N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Registrant is making a filing for 10 of its series:

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

Date of reporting period: January 31, 2020

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

January 31, 2020

Wells Fargo

Disciplined U.S. Core Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	24
Other information	30
Appendix	34

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The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Disciplined U.S. Core Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Disciplined U.S. Core Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Disciplined U.S. Core Fund

Letter to shareholders (unaudited)

confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Disciplined U.S. Core Fund  |  3

Letter to shareholders (unaudited)

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

4  |  Wells Fargo Disciplined U.S. Core Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Justin Carr, CFA^®‡

Robert M. Wicentowski, CFA^®‡

Average annual total returns (%) as of January 31, 2020¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EVSAX)	2-28-1990		11.21		9.10		12.33		17.97		10.41		13.00		0.84		0.84
Class C (EVSTX)	6-30-1999		16.15		9.59		12.16		17.15		9.59		12.16		1.59		1.59
Class R (EVSHX)4	9-30-2015		–		–		–		17.71		10.14		12.69		1.09		1.09
Class R6 (EVSRX)5	9-30-2015		–		–		–		18.52		10.90		13.48		0.41		0.41
Administrator Class (EVSYX)	2-21-1995		–		–		–		18.07		10.54		13.16		0.76		0.74
Institutional Class (EVSIX)6	7-30-2010		–		–		–		18.47		10.83		13.44		0.51		0.48
S&P 500 Index7	–		–		–		–		21.68		12.37		13.97		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that shareholder may pay on an investment in a fund. 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. 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 6.

Wells Fargo Disciplined U.S. Core Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20208
Microsoft Corporation	5.11
Apple Incorporated	4.94
Amazon.com Incorporated	2.94
Johnson & Johnson	2.01
Alphabet Incorporated Class C	1.90
JPMorgan Chase & Company	1.85
Berkshire Hathaway Incorporated Class B	1.84
Alphabet Incorporated Class A	1.83
Visa Incorporated Class A	1.81
Facebook Incorporated Class A	1.62

Sector distribution as of January 31, 2020⁹

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

¹  Historical performance prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

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

³  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.87% for Class A, 1.62% for Class C, 1.12% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% for Institutional Class. 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 the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect higher expenses applicable to the Class R shares.

⁵  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

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

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

⁸  The 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.

6  |  Wells Fargo Disciplined U.S. Core Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,077.33	$	4.39		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.27		0.84	%
Class C
Actual	$	1,000.00	$	1,073.24	$	8.34		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.11		1.60	%
Class R
Actual	$	1,000.00	$	1,075.88	$	5.74		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class R6
Actual	$	1,000.00	$	1,079.72	$	2.20		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.03	$	2.14		0.42	%
Administrator Class
Actual	$	1,000.00	$	1,077.90	$	3.87		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,079.48	$	2.51		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.72	$	2.44		0.48	%

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

Wells Fargo Disciplined U.S. Core Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.17%
Communication Services: 10.53%
Diversified Telecommunication Services: 2.94%
AT&T Incorporated		428,762	$	16,130,022
Verizon Communications Incorporated		249,932		14,855,958
				30,985,980
Entertainment: 0.70%
Netflix Incorporated †		7,568		2,611,641
The Walt Disney Company		34,433		4,762,428
				7,374,069
Interactive Media & Services: 5.35%
Alphabet Incorporated Class A †		13,456		19,279,488
Alphabet Incorporated Class C †		13,991		20,066,312
Facebook Incorporated Class A †		84,759		17,113,690
				56,459,490
Media: 1.36%
Comcast Corporation Class A		108,516		4,686,806
Discovery Communications Incorporated Class A †«		192,474		5,631,789
News Corporation Class A		296,349		4,036,273
				14,354,868
Wireless Telecommunication Services: 0.18%
T-Mobile US Incorporated †		24,242		1,919,724
Consumer Discretionary: 9.28%
Automobiles: 0.70%
Ford Motor Company		385,302		3,398,364
General Motors Company		118,058		3,941,957
				7,340,321
Hotels, Restaurants & Leisure: 0.84%
Chipotle Mexican Grill Incorporated †		2,160		1,872,202
Starbucks Corporation		81,888		6,946,559
				8,818,761
Household Durables: 1.06%
D.R. Horton Incorporated		95,674		5,663,901
Pulte Group Incorporated		124,184		5,544,816
				11,208,717
Internet & Direct Marketing Retail: 2.94%
Amazon.com Incorporated †		15,441		31,016,646
Multiline Retail: 0.72%
Target Corporation		68,206		7,553,132
Specialty Retail: 2.09%
AutoZone Incorporated †		1,674		1,771,025
Best Buy Company Incorporated		75,661		6,407,730
The Home Depot Incorporated		60,817		13,872,358
				22,051,113

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

8  |  Wells Fargo Disciplined U.S. Core Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Textiles, Apparel & Luxury Goods: 0.93%
Nike Incorporated Class B		102,195	$	9,841,379
Consumer Staples: 7.11%
Beverages: 0.69%
The Coca-Cola Company		124,600		7,276,640
Food & Staples Retailing: 2.64%
Costco Wholesale Corporation		11,740		3,586,805
The Kroger Company		245,482		6,593,647
Walgreens Boots Alliance Incorporated		116,791		5,938,822
Walmart Incorporated		102,132		11,693,093
				27,812,367
Food Products: 1.49%
General Mills Incorporated		44,451		2,321,231
Lamb Weston Holdings Incorporated		33,286		3,039,345
Pilgrim’s Pride Corporation †		155,416		4,048,587
Tyson Foods Incorporated Class A		76,337		6,307,726
				15,716,889
Household Products: 1.53%
The Procter & Gamble Company		129,289		16,111,995
Personal Products: 0.39%
The Estee Lauder Companies Incorporated Class A		21,077		4,113,387
Tobacco: 0.37%
Philip Morris International Incorporated		47,970		3,967,119
Energy: 3.29%
Energy Equipment & Services: 0.21%
Schlumberger Limited		64,187		2,150,906
Oil, Gas & Consumable Fuels: 3.08%
Chevron Corporation		92,764		9,938,735
Exxon Mobil Corporation		214,762		13,341,015
Kinder Morgan Incorporated		165,765		3,459,516
Valero Energy Corporation		68,510		5,776,078
				32,515,344
Financials: 12.23%
Banks: 4.53%
Bank of America Corporation		199,052		6,534,877
Citigroup Incorporated		158,316		11,780,294
Citizens Financial Group Incorporated		78,864		2,940,050
JPMorgan Chase & Company		147,420		19,512,511
Popular Incorporated		39,297		2,199,060
Regions Financial Corporation		188,114		2,928,935
US Bancorp		34,896		1,857,165
				47,752,892

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

Wells Fargo Disciplined U.S. Core Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Capital Markets: 1.54%
Ameriprise Financial Incorporated		33,795	$	5,590,031
Morgan Stanley		80,130		4,187,594
Northern Trust Corporation		66,416		6,496,149
				16,273,774
Consumer Finance: 1.27%
Capital One Financial Corporation		75,961		7,580,908
Synchrony Financial		180,519		5,850,621
				13,431,529
Diversified Financial Services: 1.84%
Berkshire Hathaway Incorporated Class B †		86,324		19,373,695
Insurance: 3.05%
MetLife Incorporated		151,273		7,519,781
Prudential Financial Incorporated		67,783		6,172,320
Reinsurance Group of America Incorporated		36,854		5,308,819
The Hartford Financial Services Group Incorporated		105,424		6,249,535
The Progressive Corporation		85,046		6,862,362
				32,112,817
Health Care: 14.53%
Biotechnology: 2.55%
AbbVie Incorporated		119,653		9,694,286
Amgen Incorporated		44,603		9,636,478
Gilead Sciences Incorporated		120,489		7,614,905
				26,945,669
Health Care Equipment & Supplies: 3.16%
Abbott Laboratories		113,499		9,890,303
Baxter International Incorporated		36,855		3,288,203
Danaher Corporation		13,703		2,204,402
Edwards Lifesciences Corporation †		20,403		4,485,804
Medtronic plc		84,894		9,800,163
Zimmer Biomet Holdings Incorporated		24,540		3,629,466
				33,298,341
Health Care Providers & Services: 3.32%
AmerisourceBergen Corporation		46,254		3,957,492
Anthem Incorporated		28,401		7,534,217
Cardinal Health Incorporated		36,946		1,892,005
Humana Incorporated		9,228		3,102,823
McKesson Corporation		36,011		5,135,529
UnitedHealth Group Incorporated		49,125		13,384,106
				35,006,172
Health Care Technology: 0.47%
Veeva Systems Incorporated Class A †		33,677		4,937,385
Pharmaceuticals: 5.03%
Allergan plc		20,433		3,813,615
Bristol-Myers Squibb Company		154,801		9,744,723
Johnson & Johnson		142,119		21,157,256

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

10  |  Wells Fargo Disciplined U.S. Core Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Pharmaceuticals (continued)
Merck & Company Incorporated		160,553	$	13,717,648
Pfizer Incorporated		124,208		4,625,506
				53,058,748
Industrials: 7.75%
Aerospace & Defense: 2.47%
Arconic Incorporated		98,147		2,939,503
Lockheed Martin Corporation		10,263		4,393,796
Northrop Grumman Corporation		8,228		3,081,962
Raytheon Company		35,512		7,846,021
United Technologies Corporation		52,185		7,838,187
				26,099,469
Air Freight & Logistics: 0.64%
Expeditors International of Washington Incorporated		36,104		2,637,036
United Parcel Service Incorporated Class B		39,742		4,114,092
				6,751,128
Airlines: 1.03%
Delta Air Lines Incorporated		120,547		6,719,290
United Airlines Holdings Incorporated †		54,820		4,100,536
				10,819,826
Commercial Services & Supplies: 0.58%
Waste Management Incorporated		50,209		6,110,435
Construction & Engineering: 0.55%
Quanta Services Incorporated		147,008		5,755,363
Electrical Equipment: 0.68%
AMETEK Incorporated		40,339		3,918,934
Eaton Corporation plc		34,829		3,290,296
				7,209,230
Industrial Conglomerates: 0.10%
Honeywell International Incorporated		5,981		1,036,029
Machinery: 1.02%
Caterpillar Incorporated		25,149		3,303,321
Cummins Incorporated		27,855		4,455,964
PACCAR Incorporated		39,807		2,954,077
				10,713,362
Professional Services: 0.15%
Robert Half International Incorporated		27,145		1,579,025
Trading Companies & Distributors: 0.53%
W.W. Grainger Incorporated		18,544		5,612,712
Information Technology: 24.44%
Communications Equipment: 1.17%
Cisco Systems Incorporated		268,814		12,357,380

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

Wells Fargo Disciplined U.S. Core Fund  |  11

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Electronic Equipment, Instruments & Components: 0.65%
CDW Corporation of Delaware		8,769	$	1,143,916
Keysight Technologies Incorporated †		46,705		4,343,098
Zebra Technologies Corporation Class A †		5,635		1,346,878
				6,833,892
IT Services: 5.67%
Accenture plc Class A		48,243		9,899,946
Amdocs Limited		58,355		4,198,642
Cognizant Technology Solutions Corporation Class A		30,247		1,856,561
International Business Machines Corporation		41,291		5,934,755
KBR Incorporated		135,832		3,694,630
MasterCard Incorporated Class A		25,804		8,152,516
PayPal Holdings Incorporated †		44,797		5,101,930
VeriSign Incorporated †		9,189		1,912,598
Visa Incorporated Class A		95,723		19,046,005
				59,797,583
Semiconductors & Semiconductor Equipment: 4.26%
Applied Materials Incorporated		49,362		2,862,502
Broadcom Incorporated		31,573		9,634,817
Intel Corporation		235,503		15,055,707
KLA-Tencor Corporation		5,865		972,065
Micron Technology Incorporated †		146,116		7,757,298
QUALCOMM Incorporated		101,631		8,670,141
				44,952,530
Software: 7.30%
Cadence Design Systems Incorporated †		48,494		3,496,902
Fortinet Incorporated †		18,143		2,092,976
Intuit Incorporated		28,115		7,882,884
Microsoft Corporation		316,614		53,897,201
Oracle Corporation		116,229		6,096,211
Salesforce.com Incorporated †		19,095		3,481,209
				76,947,383
Technology Hardware, Storage & Peripherals: 5.39%
Apple Incorporated		168,321		52,097,033
HP Incorporated		221,256		4,717,178
				56,814,211
Materials: 1.32%
Chemicals: 0.56%
Linde plc		5,066		1,029,057
LyondellBasell Industries NV Class A		63,207		4,921,297
				5,950,354
Metals & Mining: 0.76%
Nucor Corporation		99,101		4,706,306
Reliance Steel & Aluminum Company		28,888		3,316,342
				8,022,648
Real Estate: 3.72%
Equity REITs: 3.72%
American Tower Corporation		42,912		9,944,427
AvalonBay Communities Incorporated		23,714		5,138,587

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

12  |  Wells Fargo Disciplined U.S. Core Fund

Portfolio of investments—January 31, 2020 (unaudited)

						Shares		Value
Equity REITs (continued)
Crown Castle International Corporation							31,459	$	4,713,817
Equinix Incorporated							13,087		7,717,797
Prologis Incorporated							85,695		7,959,352
SBA Communications Corporation							14,976		3,737,411
									39,211,391
Utilities: 2.97%
Electric Utilities: 1.24%
Eversource Energy							23,856		2,205,249
Exelon Corporation							158,569		7,546,299
The Southern Company							47,628		3,353,011
									13,104,559
Independent Power & Renewable Electricity Producers: 0.99%
NRG Energy Incorporated							146,592		5,407,779
Vistra Energy Corporation							225,336		5,074,567
									10,482,346
Multi-Utilities: 0.74%
Dominion Energy Incorporated							44,848		3,845,716
DTE Energy Company							29,411		3,900,193
									7,745,909
Total Common Stocks (Cost $676,068,504)									1,024,686,634
	Yield
Short-Term Investments: 0.80%
Investment Companies: 0.68%
Securities Lending Cash Investments LLC (l)(r)(u)		1.70	%				1,512,474		1,512,625
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51					5,701,170		5,701,170
									7,213,795
				Maturity date		Principal
U.S. Treasury Securities: 0.12%
U.S. Treasury Bill #(z)		1.48			7-30-2020	$	1,217,000		1,207,981
Total Short-Term Investments (Cost $8,421,811)									8,421,776

Total investments in securities (Cost $684,490,315)	97.97	%		1,033,108,410
Other assets and liabilities, net	2.03			21,383,247
Total net assets	100.00	%	$	1,054,491,657

† 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.

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

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

Abbreviations:

REIT Real estate investment trust

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

Wells Fargo Disciplined U.S. Core Fund  |  13

Portfolio of investments—January 31, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		157		3-20-2020	$	25,769,588	$	25,308,400	$	0	$	(461,188	)

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		4,463,040		56,545,733		(59,496,299	)		1,512,474	($	130	)	$	0	$	52,003	#	$	1,512,625
Wells Fargo Government Money Market Fund Select Class		7,316,959		131,276,494		(132,892,283	)		5,701,170		0			0		54,460			5,701,170
										($	130	)	$	0	$	106,463		$	7,213,795		0.68	%

^# Amount shown represents income before fees and rebates.

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

14  |  Wells Fargo Disciplined U.S. Core Fund

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $1,472,064 of securities loaned), at value (cost $677,276,520)	$	1,025,894,615
Investments in affiliated securities, at value (cost $7,213,795)		7,213,795
Receivable for investments sold		22,707,108
Receivable for Fund shares sold		636,051
Receivable for dividends		1,279,578
Receivable for securities lending income, net		991
Prepaid expenses and other assets		246,430
Total assets		1,057,978,568
Liabilities
Payable upon receipt of securities loaned		1,512,549
Payable for Fund shares redeemed		906,421
Payable for daily variation margin on open futures contracts		461,972
Management fee payable		331,195
Administration fees payable		132,866
Distribution fees payable		24,068
Trustees’ fees and expenses payable		5,630
Accrued expenses and other liabilities		112,210
Total liabilities		3,486,911
Total net assets	$	1,054,491,657
Net assets consist of
Paid-in capital	$	659,911,046
Total distributable earnings		394,580,611
Total net assets	$	1,054,491,657
Computation of net asset value and offering price per share
Net assets – Class A	$	439,643,239
Shares outstanding – Class A1		24,626,191
Net asset value per share – Class A		$17.85
Maximum offering price per share – Class A2		$18.94
Net assets – Class C	$	35,850,508
Shares outstanding – Class C1		2,182,238
Net asset value per share – Class C		$16.43
Net assets – Class R	$	3,147,946
Shares outstanding – Class R1		174,588
Net asset value per share – Class R		$18.03
Net assets – Class R6	$	326,427,255
Shares outstanding – Class R61		17,828,914
Net asset value per share – Class R6		$18.31
Net assets – Administrator Class	$	59,186,011
Shares outstanding – Administrator Class1		3,217,681
Net asset value per share – Administrator Class		$18.39
Net assets – Institutional Class	$	190,236,698
Shares outstanding – Institutional Class1		10,493,386
Net asset value per share – Institutional Class		$18.13

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Disciplined U.S. Core Fund  |  15

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,724)	$	11,857,941
Income from affiliated securities		64,760
Total investment income		11,922,701
Expenses
Management fee		1,898,427
Administration fees
Class A		464,165
Class C		39,350
Class R		3,351
Class R6		47,780
Administrator Class		39,123
Institutional Class		148,608
Shareholder servicing fees
Class A		552,578
Class C		46,846
Class R		3,990
Administrator Class		75,236
Distribution fees
Class C		140,455
Class R		3,979
Custody and accounting fees		30,575
Professional fees		27,214
Registration fees		55,800
Shareholder report expenses		60,364
Trustees’ fees and expenses		10,864
Interest expense		2,640
Other fees and expenses		40,816
Total expenses		3,692,161
Less: Fee waivers and/or expense reimbursements
Class A		(12,920	)
Class C		(9	)
Administrator Class		(10,528	)
Institutional Class		(44,705	)
Net expenses		3,623,999
Net investment income		8,298,702
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		46,959,422
Affiliated securities		(130	)
Net realized gains on investments		46,959,292
Net change in unrealized gains (losses) on
Unaffiliated securities		23,196,022
Futures contracts		(461,188	)
Net change in unrealized gains (losses) on investments		22,734,834
Net realized and unrealized gains (losses) on investments		69,694,126
Net increase in net assets resulting from operations	$	77,992,828

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

16  |  Wells Fargo Disciplined U.S. Core Fund

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment income				$	8,298,702					$	20,796,365
Net realized gains on investments					46,959,292						27,061,264
Net change in unrealized gains (losses) on investments					22,734,834						(3,387,087	)
Net increase in net assets resulting from operations					77,992,828						44,470,542
Distributions to shareholders from net investment income and net realized gains
Class A					(18,684,889	)					(27,282,105	)
Class C					(1,266,022	)					(2,771,228	)
Class R					(125,676	)					(201,547	)
Class R6					(13,828,583	)					(25,476,362	)
Administrator Class					(2,526,202	)					(3,946,556	)
Institutional Class					(9,162,742	)					(24,186,334	)
Total distributions to shareholders					(45,594,114	)					(83,864,132	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		544,217			9,619,200			1,886,725			30,921,236
Class C		63,471			1,033,073			472,068			6,869,156
Class R		10,310			183,174			37,989			635,336
Class R6		1,870,963			34,914,156			3,079,018			48,714,888
Administrator Class		84,827			1,532,305			426,111			7,266,082
Institutional Class		632,858			11,325,042			4,282,122			73,227,240
					58,606,950						167,633,938
Reinvestment of distributions
Class A		983,735			17,558,389			1,648,190			25,532,516
Class C		71,599			1,167,986			177,775			2,524,825
Class R		6,899			124,243			12,745			199,335
Class R6		704,180			12,911,375			1,506,629			23,955,923
Administrator Class		122,595			2,255,074			235,868			3,758,071
Institutional Class		466,053			8,456,868			1,264,383			19,892,703
					42,473,935						75,863,373
Payment for shares redeemed
Class A		(2,022,678	)		(35,729,893	)		(5,568,268	)		(92,539,888	)
Class C		(395,372	)		(6,353,643	)		(1,440,204	)		(21,524,938	)
Class R		(21,860	)		(389,351	)		(55,966	)		(904,117	)
Class R6		(3,925,366	)		(70,925,354	)		(9,937,174	)		(168,483,143	)
Administrator Class		(293,245	)		(5,394,843	)		(2,534,639	)		(43,971,874	)
Institutional Class		(6,861,437	)		(121,425,461	)		(12,205,371	)		(203,720,141	)
					(240,218,545	)					(531,144,101	)
Net decrease in net assets resulting from capital share transactions					(139,137,660	)					(287,646,790	)
Total decrease in net assets					(106,738,946	)					(327,040,380	)
Net assets
Beginning of period					1,161,230,603						1,488,270,983
End of period				$	1,054,491,657					$	1,161,230,603

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

Wells Fargo Disciplined U.S. Core Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.29			$17.70			$16.30			$14.50			$15.45			$16.29
Net investment income		0.12	1		0.25			0.24			0.22			0.21			0.21
Net realized and unrealized gains (losses) on investments		1.21			0.38			1.90			1.94			0.47			1.60
Total from investment operations		1.33			0.63			2.14			2.16			0.68			1.81
Distributions to shareholders from
Net investment income		(0.33	)		(0.19	)		(0.15	)		(0.15	)		(0.19	)		(0.16	)
Net realized gains		(0.44	)		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(0.77	)		(1.04	)		(0.74	)		(0.36	)		(1.63	)		(2.65	)
Net asset value, end of period		$17.85			$17.29			$17.70			$16.30			$14.50			$15.45
Total return2		7.73	%		4.31	%		13.28	%		15.12	%		5.22	%		12.01	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.83	%		0.85	%		0.87	%		0.89	%
Net expenses		0.84	%		0.84	%		0.83	%		0.85	%		0.87	%		0.89	%
Net investment income		1.33	%		1.40	%		1.33	%		1.45	%		1.60	%		1.43	%
Supplemental data
Portfolio turnover rate		32	%		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$439,643			$434,367			$480,602			$467,491			$412,629			$331,123

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Disciplined U.S. Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.85			$16.28			$15.04			$13.45			$14.50			$15.47
Net investment income		0.06			0.12			0.09			0.10			0.14			0.13
Net realized and unrealized gains (losses) on investments		1.10			0.35			1.76			1.79			0.38			1.48
Total from investment operations		1.16			0.47			1.85			1.89			0.52			1.61
Distributions to shareholders from
Net investment income		(0.14	)		(0.05	)		(0.02	)		(0.09	)		(0.13	)		(0.09	)
Net realized gains		(0.44	)		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(0.58	)		(0.90	)		(0.61	)		(0.30	)		(1.57	)		(2.58	)
Net asset value, end of period		$16.43			$15.85			$16.28			$15.04			$13.45			$14.50
Total return1		7.32	%		3.59	%		12.41	%		14.27	%		4.43	%		11.18	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.59	%		1.58	%		1.60	%		1.62	%		1.64	%
Net expenses		1.60	%		1.59	%		1.58	%		1.60	%		1.62	%		1.64	%
Net investment income		0.58	%		0.66	%		0.58	%		0.69	%		0.82	%		0.66	%
Supplemental data
Portfolio turnover rate		32	%		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$35,851			$38,708			$52,647			$54,054			$46,801			$20,680

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

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

Wells Fargo Disciplined U.S. Core Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R				2019			2018			2017			20161
Net asset value, beginning of period		$17.44			$17.88			$16.51			$14.77			$14.62
Net investment income		0.10			0.19	2		0.18	2		0.17	2		0.13	2
Net realized and unrealized gains (losses) on investments		1.22			0.41			1.94			1.99			1.72
Total from investment operations		1.32			0.60			2.12			2.16			1.85
Distributions to shareholders from
Net investment income		(0.29	)		(0.19	)		(0.16	)		(0.21	)		(0.26	)
Net realized gains		(0.44	)		(0.85	)		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(0.73	)		(1.04	)		(0.75	)		(0.42	)		(1.70	)
Net asset value, end of period		$18.03			$17.44			$17.88			$16.51			$14.77
Total return3		7.59	%		4.07	%		12.97	%		14.86	%		13.56	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.09	%		1.08	%		1.10	%		1.12	%
Net expenses		1.10	%		1.09	%		1.08	%		1.10	%		1.12	%
Net investment income		1.08	%		1.15	%		1.04	%		1.10	%		1.12	%
Supplemental data
Portfolio turnover rate		32	%		63	%		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$3,148			$3,126			$3,298			$2,001			$201

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

²  Calculated based upon average shares outstanding

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

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

20  |  Wells Fargo Disciplined U.S. Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			2017			20161
Net asset value, beginning of period		$17.76			$18.17			$16.71			$14.86			$14.62
Net investment income		0.20			0.32			0.30	2		0.28	2		0.22	2
Net realized and unrealized gains (losses) on investments		1.21			0.40			1.97			1.99			1.72
Total from investment operations		1.41			0.72			2.27			2.27			1.94
Distributions to shareholders from
Net investment income		(0.42	)		(0.28	)		(0.22	)		(0.21	)		(0.26	)
Net realized gains		(0.44	)		(0.85	)		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(0.86	)		(1.13	)		(0.81	)		(0.42	)		(1.70	)
Net asset value, end of period		$18.31			$17.76			$18.17			$16.71			$14.86
Total return3		7.97	%		4.77	%		13.78	%		15.56	%		14.24	%
Ratios to average net assets (annualized)
Gross expenses		0.42	%		0.41	%		0.40	%		0.42	%		0.44	%
Net expenses		0.42	%		0.41	%		0.40	%		0.42	%		0.43	%
Net investment income		1.76	%		1.84	%		1.71	%		1.77	%		1.88	%
Supplemental data
Portfolio turnover rate		32	%		63	%		73	%		60	%		52	%
Net assets, end of period (000s omitted)		$326,427			$340,606			$445,678			$41,770			$4,024

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Disciplined U.S. Core Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.80			$18.17			$16.71			$14.85			$15.80			$16.60
Net investment income		0.13	1		0.26	1		0.25	1		0.25	1		0.24	1		0.25	1
Net realized and unrealized gains (losses) on investments		1.25			(0.41	)		1.97			1.98			0.48			1.63
Total from investment operations		1.38			0.67			2.22			2.23			0.72			1.88
Distributions to shareholders from
Net investment income		(0.35	)		(0.19	)		(0.17	)		(0.16	)		(0.23	)		(0.19	)
Net realized gains		(0.44	)		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(0.79	)		(1.04	)		(0.76	)		(0.37	)		(1.67	)		(2.68	)
Net asset value, end of period		$18.39			$17.80			$18.17			$16.71			$14.85			$15.80
Total return2		7.79	%		4.43	%		13.40	%		15.24	%		5.36	%		12.20	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.76	%		0.75	%		0.77	%		0.78	%		0.74	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.73	%
Net investment income		1.44	%		1.50	%		1.42	%		1.60	%		1.71	%		1.58	%
Supplemental data
Portfolio turnover rate		32	%		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$59,186			$58,808			$94,058			$94,294			$116,807			$63,544

¹  Calculated based upon average shares outstanding

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

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

22  |  Wells Fargo Disciplined U.S. Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.57			$17.98			$16.55			$14.72			$15.66			$16.47
Net investment income		0.16	1		0.30	1		0.28			0.27	1		0.28	1		0.30
Net realized and unrealized gains (losses) on investments		1.23			0.40			1.95			1.98			0.47			1.61
Total from investment operations		1.39			0.70			2.23			2.25			0.75			1.91
Distributions to shareholders from
Net investment income		(0.39	)		(0.26	)		(0.21	)		(0.21	)		(0.25	)		(0.23	)
Net realized gains		(0.44	)		(0.85	)		(0.59	)		(0.21	)		(1.44	)		(2.49	)
Total distributions to shareholders		(0.83	)		(1.11	)		(0.80	)		(0.42	)		(1.69	)		(2.72	)
Net asset value, end of period		$18.13			$17.57			$17.98			$16.55			$14.72			$15.66
Total return2		7.95	%		4.69	%		13.65	%		15.51	%		5.64	%		12.55	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.51	%		0.50	%		0.52	%		0.54	%		0.47	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%
Net investment income		1.74	%		1.77	%		1.67	%		1.76	%		1.96	%		1.86	%
Supplemental data
Portfolio turnover rate		32	%		63	%		73	%		60	%		52	%		53	%
Net assets, end of period (000s omitted)		$190,237			$285,616			$411,988			$353,573			$163,674			$109,901

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Disciplined U.S. Core Fund  |  23

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities 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.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the

24  |  Wells Fargo Disciplined U.S. Core Fund

Notes to financial statements (unaudited)

prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $686,706,810 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	359,375,345
Gross unrealized losses		(13,434,933	)
Net unrealized gains	$	345,940,412

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Wells Fargo Disciplined U.S. Core Fund  |  25

Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	111,094,131	$	0	$	0	$	111,094,131
Consumer discretionary		97,830,069		0		0		97,830,069
Consumer staples		74,998,397		0		0		74,998,397
Energy		34,666,250		0		0		34,666,250
Financials		128,944,707		0		0		128,944,707
Health care		153,246,315		0		0		153,246,315
Industrials		81,686,579		0		0		81,686,579
Information technology		257,702,979		0		0		257,702,979
Materials		13,973,002		0		0		13,973,002
Real estate		39,211,391		0		0		39,211,391
Utilities		31,332,814		0		0		31,332,814
Short-term investments
Investment companies		7,213,795		0		0		7,213,795
U.S. Treasury securities		1,207,981		0		0		1,207,981
Total assets	$	1,033,108,410	$	0	$	0	$	1,033,108,410
Liabilities
Futures contracts	$	461,188	$	0	$	0	$	461,188
Total liabilities	$	461,188	$	0	$	0	$	461,188

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

26  |  Wells Fargo Disciplined U.S. Core Fund

Notes to financial statements (unaudited)

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.87% for Class A shares, 1.62% for Class C shares, 1.12% for Class R shares, 0.43% for Class R6 shares, 0.74% for Administrator Class shares, and 0.48% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $2,509 from the sale of Class A shares and $40 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $345,068,929 and $545,762,945, respectively.

