplemental data
Portfolio turnover rate		32	%		41	%		51	%		46	%		79	%
Net assets, end of period (000s omitted)		$24,334			$53,145			$60,309			$40,512			$44,327

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Special Small Cap Value Fund 23

(For a share outstanding throughout each period)

	Year ended March 31
CLASS R	2019			2018			2017			20161
Net asset value, beginning of period		$34.94			$33.73			$27.97			$26.72
Net investment income		0.18			0.17			0.63	2		0.08	2
Net realized and unrealized gains (losses) on investments		(0.74	)		2.92			5.94			1.87
Total from investment operations		(0.56	)		3.09			6.57			1.95
Distributions to shareholders from
Net investment income		(0.12	)		(0.34	)		(0.24	)		(0.28	)
Net realized gains		(2.06	)		(1.54	)		(0.57	)		(0.42	)
Total distributions to shareholders		(2.18	)		(1.88	)		(0.81	)		(0.70	)
Net asset value, end of period		$32.20			$34.94			$33.73			$27.97
Total return3		(1.11	)%		9.13	%		23.47	%		7.40	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.57	%		1.56	%		1.59	%
Net expenses		1.55	%		1.56	%		1.56	%		1.58	%
Net investment income		0.47	%		0.43	%		1.86	%		0.56	%
Supplemental data
Portfolio turnover rate		32	%		41	%		51	%		46	%
Net assets, end of period (000s omitted)		$6,656			$4,631			$785			$27

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

²  Calculated based upon average shares outstanding

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

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

24 Wells Fargo Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS R6	2019			2018			2017			2016			20151
Net asset value, beginning of period		$35.25			$33.93			$28.01			$29.91			$33.38
Net investment income		0.38			0.38	2		0.61	2		0.39			0.26	2
Net realized and unrealized gains (losses) on investments		(0.72	)		2.97			6.18			(1.54	)		1.80
Total from investment operations		(0.34	)		3.35			6.79			(1.15	)		2.06
Distributions to shareholders from
Net investment income		(0.30	)		(0.49	)		(0.30	)		(0.33	)		(0.35	)
Net realized gains		(2.06	)		(1.54	)		(0.57	)		(0.42	)		(5.18	)
Total distributions to shareholders		(2.36	)		(2.03	)		(0.87	)		(0.75	)		(5.53	)
Net asset value, end of period		$32.55			$35.25			$33.93			$28.01			$29.91
Total return3		(0.42	)%		9.85	%		24.22	%		(3.74	)%		7.42	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.88	%		0.89	%		0.93	%		0.89	%
Net expenses		0.86	%		0.88	%		0.89	%		0.89	%		0.89	%
Net investment income		1.16	%		1.10	%		1.87	%		1.56	%		2.19	%
Supplemental data
Portfolio turnover rate		32	%		41	%		51	%		46	%		79	%
Net assets, end of period (000s omitted)		$518,377			$254,801			$176,362			$36,344			$27

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

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Special Small Cap Value Fund 25

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$35.22			$33.90			$28.02			$29.94			$33.21
Net investment income		0.27	1		0.27	1		0.44	1		0.26	1		0.35	1
Net realized and unrealized gains (losses) on investments		(0.71	)		2.97			6.24			(1.49	)		1.83
Total from investment operations		(0.44	)		3.24			6.68			(1.23	)		2.18
Distributions to shareholders from
Net investment income		(0.17	)		(0.38	)		(0.23	)		(0.27	)		(0.27	)
Net realized gains		(2.06	)		(1.54	)		(0.57	)		(0.42	)		(5.18	)
Total distributions to shareholders		(2.23	)		(1.92	)		(0.80	)		(0.69	)		(5.45	)
Net asset value, end of period		$32.55			$35.22			$33.90			$28.02			$29.94
Total return		(0.77	)%		9.52	%		23.82	%		(4.01	)%		7.78	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.23	%		1.24	%		1.26	%		1.23	%
Net expenses		1.20	%		1.20	%		1.20	%		1.17	%		1.09	%
Net investment income		0.74	%		0.76	%		1.36	%		0.95	%		1.10	%
Supplemental data
Portfolio turnover rate		32	%		41	%		51	%		46	%		79	%
Net assets, end of period (000s omitted)		$160,369			$229,992			$199,262			$95,030			$70,100

¹  Calculated based upon average shares outstanding

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

26 Wells Fargo Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$35.27			$33.94			$28.03			$29.93			$33.21
Net investment income		0.33			0.33			0.60	1		0.30			0.43	1
Net realized and unrealized gains (losses) on investments		(0.70	)		3.01			6.17			(1.46	)		1.80
Total from investment operations		(0.37	)		3.34			6.77			(1.16	)		2.23
Distributions to shareholders from
Net investment income		(0.28	)		(0.47	)		(0.29	)		(0.32	)		(0.33	)
Net realized gains		(2.06	)		(1.54	)		(0.57	)		(0.42	)		(5.18	)
Total distributions to shareholders		(2.34	)		(2.01	)		(0.86	)		(0.74	)		(5.51	)
Net asset value, end of period		$32.56			$35.27			$33.94			$28.03			$29.93
Total return		(0.53	)%		9.82	%		24.13	%		(3.79	)%		7.96	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.98	%		0.99	%		1.01	%		0.96	%
Net expenses		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income		1.04	%		1.02	%		1.86	%		1.17	%		1.36	%
Supplemental data
Portfolio turnover rate		32	%		41	%		51	%		46	%		79	%
Net assets, end of period (000s omitted)		$1,359,038			$1,196,501			$921,732			$256,190			$189,965

¹  Calculated based upon average shares outstanding

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

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

1. ORGANIZATION

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

Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management 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

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

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.

Futures contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $2,506,347,059 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	346,870,587
Gross unrealized losses		(218,970,073	)
Net unrealized gains	$	127,900,514

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 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	$	28,855,248	$	0	$	0	$	28,855,248
Consumer discretionary		230,691,146		0		0		230,691,146
Consumer staples		221,514,999		0		0		221,514,999
Energy		104,481,652		0		0		104,481,652
Financials		509,235,051		0		0		509,235,051
Health care		55,999,632		0		0		55,999,632
Industrials		554,385,397		0		0		554,385,397
Information technology		235,851,747		61,084		0		235,912,831
Materials		320,690,554		0		0		320,690,554
Real estate		67,202,668		0		0		67,202,668
Utilities		71,630,690		0		0		71,630,690
Exchange-traded funds		37,577,655		0		0		37,577,655
Preferred stocks
Industrials		9,075,645		0		0		9,075,645
Rights
Financials		0		0		257,054		257,054
Short-term investments
Investment companies		128,767,336		57,970,015		0		186,737,351
Total assets	$	2,575,959,420	$	58,031,099	$	257,054	$	2,634,247,573

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

30 Wells Fargo Special Small Cap Value Fund Notes to financial statements

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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.850	%
Next $500 million		0.825
Next $1 billion		0.800
Next $1 billion		0.775
Next $1 billion		0.750
Next $1 billion		0.730
Next $5 billion		0.720
Over $10 billion		0.710

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.81% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.34% for Class A shares, 2.09% for Class C shares, 1.59% for Class R shares, 0.89% for Class R6 shares, 1.20% for Administrator Class shares, and 0.94% for Institutional Class shares. 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.

Notes to financial statements Wells Fargo Special Small Cap Value Fund 31

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2019, Funds Distributor received $20,435 from the sale of Class A shares and $11 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended March 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. Pursuant to these procedures, the Fund had $36,052,084 and $11,514 in interfund purchases and sales, respectively, during the year ended March 31, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $1,236,453,350 and $755,764,306, 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 year ended March 31, 2019, the Fund had average borrowings outstanding of $33,909 at an average interest rate of 3.53% and paid interest in the amount of $1,197.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Year ended March 31
	2019		2018
Ordinary income	$	30,852,484	$	55,288,780
Long-term capital gain		140,389,108		60,881,463

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

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$8,534,901	$12,628,316	$127,900,514

32 Wells Fargo Special Small Cap Value Fund Notes to financial statements

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

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

Report of independent registered public accounting firm Wells Fargo Special Small Cap Value Fund 33

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 24, 2019

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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 79.55% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $140,389,108 was designated as a 20% rate gain distribution for the fiscal year ended March 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $24,887,510 of income dividends paid during the fiscal year ended March 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2019, $1,095,299 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended March 31, 2019, $12,094,330 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

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

Other information (unaudited) Wells Fargo Special Small Cap Value Fund 35

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 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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 Special Small Cap Value Fund 37

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

38 Wells Fargo Special Small Cap 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.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

401594 05-19 A246/AR246 03-19

Annual Report

March 31, 2019

Wells Fargo Traditional Small 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	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	22
Report of independent registered public accounting firm	28
Other information	29
Appendix A	33

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Traditional Small Cap Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Traditional Small Cap Growth Fund for the 12-month period that ended March 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

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

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Traditional Small Cap Growth Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of March 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		Net3
Class A (EGWAX)3	6-5-1995		10.74		7.51		15.01		17.46		8.78		15.69		1.54		1.25
Class C (EGWCX)4	7-30-2010		15.69		7.99		14.84		16.69		7.99		14.84		2.29		2.00
Administrator Class (EGWDX)5	7-30-2010		–		–		–		17.59		8.97		15.86		1.46		1.17
Institutional Class (EGRYX)3	11-19-1997		–		–		–		17.85		9.16		16.08		1.21		0.92
Russell 2000® Growth Index6	–		–		–		–		3.85		8.41		16.52		–		–

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

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

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

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

Please see footnotes on page 7.

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

Growth of $10,000 investment as of March 31, 2019⁷

^‡ 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 0.02% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through July 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.23% for Class A, 1.98% for Class C, 1.15% for Administrator Class, and 0.90% for Institutional Class. 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 this class prior to July 19, 2010, is based on the performance of the same class of the Fund’s predecessor, Evergreen Growth Fund.

⁴  Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class C shares.

⁵  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁶  The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁷  The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁸  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

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

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 2000^® Growth Index, for the 12-month period that ended March 31, 2019.

∎ Security selection within the health care and consumer discretionary sectors contributed to the Fund’s performance.

∎ Select holdings within the consumer staples and industrials sectors negatively affected performance.

Volatility reemerged during the second half of the 12-month period.

A year that began with optimism for synchronized global economic growth eventually evolved into a decidedly risk-off equity market over the past year. The change in sentiment was driven by escalating uncertainty and fears as the year progressed. Mounting geopolitical concerns, the chaos with Brexit, rising domestic interest rates, concern over the stability of select emerging market economies, and escalating fears of a trade war with China were all contributing factors. These events contributed to a spike in downward volatility toward the end of 2018. The Federal Reserve’s (Fed’s) shift toward a dovish policy stance provided a tailwind for equities to recover most of their losses during the first quarter of 2019. With the exception of the volatile fourth quarter of 2018, domestic stocks were largely tied to company-specific fundamentals. This backdrop proved beneficial to the Fund’s positioning.

In terms of portfolio positioning of the Fund, we continue to emphasize companies with a secular rather than a cyclical growth profile. The Fund remains positioned toward companies with high visibility of earnings growth and those positioned toward innovation and disruption. We consider these businesses to be on the right side of change. We believe this strategy will prove beneficial in the months to come.

Select holdings in the health care and consumer discretionary sectors contributed to performance.

The Fund’s outperformance in the health care sector was driven in large part by the Fund’s holdings in idiosyncratic growth companies. OrthoPediatrics Corporation, a medical device company, launched new products designed to grow with children’s bones. Increasing market penetration drove a high rate of revenue growth during the year. Additionally within health care, Amedisys, Incorporated*, is the largest player within the home health market and added to returns in the sector. The company benefited from a favorable demand environment as patient care migrated away from nursing homes to an at-home setting where care is more customized and realized at lower costs. A greater focus on cost controls, along with the improved organic sales growth, led to considerable profit expansion during our time holding the shares.

Within the consumer discretionary sector, Etsy, Incorporated, benefited from the ongoing strength of e-commerce vis-a-vis traditional brick and mortar retailers. Etsy operates a global online marketplace for unique and creative goods. Over the past year, the company reported better-than-expected revenue and earnings growth, which helped propel shares sharply higher. The company is benefiting from two vectors of growth as its current customer base has increased its activity while at the same time attracting new customers to its platform. During the period, Etsy was also able to raise its transaction fees without a material impact to business trends.

Select holdings in consumer staples and industrials detracted from Fund performance.

The underperformance in the consumer staples sector was partially driven by the Fund’s position in National Beverage Corporation*. The company benefited from rapid growth of its La Croix sparkling water brand. However, a combination of growing competition, rising input costs, and scrutiny of ingredients caused an unexpected slowdown in sales of La Croix. The shares underperformed as growth expectations were revised lower.

Within the industrials sector, water treatment and technology company Evoqua Water Technologies Corporation* saw its shares decline after reporting disappointing results and announcing a restructuring plan. Evoqua unexpectedly undertook longer, capital-intensive projects that affected the stable revenue stream we expected. Additionally, rising raw material costs have negatively affected margins. These factors contributed to the underperformance and compromised our investment thesis in the holding.

While market volatility may continue in 2019, we remain confident in the Fund’s positioning.

As we look toward the balance of 2019, our viewpoint remains consistent. We believe the U.S. economy will avoid recessionary pressures and continue to expand. However, central to our outlook is that investors should expect a new

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Traditional Small Cap Growth Fund 9

normal of prolonged levels of slow economic growth. Strong evidence to support this view arrived in early 2019 as policymakers in China launched stimulus programs and the Fed changed course. Expectations from the Fed went from further rate hikes to a brief pause in policy normalization and then to expectations of interest rate cuts in 2019.

From an investing standpoint, innovative companies on the right side of change have benefited from this environment. This is largely due to scarcity. These businesses are not reliant on cyclicality or policy stimulus. In our view, right-side-of-change companies can produce predictable earnings and cash flows into the future—characteristics hard to find in the current economy. In a world starved of growth, investors tend to seek out that which is more certain and reward these attributes with a scarcity premium.

Ten largest holdings (%) as of March 31, 20198
WNS Holdings Limited ADR	2.72
Casella Waste Systems Incorporated Class A	2.54
Envestnet Incorporated	2.11
Globant SA	1.99
World Wrestling Entertainment Incorporated Class A	1.89
MSA Safety Incorporated	1.87
The Brink’s Company	1.86
Eldorado Resorts Incorporated	1.79
Ingevity Corporation	1.79
Haemonetics Corporation	1.60

Sector distribution as of March 31, 2019⁹

Please see footnotes on page 7.

