1 CM Wells Fargo Large Cap Core Fund

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1 All information is as of 3/31/2018 unless otherwise indicated. Ticker: EGOIX Portfolio managers: Jeff C. Moser, CFA; and John R. Campbell, CFA Subadvisor: Wells Capital Management Inc. Category: Large blend Focuses on undervalued, high-quality companies with the potential to deliver future earnings improvements in excess of current analysts expectations; evaluates size, style, sector, and industry characteristics; emphasizes value-added security selection Uses fundamentally based research and implements investment decisions largely based on quantitative analysis; capitalizes on the firm s proprietary multi-factor models, which combine valuation, growth, momentum, and quality measures Conducts a qualitative evaluation that considers factors such as management strength, industry positioning, and risk profile to confirm the investment merit of a stock Large Cap Core -Inst 3 month Year to date *Returns for periods of less than one year are not annualized. 1 year year year year Since inception (12/17/07) Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes a shareholder may pay on 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. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the fund s website, wellsfargofunds.com. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge. The fund s gross expense ratio is 0.86%. The fund s net expense ratio is 0.67%. The manager has contractually committed, through November 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the fund s total annual fund operating expenses after fee waivers at 0.67% for the Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 prospectus The fund outperformed the for the 3-month and 12- month periods that ended March 31, Attention to earnings-momentum and trade-momentum factors aided results. However, our focus on valuations was misaligned with market trends. During the quarter, information (IT) holdings benefited returns, as did an underweight to consumer and lack of exposure to telecommunication services. Stock selection within consumer detracted. Since the beginning of 2018, the U.S. stock market has experienced a number of distinct market phases, including a period of strength, a correction, a subsequent rebound, and another market dip evidence that market volatility has increased. Early in the quarter, earnings growth that was aided by tax reform sent the market to record highs. By the end of January, the market began to pull back, resulting in a 10% correction as inflation concerns led to uncertainty regarding the severity of future Federal Reserve (Fed) actions and interest rate trends. Subsequently, with no new evidence to support concerns that markedly higher inflation was imminent, corporate growth continued, and investors became more comfortable with the new Fed chair, Jerome Powell. As a result, the market rebounded until mid-march, when the U.S. government s newly enacted tariffs on foreign imports spurred fears of potential trade wars. Earnings supported stock prices, marking the third time in the past four quarters that the reported double-digit earnings growth. Positive price momentum continued for companies with superior earnings growth. Our emphasis on firms with positive earnings momentum and trade momentum benefited returns. However, our strategy was challenged by some investors disregard for valuations as some of the most expensive stocks posted the best returns within the. We continue to emphasize firms that we believe may be most likely to exceed earnings expectations, and we strive as we have done since the fund s inception to maintain an investment portfolio with a lower average price/earnings (P/E) ratio than the index. During the quarter, 84% of the fund s holdings exceeded earnings expectations compared with 76% of constituents. Historically, stocks within the index that had positive earnings surprises and lower valuations outperformed the index over the long term. (See pages 6 7 for important information.) 1 CM Wells Fargo Large Cap Core

2 Large Cap Core versus Holdings with favorable earnings and trade momentum benefited returns a trend that has been in place for several quarters. Our attention to earnings and valuations remains a cornerstone of our investment process. From a sector standpoint, this emphasis has influenced our decision to avoid telecom stocks and underweight consumer stocks, which contributed to returns. Among the 11 sectors within the, telecom held the lowest percentage of companies that beat earnings estimates for the quarter. The consumer sector has the fourth-lowest 2018 estimated earnings growth and the fourth-highest P/E ratio. We also recognize that rising interest rates could weigh on sectors perceived to be more defensive and income oriented. Positioning and stock selection within the IT sector significantly aided results. We have favored semiconductor and storage companies because they tend to have less expensive valuations than other segments of the sector; earnings growth has remained solid for the IT stocks the fund holds. NetApp, Inc.; ON Semiconductor Corp.; and NVIDIA Corp. were among the top individual contributors to performance. Data-storage holding NetApp s expertise in the flash-array market has increased the company s prominence in the storage-area network and convergedinfrastructure markets. NetApp may be well positioned for future growth, driven by its diversified portfolio of products and services and its strong distribution channels. ON Semiconductor benefited from an expanded product set within the automotive, industrial, and communications end markets and from synergies through acquisitions. NVIDIA, another semiconductor holding, beat earnings expectations, as it has each quarter since the third quarter of returns have been highly supported by Amazon.com, Inc., and Netflix, Inc., two internet-related stocks residing in the consumer sector. Both companies ranked poorly in our total-composite model due to unfavorable valuations and earnings quality, but the fund s lack of exposure detracted from performance. We instead invested in companies such as home improvement retailers that recently have been faced with tightening gross margins; we believe the recent headwinds may be temporary given our constructive view on the housing market and corporate spending initiatives that ultimately may improve customers experiences. from sector weight (%) from stock selection (%) Total value added (%) Large Cap Core Over/underweight sector return Index sector return Relative return Sources: FactSet and Wells Fargo s Management, LLC Sector weights are subject to change and may have changed since the date specified. Real estate services Utilities Real estate services Utilities When reviewing the performance attribution of our portfolio, it is vital to remember that we construct our portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio based on its own investment thesis. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to obtain a sector distribution to resemble an index. Our exposure to any given sector is a result of our security selection process. 2 Wells Fargo Large Cap Core