Wells Fargo Disciplined U.S. Core Fund  |  27

Notes to financial statements (unaudited)

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
BNP Paribas Securities Corp.	$1,472,064	$(1,472,064)	$	0

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

7. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2020, the Fund entered into futures contracts for to gain market exposure. The Fund had an average notional amount of $280,104 in long futures contracts during the six months ended January 31, 2020.

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.

8. BANK BORROWINGS

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

During the six months ended January 31, 2020, the Fund had average borrowings outstanding of $76,968 (on an annual basis) at an average rate of 3.43% and paid interest in the amount of $2,640.

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. INDEMNIFICATION

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

11. NEW ACCOUNTING PRONOUNCEMENT

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

28  |  Wells Fargo Disciplined U.S. Core Fund

Notes to financial statements (unaudited)

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

12. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

Wells Fargo Disciplined U.S. Core Fund  |  29

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

30  |  Wells Fargo Disciplined U.S. Core Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 149 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

Wells Fargo Disciplined U.S. Core Fund  |  31

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 Disciplined U.S. Core Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

Wells Fargo Disciplined U.S. Core Fund  |  33

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

34  |  Wells Fargo Disciplined U.S. Core Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-03812 03-20

SA203/SAR203 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo Endeavor Select Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	25
Appendix	29

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Endeavor Select Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Endeavor Select Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Endeavor Select Fund

Letter to shareholders (unaudited)

confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Endeavor Select Fund  |  3

Letter to shareholders (unaudited)

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

4  |  Wells Fargo Endeavor Select Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of January 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (STAEX)	12-29-2000		23.22		14.50		14.67		30.74		15.87		15.35		1.30		1.03
Class C (WECCX)	12-29-2000		28.41		14.96		14.46		29.41		14.96		14.46		2.05		1.78
Class R6 (WECRX)3	9-20-2019		–		–		–		31.14		16.33		15.83		0.87		0.60
Administrator Class (WECDX)	4-8-2005		–		–		–		30.70		16.09		15.60		1.22		0.94
Institutional Class (WFCIX)	4-8-2005		–		–		–		31.01		16.31		15.82		0.97		0.70
Russell 1000® Growth Index4	–		–		–		–		27.94		15.49		15.99		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that shareholder may pay on an investment in a fund. 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.

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

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

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

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

Please see footnotes on page 6.

Wells Fargo Endeavor Select Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20205
Microsoft Corporation	10.25
Amazon.com Incorporated	6.21
Alphabet Incorporated Class A	6.01
Visa Incorporated Class A	4.89
UnitedHealth Group Incorporated	3.86
ServiceNow Incorporated	3.03
The Home Depot Incorporated	2.98
Global Payments Incorporated	2.95
Waste Connections Incorporated	2.91
Union Pacific Corporation	2.83

Sector distribution as of January 31, 2020⁶

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

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

²  The manager has contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.03% for Class A, 1.78% for Class C, 0.60% for Class R6, 0.94% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

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

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

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

6  |  Wells Fargo Endeavor Select Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,106.46	$	5.35		1.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.06	$	5.13		1.01	%
Class C
Actual	$	1,000.00	$	1,099.76	$	9.55		1.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.04	$	9.17		1.81	%
Class R6
Actual	$	1,000.00	$	1,108.20	$	3.18		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,105.61	$	5.03		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,107.09	$	3.92		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76		0.74	%

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).

Wells Fargo Endeavor Select Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.20%
Communication Services: 12.35%
Entertainment: 2.75%
Netflix Incorporated †		10,800	$	3,726,972
Nintendo Company Limited ADR		65,250		2,994,975
				6,721,947
Interactive Media & Services: 9.60%
Alphabet Incorporated Class A †		10,257		14,696,024
Alphabet Incorporated Class C †		1,250		1,792,788
IAC Corporation †		16,100		3,921,799
Tencent Holdings Limited ADR		63,950		3,063,845
				23,474,456
Consumer Discretionary: 13.68%
Auto Components: 1.33%
Aptiv plc		38,350		3,251,697
Automobiles: 1.52%
Ferrari NV		22,000		3,714,040
Internet & Direct Marketing Retail: 7.85%
Amazon.com Incorporated †		7,558		15,181,906
MercadoLibre Incorporated †		6,050		4,011,150
				19,193,056
Specialty Retail: 2.98%
The Home Depot Incorporated		31,916		7,280,040
Financials: 6.74%
Capital Markets: 6.74%
Intercontinental Exchange Incorporated		66,490		6,631,713
Raymond James Financial Incorporated		41,800		3,821,774
S&P Global Incorporated		20,541		6,033,508
				16,486,995
Health Care: 16.14%
Health Care Equipment & Supplies: 9.61%
Alcon Incorporated †		72,450		4,270,203
Boston Scientific Corporation †		139,000		5,819,930
DexCom Incorporated †		19,550		4,706,663
Edwards Lifesciences Corporation †		17,250		3,792,584
Intuitive Surgical Incorporated †		8,750		4,898,074
				23,487,454
Health Care Providers & Services: 3.86%
UnitedHealth Group Incorporated		34,647		9,439,575
Pharmaceuticals: 2.67%
Merck & Company Incorporated		76,450		6,531,888

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

8  |  Wells Fargo Endeavor Select Fund

Portfolio of investments—January 31, 2020 (unaudited)

				Shares		Value
Industrials: 8.03%
Commercial Services & Supplies: 5.20%
Cintas Corporation					20,100	$	5,607,297
Waste Connections Incorporated					73,840		7,111,530
							12,718,827
Road & Rail: 2.83%
Union Pacific Corporation					38,500		6,907,670
Information Technology: 32.34%
Communications Equipment: 2.50%
Motorola Solutions Incorporated					34,600		6,124,200
IT Services: 14.53%
Fiserv Incorporated †					50,694		6,012,815
FleetCor Technologies Incorporated †					12,600		3,971,898
Global Payments Incorporated					36,943		7,220,509
PayPal Holdings Incorporated †					55,700		6,343,673
Visa Incorporated Class A					60,128		11,963,668
							35,512,563
Software: 15.31%
Autodesk Incorporated †					25,300		4,980,305
Microsoft Corporation					147,181		25,054,622
ServiceNow Incorporated †					21,880		7,400,472
							37,435,399
Materials: 6.26%
Chemicals: 4.70%
Air Products & Chemicals Incorporated					22,100		5,275,491
The Sherwin-Williams Company					11,150		6,210,439
							11,485,930
Construction Materials: 1.56%
Vulcan Materials Company					26,900		3,809,847
Real Estate: 1.66%
Equity REITs: 1.66%
SBA Communications Corporation					16,300		4,067,828
Total Common Stocks (Cost $117,908,448)							237,643,412
	Yield
Short-Term Investments: 2.96%
Investment Companies: 2.96%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51	%		7,239,663		7,239,663
Total Short-Term Investments (Cost $7,239,663)							7,239,663

Total investments in securities (Cost $125,148,111)	100.16	%		244,883,075
Other assets and liabilities, net	(0.16	)		(388,189	)
Total net assets	100.00	%	$	244,494,886

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

Wells Fargo Endeavor Select Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

† Non-income-earning security

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

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

Abbreviations:

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 *		0		23,449,037		(23,449,037	)		0	$	251	$	0	$	11,766	#	$	0
Wells Fargo Government Money Market Fund Select Class		4,314,739		31,806,357		(28,881,433	)		7,239,663		0		0		39,283			7,239,663
										$	251	$	0	$	51,049		$	7,239,663		2.96	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

10  |  Wells Fargo Endeavor Select Fund

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $117,908,448)	$	237,643,412
Investments in affiliated securities, at value (cost $7,239,663)		7,239,663
Receivable for Fund shares sold		432,408
Receivable for dividends		40,401
Prepaid expenses and other assets		168,349
Total assets		245,524,233
Liabilities
Payable for investments purchased		559,332
Payable for Fund shares redeemed		263,052
Overdraft due to custodian bank		506
Management fee payable		108,315
Administration fees payable		32,017
Distribution fee payable		2,584
Trustees’ fees and expenses payable		11,112
Accrued expenses and other liabilities		52,429
Total liabilities		1,029,347
Total net assets	$	244,494,886
Net assets consist of
Paid-in capital	$	120,425,612
Total distributable earnings		124,069,274
Total net assets	$	244,494,886
Computation of net asset value and offering price per share
Net assets – Class A	$	107,422,632
Shares outstanding – Class A1		12,780,241
Net asset value per share – Class A		$8.41
Maximum offering price per share – Class A2		$8.92
Net assets – Class C	$	3,945,605
Shares outstanding – Class C1		868,431
Net asset value per share – Class C		$4.54
Net assets – Class R6	$	49,780,945
Shares outstanding – Class R61		5,019,019
Net asset value per share – Class R6		$9.92
Net assets – Administrator Class	$	8,127,085
Shares outstanding – Administrator Class1		872,586
Net asset value per share – Administrator Class		$9.31
Net assets – Institutional Class	$	75,218,619
Shares outstanding – Institutional Class1		7,589,233
Net asset value per share – Institutional Class		$9.91

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Endeavor Select Fund  |  11

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $11,074)	$	727,209
Income from affiliated securities		41,482
Total investment income		768,691
Expenses
Management fee		726,380
Administration fees
Class A		84,174
Class C		3,715
Class R6		5,213	¹
Administrator Class		4,019
Institutional Class		52,768
Shareholder servicing fees
Class A		100,207
Class C		4,423
Administrator Class		7,728
Distribution fee
Class C		13,187
Custody and accounting fees		7,085
Professional fees		23,142
Registration fees		30,575
Shareholder report expenses		17,836
Trustees’ fees and expenses		11,522
Other fees and expenses		6,317
Total expenses		1,098,291
Less: Fee waivers and/or expense reimbursements
Fund-level		(225,438	)
Net expenses		872,853
Net investment loss		(104,162	)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		8,466,153
Affiliated securities		251
Net realized gains on investments		8,466,404
Net change in unrealized gains (losses) on investments		16,081,391
Net realized and unrealized gains (losses) on investments		24,547,795
Net increase in net assets resulting from operations	$	24,443,633

¹ For the period from September 20, 2019 (commencement of class operations) to January 31, 2020

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

12  |  Wells Fargo Endeavor Select Fund

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment loss				$	(104,162	)				$	(39,219	)
Net realized gains on investments					8,466,404						21,279,816
Net change in unrealized gains (losses) on investments					16,081,391						(3,421,390	)
Net increase in net assets resulting from operations					24,443,633						17,819,207
Distributions to shareholders from net investment income and net realized gains
Class A					(9,193,804	)					(3,430,850	)
Class C					(639,884	)					(1,168,306	)
Class R6					(3,817,296	)¹					N/A
Administrator Class					(594,711	)					(567,258	)
Institutional Class					(5,072,891	)					(23,115,770	)
Total distributions to shareholders					(19,318,586	)					(28,282,184	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		942,408			7,867,167			695,352			5,403,334
Class C		145,959			675,963			135,403			567,944
Class R6		5,124,083	¹		49,146,447	¹		N/A			N/A
Administrator Class		78,959			732,219			17,483			134,106
Institutional Class		2,259,074			21,803,460			927,530			8,358,983
					80,225,256						14,464,367
Reinvestment of distributions
Class A		1,136,944			8,970,487			460,780			3,073,403
Class C		145,449			621,069			298,729			1,168,031
Class R6		410,012	¹		3,813,107	¹		N/A			N/A
Administrator Class		67,574			590,592			77,420			566,717
Institutional Class		543,524			5,054,778			2,976,014			23,004,592
					19,050,033						27,812,743
Payment for shares redeemed
Class A		(1,377,045	)		(11,351,918	)		(731,194	)		(5,639,781	)
Class C		(265,559	)		(1,188,926	)		(585,440	)		(2,522,025	)
Class R6		(770,459	)¹		(7,583,017	)¹		N/A			N/A
Administrator Class		(96,942	)		(891,161	)		(114,882	)		(964,193	)
Institutional Class		(7,534,310	)		(72,317,278	)		(5,242,746	)		(47,188,366	)
					(93,332,300	)					(56,314,365	)
Net asset value of shares issued in acquisition
Class A		9,924,795			82,227,900			0			0
Class C		406,964			1,963,250			0			0
Class R6		255,383¹			2,459,686¹			N/A			N/A
Administrator Class		539,878			4,913,234			0			0
Institutional Class		1,198,969			11,547,626			0			0
					103,111,696						0
Net increase (decrease) in net assets resulting from capital share transactions					109,054,685						(14,037,255	)
Total increase (decrease) in net assets					114,179,732						(24,500,232	)
Net assets
Beginning of period					130,315,154						154,815,386
End of period				$	244,494,886					$	130,315,154

¹ For the period from September 20, 2019 (commencement of class operations) to January 31, 2020

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

Wells Fargo Endeavor Select Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.33			$9.43			$9.09			$8.96			$13.74			$14.13
Net investment loss		(0.01	)1		(0.03	)1		(0.04	)1		(0.03	)1		(0.04	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		0.85			0.97			2.23			1.49			(0.14	)		1.65
Total from investment operations		0.84			0.94			2.19			1.46			(0.18	)		1.57
Distributions to shareholders from
Net realized gains		(0.76	)		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Net asset value, end of period		$8.41			$8.33			$9.43			$9.09			$8.96			$13.74
Total return2		10.65	%		15.37	%		27.35	%		19.39	%		(0.07	)%		12.14	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.30	%		1.25	%		1.22	%		1.28	%		1.24	%
Net expenses		1.01	%		1.20	%		1.20	%		1.20	%		1.20	%		1.23	%
Net investment loss		(0.32	)%		(0.35	)%		(0.49	)%		(0.33	)%		(0.36	)%		(0.55	)%
Supplemental data
Portfolio turnover rate		6	%		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$107,423			$17,940			$16,301			$12,953			$18,498			$26,197

¹  Calculated based upon average shares outstanding

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

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

14  |  Wells Fargo Endeavor Select Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$4.86			$6.46			$6.80			$7.09			$11.93			$12.61
Net investment loss		(0.03	)1		(0.06	)1		(0.08	)1		(0.07	)1		(0.09	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		0.47			0.50			1.59			1.11			(0.15	)		1.44
Total from investment operations		0.44			0.44			1.51			1.04			(0.24	)		1.28
Distributions to shareholders from
Net realized gains		(0.76	)		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Net asset value, end of period		$4.54			$4.86			$6.46			$6.80			$7.09			$11.93
Total return2		9.98	%		14.51	%		26.43	%		18.46	%		(0.76	)%		11.21	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.05	%		2.00	%		1.97	%		2.03	%		1.99	%
Net expenses		1.81	%		1.95	%		1.95	%		1.95	%		1.95	%		1.99	%
Net investment loss		(1.05	)%		(1.12	)%		(1.22	)%		(1.08	)%		(1.11	)%		(1.32	)%
Supplemental data
Portfolio turnover rate		6	%		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$3,946			$2,116			$3,792			$3,676			$4,845			$6,914

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Endeavor Select Fund  |  15

Financial highlights

(For a share outstanding throughout the period)

	Six months ended January 31, 20201 (unaudited)
CLASS R6
Net asset value, beginning of period		$9.63
Net investment income		0.00	2,3
Net realized and unrealized gains (losses) on investments		1.05
Total from investment operations		1.05
Distributions to shareholders from
Net realized gains		(0.76	)
Net asset value, end of period		$9.92
Total return4		11.40	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%
Net expenses		0.60	%
Net investment income		0.07	%
Supplemental data
Portfolio turnover rate		6	%
Net assets, end of period (000s omitted)		$49,781

¹  For the period from September 20, 2019 (commencement of class operations) to January 31, 2020

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

16  |  Wells Fargo Endeavor Select Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.15			$10.12			$9.62			$9.38			$14.13			$14.45
Net investment income (loss)		(0.01	)1		(0.01	)1		(0.03	)1		(0.01	)1		0.01	1		(0.05	)1
Net realized and unrealized gains (losses) on investments		0.93			1.08			2.38			1.58			(0.16	)		1.69
Total from investment operations		0.92			1.07			2.35			1.57			(0.15	)		1.64
Distributions to shareholders from
Net realized gains		(0.76	)		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Net asset value, end of period		$9.31			$9.15			$10.12			$9.62			$9.38			$14.13
Total return2		10.56	%		15.63	%		27.55	%		19.71	%		0.16	%		12.38	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.21	%		1.16	%		1.14	%		1.14	%		1.05	%
Net expenses		0.95	%		1.00	%		1.00	%		1.00	%		1.00	%		0.99	%
Net investment income (loss)		(0.23	)%		(0.16	)%		(0.28	)%		(0.12	)%		0.06	%		(0.32	)%
Supplemental data
Portfolio turnover rate		6	%		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$8,127			$2,590			$3,068			$3,695			$5,254			$42,776

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Endeavor Select Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.68			$10.57			$9.95			$9.65			$14.39			$14.65
Net investment income (loss)		0.00	1,2		0.00	1,2		(0.01	)1		0.00	1,2		0.00	1,2		(0.01	)1
Net realized and unrealized gains (losses) on investments		0.99			1.15			2.49			1.64			(0.14	)		1.71
Total from investment operations		0.99			1.15			2.48			1.64			(0.14	)		1.70
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		(0.01	)		0.00			0.00
Net realized gains		(0.76	)		(2.04	)		(1.85	)		(1.33	)		(4.60	)		(1.96	)
Total distributions to shareholders		(0.76	)		(2.04	)		(1.86	)		(1.34	)		(4.60	)		(1.96	)
Net asset value, end of period		$9.91			$9.68			$10.57			$9.95			$9.65			$14.39
Total return3		10.71	%		15.76	%		28.01	%		19.87	%		0.27	%		12.63	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.97	%		0.92	%		0.89	%		0.95	%		0.81	%
Net expenses		0.74	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.09	%		0.05	%		(0.08	)%		0.05	%		0.04	%		(0.09	)%
Supplemental data
Portfolio turnover rate		6	%		20	%		36	%		59	%		79	%		126	%
Net assets, end of period (000s omitted)		$75,219			$107,670			$131,655			$144,199			$162,935			$221,801

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

18  |  Wells Fargo Endeavor Select Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the

Wells Fargo Endeavor Select Fund  |  19

Notes to financial statements (unaudited)

securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $126,067,391 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	119,396,209
Gross unrealized losses		(580,525	)
Net unrealized gains	$	118,815,684

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	30,196,403	$	0	$	0	$	30,196,403
Consumer discretionary		33,438,833		0		0		33,438,833
Financials		16,486,995		0		0		16,486,995
Health care		39,458,917		0		0		39,458,917
Industrials		19,626,497		0		0		19,626,497
Information technology		79,072,162		0		0		79,072,162
Materials		15,295,777		0		0		15,295,777
Real estate		4,067,828		0		0		4,067,828
Short-term investments
Investment companies		7,239,663		0		0		7,239,663
Total assets	$	244,883,075	$	0	$	0	$	244,883,075

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

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

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Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class C shares, 0.60% for Class R6 shares, 0.94% for Administrator Class shares, and 0.70% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to December 1, 2019, the Fund’s expenses were capped at 1.20% for Class A shares, 1.95% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $2,040 from the sale of Class A shares and $70 in contingent deferred sales charges from redemptions of Class C. No contingent deferred sales charges were incurred by Class A for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $11,549,001 and $25,775,280, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is

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Notes to financial statements (unaudited)

managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund did not have any securities on loan.

7. ACQUISITION

After the close of business on September 20, 2019, the Fund acquired the net assets of Wells Fargo Capital Growth Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Class R6, Administrator Class and Institutional Class shares of Wells Fargo Capital Growth Fund received Class A, Class C, Class R6, Administrator Class, and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Capital Growth Fund for 12,325,989 shares of the Fund valued at $103,111,696 at an exchange ratio of 0.97, 1.03, 1.14, 1.09, and 1.13 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Capital Growth Fund with a fair value of $101,506,563, identified cost of $55,944,059 and unrealized gains of $45,562,504 at September 20, 2019 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Capital Growth Fund and the Fund immediately prior to the acquisition were $103,112,202 and $124,063,059, respectively. The aggregate net assets of the Fund immediately after the acquisition were $227,175,261. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Capital Growth Fund was carried forward to align with ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2019, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the six months ended January 31, 2020 would have been as follows (unaudited):

Net investment income loss	$	(29,229	)
Net realized and unrealized gains on investments		28,158,331
Net increase in net assets resulting from operations	$	28,129,102

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Capital Growth Fund that have been included in the Fund’s Statement of Operations since September 20, 2019.

8. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. INDEMNIFICATION

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

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Notes to financial statements (unaudited)

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.

12. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

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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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

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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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

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Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

28  |  Wells Fargo Endeavor Select Fund

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Endeavor Select Fund  |  29

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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-03818 03-20

SA205/SAR205 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	25
Appendix	29

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Wells Fargo Growth Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Growth Fund

Letter to shareholders (unaudited)

all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Growth Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of January 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SGRAX)	2-24-2000		20.65		13.18		15.62		28.02		14.53		16.31		1.18		1.16
Class C (WGFCX)	12-26-2002		25.98		13.66		15.44		26.98		13.66		15.44		1.93		1.91
Class R6 (SGRHX)3	9-30-2015		–		–		–		28.60		15.05		16.83		0.75		0.70
Administrator Class (SGRKX)	8-30-2002		–		–		–		28.23		14.75		16.57		1.10		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		28.50		14.99		16.80		0.85		0.75
Russell 3000® Growth Index4	–		–		–		–		26.94		15.05		15.80		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that shareholder may pay on an investment in a fund. 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.

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20205
Amazon.com Incorporated	7.00
Microsoft Corporation	5.88
Alphabet Incorporated Class A	5.47
MasterCard Incorporated Class A	3.44
Microchip Technology Incorporated	3.18
Visa Incorporated Class A	2.97
Apple Incorporated	2.94
Envestnet Incorporated	2.61
Facebook Incorporated Class A	2.35
Monolithic Power Systems Incorporated	2.08

Sector distribution as of January 31, 2020⁶

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

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

²  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.16% for Class A, 1.91% for Class C, 0.70% for Class R6, 0.96% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

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

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

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

Wells Fargo Growth Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,089.41	$	5.93		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.46	$	5.74		1.13	%
Class C
Actual	$	1,000.00	$	1,084.78	$	10.01		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.68		1.91	%
Class R6
Actual	$	1,000.00	$	1,091.89	$	3.68		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Administrator Class
Actual	$	1,000.00	$	1,090.20	$	5.04		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.88		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,091.28	$	3.94		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%

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

6  |  Wells Fargo Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 99.82%
Communication Services: 9.60%
Interactive Media & Services: 9.60%
Alphabet Incorporated Class A †		181,735	$	260,386,273
Alphabet Incorporated Class C †		18,990		27,236,028
Facebook Incorporated Class A †		553,000		111,656,230
Pinterest Incorporated Class A †		2,602,585		57,334,948
				456,613,479
Consumer Discretionary: 16.97%
Diversified Consumer Services: 0.95%
Bright Horizons Family Solutions Incorporated †		117,030		19,161,322
Grand Canyon Education Incorporated †		330,650		25,883,282
				45,044,604
Hotels, Restaurants & Leisure: 1.27%
Norwegian Cruise Line Holdings Limited †		413,100		22,245,435
Planet Fitness Incorporated Class A †		218,600		17,660,694
Royal Caribbean Cruises Limited		176,100		20,617,788
				60,523,917
Household Durables: 0.34%
Roku Incorporated †		133,100		16,098,445
Internet & Direct Marketing Retail: 7.17%
Amazon.com Incorporated †		165,870		333,186,386
Etsy Incorporated †		159,500		7,785,195
				340,971,581
Multiline Retail: 0.53%
Ollie’s Bargain Outlet Holdings Incorporated †		478,000		25,353,120
Specialty Retail: 5.60%
Burlington Stores Incorporated †		425,550		92,544,359
CarMax Incorporated †		506,400		49,141,056
Carvana Company †		43,100		3,415,675
Five Below Incorporated †		336,359		38,082,566
The Home Depot Incorporated		141,510		32,278,431
ULTA Beauty Incorporated †		190,900		51,144,019
				266,606,106
Textiles, Apparel & Luxury Goods: 1.11%
Levi Strauss & Company Class A «		2,693,669		52,903,659
Consumer Staples: 2.02%
Beverages: 1.19%
The Coca-Cola Company		970,200		56,659,680
Food & Staples Retailing: 0.12%
Grocery Outlet Holding Corporation †		175,300		5,739,322
Personal Products: 0.71%
The Estee Lauder Companies Incorporated Class A		172,060		33,579,230

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

Wells Fargo Growth Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Financials: 4.31%
Capital Markets: 3.54%
Assetmark Financial Holdings †		459,787	$	13,485,553
CME Group Incorporated		100,910		21,908,570
MarketAxess Holdings Incorporated		199,121		70,524,676
The Charles Schwab Corporation		602,050		27,423,378
Tradeweb Markets Incorporated Class A		766,037		35,375,589
				168,717,766
Thrifts & Mortgage Finance: 0.77%
LendingTree Incorporated †		117,160		36,460,192
Health Care: 10.54%
Biotechnology: 2.81%
Alexion Pharmaceuticals Incorporated †		225,100		22,372,689
Biohaven Pharmaceutical Holding Company †		136,700		6,628,583
Exact Sciences Corporation †		341,300		31,836,464
Natera Incorporated †		922,895		32,310,554
Vertex Pharmaceuticals Incorporated †		177,700		40,346,785
				133,495,075
Health Care Equipment & Supplies: 4.98%
Boston Scientific Corporation †		1,472,520		61,654,412
DexCom Incorporated †		190,100		45,766,575
Edwards Lifesciences Corporation †		118,900		26,141,354
Insulet Corporation †		259,900		50,430,996
Novocure Limited †		522,900		42,595,434
Stryker Corporation		49,200		10,366,440
				236,955,211
Health Care Technology: 1.32%
Veeva Systems Incorporated Class A †		428,950		62,888,360
Life Sciences Tools & Services: 0.52%
Adaptive Biotechnologies Corporation †		338,937		10,135,911
Repligen Corporation †		145,900		14,646,901
				24,782,812
Pharmaceuticals: 0.91%
Zoetis Incorporated		323,470		43,412,909
Industrials: 12.87%
Aerospace & Defense: 0.80%
The Boeing Company		119,580		38,058,727
Commercial Services & Supplies: 3.85%
Casella Waste Systems Incorporated Class A †		666,024		34,093,769
Copart Incorporated †		690,370		70,044,940
Waste Connections Incorporated		820,805		79,051,730
				183,190,439
Industrial Conglomerates: 0.71%
Roper Technologies Incorporated		88,590		33,811,259

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

8  |  Wells Fargo Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Machinery: 0.21%
Fortive Corporation		103,560	$	7,759,751
Wabtec Corporation		30,300		2,237,958
				9,997,709
Professional Services: 2.10%
ASGN Incorporated †		697,887		47,239,971
CoStar Group Incorporated †		60,000		39,179,400
TransUnion		146,600		13,443,220
				99,862,591
Road & Rail: 5.20%
CSX Corporation		977,346		74,610,594
Lyft Incorporated Class A †		129,700		6,158,156
Norfolk Southern Corporation		438,090		91,214,719
Union Pacific Corporation		421,560		75,636,295
				247,619,764
Information Technology: 42.08%
IT Services: 13.60%
Euronet Worldwide Incorporated †		401,000		63,213,640
Global Payments Incorporated		472,070		92,266,082
InterXion Holding NV †		80,231		6,982,504
MasterCard Incorporated Class A		517,370		163,457,878
MongoDB Incorporated †		112,420		18,426,762
PayPal Holdings Incorporated †		629,790		71,726,783
Square Incorporated Class A †		120,100		8,970,269
Switch Incorporated Class A		537,725		8,603,600
Twilio Incorporated Class A †		270,139		33,589,083
Visa Incorporated Class A		710,910		141,449,763
WEX Incorporated †		178,389		38,696,142
				647,382,506
Semiconductors & Semiconductor Equipment: 6.72%
Microchip Technology Incorporated		1,549,990		151,093,025
Monolithic Power Systems Incorporated		577,770		98,896,891
NXP Semiconductors NV		53,800		6,825,068
Texas Instruments Incorporated		520,380		62,783,847
				319,598,831
Software: 18.82%
Adobe Incorporated †		65,320		22,936,465
Anaplan Incorporated †		369,339		21,270,233
BlackLine Incorporated †		209,730		12,829,184
Cloudflare Incorporated Class A †		593,192		10,594,409
Dropbox Incorporated Class A †		394,400		6,712,688
Dynatrace Incorporated †		1,606,632		50,303,648
Envestnet Incorporated †		1,572,270		124,004,935
Everbridge Incorporated †		165,200		14,973,728
HubSpot Incorporated †		118,540		21,448,628
Microsoft Corporation		1,644,250		279,900,678
Mimecast Limited †		1,185,400		60,490,962
Proofpoint Incorporated †		368,990		45,315,662
Rapid7 Incorporated †		588,000		34,915,440
RealPage Incorporated †		489,300		28,550,655