10 Wells Fargo Traditional Small Cap Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	982.24	$	6.08		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.19		1.23	%
Class C
Actual	$	1,000.00	$	979.32	$	9.77		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.06	$	9.95		1.98	%
Administrator Class
Actual	$	1,000.00	$	982.67	$	5.68		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.78		1.15	%
Institutional Class
Actual	$	1,000.00	$	983.80	$	4.45		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.45	$	4.53		0.90	%

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

Portfolio of investments—March 31, 2019 Wells Fargo Traditional Small Cap Growth Fund 11

Security name	Shares		Value
Common Stocks: 96.42%
Communication Services: 3.22%
Entertainment: 3.22%
CD Projekt SA †		24,054	$	1,278,839
World Wrestling Entertainment Incorporated Class A		20,957		1,818,648
				3,097,487
Consumer Discretionary: 14.14%
Auto Components: 1.58%
Stoneridge Incorporated †		52,508		1,515,381
Diversified Consumer Services: 5.47%
Adtalem Global Education Incorporated †		29,722		1,376,723
Bright Horizons Family Solutions Incorporated †		11,178		1,420,836
Chegg Incorporated †		39,305		1,498,307
OneSpaWorld Holdings Limited Ǡ		70,696		965,707
				5,261,573
Hotels, Restaurants & Leisure: 1.79%
Eldorado Resorts Incorporated †		36,888		1,722,301
Household Durables: 1.09%
Skyline Champion Corporation		54,972		1,044,468
Internet & Direct Marketing Retail: 3.03%
Etsy Incorporated †		18,811		1,264,475
Waitr Holdings Incorporated †		64,659		794,659
Zooplus AG Ǡ		7,539		859,219
				2,918,353
Leisure Products: 1.18%
Games Workshop Group plc		27,720		1,135,468
Energy: 2.10%
Oil, Gas & Consumable Fuels: 2.10%
Texas Pacific Land Trust «		930		719,495
Viper Energy Partners LP		39,054		1,295,031
				2,014,526
Financials: 2.85%
Consumer Finance: 2.85%
Green Dot Corporation Class A †		24,680		1,496,842
SLM Corporation		125,251		1,241,237
				2,738,079
Health Care: 26.43%
Biotechnology: 10.41%
AnaptysBio Incorporated †		7,451		544,296
Array BioPharma Incorporated †		48,957		1,193,572

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

12 Wells Fargo Traditional Small Cap Growth Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
Biotechnology (continued)
CareDx Incorporated †		20,757	$	654,261
Coherus Biosciences Incorporated †		41,723		569,102
CRISPR Therapeutics AG Ǡ		9,429		336,804
Deciphera Pharmaceuticals Incorporated †		10,463		242,846
Heron Therapeutics Incorporated †		13,917		340,131
Immunomedics Incorporated Ǡ		35,110		674,463
Invitae Corporation †		35,371		828,389
KalVista Pharmaceuticals Incorporated †		26,680		763,582
Mirati Therapeutics Incorporated †		8,724		639,469
Precision BioSciences Incorporated †		13,144		235,935
Stemline Therapeutics Incorporated †		41,937		538,890
Veracyte Incorporated †		37,832		946,557
Vericel Corporation †		58,762		1,028,923
Zai Lab Limited ADR Ǡ		16,022		472,809
				10,010,029
Health Care Equipment & Supplies: 10.98%
Avanos Medical Incorporated †		23,977		1,023,338
Axonics Modulation Technologies Incorporated †		31,824		762,185
BioLife Solutions Incorporated †		74,400		1,331,016
ConforMIS Incorporated Ǡ		262,429		755,796
Haemonetics Corporation †		17,605		1,540,084
ICU Medical Incorporated †		5,327		1,274,911
Insulet Corporation †		15,895		1,511,456
iRhythm Technologies Incorporated †		15,348		1,150,486
Orthopediatrics Corporation †		27,243		1,204,958
				10,554,230
Health Care Providers & Services: 1.09%
HealthEquity Incorporated †		14,137		1,045,855
Health Care Technology: 0.86%
Inspire Medical Systems Incorporated †		14,620		830,124
Life Sciences Tools & Services: 2.08%
Fluidigm Corporation †		106,806		1,419,452
Quanterix Corporation †		22,649		585,024
				2,004,476
Pharmaceuticals: 1.01%
GW Pharmaceuticals plc ADR Ǡ		2,978		502,001
Wave Life Sciences Limited Ǡ		12,128		471,173
				973,174
Industrials: 17.15%
Aerospace & Defense: 4.60%
Aerojet Rocketdyne Holdings †		42,905		1,524,415
Axon Enterprise Incorporated †		27,960		1,521,304
Mercury Computer Systems Incorporated †		21,473		1,375,990
				4,421,709

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

Portfolio of investments—March 31, 2019 Wells Fargo Traditional Small Cap Growth Fund 13

Security name	Shares		Value
Airlines: 1.03%
Spirit Airlines Incorporated †		18,766	$	991,971
Commercial Services & Supplies: 6.27%
Casella Waste Systems Incorporated Class A †		68,681		2,442,296
MSA Safety Incorporated		17,417		1,800,918
The Brink’s Company		23,656		1,783,899
				6,027,113
Construction & Engineering: 1.46%
WillScot Corporation †		127,134		1,409,916
Road & Rail: 1.58%
Saia Incorporated †		24,874		1,519,801
Trading Companies & Distributors: 2.21%
SiteOne Landscape Supply Incorporated †		15,746		899,884
Univar Incorporated †		55,270		1,224,783
				2,124,667
Information Technology: 27.59%
Electronic Equipment, Instruments & Components: 4.03%
Littelfuse Incorporated		7,060		1,288,309
Novanta Incorporated †		17,040		1,443,799
Rogers Corporation †		7,212		1,145,843
				3,877,951
IT Services: 9.52%
EPAM Systems Incorporated †		8,805		1,489,190
Euronet Worldwide Incorporated †		10,282		1,466,110
InterXion Holding NV †		6,302		420,532
Keywords Studios plc		68,944		1,038,042
Okta Incorporated †		8,406		695,428
WEX Incorporated †		7,451		1,430,517
WNS Holdings Limited ADR †		49,038		2,612,253
				9,152,072
Semiconductors & Semiconductor Equipment: 0.63%
Universal Display Corporation «		3,933		601,159
Software: 12.07%
2U Incorporated †		10,202		722,812
Avalara Incorporated †		18,886		1,053,650
Blue Prism Group plc Ǡ		34,943		754,581
Bottomline Technologies (de) Incorporated †		24,702		1,237,323
Envestnet Incorporated †		30,975		2,025,455
Globant SA †		26,827		1,915,448
LivePerson Incorporated †		47,066		1,365,855
Model N Incorporated †		71,501		1,254,127
Pluralsight Incorporated Class A †		40,236		1,277,091
				11,606,342

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

14 Wells Fargo Traditional Small Cap Growth Fund Portfolio of investments—March 31, 2019

Security name				Shares		Value
Technology Hardware, Storage & Peripherals: 1.34%
NCR Corporation †					47,273	$	1,290,080
Materials: 1.79%
Chemicals: 1.79%
Ingevity Corporation †					16,264		1,717,641
Real Estate: 1.15%
Equity REITs: 1.15%
Innovative Industrial Properties Incorporated «					13,507		1,103,387
Total Common Stocks (Cost $77,133,761)							92,709,333
	Yield
Short-Term Investments: 9.61%
Investment Companies: 9.61%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		6,840,260		6,840,944
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38			2,404,400		2,404,400
Total Short-Term Investments (Cost $9,245,344)							9,245,344

Total investments in securities (Cost $86,379,105)	106.03	%		101,954,677
Other assets and liabilities, net	(6.03	)		(5,801,660	)
Total net assets	100.00	%	$	96,153,017

† 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		10,521,186		77,494,522		81,175,448		6,840,260	$	689	$	0	$	203,560	$	6,840,944
Wells Fargo Government Money Market Fund Select Class		870,700		45,126,108		43,592,408		2,404,400		0		0		54,377		2,404,400
									$	689	$	0	$	257,937	$	9,245,344		9.61	%

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

Statement of assets and liabilities—March 31, 2019 Wells Fargo Traditional Small Cap Growth Fund 15

Assets
Investments in unaffiliated securities (including $6,708,374 of securities loaned), at value (cost $77,133,761)	$	92,709,333
Investments in affiliated securities, at value (cost $9,245,344)		9,245,344
Foreign currency, at value (cost $335)		323
Receivable for investments sold		2,884,803
Receivable for Fund shares sold		6,800
Receivable for dividends		12,236
Receivable for securities lending income		5,273
Prepaid expenses and other assets		22,884
Total assets		104,886,996
Liabilities
Payable upon receipt of securities loaned		6,839,267
Payable for investments purchased		1,464,922
Due to custodian bank		164,815
Payable for Fund shares redeemed		133,086
Management fee payable		46,240
Administration fees payable		16,457
Trustees’ fees and expenses payable		1,959
Distribution fee payable		216
Accrued expenses and other liabilities		67,017
Total liabilities		8,733,979
Total net assets	$	96,153,017
NET ASSETS CONSIST OF
Paid-in capital	$	78,700,529
Total distributable earnings		17,452,488
Total net assets	$	96,153,017
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	86,005,510
Shares outstanding – Class A1		6,475,613
Net asset value per share – Class A		$13.28
Maximum offering price per share – Class A2		$14.09
Net assets – Class C	$	348,701
Shares outstanding – Class C1		30,179
Net asset value per share – Class C		$11.55
Net assets – Administrator Class	$	103,999
Shares outstanding – Administrator Class1		6,738
Net asset value per share – Administrator Class		$15.43
Net assets – Institutional Class	$	9,694,807
Shares outstanding – Institutional Class1		608,087
Net asset value per share – Institutional Class		$15.94

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 Traditional Small Cap Growth Fund Statement of operations—year ended March 31, 2019

Investment income
Dividends	$	327,148
Securities lending income from affiliates, net		95,026
Income from affiliated securities		54,377
Total investment income		476,551
Expenses
Management fee		824,401
Administration fees
Class A		182,299
Class C		657
Administrator Class		170
Institutional Class		12,656
Shareholder servicing fees
Class A		217,023
Class C		783
Administrator Class		326
Distribution fee
Class C		2,348
Custody and accounting fees		8,248
Professional fees		52,349
Registration fees		60,991
Shareholder report expenses		43,714
Trustees’ fees and expenses		22,578
Other fees and expenses		8,180
Total expenses		1,436,723
Less: Fee waivers and/or expense reimbursements		(273,650	)
Net expenses		1,163,073
Net investment loss		(686,522	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		22,169,810
Affiliated securities		689
Net realized gains on investments		22,170,499
Net change in unrealized gains (losses) on investments		(6,083,970	)
Net realized and unrealized gains (losses) on investments		16,086,529
Net increase in net assets resulting from operations	$	15,400,007

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

Statement of changes in net assets Wells Fargo Traditional Small Cap Growth Fund 17

	Year ended March 31, 2019						Year ended March 31, 2018¹
Operations
Net investment loss				$	(686,522	)				$	(710,379	)
Net realized gains on investments					22,170,499						6,532,249
Net change in unrealized gains (losses) on investments					(6,083,970	)					8,067,432
Net increase in net assets resulting from operations					15,400,007						13,889,302
Distributions to shareholders from net investment income and net realized gains
Class A					(20,884,975	)					(5,360,360	)
Class C					(93,417	)					(16,142	)
Administrator Class					(53,408	)					(7,844	)
Institutional Class					(2,160,122	)					(468,228	)
Total distributions to shareholders					(23,191,922	)					(5,852,574	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		264,201			3,988,191			100,773			1,525,252
Class C		11,256			157,108			3,801			52,022
Administrator Class		8,969			158,898			6,799			114,428
Institutional Class		202,779			3,570,799			85,364			1,472,577
					7,874,996						3,164,279
Reinvestment of distributions
Class A		1,770,518			20,467,178			352,388			5,243,537
Class C		8,060			81,241			975			13,232
Administrator Class		3,408			45,808			362			6,032
Institutional Class		129,330			1,792,511			26,092			443,822
					22,386,738						5,706,623
Payment for shares redeemed
Class A		(1,090,350	)		(16,060,877	)		(795,898	)		(11,972,813	)
Class C		(8,765	)		(106,912	)		(2,471	)		(34,576	)
Administrator Class		(13,374	)		(189,489	)		(10,531	)		(172,453	)
Institutional Class		(230,424	)		(3,981,806	)		(107,067	)		(1,838,265	)
					(20,339,084	)					(14,018,107	)
Net increase (decrease) in net assets resulting from capital share transactions					9,922,650						(5,147,205	)
Total increase in net assets					2,130,735						2,889,523
Net assets
Beginning of period					94,022,282						91,132,759
End of period				$	96,153,017					$	94,022,282

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 March 31, 2018 was $73,600. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

18 Wells Fargo Traditional Small Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.32			$14.08			$12.05			$18.04			$20.37
Net investment loss		(0.11	)1		(0.12	)1		(0.10	)1		(0.12	)1		(0.18	)
Net realized and unrealized gains (losses) on investments		2.17			2.35			2.51			(2.13	)		1.33
Total from investment operations		2.06			2.23			2.41			(2.25	)		1.15
Distributions to shareholders from
Net realized gains		(4.10	)		(0.99	)		(0.38	)		(3.74	)		(3.48	)
Net asset value, end of period		$13.28			$15.32			$14.08			$12.05			$18.04
Total return2		17.46	%		16.08	%		20.10	%		(12.86	)%		6.77	%
Ratios to average net assets (annualized)
Gross expenses		1.51	%		1.52	%		1.51	%		1.50	%		1.47	%
Net expenses		1.23	%		1.33	%		1.33	%		1.33	%		1.33	%
Net investment loss		(0.74	)%		(0.79	)%		(0.77	)%		(0.74	)%		(0.87	)%
Supplemental data
Portfolio turnover rate		155	%		44	%		113	%		123	%		73	%
Net assets, end of period (000s omitted)		$86,006			$84,738			$82,734			$84,139			$123,712

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Traditional Small Cap Growth Fund 19

(For a share outstanding throughout each period)