3 Large Cap Core versus Investors who were cautious about a potential market pullback appeared to feel more confident about firms with proven track records and proven ability to deliver favorable sales and profit growth. Trade momentum also aided results over the last six months of the period as repeatedly positive earnings trends were rewarded. We believed that attractively valued companies benefiting from incremental economic growth likely may be opportunistic investments. Valuation factors assessed within our quantitative process, though, were not predictive of stock-price trends. However, we believe factors such as enterprise value to earnings, cash flow to price, and price to sales eventually may regain favor as risk/reward trade-offs become more apparent providing more support for higher-quality, reasonably priced stocks relative to expensive firms with faster earnings growth rates. Within the IT sector, NVIDIA more than doubled in price due to its innovative product pipeline and strength in gaming and high-end notebook graphic processing units. Meanwhile, efforts toward attaining a robust position in growing areas such as artificial intelligence, deep learning, data centers, and driverless vehicles have allowed the firm to diversify its revenue sources. The appreciation of NetApp over the last six months of the period also lifted the IT sector s performance. An underweight to the consumer sector especially to household products and tobacco benefited returns. Within the sector, we tended to emphasize retailers and food distributors. Generally, we avoid investments in issuers we view as having significant alcohol, gaming, or tobacco business. Within energy, we avoided exploration and production firms and equipment and services companies. Our disciplined investment process kept us from investing prematurely in firms that lacked sufficient profit trends and steered us toward opportunities like refining and marketing firm Valero Corp., which appreciated 45% over the period. holding Foot Locker, Inc., was the fund s largest individual detractor. Earnings sagged and revenues suffered, due partly to the waning popularity of NBA-related apparel and footwear. We sold the stock during the third quarter of Lack of exposure to Amazon.com also was a large detractor. from sector weight (%) from stock selection (%) Total value added (%) Large Cap Core Over/underweight sector return Index sector return Relative return Sources: FactSet and Wells Fargo s Management, LLC Sector weights are subject to change and may have changed since the date specified. Real estate services Utilities Real estate services Utilities When reviewing the performance attribution of our portfolio, it is vital to remember that we construct our portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio based on its own investment thesis. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to obtain a sector distribution to resemble an index. Our exposure to any given sector is a result of our security selection process. 3 Wells Fargo Large Cap Core

4 During the quarter, U.S. economic growth was supported partly by two powerful supplyside forces deregulation and tax reform that have been making their way through the economy. These policies have boosted business and consumer confidence, motivating more companies to hire and more potential employees to look for jobs. The fund remains positioned to potentially benefit from modest economic growth, strong growth in corporate profits, and favorable fiscal policy trends we believe likely may continue. The fund is overweight the health care and materials sectors, which stand to benefit from lower corporate tax rates. The fund also is overweight the consumer sector, which likely may benefit from the strong job market and continuing wage growth. The fund holds underweights to the consumer, financials, and telecommunication services sectors. The underweight to consumer is due partly to our longstanding decision to avoid investments in issuers we view as having significant alcohol, gaming, or tobacco business. Regarding financials companies, we remain selective. Although the yield curve steepened early in the quarter, we believe there may be greater risk of the curve flattening later in While long-term interest rates may rise as the Fed reduces its balance sheet and the widening federal budget deficit pushes long-term rates higher, inflation fears may lead the Fed to accelerate its pace of raising short-term rates, causing them to rise faster than long-term rates. In terms of telecom, companies in the sector have not exhibited strong enough earnings and sales momentum to be considered for the fund. Looking ahead, we believe the fund potentially would benefit from broadening of the market with better participation by value stocks. The fund s biggest threats continue to be a significant economic slowdown or a geopolitical shock that causes investors to seek defensive stocks perceived as less volatile. In terms of trends, we believe stock buybacks could emerge as a key theme in Repurchases may accelerate as many companies, especially larger ones, look to return record profits and repatriate cash earned outside the U.S. Share class A C Admin Inst R R6 Ticker EGOAX EGOCX WFLLX EGOIX EGOHX EGORX Gross expense ratio (%) Net expense ratio (%) Contractual expense waiver date The manager has contractually committed to waive fees and/or reimburse expenses to the extent necessary to cap the fund s total annual fund operating expenses after fee waivers at 1.08% (A), 1.83% (C), 0.97% (Admin), 0.67% (Inst), 1.33% (R), and 0.65% (R6). Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 prospectus. 4 Wells Fargo Large Cap Core