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

Wells Fargo Growth Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

				Shares		Value
Software (continued)
RingCentral Incorporated Class A †					23,400	$	4,810,572
Salesforce.com Incorporated †					240,115		43,775,366
ServiceNow Incorporated †					85,590		28,949,106
Splunk Incorporated †					358,500		55,660,710
Talend SA ADR †					758,700		27,996,030
							895,439,099
Technology Hardware, Storage & Peripherals: 2.94%
Apple Incorporated					451,940		139,879,949
Materials: 1.43%
Chemicals: 1.43%
Linde plc					239,760		48,702,449
PolyOne Corporation					581,163		19,282,982
							67,985,431
Total Common Stocks (Cost $2,156,599,419)							4,749,631,773
	Yield
Short-Term Investments: 0.24%
Investment Companies: 0.24%
Securities Lending Cash Investments LLC (l)(r)(u)		1.70	%		809,919		810,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51			10,749,554		10,749,554
Total Short-Term Investments (Cost $11,559,554)							11,559,554

Total investments in securities (Cost $2,168,158,973)	100.06	%		4,761,191,327
Other assets and liabilities, net	(0.06	)		(2,671,982	)
Total net assets	100.00	%	$	4,758,519,345

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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

10  |  Wells Fargo Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		18,742,078		389,446,853		(407,379,012	)		809,919	$	6,487	$	(1,552	)	$	451,013	#	$	810,000
Wells Fargo Government Money Market Fund Select Class		62,114,127		267,506,123		(318,870,696	)		10,749,554		0		0			231,232			10,749,554
										$	6,487	$	(1,552	)	$	682,245		$	11,559,554		0.24	%

^#  Amount shown represents gross income before fees and rebates    

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

Wells Fargo Growth Fund  |  11

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $790,000 of securities loaned), at value (cost $2,156,599,419)	$	4,749,631,773
Investments in affiliated securities, at value (cost $11,559,554)		11,559,554
Receivable for investments sold		30,480,008
Receivable for Fund shares sold		5,295,989
Receivable for dividends		767,739
Receivable for securities lending income, net		9,815
Prepaid expenses and other assets		42,035
Total assets		4,797,786,913
Liabilities
Payable upon receipt of securities loaned		785,738
Payable for investments purchased		25,534,206
Payable for Fund shares redeemed		7,952,382
Management fee payable		2,774,523
Administration fees payable		696,676
Distribution fee payable		89,425
Trustees’ fees and expenses payable		7,087
Accrued expenses and other liabilities		1,427,531
Total liabilities		39,267,568
Total net assets	$	4,758,519,345
Net assets consist of
Paid-in capital	$	2,026,214,905
Total distributable earnings		2,732,304,440
Total net assets	$	4,758,519,345
Computation of net asset value and offering price per share
Net assets – Class A	$	2,201,136,192
Shares outstanding – Class A1		64,421,729
Net asset value per share – Class A		$34.17
Maximum offering price per share – Class A2		$36.25
Net assets – Class C	$	131,542,830
Shares outstanding – Class C1		5,596,592
Net asset value per share – Class C		$23.50
Net assets – Class R6	$	360,151,001
Shares outstanding – Class R61		7,919,363
Net asset value per share – Class R6		$45.48
Net assets – Administrator Class	$	525,410,895
Shares outstanding – Administrator Class1		12,889,336
Net asset value per share – Administrator Class		$40.76
Net assets – Institutional Class	$	1,540,278,427
Shares outstanding – Institutional Class1		33,998,386
Net asset value per share – Institutional Class		$45.30

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Growth Fund

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $44,069)	$	13,084,407
Income from affiliated securities		399,325
Total investment income		13,483,732
Expenses
Management fee		16,320,684
Administration fees
Class A		2,240,248
Class C		146,610
Class R6		51,483
Administrator Class		356,353
Institutional Class		978,422
Shareholder servicing fees
Class A		2,666,962
Class C		174,535
Administrator Class		685,295
Distribution fee
Class C		523,130
Custody and accounting fees		80,155
Professional fees		25,966
Registration fees		61,151
Shareholder report expenses		127,397
Trustees’ fees and expenses		12,400
Other fees and expenses		43,576
Total expenses		24,494,367
Less: Fee waivers and/or expense reimbursements
Fund-level		(461,974	)
Class A		(322,658	)
Class C		(4	)
Class R6		(32,815	)
Administrator Class		(296,819	)
Institutional Class		(517,958	)
Net expenses		22,862,139
Net investment loss		(9,378,407	)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		242,940,925
Affiliated securities		6,487
Net realized gains on investments		242,947,412
Net change in unrealized gains (losses) on
Unaffiliated securities		166,207,661
Affiliated securities		(1,552	)
Net change in unrealized gains (losses) on investments		166,206,109
Net realized and unrealized gains (losses) on investments		409,153,521
Net increase in net assets resulting from operations	$	399,775,114

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

Wells Fargo Growth Fund  |  13

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment loss				$	(9,378,407	)				$	(12,812,172	)
Net realized gains on investments					242,947,412						632,722,898
Net change in unrealized gains (losses) on investments					166,206,109						(63,288,246	)
Net increase in net assets resulting from operations					399,775,114						556,622,480
Distributions to shareholders from net investment income and net realized gains
Class A					(247,668,290	)					(355,696,811	)
Class C					(20,979,782	)					(37,666,442	)
Class R6					(31,160,181	)					(36,585,868	)
Administrator Class					(55,248,543	)					(78,768,918	)
Institutional Class					(133,918,973	)					(211,847,451	)
Total distributions to shareholders					(488,975,769	)					(720,565,490	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,611,509			55,033,322			2,458,750			81,981,928
Class C		338,294			7,869,434			746,761			17,066,886
Class R6		696,761			31,367,430			2,698,823			114,509,957
Administrator Class		1,137,671			45,903,388			2,744,478			107,374,673
Institutional Class		2,926,085			130,248,708			5,400,449			232,172,883
					270,422,282						553,106,327
Reinvestment of distributions
Class A		7,496,102			239,800,299			12,007,593			343,056,930
Class C		799,568			17,614,481			1,566,352			32,721,099
Class R6		688,571			29,298,699			995,813			36,576,208
Administrator Class		1,435,463			54,762,934			2,333,920			77,882,902
Institutional Class		3,048,613			129,230,698			5,586,200			204,566,633
					470,707,111						694,803,772
Payment for shares redeemed
Class A		(4,208,993	)		(145,281,681	)		(10,353,405	)		(346,975,927	)
Class C		(1,574,063	)		(38,849,839	)		(2,391,955	)		(58,387,097	)
Class R6		(822,893	)		(36,815,297	)		(1,446,729	)		(63,083,744	)
Administrator Class		(3,198,093	)		(128,188,593	)		(4,421,943	)		(173,395,539	)
Institutional Class		(4,884,294	)		(219,786,061	)		(12,123,280	)		(516,616,632	)
					(568,921,471	)					(1,158,458,939	)
Net increase in net assets resulting from capital share transactions					172,207,922						89,451,160
Total increase (decrease) in net assets					83,007,267						(74,491,850	)
Net assets
Beginning of period					4,675,512,078						4,750,003,928
End of period				$	4,758,519,345					$	4,675,512,078

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

14  |  Wells Fargo Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$35.56			$38.67			$40.38			$42.28			$49.50			$49.99
Net investment loss		(0.10	)1		(0.13	)		(0.12	)		(0.19	)1		(0.20	)1		(0.29	)1
Net realized and unrealized gains (losses) on investments		2.99			3.73			9.49			5.61			(0.99	)		7.03
Total from investment operations		2.89			3.60			9.37			5.42			(1.19	)		6.74
Distributions to shareholders from
Net realized gains		(4.28	)		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$34.17			$35.56			$38.67			$40.38			$42.28			$49.50
Total return2		8.94	%		13.55	%		27.66	%		15.95	%		(1.69	)%		15.01	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.18	%		1.18	%		1.17	%		1.15	%		1.18	%
Net expenses		1.13	%		1.16	%		1.16	%		1.16	%		1.14	%		1.18	%
Net investment loss		(0.55	)%		(0.45	)%		(0.45	)%		(0.49	)%		(0.49	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		17	%		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$2,201,136			$2,116,542			$2,142,855			$1,950,551			$2,582,955			$1,465,643

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$25.87			$30.33			$34.05			$37.07			$44.51			$45.95
Net investment loss		(0.17	)1		(0.31	)1		(0.33	)		(0.41	)1		(0.46	)1		(0.60	)1
Net realized and unrealized gains (losses) on investments		2.08			2.56			7.69			4.71			(0.95	)		6.39
Total from investment operations		1.91			2.25			7.36			4.30			(1.41	)		5.79
Distributions to shareholders from
Net realized gains		(4.28	)		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$23.50			$25.87			$30.33			$34.05			$37.07			$44.51
Total return2		8.48	%		12.68	%		26.73	%		15.05	%		(2.44	)%		14.16	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.93	%		1.93	%		1.92	%		1.90	%		1.93	%
Net expenses		1.91	%		1.91	%		1.91	%		1.91	%		1.89	%		1.93	%
Net investment loss		(1.32	)%		(1.19	)%		(1.19	)%		(1.23	)%		(1.24	)%		(1.34	)%
Supplemental data
Portfolio turnover rate		17	%		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$131,543			$156,056			$185,346			$205,607			$321,032			$465,833

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			2017			20161
Net asset value, beginning of period		$45.84			$47.53			$47.13			$47.90			$48.97
Net investment income (loss)		(0.03	)		0.00	2,3		(0.01	)2		(0.02	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		3.95			5.02			11.49			6.57			4.98
Total from investment operations		3.92			5.02			11.48			6.55			4.96
Distributions to shareholders from
Net realized gains		(4.28	)		(6.71	)		(11.08	)		(7.32	)		(6.03	)
Net asset value, end of period		$45.48			$45.84			$47.53			$47.13			$47.90
Total return4		9.19	%		14.06	%		28.26	%		16.49	%		10.89	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.75	%		0.75	%		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income (loss)		(0.12	)%		0.00	%		(0.02	)%		(0.05	)%		(0.23	)%
Supplemental data
Portfolio turnover rate		17	%		39	%		37	%		42	%		38	%
Net assets, end of period (000s omitted)		$360,151			$337,260			$242,838			$49,454			$30,906

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Wells Fargo Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$41.58			$43.89			$44.40			$45.66			$52.86			$52.80
Net investment loss		(0.08	)1		(0.10	)1		(0.11	)1		(0.11	)1		(0.14	)1		(0.20	)1
Net realized and unrealized gains (losses) on investments		3.54			4.50			10.68			6.17			(1.03	)		7.49
Total from investment operations		3.46			4.40			10.57			6.06			(1.17	)		7.29
Distributions to shareholders from
Net realized gains		(4.28	)		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$40.76			$41.58			$43.89			$44.40			$45.66			$52.86
Total return2		9.02	%		13.78	%		27.90	%		16.20	%		(1.53	)%		15.28	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.10	%		1.10	%		1.09	%		1.07	%		1.02	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.38	)%		(0.25	)%		(0.24	)%		(0.27	)%		(0.31	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		17	%		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$525,411			$561,900			$564,391			$637,987			$1,528,288			$2,349,359

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$45.70			$47.43			$47.07			$47.87			$54.99			$54.54
Net investment loss		(0.04	)1		(0.01	)1		(0.02	)1		(0.04	)1		(0.05	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		3.92			4.99			11.46			6.56			(1.04	)		7.77
Total from investment operations		3.88			4.98			11.44			6.52			(1.09	)		7.68
Distributions to shareholders from
Net realized gains		(4.28	)		(6.71	)		(11.08	)		(7.32	)		(6.03	)		(7.23	)
Net asset value, end of period		$45.30			$45.70			$47.43			$47.07			$47.87			$54.99
Total return2		9.13	%		14.00	%		28.21	%		16.44	%		(1.31	)%		15.53	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.85	%		0.85	%		0.84	%		0.82	%		0.76	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment loss		(0.17	)%		(0.03	)%		(0.03	)%		(0.08	)%		(0.10	)%		(0.17	)%
Supplemental data
Portfolio turnover rate		17	%		39	%		37	%		42	%		38	%		35	%
Net assets, end of period (000s omitted)		$1,540,278			$1,503,753			$1,614,575			$1,655,724			$2,398,134			$3,863,196

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Growth Fund  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is 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

20  |  Wells Fargo Growth Fund

Notes to financial statements (unaudited)

activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $2,164,263,061 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,602,071,497
Gross unrealized losses		(5,143,231	)
Net unrealized gains	$	2,596,928,266

As of July 31, 2019, the Fund had a qualified late-year ordinary loss of $9,108,551 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Wells Fargo Growth Fund  |  21

Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	456,613,479	$	0	$	0	$	456,613,479
Consumer discretionary		807,501,432		0		0		807,501,432
Consumer staples		95,978,232		0		0		95,978,232
Financials		205,177,958		0		0		205,177,958
Health care		501,534,367		0		0		501,534,367
Industrials		612,540,489		0		0		612,540,489
Information technology		2,002,300,385		0		0		2,002,300,385
Materials		67,985,431		0		0		67,985,431
Short-term investments
Investment companies		11,559,554		0		0		11,559,554
Total assets	$	4,761,191,327	$	0	$	0	$	4,761,191,327

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of

22  |  Wells Fargo Growth Fund

Notes to financial statements (unaudited)

Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class C shares, 0.70% for Class R6 shares, 0.96% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $14,607 from the sale of Class A shares and $10 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $759,352,613 and $1,026,556,428, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the

Wells Fargo Growth Fund  |  23

Notes to financial statements (unaudited)

next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
JPMorgan Securities LLC	$	790,000	$	(790,000	)	$	0

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

7. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

24  |  Wells Fargo Growth Fund

Other information (unaudited)

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Growth Fund  |  25

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

Independent Trustees    

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

26  |  Wells Fargo Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.    

Wells Fargo Growth Fund  |  27

Other information (unaudited)

Officers    

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

28  |  Wells Fargo Growth Fund

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Growth Fund  |  29

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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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-03823 03-20

SA206/SAR206 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo Classic 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	19
Other information	24
Appendix	28

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The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Classic Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Classic Value Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Classic Value Fund

Letter to shareholders (unaudited)

October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Classic Value Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Miguel E. Giaconi, CFA^®‡

Jean-Baptiste Nadal, CFA^®‡

Average annual total returns (%) as of January 31, 2020¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EIVAX)	8-1-2006		11.66		7.77		10.94		18.48		9.06		11.60		1.19		1.11
Class C (EIVCX)	8-1-2006		16.51		8.22		10.76		17.51		8.22		10.76		1.94		1.86
Class R (EIVTX)4	3-1-2013		–		–		–		18.10		8.78		11.33		1.44		1.36
Class R6 (EIVFX)5	11-30-2012		–		–		–		18.97		9.71		12.10		0.76		0.65
Administrator Class (EIVDX)6	7-30-2010		–		–		–		18.61		9.22		11.81		1.11		0.95
Institutional Class (EIVIX)	8-1-2006		–		–		–		18.88		9.50		12.04		0.86		0.70
Russell 1000® Value Index7	–		–		–		–		14.88		8.70		11.87		–		–

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Classic Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20208
Mondelez International Incorporated Class A	3.55
Comcast Corporation Class A	3.39
Cigna Corporation	3.30
Kellogg Company	3.15
Merck & Company Incorporated	3.15
Eli Lilly & Company	3.10
NextEra Energy Incorporated	2.96
Honeywell International Incorporated	2.88
Henry Schein Incorporated	2.78
PNC Financial Services Group Incorporated	2.77

Sector distribution as of January 31, 2020⁹

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

¹  Historical performance prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

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

³  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 1.36% for Class R, 0.65% for Class R6, 0.95% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁵  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

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

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

⁸  The 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.

Wells Fargo Classic Value Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,050.32	$	5.62		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.53		1.09	%
Class C
Actual	$	1,000.00	$	1,046.06	$	9.57		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R
Actual	$	1,000.00	$	1,048.81	$	7.00		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.90		1.36	%
Class R6
Actual	$	1,000.00	$	1,051.72	$	3.35		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,051.27	$	4.69		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%
Institutional Class
Actual	$	1,000.00	$	1,052.15	$	3.61		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%

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

6  |  Wells Fargo Classic Value Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.41%
Communication Services: 9.92%
Diversified Telecommunication Services: 2.50%
Verizon Communications Incorporated		362,400	$	21,541,056
Entertainment: 2.34%
The Walt Disney Company		145,800		20,165,598
Interactive Media & Services: 1.69%
Alphabet Incorporated Class C †		10,150		14,557,435
Media: 3.39%
Comcast Corporation Class A		676,800		29,230,992
Consumer Discretionary: 2.83%
Multiline Retail: 0.76%
Dollar Tree Incorporated †		75,300		6,556,371
Specialty Retail: 2.07%
Advance Auto Parts Incorporated		135,500		17,852,125
Consumer Staples: 15.00%
Beverages: 1.93%
Anheuser-Busch InBev NV ADR «		221,000		16,641,300
Food & Staples Retailing: 2.51%
The Kroger Company		806,000		21,649,160
Food Products: 10.56%
Archer Daniels Midland Company		503,700		22,545,612
ConAgra Foods Incorporated		324,200		10,672,664
Kellogg Company		398,600		27,188,506
Mondelez International Incorporated Class A		532,700		30,566,326
				90,973,108
Energy: 9.20%
Energy Equipment & Services: 3.50%
Schlumberger Limited		465,000		15,582,150
TechnipFMC plc		886,424		14,634,860
				30,217,010
Oil, Gas & Consumable Fuels: 5.70%
Chevron Corporation		170,800		18,299,512
ConocoPhillips		289,703		17,217,049
EOG Resources Incorporated		186,200		13,575,842
				49,092,403
Financials: 24.23%
Banks: 15.76%
Bank of America Corporation		724,100		23,772,204
CIT Group Incorporated		435,200		19,892,992
JPMorgan Chase & Company		173,600		22,977,696
PNC Financial Services Group Incorporated		160,500		23,842,275

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

Wells Fargo Classic Value Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Banks (continued)
Truist Financial Corporation		435,800	$	22,474,206
US Bancorp		430,200		22,895,244
				135,854,617
Capital Markets: 3.53%
Intercontinental Exchange Incorporated		204,800		20,426,752
The Goldman Sachs Group Incorporated		42,000		9,985,500
				30,412,252
Insurance: 4.94%
American International Group Incorporated		383,300		19,264,658
The Allstate Corporation		196,300		23,269,402
				42,534,060
Health Care: 16.37%
Biotechnology: 1.99%
Gilead Sciences Incorporated		271,000		17,127,200
Health Care Equipment & Supplies: 2.04%
Medtronic plc		152,000		17,546,880
Health Care Providers & Services: 6.09%
Cigna Corporation		148,000		28,472,240
Henry Schein Incorporated †		348,000		23,991,120
				52,463,360
Pharmaceuticals: 6.25%
Eli Lilly & Company		191,400		26,727,096
Merck & Company Incorporated		318,000		27,169,920
				53,897,016
Industrials: 6.91%
Aerospace & Defense: 2.45%
General Dynamics Corporation		120,300		21,105,431
Air Freight & Logistics: 1.58%
United Parcel Service Incorporated Class B		131,600		13,623,232
Industrial Conglomerates: 2.88%
Honeywell International Incorporated		143,200		24,805,104
Information Technology: 8.07%
Communications Equipment: 3.60%
Cisco Systems Incorporated		302,100		13,887,537
Motorola Solutions Incorporated		97,000		17,169,000
				31,056,537
Semiconductors & Semiconductor Equipment: 1.54%
NXP Semiconductors NV		104,600		13,269,556
Software: 1.70%
Microsoft Corporation		86,100		14,656,803
Technology Hardware, Storage & Peripherals: 1.23%
Apple Incorporated		34,266		10,605,670

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

8  |  Wells Fargo Classic Value Fund

Portfolio of investments—January 31, 2020 (unaudited)

				Shares		Value
Materials: 1.92%
Construction Materials: 1.92%
Vulcan Materials Company					116,800	$	16,542,384
Utilities: 2.96%
Electric Utilities: 2.96%
NextEra Energy Incorporated					95,200		25,532,640
Total Common Stocks (Cost $642,221,487)							839,509,300
	Yield
Short-Term Investments: 4.56%
Investment Companies: 4.56%
Securities Lending Cash Investments LLC (l)(r)(u)		1.70	%		16,318,093		16,319,725
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51			22,932,042		22,932,042
							39,251,767
Total Short-Term Investments (Cost $39,251,767)							39,251,767

Total investments in securities (Cost $681,473,254)	101.97	%		878,761,067
Other assets and liabilities, net	(1.97	)		(16,955,477	)
Total net assets	100.00	%	$	861,805,590

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American Depositary Receipt

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		101,240,973		(84,922,880	)		16,318,093	$	(77	)	$	0	$	29,943	#	$	16,319,725
Wells Fargo Government Money Market Fund Select Class		21,251,512		82,489,857		(80,809,327	)		22,932,042		0			0		156,007			22,932,042
										$	(77	)	$	0	$	185,950		$	39,251,767		4.56	%

^#  Amount shown represents income before fees and rebates

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

Wells Fargo Classic Value Fund  |  9

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $15,988,083 of securities loaned), at value (cost $642,221,487)	$	839,509,300
Investments in affiliated securities, at value (cost $39,251,767)		39,251,767
Receivable for Fund shares sold		45,872
Receivable for dividends		768,413
Receivable for securities lending income, net		2,585
Prepaid expenses and other assets		8,980
Total assets		879,586,917
Liabilities
Payable upon receipt of securities loaned		16,317,022
Payable for Fund shares redeemed		560,695
Management fee payable		451,840
Administration fees payable		126,092
Distribution fees payable		4,530
Trustees’ fees and expenses payable		5,777
Accrued expenses and other liabilities		315,371
Total liabilities		17,781,327
Total net assets	$	861,805,590
Net assets consist of
Paid-in capital	$	634,480,269
Total distributable earnings		227,325,321
Total net assets	$	861,805,590
Computation of net asset value and offering price per share
Net assets – Class A	$	284,837,721
Shares outstanding – Class A1		22,881,053
Net asset value per share – Class A		$12.45
Maximum offering price per share – Class A2		$13.21
Net assets – Class C	$	6,428,009
Shares outstanding – Class C1		531,102
Net asset value per share – Class C		$12.10
Net assets – Class R	$	94,494
Shares outstanding – Class R1		7,530
Net asset value per share – Class R		$12.55
Net assets – Class R6	$	7,177,773
Shares outstanding – Class R61		587,673
Net asset value per share – Class R6		$12.21
Net assets – Administrator Class	$	462,191,147
Shares outstanding – Administrator Class1		35,153,950
Net asset value per share – Administrator Class		$13.15
Net assets – Institutional Class	$	101,076,446
Shares outstanding – Institutional Class1		8,072,574
Net asset value per share – Institutional Class		$12.52

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.

10  |  Wells Fargo Classic Value Fund

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $18,908)	$	9,089,555
Income from affiliated securities		162,022
Total investment income		9,251,577
Expenses
Management fee		3,049,397
Administration fees
Class A		308,192
Class C		7,211
Class R		98
Class R6		683
Administrator Class		307,764
Institutional Class		69,022
Shareholder servicing fees
Class A		353,646
Class C		8,585
Class R		116
Administrator Class		591,853
Distribution fees
Class C		25,730
Class R		110
Custody and accounting fees		17,914
Professional fees		22,818
Registration fees		50,973
Shareholder report expenses		45,862
Trustees’ fees and expenses		10,864
Other fees and expenses		14,882
Total expenses		4,885,720
Less: Fee waivers and/or expense reimbursements
Fund-level		(482,144	)
Class A		(9,901	)
Class C		(49	)
Administrator Class		(172,146	)
Institutional Class		(16,404	)
Net expenses		4,205,076
Net investment income		5,046,501
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		36,690,875
Affiliated securities		(77	)
Net realized gains on investments		36,690,798
Net change in unrealized gains (losses) on investments		1,415,229
Net realized and unrealized gains (losses) on investments		38,106,027
Net increase in net assets resulting from operations	$	43,152,528

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

Wells Fargo Classic Value Fund  |  11

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment income				$	5,046,501					$	8,013,702
Net realized gains on investments					36,690,798						76,996,742
Net change in unrealized gains (losses) on investments					1,415,229						(13,962,337	)
Net increase in net assets resulting from operations					43,152,528						71,048,107
Distributions to shareholders from net investment income and net realized gains
Class A					(28,687,356	)					(20,592,244	)
Class C					(597,397	)					(1,289,606	)
Class R					(9,076	)					(5,465	)
Class R6					(458,181	)					(8,549	)
Administrator Class					(45,185,976	)					(32,970,858	)
Institutional Class					(10,686,553	)					(9,914,802	)
Total distributions to shareholders					(85,624,539	)					(64,781,524	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		217,899			2,839,040			1,095,957			13,103,460
Class C		38,977			481,095			39,212			474,330
Class R		323			4,257			620			7,723
Class R6		274,289			3,446,837			338,872			4,112,428
Administrator Class		281,332			3,896,482			156,229			2,025,198
Institutional Class		431,144			5,636,619			340,168			4,276,101
					16,304,330						23,999,240
Reinvestment of distributions
Class A		2,187,382			27,522,364			1,707,185			19,644,349
Class C		46,079			559,402			110,427			1,234,002
Class R		588			7,444			372			4,309
Class R6		36,211			448,674			65			713
Administrator Class		3,206,695			42,691,455			2,569,095			31,093,029
Institutional Class		812,822			10,324,119			740,566			8,584,300
					81,553,458						60,560,702
Payment for shares redeemed
Class A		(1,695,147	)		(22,079,433	)		(2,824,686	)		(34,934,918	)
Class C		(131,833	)		(1,666,449	)		(1,137,730	)		(13,185,582	)
Class R		(14	)		(186	)		(1	)		(14	)
Class R6		(50,177	)		(656,398	)		(211,115	)		(2,800,996	)
Administrator Class		(1,937,828	)		(26,622,726	)		(3,428,830	)		(44,447,112	)
Institutional Class		(1,255,341	)		(16,264,628	)		(3,443,010	)		(40,683,763	)
					(67,289,820	)					(136,052,385	)
Net increase (decrease) in net assets resulting from capital share transactions					30,567,968						(51,492,443	)
Total decrease in net assets					(11,904,043	)					(45,225,860	)
Net assets
Beginning of period					873,709,633						918,935,493
End of period				$	861,805,590					$	873,709,633

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

12  |  Wells Fargo Classic Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.13			$13.05			$12.61			$12.01			$13.73			$13.60
Net investment income		0.06			0.10			0.11			0.12	1		0.13			0.10
Net realized and unrealized gains (losses) on investments		0.60			0.94			1.39			1.43			(0.42	)		1.09
Total from investment operations		0.66			1.04			1.50			1.55			(0.29	)		1.19
Distributions to shareholders from
Net investment income		(0.10	)		(0.12	)		(0.06	)		(0.14	)		(0.11	)		(0.07	)
Net realized gains		(1.24	)		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.34	)		(0.96	)		(1.06	)		(0.95	)		(1.43	)		(1.06	)
Net asset value, end of period		$12.45			$13.13			$13.05			$12.61			$12.01			$13.73
Total return2		5.03	%		9.03	%		12.43	%		13.50	%		(1.73	)%		9.19	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.18	%		1.17	%		1.17	%		1.20	%
Net expenses		1.09	%		1.10	%		1.10	%		1.10	%		1.10	%		1.16	%
Net investment income		1.00	%		0.81	%		0.83	%		0.95	%		1.12	%		0.75	%
Supplemental data
Portfolio turnover rate		15	%		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$284,838			$291,111			$289,683			$293,599			$318,543			$372,443

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Classic Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.75			$12.69			$12.31			$11.74			$13.45			$13.36
Net investment income		0.02	1		0.00	1,2		0.01	1		0.02	1		0.03			0.00	2
Net realized and unrealized gains (losses) on investments		0.57			0.92			1.37			1.40			(0.41	)		1.08
Total from investment operations		0.59			0.92			1.38			1.42			(0.38	)		1.08
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			(0.04	)		(0.01	)		0.00
Net realized gains		(1.24	)		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.24	)		(0.86	)		(1.00	)		(0.85	)		(1.33	)		(0.99	)
Net asset value, end of period		$12.10			$12.75			$12.69			$12.31			$11.74			$13.45
Total return3		4.61	%		8.16	%		11.65	%		12.58	%		(2.47	)%		8.42	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.94	%		1.93	%		1.93	%		1.93	%		1.96	%
Net expenses		1.86	%		1.86	%		1.86	%		1.86	%		1.86	%		1.91	%
Net investment income		0.24	%		0.03	%		0.08	%		0.20	%		0.37	%		0.00	%
Supplemental data
Portfolio turnover rate		15	%		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$6,428			$7,370			$19,874			$21,727			$28,756			$36,098

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

14  |  Wells Fargo Classic Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.22			$13.15			$12.70			$12.09			$13.81			$13.66
Net investment income		0.04			0.06			0.05			0.08	1		0.10			0.05
Net realized and unrealized gains (losses) on investments		0.61			0.95			1.44			1.45			(0.43	)		1.12
Total from investment operations		0.65			1.01			1.49			1.53			(0.33	)		1.17
Distributions to shareholders from
Net investment income		(0.08	)		(0.10	)		(0.04	)		(0.11	)		(0.07	)		(0.03	)
Net realized gains		(1.24	)		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.32	)		(0.94	)		(1.04	)		(0.92	)		(1.39	)		(1.02	)
Net asset value, end of period		$12.55			$13.22			$13.15			$12.70			$12.09			$13.81
Total return2		4.88	%		8.70	%		12.21	%		13.22	%		(1.99	)%		8.96	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.43	%		1.44	%		1.44	%		1.44	%		1.47	%
Net expenses		1.36	%		1.36	%		1.36	%		1.36	%		1.36	%		1.40	%
Net investment income		0.73	%		0.55	%		0.56	%		0.69	%		0.86	%		0.50	%
Supplemental data
Portfolio turnover rate		15	%		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$94			$88			$74			$48			$43			$41

¹  Calculated based upon average shares outstanding.