	Year ended March 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.94			$12.99			$11.22			$17.21			$19.73
Net investment loss		(0.20	)1		(0.21	)1		(0.18	)1		(0.18	)1		(0.29	)1
Net realized and unrealized gains (losses) on investments		1.91			2.15			2.33			(2.07	)		1.25
Total from investment operations		1.71			1.94			2.15			(2.25	)		0.96
Distributions to shareholders from
Net realized gains		(4.10	)		(0.99	)		(0.38	)		(3.74	)		(3.48	)
Net asset value, end of period		$11.55			$13.94			$12.99			$11.22			$17.21
Total return2		16.69	%		15.17	%		19.26	%		(13.55	)%		5.98	%
Ratios to average net assets (annualized)
Gross expenses		2.26	%		2.27	%		2.26	%		2.25	%		2.22	%
Net expenses		1.98	%		2.08	%		2.08	%		2.08	%		2.08	%
Net investment loss		(1.48	)%		(1.54	)%		(1.52	)%		(1.49	)%		(1.61	)%
Supplemental data
Portfolio turnover rate		155	%		44	%		113	%		123	%		73	%
Net assets, end of period (000s omitted)		$349			$274			$225			$162			$232

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20 Wells Fargo Traditional Small Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.14			$15.63			$13.29			$19.44			$21.65
Net investment loss		(0.11	)1		(0.11	)1		(0.09	)1		(0.10	)1		(0.15	)1
Net realized and unrealized gains (losses) on investments		2.50			2.61			2.81			(2.31	)		1.42
Total from investment operations		2.39			2.50			2.72			(2.41	)		1.27
Distributions to shareholders from
Net realized gains		(4.10	)		(0.99	)		(0.38	)		(3.74	)		(3.48	)
Net asset value, end of period		$15.43			$17.14			$15.63			$13.29			$19.44
Total return		17.59	%		16.21	%		20.56	%		(12.76	)%		6.93	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.44	%		1.43	%		1.39	%		1.29	%
Net expenses		1.15	%		1.20	%		1.20	%		1.20	%		1.19	%
Net investment loss		(0.63	)%		(0.66	)%		(0.64	)%		(0.61	)%		(0.73	)%
Supplemental data
Portfolio turnover rate		155	%		44	%		113	%		123	%		73	%
Net assets, end of period (000s omitted)		$104			$133			$174			$2,413			$3,128

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Traditional Small Cap Growth Fund 21

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.53			$15.94			$13.54			$19.69			$21.84
Net investment loss		(0.07	)1		(0.08	)1		(0.06	)1		(0.07	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		2.58			2.66			2.84			(2.34	)		1.44
Total from investment operations		2.51			2.58			2.78			(2.41	)		1.33
Distributions to shareholders from
Net realized gains		(4.10	)		(0.99	)		(0.38	)		(3.74	)		(3.48	)
Net asset value, end of period		$15.94			$17.53			$15.94			$13.54			$19.69
Total return		17.85	%		16.40	%		20.62	%		(12.58	)%		7.16	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.19	%		1.18	%		1.14	%		1.04	%
Net expenses		0.90	%		0.98	%		0.98	%		0.98	%		0.98	%
Net investment loss		(0.41	)%		(0.44	)%		(0.43	)%		(0.39	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		155	%		44	%		113	%		123	%		73	%
Net assets, end of period (000s omitted)		$9,695			$8,878			$8,001			$8,980			$11,812

¹  Calculated based upon average shares outstanding

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2019, such fair value pricing was not used in pricing foreign securities.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee 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

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

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

Securities lending

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. 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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $86,540,150 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	19,042,189
Gross unrealized losses		(3,627,662	)
Net unrealized gains	$	15,414,527

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

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

Paid-in capital	Total distributable earnings
$(1,501)	$1,501

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	3,097,487	$	0	$	0	$	3,097,487
Consumer discretionary		13,597,544		0		0		13,597,544
Energy		2,014,526		0		0		2,014,526
Financials		2,738,079		0		0		2,738,079
Health care		25,417,888		0		0		25,417,888
Industrials		16,495,177		0		0		16,495,177
Information technology		26,527,604		0		0		26,527,604
Materials		1,717,641		0		0		1,717,641
Real estate		1,103,387		0		0		1,103,387
Short-term investments
Investment companies		2,404,400		6,840,944		0		9,245,344
Total assets	$	95,113,733	$	6,840,944	$	0	$	101,954,677

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

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

At March 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.850	%
Next $500 million		0.825
Next $1 billion		0.800
Next $1 billion		0.775
Next $1 billion		0.750
Next $1 billion		0.730
Next $5 billion		0.720
Over $10 billion		0.710

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.23% for Class A shares, 1.98% for Class C shares, 1.15% for Administrator Class shares, and 0.90% for Institutional Class shares. 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 April 2, 2018, the Fund’s expenses were capped at 1.33% for Class A shares, 2.08% for Class C shares, 1.20% for Administrator Class shares, and 0.98% for Institutional Class shares.

26 Wells Fargo Traditional Small Cap Growth Fund Notes to financial statements

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2019, Funds Distributor received $1,157 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended March 31, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $146,347,146 and $161,867,540, respectively.

6. BANK BORROWINGS

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

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

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Year ended March 31
	2019		2018
Ordinary income	$	2,828,951	$	2,191,875
Long-term capital gain		20,362,971		3,660,699

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

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$1,713,085	$336,969	$15,414,514

Notes to financial statements Wells Fargo Traditional Small Cap Growth Fund 27

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 March 31, 2018 were as follows:

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

8. CONCENTRATION RISK

Concentration 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 Traditional Small Cap Growth Fund Report of independent registered public accounting firm

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 24, 2019

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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 2.35% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $20,362,971 was designated as a 20% rate gain distribution for the fiscal year ended March 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $86,566 of income dividends paid during the fiscal year ended March 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2019, $2,828,951 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.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 (wfam.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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 the Board Chair of 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.

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Appendix A (unaudited) Wells Fargo Traditional Small Cap Growth Fund 33

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: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

401595 05-19 A247/AR247 03-19

Annual Report

March 31, 2019

Wells Fargo Precious Metals 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	10
Consolidated portfolio of investments	11
Financial statements
Consolidated statement of assets and liabilities	13
Consolidated statement of operations	14
Consolidated statement of changes in net assets	15
Consolidated financial highlights	16
Notes to consolidated financial statements	20
Report of independent registered public accounting firm	26
Other information	27
Appendix A	31

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Precious Metals Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Precious Metals Fund for the 12-month period that ended March 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

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

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Precious Metals Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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6 Wells Fargo Precious Metals Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael Bradshaw, CFA^®‡

Oleg Makhorine

Average annual total returns (%) as of March 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 (EKWAX)3	1-20-1998		-2.47		-2.18		-3.07		3.48		-1.02		-2.49		1.21		1.09
Class C (EKWCX)3	1-29-1998		1.72		-1.75		-3.21		2.72		-1.75		-3.21		1.96		1.84
Administrator Class (EKWDX)4	7-30-2010		–		–		–		3.63		-0.87		-2.35		1.13		0.95
Institutional Class (EKWYX)3	2-29-2000		–		–		–		3.81		-0.72		-2.19		0.88		0.79
FTSE Gold Mines Index5	–		–		–		–		2.29		0.76		-4.31		–		–
S&P 500 Index6	–		–		–		–		9.50		10.91		15.92		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Funds that concentrate their investments in limited sectors, much as gold-related investments, are more vulnerable to adverse market, economic, regulatory, political, or other developments affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, geographic, non-diversification risk, smaller-company securities risk, and subsidiary risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Precious Metals Fund 7

Growth of $10,000 investment as of March 31, 2019⁷

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

¹  Reflect the expense ratios as stated in the most recent prospectuses. The expense ratios 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 July 31, 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 this class prior to July 19, 2010, is based on the performance of the same class of the Fund’s predecessor, Evergreen Precious Metals Fund.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  FTSE Gold Mines Index is an unmanaged, open-ended index designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. You cannot invest directly in an index.

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

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 Precious Metals Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the FTSE Gold Mines Index, for the 12-month period that ended March 31, 2019.

∎ The Fund’s positions in Torex Gold Resources Incorporated and Wheaton Precious Metals Corporation aided results, as did its overweight to Kirkland Lake Gold Limited. Underweights to Goldcorp Incorporated and Newmont Mining Corporation also helped results.

∎ The Fund’s overweights to Fresnillo plc, IAMGOLD Corporation, and Detour Gold Corporation detracted from results during the period. Underweights to Anglogold Ashanti Limited, Barrick Gold Corporation, and Newcrest Mining Limited also detracted from results.

∎ The price of gold fell approximately 2.6% during the 12-month period, and the share prices of precious metals stocks outperformed the gold price.

Gold prices fell during the first half of the period and increased during the second half.

The price of gold declined 10% during the first two quarters of the reporting period. Positive U.S. economic data including higher gross domestic product growth and lower unemployment caused the U.S. Federal Reserve (Fed) to raise interest rates, pushing bond yields and the U.S. dollar higher and the gold price lower. During the third and fourth quarters of the reporting period, gold prices rose 8.4%. The gold price was propelled higher during the fall and winter months by a weakening global economy. The economic weakness caused a decline in stock and commodity markets as well as bond yields.

Ten largest holdings (%) as of March 31, 20198
Barrick Gold Corporation	7.81
Newmont Mining Corporation	7.34
Royal Gold Incorporated	5.77
Kirkland Lake Gold Limited	5.64
Newcrest Mining Limited	5.55
Kinross Gold Corporation	4.65
Agnico Eagle Mines Limited-U.S. Exchange Traded Shares	4.53
Gold Bullion	4.45
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares	4.45
Franco-Nevada Corporation-Legend Shares	3.81

Purchases and sales of gold exchange-traded funds (ETFs) have an impact on gold prices. Purchases of gold ETFs declined during the first half of the reporting period, negatively affecting the price of gold. During the second half of the reporting period, gold-backed ETF purchases accelerated as rising economic uncertainty caused the stock market and bond yields to fall and physical demand for gold to rise.

Gold-mining stocks outperformed relative to the price of gold.

The prices of gold-mining stocks typically rise or fall more sharply than the price of gold. However, this was not the case during the 12-month reporting period. Companies that delivered better-than-expected operating and financial results fared the best.

Torex Gold’s share price more than doubled during the reporting period. The company benefited from the successful restart of its El Limon Mine in Mexico. As a result, production guidance was raised for both 2018 and 2019. Kirkland Lake Gold was one of the Fund’s best contributors as multiple revisions to guidance caused the stock to outperform. Wheaton Precious Metals was another key contributor, rising on news of a positive tax settlement with the Canada Revenue Agency.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Precious Metals Fund 9

Country allocation as of March 31, 2019⁹

Three of the Fund’s most noteworthy detractors were Fresnillo, IAMGOLD, and Detour Gold. Fresnillo declined after the firm announced that 2019 production would be lower than expected and that its Juanicipio development project would be delayed. IAMGOLD dropped on news that the company would be deferring the development of its Cote Lake Mine until market conditions improved. The Fund’s underweight to Barrick Gold also detracted from performance as the company benefited from the positive market reaction to its announced merger with Randgold Resources Limited.

In our view, investment in gold and precious metals companies likely will remain a perceived hedge against economic and political uncertainty.

We believe the short-term outlook for gold prices depends largely on economic data and their resulting impact on U.S. interest rates and the U.S. dollar. With economic growth slowing during the fourth quarter of the reporting period and inflation expectations falling, the Fed removed its previous outlook of additional interest rate increases in 2019. Should this occur, we believe the economic environment likely would continue to support gold prices and gold stocks.

Over the longer term, we believe the primary drivers of gold are positive. First, rising fiscal deficits in the U.S. could cause the dollar to weaken. Second, increasing inflation in the U.S., caused by a tight labor market and higher-cost imported goods, could benefit the price of gold. And finally, increased stock market volatility from rising geopolitical risks may cause investors to offset this risk by adding gold to their investment portfolios.

We believe gold-related stocks may have better appreciation potential than the metal itself. However, stock selection will remain important because, in our view, company fundamentals tend to drive stock prices. We believe higher-quality companies with internal growth catalysts, such as effective execution of business plans and mining successes, are most likely to outperform their peers.

Please see footnotes on page 7.

