1 CM Wells Fargo Premier Large Company Growth Fund

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1 All information is as of 6/30/2018 unless otherwise indicated. Ticker: EKJYX Portfolio managers: Thomas C. Ognar, CFA; Joseph M. Eberhardy, CFA, CPA; and Bob Gruendyke, CFA Subadvisor: Wells Capital Management Inc. Category: Large growth Invests in companies where growth of revenue and earnings is robust, sustainable, and not fully recognized by the market Conducts fundamental, all-cap research that provides unique insights into a company's true growth rate Continuously manages risk by evaluating the rate and sustainability of a company's true growth rate relative to the market's expectations Acts quickly on new information, both positive and negative, in an effort to exploit investor biases Premier Large Company Growth -Inst Russell 1000 Growth Index 3 month Year to date *Returns for periods of less than one year are not annualized. 1 year year year year Since inception (9/11/35) 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 0.81%. The fund s net expense ratio is 0.70%. 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 0.70% 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. 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 The fund outperformed its benchmark, the Russell 1000 Growth Index, for the 3-month and 12-month periods that ended June 30, For the three-month period, stock selection in the consumer and industrials sectors boosted relative returns the most. Stock selection in the financials and energy sectors constrained the fund s relative returns. Stocks appeared to regain positive momentum in the second quarter after inflation fears contributed to a spike in volatility earlier this year. Continued expansion in the U.S. economy and robust corporate earnings provided key catalysts for U.S. stocks during the quarter. Consensus earnings expectations pointed to continued growth ahead aided by the positive effects from tax reform and solid spending from businesses and consumers. However, trade tensions, most notably between the U.S. and China, led to brief periods of weakness in stock prices, especially late in the quarter. Investors tended to favor stocks with strong and durable growth drivers, which led to solid gains for U.S. growth indices. We believe that market leadership by growth stocks was influenced by generally strong earnings fundamentals and a view that these companies generally have been the most significant beneficiaries of tax reform, influenced by their ability to retain much of the additional post-tax-reform profits, especially compared with value-oriented cyclical sectors where the tax benefits have been largely arbitraged away. We believe that the faster-growing stocks emphasized in our investment process have been rewarded recently for their ability to sustain robust growth through pricing power and strong customer demand in an environment of slightly increased costs and uneven global growth trends. We continued to find attractive opportunities in companies benefiting from secular growth drivers, such as strong demand for next-generation cloud platforms and digital payments solutions. We have been encouraged by the success of fund holdings in gaining share in these rapidly growing areas, which has led to strong growth in revenues and earnings; however, we also remained vigilant in our valuation analysis by emphasizing companies with significant underappreciated growth potential. We believe that the attractive growth profiles of fund holdings could continue to stand out, especially as we begin to lapse some of the earnings boosts from tax reform. We believe these holdings possess the innovation, pricing power, and market opportunities necessary to deliver strong earnings growth in a variety of economic scenarios. (See pages 6 7 for important information.) 1 CM Wells Fargo Premier Large Company Growth