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

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

Wells Fargo Classic Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.93			$12.92			$12.49			$11.90			$13.62			$13.60
Net investment income		0.09			0.16	1		0.16			0.17	1		0.17			0.17	1
Net realized and unrealized gains (losses) on investments		0.58			1.00			1.39			1.42			(0.40	)		1.08
Total from investment operations		0.67			1.16			1.55			1.59			(0.23	)		1.25
Distributions to shareholders from
Net investment income		(0.15	)		(0.31	)		(0.12	)		(0.19	)		(0.17	)		(0.24	)
Net realized gains		(1.24	)		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.39	)		(1.15	)		(1.12	)		(1.00	)		(1.49	)		(1.23	)
Net asset value, end of period		$12.21			$12.93			$12.92			$12.49			$11.90			$13.62
Total return2		5.17	%		10.38	%		12.96	%		14.03	%		(1.30	)%		9.74	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.76	%		0.75	%		0.75	%		0.75	%		0.74	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.39	%		1.27	%		1.29	%		1.40	%		1.47	%		1.25	%
Supplemental data
Portfolio turnover rate		15	%		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$7,178			$4,231			$2,578			$2,397			$2,842			$169

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Classic Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.81			$13.68			$13.17			$12.51			$14.25			$14.08
Net investment income		0.08			0.12			0.13			0.14	1		0.15			0.13
Net realized and unrealized gains (losses) on investments		0.63			1.00			1.47			1.49			(0.43	)		1.14
Total from investment operations		0.71			1.12			1.60			1.63			(0.28	)		1.27
Distributions to shareholders from
Net investment income		(0.13	)		(0.15	)		(0.09	)		(0.16	)		(0.14	)		(0.11	)
Net realized gains		(1.24	)		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.37	)		(0.99	)		(1.09	)		(0.97	)		(1.46	)		(1.10	)
Net asset value, end of period		$13.15			$13.81			$13.68			$13.17			$12.51			$14.25
Total return2		5.13	%		9.21	%		12.63	%		13.66	%		(1.58	)%		9.42	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.11	%		1.10	%		1.10	%		1.10	%		1.06	%
Net expenses		0.91	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.18	%		0.96	%		0.98	%		1.10	%		1.27	%		0.95	%
Supplemental data
Portfolio turnover rate		15	%		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$462,191			$464,041			$469,464			$459,650			$470,152			$529,293

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Classic Value Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.22			$13.14			$12.68			$12.08			$13.80			$13.67
Net investment income		0.09			0.15	1		0.22			0.17	1		0.18			0.15
Net realized and unrealized gains (losses) on investments		0.60			0.94			1.35			1.43			(0.41	)		1.11
Total from investment operations		0.69			1.09			1.57			1.60			(0.23	)		1.26
Distributions to shareholders from
Net investment income		(0.15	)		(0.17	)		(0.11	)		(0.19	)		(0.17	)		(0.14	)
Net realized gains		(1.24	)		(0.84	)		(1.00	)		(0.81	)		(1.32	)		(0.99	)
Total distributions to shareholders		(1.39	)		(1.01	)		(1.11	)		(1.00	)		(1.49	)		(1.13	)
Net asset value, end of period		$12.52			$13.22			$13.14			$12.68			$12.08			$13.80
Total return2		5.21	%		9.44	%		12.96	%		13.88	%		(1.27	)%		9.66	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.86	%		0.85	%		0.85	%		0.85	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		1.39	%		1.22	%		1.24	%		1.36	%		1.52	%		1.20	%
Supplemental data
Portfolio turnover rate		15	%		27	%		21	%		27	%		34	%		29	%
Net assets, end of period (000s omitted)		$101,076			$106,869			$137,263			$162,480			$215,175			$255,565

¹  Calculated based upon average shares outstanding.

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

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

18  |  Wells Fargo Classic Value Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Wells Fargo Classic Value Fund  |  19

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $681,571,556 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	218,299,732
Gross unrealized losses		(21,110,221	)
Net unrealized gains	$	197,189,511

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

20  |  Wells Fargo Classic Value Fund

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communications services	$	85,495,081	$	0	$	0	$	85,495,081
Consumer discretionary		24,408,496		0		0		24,408,496
Consumer staples		129,263,568		0		0		129,263,568
Energy		79,309,413		0		0		79,309,413
Financials		208,800,929		0		0		208,800,929
Health care		141,034,456		0		0		141,034,456
Industrials		59,533,767		0		0		59,533,767
Information technology		69,588,566		0		0		69,588,566
Materials		16,542,384		0		0		16,542,384
Utilities		25,532,640		0		0		25,532,640
Short-term investments
Investment companies		39,251,767		0		0		39,251,767
Total assets	$	878,761,067	$	0	$	0	$	878,761,067

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of

Wells Fargo Classic Value Fund  |  21

Notes to financial statements (unaudited)

Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.70% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $3,324 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $126,386,550 and $177,992,589, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the

22  |  Wells Fargo Classic Value Fund

Notes to financial statements (unaudited)

counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Barclays Capital Inc.	$	6,474,450	$	(6,474,450	)	$	0
Morgan Stanley & Co. LLC		9,513,633		(9,513,633	)		0

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

7. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

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.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

Wells Fargo Classic Value Fund  |  23

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

24  |  Wells Fargo Classic Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 149 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

Wells Fargo Classic Value Fund  |  25

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

26  |  Wells Fargo Classic Value Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

Wells Fargo Classic Value Fund  |  27

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

28  |  Wells Fargo Classic Value Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-03826 03-20

SA207/SAR207 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo Large Cap Core Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	27
Appendix	31

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Large Cap Core Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Core Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Large Cap Core Fund

Letter to shareholders (unaudited)

confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Large Cap Core Fund  |  3

Letter to shareholders (unaudited)

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

4  |  Wells Fargo Large Cap Core Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

Jeff C. Moser, CFA^®‡

Average annual total returns (%) as of January 31, 2020¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EGOAX)	12-17-2007		8.38		8.13		11.89		15.00		9.41		12.56		1.19		1.08
Class C (EGOCX)	12-17-2007		13.20		8.60		11.72		14.20		8.60		11.72		1.94		1.83
Class R (EGOHX)4	9-30-2015		–		–		–		14.75		9.14		12.30		1.44		1.33
Class R6 (EGORX)5	9-30-2015		–		–		–		15.53		10.55		13.41		0.76		0.65
Administrator Class (WFLLX)6	7-16-2010		–		–		–		15.20		9.56		12.79		1.11		0.97
Institutional Class (EGOIX)	12-17-2007		–		–		–		15.44		9.89		13.08		0.86		0.67
S&P 500 Index7	–		–		–		–		21.68		12.37		13.97		–		–

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

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

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

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

Please see footnotes on page 6.

Wells Fargo Large Cap Core Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20208
Apple Incorporated	4.20
Microsoft Corporation	3.59
Costco Wholesale Corporation	2.91
JPMorgan Chase & Company	2.68
The Home Depot Incorporated	2.57
American Tower Corporation	2.53
Baxter International Incorporated	2.38
Alphabet Incorporated Class C	2.35
CBRE Group Incorporated Class A	2.34
Lockheed Martin Corporation	2.30

Sector distribution as of January 31, 2020⁹

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

¹  Historical performance prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

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

³  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 1.33% for Class R, 0.65% for Class R6, 0.97% for Administrator Class, and 0.67% 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 the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect higher expenses applicable to the Class R shares.

⁵  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect higher expenses applicable to the Class R6 shares.

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

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

⁸  The 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.

6  |  Wells Fargo Large Cap Core Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,063.91	$	5.45		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.33		1.05	%
Class C
Actual	$	1,000.00	$	1,059.87	$	9.48		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.94	$	9.27		1.83	%
Class R
Actual	$	1,000.00	$	1,062.85	$	6.90		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.75		1.33	%
Class R6
Actual	$	1,000.00	$	1,065.63	$	3.37		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,064.49	$	5.03		0.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.26	$	4.93		0.97	%
Institutional Class
Actual	$	1,000.00	$	1,065.49	$	3.48		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.77	$	3.40		0.67	%

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

Wells Fargo Large Cap Core Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 99.22%
Communication Services: 4.26%
Interactive Media & Services: 2.35%
Alphabet Incorporated Class C †		9,907	$	14,208,917
Media: 1.91%
Discovery Communications Incorporated Class A †«		395,824		11,581,810
Consumer Discretionary: 7.87%
Auto Components: 1.31%
Lear Corporation		63,973		7,880,194
Multiline Retail: 1.98%
Target Corporation		108,163		11,977,971
Specialty Retail: 4.58%
The Home Depot Incorporated		68,207		15,558,017
The TJX Companies Incorporated		205,752		12,147,598
				27,705,615
Consumer Staples: 7.02%
Food & Staples Retailing: 7.02%
Casey’s General Stores Incorporated		75,203		12,097,155
Costco Wholesale Corporation		57,540		17,579,621
Walmart Incorporated		111,750		12,794,258
				42,471,034
Energy: 6.28%
Oil, Gas & Consumable Fuels: 6.28%
Chevron Corporation		74,152		7,944,645
ConocoPhillips		176,396		10,483,214
Exxon Mobil Corporation		139,247		8,650,024
Marathon Petroleum Corporation		199,406		10,867,627
				37,945,510
Financials: 8.76%
Banks: 6.03%
Citizens Financial Group Incorporated		238,201		8,880,133
Fifth Third Bancorp		398,240		11,329,928
JPMorgan Chase & Company		122,600		16,227,336
				36,437,397
Capital Markets: 1.40%
Evercore Partners Incorporated Class A		110,770		8,487,197
Insurance: 1.33%
Prudential Financial Incorporated		88,512		8,059,903
Health Care: 16.75%
Biotechnology: 2.99%
AbbVie Incorporated		92,877		7,524,895
Amgen Incorporated		48,738		10,529,845
				18,054,740

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

8  |  Wells Fargo Large Cap Core Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Health Care Equipment & Supplies: 4.24%
Baxter International Incorporated		160,997	$	14,364,152
Varian Medical Systems Incorporated †		80,288		11,286,084
				25,650,236
Health Care Providers & Services: 5.66%
Anthem Incorporated		40,621		10,775,939
Centene Corporation †		172,833		10,855,641
UnitedHealth Group Incorporated		46,229		12,595,091
				34,226,671
Pharmaceuticals: 3.86%
Bristol-Myers Squibb Company		200,783		12,639,290
Johnson & Johnson		71,782		10,686,186
				23,325,476
Industrials: 10.63%
Aerospace & Defense: 2.30%
Lockheed Martin Corporation		32,517		13,921,178
Airlines: 1.67%
Delta Air Lines Incorporated		180,767		10,075,953
Construction & Engineering: 1.84%
EMCOR Group Incorporated		135,291		11,116,861
Machinery: 3.20%
Allison Transmission Holdings Incorporated		222,705		9,843,561
Cummins Incorporated		59,528		9,522,694
				19,366,255
Trading Companies & Distributors: 1.62%
Applied Industrial Technologies Incorporated		151,911		9,808,893
Information Technology: 25.32%
Communications Equipment: 1.79%
Cisco Systems Incorporated		235,485		10,825,245
Electronic Equipment, Instruments & Components: 6.31%
CDW Corporation of Delaware		100,776		13,146,229
Jabil Circuit Incorporated		326,401		12,693,735
Zebra Technologies Corporation Class A †		51,509		12,311,681
				38,151,645
Semiconductors & Semiconductor Equipment: 2.25%
Intel Corporation		212,848		13,607,373
Software: 10.77%
Fortinet Incorporated †		120,594		13,911,724
Intuit Incorporated		39,406		11,048,654
Microsoft Corporation		127,353		21,679,302
Oracle Corporation		192,343		10,088,390
VMware Incorporated Class A †		56,557		8,373,829
				65,101,899

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

Wells Fargo Large Cap Core Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

				Shares		Value
Technology Hardware, Storage & Peripherals: 4.20%
Apple Incorporated					82,137	$	25,422,223
Materials: 3.64%
Chemicals: 1.35%
Huntsman Corporation					395,548		8,132,467
Metals & Mining: 2.29%
Reliance Steel & Aluminum Company					120,830		13,871,284
Real Estate: 7.02%
Equity REITs: 4.68%
American Tower Corporation					65,968		15,287,424
Prologis Incorporated					139,682		12,973,664
							28,261,088
Real Estate Management & Development: 2.34%
CBRE Group Incorporated Class A †					231,935		14,159,632
Utilities: 1.67%
Independent Power & Renewable Electricity Producers: 1.67%
Vistra Energy Corporation					449,003		10,111,548
Total Common Stocks (Cost $447,021,675)							599,946,215
	Yield
Short-Term Investments: 1.29%
Investment Companies: 1.29%
Securities Lending Cash Investments LLC (l)(r)(u)		1.70	%		1,518,628		1,518,779
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51			6,272,987		6,272,987
Total Short-Term Investments (Cost $7,791,766)							7,791,766

Total investments in securities (Cost $454,813,441)	100.51	%		607,737,981
Other assets and liabilities, net	(0.51	)		(3,092,808	)
Total net assets	100.00	%	$	604,645,173

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

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

10  |  Wells Fargo Large Cap Core Fund

Portfolio of investments—January 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares beginning of period		Shares purchased		Shares sold			Shares end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		52,163,595		(50,644,967	)		1,518,628	$	(648	)	$	0	$	42,033	#	$	1,518,779
Wells Fargo Government Money Market Fund Select Class		5,360,147		306,549,836		(305,636,996	)		6,272,987		0			0		61,960			6,272,987
										$	(648	)	$	0	$	103,993		$	7,791,766		1.29	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Large Cap Core Fund  |  11

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $1,478,048 of securities loaned), at value (cost $447,021,675)	$	599,946,215
Investments in affiliated securities, at value (cost $7,791,766)		7,791,766
Receivable for Fund shares sold		110,419
Receivable for dividends		358,975
Receivable for securities lending income, net		1,686
Prepaid expenses and other assets		45,812
Total assets		608,254,873
Liabilities
Payable upon receipt of securities loaned		1,519,445
Payable for Fund shares redeemed		1,591,894
Management fee payable		328,421
Administration fees payable		108,740
Distribution fees payable		31,567
Trustees’ fees and expenses payable		6,222
Accrued expenses and other liabilities		23,411
Total liabilities		3,609,700
Total net assets	$	604,645,173
Net assets consist of
Paid-in capital	$	401,767,565
Total distributable earnings		202,877,608
Total net assets	$	604,645,173
Computation of net asset value and offering price per share
Net assets – Class A	$	331,412,467
Shares outstanding – Class A1		20,388,832
Net asset value per share – Class A		$16.25
Maximum offering price per share – Class A2		$17.24
Net assets – Class C	$	43,935,377
Shares outstanding – Class C1		2,744,195
Net asset value per share – Class C		$16.01
Net assets – Class R	$	2,309,713
Shares outstanding – Class R1		141,979
Net asset value per share – Class R		$16.27
Net assets – Class R6	$	8,067,610
Shares outstanding – Class R61		494,213
Net asset value per share – Class R6		$16.32
Net assets – Administrator Class	$	12,280,452
Shares outstanding – Administrator Class1		744,042
Net asset value per share – Administrator Class		$16.51
Net assets – Institutional Class	$	206,639,554
Shares outstanding – Institutional Class1		12,643,236
Net asset value per share – Institutional Class		$16.34

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Large Cap Core Fund

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends	$	7,481,102
Income from affiliated securities		69,079
Total investment income		7,550,181
Expenses
Management fee		2,773,366
Administration fees
Class A		361,024
Class C		48,915
Class R		2,261
Class R6		1,782
Administrator Class		9,682
Institutional Class		249,328
Shareholder servicing fees
Class A		429,790
Class C		58,232
Class R		2,692
Administrator Class		18,620
Distribution fees
Class C		174,627
Class R		2,681
Custody and accounting fees		29,555
Professional fees		23,745
Registration fees		61,149
Shareholder report expenses		76,437
Trustees’ fees and expenses		11,526
Interest expense		706
Other fees and expenses		14,142
Total expenses		4,350,260
Less: Fee waivers and/or expense reimbursements
Fund-level		(656,786	)
Class A		(58,548	)
Administrator Class		(10	)
Net expenses		3,634,916
Net investment income		3,915,265
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		88,772,989
Affiliated securities		(648	)
Net realized gains on investments		88,772,341
Net change in unrealized gains (losses) on investments		(44,792,900	)
Net realized and unrealized gains (losses) on investments		43,979,441
Net increase in net assets resulting from operations	$	47,894,706

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

Wells Fargo Large Cap Core Fund  |  13

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment income				$	3,915,265					$	17,281,991
Net realized gains on investments					88,772,341						109,914,369
Net change in unrealized gains (losses) on investments					(44,792,900	)					(118,294,629	)
Net increase in net assets resulting from operations					47,894,706						8,901,731
Distributions to shareholders from net investment income and net realized gains
Class A					(61,566,588	)					(37,574,345	)
Class C					(7,938,179	)					(5,864,767	)
Class R					(385,920	)					(218,389	)
Class R6					(1,869,850	)					(1,664,230	)
Administrator Class					(2,568,605	)					(2,269,291	)
Institutional Class					(59,147,753	)					(74,264,283	)
Total distributions to shareholders					(133,476,895	)					(121,855,305	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		876,506			15,775,701			2,037,136			37,064,625
Class C		133,314			2,230,827			396,352			7,080,379
Class R		25,710			452,167			14,501			264,703
Class R6		15,794			275,121			159,006			3,008,830
Administrator Class		14,089			249,183			58,875			1,101,323
Institutional Class		2,006,924			35,208,475			8,077,444			146,618,727
					54,191,474						195,138,587
Reinvestment of distributions
Class A		3,568,341			58,962,830			2,156,895			36,026,156
Class C		419,517			6,752,912			305,502			4,991,915
Class R		23,014			379,887			12,855			214,625
Class R6		25,087			417,888			23,922			403,097
Administrator Class		151,848			2,548,476			133,494			2,258,572
Institutional Class		3,285,183			54,781,650			4,092,477			68,868,016
					123,843,643						112,762,381
Payment for shares redeemed
Class A		(2,417,280	)		(43,817,465	)		(3,169,819	)		(58,713,000	)
Class C		(423,443	)		(7,396,768	)		(1,097,796	)		(19,481,544	)
Class R		(16,711	)		(298,552	)		(15,514	)		(283,465	)
Class R6		(254,672	)		(4,834,133	)		(202,585	)		(3,787,142	)
Administrator Class		(302,329	)		(5,441,592	)		(520,733	)		(9,967,464	)
Institutional Class		(24,766,774	)		(447,139,826	)		(13,024,243	)		(237,625,707	)
					(508,928,336	)					(329,858,322	)
Net decrease in net assets resulting from capital share transactions					(330,893,219	)					(21,957,354	)
Total decrease in net assets					(416,475,408	)					(134,910,928	)
Net assets
Beginning of period					1,021,120,581						1,156,031,509
End of period				$	604,645,173					$	1,021,120,581

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

14  |  Wells Fargo Large Cap Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.57			$20.82			$18.01			$15.13			$15.81			$14.30
Net investment income		0.07	1		0.25			0.15			0.15			0.10			0.06
Net realized and unrealized gains (losses) on investments		1.12			(0.29	)		3.01			2.85			(0.60	)		1.50
Total from investment operations		1.19			(0.04	)		3.16			3.00			(0.50	)		1.56
Distributions to shareholders from
Net investment income		(0.29	)		(0.16	)		(0.13	)		(0.12	)		(0.05	)		(0.05	)
Net realized gains		(3.22	)		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Total distributions to shareholders		(3.51	)		(2.21	)		(0.35	)		(0.12	)		(0.18	)		(0.05	)
Net asset value, end of period		$16.25			$18.57			$20.82			$18.01			$15.13			$15.81
Total return2		6.39	%		1.10	%		17.66	%		19.94	%		(3.18	)%		10.99	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.19	%		1.18	%		1.19	%		1.20	%		1.26	%
Net expenses		1.05	%		1.08	%		1.10	%		1.14	%		1.14	%		1.14	%
Net investment income		0.76	%		1.42	%		0.73	%		0.82	%		0.80	%		0.35	%
Supplemental data
Portfolio turnover rate		7	%		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$331,412			$341,045			$360,937			$329,974			$359,971			$97,041

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Large Cap Core Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.22			$20.44			$17.70			$14.87			$15.61			$14.17
Net investment income (loss)		(0.00	)1		0.13			(0.00	)1		0.00	2		0.00	2,3		(0.06	)3
Net realized and unrealized gains (losses) on investments		1.10			(0.30	)		2.96			2.83			(0.61	)		1.50
Total from investment operations		1.10			(0.17	)		2.96			2.83			(0.61	)		1.44
Distributions to shareholders from
Net investment income		(0.09	)		0.00			0.00			0.00			0.00			0.00
Net realized gains		(3.22	)		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Total distributions to shareholders		(3.31	)		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Net asset value, end of period		$16.01			$18.22			$20.44			$17.70			$14.87			$15.61
Total return4		5.99	%		0.34	%		16.78	%		19.03	%		(3.90	)%		10.16	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.94	%		1.93	%		1.94	%		1.95	%		2.01	%
Net expenses		1.83	%		1.83	%		1.85	%		1.89	%		1.89	%		1.89	%
Net investment income (loss)		(0.02	)%		0.67	%		(0.02	)%		0.07	%		0.02	%		(0.38	)%
Supplemental data
Portfolio turnover rate		7	%		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$43,935			$47,649			$61,529			$60,697			$71,512			$53,076

¹  Amount is more than $(0.005).

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16  |  Wells Fargo Large Cap Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R				2019			2018			2017			20161
Net asset value, beginning of period		$18.57			$20.81			$18.04			$15.17			$14.66
Net investment income		0.04			0.21			0.12			0.13			0.06
Net realized and unrealized gains (losses) on investments		1.13			(0.29	)		2.99			2.84			0.66
Total from investment operations		1.17			(0.08	)		3.11			2.97			0.72
Distributions to shareholders from
Net investment income		(0.25	)		(0.11	)		(0.12	)		(0.10	)		(0.08	)
Net realized gains		(3.22	)		(2.05	)		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(3.47	)		(2.16	)		(0.34	)		(0.10	)		(0.21	)
Net asset value, end of period		$16.27			$18.57			$20.81			$18.04			$15.17
Total return2		6.28	%		0.87	%		17.37	%		19.64	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		1.46	%		1.44	%		1.43	%		1.44	%		1.46	%
Net expenses		1.33	%		1.33	%		1.34	%		1.39	%		1.39	%
Net investment income		0.44	%		1.18	%		0.48	%		0.51	%		0.52	%
Supplemental data
Portfolio turnover rate		7	%		45	%		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$2,310			$2,043			$2,042			$1,369			$26

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

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

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

Wells Fargo Large Cap Core Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			2017			20161
Net asset value, beginning of period		$18.68			$20.92			$18.09			$15.24			$14.66
Net investment income		0.12	2		0.34			0.22	2		0.25	2		0.20
Net realized and unrealized gains (losses) on investments		1.11			(0.30	)		3.04			3.33			0.62
Total from investment operations		1.23			0.04			3.26			3.58			0.82
Distributions to shareholders from
Net investment income		(0.37	)		(0.23	)		(0.21	)		(0.73	)		(0.11	)
Net realized gains		(3.22	)		(2.05	)		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(3.59	)		(2.28	)		(0.43	)		(0.73	)		(0.24	)
Net asset value, end of period		$16.32			$18.68			$20.92			$18.09			$15.24
Total return3		6.56	%		1.60	%		18.16	%		24.01	%		5.57	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.75	%		0.75	%		0.76	%		0.77	%
Net expenses		0.65	%		0.65	%		0.65	%		0.68	%		0.68	%
Net investment income		1.25	%		1.83	%		1.08	%		1.62	%		1.31	%
Supplemental data
Portfolio turnover rate		7	%		45	%		33	%		50	%		51	%
Net assets, end of period (000s omitted)		$8,068			$13,223			$15,225			$122			$2,449

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

²  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Large Cap Core Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.82			$21.05			$18.21			$15.18			$15.87			$14.34
Net investment income		0.08	1		0.29	1		0.17	1		0.16	1		0.15			0.10
Net realized and unrealized gains (losses) on investments		1.14			(0.30	)		3.05			2.87			(0.62	)		1.50
Total from investment operations		1.22			(0.01	)		3.22			3.03			(0.47	)		1.60
Distributions to shareholders from
Net investment income		(0.31	)		(0.17	)		(0.16	)		(0.00	)2		(0.09	)		(0.07	)
Net realized gains		(3.22	)		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Total distributions to shareholders		(3.53	)		(2.22	)		(0.38	)		(0.00	)2		(0.22	)		(0.07	)
Net asset value, end of period		$16.51			$18.82			$21.05			$18.21			$15.18			$15.87
Total return3		6.45	%		1.26	%		17.81	%		19.99	%		(2.98	)%		11.28	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.10	%		1.10	%		1.10	%		1.12	%		1.11	%
Net expenses		0.97	%		0.97	%		0.98	%		1.00	%		0.96	%		0.90	%
Net investment income		0.87	%		1.52	%		0.86	%		1.00	%		0.95	%		0.61	%
Supplemental data
Portfolio turnover rate		7	%		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$12,280			$16,566			$25,444			$32,091			$57,879			$83,692

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Wells Fargo Large Cap Core Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.70			$20.95			$18.12			$15.23			$15.91			$14.35
Net investment income		0.12	1		0.34			0.23			0.18			0.18	1		0.14	1
Net realized and unrealized gains (losses) on investments		1.11			(0.30	)		3.03			2.91			(0.62	)		1.50
Total from investment operations		1.23			0.04			3.26			3.09			(0.44	)		1.64
Distributions to shareholders from
Net investment income		(0.37	)		(0.24	)		(0.21	)		(0.20	)		(0.11	)		(0.08	)
Net realized gains		(3.22	)		(2.05	)		(0.22	)		0.00			(0.13	)		0.00
Total distributions to shareholders		(3.59	)		(2.29	)		(0.43	)		(0.20	)		(0.24	)		(0.08	)
Net asset value, end of period		$16.34			$18.70			$20.95			$18.12			$15.23			$15.91
Total return2		6.55	%		1.56	%		18.16	%		20.43	%		(2.75	)%		11.51	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.86	%		0.85	%		0.86	%		0.87	%		0.84	%
Net expenses		0.67	%		0.67	%		0.68	%		0.70	%		0.70	%		0.66	%
Net investment income		1.29	%		1.82	%		1.15	%		1.23	%		1.22	%		0.86	%
Supplemental data
Portfolio turnover rate		7	%		45	%		33	%		50	%		51	%		44	%
Net assets, end of period (000s omitted)		$206,640			$600,595			$690,855			$621,864			$412,678			$63,235

¹  Calculated based upon average shares outstanding

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

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

20  |  Wells Fargo Large Cap Core Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Wells Fargo Large Cap Core Fund  |  21

Notes to financial statements (unaudited)

accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $454,867,846 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	173,582,260
Gross unrealized losses		(20,712,125	)
Net unrealized gains	$	152,870,135

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

22  |  Wells Fargo Large Cap Core Fund

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	25,790,727	$	0	$	0	$	25,790,727
Consumer discretionary		47,563,780		0		0		47,563,780
Consumer staples		42,471,034		0		0		42,471,034
Energy		37,945,510		0		0		37,945,510
Financials		52,984,497		0		0		52,984,497
Health care		101,257,123		0		0		101,257,123
Industrials		64,289,140		0		0		64,289,140
Information technology		153,108,385		0		0		153,108,385
Materials		22,003,751		0		0		22,003,751
Real estate		42,420,720		0		0		42,420,720
Utilities		10,111,548		0		0		10,111,548
Short-term investments
Investment companies		7,791,766		0		0		7,791,766
Total assets	$	607,737,981	$	0	$	0	$	607,737,981

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Wells Fargo Large Cap Core Fund  |  23

Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 1.33% for Class R shares, 0.65% for Class R6 shares, 0.97% for Administrator Class shares, and 0.67% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $2,257 from the sale of Class A shares and $29 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $59,034,930 and $518,803,464, respectively.