10 Wells Fargo Precious Metals Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,213.88	$	6.02		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.50	$	5.49		1.09	%
Class C
Actual	$	1,000.00	$	1,209.72	$	10.14		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.76	$	9.25		1.84	%
Administrator Class
Actual	$	1,000.00	$	1,215.10	$	5.25		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,215.97	$	4.36		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.99	$	3.98		0.79	%

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

Consolidated portfolio of investments—March 31, 2019 Wells Fargo Precious Metals Fund 11

Security name	Shares		Value
Common Stocks: 94.47%
Australia: 10.79%
Evolution Mining Limited (Materials, Metals & Mining)		2,800,000	$	7,276,590
Newcrest Mining Limited (Materials, Metals & Mining)		862,294		15,619,050
Northern Star Resources Limited (Materials, Metals & Mining)		1,175,000		7,467,061
				30,362,701
Canada: 65.57%
Agnico-Eagle Mines Limited (Materials, Metals & Mining)		225,370		9,798,329
Agnico-Eagle Mines Limited-Legend Shares (Materials, Metals & Mining)		35,000		1,522,500
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares (Materials, Metals & Mining)		293,164		12,752,634
Alamos Gold Incorporated Class A (Materials, Metals & Mining)		813,980		4,129,745
B2Gold Corporation (Materials, Metals & Mining) †		2,650,000		7,416,470
Barrick Gold Corporation (Materials, Metals & Mining)		1,601,723		21,959,622
Centerra Gold Incorporated-Legend Shares (Materials, Metals & Mining) 144A		350,000		1,835,971
Continental Gold Incorporated (Materials, Metals & Mining) †		1,200,000		2,595,129
Detour Gold Corporation (Materials, Metals & Mining) †		221,057		2,074,348
Detour Gold Corporation-Legend Shares (Materials, Metals & Mining) 144A		525,000		4,926,479
Detour Gold Corporation-Legend Shares (Materials, Metals & Mining)		90,000		844,539
Endeavour Mining Corporation (Materials, Metals & Mining) †		410,000		6,154,525
Franco-Nevada Corporation-Legend Shares (Materials, Metals & Mining) 144A		142,948		10,717,222
Goldcorp Incorporated (Materials, Metals & Mining)		500,454		5,726,001
Goldcorp Incorporated-U.S. Exchange Traded Shares (Materials, Metals & Mining)		165,694		1,895,539
IAMGOLD Corporation (Materials, Metals & Mining) †		1,955,000		6,773,413
Kinross Gold Corporation (Materials, Metals & Mining) †		3,800,553		13,082,309
Kirkland Lake Gold Limited (Materials, Metals & Mining)		522,000		15,874,644
Mag Silver Corporation (Materials, Metals & Mining) †		590,000		6,300,221
Mag Silver Corporation-Legend Shares (Materials, Metals & Mining)		100,000		1,067,834
OceanaGold Corporation (Materials, Metals & Mining)		1,450,000		4,557,189
Osisko Gold Royalties Limited (Materials, Metals & Mining)		246,700		2,770,956
Pan American Silver Corporation (Materials, Metals & Mining)		160,000		2,120,000
Pretium Resources Incorporated (Materials, Metals & Mining) †		175,000		1,495,491
Semafo Incorporated (Materials, Metals & Mining) †		2,660,400		7,385,853
SSR Mining Incorporated (Materials, Metals & Mining) †		500,000		6,330,000
Torex Gold Resources Incorporated (Materials, Metals & Mining) †		160,000		2,013,844
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & Mining) 144A		185,000		2,328,507
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & Mining)		266,250		3,351,162
Wheaton Precious Metals Corporation (Materials, Metals & Mining)		12,950		308,257
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares (Materials, Metals & Mining)		525,000		12,505,500
Yamana Gold Incorporated (Materials, Metals & Mining)		700,000		1,822,876
				184,437,109
Peru: 0.77%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		125,000		2,160,000
South Africa: 1.00%
AngloGold Ashanti Limited ADR (Materials, Metals & Mining)		215,591		2,824,242
United Kingdom: 3.23%
Fresnillo plc (Materials, Metals & Mining)		800,000		9,073,385

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

12 Wells Fargo Precious Metals Fund Consolidated portfolio of investments—March 31, 2019

Security name				Shares		Value
United States: 13.11%
Newmont Mining Corporation (Materials, Metals & Mining)					577,455	$	20,655,565
Royal Gold Incorporated (Materials, Metals & Mining)					178,436		16,225,186
							36,880,751
Total Common Stocks (Cost $185,181,486)							265,738,188
				Troy ounces
Commodities: 4.45%
Gold Bullion †**					5,352		12,522,932
Total Commodities (Cost $5,772,407)							12,522,932
	Yield			Shares
Short-Term Investments: 1.19%
Investment Companies: 1.19%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38	%		3,331,397		3,331,397
Total Short-Term Investments (Cost $3,331,397)							3,331,397

Total investments (Cost $194,285,290)	100.11	%		281,592,517
Other assets and liabilities, net	(0.11	)		(308,088	)
Total net assets	100.00	%	$	281,284,429

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		4,941,346		80,329,061		81,939,010		3,331,397	$	0	$	0	$	87,990	$	3,331,397		1.19	%

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

Consolidated statement of assets and liabilities—March 31, 2019 Wells Fargo Precious Metals Fund 13

Assets
Investments in unaffiliated securities, at value (cost $185,181,486)	$	265,738,188
Investments in commodities, at value (cost $5,772,407)		12,522,932
Investments in affiliated securities, at value (cost $3,331,397)		3,331,397
Cash		28,311
Foreign currency, at value (cost $642,186)		642,853
Receivable for investments sold		1,369
Receivable for Fund shares sold		489,829
Receivable for dividends		104,942
Prepaid expenses and other assets		50,609
Total assets		282,910,430
Liabilities
Payable for Fund shares redeemed		1,166,274
Management fee payable		126,266
Administration fees payable		43,423
Distribution fee payable		9,677
Trustees’ fees and expenses payable		1,943
Accrued expenses and other liabilities		278,418
Total liabilities		1,626,001
Total net assets	$	281,284,429
NET ASSETS CONSIST OF
Paid-in capital	$	392,405,441
Total distributable loss		(111,121,012	)
Total net assets	$	281,284,429
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	162,859,665
Shares outstanding – Class A1		4,797,891
Net asset value per share – Class A		$33.94
Maximum offering price per share – Class A2		$36.01
Net assets – Class C	$	14,907,629
Shares outstanding – Class C1		498,981
Net asset value per share – Class C		$29.88
Net assets – Administrator Class	$	8,085,717
Shares outstanding – Administrator Class1		235,832
Net asset value per share – Administrator Class		$34.29
Net assets – Institutional Class	$	95,431,418
Shares outstanding – Institutional Class1		2,760,746
Net asset value per share – Institutional Class		$34.57

¹  The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Precious Metals Fund Consolidated statement of operations—year ended March 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $144,223)	$	2,671,723
Income of affiliated securities		87,990
Total investment income		2,759,713
Expenses
Management fee		1,821,506
Administration fees
Class A		328,820
Class C		54,450
Administrator Class		11,071
Institutional Class		115,968
Shareholder servicing fees
Class A		391,452
Class C		64,822
Administrator Class		21,289
Distribution fee
Class C		194,466
Custody and accounting fees		47,968
Professional fees		65,435
Registration fees		70,721
Shareholder report expenses		77,123
Trustees’ fees and expenses		22,579
Transfer agent fees		7,733
Other fees and expenses		23,294
Total expenses		3,318,697
Less: Fee waivers and/or expense reimbursements		(344,379	)
Net expenses		2,974,318
Net investment loss		(214,605	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(7,313,853	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		15,057,413
Commodities		(331,112	)
Net change in unrealized gains (losses) on investments		14,726,301
Net realized and unrealized gains (losses) on investments		7,412,448
Net increase in net assets resulting from operations	$	7,197,843

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

Consolidated statement of changes in net assets Wells Fargo Precious Metals Fund 15

	Year ended March 31, 2019						Year ended March 31, 20181
Operations
Net investment loss				$	(214,605	)				$	(1,185,623	)
Net realized losses on investments					(7,313,853	)					(589,728	)
Net change in unrealized gains (losses) on investments					14,726,301						(24,177,396	)
Net increase (decrease) in net assets resulting from operations					7,197,843						(25,952,747	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(2,808,058	)
Class C					0						(414,068	)
Administrator Class					0						(169,120	)
Institutional Class					0						(1,238,811	)
Total distributions to shareholders					0						(4,630,057	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,198,292			37,973,472			1,343,343			47,874,671
Class C		42,566			1,175,460			71,931			2,255,869
Administrator Class		22,524			739,042			312,074			11,409,031
Institutional Class		1,646,466			53,786,635			1,240,353			44,707,060
					93,674,609						106,246,631
Reinvestment of distributions
Class A		0			0			76,499			2,579,538
Class C		0			0			12,259			367,387
Administrator Class		0			0			4,880			165,920
Institutional Class		0			0			34,049			1,164,824
					0						4,277,669
Payment for shares redeemed
Class A		(1,822,759	)		(56,867,045	)		(2,732,751	)		(97,070,775	)
Class B		N/A			N/A			(9,235	)2		(291,832	)2
Class C		(678,903	)		(19,431,951	)		(467,766	)		(14,797,679	)
Administrator Class		(63,191	)		(2,054,168	)		(463,024	)		(16,820,569	)
Institutional Class		(1,367,558	)		(43,913,813	)		(1,251,776	)		(44,720,355	)
					(122,266,977	)					(173,701,210	)
Net decrease in net assets resulting from capital share transactions					(28,592,368	)					(63,176,910	)
Total decrease in net assets					(21,394,525	)					(93,759,714	)
Net assets
Beginning of period					302,678,954						396,438,668
End of period				$	281,284,429					$	302,678,954

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 to disaggregate distributions to shareholders between distributions from net investment income and distributions from realized gains. Accumulated net investment loss at March 31, 2018 was $12,736. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from April 1, 2017 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

16 Wells Fargo Precious Metals Fund Consolidated financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$32.80			$35.99			$32.73			$28.99			$36.65
Net investment loss		(0.03	)1		(0.11	)1		(0.22	)1		(0.05	)		(0.11	)1
Net realized and unrealized gains (losses) on investments		1.17			(2.60	)		3.85			3.79			(7.55	)
Total from investment operations		1.14			(2.71	)		3.63			3.74			(7.66	)
Distributions to shareholders from net investment income		0.00			(0.48	)		(0.37	)		0.00			0.00
Net asset value, end of period		$33.94			$32.80			$35.99			$32.73			$28.99
Total return2		3.48	%		(7.56	)%		11.24	%		12.90	%		(20.90	)%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.21	%		1.20	%		1.23	%		1.23	%
Net expenses		1.09	%		1.04	%		1.09	%		1.10	%		1.10	%
Net investment loss		(0.11	)%		(0.32	)%		(0.57	)%		(0.24	)%		(0.30	)%
Supplemental data
Portfolio turnover rate3		19	%		27	%		21	%		18	%		9	%
Net assets, end of period (000s omitted)		$162,860			$177,859			$242,423			$236,310			$211,477

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

³  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

Consolidated financial highlights Wells Fargo Precious Metals Fund 17

(For a share outstanding throughout each period)

	Year ended March 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$29.09			$32.07			$29.10			$25.97			$33.08
Net investment loss		(0.24	)1		(0.33	)1		(0.46	)1		(0.24	)1		(0.35	)1
Net realized and unrealized gains (losses) on investments		1.03			(2.30	)		3.49			3.37			(6.76	)
Total from investment operations		0.79			(2.63	)		3.03			3.13			(7.11	)
Distributions to shareholders from net investment income		0.00			(0.35	)		(0.06	)		0.00			0.00
Net asset value, end of period		$29.88			$29.09			$32.07			$29.10			$25.97
Total return2		2.72	%		(8.24	)%		10.42	%		12.05	%		(21.49	)%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.96	%		1.95	%		1.99	%		1.98	%
Net expenses		1.84	%		1.79	%		1.84	%		1.85	%		1.85	%
Net investment loss		(0.88	)%		(1.07	)%		(1.32	)%		(0.99	)%		(1.06	)%
Supplemental data
Portfolio turnover rate3		19	%		27	%		21	%		18	%		9	%
Net assets, end of period (000s omitted)		$14,908			$33,022			$48,710			$52,648			$59,074

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

³  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

18 Wells Fargo Precious Metals Fund Consolidated financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$33.09			$36.27			$32.98			$29.17			$36.82
Net investment income (loss)		0.01	1		(0.09	)1		(0.17	)1		(0.03	)1		(0.06	)1
Net realized and unrealized gains (losses) on investments		1.19			(2.59	)		3.87			3.84			(7.59	)
Total from investment operations		1.20			(2.68	)		3.70			3.81			(7.65	)
Distributions to shareholders from net investment income		0.00			(0.50	)		(0.41	)		0.00			0.00
Net asset value, end of period		$34.29			$33.09			$36.27			$32.98			$29.17
Total return		3.63	%		(7.40	)%		11.37	%		13.06	%		(20.78	)%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.15	%		1.12	%		1.13	%		1.07	%
Net expenses		0.95	%		0.91	%		0.95	%		0.96	%		0.96	%
Net investment income (loss)		0.04	%		(0.25	)%		(0.44	)%		(0.10	)%		(0.17	)%
Supplemental data
Portfolio turnover rate2		19	%		27	%		21	%		18	%		9	%
Net assets, end of period (000s omitted)		$8,086			$9,148			$15,325			$16,114			$21,917

¹  Calculated based upon average shares outstanding

²  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

Consolidated financial highlights Wells Fargo Precious Metals Fund 19

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$33.30			$36.47			$33.21			$29.33			$36.96
Net investment income (loss)		0.04			0.02			(0.09	)1		0.02	1		0.01	1
Net realized and unrealized gains (losses) on investments		1.23			(2.67	)		3.85			3.86			(7.64	)
Total from investment operations		1.27			(2.65	)		3.76			3.88			(7.63	)
Distributions to shareholders from net investment income		0.00			(0.52	)		(0.50	)		0.00			0.00
Net asset value, end of period		$34.57			$33.30			$36.47			$33.21			$29.33
Total return		3.81	%		(7.27	)%		11.49	%		13.23	%		(20.64	)%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.88	%		0.88	%		0.88	%		0.80	%
Net expenses		0.79	%		0.73	%		0.79	%		0.80	%		0.79	%
Net investment income (loss)		0.21	%		0.01	%		(0.24	)%		0.06	%		0.03	%
Supplemental data
Portfolio turnover rate2		19	%		27	%		21	%		18	%		9	%
Net assets, end of period (000s omitted)		$95,431			$82,650			$89,680			$60,156			$43,014

¹  Calculated based upon average shares outstanding.

²  Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

20 Wells Fargo Precious Metals Fund Notes to consolidated financial statements

1. ORGANIZATION

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

Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through May 5, 2017.

2. INVESTMENT IN SUBSIDIARY

The Fund invests in precious metals and minerals through Special Investments (Cayman) SPC (the “Subsidiary”), a wholly-owned subsidiary incorporated on May 3, 2005 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of March 31, 2019, the Subsidiary held $12,522,932 in gold bullion representing 99.59% of its net assets. The Fund is the sole shareholder of the Subsidiary. As of March 31, 2019, the Fund held $12,471,591 in the Subsidiary, representing 4.43% of the Fund’s net assets prior to consolidation.

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

3. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in commodities are valued at their last traded price.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2019, such fair value pricing was not used in pricing foreign securities.

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the

Notes to consolidated financial statements Wells Fargo Precious Metals Fund 21

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

Foreign currency translation

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

As of March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $205,447,674 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	95,510,022
Gross unrealized losses		(19,365,179	)
Net unrealized gains	$	76,144,843

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting

22 Wells Fargo Precious Metals Fund Notes to consolidated financial statements

principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At March 31, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable loss
$(4,866)	$4,866

As of March 31, 2019, the Fund had capital loss carryforwards which consist of $29,456,427 in short-term capital losses and $158,488,084 in long-term capital losses.

Class allocations

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

4. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	30,362,701	$	0	$	0	$	30,362,701
Canada		157,842,895		26,594,214		0		184,437,109
Peru		2,160,000		0		0		2,160,000
South Africa		2,824,242		0		0		2,824,242
United Kingdom		9,073,385		0		0		9,073,385
United States		36,880,751		0		0		36,880,751
Commodities		12,522,932		0		0		12,522,932
Short-term investments
Investment companies		3,331,397		0		0		3,331,397
Total assets	$	254,998,303	$	26,594,214	$	0	$	281,592,517

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

At March 31, 2019 the Fund did not have any transfers into/out of Level 3.