5 Stock NetApp, Inc. Apple Inc. Centene Corporation JPMorgan Chase & Co. Lear Corporation NVIDIA Corporation VMware, Inc. Class A Microsoft Corporation Home Depot, Inc. UnitedHealth Group Incorporated Weighted average market cap Weighted median market cap EPS Growth (3- to 5-year forcast) P/B ratio P/S ratio Number of equity holdings $137.93B $48.97B 11.61% 3.00x 1.18x 45 % of net assets $199.03B $100.55B 11.51% P/E ratio (trailing 12-month) 18.47x 21.47x Turnover % Source: FactSet 3.21x 2.19x Inception date 12/17/07 Net expense ratio Inst 0.67% Assets all share classes $1.10B Portfolio holdings and characteristics are subject to change and may have changed since the date specified. The holdings listed should not be considered recommendations to purchase or sell a particular security. 1. Calculated based on a one-year period. 505 Large Cap Core -Inst Lipper Multi-Cap Core s Average Morningstar Large Blend Average 1 year year Morningstar total return rankings Institutional Class (as of 3/31/18) Morningstar Category Large blend 1 year 3 year 5 year 10 year Overall Morningstar Rating 63 out of 1, out of 1, out of 1, out of year year The Overall Morningstar Rating, a weighted average of the 3-, 5-, and 10-year (if applicable) ratings, is out of 1,204 funds in the Large blend category, based on risk-adjusted returns as of 3/31/18. Alpha Beta Sharpe ratio Standard deviation R-squared ratio Upside capture Downside capture % % % Tracking error 4.47% 2. Calculated for the Institutional Class based on a three-year period. Relative measures are compared with the fund s benchmark. 5 Wells Fargo Large Cap Core

6 Benchmark descriptions: The Lipper averages are compiled by Lipper, Inc., an independent mutual fund research and rating service. Each Lipper average represents a universe of funds that are similar in investment objective. You cannot invest directly in a Lipper average. The Morningstar Category average is the average return for the peer group based on the returns of each individual fund within the group. The total return of the Morningstar Category average does not include the effect of sales charges. You cannot invest directly in a Morningstar Category average. The 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. Attribution analysis: Performance attribution and sector returns are calculated using the Brinson-Fachler attribution model. As such, performance attribution calculations may differ from the fund s actual investment results. Price/earnings (P/E) is the price of a share of a stock divided by earnings per share, usually calculated using the latest year s earnings. Definition of terms: Alpha measures the difference between a fund s actual returns and its expected performance given its level of risk (as measured by beta). Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Downside capture measures a fund s replication of its benchmark during periods of negative returns. During periods of negative benchmark returns, a downside capture ratio less than 100% reflects product performance greater than the benchmark and a downside capture ratio greater than 100% reflects performance less than the benchmark. ratio measures the consistency of excess return (return in excess of a benchmark). This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return. R-squared is a measurement of how similar a fund s historical performance has been to that of the benchmark. The measure ranges from 0.0, which means that the fund s performance bears no relationship to the performance of the index, to 1.0, which means that the fund s performance was perfectly synchronized with the performance of the benchmark. Sharpe ratio measures the potential reward offered by a mutual fund relative to its risk level. The ratio uses a fund s standard deviation and its excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund s historical risk-adjusted performance. Standard deviation represents the degree to which an investment s performance has varied from its average performance over a particular time period. Tracking error measures the extent to which a manager s performance mimics that of a benchmark. The value is the standard deviation of the difference between a fund s performance and a benchmark s performance. Upside capture measures a fund s replication of its benchmark during periods of positive returns. During periods of positive benchmark returns, an upside capture ratio greater than 100% reflects product performance greater than the benchmark and an upside capture ratio less than 100% reflects performance less than the benchmark. 6 Wells Fargo Large Cap Core

7 Risks: 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). This fund is exposed to foreign investment risk and focused portfolio risk. Consult the fund s prospectus for additional information on these and other risks. The inception date of the Institutional Class was December 17, Historical performance shown for the Institutional Class of the fund prior to July 16, 2010, is based on the performance of the fund's predecessor, the Evergreen Golden Large Cap Core. The views expressed in this document are as of March 31, 2018, and are those of the portfolio manager(s). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or any Wells Fargo. Any specific securities discussed may or may not be current or future holdings of the fund. The securities discussed should not be considered recommendations to purchase or sell a particular security. Wells Fargo s Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements. The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for months of total returns, 60% 5-year rating/40% 3-year rating for months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Across U.S.-domiciled large blend funds, the Large Cap Core received 3 stars among 1,204 funds, 5 stars among 1,077 funds, and 4 stars among 802 funds for the 3-, 5-, and 10-year periods, respectively. The Morningstar Rating is for the Institutional Class only; other classes may have different performance characteristics. Carefully consider a fund s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargofunds.com. Read it carefully before investing. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo s Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo s. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo s Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo s Distributor nor Wells Fargo s Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind including a recommendation for any specific investment, strategy, or plan NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE CM Wells Fargo Large Cap Core

1 CM Wells Fargo Disciplined U.S. Core Fund

1 CM Wells Fargo Disciplined U.S. Core Fund All information is as of 3/31/2018 unless otherwise indicated. Ticker: EVSIX Portfolio managers: Greg Golden, CFA; and Justin Carr, CFA Subadvisor: Wells Capital Management Inc. Category: Large blend Employs