2 Premier Large Company Growth versus Russell 1000 Growth Index An underweight to stocks relying on accelerating global growth and those sensitive to rising business costs led to success in industrials. During the quarter, many of these stocks declined in response to the potential for slowing organic growth in the near term and concerns over profit-margin pressures from increased costs. In contrast, the fund s holdings within industrials, such as railroad operator Norfolk Southern Corp., were generally successful in maintaining pricing power to sustain attractive earnings growth in a more challenging cost environment. from sector weight (%) from stock selection (%) Total value added (%) A rally in Amazon.com, Inc., drove outperformance in consumer. Amazon reported strong revenue growth across its key North American e-commerce and Amazon Web Services (AWS) segments as well as promising results from its advertising business, which we believe could generate high incremental margins for the company. We also have been encouraged by the company s increased operating margin, which has been influenced by continued success in higher-profit-margin businesses, such as AWS. Payment-processing holdings provided key contributions in information (IT), boosted by the shift toward digital payments and company-specific catalysts. Companies operating payment-processing networks, including Visa Inc. and MasterCard Inc., reported robust payment volumes leading to accelerating revenue growth. Square, Inc., continued to attract merchants to its innovative payments platform Premier Large Company Growth Real estate Real estate 0.38 Telecom Services Telecom Services Utilities Utilities Cash & equivalents Cash 0.55 Exploration and production holding Concho Resources Inc. declined, leading to weakness in energy. Concho, which operates out of the Permian Basin, reported solid production volumes. However, a tightening in oil take-away capacity from the Permian led to low realized prices and some concerns regarding potential long-term effects for Permian operators. We recognize that Concho has much of the pricing for near-term oil production hedged and that additional pipelines and railroad capacity could soon be introduced to alleviate supply constraints. Declines within the capital markets industry drove weakness in financials. MarketAxess Holdings Inc., which operates a leading electronic bond trading platform, suffered from lackluster market share gains in key categories, which was influenced by tight credit spreads and low volatility. Our favorable outlook for MarketAxess is supported by industry trends toward electronic bond trading and sizable growth opportunities across multiple categories, such as emerging market bonds. Russell 1000 Growth Index 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 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 Premier Large Company Growth

3 Premier Large Company Growth versus Russell 1000 Growth Index U.S. stocks rose sharply over this period, driven by improvement in economic activity and robust corporate earnings. Market volatility increased at times as investors reacted to signs of increased inflation and indications of a potential trade war with China. Over this period, investors generally favored the faster-growing companies emphasized in our investment process, which benefited from strong fundamentals and powerful secular trends. An underweight to slowergrowing, higher-dividend-yielding stocks prevalent in selected sectors, such as consumer, also aided relative returns in a rising interest rate environment. Our team also effectively managed various risks in the portfolio, partly through our thorough valuation analysis, which influenced our trading activity, especially within strong performing areas such as software. Favorable stock selection across a majority of sectors also boosted results, with especially strong results in IT, consumer, and industrials. Strong gains from holdings operating within the payment-processing segment, such as MasterCard; Square; and PayPal Holdings, Inc., contributed to success in IT. These companies benefited partly from the rapid growth in e-commerce and mobile commerce, which reinforced the rise in digital payments. The fund s success also was supported by companies gaining share in the rapidly growing software-as-a-service (SaaS) market. Companies offering innovative SaaS solutions, such as ServiceNow, Inc., and salesforce.com, inc., enjoyed robust growth, partly through displacing companies with outdated, legacy solutions. Within consumer, the fund benefited from our emphasis on companies with ties to e-commerce and value retail. Amazon provided a strong contribution as the company generated strong growth from its e-commerce and cloud-computing segments. Off-price retailer Burlington Stores, Inc., also performed well, driven by healthy same-store sales and internal initiatives designed to boost profitability. Underperformance within the providers and services industry influenced weakness in the health care sector. Behavioral health care provider Acadia Healthcare Co., Inc., drove a considerable portion of the sector s weakness. We had actively reduced the fund s position as the stock rallied for much of 2017 leading up to the fourth quarter. However, elevated costs in the company s U.K. business led to the stock s decline in late 2017, and we exited the position entirely based on limited visibility into Acadia s profitability potential. from sector weight (%) from stock selection (%) Total value added (%) Premier Large Company Growth Russell 1000 Growth Index 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 Telecommunication services Utilities Telecommunication Real estate services Utilities Cash & equivalents Cash & equivalents 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 Premier Large Company Growth