Notes to consolidated financial statements Wells Fargo Precious Metals Fund 23

5. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Annual fee rate
First $500 million		0.650	%
Next $500 million		0.600
Next $1 billion		0.550
Next $2 billion		0.525
Next $1 billion		0.500
Next $5 billion		0.490
Over $10 billion		0.480

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.40% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.09% for Class A shares, 1.84% for Class C shares, 0.95% for Administrator Class shares, and 0.79% for Institutional Class shares. 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.

24 Wells Fargo Precious Metals Fund Notes to consolidated financial statements

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2019, Funds Distributor received $3,469 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended March 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.

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $53,125,477 and $78,885,162, respectively. These amounts include purchases and sales transactions of the Subsidiary.

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

For the year ended March 31, 2019, the Fund did not have any distributions paid to shareholders. The tax character of distributions paid for the year ended March 31, 2018 was $4,630,057 of ordinary income.

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

Undistributed ordinary income	Unrealized gains (losses)	Capital loss carryforward
$690,503	$76,145,579	$(187,944,511)

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 March 31, 2018 were as follows:

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

9. CONCENTRATION RISK

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

Notes to consolidated financial statements Wells Fargo Precious Metals Fund 25

10. INDEMNIFICATION

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

11. NEW ACCOUNTING PRONOUNCEMENT

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

26 Wells Fargo Precious Metals Fund Report of independent registered public accounting firm

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 24, 2019

Other information (unaudited) Wells Fargo Precious Metals Fund 27

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the Fund expects to designate amounts as foreign taxes paid for the fiscal year ended March 31, 2019. Additional details will be available in the semiannual report.

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 wfam.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 wfam.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 (wfam.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 Precious Metals Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS    

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

Other information (unaudited) Wells Fargo Precious Metals 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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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 Precious Metals Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Appendix A (unaudited) Wells Fargo Precious Metals 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: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

401596 05-19 A316/AR316 03-19

Annual Report

March 31, 2019

Wells Fargo Specialized Technology 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	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	22
Report of independent registered public accounting firm	28
Other information	29
Appendix A	33

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Specialized Technology Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Specialized Technology Fund for the 12-month period that ended March 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

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

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Specialized Technology Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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6 Wells Fargo Specialized Technology Fund Performance highlights (unaudited)

Investment objective    

The Fund seeks long-term capital appreciation.    

Manager    

Wells Fargo Funds Management, LLC    

Subadviser    

Allianz Global Investors U.S. LLC    

Portfolio managers    

Huachen Chen, CFA^®‡    

Walter C. Price, Jr., CFA^®‡    

Michael A. Seidenberg*    

Average annual total returns (%) as of March 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 (WFSTX)	9-18-2000		10.07		16.19		19.89		16.80		17.57		20.59		1.42		1.39
Class C (WFTCX)	9-18-2000		15.01		16.72		19.70		16.01		16.72		19.70		2.17		2.14
Administrator Class (WFTDX)3	7-30-2010		–		–		–		17.02		17.72		20.76		1.34		1.29
Institutional Class (WFTIX)4	10-31-2016		–		–		–		17.25		17.83		20.81		1.09		1.04
S&P North American Technology Index5	–		–		–		–		15.70		19.15		20.77		–		–
S&P 500 Index6	–		–		–		–		9.50		10.91		15.92		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Funds that concentrate their investments in limited sectors, such as information technology, are more vulnerable to adverse market, economic, regulatory, political, or other developments affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to convertible securities risk, foreign investment risk, non-diversification risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Specialized Technology Fund 7

Growth of $10,000 investment as of March 31, 2019⁷

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

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

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

²  The manager has contractually committed through July 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.38% for Class A, 2.13% for Class C, 1.28% for Administrator Class, and 1.03% for Institutional Class. 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 Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns for Administrator Class shares would be higher.

⁴  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁵  The S&P North American Technology Index is a modified market-capitalization-weighted index of select technology stocks. You cannot invest directly in an index.

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

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 Specialized Technology Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed the S&P North American Technology Index for the 12-month period that ended March 31, 2019.

∎ The primary drivers for the Fund’s absolute and relative performance included our overweights to select high-growth software companies.

∎ The Fund’s overweights to certain hardware and semiconductor companies detracted from relative returns.

Information technology continues to be a rich source of investment returns.

Information technology (IT) companies continued to demonstrate strong earnings growth and delivered solid stock returns relative to the broad market. Despite the increased market volatility and sharp sell-off in the fourth quarter of 2018, underlying fundamentals remain strong for many IT companies. Suppliers of innovative technologies should continue to benefit as businesses across the economy look to invest in solutions that help increase productivity and enhance efficiency.

We believe one of the most attractive qualities of the IT sector is the regular emergence of new and disruptive trends. Many of these new technologies potentially could expand the influence of technology into other areas of the economy as well as draw value from predecessor technologies within the sector. Our primary goal continues to be to identify these major trends ahead of the crowd and invest in the emerging leaders.

Over the 12-month period, we increased our exposure to select software companies benefiting from the accelerating adoption of cloud computing and software-as-a-service (SaaS) solutions. Many of these stocks performed well due to higher demand for their innovative product offerings, which led to consistently strong earnings growth. We also added exposure to payments companies in the period. Conversely, the team reduced exposure to the more cyclical segments of the IT sector, including semiconductors, hardware, and communications equipment. These segments were negatively affected by weaker global growth and the ongoing trade dispute between the U.S. and China.

Overweights to Twilio Incorporated and Paycom Software, Incorporated, were the largest contributors.

Our position in Twilio Incorporated was a top contributor during the period. The company provides a cloud-based platform that enables developers to build, scale, and operate real-time communications within software applications as a pay-as-you-go service. Twilio’s platform is being increasingly leveraged by companies that are building artificial intelligence applications to enable them to design more intimate, real-time interactions with their customers. We believe the company is extending its lead in the communications platform-as-a-service market, driven by differentiated solutions and strong developer relationships.

Paycom Software, Incorporated, was also among the top contributors. Paycom provides cloud-based payroll and human capital management software in a SaaS format to small and medium-size businesses in the U.S. Paycom’s software provides unique value to customers because it typically replaces multiple systems and helps manage complex compliance requirements. We see the company as a unique cloud asset modernizing the payroll market, which gives it the opportunity to rapidly grow revenue over the next few years while maintaining a best-in-class earnings before interest, tax, depreciation, and amortization (EBITDA) margin.

Other top contributors to relative returns included overweights to MongoDB, Incorporated; Okta, Incorporated; and Square, Incorporated.

The portfolio’s overweight to DXC Technology Company was the largest detractor as the company faced challenges staffing its sales team, which led to slower revenue growth. While orders have been strong, service delivery has been limited due to this staffing issue. We believe the company is solving this problem via internal adjustments and a recent acquisition. DXC offers a variety of solutions for customers, including analytics, applications, and cloud-workload consulting. In our view, cash flow should continue to increase as DXC improves efficiencies across the company, and valuation remains compelling.

Nutanix, Incorporated, was also among the top detractors. The company provides enterprise cloud-platform solutions that converge traditional silos of server, virtualization, and storage into one integrated solution. Shares have been weak recently amid the company’s transition to a subscription- and cloud-based business model. This process has led to a realignment of the sales and marketing function, as well as other investments that have limited earnings growth. We believe the business model transition and recent investments should be positive for the company’s earnings growth longer term.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Specialized Technology Fund 9

Other top detractors from relative returns included overweights to Micron Technology, Incorporated, and Microchip Technology Incorporated and an underweight to Cisco Systems, Incorporated.

We retain an optimistic outlook for the IT sector and for the Fund.

Looking forward, we continue to believe the IT sector may provide some of the stock markets’ best absolute- and relative-return opportunities, especially for bottom-up stock pickers like us. We have observed a wave of innovation within the sector that we believe could produce attractive returns for companies offering best-in-class solutions. We also see a number of companies with present valuations that, in our view, do not fully reflect positive company-specific and/or industry-specific tailwinds. We believe some of the attractive growth themes include cloud computing, auto technology, artificial intelligence, robotics, and cybersecurity.

Ten largest holdings (%) as of March 31, 20198
Facebook Incorporated Class A	5.37
ServiceNow Incorporated	5.06
Amazon.com Incorporated	4.89
Microsoft Corporation	4.83
Paycom Software Incorporated	4.80
Twilio Incorporated Class A	4.48
NetApp Incorporated	3.59
Okta Incorporated	3.39
RingCentral Incorporated Class A	3.00
Square Incorporated Class A	2.88

Industry distribution as of March 31, 2019⁹

Please see footnotes on page 7.

10 Wells Fargo Specialized Technology Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	982.38	$	6.82		1.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	6.94		1.38	%
Class C
Actual	$	1,000.00	$	979.34	$	10.51		2.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.31	$	10.70		2.13	%
Administrator Class
Actual	$	1,000.00	$	982.98	$	6.33		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.44		1.28	%
Institutional Class
Actual	$	1,000.00	$	984.19	$	5.10		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.19		1.03	%

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—March 31, 2019 Wells Fargo Specialized Technology Fund 11

Security name	Shares		Value
Common Stocks: 96.59%
Communication Services: 10.67%
Entertainment: 1.32%
Electronic Arts Incorporated †		15,990	$	1,625,064
Netflix Incorporated †		13,515		4,818,908
Tencent Music ADR (a)		3		54
				6,444,026
Interactive Media & Services: 9.35%
Alphabet Incorporated Class A †		8,720		10,262,481
Alphabet Incorporated Class C †		6,540		7,673,447
Facebook Incorporated Class A †		156,965		26,164,496
Tencent Holdings Limited		12,915		593,929
Yandex NV Class A †		25,570		878,074
				45,572,427
Consumer Discretionary: 5.68%
Automobiles: 0.30%
Tesla Motors Incorporated †«		5,210		1,458,071
Internet & Direct Marketing Retail: 5.38%
Alibaba Group Holding Limited ADR †		11,095		2,024,283
Amazon.com Incorporated †		13,380		23,826,435
GrubHub Incorporated †		5,660		393,200
				26,243,918
Health Care: 0.29%
Health Care Technology: 0.29%
Veeva Systems Incorporated Class A †		10,975		1,392,289
Industrials: 1.07%
Electrical Equipment: 0.64%
Bloom Energy Corporation Class A †«		240,765		3,110,684
Industrial Conglomerates: 0.43%
Roper Industries Incorporated		6,130		2,096,276
Information Technology: 78.88%
Communications Equipment: 3.52%
Arista Networks Incorporated †		20,945		6,586,365
Cisco Systems Incorporated		28,730		1,551,133
Nokia Corporation ADR «		69,540		397,769
Palo Alto Networks Incorporated †		33,590		8,158,339
Viavi Solutions Incorporated †		36,625		453,418
				17,147,024
Electronic Equipment, Instruments & Components: 0.16%
Cognex Corporation		14,875		756,543

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

12 Wells Fargo Specialized Technology Fund Portfolio of investments—March 31, 2019

Security name	Shares		Value
IT Services: 22.54%
Capgemini SA		11,450	$	1,388,441
DXC Technology Company		133,915		8,612,074
First Data Corporation Class A †		33,230		872,952
Fiserv Incorporated †		6,700		591,476
MasterCard Incorporated Class A		52,845		12,442,355
MongoDB Incorporated †«		77,525		11,397,726
Okta Incorporated †		199,710		16,522,008
PayPal Holdings Incorporated †		93,170		9,674,773
Square Incorporated Class A †		187,245		14,028,395
Twilio Incorporated Class A †		169,140		21,849,505
Visa Incorporated Class A		69,750		10,894,253
Worldpay Incorporated Class A †		13,955		1,583,893
				109,857,851
Semiconductors & Semiconductor Equipment: 13.29%
Analog Devices Incorporated		31,035		3,267,054
Broadcom Incorporated		37,070		11,147,320
Cree Incorporated †		198,645		11,366,467
Cypress Semiconductor Corporation		102,850		1,534,522
Infineon Technologies AG		95,250		1,889,584
Intel Corporation		38,880		2,087,856
KLA-Tencor Corporation		37,200		4,442,052
Lam Research Corporation		2,725		487,802
Microchip Technology Incorporated «		97,455		8,084,867
Micron Technology Incorporated †		64,165		2,651,939
ON Semiconductor Corporation †		545,900		11,229,163
Taiwan Semiconductor Manufacturing Company Limited ADR		11,485		470,426
Teradyne Incorporated		54,395		2,167,097
Texas Instruments Incorporated		36,905		3,914,513
				64,740,662
Software: 34.22%
Adobe Systems Incorporated †		7,510		2,001,340
Aspen Technology Incorporated †		4,725		492,629
Atlassian Corporation plc Class A †		44,260		4,974,381
Autodesk Incorporated †		3,425		533,684
AVEVA Group plc		51,435		2,161,146
CyberArk Software Limited †		14,065		1,674,438
DocuSign Incorporated †		8,175		423,792
Elastic NV †		31,639		2,527,007
FireEye Incorporated †		24,710		414,881
ForeScout Technologies Incorporated †		42,185		1,767,973
Fortinet Incorporated †		34,975		2,936,851
Guidewire Software Incorporated †		4,540		441,106
HubSpot Incorporated †		6,810		1,131,890
Intuit Incorporated		3,920		1,024,727
Micro Focus International plc		22,920		595,998
Microsoft Corporation		199,730		23,556,156
New Relic Incorporated †		8,760		864,612

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

Portfolio of investments—March 31, 2019 Wells Fargo Specialized Technology Fund 13