24  |  Wells Fargo Large Cap Core Fund

Notes to financial statements (unaudited)

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
BNP Paribas Securities Corp.	$1,478,048	$(1,478,048)	$	0

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

7. BANK BORROWINGS

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

During the six months ended January 31, 2020, the Fund had average borrowings outstanding of $24,429 (on an annualized basis) at an average interest rate of 2.89% and paid interest in the amount of $706.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies

Wells Fargo Large Cap Core Fund  |  25

Notes to financial statements (unaudited)

and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

26  |  Wells Fargo Large Cap Core Fund

Other information (unaudited)

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Large Cap Core Fund  |  27

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

28  |  Wells Fargo Large Cap Core Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

Wells Fargo Large Cap Core Fund  |  29

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

30  |  Wells Fargo Large Cap Core Fund

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Large Cap Core Fund  |  31

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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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-03828 03-20

SA208/SAR208 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo Large Cap Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	22
Other information	28
Appendix	32

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Large Cap Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Growth Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Large Cap Growth Fund

Letter to shareholders (unaudited)

confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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.

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Large Cap Growth Fund  |  3

Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

4  |  Wells Fargo Large Cap Growth Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of January 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (STAFX)3	7-30-2010		17.68		12.31		13.93		24.86		13.64		14.61		1.18		1.07
Class C (STOFX)4	7-30-2010		22.90		12.79		13.76		23.90		12.79		13.76		1.93		1.82
Class R (STMFX)5	6-15-2012		–		–		–		24.55		13.35		14.34		1.43		1.32
Class R4 (SLGRX)6	11-30-2012		–		–		–		25.21		13.97		14.96		0.90		0.80
Class R6 (STFFX)7	11-30-2012		–		–		–		25.37		14.13		15.07		0.75		0.65
Administrator Class (STDFX)8	7-30-2010		–		–		–		25.01		13.78		14.75		1.10		0.95
Institutional Class (STNFX)9	7-30-2010		–		–		–		25.26		14.03		15.01		0.85		0.75
Russell 1000® Growth Index10	–		–		–		–		27.94		15.49		15.99		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that shareholder may pay on an investment in a fund. 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.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 6.

Wells Fargo Large Cap Growth Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 202011
Microsoft Corporation	9.17
Amazon.com Incorporated	7.29
MasterCard Incorporated Class A	4.19
Alphabet Incorporated Class C	3.72
Visa Incorporated Class A	3.71
Alphabet Incorporated Class A	3.69
Facebook Incorporated Class A	3.56
Microchip Technology Incorporated	3.30
Apple Incorporated	3.23
CSX Corporation	2.61

Sector distribution as of January 31, 2020¹²

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

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

²  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.07% for Class A, 1.82% for Class C, 1.32% for Class R, 0.80% Class R4, 0.65% for Class R6, 0.95% for Administrator Class, and 0.75% 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 former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Class A shares would be higher.

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

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

⁶  Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares.

⁷  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

⁸  Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for the Administrator Class shares would be higher.

⁹  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher.

¹⁰  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

¹¹  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹²  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6  |  Wells Fargo Large Cap Growth Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,090.25	$	5.41		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.96	$	5.23		1.03	%
Class C
Actual	$	1,000.00	$	1,085.92	$	9.54		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.99	$	9.22		1.82	%
Class R
Actual	$	1,000.00	$	1,088.64	$	6.93		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.70		1.32	%
Class R4
Actual	$	1,000.00	$	1,091.68	$	4.21		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class R6
Actual	$	1,000.00	$	1,092.55	$	3.42		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,090.74	$	4.99		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,091.96	$	3.94		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%

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

Wells Fargo Large Cap Growth Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 99.74%
Communication Services: 13.21%
Entertainment: 0.86%
Netflix Incorporated †		5,900	$	2,036,031
The Walt Disney Company		48,480		6,705,269
				8,741,300
Interactive Media & Services: 12.35%
Alphabet Incorporated Class A †		26,320		37,710,770
Alphabet Incorporated Class C †		26,510		38,021,437
Facebook Incorporated Class A †		180,260		36,396,297
Match Group Incorporated †«		39,290		3,073,264
Pinterest Incorporated Class A †		503,346		11,088,712
				126,290,480
Consumer Discretionary: 16.17%
Hotels, Restaurants & Leisure: 1.01%
Norwegian Cruise Line Holdings Limited †		124,700		6,715,095
Royal Caribbean Cruises Limited		30,600		3,582,648
				10,297,743
Internet & Direct Marketing Retail: 7.29%
Amazon.com Incorporated †		37,100		74,523,512
Specialty Retail: 5.83%
Burlington Stores Incorporated †		96,830		21,057,620
CarMax Incorporated †		111,810		10,850,042
O’Reilly Automotive Incorporated †		8,250		3,350,325
The Home Depot Incorporated		67,530		15,403,593
ULTA Beauty Incorporated †		33,440		8,958,910
				59,620,490
Textiles, Apparel & Luxury Goods: 2.04%
Levi Strauss & Company Class A «		709,050		13,925,742
Nike Incorporated Class B		71,770		6,911,451
				20,837,193
Consumer Staples: 2.34%
Beverages: 1.42%
The Coca-Cola Company		248,670		14,522,328
Personal Products: 0.92%
The Estee Lauder Companies Incorporated Class A		48,120		9,391,099
Financials: 3.42%
Capital Markets: 3.42%
CME Group Incorporated		50,000		10,855,500
MarketAxess Holdings Incorporated		17,220		6,098,980
The Charles Schwab Corporation		395,180		18,000,449
				34,954,929

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

8  |  Wells Fargo Large Cap Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Health Care: 9.94%
Biotechnology: 1.10%
Alexion Pharmaceuticals Incorporated †		39,500	$	3,925,905
Vertex Pharmaceuticals Incorporated †		32,320		7,338,256
				11,264,161
Health Care Equipment & Supplies: 5.97%
Abbott Laboratories		158,150		13,781,191
Baxter International Incorporated		96,420		8,602,592
Boston Scientific Corporation †		422,770		17,701,380
Edwards Lifesciences Corporation †		30,940		6,802,468
Intuitive Surgical Incorporated †		1,200		671,736
Medtronic plc		27,700		3,197,688
Stryker Corporation		48,560		10,231,592
				60,988,647
Health Care Technology: 0.18%
Veeva Systems Incorporated Class A †		12,700		1,861,947
Life Sciences Tools & Services: 0.55%
Agilent Technologies Incorporated		67,920		5,607,475
Pharmaceuticals: 2.14%
Zoetis Incorporated		163,130		21,893,677
Industrials: 11.92%
Aerospace & Defense: 0.95%
The Boeing Company		30,590		9,735,879
Commercial Services & Supplies: 1.92%
Waste Connections Incorporated		204,120		19,658,797
Industrial Conglomerates: 1.46%
Roper Technologies Incorporated		39,180		14,953,439
Machinery: 0.75%
Fortive Corporation		101,500		7,605,395
Professional Services: 0.25%
TransUnion		28,120		2,578,604
Road & Rail: 6.59%
CSX Corporation		349,220		26,659,455
Norfolk Southern Corporation		102,850		21,414,399
Union Pacific Corporation		107,310		19,253,560
				67,327,414
Information Technology: 40.06%
IT Services: 13.55%
Fidelity National Information Services Incorporated		178,473		25,639,431
Global Payments Incorporated		28,900		5,648,505
MasterCard Incorporated Class A		135,490		42,806,711
PayPal Holdings Incorporated †		179,160		20,404,532
Square Incorporated Class A †		80,730		6,029,724
Visa Incorporated Class A		190,740		37,951,538
				138,480,441

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

Wells Fargo Large Cap Growth Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

				Shares		Value
Semiconductors & Semiconductor Equipment: 6.98%
Microchip Technology Incorporated					345,790	$	33,707,609
NVIDIA Corporation					34,810		8,230,128
NXP Semiconductors NV					61,100		7,751,146
Texas Instruments Incorporated					179,780		21,690,457
							71,379,340
Software: 16.30%
Adobe Incorporated †					40,300		14,150,942
Microsoft Corporation					550,490		93,709,913
Salesforce.com Incorporated †					77,320		14,096,209
ServiceNow Incorporated †					44,980		15,213,585
Splunk Incorporated †					108,190		16,797,579
VMware Incorporated Class A †					85,830		12,707,990
							166,676,218
Technology Hardware, Storage & Peripherals: 3.23%
Apple Incorporated					106,670		33,015,432
Materials: 2.03%
Chemicals: 2.03%
Air Products & Chemicals Incorporated					45,970		10,973,499
Linde plc					48,410		9,833,523
							20,807,022
Real Estate: 0.65%
Real Estate Management & Development: 0.65%
CBRE Group Incorporated Class A †					109,620		6,692,302
Total Common Stocks (Cost $458,401,351)							1,019,705,264
	Yield
Short-Term Investments: 0.67%
Investment Companies: 0.67%
Securities Lending Cash Investments LLC (l)(r)(u)		1.70	%		3,353,840		3,354,176
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51			3,467,316		3,467,316
Total Short-Term Investments (Cost $6,821,492)							6,821,492

Total investments in securities (Cost $465,222,843)	100.41	%		1,026,526,756
Other assets and liabilities, net	(0.41	)		(4,225,045	)
Total net assets	100.00	%	$	1,022,301,711

† 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.

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

10  |  Wells Fargo Large Cap Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		39,213,509		140,102,855		(175,962,524	)		3,353,840	$	601	$	124	$	183,749	#	$	3,354,176
Wells Fargo Government Money Market Fund Select Class		5,937,879		88,051,751		(90,522,314	)		3,467,316		0		0		47,103			3,467,316
										$	601	$	124	$	230,852		$	6,821,492		0.67	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Large Cap Growth Fund  |  11

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $3,285,355 of securities loaned), at value (cost $458,401,351)	$	1,019,705,264
Investments in affiliated securities, at value (cost $6,821,492)		6,821,492
Receivable for Fund shares sold		355,363
Receivable for dividends		362,667
Receivable for securities lending income, net		8,404
Prepaid expenses and other assets		34,606
Total assets		1,027,287,796
Liabilities
Payable upon receipt of securities loaned		3,352,823
Payable for investments purchased		81,865
Payable for Fund shares redeemed		655,066
Management fee payable		538,527
Administration fees payable		132,976
Distribution fees payable		8,478
Trustees’ fees and expenses payable		5,499
Accrued expenses and other liabilities		210,851
Total liabilities		4,986,085
Total net assets	$	1,022,301,711
Net assets consist of
Paid-in capital	$	425,761,548
Total distributable earnings		596,540,163
Total net assets	$	1,022,301,711
Computation of net asset value and offering price per share
Net assets – Class A	$	544,848,083
Shares outstanding – Class A1		12,438,094
Net asset value per share – Class A		$43.80
Maximum offering price per share – Class A2		$46.47
Net assets – Class C	$	10,768,947
Shares outstanding – Class C1		280,570
Net asset value per share – Class C		$38.38
Net assets – Class R	$	4,466,390
Shares outstanding – Class R1		105,712
Net asset value per share – Class R		$42.25
Net assets – Class R4	$	1,088,858
Share outstanding – Class R41		23,970
Net asset value per share – Class R4		$45.43
Net assets – Class R6	$	317,823,564
Shares outstanding – Class R61		6,945,086
Net asset value per share – Class R6		$45.76
Net assets – Administrator Class	$	72,836,939
Shares outstanding – Administrator Class1		1,636,015
Net asset value per share – Administrator Class		$44.52
Net assets – Institutional Class	$	70,468,930
Shares outstanding – Institutional Class1		1,547,521
Net asset value per share – Institutional Class		$45.54

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Large Cap Growth Fund

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $13,406)	$	4,239,172
Income from affiliated securities		130,604
Total investment income		4,369,776
Expenses
Management fee		3,491,562
Administration fees
Class A		558,561
Class C		11,631
Class R		4,724
Class R4		381
Class R6		48,393
Administrator Class		45,116
Institutional Class		49,078
Shareholder servicing fees
Class A		664,954
Class C		13,846
Class R		5,623
Class R4		476
Administrator Class		86,761
Distribution fees
Class C		41,499
Class R		5,451
Custody and accounting fees		22,184
Professional fees		21,790
Registration fees		59,135
Shareholder report expenses		39,867
Trustees’ fees and expenses		10,864
Other fees and expenses		14,651
Total expenses		5,196,547
Less: Fee waivers and/or expense reimbursements
Fund-level		(555,257	)
Class A		(106,124	)
Administrator Class		(13	)
Net expenses		4,535,153
Net investment loss		(165,377	)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		50,013,352
Affiliated securities		601
Net realized gains on investments		50,013,953
Net change in unrealized gains (losses) on
Unaffiliated securities		37,754,819
Affiliated securities		124
Net change in unrealized gains (losses) on investments		37,754,943
Net realized and unrealized gains (losses) on investments		87,768,896
Net increase in net assets resulting from operations	$	87,603,519

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

Wells Fargo Large Cap Growth Fund  |  13

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment income (loss)				$	(165,377	)				$	885,116
Net realized gains on investments					50,013,953						127,678,132
Net change in unrealized gains (losses) on investments					37,754,943						(27,477,455	)
Net increase in net assets resulting from operations					87,603,519						101,085,793
Distributions to shareholders from net investment income and net realized gains
Class A					(48,085,264	)					(111,706,240	)
Class C					(1,095,349	)					(3,431,246	)
Class R					(417,971	)					(1,280,121	)
Class R4					(85,773	)					(455,047	)
Class R6					(29,201,378	)					(66,047,400	)
Administrator Class					(6,247,883	)					(14,492,251	)
Institutional Class					(6,697,849	)					(18,149,003	)
Total distributions to shareholders					(91,831,467	)					(215,561,308	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		141,655			6,123,178			399,711			17,356,631
Class C		12,591			473,678			71,966			2,571,501
Class R		18,772			774,997			49,362			1,986,257
Class R4		3,334			151,363			9,684			457,992
Class R6		571,713			25,957,232			780,490			34,878,326
Administrator Class		91,033			4,023,794			156,702			7,081,152
Institutional Class		85,747			3,864,506			275,036			12,403,795
					41,368,748						76,735,654
Reinvestment of distributions
Class A		1,127,992			46,360,475			2,918,252			107,245,772
Class C		25,717			927,347			92,097			3,029,996
Class R		4,263			169,064			9,145			326,200
Class R4		1,974			84,285			11,892			451,084
Class R6		647,777			27,895,355			1,625,721			62,084,213
Administrator Class		149,395			6,242,050			388,367			14,470,567
Institutional Class		140,193			6,001,246			407,144			15,475,547
					87,679,822						203,083,379
Payment for shares redeemed
Class A		(795,070	)		(34,522,194	)		(1,635,497	)		(70,467,127	)
Class C		(49,676	)		(1,906,076	)		(197,048	)		(7,247,118	)
Class R		(22,289	)		(937,825	)		(64,781	)		(2,603,006	)
Class R4		(927	)		(41,707	)		(41,238	)		(1,706,882	)
Class R6		(1,373,279	)		(61,755,422	)		(1,438,307	)		(65,749,149	)
Administrator Class		(100,966	)		(4,466,876	)		(555,121	)		(25,132,488	)
Institutional Class		(428,031	)		(19,239,540	)		(729,747	)		(33,022,472	)
					(122,869,640	)					(205,928,242	)
Net increase in net assets resulting from capital share transactions					6,178,930						73,890,791
Total increase (decrease) in net assets					1,950,982						(40,584,724	)
Net assets
Beginning of period					1,020,350,729						1,060,935,453
End of period				$	1,022,301,711					$	1,020,350,729

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

14  |  Wells Fargo Large Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$44.23			$52.01			$50.10			$46.05			$49.55			$45.30
Net investment loss		(0.04	)1		(0.03	)1		(0.08	)		(0.03	)1		(0.03	)1		(0.01	)1
Net realized and unrealized gains (losses) on investments		3.76			3.47			12.56			6.39			(0.92	)		6.33
Total from investment operations		3.72			3.44			12.48			6.36			(0.95	)		6.32
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.00	)2		0.00
Net realized gains		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Net asset value, end of period		$43.80			$44.23			$52.01			$50.10			$46.05			$49.55
Total return3		9.02	%		11.00	%		27.98	%		14.60	%		(1.83	)%		14.35	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.17	%		1.17	%		1.16	%		1.20	%
Net expenses		1.03	%		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%
Net investment loss		(0.17	)%		(0.07	)%		(0.16	)%		(0.06	)%		(0.06	)%		(0.02	)%
Supplemental data
Portfolio turnover rate		12	%		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$544,848			$529,110			$534,694			$516,410			$576,502			$184,504

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Wells Fargo Large Cap Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$39.41			$47.97			$47.25			$43.88			$47.68			$43.99
Net investment loss		(0.19	)1		(0.32	)1		(0.31	)		(0.35	)1		(0.32	)1		(0.42	)
Net realized and unrealized gains (losses) on investments		3.31			2.98			11.60			6.03			(0.93	)		6.18
Total from investment operations		3.12			2.66			11.29			5.68			(1.25	)		5.76
Distributions to shareholders from
Net realized gains		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Net asset value, end of period		$38.38			$39.41			$47.97			$47.25			$43.88			$47.68
Total return2		8.59	%		10.17	%		27.03	%		13.74	%		(2.56	)%		13.47	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.92	%		1.91	%		1.91	%		1.95	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%
Net investment loss		(0.96	)%		(0.80	)%		(0.90	)%		(0.81	)%		(0.75	)%		(0.77	)%
Supplemental data
Portfolio turnover rate		12	%		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$10,769			$11,504			$15,586			$14,640			$18,877			$22,839

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Large Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R				2019			2018			2017			2016			2015
Net asset value, beginning of period		$42.86			$50.89			$49.34			$45.50			$49.11			$45.03
Net investment loss		(0.10	)1		(0.13	)1		(0.20	)1		(0.14	)1		(0.10	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		3.64			3.32			12.32			6.29			(0.96	)		6.31
Total from investment operations		3.54			3.19			12.12			6.15			(1.06	)		6.15
Distributions to shareholders from
Net realized gains		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Net asset value, end of period		$42.25			$42.86			$50.89			$49.34			$45.50			$49.11
Total return2		8.86	%		10.74	%		27.65	%		14.30	%		(2.08	)%		14.05	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.42	%		1.42	%		1.41	%		1.41	%		1.45	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.46	)%		(0.29	)%		(0.40	)%		(0.31	)%		(0.23	)%		(0.28	)%
Supplemental data
Portfolio turnover rate		12	%		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$4,466			$4,499			$5,661			$6,387			$8,218			$12,086

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Large Cap Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R4				2019			2018			2017			2016			2015
Net asset value, beginning of period		$45.72			$53.23			$50.94			$46.69			$50.23			$45.76
Net investment income		0.01	1		0.11	1		0.05	1		0.11	1		0.13			0.07
Net realized and unrealized gains (losses) on investments		3.92			3.60			12.81			6.50			(0.95	)		6.47
Total from investment operations		3.93			3.71			12.86			6.61			(0.82	)		6.54
Distributions to shareholders from
Net investment income		(0.07	)		0.00			0.00			(0.05	)		(0.17	)		0.00
Net realized gains		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(4.22	)		(11.22	)		(10.57	)		(2.36	)		(2.72	)		(2.07	)
Net asset value, end of period		$45.43			$45.72			$53.23			$50.94			$46.69			$50.23
Total return2		9.17	%		11.32	%		28.31	%		14.96	%		(1.54	)%		14.69	%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.90	%		0.90	%		0.88	%		0.88	%		0.87	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.78	%		0.75	%
Net investment income		0.05	%		0.24	%		0.10	%		0.25	%		0.27	%		0.17	%
Supplemental data
Portfolio turnover rate		12	%		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$1,089			$896			$2,089			$337			$8,400			$7,205

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Large Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$46.06			$53.49			$51.12			$46.82			$50.34			$45.82
Net investment income		0.06			0.16	1		0.14			0.17			0.22			0.07	1
Net realized and unrealized gains (losses) on investments		3.92			3.65			12.85			6.52			(0.97	)		6.56
Total from investment operations		3.98			3.81			12.99			6.69			(0.75	)		6.63
Distributions to shareholders from
Net investment income		(0.13	)		(0.02	)		(0.05	)		(0.08	)		(0.22	)		(0.04	)
Net realized gains		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(4.28	)		(11.24	)		(10.62	)		(2.39	)		(2.77	)		(2.11	)
Net asset value, end of period		$45.76			$46.06			$53.49			$51.12			$46.82			$50.34
Total return2		9.25	%		11.46	%		28.51	%		15.09	%		(1.39	)%		14.88	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.75	%		0.74	%		0.73	%		0.72	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.64	%		0.60	%
Net investment income		0.21	%		0.35	%		0.27	%		0.36	%		0.39	%		0.13	%
Supplemental data
Portfolio turnover rate		12	%		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$317,824			$326,990			$327,943			$307,048			$225,805			$117,741

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Large Cap Growth Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$44.87			$52.54			$50.46			$46.32			$49.84			$45.50
Net investment income (loss)		(0.02	)		0.02			(0.01	)		0.05			0.05			0.05
Net realized and unrealized gains (losses) on investments		3.83			3.53			12.66			6.41			(0.94	)		6.36
Total from investment operations		3.81			3.55			12.65			6.46			(0.89	)		6.41
Distributions to shareholders from
Net investment income		(0.01	)		0.00			0.00			(0.01	)		(0.08	)		0.00
Net realized gains		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(4.16	)		(11.22	)		(10.57	)		(2.32	)		(2.63	)		(2.07	)
Net asset value, end of period		$44.52			$44.87			$52.54			$50.46			$46.32			$49.84
Total return1		9.07	%		11.14	%		28.14	%		14.75	%		(1.71	)%		14.48	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.09	%		1.08	%		1.08	%		1.05	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.09	)%		0.05	%		(0.03	)%		0.06	%		0.12	%		0.10	%
Supplemental data
Portfolio turnover rate		12	%		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$72,837			$67,158			$79,154			$80,937			$237,577			$262,535

¹  Returns for periods of less than one year are not annualized.

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

20  |  Wells Fargo Large Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$45.84			$53.31			$51.00			$46.74			$50.30			$45.80
Net investment income		0.03	1		0.12	1		0.10	1		0.12	1		0.17	1		0.19	1
Net realized and unrealized gains (losses) on investments		3.91			3.63			12.80			6.51			(0.96	)		6.41
Total from investment operations		3.94			3.75			12.90			6.63			(0.79	)		6.60
Distributions to shareholders from
Net investment income		(0.09	)		0.00			(0.02	)		(0.06	)		(0.22	)		(0.03	)
Net realized gains		(4.15	)		(11.22	)		(10.57	)		(2.31	)		(2.55	)		(2.07	)
Total distributions to shareholders		(4.24	)		(11.22	)		(10.59	)		(2.37	)		(2.77	)		(2.10	)
Net asset value, end of period		$45.54			$45.84			$53.31			$51.00			$46.74			$50.30
Total return2		9.20	%		11.37	%		28.37	%		14.98	%		(1.49	)%		14.82	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.84	%		0.83	%		0.83	%		0.78	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.71	%		0.65	%
Net investment income		0.11	%		0.26	%		0.18	%		0.27	%		0.37	%		0.40	%
Supplemental data
Portfolio turnover rate		12	%		43	%		34	%		40	%		31	%		26	%
Net assets, end of period (000s omitted)		$70,469			$80,194			$95,809			$169,836			$316,310			$534,975

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Large Cap Growth Fund  |  21

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

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

22  |  Wells Fargo Large Cap Growth Fund

Notes to financial statements (unaudited)

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $465,084,265 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	561,916,565
Gross unrealized losses		(474,074	)
Net unrealized gains	$	561,442,491

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Wells Fargo Large Cap Growth Fund  |  23

Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	135,031,780	$	0	$	0	$	135,031,780
Consumer discretionary		165,278,938		0		0		165,278,938
Consumer staples		23,913,427		0		0		23,913,427
Financials		34,954,929		0		0		34,954,929
Health care		101,615,907		0		0		101,615,907
Industrials		121,859,528		0		0		121,859,528
Information technology		409,551,431		0		0		409,551,431
Materials		20,807,022		0		0		20,807,022
Real estate		6,692,302		0		0		6,692,302
Short-term investments
Investment companies		6,821,492		0		0		6,821,492
Total assets	$	1,026,526,756	$	0	$	0	$	1,026,526,756

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

24  |  Wells Fargo Large Cap Growth Fund

Notes to financial statements (unaudited)

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

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A shares, 1.82% for Class C shares, 1.32% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $530 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $121,811,042 and $201,526,269, respectively.

Wells Fargo Large Cap Growth Fund  |  25

Notes to financial statements (unaudited)

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Barclays Capital Inc.	$	405,250	$	(405,250	)	$	0
Citigroup Global Markets Inc.		2,520,655		(2,520,655	)		0
Morgan Stanley & Co. LLC		359,450		(359,450	)		0

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

7. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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 Large Cap Growth Fund

Notes to financial statements (unaudited)

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

Wells Fargo Large Cap Growth Fund  |  27

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

28  |  Wells Fargo Large Cap Growth Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 149 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

Wells Fargo Large Cap Growth Fund  |  29

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

30  |  Wells Fargo Large Cap Growth Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

Wells Fargo Large Cap Growth Fund  |  31

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

32  |  Wells Fargo Large Cap Growth Fund

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0020-03834 03-20

SA209/SAR209 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo

Large Company Value Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	27
Appendix	31

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Large Company Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Company Value Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Large Company Value Fund

Letter to shareholders (unaudited)

confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Large Company Value Fund  |  3

Letter to shareholders (unaudited)

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

4  |  Wells Fargo Large Company Value Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

Average annual total returns (%) as of January 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WLCAX)	3-31-2008		6.02		5.75		8.94		12.51		7.01		9.58		0.97		0.83
Class C (WFLVX)	3-31-2008		10.68		6.20		8.77		11.68		6.20		8.77		1.72		1.58
Class R6 (WTLVX)3	4-7-2017		–		–		–		13.02		7.47		10.08		0.54		0.40
Administrator Class (WWIDX)	12-31-2001		–		–		–		12.69		7.14		9.79		0.89		0.75
Institutional Class (WLCIX)	3-31-2008		–		–		–		12.87		7.40		10.05		0.64		0.50
Russell 1000® Value Index4	–		–		–		–		14.88		8.70		11.87		–		–

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

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

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

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

Please see footnotes on page 6.

Wells Fargo Large Company Value Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20205
Berkshire Hathaway Incorporated Class B	4.11
Intel Corporation	3.72
Bank of America Corporation	3.41
Johnson & Johnson	3.31
PepsiCo Incorporated	3.23
Pfizer Incorporated	3.10
Verizon Communications Incorporated	2.68
Duke Energy Corporation	2.57
BlackRock Incorporated	2.49
Gilead Sciences Incorporated	2.29

Sector distribution as of January 31, 2020⁶

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

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

²  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.83% for Class A, 1.58% for Class C, 0.40% for Class R6, 0.75% for Administrator Class, and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher.