4 Growth stock investing rewarded investors during the second quarter, as we anticipated it would. After outperforming during 2017, our view was that growth stocks offered opportunities for additional gains as interest rates increased, as consumer confidence grew with improving labor conditions, and as price/earnings valuation multiples relative to value stocks tracked closer to historical norms. The benefits for companies, particularly higher-growth companies, from tax-reform measures approved in December 2017 helped reassure investors as companies shifted their outlooks higher based on the benefits of tax reform and continued economic growth. The projected earnings improvements helped move valuations in many cases to more attractive levels near three- to five-year averages. We continued to focus on companies that we viewed as demonstrating robust and sustainable growth characteristics, that are pursuing secular growth opportunities, and that are underappreciated by investors. In our view, these companies possess the potential for sustained growth driven by an ability to gain market share, often in large markets, as well as to consistently innovate and offer new products to new or expanding markets. Many of these strong and innovative growth companies have pricing power that can help sustain profits in a cost-inflationary environment. Our research process continues to seek investment opportunities with the capacity to pursue growth and sustain profits that other investors have yet to fully appreciate. In particular, the fund s internet-related investments in five areas have demonstrated their ability to realize this growth potential: SaaS, cloud computing and storage, online retail, digital payments, and the internet of things. The team continues to identify stocks with growth potential that, even at higher price levels that are common in the market today, still offer potential for further appreciation as investors place a premium on companies that can continue to expand markets and increase profits. We continue to be constructive on the equity markets and growth stocks, in particular while remaining mindful that many segments of the market are trading at valuations that are above historical levels. The team has worked diligently to ensure that the fund s investments in these market segments possess a potential for growth that is yet to be fully appreciated by other investors. Looking forward, we are mindful that global economic growth, especially in emerging markets, appears to have slowed and grown more uneven than it was during In addition, the earnings benefit attributable to tax reform may diminish over time. As a result, companies that are capable of stronger and more durable growth than their competitors should continue to attract a price premium among investors. Share class A C Admin Inst R4 R6 Ticker EKJAX EKJCX WFPDX EKJYX EKJRX EKJFX 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 1.11% (A), 1.86% (C), 1.00% (Admin), 0.70% (Inst), 0.80% (R4), 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 Premier Large Company Growth

5 Stock Amazon.com, Inc. Alphabet Inc. Class A Facebook, Inc. Class A Visa Inc. Class A Microsoft Corporation Microchip Technology Incorporated Mastercard Incorporated Class A PayPal Holdings Inc Home Depot, Inc. Texas Instruments Incorporated Weighted average market cap Weighted median market cap EPS Growth (3- to 5-year forecast) P/B ratio P/S ratio Number of equity holdings $230.61B $60.67B 15.25% 6.65x 4.03x 80 % of net assets $275.60B $105.85B 13.69% P/E ratio (trailing 12-month) 32.35x 28.78x Turnover % Source: FactSet Russell 1000 Growth Index 7.39x 3.32x Inception date 9/11/35 Net expense ratio Inst 0.70% Assets all share classes $2.51B 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. 542 Premier Large Company Growth - Inst Lipper Multi-Cap Growth s Average Russell 1000 Growth Index Morningstar Large Growth Average 1 year year Morningstar total return rankings Institutional Class (as of 6/30/18) Morningstar Category Large growth 1 year 3 year 5 year 10 year Overall Morningstar Rating 134 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 1,265 funds in the Large growth category, based on risk-adjusted returns as of 6/30/18. Alpha Beta Sharpe ratio Standard deviation R-squared ratio Upside capture Downside capture % % % Tracking error 3.86% 2. Calculated for the Institutional Class based on a three-year period. Relative measures are compared with the fund s benchmark. 5 Wells Fargo Premier Large Company Growth

6 Benchmark descriptions: 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. 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 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. 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. 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 Premier Large Company Growth

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. Consult the fund s prospectus for additional information on these and other risks. The inception date of the Institutional Class was June 30, Historical performance shown for the Institutional Class of the fund prior to July 19, 2010, is based on the performance of the fund s predecessor, the Evergreen Large Company Growth. The views expressed in this document are as of June 30, 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 growth funds, the Premier Large Company Growth received 3 stars among 1,265 funds, 3 stars among 1,141 funds, and 5 stars among 825 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 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 s Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo s Distributor, LLC (a broker/dealer and Member FINRA) NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE CM Wells Fargo Premier Large Company Growth