Security name				Shares		Value
Software (continued)
Nutanix Incorporated Class A †					197,135	$	7,439,875
Oracle Corporation					55,360		2,973,386
Paycom Software Incorporated †					123,645		23,384,979
Proofpoint Incorporated †					69,530		8,443,028
Rapid7 Incorporated †					28,400		1,437,324
RealPage Incorporated †					14,150		858,764
RingCentral Incorporated Class A †					135,435		14,599,893
Salesforce.com Incorporated †					62,179		9,847,288
ServiceNow Incorporated †					99,965		24,640,373
Smartsheet Incorporated Class A †					10,590		431,966
Sophos Group plc 144A					90,370		354,049
Tableau Software Incorporated Class A †					51,525		6,558,102
Temenos Group AG					6,550		965,644
Workday Incorporated Class A †					60,500		11,667,425
Zendesk Incorporated †					15,150		1,287,750
Zscaler Incorporated †					51,425		3,647,575
Zynga Incorporated Class A †					134,955		719,310
							166,779,342
Technology Hardware, Storage & Peripherals: 5.15%
Apple Incorporated					26,350		5,005,183
NetApp Incorporated					252,580		17,513,894
Pure Storage Incorporated Class A †					48,310		1,052,675
Samsung Electronics Company Limited					38,780		1,525,440
							25,097,192
Total Common Stocks (Cost $291,921,823)							470,696,305
	Yield
Short-Term Investments: 8.04%
Investment Companies: 8.04%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		20,473,818		20,475,865
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38			18,717,955		18,717,955
Total Short-Term Investments (Cost $39,193,820)							39,193,820

Total investments in securities (Cost $331,115,643)	104.63	%		509,890,125
Other assets and liabilities, net	(4.63	)		(22,581,999	)
Total net assets	100.00	%	$	487,308,126

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

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

14 Wells Fargo Specialized Technology Fund Portfolio of investments—March 31, 2019

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		23,934,530		229,767,809		233,228,521		20,473,818	$	33	$	0	$	410,387	$	20,475,865
Wells Fargo Government Money Market Fund Select Class		2,705,051		221,415,282		205,402,378		18,717,955		0		0		502,234		18,717,955
									$	33	$	0	$	912,621	$	39,193,820		8.04	%

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

Statement of assets and liabilities—March 31, 2019 Wells Fargo Specialized Technology Fund 15

Assets
Investments in unaffiliated securities (including $20,369,187 of securities loaned), at value (cost $291,921,823)	$	470,696,305
Investments in affiliated securities, at value (cost $39,193,820)		39,193,820
Foreign currency, at value (cost $29)		29
Receivable for investments sold		3,180,559
Receivable for Fund shares sold		443,120
Receivable for dividends		100,885
Prepaid expenses and other assets		23,609
Total assets		513,638,327
Liabilities
Payable upon receipt of securities loaned		20,475,809
Payable for investments purchased		4,702,599
Payable for Fund shares redeemed		536,446
Management fee payable		350,318
Administration fees payable		80,790
Distribution fee payable		7,461
Trustees’ fees and expenses payable		1,983
Accrued expenses and other liabilities		174,795
Total liabilities		26,330,201
Total net assets	$	487,308,126
NET ASSETS CONSIST OF
Paid-in capital	$	275,565,237
Total distributable earnings		211,742,889
Total net assets	$	487,308,126
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	401,989,600
Shares outstanding – Class A1		30,148,807
Net asset value per share – Class A		$13.33
Maximum offering price per share – Class A2		$14.14
Net assets – Class C	$	11,614,934
Shares outstanding – Class C1		1,151,623
Net asset value per share – Class C		$10.09
Net assets – Administrator Class	$	22,480,114
Shares outstanding – Administrator Class1		1,647,217
Net asset value per share – Administrator Class		$13.65
Net assets – Institutional Class	$	51,223,478
Shares outstanding – Institutional Class1		3,730,800
Net asset value per share – Institutional Class		$13.73

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 Specialized Technology Fund Statement of operations—year ended March 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $17,340)	$	2,216,653
Income from affiliated securities		622,307
Total investment income		2,838,960
Expenses
Management fee		4,054,138
Administration fees
Class A		798,092
Class C		32,757
Administrator Class		29,225
Institutional Class		55,364
Shareholder servicing fees
Class A		950,110
Class C		38,997
Administrator Class		55,972
Distribution fee
Class C		116,991
Custody and accounting fees		30,861
Professional fees		46,434
Registration fees		89,365
Shareholder report expenses		71,916
Trustees’ fees and expenses		22,726
Other fees and expenses		25,145
Total expenses		6,418,093
Less: Fee waivers and/or expense reimbursements		(79,499	)
Net expenses		6,338,594
Net investment loss		(3,499,634	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		35,765,223
Affiliated securities		33
Forward foreign currency contracts		1,464
Net realized gains on investments		35,766,720
Net change in unrealized gains (losses) on:
Unaffiliated securities		32,209,674
Forward foreign currency contracts		(860	)
Net change in unrealized gains (losses) on investments		32,208,814
Net realized and unrealized gains (losses) on investments		67,975,534
Net increase in net assets resulting from operations	$	64,475,900

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

Statement of changes in net assets Wells Fargo Specialized Technology Fund 17

	Year ended March 31, 2019						Year ended March 31, 20181
Operations
Net investment loss				$	(3,499,634	)				$	(2,968,325	)
Net realized gains on investments					35,766,720						85,463,589
Net change in unrealized gains (losses) on investments					32,208,814						45,515,664
Net increase in net assets resulting from operations					64,475,900						128,010,928
Distributions to shareholders from net investment income and net realized gains
Class A					(67,273,231	)					(22,775,603	)
Class C					(3,624,112	)					(1,248,847	)
Administrator Class					(4,975,885	)					(3,999,359	)
Institutional Class					(7,475,902	)					(1,741,744	)
Total distributions to shareholders					(83,349,130	)					(29,765,553	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,113,717			60,597,284			2,084,687			27,533,950
Class C		268,796			3,062,171			192,101			2,045,595
Administrator Class		1,538,764			23,150,690			1,546,441			19,850,044
Institutional Class		2,894,403			42,700,368			564,328			7,724,961
					129,510,513						57,154,550
Reinvestment of distributions
Class A		5,657,801			65,404,176			1,731,116			22,071,725
Class C		398,400			3,489,984			116,005			1,198,329
Administrator Class		419,248			4,955,513			307,642			3,990,121
Institutional Class		620,076			7,372,701			123,913			1,610,864
					81,222,374						28,871,039
Payment for shares redeemed
Class A		(4,727,403	)		(66,144,891	)		(3,040,823	)		(38,796,202	)
Class C		(914,962	)		(9,401,210	)		(323,924	)		(3,371,408	)
Administrator Class		(1,645,125	)		(21,244,618	)		(4,102,652	)		(57,561,216	)
Institutional Class		(1,697,391	)		(23,893,325	)		(561,375	)		(7,267,274	)
					(120,684,044	)					(106,996,100	)
Net increase (decrease) in net assets resulting from capital share transactions					90,048,843						(20,970,511	)
Total increase in net assets					71,175,613						77,274,864
Net assets
Beginning of period					416,132,513						338,857,649
End of period				$	487,308,126					$	416,132,513

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 March 31, 2018 was $860. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

18 Wells Fargo Specialized Technology Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.08			$10.95			$9.39			$10.74			$10.65
Net investment loss		(0.11	)		(0.10	)1		(0.03	)1		(0.06	)		(0.06	)
Net realized and unrealized gains (losses) on investments		2.06			4.20			2.17			0.02			1.43
Total from investment operations		1.95			4.10			2.14			(0.04	)		1.37
Distributions to shareholders from
Net realized gains		(2.70	)		(0.97	)		(0.58	)		(1.31	)		(1.28	)
Net asset value, end of period		$13.33			$14.08			$10.95			$9.39			$10.74
Total return2		16.80	%		38.41	%		23.55	%		(0.66	)%		13.24	%
Ratios to average net assets (annualized)
Gross expenses		1.40	%		1.41	%		1.44	%		1.45	%		1.52	%
Net expenses		1.39	%		1.41	%		1.44	%		1.45	%		1.51	%
Net investment loss		(0.77	)%		(0.75	)%		(0.28	)%		(0.53	)%		(0.58	)%
Supplemental data
Portfolio turnover rate		107	%		109	%		131	%		153	%		119	%
Net assets, end of period (000s omitted)		$401,990			$353,552			$266,329			$267,811			$168,108

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Specialized Technology Fund 19

(For a share outstanding throughout each period)

	Year ended March 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.38			$9.06			$7.92			$9.33			$9.47
Net investment loss		(0.17	)1		(0.16	)		(0.09	)1		(0.12	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		1.58			3.45			1.81			0.02			1.27
Total from investment operations		1.41			3.29			1.72			(0.10	)		1.14
Distributions to shareholders from
Net realized gains		(2.70	)		(0.97	)		(0.58	)		(1.31	)		(1.28	)
Net asset value, end of period		$10.09			$11.38			$9.06			$7.92			$9.33
Total return2		16.01	%		37.45	%		22.59	%		(1.45	)%		12.44	%
Ratios to average net assets (annualized)
Gross expenses		2.15	%		2.16	%		2.19	%		2.20	%		2.27	%
Net expenses		2.14	%		2.16	%		2.19	%		2.20	%		2.26	%
Net investment loss		(1.52	)%		(1.49	)%		(1.03	)%		(1.34	)%		(1.33	)%
Supplemental data
Portfolio turnover rate		107	%		109	%		131	%		153	%		119	%
Net assets, end of period (000s omitted)		$11,615			$15,932			$12,827			$13,797			$14,143

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20 Wells Fargo Specialized Technology Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.34			$11.12			$9.52			$10.86			$10.74
Net investment loss		(0.09	)1		(0.09	)1		(0.02	)		(0.05	)		(0.05	)
Net realized and unrealized gains (losses) on investments		2.10			4.28			2.20			0.02			1.45
Total from investment operations		2.01			4.19			2.18			(0.03	)		1.40
Distributions to shareholders from
Net realized gains		(2.70	)		(0.97	)		(0.58	)		(1.31	)		(1.28	)
Net asset value, end of period		$13.65			$14.34			$11.12			$9.52			$10.86
Total return		17.02	%		38.55	%		23.65	%		(0.56	)%		13.42	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.33	%		1.36	%		1.35	%		1.36	%
Net expenses		1.29	%		1.32	%		1.33	%		1.33	%		1.35	%
Net investment loss		(0.65	)%		(0.66	)%		(0.17	)%		(0.48	)%		(0.42	)%
Supplemental data
Portfolio turnover rate		107	%		109	%		131	%		153	%		119	%
Net assets, end of period (000s omitted)		$22,480			$19,140			$39,833			$32,373			$31,842

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Specialized Technology Fund 21

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			20171
Net asset value, beginning of period		$14.37			$11.12			$10.42
Net investment income (loss)		(0.07	)		(0.05	)		0.01	2
Net realized and unrealized gains (losses) on investments		2.13			4.27			1.27
Total from investment operations		2.06			4.22			1.28
Distributions to shareholders from
Net realized gains		(2.70	)		(0.97	)		(0.58	)
Net asset value, end of period		$13.73			$14.37			$11.12
Total return3		17.25	%		38.91	%		12.97	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.08	%		1.11	%
Net expenses		1.04	%		1.07	%		1.08	%
Net investment income (loss)		(0.42	)%		(0.40	)%		0.17	%
Supplemental data
Portfolio turnover rate		107	%		109	%		131	%
Net assets, end of period (000s omitted)		$51,223			$27,509			$19,869

¹  For the period from October 31, 2016 (commencement of class operations) to March 31, 2017

²  Calculated based upon average shares outstanding

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

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

22 Wells Fargo Specialized Technology Fund Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2019, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

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

Notes to financial statements Wells Fargo Specialized Technology Fund 23

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.

Forward foreign currency contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (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, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

24 Wells Fargo Specialized Technology Fund Notes to financial statements

Federal and other taxes

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

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

As of March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $334,334,452 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	178,565,548
Gross unrealized losses		(3,009,875	)
Net unrealized gains	$	175,555,673

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

Paid-in capital	Total distributable earnings
$(2,760,676)	$2,760,676

As of March 31, 2019, the Fund had a qualified late-year ordinary loss of $783,694 which will be recognized on the first day of the following fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements Wells Fargo Specialized Technology Fund 25

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 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	$	52,016,399	$	54	$	0	$	52,016,453
Consumer discretionary		27,701,989		0		0		27,701,989
Health care		1,392,289		0		0		1,392,289
Industrials		5,206,960		0		0		5,206,960
Information technology		384,378,614		0		0		384,378,614
Short-term investments
Investment companies		18,717,955		20,475,865		0		39,193,820
Total assets	$	489,414,206	$	20,475,919	$	0	$	509,890,125

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.880	%
Next $500 million		0.875
Next $1 billion		0.850
Next $2 billion		0.825
Next $1 billion		0.800
Next $5 billion		0.790
Over $10 billion		0.780

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.88% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Allianz Global Investors U.S. LLC, which is not an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.80% and declining to 0.55% as the average daily net assets of the Fund increase.

26 Wells Fargo Specialized Technology Fund Notes to financial statements

Administration fees

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

	Class-level administration fee
Class A, Class C		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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.38% for Class A shares, 2.13% for Class C shares, 1.28% for Administrator Class shares, and 1.03% for Institutional Class shares. 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 August 1, 2018, the Fund’s expenses were capped at 1.41% for Class A shares, 2.16% for Class C shares, 1.31% for Administrator Class shares and 1.06% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2019, Funds Distributor received $26,790 from the sale of Class A shares and $178 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended March 31, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $471,617,981 and $466,911,864 respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended March 31, 2019, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $3,278 in forward foreign currency contracts to sell during the year ended March 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 Wells Fargo Specialized Technology 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.

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

8. DISTRIBUTIONS TO SHAREHOLDERS

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

	Year ended March 31
	2019		2018
Ordinary income	$	30,325,807	$	7,805,610
Long-term capital gain		53,023,323		21,959,943

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

Undistributed long-term gains	Late-year ordinary losses deferred	Unrealized gains
$36,973,608	$(783,694)	$175,552,975

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 March 31, 2018 were as follows:

	Net realized gains
Class A		$22,775,603
Class C		1,248,847
Administrator Class		3,999,359
Institutional Class		1,741,744

9. CONCENTRATION RISK

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

10. INDEMNIFICATION

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

11. NEW ACCOUNTING PRONOUNCEMENT

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

28 Wells Fargo Specialized Technology Fund Report of independent registered public accounting firm

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 24, 2019

Other information (unaudited) Wells Fargo Specialized Technology Fund 29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 5.83% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, $53,023,323 was designated as a 20% rate gain distribution for the fiscal year ended March 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $2,265,338 of income dividends paid during the fiscal year ended March 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2019, $30,325,807 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.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 (wfam.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

30 Wells Fargo Specialized Technology 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 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

Other information (unaudited) Wells Fargo Specialized Technology Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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.    