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

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

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

6  |  Wells Fargo Large Company Value Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,057.60	$	4.14		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class C
Actual	$	1,000.00	$	1,053.67	$	8.16		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.01		1.58	%
Class R6
Actual	$	1,000.00	$	1,060.09	$	2.07		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.13	$	2.03		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,057.93	$	3.83		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,059.15	$	2.59		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%

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

Wells Fargo Large Company Value Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.19%
Communication Services: 8.01%
Diversified Telecommunication Services: 4.19%
AT&T Incorporated		85,422	$	3,213,576
Verizon Communications Incorporated		96,099		5,712,125
				8,925,701
Interactive Media & Services: 1.81%
Facebook Incorporated Class A †		19,098		3,856,077
Media: 2.01%
Comcast Corporation Class A		81,594		3,524,045
Interpublic Group of Companies Incorporated		33,413		758,475
				4,282,520
Consumer Discretionary: 7.09%
Diversified Consumer Services: 0.04%
Laureate Education Incorporated Class A †		4,458		92,905
Hotels, Restaurants & Leisure: 1.02%
Boyd Gaming Corporation		2,201		65,700
MGM Resorts International		50,200		1,559,212
Royal Caribbean Cruises Limited		4,606		539,270
				2,164,182
Household Durables: 0.20%
Skyline Champion Corporation †		14,439		415,121
Specialty Retail: 4.08%
Aaron’s Incorporated		15,573		924,413
Lowe’s Companies Incorporated		36,306		4,220,209
O’Reilly Automotive Incorporated †		7,154		2,905,239
The TJX Companies Incorporated		10,769		635,802
				8,685,663
Textiles, Apparel & Luxury Goods: 1.75%
lululemon athletica Incorporated †		14,829		3,549,914
PVH Corporation		2,081		181,401
				3,731,315
Consumer Staples: 8.36%
Beverages: 3.23%
PepsiCo Incorporated		48,394		6,872,916
Food & Staples Retailing: 3.40%
Costco Wholesale Corporation		14,871		4,543,388
The Kroger Company		95,721		2,571,066
US Foods Holding Corporation †		396		15,907
Walmart Incorporated		1,026		117,467
				7,247,828
Food Products: 0.96%
Sanderson Farms Incorporated		14,856		2,045,523
Household Products: 0.48%
The Procter & Gamble Company		8,296		1,033,848

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

8  |  Wells Fargo Large Company Value Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Tobacco: 0.29%
Altria Group Incorporated		12,836	$	610,095
Energy: 6.11%
Oil, Gas & Consumable Fuels: 6.11%
ConocoPhillips		77,893		4,629,181
Marathon Petroleum Corporation		976		53,192
ONEOK Incorporated		35,825		2,682,218
The Williams Companies Incorporated		58,866		1,217,938
Valero Energy Corporation		51,966		4,381,253
WPX Energy Incorporated †		4,845		57,898
				13,021,680
Financials: 19.18%
Banks: 9.01%
Bank of America Corporation		221,393		7,268,332
Bank of N.T. Butterfield & Son Limited		21,782		723,598
Citigroup Incorporated		52,918		3,937,628
Comerica Incorporated		38,227		2,337,963
JPMorgan Chase & Company		31,868		4,218,048
PacWest Bancorp		20,365		713,793
				19,199,362
Capital Markets: 4.12%
Bank of New York Mellon Corporation		49,493		2,216,297
BlackRock Incorporated		10,043		5,296,176
LPL Financial Holdings Incorporated		8,703		801,807
Morgan Stanley		8,996		470,131
				8,784,411
Consumer Finance: 0.72%
OneMain Holdings Incorporated		36,111		1,530,023
Diversified Financial Services: 4.43%
Berkshire Hathaway Incorporated Class B †		39,031		8,759,727
Cannae Holdings Incorporated †		16,463		669,386
				9,429,113
Insurance: 0.90%
Aon plc		5,044		1,110,941
Assured Guaranty Limited		8,181		375,017
National General Holdings Corporation		19,495		424,406
				1,910,364
Health Care: 16.94%
Biotechnology: 3.72%
Alexion Pharmaceuticals Incorporated †		1,507		149,781
Amgen Incorporated		1,714		370,310
Arena Pharmaceuticals Incorporated †		55,553		2,538,217
Gilead Sciences Incorporated		77,116		4,873,731
				7,932,039
Health Care Equipment & Supplies: 3.49%
Baxter International Incorporated		50,565		4,511,409
Integer Holdings Corporation †		3,440		293,776
Tandem Diabetes Care Incorporated †		11,722		891,341
West Pharmaceutical Services Incorporated		11,171		1,742,117
				7,438,643

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

Wells Fargo Large Company Value Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Health Care Providers & Services: 1.04%
Laboratory Corporation of America Holdings †		12,612	$	2,212,145
Life Sciences Tools & Services: 1.88%
Charles River Laboratories International Incorporated †		958		148,088
IQVIA Holdings Incorporated †		9,099		1,412,620
Thermo Fisher Scientific Incorporated		7,777		2,435,679
				3,996,387
Pharmaceuticals: 6.81%
Johnson & Johnson		47,294		7,040,658
Pfizer Incorporated		177,245		6,600,604
Zoetis Incorporated		6,399		858,810
				14,500,072
Industrials: 8.75%
Aerospace & Defense: 3.29%
General Dynamics Corporation		23,783		4,172,490
Lockheed Martin Corporation		3,041		1,301,913
Moog Incorporated Class A		1,029		92,209
United Technologies Corporation		9,637		1,447,477
				7,014,089
Airlines: 1.54%
SkyWest Incorporated		59,354		3,274,560
Commercial Services & Supplies: 2.26%
Republic Services Incorporated		50,640		4,813,332
Electrical Equipment: 0.02%
Eaton Corporation plc		427		40,339
Machinery: 0.66%
Crane Company		1,750		149,555
Hillenbrand Incorporated		43,006		1,248,464
				1,398,019
Road & Rail: 0.93%
Union Pacific Corporation		11,080		1,987,974
Trading Companies & Distributors: 0.05%
Applied Industrial Technologies Incorporated		1,545		99,761
Information Technology: 7.45%
IT Services: 0.74%
MasterCard Incorporated Class A		4,987		1,575,593
Semiconductors & Semiconductor Equipment: 4.87%
Intel Corporation		123,775		7,912,934
NVIDIA Corporation		10,413		2,461,946
				10,374,880
Software: 1.84%
Intuit Incorporated		13,969		3,916,628
Progress Software Corporation		1		45
				3,916,673

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

10  |  Wells Fargo Large Company Value Fund

Portfolio of investments—January 31, 2020 (unaudited)

				Shares		Value
Technology Hardware, Storage & Peripherals: 0.00%
HP Incorporated					3	$	64
Materials: 4.08%
Chemicals: 1.67%
Celanese Corporation Series A					207		21,425
Eastman Chemical Company					49,481		3,526,511
							3,547,936
Containers & Packaging: 0.40%
WestRock Company					21,957		856,323
Metals & Mining: 2.01%
Newmont Goldcorp Corporation					95,089		4,284,710
Real Estate: 7.14%
Equity REITs: 7.14%
Apple Hospitality REIT Incorporated					34,496		518,130
Equity Commonwealth					1,488		48,792
Gaming and Leisure Properties Incorporated					101,319		4,787,829
Mack-Cali Realty Corporation					130,242		2,860,114
Outfront Media Incorporated					26,724		794,772
Piedmont Office Realty Trust Incorporated Class A					120,134		2,785,907
The Geo Group Incorporated					76,038		1,201,400
Weingarten Realty Investors					21,024		611,798
Weyerhaeuser Company					55,115		1,595,579
							15,204,321
Utilities: 5.08%
Electric Utilities: 4.17%
Duke Energy Corporation					56,165		5,483,389
NextEra Energy Incorporated					12,697		3,405,335
							8,888,724
Multi-Utilities: 0.91%
MDU Resources Group Incorporated					65,003		1,924,739
Total Common Stocks (Cost $189,937,572)							209,119,970
	Yield
Short-Term Investments: 1.42%
Investment Companies: 1.42%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51	%		3,035,628		3,035,628
Total Short-Term Investments (Cost $3,035,628)							3,035,628

Total investments in securities (Cost $192,973,200)	99.61	%		212,155,598
Other assets and liabilities, net	0.39			820,173
Total net assets	100.00	%	$	212,975,771

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

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

Wells Fargo Large Company Value Fund  |  11

Portfolio of investments—January 31, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		24		3-20-2020	$	3,881,376	$	3,868,800	$	0	$	(12,576	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *		0		4,235,951		(4,235,951	)		0	$	0	$	0	$	999	#	$	0
Wells Fargo Government Money Market Fund Select Class		1,645,324		16,788,628		(15,398,324	)		3,035,628		0		0		26,765			3,035,628
										$	0	$	0	$	27,764		$	3,035,628		1.42	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

12  |  Wells Fargo Large Company Value Fund

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $189,937,572)	$	209,119,970
Investments in affiliated securities, at value (cost $3,035,628)		3,035,628
Segregated cash for futures contracts		800,000
Receivable for Fund shares sold		44,880
Receivable for dividends		319,551
Prepaid expenses and other assets		108,419
Total assets		213,428,448
Liabilities
Payable for Fund shares redeemed		212,644
Payable for daily variation margin on open futures contracts		78,880
Management fee payable		51,449
Administration fees payable		40,188
Distribution fee payable		568
Shareholder servicing fees payable		48,595
Trustees’ fees and expenses payable		5,454
Accrued expenses and other liabilities		14,899
Total liabilities		452,677
Total net assets	$	212,975,771
Net assets consist of
Paid-in capital	$	188,797,830
Total distributable earnings		24,177,941
Total net assets	$	212,975,771
Computation of net asset value and offering price per share
Net assets – Class A	$	195,750,914
Shares outstanding – Class A1		14,538,401
Net asset value per share – Class A		$13.46
Maximum offering price per share – Class A2		$14.28
Net assets – Class C	$	727,651
Shares outstanding – Class C1		52,212
Net asset value per share – Class C		$13.94
Net assets – Class R6	$	20,951
Shares outstanding – Class R61		1,549
Net asset value per share – Class R6		$13.53
Net assets – Administrator Class	$	13,304,418
Shares outstanding – Administrator Class1		978,597
Net asset value per share – Administrator Class		$13.60
Net assets – Institutional Class	$	3,171,837
Shares outstanding – Institutional Class1		234,240
Net asset value per share – Institutional Class		$13.54

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Large Company Value Fund  |  13

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends	$	3,016,661
Income from affiliated securities		27,022
Total investment income		3,043,683
Expenses
Management fee		430,501
Administration fees
Class A		207,360
Class C		872
Class R6		4
Administrator Class		9,102
Institutional Class		1,891
Shareholder servicing fees
Class A		246,857
Class C		1,039
Administrator Class		17,504
Distribution fee
Class C		3,105
Custody and accounting fees		11,210
Professional fees		20,598
Registration fees		40,767
Shareholder report expenses		30,575
Trustees’ fees and expenses		10,864
Other fees and expenses		6,813
Total expenses		1,039,062
Less: Fee waivers and/or expense reimbursements
Fund-level		(153,451	)
Class A		(24,797	)
Class C		(4	)
Administrator Class		(332	)
Net expenses		860,478
Net investment income		2,183,205
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		8,532,549
Futures contracts		421,077
Net realized gains on investments		8,953,626
Net change in unrealized gains (losses) on
Unaffiliated securities		760,890
Futures contracts		(10,517	)
Net change in unrealized gains (losses) on investments		750,373
Net realized and unrealized gains (losses) on investments		9,703,999
Net increase in net assets resulting from operations	$	11,887,204

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

14  |  Wells Fargo Large Company Value Fund

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment income				$	2,183,205					$	4,187,678
Net realized gains (losses) on investments					8,953,626						(1,776,559	)
Net change in unrealized gains (losses) on investments					750,373						(1,219,504	)
Net increase in net assets resulting from operations					11,887,204						1,191,615
Distributions to shareholders from net investment income and net realized gains
Class A					(2,935,092	)					(23,627,979	)
Class C					(6,507	)					(266,385	)
Class R6					(445	)					(2,636	)
Administrator Class					(222,708	)					(1,888,886	)
Institutional Class					(56,719	)					(1,871,851	)
Total distributions to shareholders					(3,221,471	)					(27,657,737	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		92,726			1,211,227			328,569			4,172,689
Class C		1,179			16,335			6,704			85,717
Administrator Class		9,714			126,608			14,518			189,634
Institutional Class		51,629			695,335			68,756			908,749
					2,049,505						5,356,789
Reinvestment of distributions
Class A		217,711			2,862,786			1,878,949			23,010,284
Class C		422			5,689			19,913			248,892
Administrator Class		16,334			217,188			150,186			1,857,902
Institutional Class		4,202			55,871			39,382			487,708
					3,141,534						25,604,786
Payment for shares redeemed
Class A		(942,318	)		(12,365,613	)		(1,858,015	)		(24,202,649	)
Class C		(21,801	)		(291,038	)		(151,734	)		(1,973,099	)
Administrator Class		(108,542	)		(1,470,116	)		(251,379	)		(3,187,791	)
Institutional Class		(47,636	)		(617,832	)		(1,090,005	)		(12,813,608	)
					(14,744,599	)					(42,177,147	)
Net decrease in net assets resulting from capital share transactions					(9,553,560	)					(11,215,572	)
Total decrease in net assets					(887,827	)					(37,681,694	)
Net assets
Beginning of period					213,863,598						251,545,292
End of period				$	212,975,771					$	213,863,598

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

Wells Fargo Large Company Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.92			$14.46			$16.54			$14.58			$16.10			$16.82
Net investment income		0.14			0.24			0.19			0.14			0.17			0.13	1
Net realized and unrealized gains (losses) on investments		0.60			(0.15	)		1.29			1.93			(0.41	)		0.78
Total from investment operations		0.74			0.09			1.48			2.07			(0.24	)		0.91
Distributions to shareholders from
Net investment income		(0.13	)		(0.25	)		(0.18	)		(0.11	)		(0.16	)		(0.13	)
Net realized gains		(0.07	)		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(0.20	)		(1.63	)		(3.56	)		(0.11	)		(1.28	)		(1.63	)
Net asset value, end of period		$13.46			$12.92			$14.46			$16.54			$14.58			$16.10
Total return2		5.76	%		1.44	%		9.39	%		14.24	%		(0.98	)%		5.72	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.97	%		0.94	%		1.09	%		1.24	%		1.27	%
Net expenses		0.80	%		0.83	%		0.83	%		0.96	%		1.10	%		1.10	%
Net investment income		2.02	%		1.84	%		1.28	%		0.91	%		1.19	%		0.76	%
Supplemental data
Portfolio turnover rate		123	%		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$195,751			$196,075			$214,247			$221,207			$218,922			$104,453

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Large Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.34			$14.81			$16.86			$14.90			$16.41			$17.12
Net investment income		0.09	1		0.16	1		0.08			0.03	1		0.06			0.00	2
Net realized and unrealized gains (losses) on investments		0.62			(0.15	)		1.30			1.96			(0.40	)		0.80
Total from investment operations		0.71			0.01			1.38			1.99			(0.34	)		0.80
Distributions to shareholders from
Net investment income		(0.04	)		(0.10	)		(0.05	)		(0.03	)		(0.05	)		(0.01	)
Net realized gains		(0.07	)		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(0.11	)		(1.48	)		(3.43	)		(0.03	)		(1.17	)		(1.51	)
Net asset value, end of period		$13.94			$13.34			$14.81			$16.86			$14.90			$16.41
Total return3		5.37	%		0.76	%		8.49	%		13.40	%		(1.68	)%		4.92	%
Ratios to average net assets (annualized)
Gross expenses		1.72	%		1.71	%		1.69	%		1.84	%		1.99	%		2.02	%
Net expenses		1.58	%		1.58	%		1.58	%		1.72	%		1.85	%		1.85	%
Net investment income		1.28	%		1.15	%		0.55	%		0.16	%		0.44	%		0.01	%
Supplemental data
Portfolio turnover rate		123	%		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$728			$966			$2,926			$3,356			$3,674			$4,488

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Wells Fargo Large Company Value Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			20171
Net asset value, beginning of period		$13.04			$14.59			$16.66			$16.14
Net investment income		0.16			0.30			0.26			0.03	2
Net realized and unrealized gains (losses) on investments		0.62			(0.14	)		1.30			0.49
Total from investment operations		0.78			0.16			1.56			0.52
Distributions to shareholders from
Net investment income		(0.22	)		(0.33	)		(0.25	)		0.00
Net realized gains		(0.07	)		(1.38	)		(3.38	)		0.00
Total distributions to shareholders		(0.29	)		(1.71	)		(3.63	)		0.00
Net asset value, end of period		$13.53			$13.04			$14.59			$16.66
Total return3		6.01	%		1.92	%		9.88	%		3.22	%
Ratios to average net assets (annualized)
Gross expenses		0.55	%		0.55	%		0.51	%		0.49	%
Net expenses		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		2.43	%		2.26	%		1.73	%		0.52	%
Supplemental data
Portfolio turnover rate		123	%		221	%		258	%		221	%
Net assets, end of period (000s omitted)		$21			$20			$23			$26

¹  For the period from April 7, 2017 (commencement of class operations) to July 31, 2017

²  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Large Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.06			$14.59			$16.66			$14.68			$16.20			$16.93
Net investment income		0.14	1		0.26			0.20			0.16	1		0.20			0.17
Net realized and unrealized gains (losses) on investments		0.61			(0.14	)		1.30			1.94			(0.41	)		0.78
Total from investment operations		0.75			0.12			1.50			2.10			(0.21	)		0.95
Distributions to shareholders from
Net investment income		(0.14	)		(0.27	)		(0.19	)		(0.12	)		(0.19	)		(0.18	)
Net realized gains		(0.07	)		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(0.21	)		(1.65	)		(3.57	)		(0.12	)		(1.31	)		(1.68	)
Net asset value, end of period		$13.60			$13.06			$14.59			$16.66			$14.68			$16.20
Total return2		5.79	%		1.61	%		9.44	%		14.35	%		(0.79	)%		5.95	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.89	%		0.86	%		1.01	%		1.16	%		1.12	%
Net expenses		0.74	%		0.75	%		0.75	%		0.87	%		0.93	%		0.85	%
Net investment income		2.09	%		1.93	%		1.37	%		1.01	%		1.35	%		1.01	%
Supplemental data
Portfolio turnover rate		123	%		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$13,304			$13,854			$16,744			$18,296			$24,164			$30,177

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Large Company Value Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.04			$14.58			$16.65			$14.66			$16.17			$16.91
Net investment income		0.15			0.29	1		0.24			0.19	1		0.21	1		0.20	1
Net realized and unrealized gains (losses) on investments		0.62			(0.14	)		1.30			1.94			(0.38	)		0.78
Total from investment operations		0.77			0.15			1.54			2.13			(0.17	)		0.98
Distributions to shareholders from
Net investment income		(0.20	)		(0.31	)		(0.23	)		(0.14	)		(0.22	)		(0.22	)
Net realized gains		(0.07	)		(1.38	)		(3.38	)		0.00			(1.12	)		(1.50	)
Total distributions to shareholders		(0.27	)		(1.69	)		(3.61	)		(0.14	)		(1.34	)		(1.72	)
Net asset value, end of period		$13.54			$13.04			$14.58			$16.65			$14.66			$16.17
Total return2		5.91	%		1.86	%		9.77	%		14.61	%		(0.54	)%		6.14	%
Ratios to average net assets (annualized)
Gross expenses		0.64	%		0.63	%		0.62	%		0.74	%		0.91	%		0.85	%
Net expenses		0.50	%		0.50	%		0.50	%		0.61	%		0.74	%		0.65	%
Net investment income		2.32	%		2.14	%		1.60	%		1.21	%		1.52	%		1.23	%
Supplemental data
Portfolio turnover rate		123	%		221	%		258	%		221	%		50	%		71	%
Net assets, end of period (000s omitted)		$3,172			$2,948			$17,606			$16,321			$9,343			$1,483

¹  Calculated based upon average shares outstanding

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

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

20  |  Wells Fargo Large Company Value Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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

Wells Fargo Large Company Value Fund  |  21

Notes to financial statements (unaudited)

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

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $191,721,843 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	22,740,265
Gross unrealized losses		(2,319,086	)
Net unrealized gains	$	20,421,179

As of July 31, 2019, the Fund had current year net deferred post-October capital losses consisting of $2,430,946 in short-term losses which were recognized on the first day of the current fiscal year.

22  |  Wells Fargo Large Company Value Fund

Notes to financial statements (unaudited)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	17,064,298	$	0	$	0	$	17,064,298
Consumer discretionary		15,089,186		0		0		15,089,186
Consumer staples		17,810,210		0		0		17,810,210
Energy		13,021,680		0		0		13,021,680
Financials		40,853,273		0		0		40,853,273
Health care		36,079,286		0		0		36,079,286
Industrials		18,628,074		0		0		18,628,074
Information technology		15,867,210		0		0		15,867,210
Materials		8,688,969		0		0		8,688,969
Real Estate		15,204,321		0		0		15,204,321
Utilities		10,813,463		0		0		10,813,463
Short-term investments
Investment companies		3,035,628		0		0		3,035,628
Total assets	$	212,155,598	$	0	$	0	$	212,155,598
Liabilities
Futures contracts	$	12,576	$	0	$	0	$	12,576
Total liabilities	$	12,576	$	0	$	0	$	12,576

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Large Company Value Fund  |  23

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $1 billion		0.400	%
Next $4 billion		0.375
Next $5 billion		0.340
Over $10 billion		0.330

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares and 0.50% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent

24  |  Wells Fargo Large Company Value Fund

Notes to financial statements (unaudited)

deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $635 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $257,183,077 and $268,555,231, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund did not have any securities on loan.

7. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2020, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $3,863,925 in long futures contracts during the six months ended January 31, 2020.

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.

8. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

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.

Wells Fargo Large Company Value Fund  |  25

Notes to financial statements (unaudited)

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.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

26  |  Wells Fargo Large Company Value Fund

Other information (unaudited)

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Large Company Value Fund  |  27

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

28  |  Wells Fargo Large Company Value Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

Wells Fargo Large Company Value Fund  |  29

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

30  |  Wells Fargo Large Company Value Fund

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Large Company Value Fund  |  31

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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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0020-03837 03-20

SA210/SAR210 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo

Low Volatility U.S. Equity Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	24
Appendix	28

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Low Volatility U.S. Equity Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Low Volatility U.S. Equity Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Low Volatility U.S. Equity Fund

Letter to shareholders (unaudited)

October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Low Volatility U.S. Equity Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®‡

Ryan Brown, CFA^®‡

Harindra de Silva, Ph.D., CFA^®‡

Average annual total returns (%) as of January 31, 2020

		Including sales charge				Excluding sales charge					Expense ratios1 (%)
	Inception date	1 year		Since inception		1 year		Since inception			Gross		Net2
Class A (WLVLX)	10-31-2016		16.69		10.25		23.78		12.27			1.50		0.73
Class C (WLVKX)	10-31-2016		21.81		11.44		22.81		11.44			2.25		1.48
Class R6 (WLVJX)	10-31-2016		–		–		24.19		12.74			1.07		0.30
Administrator Class (WLVDX)	10-31-2016		–		–		23.82		12.35			1.42		0.65
Institutional Class (WLVOX)	10-31-2016		–		–		24.17		12.65			1.17		0.40
Russell 1000® Index3	–		–		–		21.39		15.87	*		–		–

* Based on the inception date of the oldest Fund class.

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Low Volatility U.S. Equity Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20204
American Electric Power Company Incorporated	2.73
Republic Services Incorporated	2.57
PepsiCo Incorporated	2.53
Starwood Property Trust Incorporated	2.53
Gaming and Leisure Properties Incorporated	2.52
CMS Energy Corporation	2.47
Waste Management Incorporated	2.45
AptarGroup Incorporated	2.30
CME Group Incorporated	2.28
Northrop Grumman Corporation	2.15

Sector distribution as of January 31, 2020⁵

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

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

²  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.73% for Class A, 1.48% for Class C, 0.30% for Class R6, 0.65% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁴  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Low Volatility U.S. Equity Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,079.11	$	3.66		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Class C
Actual	$	1,000.00	$	1,074.74	$	7.72		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.51		1.48	%
Class R6
Actual	$	1,000.00	$	1,080.92	$	1.57		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.63	$	1.53		0.30	%
Administrator Class
Actual	$	1,000.00	$	1,079.28	$	3.40		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Institutional Class
Actual	$	1,000.00	$	1,080.72	$	2.09		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.13	$	2.03		0.40	%

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

6  |  Wells Fargo Low Volatility U.S. Equity Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.32%
Communication Services: 5.25%
Diversified Telecommunication Services: 0.13%
Verizon Communications Incorporated		1,263	$	75,073
Entertainment: 2.33%
Cinemark Holdings Incorporated		27,552		868,164
The Madison Square Garden Company Class A †		1,187		351,578
The Walt Disney Company		1,166		161,269
				1,381,011
Interactive Media & Services: 0.39%
IAC Corporation †		961		234,090
Media: 2.40%
Cable One Incorporated		599		1,020,714
John Wiley & Sons Incorporated Class A		798		34,809
Omnicom Group Incorporated		4,907		369,546
				1,425,069
Consumer Discretionary: 8.34%
Auto Components: 0.52%
Gentex Corporation		10,262		305,500
Diversified Consumer Services: 3.72%
Bright Horizons Family Solutions Incorporated †		7,708		1,262,031
Frontdoor Incorporated †		13,338		567,932
Graham Holdings Company Class B		77		42,290
Grand Canyon Education Incorporated †		4,308		337,230
				2,209,483
Hotels, Restaurants & Leisure: 0.19%
Six Flags Entertainment Corporation		2,886		110,043
Household Durables: 0.76%
NVR Incorporated †		118		450,402
Specialty Retail: 2.31%
Ross Stores Incorporated		6,921		776,467
The TJX Companies Incorporated		1,901		112,235
ULTA Beauty Incorporated †		1,789		479,291
				1,367,993
Textiles, Apparel & Luxury Goods: 0.84%
lululemon athletica Incorporated †		1,689		404,330
Nike Incorporated Class B		1,002		96,493
				500,823
Consumer Staples: 14.68%
Beverages: 4.14%
PepsiCo Incorporated		10,550		1,498,311
The Coca-Cola Company		16,399		957,702
				2,456,013

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

Wells Fargo Low Volatility U.S. Equity Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Food & Staples Retailing: 1.30%
Costco Wholesale Corporation		2,525	$	771,438
Food Products: 5.82%
Flowers Foods Incorporated		18,745		403,580
General Mills Incorporated		16,051		838,183
Lamb Weston Holdings Incorporated		7,725		705,370
The Hershey Company		7,949		1,233,446
The J.M. Smucker Company		1,956		202,661
Tyson Foods Incorporated Class A		867		71,640
				3,454,880
Household Products: 1.33%
Colgate-Palmolive Company		6,020		444,156
The Clorox Company		2,176		342,307
				786,463
Tobacco: 2.09%
Altria Group Incorporated		15,159		720,507
Philip Morris International Incorporated		6,249		516,792
				1,237,299
Energy: 0.58%
Energy Equipment & Services: 0.45%
Baker Hughes Incorporated		12,379		268,129
Oil, Gas & Consumable Fuels: 0.13%
ConocoPhillips		1,276		75,833
Financials: 14.70%
Banks: 0.13%
Popular Incorporated		1,430		80,023
Capital Markets: 7.34%
Cboe Holdings Incorporated		9,243		1,138,922
CME Group Incorporated		6,227		1,351,944
Intercontinental Exchange Incorporated		1,732		172,750
Janus Henderson Group plc		32,980		833,405
MarketAxess Holdings Incorporated		1,563		553,583
VIRTU Financial Incorporated Class A		18,213		303,975
				4,354,579
Insurance: 2.58%
American Financial Group Incorporated		5,506		598,998
American National Insurance Company		379		41,751
Arch Capital Group Limited †		6,753		298,212
Assurant Incorporated		2,747		358,648
Old Republic International Corporation		10,458		235,828
				1,533,437
Mortgage REITs: 3.26%
Chimera Investment Corporation		59		1,251
MFA Financial Incorporated		55,154		430,201
Starwood Property Trust Incorporated		58,435		1,499,441
				1,930,893

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

8  |  Wells Fargo Low Volatility U.S. Equity Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Thrifts & Mortgage Finance: 1.39%
MGIC Investment Corporation		59,625	$	822,229
Health Care: 4.90%
Health Care Equipment & Supplies: 0.97%
West Pharmaceutical Services Incorporated		3,710		578,575
Health Care Providers & Services: 3.12%
Anthem Incorporated		1		265
Chemed Corporation		2,564		1,197,491
Laboratory Corporation of America Holdings †		2,933		514,448
Quest Diagnostics Incorporated		1,270		140,551
				1,852,755
Life Sciences Tools & Services: 0.81%
Bio-Rad Laboratories Incorporated Class A †		1,325		478,219
Industrials: 14.51%
Aerospace & Defense: 6.58%
BWX Technologies Incorporated		6,278		399,218
Curtiss-Wright Corporation		6,736		979,616
HEICO Corporation Class A		1,363		131,052
Huntington Ingalls Industries Incorporated		1,270		331,470
Lockheed Martin Corporation		1,828		782,603
Northrop Grumman Corporation		3,409		1,276,909
				3,900,868
Commercial Services & Supplies: 5.01%
Republic Services Incorporated		16,009		1,521,655
Waste Management Incorporated		11,923		1,451,029
				2,972,684
Industrial Conglomerates: 0.50%
Honeywell International Incorporated		1,720		297,938
Machinery: 2.42%
Crane Company		9,904		846,396
The Toro Company		7,327		586,307
				1,432,703
Information Technology: 9.12%
Communications Equipment: 0.92%
Motorola Solutions Incorporated		3,081		545,337
Electronic Equipment, Instruments & Components: 1.87%
CDW Corporation of Delaware		3,524		459,706
FLIR Systems Incorporated		2,974		153,280
National Instruments Corporation		11,172		498,606
				1,111,592
IT Services: 6.17%
Amdocs Limited		12,802		921,104
Booz Allen Hamilton Holding Corporation		10,823		844,627
Genpact Limited		21,169		937,152
Jack Henry & Associates Incorporated		514		76,864

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

Wells Fargo Low Volatility U.S. Equity Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
IT Services (continued)
Paychex Incorporated		10,271	$	880,944
				3,660,691
Software: 0.16%
Citrix Systems Incorporated		778		94,309
Materials: 7.81%
Chemicals: 1.47%
Ecolab Incorporated		4,438		870,336
Containers & Packaging: 3.43%
AptarGroup Incorporated		11,816		1,364,866
Avery Dennison Corporation		2,940		385,846
Sonoco Products Company		5,008		286,157
				2,036,869
Metals & Mining: 2.91%
Newmont Goldcorp Corporation		14,818		667,699
Reliance Steel & Aluminum Company		4,623		530,720
Royal Gold Incorporated		4,569		526,897
				1,725,316
Real Estate: 5.52%
Equity REITs: 5.52%
Apple Hospitality REIT Incorporated		234		3,515
Camden Property Trust		824		92,642
Equity Commonwealth		25,700		842,703
Gaming and Leisure Properties Incorporated		31,584		1,492,502
VICI Properties Incorporated		31,488		843,878
				3,275,240
Utilities: 11.91%
Electric Utilities: 6.78%
American Electric Power Company Incorporated		15,509		1,616,348
Hawaiian Electric Industries Incorporated		8,736		427,278
IDACORP Incorporated		6,029		676,394
NextEra Energy Incorporated		979		262,568
Pinnacle West Capital Corporation		10,652		1,040,594
				4,023,182
Multi-Utilities: 5.13%
Ameren Corporation		1,347		110,521
CMS Energy Corporation		21,383		1,464,949
Consolidated Edison Incorporated		11,130		1,046,220
DTE Energy Company		3,144		416,926
				3,038,616
Total Common Stocks (Cost $50,306,630)				57,725,933

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

10  |  Wells Fargo Low Volatility U.S. Equity Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Yield			Shares		Value
Short-Term Investments: 2.49%
Investment Companies: 2.49%
Wells Fargo Government Money Market Fund Select Class (I)(u)		1.51	%		1,475,243	$	1,475,243
Total Short-Term Investments (Cost $1,475,243)							1,475,243

Total investments in securities (Cost $51,781,873)	99.81	%		59,201,176
Other assets and liabilities, net	0.19			112,474
Total net assets	100.00	%	$	59,313,650

† Non-income-earning security

(I) The issue of the security is an affiliated person of the fund as defined in the investment company Act of 1940.