32 Wells Fargo Specialized Technology Fund Other information (unaudited)

Officers    

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Appendix A (unaudited) Wells Fargo Specialized Technology Fund 33

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: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

401597 05-19 A317/AR317 03-19

Annual Report

March 31, 2019

Wells Fargo Utility and Telecommunications 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	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Report of independent registered public accounting firm	26
Other information	27
Appendix A	31

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo 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 Utility and Telecommunications Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Utility and Telecommunications Fund for the 12-month period that ended March 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility for much of 2018. Equity investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent if not spectacular economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.50% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 4.22%. Based on the MSCI EM Index (Net),³ emerging market stocks fell 7.41%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.48% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ lost 4.13%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.38%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.94%.

Trade tensions and U.S. interest rates influenced markets.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

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

Letter to shareholders (unaudited) Wells Fargo Utility and Telecommunications Fund 3

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 progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The Bank of England raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

January’s returns tended to support the investing adage that markets climb 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of

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

⁹  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.

¹⁰  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 Utility and Telecommunications Fund Letter to shareholders (unaudited)

Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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6 Wells Fargo Utility and Telecommunications Fund Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Crow Point Partners, LLC

Portfolio manager

Timothy P. O’Brien , CFA^®‡

Average annual total returns (%) as of March 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 (EVUAX)3	1-4-1994		12.71		6.89		11.40		19.59		8.16		12.07		1.17		1.14
Class C (EVUCX)3	9-2-1994		17.65		7.34		11.23		18.65		7.34		11.23		1.92		1.89
Administrator Class (EVUDX)4	7-30-2010		–		–		–		19.80		8.35		12.26		1.09		0.95
Institutional Class (EVUYX)3	2-28-1994		–		–		–		20.03		8.51		12.43		0.84		0.78
S&P 500 Utilities Index5	–		–		–		–		19.33		10.89		12.88		–		–
S&P 500 Index6	–		–		–		–		9.50		10.91		15.92		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Funds that concentrate their investments in limited sectors, such as utilities and telecommunication services, are more vulnerable to adverse market, economic, regulatory, political, or other developments affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to convertible securities risk, foreign investment risk, high-yield securities risk, smaller-company securities risk, non-diversification risk and subsidiary risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Utility and Telecommunications Fund 7

Growth of $10,000 investment as of March 31, 2019⁷

^‡  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 July 31, 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 this class prior to July 19, 2010, is based on the performance of the same class of the Fund’s predecessor, Evergreen Utility and Telecommunications Fund.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  The S&P 500 Utilities Index is a market-value-weighted index that measures the performance of all stocks within the utilities sector of the S&P 500 Index. You cannot invest directly in an index.

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

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 Utility and Telecommunications Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A, excluding sales charges) outperformed its benchmark, the S&P 500 Utilities Index, for the 12-month period that ended March 31, 2019.

∎ The Fund benefited from strength in a number of regulated utilities stocks, certain telecommunication services companies, and two payment network companies.

∎ A Southern California electric utility, a couple of other U.S. utilities, and an Italian multiutility detracted from performance.

A strong economy for much of the period accompanied rising energy prices and interest rates.

Energy prices recovered substantially during the 12-month reporting period. Oil prices rose following producer-output reductions and modestly higher demand. The recovery in natural gas prices was less impressive, with demand depressed by comparatively warm winter weather. Interest rates rose during the year on the short end but actually fell about 30 basis points (bps; 100 bps equal 1.00%) on the long end, and the yield curve ended the year very flat. Lower bond yields made the higher dividends of utility stocks relatively more attractive to income-oriented investors and contributed to the relatively strong performance of utility shares in the year just ended.

We made only moderate changes to the Fund during the reporting period.

The Fund’s composition did not change dramatically during the reporting period, and turnover remained low. We initiated positions in CMS Energy Corporation and NextEra Energy Capital Holdings, Incorporated. We increased our positions in A-Mark Precious Metals Incorporated; Perma-Pipe International Holdings, Incorporated; and Shenandoah Telecommunications Company. We sold ALLETE, Incorporated; Preferred Apartment Communities, Incorporated, a real estate investment trust; CenterPoint Energy, Incorporated; Northwestern Corporation; Spark Energy, Incorporated, common shares (although we still hold Spark Energy preferred shares); AT&T Incorporated; and Wheeler Real Estate Investment Trust, Incorporated.

Some of the Fund’s best-performing utility holdings included American Water Works Company, Incorporated, and PNM Resources, Incorporated, both for the second consecutive year. Utility Eversource Energy also contributed to performance. Shenandoah performed particularly well, as did the Visa Incorporated and MasterCard Incorporated positions. The Fund’s lack of exposure to California utility PG&E Corporation, a major weight in the Fund’s benchmark index, also aided relative performance.

Detractors included A-Mark, Perma-Pipe, Edison International, Spark Energy, and Hera S.p.A.

Our outlook for utilities remains, on balance, favorable.

In our view, the fundamentals of regulated network utilities appear strong. Regulated utilities have abundant opportunities to invest in their core businesses at returns we view as attractive. While the U.S. retains adequate power-generation capacity, current regulatory mandates are requiring utilities to increase renewable energy sources and reduce the country’s historical reliance on fossil fuels in general and coal in particular. The development of U.S. shale-gas production has been providing investors with opportunities to make investments in gas gathering, processing, and transportation infrastructure. Overall, utilities may be growing faster than at any time since the 1950s, due to a combination of the drive toward renewables and a massive replacement capital spending cycle, and their growth could be sustainable for the intermediate term or longer. Our outlook for telecommunication services companies generally is less robust, with the legacy local-exchange telephone business in secular decline, cable under pressure, and wireless approaching saturation; however, select telecommunication services stocks likely present opportunities.

Short-term interest rates have begun to normalize after years of central-bank suppression, although the U.S. Federal Reserve now looks to be on hold for the balance of 2019, spooked by the economic hiccup and market swoon in the fourth quarter of calendar-year 2018. We do not believe that rates are likely to go up much on the short or the long end of the yield curve, as inflation seems well contained. A continued low interest rate environment likely should help support the prices of utilities stocks because income-seeking investors favor their relatively generous and growing dividends. Also, the tax environment has remained reasonably favorable for utilities investors. While the tax rate on qualified dividend income increased to 23.8% from 15.0% in 2013, it remains well below the top marginal tax rate for ordinary income and has had little visible impact on the performance of utilities stocks. For now, we view the outlook for utilities as reasonably bright, with many important positives outweighing a few limited concerns.

Performance highlights (unaudited) Wells Fargo Utility and Telecommunications Fund 9

Ten largest holdings (%) as of March 31, 20198
Visa Incorporated Class A	10.41
NextEra Energy Incorporated	8.35
CMS Energy Corporation	8.22
Eversource Energy	7.44
PNM Resources Incorporated	7.01
Alliant Energy Corporation	6.84
Shenandoah Telecommunications Company	6.40
Sempra Energy	6.21
MasterCard Incorporated Class A	5.52
American Water Works Company Incorporated	5.15

Industry distribution as of March 31, 2019⁹

Please see footnotes on page 7.

10 Wells Fargo Utility and Telecommunications Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2018 to March 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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,108.78	$	5.99		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.74		1.14	%
Class C
Actual	$	1,000.00	$	1,104.46	$	9.92		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.51	$	9.50		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,109.76	$	5.00		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,110.82	$	4.10		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.04	$	3.93		0.78	%

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

Portfolio of investments—March 31, 2019 Wells Fargo Utility and Telecommunications Fund 11

Security name	Shares		Value
Common Stocks: 94.63%
Communication Services: 14.50%
Diversified Telecommunication Services: 3.65%
Verizon Communications Incorporated		250,000	$	14,782,500
Media: 4.44%
Comcast Corporation Class A		450,200		17,998,996
Wireless Telecommunication Services: 6.41%
Shenandoah Telecommunications Company		585,000		25,950,600
Financials: 0.32%
Diversified Financial Services: 0.32%
A-Mark Precious Metals Incorporated †		109,999		1,308,988
Industrials: 0.58%
Machinery: 0.58%
Perma-Pipe International Holdings Incorporated †		266,500		2,342,535
Information Technology: 15.93%
IT Services: 15.93%
MasterCard Incorporated Class A		95,000		22,367,750
Visa Incorporated Class A		270,000		42,171,300
				64,539,050
Utilities: 63.30%
Electric Utilities: 34.78%
Alliant Energy Corporation		588,000		27,712,440
American Electric Power Company Incorporated		175,000		14,656,250
Edison International		100,000		6,192,000
Eversource Energy		425,000		30,153,750
NextEra Energy Incorporated		175,000		33,831,000
PNM Resources Incorporated		600,000		28,404,000
				140,949,440
Gas Utilities: 0.02%
Spire Incorporated		1,000		82,290
Multi-Utilities: 23.35%
CMS Energy Corporation		600,000		33,324,000
Dominion Energy Incorporated		269,000		20,621,540
Hera SpA		1,000,000		3,616,523
Public Service Enterprise Group Incorporated		200,000		11,882,000
Sempra Energy		200,000		25,172,000
				94,616,063
Water Utilities: 5.15%
American Water Works Company Incorporated		200,000		20,852,000
Total Common Stocks (Cost $135,737,220)				383,422,462

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

12 Wells Fargo Utility and Telecommunications Fund Portfolio of investments—March 31, 2019

Security name	Dividend yield			Shares		Value
Preferred Stocks: 2.47%
Utilities: 2.47%
Electric Utilities: 0.86%
Spark Energy Incorporated «		9.41	%		150,000	$	3,487,500
Independent Power & Renewable Electricity Producers: 0.31%
NextEra Energy Capital Holdings Incorporated †		0.00			50,000		1,268,500
Multi-Utilities: 1.30%
CMS Energy Corporation †		0.00			205,000		5,278,750
Total Preferred Stocks (Cost $10,187,100)							10,034,750
	Yield
Short-Term Investments: 2.63%
Investment Companies: 2.63%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55			137,186		137,200
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38			10,518,041		10,518,041
Total Short-Term Investments (Cost $10,655,241)							10,655,241

Total investments in securities (Cost $156,579,561)	99.73	%		404,112,453
Other assets and liabilities, net	0.27			1,076,890
Total net assets	100.00	%	$	405,189,343

† 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 Portfolio at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Utilities
Electric Utilities
Spark Energy Incorporated Class A *		729,006		0		729,006		0	$	(158,537	)	$	(1,882,680	)	$	132,132	$	0		0.00	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		1,328,142		3,009,753		4,200,709		137,186		0			0			14,907		137,200
Wells Fargo Government Money Market Fund Select Class		9,340,273		63,203,650		62,025,882		10,518,041		0			0			130,359		10,518,041
									$	(158,537	)	$	(1,882,680	)	$	277,398	$	10,655,241		2.63	%

* 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—March 31, 2019 Wells Fargo Utility and Telecommunications Fund 13

Assets
Investments in unaffiliated securities (including $131,264 of securities loaned), at value (cost $145,924,320)	$	393,457,212
Investments in affiliated securities, at value (cost $10,655,241)		10,655,241
Foreign currency, at value (cost $276,123)		256,532
Receivable for investments sold		1,100,725
Receivable for Fund shares sold		196,834
Receivable for dividends		348,401
Prepaid expenses and other assets		2,604
Total assets		406,017,549
Liabilities
Payable for Fund shares redeemed		227,202
Management fee payable		205,120
Payable upon receipt of securities loaned		137,150
Shareholder servicing fees payable		76,263
Administration fees payable		68,317
Distribution fee payable		12,594
Trustees’ fees and expenses payable		1,901
Accrued expenses and other liabilities		99,659
Total liabilities		828,206
Total net assets	$	405,189,343
NET ASSETS CONSIST OF
Paid-in capital	$	154,376,469
Total distributable earnings		250,812,874
Total net assets	$	405,189,343
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	337,847,827
Shares outstanding – Class A1		14,061,576
Net asset value per share – Class A		$24.03
Maximum offering price per share – Class A2		$25.50
Net assets – Class C	$	19,618,235
Shares outstanding – Class C1		815,307
Net asset value per share – Class C		$24.06
Net assets – Administrator Class	$	5,295,969
Shares outstanding – Administrator Class1		220,187
Net asset value per share – Administrator Class		$24.05
Net assets – Institutional Class	$	42,427,312
Shares outstanding – Institutional Class1		1,766,720
Net asset value per share – Institutional Class		$24.01

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.

14 Wells Fargo Utility and Telecommunications Fund Statement of operations—year ended March 31, 2019

Investment income
Dividends (net of foreign withholding taxes of $16,751)	$	9,426,980
Income from affiliated securities		295,665
Total investment income		9,722,645
Expenses
Management fee		2,419,206
Administration fees
Class A		621,830
Class C		77,483
Administrator Class		6,016
Institutional Class		44,918
Shareholder servicing fees
Class A		740,274
Class C		92,241
Administrator Class		11,569
Distribution fee
Class C		276,723
Custody and accounting fees		23,673
Professional fees		53,193
Registration fees		90,282
Shareholder report expenses		82,294
Trustees’ fees and expenses		22,972
Other fees and expenses		12,887
Total expenses		4,575,561
Less: Fee waivers and/or expense reimbursements		(190,558	)
Net expenses		4,385,003
Net investment income		5,337,642
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		14,229,639
Affiliated securities		(158,537	)
Net realized gains on investments		14,071,102
Net change in unrealized gains (losses) on:
Unaffiliated securities		50,020,960
Affiliated securities		(1,882,680	)
Net change in unrealized gains (losses) on investments		48,138,280
Net realized and unrealized gains (losses) on investments		62,209,382
Net increase in net assets resulting from operations	$	67,547,024

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

Statement of changes in net assets Wells Fargo Utility and Telecommunications Fund 15

	Year ended March 31, 2019						Year ended March 31, 20181
Operations
Net investment income				$	5,337,642					$	5,986,877
Net realized gains (losses) on investments					14,071,102						(3,563,384	)
Net change in unrealized gains (losses) on investments					48,138,280						13,369,403
Net increase in net assets resulting from operations					67,547,024						15,792,896
Distributions to shareholders from net investment income and net realized gains
Class A					(5,340,753	)					(5,216,624	)
Class C					(367,071	)					(426,300	)
Administrator Class					(93,347	)					(90,935	)
Institutional Class					(753,499	)					(572,093	)
Total distributions to shareholders					(6,554,670	)					(6,305,952	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,320,405			29,507,498			516,687			10,873,178
Class C		54,882			1,186,781			32,953			695,831
Administrator Class		45,614			1,005,325			69,039			1,434,536
Institutional Class		635,353			13,820,300			667,149			13,862,735
					45,519,904						26,866,280
Reinvestment of distributions
Class A		229,766			5,021,772			231,217			4,823,724
Class C		16,325			353,472			19,292			401,388
Administrator Class		4,234			92,538			4,175			87,094
Institutional Class		33,858			740,651			25,626			532,962
					6,208,433						5,845,168
Payment for shares redeemed
Class A		(1,517,053	)		(32,912,173	)		(2,125,163	)		(44,280,111	)
Class B		N/A			N/A			(34,601	)2		(704,872	)2
Class C		(1,294,523	)		(28,777,618	)		(568,843	)		(11,910,983	)
Administrator Class		(59,230	)		(1,267,063	)		(101,645	)		(2,105,048	)
Institutional Class		(445,017	)		(9,601,338	)		(379,011	)		(7,884,279	)
					(72,558,192	)					(66,885,293	)
Net decrease in net assets resulting from capital share transactions					(20,829,855	)					(34,173,845	)
Total increase (decrease) in net assets					40,162,499						(24,686,901	)
Net assets
Beginning of period					365,026,844						389,713,745
End of period				$	405,189,343					$	365,026,844

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 March 31, 2018 was $451,894. The disaggregated distributions information for the year ended March 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from April 1, 2017 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

16 Wells Fargo Utility and Telecommunications Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.46			$20.01			$18.70			$18.23			$17.71
Net investment income		0.32			0.34			0.35			0.31			0.29
Net realized and unrealized gains (losses) on investments		3.65			0.47			1.30			0.45			0.57
Total from investment operations		3.97			0.81			1.65			0.76			0.86
Distributions to shareholders from
Net investment income		(0.34	)		(0.36	)		(0.34	)		(0.29	)		(0.34	)
Net realized gains		(0.06	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.40	)		(0.36	)		(0.34	)		(0.29	)		(0.34	)
Net asset value, end of period		$24.03			$20.46			$20.01			$18.70			$18.23
Total return1		19.59	%		4.00	%		8.87	%		4.30	%		4.82	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.17	%		1.18	%		1.20	%		1.22	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		1.47	%		1.60	%		1.79	%		1.73	%		1.57	%
Supplemental data
Portfolio turnover rate		10	%		7	%		22	%		15	%		29	%
Net assets, end of period (000s omitted)		$337,848			$287,047			$308,152			$315,238			$341,342

¹  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Utility and Telecommunications Fund 17

(For a share outstanding throughout each period)

	Year ended March 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.47			$20.01			$18.70			$18.25			$17.73
Net investment income		0.16	1		0.13			0.16			0.17	1		0.15
Net realized and unrealized gains (losses) on investments		3.63			0.52			1.34			0.45			0.57
Total from investment operations		3.79			0.65			1.50			0.62			0.72
Distributions to shareholders from
Net investment income		(0.14	)		(0.19	)		(0.19	)		(0.17	)		(0.20	)
Net realized gains		(0.06	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.20	)		(0.19	)		(0.19	)		(0.17	)		(0.20	)
Net asset value, end of period		$24.06			$20.47			$20.01			$18.70			$18.25
Total return2		18.65	%		3.24	%		8.04	%		3.49	%		4.04	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.92	%		1.93	%		1.95	%		1.97	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment income		0.74	%		0.85	%		1.02	%		0.99	%		0.82	%
Supplemental data
Portfolio turnover rate		10	%		7	%		22	%		15	%		29	%
Net assets, end of period (000s omitted)		$19,618			$41,729			$51,123			$57,431			$63,632

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18 Wells Fargo Utility and Telecommunications Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended March 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.48			$20.03			$18.72			$18.25			$17.73
Net investment income		0.36			0.37			0.38			0.34			0.33
Net realized and unrealized gains (losses) on investments		3.65			0.48			1.30			0.45			0.56
Total from investment operations		4.01			0.85			1.68			0.79			0.89
Distributions to shareholders from
Net investment income		(0.38	)		(0.40	)		(0.37	)		(0.32	)		(0.37	)
Net realized gains		(0.06	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.44	)		(0.40	)		(0.37	)		(0.32	)		(0.37	)
Net asset value, end of period		$24.05			$20.48			$20.03			$18.72			$18.25
Total return		19.80	%		4.21	%		9.04	%		4.49	%		5.01	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.09	%		1.10	%		1.09	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.66	%		1.80	%		1.93	%		1.93	%		1.79	%
Supplemental data
Portfolio turnover rate		10	%		7	%		22	%		15	%		29	%
Net assets, end of period (000s omitted)		$5,296			$4,702			$5,168			$6,740			$8,365

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

Financial highlights Wells Fargo Utility and Telecommunications Fund 19

(For a share outstanding throughout each period)

	Year ended March 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.45			$20.00			$18.69			$18.23			$17.74
Net investment income		0.41			0.41			0.42			0.36	1		0.35	1
Net realized and unrealized gains (losses) on investments		3.62			0.47			1.30			0.45			0.54
Total from investment operations		4.03			0.88			1.72			0.81			0.89
Distributions to shareholders from
Net investment income		(0.41	)		(0.43	)		(0.41	)		(0.35	)		(0.40	)
Net realized gains		(0.06	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.47	)		(0.43	)		(0.41	)		(0.35	)		(0.40	)
Net asset value, end of period		$24.01			$20.45			$20.00			$18.69			$18.23
Total return		20.03	%		4.38	%		9.26	%		4.63	%		5.02	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.84	%		0.85	%		0.84	%		0.79	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income		1.83	%		1.95	%		2.18	%		2.03	%		1.89	%
Supplemental data
Portfolio turnover rate		10	%		7	%		22	%		15	%		29	%
Net assets, end of period (000s omitted)		$42,427			$31,548			$24,575			$15,295			$14,156

¹  Calculated based upon average shares outstanding

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

20 Wells Fargo Utility and Telecommunications Fund Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through May 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2019 such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of

Notes to financial statements Wells Fargo Utility and Telecommunications Fund 21

securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (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, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

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

22 Wells Fargo Utility and Telecommunications Fund Notes to financial statements

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $156,602,275 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	247,869,899
Gross unrealized losses		(359,721	)
Net unrealized gains	$	247,510,178

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 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	$	58,732,096	$	0	$	0	$	58,732,096
Financials		1,308,988		0		0		1,308,988
Industrials		2,342,535		0		0		2,342,535
Information technology		64,539,050		0		0		64,539,050
Utilities		256,499,793		0		0		256,499,793
Preferred stocks
Utilities		10,034,750		0		0		10,034,750
Short-term investments
Investment companies		10,518,041		137,200		0		10,655,241
Total assets	$	403,975,253	$	137,200	$	0	$	404,112,453

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

Notes to financial statements Wells Fargo Utility and Telecommunications Fund 23

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.650	%
Next $500 million		0.600	%
Next $1 billion		0.550	%
Next $2 billion		0.525	%
Next $1 billion		0.500	%
Next $5 billion		0.490	%
Over $10 billion		0.480	%

For the year ended March 31, 2019, the management fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Crow Point Partners, LLC, which is not an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through July 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class C shares, and 0.95% for Administrator Class shares, and 0.78% for Institutional Class. 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

24 Wells Fargo Utility and Telecommunications Fund Notes to financial statements

the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2019, Funds Distributor received $12,077 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended March 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. Pursuant to these procedures, the Fund had $5,316,910 and $9,503,004 in interfund purchases and sales, respectively, during the year ended March 31, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2019 were $36,756,795 and $57,035,066, 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 ended March 31, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Year ended March 31
	2019		2018
Ordinary income	$	5,554,488	$	6,305,952
Long-term capital gain		1,000,182		0

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

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$250,975	$3,079,037	$247,490,587

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 March 31, 2018 were as follows:

	Net investment income
Class A		$5,216,624
Class C		426,300
Administrator Class		90,935
Institutional Class		572,093

8. CONCENTRATION RISK

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

Notes to financial statements Wells Fargo Utility and Telecommunications Fund 25

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management 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 Utility and Telecommunications Fund Report of independent registered public accounting firm

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Boston, Massachusetts

May 29, 2019

Other information (unaudited) Wells Fargo Utility and Telecommunications Fund 27

TAX INFORMATION

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

Pursuant to Section 852 of the Internal Revenue Code, $1,000,182 was designated as a 20% rate gain distribution for the fiscal year ended March 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $5,554,488 of income dividends paid during the fiscal year ended March 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2019, $71,806 has been designed as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.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 (wfam.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 Utility and Telecommunications Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 151 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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

Other information (unaudited) Wells Fargo Utility and Telecommunications 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
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 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 Utility and Telecommunications Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Appendix A (unaudited) Wells Fargo Utility and Telecommunications 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: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

401598 05-19 A318/AR318 03-19

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.

	Fiscal year ended March 31, 2019		Fiscal year ended March 31, 2018
Audit fees	$	299,890	$	295,730
Audit-related fees		—		—
Tax fees (1)		41,385		40,565
All other fees		—		—
	$	341,275	$	336,295

(1) Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust 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 registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent 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 ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit COE.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(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:	May 29, 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:	May 29, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	May 29, 2019

EX-99.CODE ETH

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Variable Trust

Asset Allocation Trust

Wells Fargo Global Dividend Opportunity Fund

Wells Fargo Income Opportunities Fund

Wells Fargo Multi-Sector Income Fund

Wells Fargo Utilities and High Income Fund

Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers

I. Covered Officers / Purpose of the Code

This Code of Ethics (“Code”) of Wells Fargo Funds Trust, Wells Fargo Master Trust and Wells Fargo Variable Trust, Asset Allocation Trust, Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Income Opportunities Fund, Wells Fargo Multi-Sector Income Fund and Wells Fargo Utilities and High Income Fund (collectively, the “Trusts” and each, “a Trust”) applies to each Trust’s Principal Executive Officer, Principal Financial Officer and any other Trust officer’s listed on Exhibit A (the “Covered Officers”) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family,

receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as “affiliated persons” of the Trust. The compliance programs and procedures of the Trust and Wells Fargo Funds Management, LLC (the “Adviser”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust’s Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

*                *                 *                *

Each Covered Officer must:

• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

2

• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of a Trust;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of potential violations that are made in good faith; and

• not engage in personal, business or professional relationships or dealings that would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the “Chief Legal Officer”) if material. Examples of these include:

• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may have an ownership interest in his or her employer or the employer’s parent company);

• the receipt of any entertainment or gifts from any person or company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any consulting or employment relationship with any of the Trust’s service providers, other than with the primary employer of the Covered Officer; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s primary employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

3

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust’s auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust’s books or records for any reason. No disbursement of a Trust’s assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust’s documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

4

IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form attached to this Code) to the Board that he or she has received, read, and understands the Code;

• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has complied with the requirements of the Code; and

• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a “waiver” and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

• the Board will be responsible for granting waivers, as appropriate (a “waiver” is the approval of a situation that is expressly prohibited by this Code); and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered

5

investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

VIII.  Internal Use

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Adopted by the Boards: August 5, 2003

Amended: January 1, 2017

6

Exhibit A

Persons Covered by the Code

Andrew Owen, President of each Trust

Nancy Wiser, Treasurer of:

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Global Dividend Opportunity Fund

Wells Fargo Utilities and High Income Fund

Jeremy DePalma, Treasurer of:

Asset Allocation Trust

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Variable Trust

Wells Fargo Income Opportunities Fund

Wells Fargo Multi-Sector Income Fund

Exhibit A amended: January 1, 2017

7

Exhibit B

COMPLIANCE CERTIFICATIONS

Initial Certification

I certify that I:	(i)	have received, read and reviewed the Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers (the “Code”);
	(ii)	understand the policies and procedures in the Code;
	(iii)	recognize that I am subject to such policies and procedures;
	(iv)	understand the penalties for non-compliance;
	(v)	willfully comply with the Code and any related procedures;
	(vi)	acknowledge my responsibility to report any violation of the Code to Legal Counsel;
	(vii)	understand that the Trusts have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice; and
	(viii)	have fully and accurately completed this Certificate.

Signature:

Name:

Date Submitted:

Date Due:

8

Annual Certification

I certify that I:	(i)	have received, read and reviewed the Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers (the “Code”);
	(ii)	understand the policies and procedures in the Code;
	(iii)	recognize that I am subject to such policies and procedures;
	(iv)	understand the penalties for non-compliance;
	(v)	have fully complied with the Code and any related procedures;
	(vi)	have fully disclosed any exceptions to my compliance with the Code;
	(vii)	willfully comply with the Code of Ethics;
	(viii)	acknowledge my responsibility to report any violation of the Code to Legal Counsel;
	(ix)	understand that the Trusts have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice; and
	(x)	have fully and accurately completed this Certificate

EXCEPTION(S):

Signature:

Name:

Date Submitted:

Date Due:

9

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Intrinsic Small Cap Value Fund, Wells Fargo Disciplined Small Cap Fund, Wells Fargo Small Cap Value Fund, Wells Fargo Special Small Cap Value Fund, Wells Fargo Traditional Small Cap Growth Fund, Wells Fargo Precious Metals Fund, Wells Fargo Specialized Technology Fund, and Wells Fargo Utility and Telecommunications Fund;

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) 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 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: May 29, 2019

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Intrinsic Small Cap Value Fund, Wells Fargo Disciplined Small Cap Fund, Wells Fargo Small Cap Value Fund, Wells Fargo Special Small Cap Value Fund, Wells Fargo Traditional Small Cap Growth Fund, Wells Fargo Precious Metals Fund, Wells Fargo Specialized Technology Fund, and Wells Fargo Utility and Telecommunications Fund;

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) 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 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: May 29, 2019

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Funds Trust

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSR for the year ended March 31, 2019 (the “Report”) fully complies with the requirements of Section 15(d) 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 registrant.

Date: May 29, 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-CSR with the Securities and Exchange Commission.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSR for the year ended March 31, 2019 (the “Report”) fully complies with the requirements of Section 15(d) 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 registrant.

Date: May 29, 2019

By:
	/s/ Nancy Wiser
	Nancy Wiser
	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-CSR with the Securities and Exchange Commission.