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,153,395		23,023,526		(22,701,678	)		1,475,243	$	0	$	0	$	13,542	$	1,475,243		2.49	%

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

Wells Fargo Low Volatility U.S. Equity Fund  |  11

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $50,306,630)	$	57,725,933
Investments in affiliated securities, at value (cost $1,475,243)		1,475,243
Receivable for Fund shares sold		125,000
Receivable for dividends		38,853
Receivable from manager		7,037
Prepaid expenses and other assets		29,556
Total assets		59,401,622
Liabilities
Shareholder report expenses payable		33,408
Professional fees payable		33,313
Custodian and accounting fees payable		7,532
Administration fees payable		6,948
Trustees’ fees and expenses payable		5,569
Payable for Fund shares redeemed		300
Distribution fee payable		273
Accrued expenses and other liabilities		629
Total liabilities		87,972
Total net assets	$	59,313,650
Net assets consist of
Paid-in capital	$	51,637,258
Total distributable earnings		7,676,392
Total net assets	$	59,313,650
Computation of net asset value and offering price per share
Net assets – Class A	$	1,861,535
Shares outstanding – Class A1		149,151
Net asset value per share – Class A		$12.48
Maximum offering price per share – Class A2		$13.24
Net assets – Class C	$	405,424
Shares outstanding – Class C1		32,652
Net asset value per share – Class C		$12.42
Net assets – Class R6	$	1,253,279
Shares outstanding – Class R61		100,480
Net asset value per share – Class R6		$12.47
Net assets – Administrator Class	$	125,158
Shares outstanding – Administrator Class1		10,042
Net asset value per share – Administrator Class		$12.46
Net assets – Institutional Class	$	55,668,254
Shares outstanding – Institutional Class1		4,454,229
Net asset value per share – Institutional Class		$12.50

¹ The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Low Volatility U.S. Equity Fund

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $82)	$	556,327
Income from affiliated securities		13,542
Total investment income		569,869
Expenses
Management fee		97,253
Administration fees
Class A		1,793
Class C		384
Class R6		188
Administrator Class		82
Institutional Class		29,363
Shareholder servicing fees
Class A		2,134
Class C		457
Administrator Class		156
Distribution fee
Class C		1,295
Custody and accounting fees		6,484
Professional fees		27,182
Registration fees		45,421
Shareholder report expenses		25,478
Trustees’ fees and expenses		10,864
Other fees and expenses		4,622
Total expenses		253,156
Less: Fee waivers and/or expense reimbursements
Fund-level		(119,867	)
Class A		(2,284	)
Class C		(352	)
Class R6		(188	)
Administrator Class		(150	)
Institutional Class		(29,363	)
Net expenses		100,952
Net investment income		468,917
Realized and unrealized gains (losses) on investments
Net realized gains on investments		1,717,630
Net change in unrealized gains (losses) on investments		1,914,017
Net realized and unrealized gains (losses) on investments		3,631,647
Net increase in net assets resulting from operations	$	4,100,564

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

Wells Fargo Low Volatility U.S. Equity Fund  |  13

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment income				$	468,917					$	797,854
Net realized gains on investments					1,717,630						1,004,676
Net change in unrealized gains (losses) on investments					1,914,017						2,805,492
Net increase in net assets resulting from operations					4,100,564						4,608,022
Distributions to shareholders from net investment income and net realized gains
Class A					(74,979	)					(97,183	)
Class C					(14,949	)					(13,679	)
Class R6					(59,692	)					(88,854	)
Administrator Class					(5,557	)					(8,480	)
Institutional Class					(2,494,914	)					(2,610,423	)
Total distributions to shareholders					(2,650,091	)					(2,818,619	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		18,700			226,966			22,375			258,259
Class C		6,978			84,734			14,213			159,144
Institutional Class		1,544,435			19,112,172			98,413			1,093,577
					19,423,872						1,510,980
Reinvestment of distributions
Class A		5,757			69,533			8,338			88,821
Class C		857			10,265			567			5,999
Institutional Class		39,815			481,655			50,399			537,420
					561,453						632,240
Payment for shares redeemed
Class A		(2,581	)		(31,653	)		(16,971	)		(182,876	)
Class C		(546	)		(6,706	)		(5,662	)		(66,877	)
Institutional Class		(147,354	)		(1,798,044	)		(205,601	)		(2,340,479	)
					(1,836,403	)					(2,590,232	)
Net increase (decrease) in net assets resulting from capital share transactions					18,148,922						(447,012	)
Total increase in net assets					19,599,395						1,342,391
Net assets
Beginning of period					39,714,255						38,371,864
End of period				$	59,313,650					$	39,714,255

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

14  |  Wells Fargo Low Volatility U.S. Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			20171
Net asset value, beginning of period		$12.09			$11.56			$11.21			$10.00
Net investment income		0.09			0.19			0.16			0.13
Net realized and unrealized gains (losses) on investments		0.84			1.17			0.54			1.12
Total from investment operations		0.93			1.36			0.70			1.25
Distributions to shareholders from
Net investment income		(0.19	)		(0.18	)		(0.17	)		(0.04	)
Net realized gains		(0.35	)		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.54	)		(0.83	)		(0.35	)		(0.04	)
Net asset value, end of period		$12.48			$12.09			$11.56			$11.21
Total return2		7.91	%		12.87	%		6.32	%		12.53	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.50	%		1.55	%		1.61	%
Net expenses		0.70	%		0.76	%		0.83	%		0.82	%
Net investment income		1.63	%		1.83	%		1.53	%		1.78	%
Supplemental data
Portfolio turnover rate		33	%		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$1,862			$1,539			$1,312			$1,096

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

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

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

Wells Fargo Low Volatility U.S. Equity Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			20171
Net asset value, beginning of period		$12.01			$11.49			$11.16			$10.00
Net investment income		0.04			0.11			0.08			0.08
Net realized and unrealized gains (losses) on investments		0.84			1.17			0.52			1.11
Total from investment operations		0.88			1.28			0.60			1.19
Distributions to shareholders from
Net investment income		(0.12	)		(0.11	)		(0.09	)		(0.03	)
Net realized gains		(0.35	)		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.47	)		(0.76	)		(0.27	)		(0.03	)
Net asset value, end of period		$12.42			$12.01			$11.49			$11.16
Total return2		7.47	%		12.15	%		5.45	%		11.91	%
Ratios to average net assets (annualized)
Gross expenses		2.07	%		2.18	%		2.31	%		2.40	%
Net expenses		1.48	%		1.51	%		1.58	%		1.58	%
Net investment income		0.85	%		1.10	%		0.76	%		1.01	%
Supplemental data
Portfolio turnover rate		33	%		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$405			$305			$187			$112

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

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

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

16  |  Wells Fargo Low Volatility U.S. Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			20171
Net asset value, beginning of period		$12.11			$11.58			$11.24			$10.00
Net investment income		0.13			0.26			0.22			0.18
Net realized and unrealized gains (losses) on investments		0.83			1.15			0.52			1.11
Total from investment operations		0.96			1.41			0.74			1.29
Distributions to shareholders from
Net investment income		(0.25	)		(0.23	)		(0.22	)		(0.05	)
Net realized gains		(0.35	)		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.60	)		(0.88	)		(0.40	)		(0.05	)
Net asset value, end of period		$12.47			$12.11			$11.58			$11.24
Total return2		8.09	%		13.39	%		6.70	%		12.94	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		1.07	%		1.12	%		1.22	%
Net expenses		0.30	%		0.33	%		0.40	%		0.40	%
Net investment income		2.03	%		2.27	%		1.96	%		2.19	%
Supplemental data
Portfolio turnover rate		33	%		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$1,253			$1,217			$1,164			$1,129

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

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

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

Wells Fargo Low Volatility U.S. Equity Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			20171
Net asset value, beginning of period		$12.08			$11.55			$11.21			$10.00
Net investment income		0.10			0.22			0.18			0.15
Net realized and unrealized gains (losses) on investments		0.84			1.15			0.53			1.10
Total from investment operations		0.94			1.37			0.71			1.25
Distributions to shareholders from
Net investment income		(0.21	)		(0.19	)		(0.19	)		(0.04	)
Net realized gains		(0.35	)		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.56	)		(0.84	)		(0.37	)		(0.04	)
Net asset value, end of period		$12.46			$12.08			$11.55			$11.21
Total return2		7.93	%		13.00	%		6.36	%		12.57	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.42	%		1.47	%		1.57	%
Net expenses		0.65	%		0.68	%		0.75	%		0.75	%
Net investment income		1.68	%		1.92	%		1.61	%		1.87	%
Supplemental data
Portfolio turnover rate		33	%		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$125			$121			$116			$113

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

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

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

18  |  Wells Fargo Low Volatility U.S. Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			20171
Net asset value, beginning of period		$12.11			$11.58			$11.23			$10.00
Net investment income		0.12	2		0.25			0.20			0.16
Net realized and unrealized gains (losses) on investments		0.83			1.15			0.54			1.12
Total from investment operations		0.95			1.40			0.74			1.28
Distributions to shareholders from
Net investment income		(0.21	)		(0.22	)		(0.21	)		(0.05	)
Net realized gains		(0.35	)		(0.65	)		(0.18	)		0.00
Total distributions to shareholders		(0.56	)		(0.87	)		(0.39	)		(0.05	)
Net asset value, end of period		$12.50			$12.11			$11.58			$11.23
Total return3		8.07	%		13.28	%		6.64	%		12.82	%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.17	%		1.22	%		1.31	%
Net expenses		0.40	%		0.43	%		0.50	%		0.50	%
Net investment income		1.95	%		2.17	%		1.87	%		2.09	%
Supplemental data
Portfolio turnover rate		33	%		74	%		75	%		39	%
Net assets, end of period (000s omitted)		$55,668			$36,533			$35,593			$33,169

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Low Volatility U.S. Equity Fund  |  19

Notes to financial statements (unaudited)

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 Low Volatility U.S. Equity 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.

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.

20  |  Wells Fargo Low Volatility U.S. Equity Fund

Notes to financial statements (unaudited)

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $51,775,298 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	8,019,075
Gross unrealized losses		(593,197	)
Net unrealized gains	$	7,425,878

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	3,115,243	$	0	$	0	$	3,115,243
Consumer discretionary		4,944,244		0		0		4,944,244
Consumer staples		8,706,093		0		0		8,706,093
Energy		343,962		0		0		343,962
Financials		8,721,161		0		0		8,721,161
Health care		2,909,549		0		0		2,909,549
Industrials		8,604,193		0		0		8,604,193
Information technology		5,411,929		0		0		5,411,929
Materials		4,632,521		0		0		4,632,521
Real estate		3,275,240		0		0		3,275,240
Utilities		7,061,798		0		0		7,061,798
Short-term investments
Investment companies		1,475,243		0		0		1,475,243
Total assets	$	59,201,176	$	0	$	0	$	59,201,176

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Low Volatility U.S. Equity Fund  |  21

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $1 billion		0.400	%
Next $4 billion		0.375
Next $5 billion		0.340
Over $10 billion		0.330

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.12% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.73% for Class A shares, 1.48% for Class C shares, 0.30% for Class R6 shares, 0.65% for Administrator Class shares, and 0.40% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended January 31, 2020.

22  |  Wells Fargo Low Volatility U.S. Equity Fund

Notes to financial statements (unaudited)

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $31,066,589 and $15,548,484, respectively.

6. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENT

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

9. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

Wells Fargo Low Volatility U.S. Equity Fund  |  23

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

24  |  Wells Fargo Low Volatility U.S. Equity Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 149 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

Wells Fargo Low Volatility U.S. Equity Fund  |  25

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

26  |  Wells Fargo Low Volatility U.S. Equity Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

Wells Fargo Low Volatility U.S. Equity Fund  |  27

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

28  |  Wells Fargo Low Volatility U.S. Equity Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0020-03839 03-20

SA270/SAR270 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo Omega Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	25
Appendix	29

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Omega Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Omega Growth Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Omega Growth Fund

Letter to shareholders (unaudited)

confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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.

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Omega Growth Fund  |  3

Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

4  |  Wells Fargo Omega Growth Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of January 31, 2020¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKOAX)	4-29-1968		19.44		12.99		13.97		26.73		14.33		14.65		1.28		1.28
Class C (EKOCX)	8-2-1993		24.77		13.48		13.79		25.77		13.48		13.79		2.03		2.03
Class R (EKORX)	10-10-2003		–		–		–		26.41		14.06		14.36		1.53		1.53
Administrator Class (EOMYX)	1-13-1997		–		–		–		26.97		14.56		14.90		1.20		1.10
Institutional Class (EKONX)4	7-30-2010		–		–		–		27.26		14.85		15.18		0.95		0.85
Russell 3000® Growth Index5	–		–		–		–		26.94		15.05		15.80		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that shareholder may pay on an investment in a fund. 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.

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

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

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

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

Please see footnotes on page 6.

Wells Fargo Omega Growth Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20206
Microsoft Corporation	9.34
Amazon.com Incorporated	5.99
Alphabet Incorporated Class A	4.19
Visa Incorporated Class A	4.06
UnitedHealth Group Incorporated	3.33
Merck & Company Incorporated	2.49
ServiceNow Incorporated	2.44
Waste Connections Incorporated	2.30
PayPal Holdings Incorporated	2.10
EPAM Systems Incorporated	1.97

Sector distribution as of January 31, 2020⁷

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

¹  Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Omega Fund.

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

³  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.30% for Class A, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. 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 the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher.

⁵  The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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

6  |  Wells Fargo Omega Growth Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,078.29	$	6.69		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.50		1.28	%
Class C
Actual	$	1,000.00	$	1,074.16	$	10.58		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	10.28		2.03	%
Class R
Actual	$	1,000.00	$	1,076.99	$	7.94		1.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.71		1.52	%
Administrator Class
Actual	$	1,000.00	$	1,079.42	$	5.65		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Institutional Class
Actual	$	1,000.00	$	1,080.60	$	4.45		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%

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

Wells Fargo Omega Growth Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 100.05%
Communication Services: 11.82%
Entertainment: 3.79%
Netflix Incorporated †		37,000	$	12,768,330
Nintendo Company Limited ADR		226,338		10,388,914
Take-Two Interactive Software Incorporated †		76,100		9,485,104
				32,642,348
Interactive Media & Services: 8.03%
Alphabet Incorporated Class A †		25,200		36,106,056
Alphabet Incorporated Class C †		7,585		10,878,635
IAC Corporation †		50,700		12,350,013
Tencent Holdings Limited ADR		207,800		9,955,698
				69,290,402
Consumer Discretionary: 15.82%
Auto Components: 1.21%
Aptiv plc		122,900		10,420,691
Automobiles: 0.86%
Ferrari NV		44,100		7,444,962
Diversified Consumer Services: 1.17%
Bright Horizons Family Solutions Incorporated †		61,457		10,062,355
Hotels, Restaurants & Leisure: 3.62%
Chipotle Mexican Grill Incorporated †		16,500		14,301,540
Domino’s Pizza Incorporated		24,300		6,846,525
Vail Resorts Incorporated		42,902		10,060,948
				31,209,013
Internet & Direct Marketing Retail: 7.34%
Amazon.com Incorporated †		25,700		51,624,104
MercadoLibre Incorporated †		17,600		11,668,800
				63,292,904
Specialty Retail: 1.62%
The Home Depot Incorporated		61,400		14,005,340
Financials: 2.60%
Capital Markets: 2.60%
Intercontinental Exchange Incorporated		146,800		14,641,832
Raymond James Financial Incorporated		84,902		7,762,590
				22,404,422
Health Care: 20.67%
Biotechnology: 1.69%
Exact Sciences Corporation †		129,700		12,098,416
Sarepta Therapeutics Incorporated †		21,600		2,504,736
				14,603,152

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

8  |  Wells Fargo Omega Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Health Care Equipment & Supplies: 8.74%
Alcon Incorporated †		182,400	$	10,750,656
Align Technology Incorporated †		34,100		8,767,110
Boston Scientific Corporation †		393,200		16,463,284
DexCom Incorporated †		61,400		14,782,050
Edwards Lifesciences Corporation †		40,900		8,992,274
Intuitive Surgical Incorporated †		28,000		15,673,840
				75,429,214
Health Care Providers & Services: 4.57%
HealthEquity Incorporated †		162,348		10,724,709
UnitedHealth Group Incorporated		105,300		28,688,985
				39,413,694
Health Care Technology: 1.13%
Veeva Systems Incorporated Class A †		66,300		9,720,243
Life Sciences Tools & Services: 0.92%
Illumina Incorporated †		27,400		7,947,918
Pharmaceuticals: 3.62%
Elanco Animal Health Incorporated †		313,719		9,693,917
Eli Lilly & Company		1		140
Merck & Company Incorporated		251,700		21,505,248
				31,199,305
Industrials: 8.71%
Commercial Services & Supplies: 3.63%
Cintas Corporation		40,900		11,409,873
Waste Connections Incorporated		206,322		19,870,872
				31,280,745
Construction & Engineering: 1.25%
Jacobs Engineering Group Incorporated		117,000		10,826,010
Professional Services: 1.88%
IHS Markit Limited		205,800		16,229,388
Road & Rail: 1.95%
Union Pacific Corporation		93,600		16,793,712
Information Technology: 35.91%
Communications Equipment: 1.90%
Motorola Solutions Incorporated		92,600		16,390,200
Electronic Equipment, Instruments & Components: 1.13%
Zebra Technologies Corporation Class A †		40,900		9,775,918
IT Services: 18.77%
Black Knight Incorporated †		220,500		14,755,860
EPAM Systems Incorporated †		74,341		16,960,156
Euronet Worldwide Incorporated †		90,700		14,297,948
Fiserv Incorporated †		134,440		15,945,928
Global Payments Incorporated		86,049		16,818,277
PayPal Holdings Incorporated †		159,000		18,108,510

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

Wells Fargo Omega Growth Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

				Shares		Value
IT Services (continued)
Shopify Incorporated Class A †					13,600	$	6,332,976
Square Incorporated Class A †					120,000		8,962,800
Visa Incorporated Class A					175,804		34,979,722
WEX Incorporated †					67,702		14,685,918
							161,848,095
Software: 14.11%
Atlassian Corporation plc Class A †					49,700		7,305,900
Autodesk Incorporated †					65,300		12,854,305
Microsoft Corporation					473,200		80,552,836
ServiceNow Incorporated †					62,100		21,004,083
							121,717,124
Materials: 3.93%
Chemicals: 2.55%
Ingevity Corporation †					79,500		5,184,990
The Sherwin-Williams Company					30,200		16,821,098
							22,006,088
Construction Materials: 1.38%
Vulcan Materials Company					83,900		11,882,757
Real Estate: 0.59%
Equity REITs: 0.59%
SBA Communications Corporation					20,300		5,066,066
Total Common Stocks (Cost $480,159,182)							862,902,066
	Yield
Short-Term Investments: 0.40%
Investment Companies: 0.40%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51	%		3,425,270		3,425,270
Total Short-Term Investments (Cost $3,425,270)							3,425,270

Total investments in securities (Cost $483,584,452)	100.45	%		866,327,336
Other assets and liabilities, net	(0.45	)		(3,866,007	)
Total net assets	100.00	%	$	862,461,329

† Non-income-earning security

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

10  |  Wells Fargo Omega Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		0		21,600,925		(21,600,925	)		0	$	1,057	$	0	$	72,051	#	$	0
Wells Fargo Government Money Market Fund Select Class		6,308,644		78,016,942		(80,900,316	)		3,425,270		0		0		52,675			3,425,270
										$	1,057	$	0	$	124,726		$	3,425,270		0.40	%

* No longer held at the end of the period

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Omega Growth Fund  |  11

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $480,159,182)	$	862,902,066
Investments in affiliated securities, at value (cost $3,425,270)		3,425,270
Receivable for investments sold		109,718
Receivable for Fund shares sold		181,842
Receivable for dividends		51,039
Receivable for securities lending income		2,125
Prepaid expenses and other assets		52,539
Total assets		866,724,599
Liabilities
Payable for investments purchased		2,069,530
Payable for Fund shares redeemed		1,209,309
Management fee payable		601,119
Administration fees payable		156,908
Distribution fees payable		16,306
Trustees’ fees and expenses payable		5,593
Accrued expenses and other liabilities		204,505
Total liabilities		4,263,270
Total net assets	$	862,461,329
Net assets consist of
Paid-in capital	$	463,101,457
Total distributable earnings		399,359,872
Total net assets	$	862,461,329
Computation of net asset value and offering price per share
Net assets – Class A	$	728,733,566
Shares outstanding – Class A1		12,959,105
Net asset value per share – Class A		$56.23
Maximum offering price per share – Class A2		$59.66
Net assets – Class C	$	21,811,810
Shares outstanding – Class C1		619,436
Net asset value per share – Class C		$35.21
Net assets – Class R	$	4,661,552
Shares outstanding – Class R1		88,748
Net asset value per share – Class R		$52.53
Net assets – Administrator Class	$	25,937,454
Shares outstanding – Administrator Class1		417,614
Net asset value per share – Administrator Class		$62.11
Net assets – Institutional Class	$	81,316,947
Shares outstanding – Institutional Class1		1,261,419
Net asset value per share – Institutional Class		$64.46

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Omega Growth Fund

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $27,912)	$	2,524,438
Income from affiliated securities		64,889
Total investment income		2,589,327
Expenses
Management fee		3,287,217
Administration fees
Class A		745,832
Class C		24,430
Class R		5,903
Administrator Class		16,437
Institutional Class		50,842
Shareholder servicing fees
Class A		887,895
Class C		29,083
Class R		6,793
Administrator Class		31,610
Distribution fees
Class C		87,139
Class R		6,970
Custody and accounting fees		21,615
Professional fees		26,589
Registration fees		43,100
Shareholder report expenses		61,151
Trustees’ fees and expenses		10,864
Other fees and expenses		10,681
Total expenses		5,354,151
Less: Fee waivers and/or expense reimbursements
Class A		(22,211	)
Class C		(172	)
Administrator Class		(15,534	)
Institutional Class		(39,835	)
Net expenses		5,276,399
Net investment loss		(2,687,072	)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		34,262,791
Affiliated securities		1,057
Net realized gains on investments		34,263,848
Net change in unrealized gains (losses) on investments		31,362,676
Net realized and unrealized gains (losses) on investments		65,626,524
Net increase in net assets resulting from operations	$	62,939,452

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

Wells Fargo Omega Growth Fund  |  13

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment loss				$	(2,687,072	)				$	(5,063,447	)
Net realized gains on investments					34,263,848						47,925,154
Net change in unrealized gains (losses) on investments					31,362,676						60,465,004
Net increase in net assets resulting from operations					62,939,452						103,326,711
Distributions to shareholders from net investment income and net realized gains
Class A					(38,639,530	)					(68,419,305	)
Class C					(1,862,430	)					(8,678,201	)
Class R					(304,034	)					(707,933	)
Administrator Class					(1,255,690	)					(2,403,661	)
Institutional Class					(3,766,464	)					(6,323,228	)
Total distributions to shareholders					(45,828,148	)					(86,532,328	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		153,922			8,309,125			957,256			46,969,436
Class C		15,820			549,290			74,164			2,327,314
Class R		8,860			450,044			28,311			1,316,755
Administrator Class		4,951			299,784			21,538			1,243,245
Institutional Class		93,835			5,792,851			247,352			14,363,418
					15,401,094						66,220,168
Reinvestment of distributions
Class A		697,108			37,030,375			1,458,710			65,102,208
Class C		53,921			1,795,565			288,212			8,392,731
Class R		4,691			232,868			9,582			402,155
Administrator Class		19,576			1,148,300			44,842			2,194,127
Institutional Class		61,188			3,723,927			123,606			6,249,540
					43,931,035						82,340,761
Payment for shares redeemed
Class A		(835,394	)		(45,443,354	)		(1,573,949	)		(79,522,009	)
Class C		(179,288	)		(6,237,955	)		(1,265,970	)		(40,375,871	)
Class R		(42,454	)		(2,185,033	)		(64,569	)		(3,197,822	)
Administrator Class		(38,394	)		(2,286,101	)		(41,328	)		(2,257,844	)
Institutional Class		(97,148	)		(6,055,886	)		(227,834	)		(13,026,557	)
					(62,208,329	)					(138,380,103	)
Net increase (decrease) in net assets resulting from capital share transactions					(2,876,200	)					10,180,826
Total increase in net assets					14,235,104						26,975,209
Net assets
Beginning of period					848,226,225						821,251,016
End of period				$	862,461,329					$	848,226,225

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

14  |  Wells Fargo Omega Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$55.19			$54.77			$49.43			$42.73			$48.29			$49.99
Net investment loss		(0.18	)		(0.33	)1		(0.32	)1		(0.22	)1		(0.19	)1		(0.28	)1
Net realized and unrealized gains (losses) on investments		4.32			6.56			12.57			8.07			(1.44	)		5.12
Total from investment operations		4.14			6.23			12.25			7.85			(1.63	)		4.84
Distributions to shareholders from
Net realized gains		(3.10	)		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$56.23			$55.19			$54.77			$49.43			$42.73			$48.29
Total return2		7.83	%		13.89	%		26.86	%		18.88	%		(3.07	)%		10.65	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.28	%		1.28	%		1.28	%		1.32	%
Net expenses		1.28	%		1.28	%		1.28	%		1.28	%		1.28	%		1.30	%
Net investment loss		(0.66	)%		(0.64	)%		(0.63	)%		(0.50	)%		(0.47	)%		(0.58	)%
Supplemental data
Portfolio turnover rate		14	%		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$728,734			$714,411			$662,751			$581,967			$573,304			$685,005

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Omega Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$35.83			$38.02			$36.47			$32.07			$37.55			$40.56
Net investment loss		(0.25	)1		(0.48	)1		(0.50	)1		(0.41	)1		(0.39	)1		(0.51	)1
Net realized and unrealized gains (losses) on investments		2.73			4.10			8.96			5.96			(1.16	)		4.04
Total from investment operations		2.48			3.62			8.46			5.55			(1.55	)		3.53
Distributions to shareholders from
Net realized gains		(3.10	)		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$35.21			$35.83			$38.02			$36.47			$32.07			$37.55
Total return2		7.42	%		13.04	%		25.88	%		18.00	%		(3.75	)%		9.79	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.03	%		2.03	%		2.03	%		2.07	%
Net expenses		2.03	%		2.03	%		2.03	%		2.03	%		2.03	%		2.05	%
Net investment loss		(1.41	)%		(1.40	)%		(1.38	)%		(1.24	)%		(1.22	)%		(1.33	)%
Supplemental data
Portfolio turnover rate		14	%		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$21,812			$26,122			$62,074			$62,543			$74,337			$99,100

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Omega Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R				2019			2018			2017			2016			2015
Net asset value, beginning of period		$51.82			$51.92			$47.30			$41.04			$46.66			$48.62
Net investment loss		(0.23	)1		(0.43	)1		(0.43	)1		(0.30	)1		(0.29	)1		(0.39	)1
Net realized and unrealized gains (losses) on investments		4.04			6.14			11.96			7.71			(1.40	)		4.97
Total from investment operations		3.81			5.71			11.53			7.41			(1.69	)		4.58
Distributions to shareholders from
Net realized gains		(3.10	)		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$52.53			$51.82			$51.92			$47.30			$41.04			$46.66
Total return2		7.70	%		13.63	%		26.53	%		18.58	%		(3.30	)%		10.38	%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.53	%		1.53	%		1.53	%		1.53	%		1.57	%
Net expenses		1.52	%		1.53	%		1.53	%		1.53	%		1.53	%		1.55	%
Net investment loss		(0.90	)%		(0.88	)%		(0.88	)%		(0.72	)%		(0.71	)%		(0.83	)%
Supplemental data
Portfolio turnover rate		14	%		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$4,662			$6,097			$7,494			$6,298			$10,122			$17,199

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Omega Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$60.58			$59.39			$52.99			$45.65			$51.20			$52.50
Net investment loss		(0.14	)1		(0.25	)1		(0.25	)1		(0.12	)1		(0.12	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		4.77			7.25			13.56			8.61			(1.50	)		5.41
Total from investment operations		4.63			7.00			13.31			8.49			(1.62	)		5.24
Distributions to shareholders from
Net realized gains		(3.10	)		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$62.11			$60.58			$59.39			$52.99			$45.65			$51.20
Total return2		7.94	%		14.12	%		27.07	%		19.08	%		(2.84	)%		10.91	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.19	%		1.15	%
Net expenses		1.08	%		1.10	%		1.10	%		1.10	%		1.08	%		1.05	%
Net investment loss		(0.47	)%		(0.45	)%		(0.45	)%		(0.25	)%		(0.27	)%		(0.33	)%
Supplemental data
Portfolio turnover rate		14	%		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$25,937			$26,141			$24,140			$19,754			$38,039			$86,756

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Omega Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$62.69			$61.10			$54.21			$46.55			$52.01			$53.10
Net investment income (loss)		(0.07	)1		(0.12	)1		(0.11	)1		(0.03	)1		(0.00	)2		(0.04	)1
Net realized and unrealized gains (losses) on investments		4.94			7.52			13.91			8.84			(1.53	)		5.49
Total from investment operations		4.87			7.40			13.80			8.81			(1.53	)		5.45
Distributions to shareholders from
Net realized gains		(3.10	)		(5.81	)		(6.91	)		(1.15	)		(3.93	)		(6.54	)
Net asset value, end of period		$64.46			$62.69			$61.10			$54.21			$46.55			$52.01
Total return3		8.06	%		14.39	%		27.39	%		19.40	%		(2.61	)%		11.20	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.90	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.83	%		0.80	%
Net investment income (loss)		(0.24	)%		(0.20	)%		(0.20	)%		(0.06	)%		(0.01	)%		(0.09	)%
Supplemental data
Portfolio turnover rate		14	%		39	%		48	%		76	%		84	%		94	%
Net assets, end of period (000s omitted)		$81,317			$75,456			$64,792			$62,987			$76,980			$87,085

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

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

Wells Fargo Omega Growth Fund  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending

20  |  Wells Fargo Omega Growth Fund

Notes to financial statements (unaudited)

agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $482,754,769 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	386,721,852
Gross unrealized losses		(3,149,285	)
Net unrealized gains	$	383,572,567

As of July 31, 2019, the Fund had a qualified late-year ordinary loss of $2,084,034 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Wells Fargo Omega Growth Fund  |  21

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	101,932,750	$	0	$	0	$	101,932,750
Consumer discretionary		136,435,265		0		0		136,435,265
Financials		22,404,422		0		0		22,404,422
Health care		178,313,526		0		0		178,313,526
Industrials		75,129,855		0		0		75,129,855
Information technology		309,731,337		0		0		309,731,337
Materials		33,888,845		0		0		33,888,845
Real estate		5,066,066		0		0		5,066,066
Short-term investments
Investment companies		3,425,270		0		0		3,425,270
Total assets	$	866,327,336	$	0	$	0	$	866,327,336

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

22  |  Wells Fargo Omega Growth Fund

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $6,931 from the sale of Class A shares and $14 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $118,831,846 and $166,827,415, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

Wells Fargo Omega Growth Fund  |  23

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund did not have any securities on loan.

7. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

24  |  Wells Fargo Omega Growth Fund

Other information (unaudited)

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Omega Growth Fund  |  25

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

26  |  Wells Fargo Omega Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

Wells Fargo Omega Growth Fund  |  27

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

28  |  Wells Fargo Omega Growth Fund

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Omega Growth Fund  |  29

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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0020-03842 03-20

SA211/SAR211 01-20

Semi-Annual Report

January 31, 2020

Wells Fargo

Premier Large Company Growth Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

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

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	27
Appendix	31

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The views expressed and any forward-looking statements are as of January 31, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Premier Large Company Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“As the period began, U.S.-China trade tensions continued with no signs of compromise.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Premier Large Company Growth Fund for the six-month period that ended January 31, 2020. Despite some market volatility, the period was strongly positive for financial markets as supportive central banks more than offset concerns over slowing global economic growth and international trade tensions.

Overall, both fixed-income and equity investors enjoyed healthy annual returns, with U.S. markets leading the way. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 5.37%. The MSCI EM Index (Net)³ gained a more modest 3.36%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.20%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned 1.58%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.33%, and the ICE BofA U.S. High Yield Index⁷ added 3.34%.

The period began with uncertainty, leading to central bank support.

In August as the period began, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to global uncertainty, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Federal Reserve (Fed) cut interest rates a second time in the third quarter in September. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business

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. 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 equity market performance of emerging markets. You cannot invest directly in an index.

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

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

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

⁷ The ICE BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Premier Large Company Growth Fund

Letter to shareholders (unaudited)

confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal, with some details to be worked out. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater certainty and confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. However, consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump, while historically noteworthy, had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility picked up in late January on concerns over the unknown impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

Following the end of the reporting period, the coronavirus continued its global spread, resulting in disruptions to global markets, including through border closings, restrictions on travel and large gatherings, expedited and enhanced health screenings, quarantines, cancellations, business and school closings, disruptions to employment and supply chains, reduced productivity, and reduced customer and client activity in multiple markets and sectors. The risk of further spreading of the coronavirus has led to significant uncertainty and volatility in the financial markets. The full extent of the coronavirus’s impact on the global economy cannot necessarily be foreseen and the impacts may be short term or may last for an extended period of time.

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

“Financial markets ended 2019 on a broadly positive note, with the U.S. and China reaching an accord on a Phase One trade deal.”

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.

Wells Fargo Premier Large Company Growth Fund  |  3

Letter to shareholders (unaudited)

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

4  |  Wells Fargo Premier Large Company Growth Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡ , CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of January 31, 2020¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKJAX)	1-20-1998		18.38		12.03		13.75		25.56		13.36		14.43		1.15		1.11
Class C (EKJCX)	1-22-1998		23.46		12.49		13.57		24.46		12.49		13.57		1.90		1.86
Class R4 (EKJRX)4	11-30-2012		–		–		–		25.87		13.69		14.79		0.87		0.80
Class R6 (EKJFX)5	11-30-2012		–		–		–		26.13		13.87		14.92		0.72		0.65
Administrator Class (WFPDX)6	7-16-2010		–		–		–		25.69		13.50		14.58		1.07		1.00
Institutional Class (EKJYX)	6-30-1999		–		–		–		26.08		13.82		14.88		0.82		0.70
Russell 1000® Growth Index7	–		–		–		–		27.94		15.49		15.99		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that shareholder may pay on an investment in a fund. 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.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 6.

Wells Fargo Premier Large Company Growth Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of January 31, 20208
Amazon.com Incorporated	7.16
Microsoft Corporation	7.12
Alphabet Incorporated Class A	5.72
MasterCard Incorporated Class A	4.23
Visa Incorporated Class A	3.39
Microchip Technology Incorporated	2.59
CoStar Group Incorporated	2.29
Zoetis Incorporated	2.09
Facebook Incorporated Class A	2.02
Texas Instruments Incorporated	1.93

Sector distribution as of January 31, 2020⁹

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

¹  Historical performance prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

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

³  The manager has contractually committed through November 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 0.80% for Class R4, 0.65% for Class R6, 1.00% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares.

⁵  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

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

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

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

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

6  |  Wells Fargo Premier Large Company Growth Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2019 to January 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2019		Ending account value 1-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,080.40	$	5.70		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.53		1.09	%
Class C
Actual	$	1,000.00	$	1,075.44	$	9.70		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R4
Actual	$	1,000.00	$	1,081.99	$	4.19		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class R6
Actual	$	1,000.00	$	1,082.75	$	3.40		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,081.54	$	5.23		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,082.44	$	3.66		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%

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

Wells Fargo Premier Large Company Growth Fund  |  7

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 100.19%
Communication Services: 12.11%
Entertainment: 2.00%
Live Nation Entertainment Incorporated †		452,720	$	30,857,395
The Walt Disney Company		173,770		24,034,129
				54,891,524
Interactive Media & Services: 10.11%
Alphabet Incorporated Class A †		109,890		157,448,194
Alphabet Incorporated Class C †		19,818		28,423,570
Facebook Incorporated Class A †		275,850		55,696,874
Match Group Incorporated †«		171,830		13,440,543
Pinterest Incorporated Class A †		1,056,395		23,272,382
				278,281,563
Consumer Discretionary: 17.92%
Hotels, Restaurants & Leisure: 1.43%
Planet Fitness Incorporated Class A †		270,720		21,871,469
Royal Caribbean Cruises Limited		150,040		17,566,683
				39,438,152
Household Durables: 0.29%
Roku Incorporated †		65,480		7,919,806
Internet & Direct Marketing Retail: 7.83%
Amazon.com Incorporated †		98,070		196,995,170
MercadoLibre Incorporated †		27,880		18,484,440
				215,479,610
Specialty Retail: 5.99%
Burlington Stores Incorporated †		196,700		42,776,349
CarMax Incorporated †		293,465		28,477,844
Carvana Company †«		129,590		10,270,008
Five Below Incorporated †		204,970		23,206,703
Floor & Decor Holdings Incorporated †		375,640		18,522,808
O’Reilly Automotive Incorporated †		72,660		29,507,226
ULTA Beauty Incorporated †		44,880		12,023,801
				164,784,739
Textiles, Apparel & Luxury Goods: 2.38%
Deckers Outdoor Corporation †		134,420		25,662,122
Levi Strauss & Company Class A		708,039		13,905,886
lululemon athletica Incorporated †		108,510		25,976,209
				65,544,217
Consumer Staples: 2.92%
Beverages: 1.27%
The Coca-Cola Company		598,560		34,955,904
Food & Staples Retailing: 0.58%
Costco Wholesale Corporation		52,770		16,122,290
Personal Products: 1.07%
The Estee Lauder Companies Incorporated Class A		150,400		29,352,064

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

8  |  Wells Fargo Premier Large Company Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Financials: 4.45%
Capital Markets: 3.92%
CME Group Incorporated		201,760	$	43,804,114
E*TRADE Financial Corporation		293,985		12,529,641
MarketAxess Holdings Incorporated		88,530		31,355,555
Tradeweb Markets Incorporated Class A		437,540		20,205,597
				107,894,907
Thrifts & Mortgage Finance: 0.53%
LendingTree Incorporated †«		46,510		14,473,912
Health Care: 9.30%
Biotechnology: 1.21%
Exact Sciences Corporation †		213,030		19,871,438
Vertex Pharmaceuticals Incorporated †		59,700		13,554,885
				33,426,323
Health Care Equipment & Supplies: 4.53%
Abbott Laboratories		458,720		39,972,861
Boston Scientific Corporation †		1,126,840		47,180,791
Insulet Corporation †		124,470		24,152,159
Novocure Limited †		164,700		13,416,462
				124,722,273
Health Care Technology: 0.79%
Veeva Systems Incorporated Class A †		147,500		21,624,975
Life Sciences Tools & Services: 0.68%
Repligen Corporation †		186,730		18,745,825
Pharmaceuticals: 2.09%
Zoetis Incorporated		428,748		57,542,269
Industrials: 11.75%
Aerospace & Defense: 0.92%
HEICO Corporation		207,312		25,381,208
Commercial Services & Supplies: 2.89%
Copart Incorporated †		321,170		32,585,908
Waste Connections Incorporated		486,165		46,822,551
				79,408,459
Industrial Conglomerates: 1.13%
Roper Technologies Incorporated		81,550		31,124,373
Professional Services: 3.65%
CoStar Group Incorporated †		96,680		63,131,073
TransUnion		407,220		37,342,074
				100,473,147
Road & Rail: 3.16%
CSX Corporation		136,000		10,382,240
Norfolk Southern Corporation		144,030		29,988,486
Union Pacific Corporation		260,430		46,726,351
				87,097,077

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

Wells Fargo Premier Large Company Growth Fund  |  9

Portfolio of investments—January 31, 2020 (unaudited)

	Shares		Value
Information Technology: 39.14%
Electronic Equipment, Instruments & Components: 0.53%
TE Connectivity Limited		157,500	$	14,518,350
IT Services: 13.78%
Black Knight Incorporated †		21,240		1,421,381
Euronet Worldwide Incorporated †		188,106		29,653,030
Fidelity National Information Services Incorporated		156,090		22,423,889
Global Payments Incorporated		180,460		35,270,907
MasterCard Incorporated Class A		368,680		116,480,759
PayPal Holdings Incorporated †		309,100		35,203,399
Square Incorporated Class A †		150,138		11,213,807
Visa Incorporated Class A		468,770		93,271,167
WEX Incorporated †		158,240		34,325,421
				379,263,760
Semiconductors & Semiconductor Equipment: 6.66%
Microchip Technology Incorporated		732,450		71,399,226
Monolithic Power Systems Incorporated		137,730		23,575,244
NXP Semiconductors NV		277,370		35,187,158
Texas Instruments Incorporated		439,580		53,035,327
				183,196,955
Software: 18.01%
Adobe Incorporated †		134,419		47,199,888
Anaplan Incorporated †		462,300		26,623,857
Cloudflare Incorporated Class A †«		347,290		6,202,599
Dynatrace Incorporated †		867,373		27,157,449
HubSpot Incorporated †		117,267		21,218,291
Microsoft Corporation		1,151,810		196,072,616
Proofpoint Incorporated †		285,600		35,074,536
RealPage Incorporated †		192,400		11,226,540
RingCentral Incorporated Class A †		127,620		26,236,120
Salesforce.com Incorporated †		219,300		39,980,583
ServiceNow Incorporated †		95,820		32,409,199
Splunk Incorporated †		168,335		26,135,692
				495,537,370
Technology Hardware, Storage & Peripherals: 0.16%
Apple Incorporated		14,640		4,531,226
Materials: 1.49%
Chemicals: 1.49%
Linde plc		202,280		41,089,136
Real Estate: 1.11%
Equity REITs: 0.50%
SBA Communications Corporation		55,300		13,800,668
Real Estate Management & Development: 0.61%
CBRE Group Incorporated Class A †		275,670		16,829,654
Total Common Stocks (Cost $1,420,140,611)				2,757,451,736

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

10  |  Wells Fargo Premier Large Company Growth Fund

Portfolio of investments—January 31, 2020 (unaudited)

	Yield			Shares		Value
Short-Term Investments: 0.81%
Investment Companies: 0.81%
Securities Lending Cash Investments LLC (l)(r)(u)		1.70	%		18,861,232	$	18,863,118
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.51			3,337,232		3,337,232
Total Short-Term Investments (Cost $22,200,350)							22,200,350

Total investments in securities (Cost $1,442,340,961)	101.00	%		2,779,652,086
Other assets and liabilities, net	(1.00	)		(27,481,168	)
Total net assets	100.00	%	$	2,752,170,918

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		96,444,554		243,726,224		(321,309,546	)		18,861,232	$	532	$	0	$	567,503	#	$	18,863,118
Wells Fargo Government Money Market Fund Select Class		2,551,452		217,566,147		(216,780,367	)		3,337,232		0		0		67,969			3,337,232
										$	532	$	0	$	635,472		$	22,200,350		0.81	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Premier Large Company Growth Fund  |  11

Statement of assets and liabilities—January 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $18,474,315 of securities loaned), at value (cost $1,420,140,611)	$	2,757,451,736
Investments in affiliated securities, at value (cost $22,200,350)		22,200,350
Receivable for investments sold		15,914,336
Receivable for Fund shares sold		1,673,133
Receivable for dividends		805,624
Receivable for securities lending income, net		37,370
Prepaid expenses and other assets		85,194
Total assets		2,798,167,743
Liabilities
Payable upon receipt of securities loaned		18,858,012
Payable for investments purchased		6,082,245
Payable for Fund shares redeemed		18,416,241
Management fee payable		1,502,521
Administration fees payable		334,312
Distribution fee payable		89,249
Trustees’ fees and expenses payable		5,601
Accrued expenses and other liabilities		708,644
Total liabilities		45,996,825
Total net assets	$	2,752,170,918
Net assets consist of
Paid-in capital	$	1,370,614,903
Total distributable earnings		1,381,556,015
Total net assets	$	2,752,170,918
Computation of net asset value and offering price per share
Net assets – Class A	$	1,081,472,715
Shares outstanding – Class A1		76,450,553
Net asset value per share – Class A		$14.15
Maximum offering price per share – Class A2		$15.01
Net assets – Class C	$	130,161,303
Shares outstanding – Class C1		12,933,058
Net asset value per share – Class C		$10.06
Net assets – Class R4	$	3,185,240
Share outstanding – Class R41		213,298
Net asset value per share – Class R4		$14.93
Net assets – Class R6	$	871,859,606
Shares outstanding – Class R61		57,391,138
Net asset value per share – Class R6		$15.19
Net assets – Administrator Class	$	34,385,267
Shares outstanding – Administrator Class1		2,375,685
Net asset value per share – Administrator Class		$14.47
Net assets – Institutional Class	$	631,106,787
Shares outstanding – Institutional Class1		41,743,531
Net asset value per share – Institutional Class		$15.12

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Premier Large Company Growth Fund

Statement of operations—six months ended January 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $60,596)	$	8,082,125
Income from affiliated securities		348,379
Total investment income		8,430,504
Expenses
Management fee		8,904,699
Administration fees
Class A		1,105,462
Class C		146,077
Class R4		1,569
Class R6		124,561
Administrator Class		32,018
Institutional Class		410,592
Shareholder servicing fees
Class A		1,316,026
Class C		173,901
Class R4		1,961
Administrator Class		61,572
Distribution fee
Class C		521,382
Custody and accounting fees		61,151
Professional fees		27,493
Registration fees		66,376
Shareholder report expenses		107,575
Trustees’ fees and expenses		10,864
Other fees and expenses		27,145
Total expenses		13,100,424
Less: Fee waivers and/or expense reimbursements
Fund-level		(609,657	)
Class A		(82,582	)
Class C		(55	)
Class R4		(52	)
Class R6		(14,117	)
Administrator Class		(911	)
Institutional Class		(167,645	)
Net expenses		12,225,405
Net investment loss		(3,794,901	)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		57,139,284
Affiliated securities		532
Net realized gains on investments		57,139,816
Net change in unrealized gains (losses) on investments		155,946,069
Net realized and unrealized gains (losses) on investments		213,085,885
Net increase in net assets resulting from operations	$	209,290,984

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

Wells Fargo Premier Large Company Growth Fund  |  13

Statement of changes in net assets

	Six months ended January 31, 2020 (unaudited)						Year ended July 31, 2019
Operations
Net investment loss				$	(3,794,901	)				$	(5,976,680	)
Net realized gains on investments					57,139,816						281,042,857
Net change in unrealized gains (losses) on investments					155,946,069						880,406
Net increase in net assets resulting from operations					209,290,984						275,946,583
Distributions to shareholders from net investment income and net realized gains
Class A					(79,445,426	)					(157,260,447	)
Class C					(13,534,953	)					(37,119,006	)
Class R4					(288,415	)					(524,816	)
Class R6					(58,912,621	)					(27,912,392	)
Administrator Class					(3,631,494	)					(7,935,426	)
Institutional Class					(44,767,006	)					(149,877,161	)
Total distributions to shareholders					(200,579,915	)					(380,629,248	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,639,005			36,545,286			4,978,668			64,852,617
Class C		436,283			4,271,556			1,500,469			13,864,166
Class R4		8,057			117,769			40,306			500,326
Class R6		2,910,884			43,377,827			43,509,076			654,543,608
Administrator Class		121,964			1,731,063			330,627			4,405,388
Institutional Class		2,124,323			31,472,765			9,977,465			140,174,907
					117,516,266						878,341,012
Reinvestment of distributions
Class A		5,635,528			74,670,743			12,562,848			146,357,178
Class C		1,226,541			11,578,543			3,761,732			32,426,128
Class R4		20,542			287,184			42,768			522,194
Class R6		4,072,770			57,914,790			2,036,361			25,210,147
Administrator Class		258,688			3,507,809			643,091			7,646,354
Institutional Class		2,794,274			39,538,976			11,058,800			136,355,009
					187,498,045						348,517,010
Payment for shares redeemed
Class A		(5,895,893	)		(81,941,522	)		(12,892,646	)		(172,044,344	)
Class C		(3,413,478	)		(34,496,843	)		(7,522,098	)		(72,094,200	)
Class R4		(79,878	)		(1,182,169	)		(56,058	)		(848,702	)
Class R6		(3,851,679	)		(57,333,081	)		(3,699,221	)		(52,309,727	)
Administrator Class		(1,390,949	)		(20,093,908	)		(1,338,333	)		(18,694,385	)
Institutional Class		(5,919,616	)		(87,605,003	)		(44,233,595	)		(636,259,361	)
					(282,652,526	)					(952,250,719	)
Net increase in net assets resulting from capital share transactions					22,361,785						274,607,303
Total increase in net assets					31,072,854						169,924,638
Net assets
Beginning of period					2,721,098,064						2,551,173,426
End of period				$	2,752,170,918					$	2,721,098,064

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

14  |  Wells Fargo Premier Large Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.19			$15.10			$15.34			$14.68			$16.28			$14.55
Net investment loss		(0.03	)		(0.05	)		(0.05	)		(0.03	)1		(0.03	)		(0.03	)
Net realized and unrealized gains (losses) on investments		1.10			1.50			3.56			2.12			(0.52	)		1.97
Total from investment operations		1.07			1.45			3.51			2.09			(0.55	)		1.94
Distributions to shareholders from
Net realized gains		(1.11	)		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$14.15			$14.19			$15.10			$15.34			$14.68			$16.28
Total return2		8.04	%		12.97	%		26.54	%		16.01	%		(3.22	)%		13.46	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.15	%		1.15	%		1.14	%		1.13	%		1.16	%
Net expenses		1.09	%		1.11	%		1.11	%		1.11	%		1.11	%		1.12	%
Net investment loss		(0.47	)%		(0.40	)%		(0.34	)%		(0.20	)%		(0.17	)%		(0.18	)%
Supplemental data
Portfolio turnover rate		17	%		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$1,081,473			$1,050,751			$1,048,632			$986,791			$1,697,746			$2,280,107

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Premier Large Company Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.45			$11.87			$12.86			$12.64			$14.27			$12.87
Net investment loss		(0.06	)1		(0.12	)1		(0.13	)1		(0.12	)1		(0.12	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		0.78			1.06			2.89			1.77			(0.46	)		1.74
Total from investment operations		0.72			0.94			2.76			1.65			(0.58	)		1.61
Distributions to shareholders from
Net realized gains		(1.11	)		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$10.06			$10.45			$11.87			$12.86			$12.64			$14.27
Total return2		7.54	%		12.09	%		25.68	%		15.05	%		(3.92	)%		12.65	%
Ratios to average net assets (annualized)
Gross expenses		1.89	%		1.90	%		1.90	%		1.89	%		1.88	%		1.91	%
Net expenses		1.86	%		1.86	%		1.86	%		1.86	%		1.86	%		1.87	%
Net investment loss		(1.24	)%		(1.14	)%		(1.09	)%		(0.95	)%		(0.92	)%		(0.93	)%
Supplemental data
Portfolio turnover rate		17	%		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$130,161			$153,404			$201,138			$206,026			$296,896			$388,290

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Premier Large Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R4				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.89			$15.69			$15.75			$15.00			$16.56			$14.75
Net investment income (loss)		(0.01	)1		(0.03	)		(0.00	)1,2		0.01	1		0.02	1		0.02
Net realized and unrealized gains (losses) on investments		1.16			1.59			3.69			2.17			(0.53	)		2.00
Total from investment operations		1.15			1.56			3.69			2.18			(0.51	)		2.02
Distributions to shareholders from
Net realized gains		(1.11	)		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$14.93			$14.89			$15.69			$15.75			$15.00			$16.56
Total return3		8.20	%		13.21	%		27.06	%		16.30	%		(2.91	)%		13.82	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.87	%		0.86	%		0.85	%		0.83	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.18	)%		(0.10	)%		(0.02	)%		0.09	%		0.13	%		0.13	%
Supplemental data
Portfolio turnover rate		17	%		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$3,185			$3,940			$3,727			$3,559			$3,988			$2,129

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

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

Wells Fargo Premier Large Company Growth Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.12			$15.87			$15.87			$15.08			$16.62			$14.77
Net investment income (loss)		(0.00	)1,2		(0.00	)1,2		0.02	1		0.03	1		0.04	1		0.05
Net realized and unrealized gains (losses) on investments		1.18			1.61			3.73			2.19			(0.53	)		2.01
Total from investment operations		1.18			1.61			3.75			2.22			(0.49	)		2.06
Distributions to shareholders from
Net realized gains		(1.11	)		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$15.19			$15.12			$15.87			$15.87			$15.08			$16.62
Total return3		8.27	%		13.40	%		27.27	%		16.48	%		(2.78	)%		14.00	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.71	%		0.72	%		0.71	%		0.70	%		0.68	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss)		(0.03	)%		(0.02	)%		0.12	%		0.25	%		0.28	%		0.29	%
Supplemental data
Portfolio turnover rate		17	%		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$871,860			$820,383			$196,934			$170,657			$179,198			$166,768

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

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

18  |  Wells Fargo Premier Large Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.48			$15.35			$15.52			$14.82			$16.41			$14.63
Net investment loss		(0.03	)1		(0.04	)1		(0.03	)1		(0.01	)1		(0.00	)1,2		(0.00	)2
Net realized and unrealized gains (losses) on investments		1.13			1.53			3.61			2.14			(0.54	)		1.99
Total from investment operations		1.10			1.49			3.58			2.13			(0.54	)		1.99
Distributions to shareholders from
Net realized gains		(1.11	)		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period3		$14.47			$14.48			$15.35			$15.52			$14.82			$16.41
Total return		8.15	%		13.02	%		26.70	%		16.14	%		(3.13	)%		13.73	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.07	%		1.07	%		1.06	%		1.04	%		1.00	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		0.98	%		0.95	%
Net investment loss		(0.38	)%		(0.29	)%		(0.22	)%		(0.06	)%		(0.02	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		17	%		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$34,385			$49,042			$57,582			$82,998			$292,900			$1,129,970

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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

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

Wells Fargo Premier Large Company Growth Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2020 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$15.06			$15.82			$15.84			$15.06			$16.61			$14.77
Net investment income (loss)		(0.01	)1		0.00	1,2		0.01	1		0.02	1		0.03	1		0.03
Net realized and unrealized gains (losses) on investments		1.18			1.60			3.72			2.19			(0.53	)		2.02
Total from investment operations		1.17			1.60			3.73			2.21			(0.50	)		2.05
Distributions to shareholders from
Net realized gains		(1.11	)		(2.36	)		(3.75	)		(1.43	)		(1.05	)		(0.21	)
Net asset value, end of period		$15.12			$15.06			$15.82			$15.84			$15.06			$16.61
Total return3		8.24	%		13.38	%		27.17	%		16.44	%		(2.85	)%		14.01	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.82	%		0.81	%		0.80	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income (loss)		(0.08	)%		0.02	%		0.07	%		0.19	%		0.23	%		0.23	%
Supplemental data
Portfolio turnover rate		17	%		60	%		45	%		65	%		47	%		44	%
Net assets, end of period (000s omitted)		$631,107			$643,578			$1,043,161			$949,344			$1,097,976			$1,313,281

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

20  |  Wells Fargo Premier Large Company Growth Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

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

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of

Wells Fargo Premier Large Company Growth Fund  |  21

Notes to financial statements (unaudited)

securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2020, the aggregate cost of all investments for federal income tax purposes was $1,443,136,533 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,343,729,050
Gross unrealized losses		(7,213,497	)
Net unrealized gains	$	1,336,515,553

As of July 31, 2019, the Fund had a qualified late-year ordinary loss of $4,559,091 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

22  |  Wells Fargo Premier Large Company Growth Fund

Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	333,173,087	$	0	$	0	$	333,173,087
Consumer discretionary		493,166,524		0		0		493,166,524
Consumer staples		80,430,258		0		0		80,430,258
Financials		122,368,819		0		0		122,368,819
Health care		256,061,665		0		0		256,061,665
Industrials		323,484,264		0		0		323,484,264
Information technology		1,077,047,661		0		0		1,077,047,661
Materials		41,089,136		0		0		41,089,136
Real estate		30,630,322		0		0		30,630,322
Short-term investments
Investment companies		22,200,350		0		0		22,200,350
Total assets	$	2,779,652,086	$	0	$	0	$	2,779,652,086

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

For the six months ended January 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended January 31, 2020, the management fee was equivalent to an annual rate of 0.66% of the Fund’s average daily net assets.

Wells Fargo Premier Large Company Growth Fund  |  23

Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through November 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 1.00% for Administrator Class shares, and 0.70% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2020, Funds Distributor received $10,659 from the sale of Class A shares and $14 in contingent deferred sales charges from redemptions of Class C. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2020 were $461,581,765 and $633,111,391, respectively.

24  |  Wells Fargo Premier Large Company Growth Fund

Notes to financial statements (unaudited)

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of January 31, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Barclays Capital Inc.	$810,500	$(810,500)	$	0
BNP Paribas Securities Corp.	1,223,391	(1,223,391)		0
Citigroup Global Markets Inc.	20,757	(20,757)		0
JPMorgan Securities LLC	5,900,440	(5,900,440)		0
Morgan Stanley & Co. LLC	10,519,227	(10,519,227)		0

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

7. BANK BORROWINGS

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

For the six months ended January 31, 2020, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

Wells Fargo Premier Large Company Growth Fund  |  25

Notes to financial statements (unaudited)

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19.

26  |  Wells Fargo Premier Large Company Growth Fund

Other information (unaudited)

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Premier Large Company Growth Fund  |  27

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A

28  |  Wells Fargo Premier Large Company Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

Wells Fargo Premier Large Company Growth Fund  |  29

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 85 funds and Assistant Treasurer of 64 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  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

30  |  Wells Fargo Premier Large Company Growth Fund

Appendix (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), 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 charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

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

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Premier Large Company Growth Fund  |  31

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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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0020-03845 03-20

SA212/SAR212 01-20

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust 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 half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
/s/	Andrew Owen
	Andrew Owen
	President
Date:	March 31, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
/s/	Andrew Owen
	Andrew Owen
	President
Date:	March 31, 2020
By:
/s/	Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	March 31, 2020
By:
/s/	Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	March 31, 2020

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Classic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Low Volatility U.S. Equity Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: March 31, 2020

/s/ Andrew Owen

Andrew Owen

President Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of Wells Fargo Low Volatility U.S. Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: March 31, 2020

/s/ Nancy Wiser

Nancy Wiser

Treasurer Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Classic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: March 31, 2020

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer Wells Fargo Funds Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended January 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 31, 2020

By: /s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSRS for the six months ended January 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 31, 2020

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-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended January 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 31, 2020

By: /s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT